Exhibit 2
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`Page 1 of 537
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`TRADING TECH EXHIBIT 2412
`TRADESTATION ET AL. v. TRADING TECH
`CBM2016-00051
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`

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`X_TRADER® USER MANUAL
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` Version 6.11
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`Trading Technologies® International, Inc. Proprietary and Confidential lnfonnation
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`Confidential
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`Tr 009481
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`Page 2 of 537
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`TTX00009481
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`Page 2 of 537
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`

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`Trading Technologies®, International, Inc.
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`_.
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`T£{2i~lNQLOGlE$
`
`Legal Notices
`
`This document and all portions thereof are the exclusive property of Trading Technologies International, Inc.
`(“TT”). This document is protected by copyright law and_intemational treaties. Unauthorized possession,
`reproduction, duplication, or dissemination ofthis document, or any portion of it, is illegal and may result in severe
`civil and criminal penalties. Prosecution will be to the maximum extent possible under the law.
`
`All computer programs comprising the TT API, all related TT example programs, and all Tl‘ source code are the
`exclusive property of TT. All such programs, regardless of distributed form, are protected by copyright law and
`international treaties. Unauthorized reproduction of any TT software or proprietary information may result in severe
`civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
`Information in this document is subject to change without notice. Companies, names, and data used in examples
`herein are fictitious unless otherwise noted. No part of this document may be reproduced or transmitted in any form
`or by any means, electronic or mechanical, for any purpose, without the express written permission of TT.
`
`Trading Technologies®, X_TRADER® and X__RISK® are registered trademarks and the Trading Technologies®
`logo, I l 1-“, MD Traderm, Autospreaderm, Autotraderm, Super Guardianm, TT Trainer” and TTNETW are
`trademarks of Trading Technologies International, Inc.
`
`Communications portions of the TT API may make use of TIBCO®/Rendezvous”. TIBCO® and Rendezvousm
`are registered trademarks of TIBCO Software Inc. TIBCO®/Rendezvous“ is a trademark of TIBCO Software Inc.
`MS Windows®, MS Exce1®, and Visual C~|+® are registered trademarks of Microsoft Corporation.
`
`Copyright © 1998-2004 Trading Teclinologies® International
`All rights reserved.
`
`Trading Technologies® International. Inc. Proprietary and Confidential Information
`
`Confidential’
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`rr 009482
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`Page 3 of 537
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`Table of Contents
`
`TABLE OF CONTENTS
`
`WHAT'S NEW IN X_TRADER®
`
`.............................
`
`.......... .. 15
`
`AUTOSPREADERTM ................................................................................................................... .. 16
`
`SPREAD MATRIX AND BUTTERFLY CONDOR MATRIX .............................................................. .. 1 8
`
`SPREAD MATRIX .......................................................................................................................... .. 19
`
`Context Menu ......................................................................' ................................................................ .. 20
`Properties: Spread Matrix Tab ................................................ ..'. .......................................................... .. 21
`BUTTERFLY CONDOR MATRIX .... ..~ ................................................................
`......................... .. 23
`Context Menu ............................................ ..- ......................................................... ..-............................. .. 24
`
`Properties: Spread Matrix Tab........................................................................................ ..'................... .. 24
`‘ MD TRADERTM ........................................................................................................................ 26
`
`ABOUT THIS MANUAL ..............
`
`29
`
`INTRODUCTION TO X_TRADER® 6.11 USER MANUAL .......................................................... .. 29
`CONVENTIONS ...................................................................................... .1. ................................ .. 29
`KEYBOARD FORMATS .......................................................................... .§.................................. .. 30
`RELATED DOCUMENTATION .................................................................................................... .. 31
`
`X_TRADER® TRADING SYSTEM ........................................................................................... .. 31
`GLOBAL CLIENT SUPPORT CENTER.......................................................................................... .. 32
`
`AUTOMATED PHONE MENU ................................................... .§ .................................................... .. 33
`
`Examples ............................................................................................................................................... 33
`
`CHAPTER 1 GETTING
`
`.....................
`
`35
`
`LOGGING INTO X_TRADER® ................................................................................................ .. 36
`LOGGING INTO AN EXCHANGE ............................. .§ .................................................................. .. 37
`
`X_TRADER® PRO LICENSE ................................................................................................... .. 39
`CREATING A CUSTOMER PROFILE ............................................................................................ .. 40
`
`INTRODUCTION TO THE X_TRADER® WORKSPACE .............................................................. .. 41
`MANUALLY ENTERING A MARKET ORDER .............................................................................. .. 41
`
`....................... .. 42
`........
