DECLARATION OF TOM GRISAFI
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`I, Tom Grisafi, declare that:
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`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.
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`I began trading futures in 1993 on the floor of the Chicago Board of Trade
`2.
`C'CBOT"). In the 1997/1998 time frame I traded electronically on Project A, the
`CBOT's first electronic trading system. I also started trading electronically using the
`Globex system to trade the futures on the NASDAQ contract on the Chicago Mercantile
`Exchange in June of 1998. In August of2000, I joined Kingstree Trading LLC, a
`proprietary trading firm that trades various futures and other financial instruments
`electronically.
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`In September of 2001, I founded BMT Trading LLC- a proprietary electronic
`3.
`trading firm. I am currently a partner in BMT Trading. BMT Trading currently has
`around 23 traders and is located at 141 W. Jackson, Chicago, Illinois.
`
`When !joined Kingstree in August of2000, I started using TT's MD Trader
`4.
`product to trade electronically. Prior to seeing MD Trader I had seen a variety of
`different electronic trading platforms, including Project A, Globex and EasyScreen. MD
`Trader was far superior to the other front-end systems I had seen. MD Trader had
`features that I had never seen before that greatly benefited the trader. For example, MD
`Trader allowed the trader to see movements in the market by presenting the market
`information relative to a static range of prices. This unique display painted a better
`picture of what was happening in the market to the trader. This was different than the
`older style screens that required traders to read numbers and mentally calculate
`differences in those numbers. Also, MD Trader provided an order entry mechanism that
`was simple and fast in that it allowed traders to enter orders with one click at various
`price levels along the fixed range of prices with confidence that the order would go in at
`the intended price. This order entry mechanism eliminated a problem in the older style
`screens in which there was a risk of the prices changing at the moment the trader entered
`a click resulting in the order going in at a different price. In addition, MD Trader
`provided a one-click recentering feature that gave the trader the ability to _find the market
`easily. This recentering feature also allowed a trader to establish a point of reference
`from which to compare market movements. This is especially valuable when a trader
`brings up several MD Traders next to each other to compare the relative movement of
`multiple products.
`
`The features described above result in MD Trader being an invaluable tool to
`5.
`traders. I do not believe that aggressive market makers can trade effectively without it
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`CONFIDENTIAL
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`TT05945
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`Confidential
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`TT0061542
`TTX00061542
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`Page 1 of 2
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`TRADING TECH EXHIBIT 2229
`IBG et al. v. TRADING TECH. - CBM2016-00054
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`,I
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`Through its improved display and improved order entry features, MD Trader gives a
`more accurate picture of the market to the trader and allows for more accurate and precise
`trading decisions. Also, these features result in MD Trader being a very easy to use
`trading tool on which new traders can learn to trade very quickly. By providing such
`improvements, MD Trader causes traders to trade more and be more active in the markets
`they are trading. I believe MD Trader has resulted in the increases of the volumes of
`futures such as the E-mini by orders of magnitude.
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`At the time of its release, MD Trader was a very significant departure from the
`6.
`typical order entry systems available. I did not realize the great shortcomings of the
`previous systems, however, until I started using MD Trader.
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`Because of the great benefits that MD Trader gives to a trader, I have always been
`7.
`surprised that Harris Brumfield (who I understand to be the main inventor behind MD
`Trader) decided to let TT provide MD Trader as a product as opposed to keeping the
`technology for himself. I believe that if Harris Brumfield had kept the ideas behind MD
`Trader to himself he would have had a significant advantage over other traders in the
`futures markets for many years.
`
`In the years following TT's release of MD Trader, many companies have tried to
`8.
`mimic the feature of MD Trader. When I was at Kingstree I sat in a number of meetings
`with third parties who were pitching competitive trading systems by comparing them to
`TT. I recall that most if not all of those companies specifically pitched their products has
`having or going to have features like MD Trader and mentioned TT and MD Trader by
`name while giving those pitches.
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`I declare under penalty of perjury that the foregoing is true and correct Executed on July
`~,2004.
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`dboMazj Jk{
`
`Tom Grisafi
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`CONFIDENTIAL
`
`TT05946
`
`Confidential
`
`TT0061543
`TTX00061543
`
`Page 2 of 2
`
`TRADING TECH EXHIBIT 2229
`IBG et al. v. TRADING TECH. - CBM2016-00054