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`LIFFE Directory of
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`Solutions
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`age 1 of 103
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`TRADINGm 2282
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`TRADESTATION v. TRADING TECH
`CBM2015—00161
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`
`
`© LEFFE 2001
`
`All lyreprieiarg sights and interest in iiwis mastication sttali be: wsted Fl L1§FE Administtalton and
`
`Management {“LlFFE”} amt atl sitter rights; ir'tcludil‘lg, but without limitation, Qatant, :egistereti design,
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`copyright, trademark! service mark, cemecied with this pllblécaiém shalE also DE”: vested in LlFFE.
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`thfFE CONNECT“ i3 3 trafiémark at MFR; Actmiais‘araiim and Martagesktent.
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`Na part at this ptibiicatian may be radistributed or repreducaci in any form or by any [mans <>r urged to
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`make any darivalive wer [sum as»: itartstatim. tramslmrmatim, {3r actaptatic-n; without written peltttigsictm
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`l“er LEIIFE.
`
`LEFFE lemmas the right to revlge this pljttiicatien am it) make changes tn sentient from time l0 3818
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`wilt'tout emigration on lite part oi LIFFE to prwide statilicatian a? such r'raxlisitsn rat“ change.
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`‘l'his publication contains information providefj by Qi'gariisations elite: than LIFFE,
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`LIFFE shait ml ‘99 liable {excagt to the extent reauisetj {3y law) far this use GE the irttarlnatialt isol'ttaiaed
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`herein EKQWGVEI’ afising in any ci {:tlmstarlces connected with actual trading or otherwise. Neither LngE.
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`rte: its servants mat agents. is responsible for any et'rers {3r omissiens sontaineci in this publicaiielt. This
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`mammalian i3 fer inlarmatian only and does net mastiiuta an after. Sitiisitation Gr rematmenclation to
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`acquirg Gr disposa of any investment or it} engage in any other transactiart. Ail informatign. degcriptiezts.
`
`exampiea and calculatiom malaiaed in this publicatim are flair gL:§<§al'i€8 DLSS’DOSSS Gritty, and sitth net
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`be treated $3 ciatinitive. :lFFE reserves; the right £0 3le aay (at its rules or contract sgaecilicaiims. and
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`Such an event may affect the vaiidiiy at the irttarmatiorl i§°l this gxublicaiécartt
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`Titage weighing emit-:33” t0 trade LIFFE whitest 3nd aptéons contracts as“ to {356$ arid 881$ ii’lem t{:- 0:11:33
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`Si’imuifii establish the feguiatary positéan in the relevant jilrESdiGfiGfi tasters aging Sill.
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`Page 2 of 103
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`Page 2 of 103
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`Con feats
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`
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`Entraduction
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`1. indepefldent Software Venfiors
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`2. Value Added Newark Suppiiers
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`3. Member {Meier Heating Services
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`LIFFE Directory 01‘ Access Solutions
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`4. Traéing Bureaux
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`5. Sack and Middie Office Suppliers
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`8. Market Depth Quote Vendors
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`Page 3 of 103
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`Page 3 of 103
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`Entrodeetton
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`
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`We are oieaseci to bring you the latest version of the LiFFE Directory of ecceee
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`
`
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`Sotutions which pretrides customers with information on the variety of chenneis evailaiaie
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`to access the LiFFE market and view its data. Everyday mere business he wattle is
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`
`entrusted to LtFi-‘E CONNECT?” than any other eiectronic trading platform, Together with a
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`wider offering of products in mete countries than any other exchange, this positions Lit-“FE
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`as the world’s leeetng eiectronio exchange.
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`The taunen oi LIFFE CONNECT“ in 1&8 hereloieci the reinvention of the Exchange es an
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`electronic market, firefly through the successful migratton of alt its tioontrecteo hueineee
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`onto Screen and secondly through tte rapio dietributton. The etstribution of LEFFE
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`GONNEG’FW is aeeroaching 400 sites in 28 ceuntrtes. more then any other etectronie
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`trading system in the worttj, ens? covers all major time zones.
