DECLAitATION OF DAVID f. ANTHONY
`
`I, David P. Anlhony, clecllue that:
`
`I am personally familiar with the facts set forth herein, and. if c:alled as a witness,
`1.
`I could and would testify thereto of my own personal knowledge.
`
`2.
`
`I reside in Wheaton, Dlioois.
`
`I have been ttading futures for over 10 years. I started tndiDg 011 the Oocr of 1hc
`3.
`Chicqo Board of Trade ("CBB'r•) in amond 1993. I left tbc floor in Iuae of 1999 while
`Project A (the CBOT' s first electronic trading system) was stiR beiDg lmmcbed. M more
`volume started to tmde electronlcally. I started transiti.OIIing to lr8dlns elec:tronically.
`
`In the fall of 2000, I saw 'IT's MD Trader for the firit lillie. At tbe t:ime. I waa
`4.
`familiar with varia.U& platfoims for electtoniC tiading that were available. WbeD I.aaw
`Trs MD T.rader, I thougbt -it was superior w tbc other plat:fomla I had seen and I decided
`to lkauie TI"s software. I made this dcdaion dtlpitc the CIICt that IT's software was
`more cxpeasivc than the alternatives. My decision to c:hoo&c 'IT was based primarily on
`the fact that it had MD Trader.
`
`MD Trader was auperlor for at least several JeUOns. Unlike other systems
`S.
`available at rhe time. MD Ttader allowed for a ·tnldct to enter an order at a particular
`price with oae click lllld wirh ccmfideoce that tbe order would bo seat at tho iDtended
`price. This waa so because MD Trader allowed for a trader to eatm orders by clickiDa on
`cells aJisnec1 with a :fixed r&J)8e of prices. Also UJJijb other aystmas at tbc lime, MD
`Trader created a view of the lllll'ket infonnadou that substantially ftduced the IDCDtll
`effort needed by lbe trader to iotapret the 1JUirht daaa. In partic:ulll', MD Trader
`displayed the marbt infoanatioa qainat the fixed flllgc of prices such tbat dle DWbt
`data visually moved up and dowu relative to the prices. The other syatrma available at
`tile time pteSCntcd price changes to tbe trader by numbess chanfPDB such tbat the tlader
`hid to DOtic:e tile cilange and mcmally calcu1ale tho ditfelence. .MD Tracler also provided
`a recentama feature lhat did not exist in the otllcJ: systems I wu &waR of at cbc ti.me that
`allowed a tndcr to easily (with one click) bring die ~r iato tbe ccnta" of abc MD
`Trader window. This fea&r.R was also valuable because it allowed the trader to ereate a
`poillt of refetence against whidi to view lhe"market data going forward.
`
`·Overall. t:Ompaml· to thc. otbcr systems tbat existed at the lime of its rdeasc. MD
`· 6.
`·. Trader proYided a more e~t ~ easier to use l'rlldiDg tooL 1bele clifl'ereoeco&
`chmged the way electroDic trading WBB done. ·The features cliscusaed above allow fOI' a
`
`;>•cl
`
`CONFIDENTIAL
`
`TT05823
`
`Confidential
`
`~1
`
`Wd~SI£ ?00~ 8~ tnr
`
`TT0061420
`TTX00061420
`
`Page 1 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`arader to be more aggressive and mo.n confident. This traDalates into a ttadct teaeting to
`opportuaitiellaarer and entering orders fast«. Today, if a trada' does aot bavc a trading
`tool with the features of MD Trader, that tracb ia.at a lllpific:anl diadv~~~~qe. Becall8e
`of it 11implicity and ease of use, ·MD Trader also resolra in tradera SCDdmg more orden
`thaD lbey woold with older atyle aaeens.
`
`I declaJe UDder peaa.lty of perjury that the fomgoiog ill true and c:ona:t. &ecuted on July
`...a_.2004.
`
`David F. Anthaoy
`
`-·""
`
`CONFIDENTIAL
`
`TT05824
`
`Confidential
`
`TT0061421
`TTX00061421
`
`Page 2 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`DECLARATION OF PACE BEATTIE
`
`I, Pace Beattie, declare that:
`
`1.
`
`2.
`
`3.
`
`4.
`
`5.
`
`6.
`
`7.
`
`8.
