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`Page 1 of 94
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`TRADING TECH EXHIBIT 2303
`TRADESTATION v. TRADING TECH
` CBM2015-00179
`
`
`
`ePIT
`Forward
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`FORWARD
`The specification is substantial enough in size to cultivate it into the a phase with
`the following highlights:
`• All documents are kept online in a compressed format.
`• Anyone can download a version, edit it and send it to me. New postings
`will occur when appropriate.
`• Each document is named (and numbered) to appear in alphabetical order
`for easy access.
`• Each document has its own internal numbering system so document
`changes are kept within each section.
`• Ultimately, there will be html versions to review from your browser.
`The complete ePIT documentation package comprises:
`• DS _ 00-ePIT -Cover. doc
`• DS _ 0 1-ePIT -Schedule.doc
`• DS_02-ePIT -Summary .doc
`• DS_03-ePIT -Goals.doc
`• DS_04-ePIT -HowTo.doc
`• DS _ 05-ePIT -ClientUI.doc
`• DS_06-ePIT -ServerUI.doc
`• DS_07 -ePIT -Glossary .doc
`• DS_08-ePIT -A TT-News.doc
`
`DOCUMENT SUMMARIES
`
`DS_OO-ePIT -Cover .doc
`The Cover Documentation comprises:
`•
`Identity
`• Version
`• Legal notices.
`It's relationships to the rest of the document include:
`• Source information for header and footer content.
`
`DS_Ol-ePIT -Schedule.doc
`The Schedule Documentation comprises:
`• Currently known dates of deliverables.
`• Currently known definitions of deliverables.
`It's relationships to the rest of the document include:
`• This document is revised with each deliverable to reflect the actual
`delivery and any adjustments for future deliverables.
`
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`Page 2 of 94
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`
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`ePIT
`Forward
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`DS_02-ePIT -Summary.doc
`The Summary Documentation comprises:
`• An introduction to the ePIT concept.
`• An overview of the components required.
`• An introduction to the people who will make it happen.
`It's relationships to the rest of the document include:
`• This serves as an executive summary to the remaining sections of this
`document. All items expressed in the document should be able to trace
`back to this section.
`
`DS_03-ePIT -Goals.doc
`The Design Goals Documentation comprises:
`• General goals for ePIT.
`• Goals for fulfilling trader needs.
`• How we will address the market.
`It's relationships to the rest of the document include:
`• Goal line items should trace to an area in the HowTo, ClientUI or
`ServerUI sections of this documentation.
`
`DS_04-ePIT-HowTo.doc
`The How To Documentation comprises:
`• Descriptions of the process required to accomplish specific tasks within
`ePIT.
`It's relationships to the rest of the document include:
`• Each How To should provide the parent to a goal within the Goals section
`of this documentation.
`• Each How To should trace to a description within the ClientUI or
`ServerUI sections of this documentation.
`
`DS_OS-ePIT -CiientUI.doc
`The Client User Interface Documentation comprises:
`• A description of a starting point for document content.
`• A sequential description of the ePIT screen displays.
`• A description of background activties.
`• A description of user input options and devices.
`• A list of all graphic uses.
`• A list of all sound uses.
`It's relationships to the rest of the document include:
`• Each description should be a child to a goal within the Goals section of
`this documentation.
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`ePIT
`Forward
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`• Each description should be a used within the HowTo section of this
`documentation.
`• When appropriate, each description should adequately address its
`relationship to the ServerUI section of this documentation.
`
`DS_06-ePIT -ServerUI.doc
`The Server User Interface Documentation comprises:
`• A description of x~.
`It's relationships to the rest of the document include:
`• Each description should be a child to a goal within the Goals section of
`this documentation.
`• When appropriate, each description should adequately address its support
`to the functionality described in the ClientUI section of this
`documentation.
`
`DS_07 -ePIT -Glossary .doc
`The Glossary Documentation comprises:
`• A list and definitions of commonly used industry terms.
`• A list and definitions of ePIT specfic terms.
`It's relationships to the rest of the document include:
`• Resource for people to refer when encountering an unknown word.
`
`DS_OS-ePIT -A TT -News.doc
`The News Attachement Documentation comprises:
`• Articles that may affect our project.
`It's relationships to the rest of the document include:
`• Our documentation should be able to demonstrate how we will avoid
`known pitfalls and capitalize on successes.
`
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`Page 5 of 94
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`
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`ePIT
`Schedule
`
`SCHEDULE
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`Core Design Document Content
`Delivered within 1 month from the start of the project.