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`Mitt—E {ECDhlhtECTTM is the worto‘e meet advanced cierivativee trading system, ottering
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`unrivalieg execution eoeeci: tuhotr‘enelity and flexibility its etete~ot~the~ert oeeigh and open
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`system architecture allow customers in ‘ouito er our-chase treating applications to suit
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`specific bustneee needs and to integrate these aeolioetione into other lines of businees end
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`husineee eyetems. "these wishing to acquire trading eottwere can do so trorn the many
`
`
`independent Software Veneers iiS‘e’e} wno have built trading Systems to the LIFFE
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`nighttcation Progrerh interface.
`
`Access te LIFFE
`
`
`
`
`
`LEW—“E CQNNECTW can he ueecl to aeoesa the Lit—"FE market electronically from the world‘s
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`meter financial centres‘ and customers have considerable flexibility and choice tn their
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`method of access:
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`access from Lender: via tiFFE‘e iooet network with iS‘e’ software
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`aceeee vie LIFFE’S internationei network with iStt software
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`ecceee through eemioes ottereo by Vetue Added Newan {tent gamete
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`access through electronic circles“ routing eemioes provioed by member firms
`
`ecceee item trading hureetez orovtdeti by member firms
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`
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`Regutatory restrictzone may ereeent or conoitren accees in some Jurisdictions.
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`2
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`Page 4 of 103
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`Page 4 of 103
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`{3
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`etotnere wishing to aoeeee Lt??? can etee choose from a number of back office and
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`middle ettiee systems. The beck etttoe enot mtddte ottioe euootiete of these systems are
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`on ioel tn the detivertr of accurate trade reconciliation date to LlFFE Clearing Members and
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`theretote play a crucial rote in the rtsk management and straight through processing
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`
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`so utioh chain between the front, middle and been ottieee.
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`Fe lowing the launch of LEFFE CONNECT?“ and a recent meter upgrede to the LIFFE Market
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`Feed, deote vendors and sets quote srendere are new able to provide eoeess te reei~titne
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`de
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`e for the ttFt—"E market in the form of merket depth. Merket depth provides a significantly
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`enhanced View of the strength of the order book in the metketolece for all euetornere.
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`The ohoiee end ttextbttity evaitebte for customers wishing to access the LtFFE market and
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`view its date is uhoeralteled ‘the has been devetooed tn conjunction with the euooort of
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`out many oustnees partners tieted in this directowr
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`"these successful oednerehiee eoeole es to continue to toeue on our core beetneee of
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`being a teeding gtooel nteyet in the Exchange atena, orevtdtng OUt‘ eeetot‘nere with
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`products required to manage exeosette to financial metkete in a meet efteottve end efficient
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`environment ln doing so, we are Confident that LtFFE wttt metntain tte oeeitton as the
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`leading; eteotrdnie derivatives exchange in the worltt.
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`Stmon A Reybould
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`Managing Erector, Safes and Marketing
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`UFF‘E Exchange
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`Page 5 of 103
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`Page 5 of 103
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`tndeeeedent Settwet‘e veneers
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`
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`Partners in Performance
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`es eart et the 18‘s; prcgrernme, all tS‘v‘c who have deveiooed tront-eee trading aeeiicetione
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`to support LIFFEE CQNttECTTM have agreed he were clesely with LlFFE end our metuei
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`cuetemere on issues releting to customer eenrice. “the main focus of this; erogremme is to
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`create an environmeet to: transparency and reenter dialogue as that all eerties share
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`information on topics ot‘ mutual interest, eepeciaity these relating to system exraitehility,
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`eemice incidents end planned change. The Pertrzere in Penorrnance programme takes the
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`term ot a twat-way Service Levei Agreement between 13th and aii its 18%. To eCCuretety
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`monitdr the performance of each ear, LlH—“E strongly encourages members to reoert any
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`98% senrice incident t0 the LtFFE Service Desk en +zit4 {3)28 '33?9 200323.
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`4
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`Page 6 of 103
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`Conformance Testing
`
`
`in order to safeguard the integrity ot the marketplace} LtFFE requires each trading member
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`to demenetrate e ievel ct technicai and cperetidnet readiness and to deploy centerment
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`software. It is e memher’s reopensibility te eertcrm any necessaryr tests to ensure that the
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`functionality of its chosen trading acetication not enly operetes according to the
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`specificaticns set act :35; the retevant lS‘xt, but else to accept reeeoneihiiity for eeeuring the
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`suitebitity, adequacy or oertermence of anyr particuier tredihg appiication.