`.......................
`SENDING AN ORDER TO THE MARKET ..........................
`ORDER MESSAGES IN THE AUDIT TRAIL WINDOW................................................................... .. 43
`EXI'I1NGX_TRADER® .................................................................................................... .'. .... .. 44'
`AUTOMATIC SHUTDOWN OF X_TRADER® ............................................................................ .. 44
`
`CHAPTER 2 COMMON ADMINISTRATIVE TASKS 45
`
`POPULATING WINDOWS WITH CONTRACTS .............................................................................. .. 45
`
`FILTERING OVERVIEW ............................................................................................................. .. 46
`SETTING A COLUMN FILTER .......................................................... ..'. ........................................... .. 48
`
`.......................................... .. 49
`CLEARING A COLUMN FILTER ........................................................
`CLEARING ALL FILTERS .......................................................................................
`.................. .. 49
`
`SETTING AUTO FILTERS IN X_TRADER® ................................................................................. .. 50
`FONT CONTROL OVERVIEW ..................................................................................................... .. 52
`
`CHANGING THE FONT (TEXT) STYLE IN WORKSPACE................................................................. .. 5 2
`
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`CHANGING GRID TEXT AND BACKGROUND COLORS .................................................................. .. 53
`
`GRID FORMATITNG OVERVIEW ................................................................................................ .. 55
`
`SETTING THE DEFAULT COLUMN SELECTION ............................................................................. .. 5 6
`
`MOVING Rows OR COLUMNS ........................................................................................................ 56
`
`HIDING Rows OR COLUMNS .......................................... .[. .......................................................... .. 57
`RESTORING HIDDEN Rows OR COLUMNS ..................................................................................... 57
`
`CHANGING THE WIDTH OR HEIGHT OF ONE COLUMN OR Row .................................................. .. 58
`
`CHANGING THE WIDTH OR HEIGHT OF MULTIPLE COLUMNS OR Rows ..................................... .. 58
`USING THE CONTEXT MENU TO SHOW/HIDE COLUMNS OR Rows ............................................. .. 59
`
`CHANGING BORDER STYLES ....................................................................................................... .. 60
`
`WORKSPACE OVERVIEW; ....................................... .;...-. ..............................................
`
`............ 61
`
`CREATING A WORKSPACB ......................................................................................... f. ................ .. 62
`SAVING A WORKSPACE ............................................................................................................... .. 63
`
`OPENING AN EXISTING WORKSPACE ..................................... ..-.................................................... .. 64
`DELETING A WORKSPACE ........................................................................................................... .. 64
`
`FRAME COMMAND BAR ........................................................................................................... .. 65
`
`RESIZING A WINDOW FONT USING THE FRAME BUTTONS ...................
`
`................................... .. 66
`
`PRINTING FROM X_TRADER® .................................................................................................. .. 66
`
`AUDIT TRAIL MESSAGE TYPES ................................................................................................ .. 68
`
`AUDIT TRAIL EXCHANGE ANNOUNCEMENTS ........................................................................... .. 69
`AUDIT TRAIL COLUMN DESCRIPTIONS ..................................................................................... .. 70
`
`AUDIT TRAIL CONTEXT MENU ................................................................................................ .. 72
`
`CUSTOMIZING FEATURES IN THE AUDIT TRAIL WINDOW ........................................................ .. 73
`
`CHAPTER 4
`
`75
`
`IMPLIEDS IN AUTOSPREADERTM ............................................................................................... .. 76
`
`OPENING AUTOSPREADERTM .................................................................................................... .. 77
`USING MARKET GRID To CREATE A NEW SPREAD ..................................................................... .. 78
`
`USING DRAG-AND-DROP TO CREATE A NEW SPREAD ................................................................ .. 79
`
`OPENING AUTOSPREADERTM wITH A PREVIOUSLY CREATED SPREAD ....................................... .. 79
`
`AUTOSPREADER AND MD TRADER .......................................................................................... .. 80
`AUTOSPREADERTM LEG PANES .................................................................................................... .. 80
`
`AUTOSPREADERTM SPREAD PANE ............................................................................................... .. 80
`PROPERTIES [N AUTOSPREADERTM SPREAD PANE....................................................................... .. 81
`
`CONFIGURATION DIALOG BOX .............................................................................. ..'...' ............. .. 82
`CONFIGURATION DIALOG Box FIELD DESCRIPTIONS ................................................................. .. 83
`
`Top Pane . .. . . ... . . . . . . . . . . . . . . . . . . . . . . . . . . .