`
`06.04.98
`
`06.12.98
`Design Document with Story Boards
`All known screen graphics, including at least 3 alternative templates and story
`boards.
`Delivered within 3 months from the start of the project.
`
`Technical Design Review
`A detailed specification of all the elements of the Pit Kit.
`Delivered within 2 months from the start of the project.
`
`06.26.98
`
`09.01.98
`Prototype
`A working prototype that will enable ePIT to test the efficacy of the design in
`controlled experiments over the Internet and to demonstrate the capabilities to
`potential investors and strategic partners.
`Delivered within 4-6 months from the start of the project.
`
`Alpha
`
`Late 1998
`A working version that will enable ePIT to test the efficacy of the design in
`controlled experiments over the Internet and to demonstrate the capabilities to
`potential investors and strategic partners.
`Delivered within 4-6 months from the start of the project.
`
`Beta
`
`A version ready for public testing of Pit Products on the Internet.
`Delivered within 12 months from the start of the project.
`
`Release 1.0
`Completed Version 1.0 of the Pit Kit.
`Delivered within 18 months from the start of the project.
`
`Early 1999
`
`Mid 1999
`
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`Page 7 of 94
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`
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`ePIT
`Summary
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`PROJECT SUMMARY
`
`INTRODUCTION
`ePIT is an electronic trading arena that combines techniques learned from game
`design with the power and adrenaline of real world trading and investing.
`The initial challenge within the ePIT trading system is to eliminate any inherent
`disadvantage due to latency caused by the limitations of physical exchanges. This
`is why some people pay a small fortune to stand on the floor of a stock exchange.
`A totally electronic trading system can eliminate nearly all of this disparity and
`simultaneously enhance the thrill of competition to the betterment of all
`participants.
`A good trading firm can make a return of 50 to 100 percent a year because they
`are in a specialized environment where they have all the advantages. We're
`talking about bringing these advantages to anyone with a computer and a desire to
`trade and make markets. We hope to do this by increasing the access to markets
`which will increase the liquidity, narrow the spreads and save the public
`significant dollars that now disappear in the bid/offer spread .. With ePIT, the
`volume is going to explode. It's not limited to the bottlenecks of a physical
`exchange. When we give the gift of access to all, the universe of traders will
`expand creating an enourmous sales potential for ePIT. A big part of the reason
`I for traditional trading success on the floors is the contextual information that is
`
`1
`
`l built around the floor community. Conversation, mutual support, competition,
`
`information exchange, visual cues and events that are critical to trading success
`will all be supported.
`On the floor, billions of dollars of value are traded with a sound or a hand signal.
`A big part ofwhy this works so well is that relationships of trust work, and group
`values form within the exchange and regulatory framework. We will have the
`tools for reputations and relationships to build from a grassroots level. Also, we
`will have the ability for groups to form, traders to create their own products for
`private or public trading.
`We have developed an event-driven architecture which attempts to put all traders
`on an even footing with an equal opportunity to participate in trades regardless of
`latency. As an Internet based trading system, it presents the trader with a real
`time, interactive trading environment. Through a Java client interface, the trader
`trades products with a number of other traders via a server-maintained market
`environment.
`The trader will be presented with product information in a compact and easy to
`read format. The trader will be able to send buy and sell requests easily and see
`results as they happen in real time, browse account information, access a chat
`room, news and other pertinent information all from the convenience of a web
`browser. It will support account verification, audit trails, transaction and account
`security, zero fault tolerance, and encryption technologies.
`
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`ePIT
`Summary
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`Our interface and trading support create a pit like environment where these
`trading requirements are met in an easy to understand and easy to trade
`environment. Prior to ePIT, the information, order entry and execution services
`were all in different places requiring sophisticated knowledge and experience.
`With ePIT, we will bring the ability to trade on a level playing field to all
`investors, traders and hedgers.
`The final part of ePIT is the ability to bring the immediacy of the floor trading pit
`environment to the screen, creating an interesting, exciting and instantaneous
`trading arena. It is the combination of these factors that will bring traders to ePIT
`and keep them coming back.
`This Design Document is intended to be a detailed description of the structure of
`the trading architecture necessary to service the end trader GUI. The Technical
`Specification will provide the detailed descriptions of the secure account
`management and audit system.
`
`COMPONENTS
`
`k :t-- ()" tA('rv L~
`Hardware Overview .--- v-->
`r
`This product will be for Windows95. The server should be able to run on
`v- ~ -h,-
`WindowsNT and Solaris.