`
`I am personally familiar with the facts set forth herein, and, if called as a
`witness, I could and would testify thereto of my own personal knowledge.
`
`I have over 20 years experience in futures trading and in the development and
`training of traders. I am currently Managing Director of foreign currency
`trading at Kingstree Trading L.L.C., where I have worked for fourteen (14)
`months. Prior to being the Managing Director of foreign currency trading, I
`was involved with trader development.
`
`From 1983 to 2000 I traded 30 year bond futures on the floor of the Chicago
`Board of Trade.
`
`For approximately three (3) months in 2000, I traded electronically at the
`trading flrm; Goldenberg Hehmeyer.
`
`From the time I left Goldenberg Hehmeyer until I joined Kingstree in 2003, I
`was the business development director for Tekom, Inc. Tekom was an
`information technology consulting company that designed, set up and support
`electronic networks for traders in the futures industry.
`
`I believe that I first saw TT' s MD Trader product while I was working at
`Tekom. All ofTekom's clients were trading firms, so I would see traders
`trading with the product frequently. I also talked to traders and other
`independent software vendors (ISV's) in the futures industry frequently.
`
`When I was at Tekom, TT was known as the fastest trading screen, but it was
`not until I began working at Kingstree that I realized the importance of the
`static price column in the MD Trader screen. The genius in MD Trader is that
`when the market moves, the price column does not. So, when a trader intends
`to enter an order at a certain price, he is assured to enter it at his desired price.
`Other trading screens may allow a trader to enter orders by clicking on a price
`in an order entry screen, but the prices may change as the market moves,
`which means a trader might enter an order at a price he did not intend.
`
`As the markets rise and fall, the MD Trader screen displays the markets rising
`and falling graphically. This visual demonstration of the market is a helpful
`to_ol for traders to see market movement while trading. Often traders trade
`
`CONFIDENTIAL
`
`\
`
`IT05991
`Confidential
`
`TT00615S8
`TTX00061588
`
`Page 3 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`multiple products simultaneously and set up multiple MD Trader windows
`side-by-side on their desktop computer screen. MD Trader's demonstration of
`the market movement on multiple products also helps traders to visualize the
`entire market easily and fast.
`
`The centering feature of the MD Trader product also benefits traders by giving
`them a point of reference to evaluate whether and how much a market has
`moved. If the market moves off the screen a trader can re-center the point of
`reference with one-click.
`
`The centering feature is also important when the market moves rapidly such
`that it may move off of a trader's screen. This happens often when an
`economic indicator number is announced. The re-centering feature allows the
`traders-tO-display the market in the middle of their sereen with one click,
`which is an important advantage.
`
`I heard a very successful trader say that traders do not trade markets, they
`trade applications. I believe the MD Trader product is a very important and
`helpful application for trading.
`
`I feel that if a trader had the MD Trader product for his own trading and it was
`not widely distributed to the trading community, he would have had a
`significant advantage over other traders using other screens because of the
`significant advantages I have described in this declaration.
`
`9.
`
`10.
`
`11.
`
`12.
`
`I declare ungp:-penalty of perjury- that the foregoing is true and correct. Executed on
`August __11_, 2004.
`
`/t;f~
`
`I
`
`Pace Beattie
`
`CONFIDENTIAL
`
`TT05992
`
`confidential
`
`TT0061589
`TTX00061589
`
`Page 4 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`DECLARATION OF THOMAS BURNS
`
`I, Thomas Burns, declare that:
`
`I am personally familiar with the facts set forth herein, and, if called as a witness,
`1.
`I could and would testify thereto of my own personal knowledge.
`
`I hold a Bachelor of SCience degree in Mathematics and Computer Science from
`2.
`Northern Illinois University.
`
`I have traded securities and derivatives since 1994. Form 1994 to 2000 I traded
`3.
`securities on a part time basis. Form 2000-2002 I traded stocks as my primary source of
`income using Nasdaq Level2 electronic trading screens and related charting tools. For
`approximately the last year and a half I have traded futures electronically with a trading
`group called Darwin Capital. I trade 2, 5, and 10 year treasury note futures, all of which
`are listed by the Chicago Board of Trade. I also trade cash treasury notes and bonds,
`which are listed for electronic trading on ESpeed. I use the electronic trading screen
`offered by ESpeed to trade such cash treasury products.