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`LlFFE’e therodgh technicet conformance testing proceee is also used to maintain high
`
`standards 0? software functicnaiity requiree tram LlFFE iStte. LtFFE cehtinuee to make
`
`improvements to the tunedong-tittyr and tiexitriiity of the tiFFfi CONNECTW trading hcet,
`
`incitidihg requiring alt 38V eertnere to provide a mandatory ievel of tenctioneiity. Cursehtiy
`
`the minimum requirements for LlFFE (X'JhihlECTTM iS’xf tront~end trading aenticettone
`
`include:
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`eeility to sebscrihe te market at ccrnmedity ievel
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`display of bcth ‘imeiiect in’ and ‘imptied eet’ prices in the strategy markets
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`provide various methods of revising and cutting orders trem the market
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`diepley ot text meeeegee sent tram the LlFFE COtxihlEECTt'rt host
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`abiiity to erocees an tetra-day strike update to the oetiorie market
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`entity to otter calender epi'eed trending
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`aidittty to otter ‘imelied huttertly‘ strategies
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`ability te cehduot wholesale trades on tiFFE
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`@ ® ® ® @ e $ @
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`
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`Page 6 of 103
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`SASI
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`
`
`Pal-mam in Pofiomanm
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`The following ISVs have developed front-end wading applications to support LIFFE
`
`CONNECTTM:
`
`ISV
`
`Actant
`
`Bloomberg2
`
`Communicating Ltd.
`
`EasyScreen plc
`
`EccoWare
`
`FFastFill
`
`Future Dynamics Ltd.
`
`GetReaI-time
`
`GL TRADE
`
`ION Trading Systems Ltd.
`
`ORC Software
`
`patsystems
`
`RTS Realtime Systems
`
`Trading Technologies
`
`Trinitech Systems
`
`YesTrader
`
`7 Also supplies Value Added Network (VAN) access to LIFFE CONNECT“.
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`page 38
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`Page 7 of 103
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`Page
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`24
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`26
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`30
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`34
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`36
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`Ch
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`Universal Stock Futures '
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`_ /
`/
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`./
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`./
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`Bond
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`Non-Financials
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`Actant is an ISV market-leader in high-
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`0 large market makers and banks —
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`periormance
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`trading
`
`systems
`
`for
`
`trading architecture optimised for
`
`automated market making. Since 1985,
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`integration into larger environments
`
`Actant's developers have engineered high-
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`and existing systems
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`independent market makers
`
`-
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`complete turn-key solution for
`
`performance
`trading
`systems
`for
`successive generations of electronic
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`strategies
`
`derivatives trading platforms.
`
`automated trading, quoting, with risk
`
`Actant’s AQTOR" technology is used by
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`management and portfolio database
`
`Designated Market Makers to fulfill their
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`Advanced Technology = Edge
`
`obligations to LIFFE with regard to market-
`
`Actant's
`
`ACTOR”
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`technology
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`is
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`making in equity options, FTSE 100 index
`
`distinguished by technical proficienCy in the
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`futures and options and Universal Stock
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`following areas:
`
`Futures. By servicing only the leading
`
`market making desks. Actant is able to
`
`uniquely focus on building the technology
`
`edge required for competing against the
`
`leading proprietary systems.
`
`0 automated market making with
`
`electronic eye
`
`0 automated answering of RFQs, quote-
`
`requests and cross-requests
`
`autoquoting command optimisation
`
`AQTOR‘l Automated Quoting and
`
`and minimal reaction speeds
`
`Trading of Risk
`
`scripting technology for automated
`
`AOTOR" is a single-screen multi-market
`
`quoting and automated volatility
`
`front-office system, and its modular
`
`surface adjustments
`
`architecture allows it to be configured for
`
`multi~exchange direct access
`
`different customer situations including:
`
`XML message distribution for optimal
`
`integration
`
`customisation of orders, quotes and
`
`6
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`Page 8 of 103
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`
`
`Contact
`
`Emmanuel Geinoz
`
`Adrian Lucas
`
`ACTANT AG
`
`Poststrasse 30
`
`6300 Zug
`
`Switzerland
`
`Tel:
`
`+41 (0)41 710 71 51
`
`E-mail:
`
`info@actant.com
`
`3”“:va
`
`l.