`_j ;;w*- v M .
`Estimated Hardware Requirements
`Computer
`Memory
`Video
`Sound
`Disk/Storage
`Networking
`
`Pentium 120 or above
`16 Meg RAM required on most systems
`SVGA
`8-bit Windows-compatible sound card
`50 MB on HD for operation
`28.8 modem with WinSock, TCPIIP
`
`Software Overview
`There are seven interlinking server applications that comprise our exchange.
`These are ...
`• Sell! Ask Forwarder
`• Buy/Bid Processor
`• Transaction Processor
`• Login Manager
`• RMI/Service Manager
`• Flexible Logging System
`• Administrator
`At this time, there is a rudimentary client for the demo which processes bid/ask
`functionality as well as very simplistic database capabilities (i.e., to show the
`book). All server applications are coded in 100% Java, and are fully
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`
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`ePIT
`Summary
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`asynchronous, intrinsically distributed and load balanced. The system avoids a
`central database bottleneck (which by the way was designed into the E*Trade
`architecture) by implementing a novel "forwarding engine" that is completely
`distributed and removes bottlenecks. If the forwarding engine gets too busy, !t
`spawns another engine to handle the ov~. There are still many details to iron
`out, but the system is clearly well designed, scaleable, secure, portable, extensible
`~an be upgraded to be fault tolerant. I believe thatthebasic architecture is
`capable of supporting tens of thousands of traders, given sufficient server CPU
`and bandwidth.
`This system is currently written to support only limit orders and human
`interaction to trigger transactions, but market orders and automated trading can be
`implemented without much difficulty. Cliff and Tom have chosen wisely to wait
`for our input, before coding that up. This is where Tuomas (optimality) and
`Steven (SEC rules) can get involved. Also, there is a crude algorithm for order
`splitting (multiple buy orders for a single sell order), but that again can be recoded
`once we determine what the optimal algorithms might be. Also, we can surely
`~ ~in Concordia Java agent interoperability at a later time, as well as the ability
`tp.,support stuff like XML and OFX downstream. For example, I think that an
`~gent could manage all of the off system notification modes (paging, vox/phone)
`in a way that interoperates with ours. So all of that has been isolated and
`modularized, and stays out of the way of the central engine, which is written to be
`lean, mean and scaleable.
`In all, a very strong architecture that includes the needs of system growth and
`debugging. The system would run very efficiently on the Fujitsu AP-3000 parallel
`Spare supercomputer, which we've obtained an agreement to borrow. That's our
`target environment, which will give us plenty of CPU to do both exchange
`management as well as 0~ stuff.
`Features
`Realtime Email Verification
`Account Management
`Distributed Debugging
`Extensible Architecture
`Built-In Load Balancing
`100% Java
`
`Estimated Software Requirements
`Operating System:
`Browser
`
`Win95
`Explorer 4.0, Java Enabled
`
`System Architecture
`The server and network architecture design will be part of the next deliverable.
`
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`Page 10 of 94
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`
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`ePIT
`Summary
`
`TEAM BIOGRAPIDES
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`Trade Management LLC
`Trade Management LLC, member Pacific Exchange, is a derivatives trading firm
`that uses sophisticated technology to arbitrage and manage option positions and
`risk. Richard Friesen founded Trade Management in 1995 after a decade of
`trading on both securities and futures exchanges. The firm is using its floor
`trading experience to develop trading software for the internet.
`
`Richard Freisen, Principal
`Since 1980, Mr. Friesen has built a career in finance. He has been a member of
`the Chicago Board of Trade, the Chicago Mercantile Exchange, and the Pacific
`Stock Exchange and traded products from wheat futures and options to securities.
`He has published articles on Financial Index Trading and has provided interviews
`for national network news ..
`Mr. Friesen joined Merrill Lynch as a salesman in institutional financial futures
`and continued in financial sales with E.F.Hutton. In 1983 he joined CRT, a
`Chicago trading firm, where he founded and managed an arbitrage office on the
`Pacific Stock Exchange. He was active with the exchange as Chairman of the
`New Products Committee, where he was instrumental in developing and
`introducing the Financial News Composite Index. From 1985 to 1987, he served
`as a Director of the Pacific Stock Exchange specializing in long term planning.