`
`Both the Nasdaq Level2 and ESpeed trading screens display the prices and
`4.
`quantities in the market using a simple grid display. Prior to seeing IT's MD Trader
`product, I thought these trading screens were great and were the best way to trade
`electronically. I thought they were fast and that they satisfied all of my trading needs.
`
`I became familiar with TT' s MD Trader product when I first started trading
`5.
`futures products electronically at Darwin Capital. Although it took me about a week to
`get used to the MD Trader product and all of its useful features were not immediately
`obvious to me, I did quickly notice that there was a world of difference between the way
`MD Trader displayed the market and the way I had ever seen it displayed previously.
`
`6.
`One of the most significant benefits that MD Trader offered was that it displayed
`the ebbs and flows of a market in a way that I could easily see as I traded. It is very
`helpful to my trading to know where the market is moving and where it has been and the
`MD Trader product visually showed such movement as though it was a picture on the
`screen. I could also see the high and low traded prices visually and intuitively using the
`MD Trader product. The difference between MD Trader and the other screens I had used
`was like night and day.
`
`Another important feature of the MD Trader product was the order entry feature,
`7.
`which allowed me to enter orders with a single click of the mouse at the price where I
`wanted to enter an order. This process was much faster than any order entry system I had
`used before.
`
`1
`
`TT05930
`
`Confidential
`
`CONFIDENTIAL
`
`TT0061527
`TTX00061527
`
`Page 5 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`Entering an order at a price displayed on the MD Trader screen was especially
`8.
`beneficial and different from what I had seen before. The prices did not move, unless I
`chose to center them on my screen, so I was always guaranteed to enter an order at the
`price I wanted. This feature was important because I was never at risk to enter an order
`at a position other than where I wanted to be.
`
`The re-centering feature of the MD Trader product was also an important feature.
`9.
`With one click I could re-center the MD Trader window on my computer screen. This
`allowed me to keep a reference point from which I could gauge the movement in the
`market. I could re-center the reference point whenever I chose. This helped me to
`visualize the movement in the market.
`
`If I had traded with MD Trader when I traded securities, I would have traded a
`10.
`much greater volume of trades.
`
`11. MD Trader users have a significant advantage over traders that do not use MD
`Trader for all of the reasons set forth in this declaration.
`
`I declare under penalty of perjury that the foregoing is true and correct. Executed on
`August _ll,e_, 2004.
`
`. v
`G?~b
`
`2
`
`TT05931
`
`Confidential
`
`CONFIDENTIAL
`
`TT0061528
`TTX00061528
`
`Page 6 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`DECLARATION OF RAY CAHNMAN
`
`I, Ray Cahnman, declare that:
`
`I am personally familiar with the facts set forth herein, and, if called as a witness,
`1.
`I could and would testify thereto of my own personal knowledge.
`
`I have a Bachelor of Science degree in Mathematics from DePaul University and
`2.
`a Master of Business Administration degree from Tulane University.
`
`I began my trading career at the Chicago Board of Trade ("CBOT") in October of
`3.
`1975. In 1980, I founded Aardvark Financial, a CBOT clearing firm. Aardvark Financial
`became a clearing member of the Chicago Mercantile Exchange ("CME") in 1981. The
`firm was renamed TransMarket Group in 1984.
`
`Transmarket Group L.L.C. is a global private trading and investment company
`4.
`that trades various exchange listed derivatives, equities, commodities and cash markets
`electronically. As electronic, screen based trading emerged, Transmarket became an
`early leader in making use of technology trade electronically. Transmarket currently has
`around 150 traders, trading from different locations around the world. Transmarket's
`headquarters are located at 141 W. Jackson, Suite 1930, Chicago, lllinois. I am currently
`Chairman of Transmarket Group.
`
`I qualified as an independent floor trader on the London International Futures
`5.
`Exchange ("LIFFE") and the Sydney Futures Exchange in 1989. From 1999-2002, I
`served as Director of the Chicago Board of Trade. I have, therefore, witnessed and
`experienced first-hand the transition from trading on the floors in an open outcry system
`to the trading of products electronically via screens connected to electronic exchanges.
`
`I currently trade cash U.S. Treasuries, Treasury futures, Eurodollar futures,
`6.
`Euribor futures and Eurex yield curve products electronically. I have traded
`electronically on the CBOT, CME, LIFFE, BrokerTec, E-speed and Eurex.