`
`auij
`ngHIIn-i M‘t~]
`[
`jfiunnvU: will): ml-u “I
`__ y”. W_ r11. 35mg .° :1 i
`‘
`M" Pf»)
`
`www.actant.com
`
`W3C DOM API for read/write access
`
`and parameterisation. both DOOM and
`
`XML over sockets
`
`additional APIs for exchange/EON
`
`connectivity, quote feeds and pricing
`
`routines
`
`risk management and portfolio
`
`database
`
`one-View window plus tracker window
`
`for optimal visualisation
`
`unlimited custom window views and
`
`colour/sound alens
`
`Page 9 of 103
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`
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`Bloomberg‘s London site.
`
`available over Bloomberg's global '
`
`Bloomberg
`
`Uzi-nus!“ Slack Futures
`
`_ l
`/
`
`/ /
`
`Bond
`
`“Em;riiééiiEiaisw
`
`BLOOMBERG PROFESSIONALTM has
`
`seamless integration of tickets into
`
`successfully built and tested its interface
`
`Bloomberg's risk management systems
`
`for LiFFE CONNECTTM
`
`for financial
`
`electronic link to back office System
`
`futures. options. STIRs. non-financial
`
`available for Bloomberg Trading
`
`commodities and Universal Stock Futures.
`
`System customers
`
`Functions
`
`Bioomberg's LIFFE CONNECTTM front-end
`
`trading application is fully integrated with
`
`the BLOOMBERG PROFESSIONALTM
`
`non-member to member order routing
`
`network
`
`0 free sottware upgrades provided
`
`0 multiple Exchange Connectivity
`
`service.
`
`in addition to the trading interface.
`
`the BLOOMBERG PROFESSlONALTM
`
`Support
`
`service provides reai~time and historical
`
`0 on-iine support worldwide. 24 hours a
`
`prices. news, technical analysis and
`
`day, 365 days per year
`
`analytics for financiai markets worldwide.
`
`0 dedicated LiFFE CONNECTTM project
`
`Exchange members can new trade on
`
`LlFFE CONNECTTM from anywhere in the
`
`Training
`
`management team
`
`world {subject to restrictions) using the
`
`0 unlimited free personal training
`
`BLOOMBERG PROFESSIONALTM service.
`
`0 free seminars
`
`one of
`
`the financial markets' most
`
`sophisticated analytical tools:
`
`Requirements
`
`0 no additional hardware is needed at
`
`0 market monitOr, ticketing. and tracking
`
`client site. The EASy Connection
`
`blotter
`
`required for each member firm to
`
`0 full suite of trading strategies approved
`
`access LIFFE CONNECTTM will be
`
`by LlFFE
`
`installed
`
`and maintained
`
`at
`
`8
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`Page 10 of 103
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`
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`SASI
`
`Contact
`
`John Elliott
`
`City Gate House
`
`Sharifa Sardaf
`
`City Gate House
`
`39—49 Finsbury Square
`
`39-49 Finsbury Square
`
`London
`
`ECZA 1P0
`
`London
`
`EC2A 1P0
`
`Tei:
`
`+ 44 (0)20 7673 2020
`
`Tel:
`
`+44 (0)20 .7330 7128
`
`E-maii:
`
`jeelliott@bloomberg.net
`
`Email:
`
`ssardal@bloomberg.nez
`
`www.bloomberg.com
`
`
`
`2m “‘3FTS!
`
`Yb
`
`eis
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`Page 11 of 103
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`
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`Communicating Ltd.
`
`‘
`Stock Futures '
`_ ,. f x
`./
`/
`
`.
`
`.
`
`,
`
`‘ communicating
`" sna
`.Ecwtv
`index
`
`back office integration
`
`:
`
`Non-Financials”
`
`Communicating Ltd.
`
`is a privately held
`
`0 a COM automation object model
`
`London-based Company specialising in
`
`enabling
`
`clients
`
`to
`
`implement
`
`innovative exchange-related software for
`
`unattended
`
`automated
`
`trading
`
`the finance community.
`
`XL Connect
`
`XL Connect continues to be developed
`
`functionality by integrating the trading
`
`objects with their 0er order routing
`
`software and trading strategy models
`
`and to build their own custom user
`
`and now offers support for trading LlFFE
`
`interfaces easily using Excel, Visual
`
`futures contracts in equity, short term
`
`Basic, Delphi or VC-l-+
`
`interest rate, bond and index markets.