`In 1987 Mr. Friesen transferred to the Chicago office of CRT where he worked
`with the exchanges to develop new trading products. In addition to supervising
`and training new floor traders, Mr. Friesen also worked with the SEC to develop
`an option market maker rating system.
`In 1991, Mr. Friesen founded Maxlmagic Inc. for the purpose of developing state(cid:173)
`of-the-art entertainment centers specializing in large-screen theaters and motion
`simulators. Maxlmagic opened the Thunder Rapids motion simulator ride at the
`Nut Tree in Vacaville California.
`Mr. Friesen is a member of the Pacific Stock Exchange and has founded and
`traded for his own firm, Trade Management. He specializes in trading and
`investing proprietary funds in futures, options, equities, and venture projects. He
`has invested his own funds and raised capital for technology start-ups. In addition
`to his financial position in these companies, he has worked with them in the areas
`of long-term planning, product analysis, and personnel development.
`
`Peter Hart, Principal
`Peter Hart is a technology entrepreneur with extensive experience in software
`development, interactive multimedia, negotiation simulations and marketing. He
`is president of Measuright Corporation, which has developed a system for
`surveying buildings using lasers and CAD technology. He previously founded
`three software companies that successfully introduced innovative technology that
`fundamentally changed restaurant operations, legal drafting and professional
`publishing.
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`ePIT
`Summary
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`BusinessBots
`The senior management and technical staff have an unparalleled combination of
`experience in the development and marketing of both Internet and Software
`technologies. Additional staff will be hired to fill the required positions.
`
`Moses Ma, Executive Producer
`Mr. Ma is currently CEO of BusinessBots, Inc., a developer of electronic
`commerce technologies, and also is a director of two firms, NeuroLogic Inc,
`which specializes in trader interface systems based on research in human
`neurophysiology, and Black Sheep Studios, a computer game company. He is
`experienced in all aspects of product development and strategic marketing for
`software ventures, with a focus on one-to-one and multi-trader entertainment
`technologies. Recently, he created a number of Internet standards proposals,
`including Universal Avatars, for enabling persistent trader identities and
`transactions within VR experiences, co-authored by IBM and accepted by the
`VRML Consortium. He has designed a next generation one-to-one marketing
`system for DDBNeedham; patented a technology for overcoming network delay
`latencies over the Internet, enabling breakthrough interactivity for virtual worlds;
`and wrote two of the world's best-selling computer games. As CEO, he built an
`uncapitalized startup, Velocity, into the 97th largest, 7th fastest growing, and 11th
`most profitable software publisher in the country, according to the 1993
`SoftLetter 100 rankings. He was trained as a theoretical physicist (B.S., Caltech
`and all but dissertation from UCSC).
`
`Tom Biddulph, Engineering
`Tom Biddulph is the founder and CEO/CTO of SkyWeyr Technologies. Before
`founding SkyWeyr, he was the founder and CEO/CTO of StarNine Technologies,
`Inc, which was acquired by Quarterdeck in September 1995. StarNine was the
`premier developer of Macintosh internet server software, including webservers,
`listservers, and mailservers. Before he founded StarNine in 1986 he had worked
`for Bell Labs, Motorola, and UniSoft Systems. Tom has a Master's degree in
`Computer Engineering from UC Berkeley.
`
`Cliff Collins, Engineering
`Cliff Collins is one of the founding members of SkyWeyr Technologies, where he'
`serves as VP of Engineering. Before joining SkyWeyr, he worked at Star Nine
`Technologies where he served in various technical capacities, including engineer,
`architect, and lead engineer. Cliff joined StarNine in 1988. He has a Bachelor's
`degree in Computer Engineering from UC Berkeley.
`
`Stephan Butler, Producer
`Stephan comes from a software development background where he designed
`games and early childhood development programs for publishers, and managed
`the development process by third parties. Several of his products have received
`industry acclaim, and his flagship product reached number one in sales in both
`Japan and the United States. After publishing, he built a development company
`
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`ePIT
`Summary
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`Design and Technical Specification
`by BusinessBots, Inc.
`
`where he was responsible for small business management as well as product
`design and development. Recently he has been consulting, helping businesses fine
`tune and automate existing operations. This has included such areas as strategic
`planning and fiscal budgeting, database construction for internal organization and
`sales, and documenting complex software for consumer use. In addition, he
`designs and develops web sites.
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`ePIT
`Design Goals
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`DESIGN GOALS
`The following are specific comments from professionals of the floor that need to
`be addressed to ensure the "game" elements are designed to transport players with
`all their senses to a group "Pit" environment and provide a system of incentives.