`
`I first became exposed to Harris Brumfield's idea behind MD Trader in the Spring
`7.
`of 2000. I remember being shown a trading screen in which market depth was displayed
`relative to a fixed or static column of prices and in which the trader could quickly and
`accurately enter orders by clicking on cells associated with the prices. I recall being
`struck by the innovative way in which this screen displayed market information and
`allowed for order entry. I also recall being struck by how different this screen was from
`anything I had ever seen before. The MD Trader screen was significant departure from
`
`Or
`
`CONFIDENTIAL
`
`TT05932
`
`Confidential
`
`TT0061529
`TTX00061529
`
`Page 7 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`the standard order entry screens that were prevalent at the time- screens that displayed
`the market information in a normal order book fashion.
`
`I started using IT's MD Trader right around the time that IT launched it as a
`8.
`product. Once I started using the product, I knew that this was a great idea. The product
`proved to be a huge improvement over the trading tools that existed at the time. The
`static nature of the prices allowed the trader to see the movements in the market depth
`much easier through a more intuitive screen. This allowed a trader to recognize
`opportunities much quicker. Also, MD Trader provided for the ability to quickly enter
`orders at various price levels without the possibility of error because there was no risk of
`the prices changing while the trader was attempting to enter an order with the mouse.
`The one-click recentering feature of MD Trader was also very valuable because it
`allowed the trader to quickly bring the display of the market to the center of the screen. I
`had never seen any of these features in preexisting electronic trading tools.
`
`Because of the more intuitive trading screen and the improved fast and reliable
`9.
`order entry and management, the MD Trader screen allows for traders to react much
`more quickly to fast changing market conditions than the preexisting systems. Speed is a
`critical issue for electronic traders. Anything that allows a trader to decrease the time it
`takes to recognize an opportunity and send an order to the exchange is invaluable. One
`of the most impressive things about MD Trader is the fact that prior to its release traders
`did not even perceive a problem with the old tools they were using. It was not until
`seeing the benefits of MD Trader, did they realized the shortcomings of the old order
`book type screens.
`
`After TT launched MD Trader, many competitors of TT released screens that
`10.
`duplicated the static price, the improved order entry and the recentering features of MD
`Trader. In fact, most independent software vendors ("ISVs") have come out with a copy
`of the MD Trader screen. These competitors needed to do this because potential
`customers, such as myself, told them that TT's MD Trader screen was far superior from
`their traditional order book type screens. In fact, I told representatives from competitors
`of TT, including Patsystems and Eccoware, that they should not even bother trying to
`pitch me their systems until they put a screen like MD Trader into their product.
`
`At the time of the MD Trader launch, I recall being surprised that Harris
`11.
`Brumfield pennitted TI to launch MD Trader as a product as opposed to keeping the
`technology for himself. I believe that it is likely that if Harris Brumfield had not decided
`to permit TT to put MD Trader out there, we would still be using traditional order book
`type screens today as the standard way of doing order entry.
`
`I declare under penalty of perjury that the foregoing is true and correct. Executed on July
`~,2004.
`.
`
`~~ ~
`
`2
`
`TT05933
`
`Confidential
`
`CONFIDENTIAL
`
`TT0061530
`TTX00061530
`
`Page 8 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`DECLARATION OF DAVID CLARK
`
`I, David Clark, declare that:
`
`I am personally familiar with the facts set forth herein, and, if called as a witness,
`1.
`I could and would testify thereto of my own personal knowledge.
`
`2.
`
`My office is at 141 W. Jackson, Chicago, Illinois.
`
`I have been trading futures for over 10 years. From 1994-1998, I traded for
`3.
`Transmarket Group L.L.C., a private trading and investment company. When I first
`started, I was trading futures on the 2 year treasury notes on the floor at the Chicago
`Board of Trade ("CBOT"). I began using Project A to trade electronically in the
`afternoons shortly after it first came out sometime in 1998. Project A was the first
`electronic trading system provided by the CBOT.
`
`In 1998, I began trading independently. In the fall of2000, I started trading
`4.
`electronically using TI software and, in particular, IT's MD Trader product. I continue
`to use IT's MD Trader product to trade electronically today. At the time I decided to
`license IT's software, I was aware of the Project A front-end and software offered by
`Yes Trader. I choose TI and MD Trader because it was far superior to these other front(cid:173)
`ends.