`Grid Pane .. . . ... . . . . . . . . . . . . . .. . . . . . . . . . . . .
`
`
`
`. .... 83
`. .... 85
`
`Ticking Worksheet ............... ..'. ..................................................................................................... 89
`SETTING THE SPREAD SETTINGS ...........................................................................
`.................. .. 91
`
`CONFIGURATION DIALOG Box AND EXPIRED CONTRACTS ........................................................ .. 92
`
`USING MULTI-LEGGED CAPABILITY ........................................................................................ .. 93
`
`USING ADVANCED SLOP .......................................................................................................... .. 96
`
`
`iv
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`X_TRADER® 6.11 User Manual
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`MANAGER DIALOG BOX .......................................................................................................... .. 98
`
`MANAGER DIALOG BOX FIELD DESCRIPTIONS .................................................. .; ....................... .. 99
`USING MANAGER DIALOG BOX ................................................................................................ .. 100
`
`CHAPTER 5
`
`101
`
`OPENING AUTOTRADERTM ..................................................................................................... .. 102
`
`AUTOTRADERTM WINDOW ..................................................................................................... .. 103
`
`CONTEXT MENU................................................................................................................ .. 104
`STARTING TO TRADE USING AIITOTRADERTM ........................................................................ .. 106
`
`GENERATING A MANUAL ORDER WITH THE SCRATCH PAD ................................................... .. 109
`
`..... .._. ............. .; 110
`DRAGGING AND DROPPING AUTOTRADERTM ORDERS IN MD TRADERTM
`QUOTE EXCEEDS MAXIMUM LIMIT ........................................................................................ .. 1 1 1
`ASSIGNING COLORS ............................................................................................................... .. 112
`
`POSITION MANAGEMENT DIALOG Box .................................................................................. .. 1 13
`NO EXISTING MARKET .......................................................................................................... .. 1 16
`
`EXPIRED CONTRACTS AND WORKSPACES .............................................................................. .. 116
`
`IMPLIEDS IN AUTOTRADERTM ............................. ., ................................. ..; .............................. .. 117
`CONTROL BAR ....................................................................................................................... ..118
`
`AUTOTRADER GRID ............................................................................................................... .. 121
`GRID SECTIONS .......................................................................................................................... .. 122
`Row Identifier Section....................................................................................................................... .. 123
`Control Section.................................................................................................................................. .. 125
`
`Open/Close Section ........................................................................................................................... .. 127
`Position Section ................................................................................................................................. .. 128
`
`Marketsection .................................................................................................................................. .. 129
`
`Working Section................................................................................................................................ .. 131
`Scratch Section ...................................................................... .L.......................................................... .. 132
`Profile Parameters Section ..............................................................
`................................................ .. 133
`Cover Orders Section ........................................................................................................................ .. 134
`
`Updates Section ................................................................................................................................. .. 135
`Theo Prices Section ........................................................................................................................... .. 135
`Formula Section ................................................................................................................................ .. 137
`
`PROFILE SETUP PAGE ............................................................................................................. .. 138
`OPENING THE PROFILE SETUP PAGE ............................................... ..- ......................................... .. 139
`PROFILE PAGE CONTEXT MENU ................................................................................................ .. 140
`
`PROFILES BOX ............................................................................................................................. 141
`
`...................................... .. 143
`TRADING PARAMETERS BOX .............................................................
`GENERAL INFORMATION SEC’I'ION ............................................................................................ .. 144
`
`PROFILE PARAMETERS SECTION ................................................................................................ .. 147
`PROFILE PARAMETERS FIELD DESCRIPTIONS .............................................................................. 148
`EXPIRATION RANGES .................................................... . .-............................................................. 15 0
`
`QUOTING LIMITS SECTION .................................................................... .; .................................. .. 151
`DEFINING TRADING PARAMETERS .......................................................................