`Specifically, these goals will enable us to define:
`./ How to DRIVE liquidity and order flow (support real world needs to keep
`trading) .
`./ How to DRIVE an immersive experience (adrenaline/you got to keep
`shouting!) .
`./ How to DRIVE fairness and control for the trader.
`
`GENERAL
`
`In order to trade, a trader needs to see:
`• A market has enough liquidity for the size of position he/she wants to
`trade.
`• Be able to determine value
`• See price in relation to value.
`• Execute a trade at a price that fits the traders' parameters.
`• Manage the trade by understanding the position and risks.
`• See his/her position in real time.
`• Be able to close the position with an acceptable bid/ask spread.
`
`Create Bandwidth and Resolution from the Brain
`When you read a book, the text itself has low resolution, low bandwidth
`requirements. When you read a good book that your are engrossed in, you bring a
`high amount of bandwidth and resolution to the process allowing you to visualize
`people, faces, expressions, lakes, mountains, experience pain, sadness, laughter,
`joy, hope, sexual feelings.
`We need to ensure when you leave the pit it feels like you put down an exciting
`book, or left a terrific movie before it was over:
`• Look for commonality (visual files) that most people already have in their
`brain.
`• Develop triggers for these so that people can access them on cue.
`• Train people to build more visual files in their brain so that with
`experience, they will get more pleasure out of the game.
`Some video type games provide the players with complete story and do not
`require active imaginations, but in tum demand high resolution and bandwidth.
`We need to be on the opposite side of the spectrum. We need to make the pit feel
`like an adventure where you can develop your skills, explore new worlds, and
`make money. A key benefit to this is that when you are trading, your sense of
`time disappears.
`
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`
`
`ePIT
`Design Goals
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`Provide Sensory Cues
`We need to utilize movement, sound and colors to generate the excitement of a
`Casino like feel in that somewhere someone is winning, and somewhere else
`someone just had a near miss. This world must envelope the trader with sights,
`sounds, characters, and interaction.
`
`Movement
`In a physical pit, there is a lot of movement with runners bringing orders and
`brokers executing trades. The brokers and runners are the vestiges of physical
`exchanges. In ePIT, we will become our own runners and brokers, and be able to
`see the other traders directly with our own eyes. We see other traders grabbing an
`order, so even if we missed a trade we can get a bit of "trailing" history.
`
`Sound
`
`The pit without sound is like a musical without sound. It doesn't work. Much of
`the information we get in the pit is aural. The computer can replicate this sound
`and turn it into an orchestration. We will develop sound files for all activities so
`that when the market is active, the resulting sounds create "music".
`
`Colors
`Displaying the tone of the market with the use of colors, combined with sound,
`should give a sense of the type of activity.
`
`Ensure Information Availability
`One of the keys to any information based tool is the expedient and intuitive access
`to the information needed at that specific time. Even in the floor trading pits, the
`trader is required to piece together bits of information from a number of sources.
`We have taken our years of floor trading experience, listed what is needed, and
`put it in a simple graphic format. The pit will contain all the critical information
`needed to determine value, enter trades, receive execution and track historical
`information. The following information is available on one screen concurrently:
`• Decision critical information in graphical format.
`• Related product charts on the same screen (i.e. derivative/underlying).
`• Real time pricing information available on underlying product.
`• Charts of historical prices.
`• Charts of technical indicators.
`• Trading activity represented on the screen with visual and auditory clues.
`• Graphical representation all traders who are active at any point in time.
`• Access to all the information a trader needs and wants to know about the
`products being traded.
`• Graphical presentation of the bids, offers and that are the foundation for
`the execution process.
`Information about the Active Traders' open orders (account info is likely
`to be on another screen).
`
`•
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`6/26/98
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`Confidential BusinessBots, Inc.
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`Highly Confidential -Attorneys' Eyes Only
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`PH00000475
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`Page 16 of 94
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`
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`ePIT
`Design Goals
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`•
`
`• Sufficient information to generate confidence among traders that the on(cid:173)
`line exchange provides them with a level playing field in which every
`trader has an equal opportunity to make money without fear that some off(cid:173)
`line activity or information or the way that orders are executed gives any
`other trader an advantage.
`• Reduction of complex information where possible to simple graphical
`representation.
`Instant availability of all information regarding prices, news, and analysis
`account information.
`• Contextual information that makes the floor a success, such as trader and
`order awareness, discussions, requests for markets, and recommendations
`of other traders.