`
`5.
`MD Trader was sUperior because it simplified order entry and sped up the process
`of trading. By allowing a trader to enter orders with one click at fixed price levels with
`no risk of the prices changing, MD Trader eliminated steps required by the other trading
`systems at the time. This allowed traders to enter orders quicker and with more
`confidence. MD Trader also provided a more efficient graphical representation of the
`market than the other trading systems at the time by displaying the market information
`relative to a fixed range of prices such that the market moved up and down on the screen.
`This allowed a trader to recognize market movement with much less mental effort than
`required by the other systems at the time. This was so because the other systems required
`the trader to focus on numbers and mentally recognize and calculate differences in those
`numbers.
`
`Speed is everything in electronic trading. Anything that allows an electronic
`6.
`trader to act quicker or make decisions faster is invaluable. MD Trader does just that by
`
`CONFIDENTIAL
`
`TT05934
`Confidential
`
`TT0061531
`TTX00061531
`
`Page 9 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`allowing a trader to move at a faster pace and enter orders quicker than the other systems
`that were available at the time it was first released.
`
`I declare under penalty of perjury that the foregoing is true and correct. Executed on July
`':/;~ ' 2004.
`
`iMtft?L
`
`David Clark
`
`CONFIDENTIAL
`
`TT05935
`
`Confidential
`
`TT0061532
`TTX00061532
`
`Page 10 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`DECLARATION OF MIKE DONAHUE
`
`I, Mike Donahue, declare that:
`
`1. I am personally familiar with the facts set forth herein, and, if called as a witness, I could
`and would testify thereto of my own personal knowledge.
`
`2. In 1998, I worked at Curvalue (a proprietary trading firm) in London until approximately
`early September. I was employed as the Manager of Fixed Income trading. In this role, I
`used and was familiar with trading software provided by GL Trade (a Paris based
`software company) called GL Win. In my role, I met with GL Trade representatives
`periodically and received demonstrations of GL Trade products. During my time at
`Curvalue, GL did not provide Curvalue with a ladder style trading screen, and I never
`saw a demonstration of any ladder style trading screen from a GL Trade representative
`during this timeframe. By ladder style trading screen, I am referring to a screen in which
`all of the displayed prices for a separate and unique tradable instrument are oriented
`vertically, in which bid and ask quantities are displayed in alignment with the prices.
`
`3. From October of 1998 to March of 1999, I traded at Saratoga (a proprietary trading firm)
`in London. I was employed as fixed income derivatives trader. At Saratoga, I used and
`was familiar with GL Trade's GL Win software. Saratoga licensed this software directly
`from GL Trade. In my role, I met with GL Trade representatives regularly and received
`demonstrations of GL Trade products. I was vocal with GL Trade representatives
`regarding what I believed were shortcomings with GL Trade's product. During my time
`at Saratoga, GL did not provide Saratoga with a ladder style trading screen, and I never
`saw a demonstration of any ladder style trading screen from a GL Trade representative
`during this timeframe.
`
`4. From March of 1999 until approximately March of2000, I traded as an independent
`trader at Schneider Trading Associates in London. During this period, I was not using,
`nor was I familiar with GL software.
`
`5. From November of2000 to December of2001, I traded as an independent trader clearing
`through Fortis, London. The first time I saw a ladder style trading screen was in
`November of2000 when I began using Trading Technologies' ("TT") ladder style
`product. During this period, I was not using, nor was I familiar with GL software.
`
`6. In December of2001, I joined Transmarket Group in London as Head of European Index
`Arbitrage. At some point in early 2002 (approximately April), I saw a GL Win product
`that included a vertical price display similar to TT' s ladder style product.
`
`1
`
`TTX03219340
`
`Page 11 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`7. I have never worked for or have been affiliated in any way with Trading Technologies. I
`do not own, nor have I ever owned, any stock in Trading Technologies. I am not
`receiving any compensation in exchange for this declaration
`
`I declare under penalty of perjury that the foregoing is true and corrected. Executed on July
`29, 2011.