`................. .. 153
`ADDITIONAL THEORETICAL CONFIGURATIONS ........................................................................ .. 156
`
`MULII-EXPIRATION PROFILE .................................................................................................... .. 157
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`Table of Contents
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`THEORETICALS AND FORMULAS ............................................................................................ .. 158
`MATHEMATICAL FORMULAS ..................................................................................................... .. 159
`
`STATISTICAL FORMULAS ........................................................................................................... .. 161
`
`CONDITIONAL STATISTICAL FORMULAS ................................................................................... .. 163
`
`STRING FUNCTIONS ................................................................................................................... .. 163
`
`LOGIC FUNCTIONS ..................................................................................................................... .. 165
`FINANCIAL FUNCTIONS ............................................................................................................. .. 166
`DATE AND TIME FUNCTIONS ..................................................................................................... .. I69
`
`MISCELLANEOUS FUNCTIONS .................................................................................................... .. 170
`
`EMBEDDED TOOLS ..................................................................................................................... .. 171
`
`AUTOTRADERTM FORMULAS ................................................................
`
`.......
`
`.......... .. 172
`
`Using Conversion Formulas .............................................................................................................. .. 172
`Converting Floating Point to a Price ................................................................................................. .. 175
`AUTOTRADERTM FORMULA
`176
`
`USING FORMULAS IN AUTOTRADERTM ..........................................................
`
`.......................... .. 17 8
`
`IMPORTING THEORETICALS TO AUTOTRADERTM ...................................................................... .. 181
`
`ROUNDING RESULTS ............................................................................
`
`.................................. .. 182
`
`EXCEL LINKS ......................................................................................................................... .. 183
`
`LINKING EXCEL SPREADSHEETS (OLE LINKS) ......................................................................... .. 183
`SAVING EXCEL SPREADSI-IEETS IN A WORKSPACE .................................................................... .. 184
`
`DELETING OLE LINKS ............................................................................................................... .. 185
`
`EXAMPLES ............................................................................................................................. .. 185
`
`THROTTLE QUOTING ................................................................................................................. .. 185
`BID OFFSET EXAMPLE: POSITIVE OFFSETS ............................................................................. .. 186
`
`BID OFFSET EXAMPLE: NEGATIVE OFFSETS ............................................................................. .. 186
`COVER ORDER EXAMPLE ......................
`.................................................................................. .. 1 87
`MARKET IMPROVE LIMIT EXAMPLE .......................................................................................... .. 1 87
`MAXINIUM POSITION EXAMPLE ................................................................................................... 1 88
`
`THROTTLE QUOTING AND SCRATCH PAD EXAMPLE ................................................................... 189
`
`CHAPTER 6 CONTROL PANEL
`
`191
`
`ALERTS MANAGER ................................................................................................................ .. 192
`
`CUSTOMER DEFAULTS & CUSTOMER LIST ............................................................................. .. 194
`
`CUSTOMER LIsT.._.........................................................................................................................194
`CUSTOMER DEFAULTS DIALOG BOX FIELD DESCRIPTIONS ........................................................ 195
`
`CUSTOMER DEFAULTS CONTEXT MENU ..................................................................................... 1199
`CREATING A CUSTOMER DEFAULTS PROFILE ............................................................................. 199
`
`ADDING CUSTOMERS TO THE ORDER ENTRY LIST ...................................................................... 200
`CHANGING CUSTOMER PROFILE IN CUSTOMER DEFAULTS DIALOG Box .................................. 200
`
`201
`MENU BAR ON THE CONTROL PANEL ..................................................................................
`FILE MENU ON THE CONTROL PANEL ....................................................................................... .. 201
`
`SETTINGS MENU ON THE CONTROL PANEL .......................................................... ..;: ................. .. 202
`
`WINDOW MENU ON THE CONTROL PANEL ................................................................................ .. 203
`
`HELP MENU ON THE CONTROL PANEL ...................................................................................... .. 204
`
`TOOLBAR ON THE CONTROL PANEL .......................................................................................... .. 205
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`PRODUCT GROUP INFORMATION DIALOG BOX ...................................................................... .. 207
`PRODUCT GROUP INFORMATION FIELD/COLUMN DESCRIPTIONS ............................................ .. 208
`ADDING A PRODUCT GROUP...................................................................................................... .. 211
`ASSOCIATING A PRODUCT TO A PRODUCT GROUP ...................................................................... 212
`DISASSOCIATING A PRODUCT FROM A PRODUCT GROUP.......................................................... .. 213
`CHANGING A PRODUCT GROUP SETTINGS ................................................................................ .. 214
`DELETING A PRODUCT GROUP .................................................................................................. .. 214
`PROPERTIES DIALOG Box ...................................................................................................... .. 215
`TRADING TAB .............................................................................................................................. 216
`ENABLING IMPLIEDS IN THE TRADING TAB ................................................................................. 222
`FILL TAB ......................................................................................