`
`The XL Connect trading package offers
`
`Communicating offers
`
`three LlFFE
`
`all of the following features:
`
`CONNECTTM implementation options:
`
`0 user interface may be entirely incuse
`
`0 a LlFFE trading application designed in
`
`driven
`
`collaboration with clients and focused
`
`O user-defined market watch and order
`
`on speed of execution, ease of use and
`
`book windows
`
`clarity of orders
`
`real-time user-defined market watch
`
`a version which offers mobile trading
`
`and order book windows
`
`functionality operating via a radio LAN
`
`reaLtime user-defined risk and P&L
`
`card from mobile Windows CE palmtop
`
`analysis
`
`devices
`
`post trade order management with
`
`10
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`Page 12 of 103
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`
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`
`
`“~‘ mm limbrmwf
`in am We 25m 31%:
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`scripting fer user—defined program
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`irading
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`Contact
`
`
`
`‘xftadan Javamvic
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`89 Manseil 8t:th
`
`user assess, whether trader or siiem.
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`Loader": E? SAN
`
`either amass LAN. 1P comedian or $33;
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`$81:
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`+44 {@120 HO? 0800
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`E-mail: véadfl’g‘écommuaicating.ukcem
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`seamiess intagraiion of excharage flats:
`
`and ugefidefined pricing madels
`
`Cammunimfing Limited
`
`Page 13 of 103
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`Page 13 of 103
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`
`
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`EaSyMinder
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`system offers the risk manager the ability
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`® tr’imvative traffic light infiicatots to alert
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`position limit, prufit and i088 and net
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`triggers, Ranches and baskets
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`automated market making
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`a spread matrix which Offers a
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`graphical way of Hacking and trading
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`short term interest rate caiendar
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`spreads including impiietis
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`suphisticated order ticket,
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`including
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`12
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`Page 14 of 103
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`
`
`Page 14 of 103
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`
`
`trade any hybrid strategy acrogs
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`Contact
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`
`
`3A9?
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`different contrasm and different
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`link to graphiag 10033 to automafically
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`trigger technicai trading
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`automata short warm interest fate strip
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`:asyScreen pk:
`
`?8 {Eamon Street
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`Mention gem ESE-1H
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`Tei:
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`+44 {(3)28 ?845 4800
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`air} Dash: +44 {@326 *26515 $80
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`
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`tracks
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`Emaii:
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`inf0@easyscreen£em
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`
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`Page 15 of 103
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`
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`Real-time positions and P&L information.
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`developed in C++ for optimal performance
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`Position Watch
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`14
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`Page 16 of 103
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`EccoWare
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`Universal Stock Futurns
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`Bond
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`Non-Financials
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`EccoWare provides unique and innovative
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`software tools for electronic trading and
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`Eccc-Ware offers a guaranteed high level of
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`info@eccoware.com
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`5-7 St Helen's Place
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`#222 100 S Wacker Drive
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`Page 17 of 103
`
`
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`J
`Universal Stock Fulwux
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`
`exchange fee calculation
`
`real-time clearing commission and
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`single click scalp trading
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`market watch
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`group order books
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`pOrtfolio risk analysis
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`for each
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`workstation with graphical representation
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`of position P&L
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`theoretical fair values
`
`16
`
`Page 18 of 103
`
`FFastFill
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`item" ,,
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`Futures
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`Non-Financials
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`FFastFiii designs and markets sec0nd-
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`Risk management features:
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`positions
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`real-time P&L breakdown by contract
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`aggregate risk for futures/financial
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`options and equity options
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`automatic and manual blocking of
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`three level visual alarm with audibie
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`matching engines of multiple electronic
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`options, equities and commodities.
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`contract
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`user definable position limits by
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`Trading functionality includes:
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`ability to enable or disable overnight
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`0 unique spread matrix tool
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`positions by trader or group
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`0 smart and simple STOPS, MIT, M00
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`Contact
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`Jonathan Hulbert w London
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`Tel:
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`Tom Chlada — Chicago
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`www.ffastflll.com
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`Page 19 of 103
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`c res sfi re
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`Unlvv-snl small Futures
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`Non-Financials
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`Future Dynamics Ltd.
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`outright trading from spread matrix
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`Exchange Independent Web Based Order
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`Through the unique branding component
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`risk management and execution tool built
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`from Microsoft technologies and COM
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`product can also be easily integrated into
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`components. The application is the result of
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`proprietary trading systems.