`
`2
`
`TTX03219341
`
`Page 12 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`Message
`
`Page 1 of2
`
`Harris Brumfield (TT)
`
`From: Durkin, Daniel (GED) [dan_dur~in@ml.com]
`Sent:
`Friday, May 28,2004 3:57PM
`Harris Brumfield (TT)
`To:
`Subject: RE: Memory Recall!
`
`Harris,
`I do remember, I think it was the spring of 2000, late March or early April. I stopped by your office on Clark
`Street with Michael Bums to check out your setup. You had a couple of big screens TV's set up as your trading
`screens. You showed us your custom trading screen and I was immediately struck by the novel way the market
`prices were displayed and how easy it was to enter orders. At first I couldn't even understand what I was looking
`at but you did a few 251ot e-mini trades as we were standing there and I figured out the layout and the "half a
`click" order entry. I remember thinking that half a click is as fast as you can trade. I decided right then and there
`that I wanted what we were looking at on my desktop ASAP! You told us that you had created the customized
`trading interface working with TT and you had been so happy with the results that you were steadily increasing
`your investment in the companym, (TT).
`Since that time there have been many imitations presented to me as "just as good as TT'', (I think
`YESTRADER was the first one to show me a knock-off MD-Trader). GL, Pats, Easy Screen and Cantor all
`demonstrated their versions of a "vertical" or 'ladder~~ market display. They all seem to be unable to put all the
`pieces together, probably a result of programmers being told to "copy IT' without understanding the functionality
`that it delivers to the trader. Re-centering is the most obvious example of a feature often omitted from the various
`knock-off attempts. More recently my Bloomberg rep came by to show me their most recent attempt at a futures
`order entry screen. As he was demonstrating it to me he conceded that it was not that good yet, but he assured
`me that Bloomberg had."200 developers working to make a screen just like TI11
`As we have rolled out TT to our clients for direct access trading it seems they have a growing awareness of the
`unique and superior TT trader interface. I am glad I saw your custom screen back in 2000 and I look forward to
`. continued improvements in MD-Trader.
`
`•
`
`Daniel Durkin
`Director
`Merrill Lynch Futures
`312-869-6400
`312-701-1357 fax
`
`The information herein has been obtained from sources which we believe to be reliable, but we do not guarantee its accuracy or completeness.
`The information is for discussion purposes and neither the information nor any opinion expressed constitutes a solicitation by us of the
`purchase or sale of any securities or other financial instruments. The material is intended for the sole use of the person or firm to whom it is
`provided by us.
`
`-----original Message----
`From: Harris Brumfield (TI) [maifto:Harris.Brumfield@tradingtechnologies.com]
`Sent: Thursday, May 27, 2004 5:02PM
`To: Durkin, Daniel (GED)
`Subject: Memory Recall!
`
`Hi Dan,
`I was wondering if you could do me a favor. You were one of the early people outside of TT to see a demo
`of MD Trader. I was wondering if you remember that demo and could recall your initial thoughts re: the
`invention. Also, I was wondering if you recall how the industry reacted to the release of MD Trader and.if
`
`6/2/2004
`
`Highly Confidential
`Attorneys' Eyes Only
`
`TT 020829
`
`TTX00020829
`
`Page 13 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`Message
`
`Page 2 of2
`
`you have witnessed any copying out there.
`
`Any thoughts on theses topics would be helpful.
`
`Thanks, Harris
`
`If you are not an intended recipient of this e-mail, please notify the sender, delete it and do not read, act
`upon, print, disclose, copy, retain or redistribute it. Click here for impo~t additional terms relating to
`this e-mail.
`http://www.ml.com/email terms/
`
`6/2/2004
`
`Highly Confidential
`Attorneys' Eyes Only
`
`TT 020830
`
`TTX00020830
`
`Page 14 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`DECLARATION OF DAVID ELLIS
`
`I, David Elli~. declare that:
`
`I am personally familiar with the facts set forth herein, and, if called as a. witness,
`1.
`I could and would testify thereto of my own personal knowledge.
`
`I started my career as a profes§ional trader over 27 years ago. In 1977, I started
`2.
`trading on the open-outcry floor of the MidAmerica exchange in Chicago. where I t::-aded
`mini contracts on hogs, cattle and grain. Fram around 1978n9 until 1996, I traded at
`various times on the floon of the Chicago Board of Trade ( .. CBOT") and the Chicago
`Mercanti1e Exchange (''CME''). In the mid l990s I started trading electronically on
`Giobex, the 0\.ffi's electronic trading platform.