`........................... .._. ........... 224 —
`POSITION TAB ..........................................1 ................................................................. f................. 226
`ORDER BOOK TAB .............................................................................................................. .; ..... .. 227
`AUDIT TRAIL TAB ........................................................................................................................ 229
`SOUNDS TAB ................................................................................................................................ 231
`Adding an Event Sound....................................................................................................................... 232
`Changing or Removing an Event Sound ........................................................................................... .. 233
`COLOR TAB .................................................................................................................................. 233
`Changing Window Color Display Options .......................................................................................... 239
`SPREAD MATRIX TAB .................................................................................................................. 240
`TRADE BOOK TAB ..................................................................................................................... .. 243
`TIME AND SALES TAB ................................................................................................................ .. 244
`SPREAD TABLES DIALOG Box ............................................................................................... .. 245
`ADDING A SPREAD TABLE ..................................................................
`.................................... .. 246
`COPYING A SPREAD TABLE ......................................................................................................... 247
`SAVING A SPREAD TABLE.................................................................................. .,......................... 247
`REMOVING A SPREAD TABLE .............'....................................................................................... .. 247
`
`CHAPTER 7 FILL WINDOW
`
`249
`
`FILLS ALERT DIALOG Box .................................................................................................... .. 251
`FILLS PANE .............................................................................................................................. 252
`FILLS PANE FIELD DESCRIPTIONS ............................................................................................. .. 253
`. FILLS PANE CONTEXT MENU....,.._.............. ., .............................................................................. .. 256
`2
`POSITION PANE
`......................................
`............................................................................ 257
`POSITION PANE COLUMN DESCRIPTIONS ..............................................................................
`25 8
`POSITION PANE CONTEXT MENU ................................................................................................ 260
`CALCULATING PROFITAND LOSS .............................................................................................. .. 261
`P/L COLUMN DISPLAY............................................................................................................... .. 262
`MANUAL FILLS DIALOG Box................................................................................................. .. 263
`ADDING A MANUAL FILL
`....................................................................................................... 265
`DELETING A MANUAL FILL .........
`............................................................................................ .. 266
`FAST FILLS PANE ................................................................................................
`................ .. 267
`FAST FILLS PANE CONTEXT MENU ........................................................................................... .. 268
`EUREX FAST FILL INFORMATION ................................................................................................ 268
`FFNET AND FILTERS .................................................................................................................... 269
`
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`Table of Contents
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`FFNET AND NETQTY SYNCHRONIZATION ................................................................................ .. 269
`
`CHAPTER 8 LIFFE WHOLESALE TRADING
`
`271
`
`OPENING THE WHOLESALE TRADE WINDOW ......................................................................... .. 272
`
`WHOLESALE TRADING TYPES ................................................................................................ .. 273
`AUDIT TRAIL MESSAGES ....................................................................................................... .. 274
`
`.............. .. 275
`STRATEGY WHOLESALE TRADES ...........................................................................
`NQLX AND MARKET MAKER CROSS .................................................................................... .. 277
`EURONEXT AND GUARANTEED CROSSING ............................................................................. .. 279
`
`AGAINST ACTUALS TRADE .................................................................................................... .. 281
`
`BASIS TRADE ............................................................................................................, ............. .. 284
`BLOCK TRADE ....................................................................................................................... .. 288
`
`FLEX OPTIONS ....................................................................................................................... .. 291
`
`OPENING MD TRADERTM ....................................................................................................... .. 294
`
`MD TRADERTM CONTEXT MENU .........................................................
`
`............................... .. 295
`
`MD TRADERTM FIELD DESCRIPTIONS .................................................................................... .. 296
`
`USING MD TRADERTM WINDOW............................................................................................ .. 301
`AVERAGE PRICE HIGHLIGHTING ............................................................................................... .. 303
`AVERAGE PRICE OF OPEN POSITION ........................................................................
`............... .. 303
`
`USING THE MOUSE TO CENTER THE MARKET ........................................................................... .. 303
`DELETING ORDERS ..............................................................................