`One of the reasons pit trading has been so successful is that it provides a locus for
`a variety of information sources that are shared by the members of the pit who
`can use this information to create more liquid markets.
`• Who is interested in what kind of trades.
`• Who is trading what.
`• What positions are held by who.
`• Breaking news.
`• Knowing who wants to see what "shows" (requests for markets).
`
`Ensure Information Isolation Abilities
`The trader should be able to create a window to isolate any part of the information
`that they want to focus on.
`
`Screen Out Useless Information
`On the floor it's critical to screen out a lot of data in order to concentrate on the
`data that has been selected. Types of useless information include:
`• Noise in other pits.
`• Extraneous conversations.
`• Brokers with dead orders that they are trying to execute (work).
`Customers should be able to set the level of information that they need.
`
`Trader Interface Considerations
`We need simplicity to get people into the game and we need to provide a level of
`complexity that allows people to get pleasure from "conquering the mountain".
`This pleasure from ease of use and pleasure from mastering complexity can be
`accomplished through the creation of different pit complexities. They will be
`specifically targeted towards:
`• New Traders.
`•
`Intermediate Traders.
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`6/26/98
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`Confidential BusinessBots, Inc.
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`Highly Confidential -Attorneys' Eyes Only
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`PH00000476
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`Page 17 of 94
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`ePIT
`Design Goals
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`• Experienced Traders.
`• Day Traders.
`• Long Term Investors.
`• Market Makers.
`The following goals need to be considered when defining the actual steps in the
`trader interface:
`• All bids/offer/trades can be entered without the keyboard.
`• Direct order execution ability, on same screen.
`• The ability to engage in real-time trading in primary markets for Pit
`Products.
`• Easy to change and update orders.
`• Standardized transaction procedures.
`• Multiple traders on one screen able to interact with each other and
`compete with each other.
`• The ability to provide information about all traders who have accounts.
`• Sharing of large orders that would overwhelm any one trader using
`requests for quotes.
`• Sharing of market analysis.
`• Development of a community of interest and emotional support.
`• All historical data can be transformed by the computer from a raw price
`into any technical trading indicator or computerized trading system by the
`trader (i.e. overbought/oversold indicators) The exchange will translate all
`bids, offers and executions to a single common number that can be
`reinterpreted by all other traders who have set their trader controlled
`trading screen to fit their own needs .. Everyone appears to be in the pit in
`the terms the trader has defined for his or her own trading screen.
`• The ability to increase/decrease resolution and intensity depending on the
`traders activity, day trading vs. long term investing.
`
`Screen Design Considerations
`Trading screens substitute for pit trading, and have a minuscule portion of the
`bandwidth available in a real pit, therefore allocation of resources will be a critical
`function of screen design.
`In the pit, a trader is standing in a high bandwidth arena with multiple
`information systems available, and is able to converse with other traders while
`concurrently making the trades. Making volume and price decisions are
`instantaneous with thought. Canceling orders requires the absence of bidding or
`offering. Execution of a trade in the electronic pit should approximate this ease of
`execution.
`The trading screens can provide information to the traders in a graphical format
`that gives the information better impact then the current floor pits.
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`6/26/98
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`Confidential BusinessBots, Inc.
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`3-4
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`Highly Confidential -Attorneys' Eyes Only
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`PH00000477
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`Page 18 of 94
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`
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`ePIT
`Design Goals
`
`Design and Technical Specification
`by BusinessBots, Inc.
`
`Weighted Functions and Screen Space
`Make sure the important functions are given the most screen space. What is
`"important" may not be the obvious.
`• Allocation of resources will be a critical function of screen design.
`• No wasted space, borders, icons, buttons.
`• Reduce mouse movement, button clicks to an absolute minimum.
`
`Gain Dial
`The Gain Dial represents the Active Trader's ability to increase/decrease
`resolution and intensity depending on the their activity. Such as day trading vs.
`long term investing.
`
`Graphical Information Impact
`Trading screens can provide information to the traders in a graphical format that
`gives the information better impact.
`• Product Relationships.
`• PriceN olume History.
`• Technical Analysis.
`• Current Bids and Offers.
`
`Contextual Information Display
`Contextual information can be displayed instantaneously.
`• Fundamental Information.
`• News.
`•
`Interaction with Other Traders.
`
`FULFILLING NEEDS
`
`Ensure Trust
`First traders need to be able to trust the system. This is accomplished when we
`pr