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`a unique mix of cutting edge technology
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`skils and in-dept‘n business knowledge.
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`The global order book database is shared
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`with viewpoint to streamline the critical
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`Fundamental to the product is the ability to
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`link between front and middle office, and
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`efficiently manage the trade flow from
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`ioad&go then interfaces with any firm's
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`order inception. routing and control.
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`back office system to deliver a dynamic full
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`through to execution and order till
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`service client web portal:
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`notification. However, in addition to these
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`multiple APl connections
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`one-click trading
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`Local and global distribution is achieved
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`dynamic limit management
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`through a combination of the client/server
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`shared global order book
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`or full internet version, crossfire.web. This
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`Spread matrix with implied and real-
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`time functionality
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`allows for fast, robust global coverage.
`
`18
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`Page 20 of 103
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`Steve Tucker/Charles Robson — London
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`Tel:
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`0 manual order input
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`Patrick Thornton-Smith - New York
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`O demonstrations available
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`Paige 21 of 103
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`_ .
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`GetReal-time
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`Uniwvsal Stock Fulums
`/I
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`seed-.999. .
`
`Non-Financials
`
`GetReal-time has been providing internet
`
`QuoteBoardPro+ is a downloadable
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`solutions to the financial services market
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`software program that provides access to
`
`since 1999. GetReal—time has a number of
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`real-time data from the world’s major
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`products available that are designed to
`
`futures exchanges. The system also gives
`
`enhance websites of institutions and
`
`access to FX and news content and can
`
`enable access to the markets for
`
`power charting software.
`
`professional and retail traders alike. Alt
`
`products have been developed for use
`
`within a browser environment or as a
`
`downloaded piece of resident software.
`
`Products
`
`PitPractice is a trading simulation product
`
`that enables institutions and exchanges to
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`offer training to potential customers. Using
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`real-time or delayed prices, PitPractice has
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`all the functionality of a professional trading
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`QuoteBoard provides instant access to
`
`product.
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`auto-refreshing real~time data from the
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`world's major
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`futures exchanges.
`
`A selection of snapshot charts are included
`
`in this service.
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`Electronic Market Trading System is
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`capable of displaying real-time prices and
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`news from the world’s major exchanges
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`and third party news vendors.
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`It can also
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`QuoteBoardPro provides access to
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`provide technical analysis and charting.
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`streaming real-time and delayed data from
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`The system routes a variety of orders
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`the world‘s major futures exchanges.
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`directly to electronic exchanges subject to
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`QuoteBoardPro also has access to a
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`risk management and is also capable of
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`selection of snapshot charts.
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`routing orders to broker terminals for the
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`execution of OTC products.
`
`NB At the time of going to print GetReal-time have yet to complete conformance to API 5
`
`20
`
`Page 22 of 103
`
`
`
`
`
`SASI
`
`
`
`Contacts
`
`Mark Penny
`
`Tony North
`
`GetReaI—time
`
`Mariner House
`
`157-163 High Street
`
`Southend-on-Sea
`
`Essex
`
`881 TLL
`
`Tel:
`
`+ 44 (0)1702 348688
`
`E-mail: m.penny@getreal-timecom
`
`t.north@gelreaI-time.com
`
`www.getreal-time.com
`
`PitPr‘actxbé '
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`Page 23 of 103
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`21
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`22
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`Page 24 of 103
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`Page 24 of 103
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`
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`SASI
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`Contact
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`Bertrand Rassat — London
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`Ina Hanisch - Frankfurt
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`+44 (0)20 7665 6200
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`Tel:
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`+49 69 7191 3000
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`E—mail:
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`rassat@gitrade.co.uk
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`E—mail:
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`ihanisch@gltrade.de
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`Jean Philippe Bartoli — Paris
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`Tel:
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`+83 1 5840 0000
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`Marc Nicollet — New York
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`Tel:
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`+1 212 599 0510
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`E—maii:
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`jpbartoli©gltradefr
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`E-mail: mnicollet@gl-us.com
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`GL TRADE also have newly opened offices
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`in Tokyo, Sydney. Madrid, Amsterdam and
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`Page 25 of 103
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`23
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`
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`Demonstrations are available.
`
`within a common graphical user interface
`
`Markettnew is an open system running on
`
`a network and is easily integrated with
`
`proprietary systems like p