`
`Near the end of 1996, I founded DE Trading, a proprietat-y trading firm, and also
`3.
`started trading. e1ec.tronically on Eurex. At that time, 1 becam,e a customer of Trading
`Technologies ('"TT"). The fmn started with 3 traders, all trading electronically oo Eurex.
`Today, DE Trading has around 90 traders trading electronically. I am President of DE
`Trading and International Trading Group, both of which are located in Glenview, illinois.
`I saw TT' s MD Trader product when it was first released io around the fall ·or
`4.
`2000. Prior to seeing MD Trader, I was aware of a wide variety of electronic tradins
`software platforms, including TT' s previous software. the Burex green screen, the Globex
`front-end, and software sold by GL, EasyScreen, Yes Trader and other vendors.
`
`MD Trader provided for a fast one-click order entry mechanism that was accurate
`5.
`in that the trader could be confident in the order going in at the intended price. This was
`accomplished by allowing the trader to click to send orders in cells aligned with prices
`that remained static on the screen. In previous systems of which I was aware, the prices
`would move on the screen when the market changed. If this happened at the moment a
`trader entered a click, the order would be sent in at an unintended price. MD Trader also
`provided a. visual format in which market data was displayed against the static prices such
`tbat the data would move up and down the screen. I had never seen these features before
`MD Trader.
`
`The improved order entry reduces mistakes. Also, the Yisual fonnat of MD
`6.
`Trader allows traders to easily see relative movements of multiple products when
`multiple MD Trader windows are displayed side-by-side (for example, when spreading
`two or more products). In my opinion, these features provide an important benefit to tbe
`trader. Relatively quickly after MD Trader was first available, the vasl majority of the
`traders at DE Trading were using MD Trader a.s their primary order entry and·
`
`1
`
`TT05936
`Confidential
`
`aBllSl.?alE
`
`CONFIDENTIAL
`
`TT0061533
`TTX00061533
`
`Page 15 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`management tool. In my experience, it is very rare for a trader to start using MD Trader
`and lhe.n go back to using an older style trading screen.
`
`I declare under penalty of perjury that the foregoing is true and correct. Executed on
`fu~
`Septemberll__.2004.
`
`David Ellis
`
`2
`
`TT05937
`
`Confidential
`
`11 W~s?:ot ?007. OI aas
`
`CONFIDENTIAL
`
`TT0061534
`TTX00061534
`
`Page 16 of 71
`
`TRADING TECH EXHIBIT 2223
`IBG et al. v. TRADING TECH. - CBM2016-00054
`
`

`
`DECLARATION OF DA VlD FELTES
`
`I, David Pelr.es. declare that:
`
`I am pernonally familiar with the facti set forth herein. and, if called as a witness,
`J •
`I could and would testify thereto of my <>wn personal knowledge.
`
`I joined Marquene Partners, a proprietary tmding fum, around 10 years age> as
`2.
`head of lT. Four year& ago, I became Managing Director. In thl$ role. 1 am teSponsilllc
`for managing the London office of Marquette and help 1eview which Independent
`Software Vendors (lSVs) Marquette uses for its trading software. Marquette was an early
`pioneer in electronic futures trading and now has over 85 tradCB,lT professionals and
`support staff. Matqllctte is a leading liquidity provider to the world's largest derivatives
`exchanges and bas successfully 1rained individuals who trade on electronic exchanges
`around the world, includint; the Chicago Mercantile Exchange, CBOT, Eurex. Euronext(cid:173)
`Paris, Euronext-LIFFE and Borsa ltalia. 1 currently teside in London and spend around
`three months a year in Chicago, Dlinois.
`
`In N<>v~:~mber of 2000, I saw a demonstration of Trading Technologies• ('TT")
`3.
`new product called MD Trader. The design of MD Trader was unlike anything I had
`seen previously. At the time J was aware ofa variety of different trading platforms,
`including IT's previous system, systems offered by GLand Ore and the Globex and
`Project A front-ends. These systems all preseated the best bid aad best ask: prices side by
`side in designated locations such that a trader was required to read and int~ct numbers
`to fs.gure out movements in tbe market. In these previous systems. when a trader went to
`click to send an order tbe trader ran the risk of the price on which he was clicking
`changing at that moment a