`
`From:
`Sent:
`To:
`Subject:
`
`Tina Yarovsky (TT)
`Tuesday, August 31, 2004 7:15 PM
`Jill Fitzpatrick (TT)
`FW~ The real story
`
`----original Message----
`From:
`Robbie McDonnell (TI-UK)
`Sent:
`Tuesday, October 09, 20013:08 PM
`To:
`All Employees
`The real story ·
`Subject:
`
`DEPARTMENT:
`AUTHOR:
`SUBJECT:
`
`Managing Director London
`Robbie Me Donnell
`The real story
`
`The continuing growth of the feature set on TT screens clearly differentiates us from the rest of the pack. The
`recent Mac Futures win is a clear evidence of how TT can be not just react to customer demand but be proactive
`in designing and building specific functionality for our customers.
`
`In the Mac Futures case, it literally meant the difference between signing the deal and not. The site now has 21
`brand new converts from RTS to IT screens across three different exchanges with a fourth currently testing.
`Further growth will happen not just in London but Paris and Chicago.
`
`Easy Screen who had made a lot of noise in the initial battle for the hearts and minds of the trading community
`in London are beginning to weaken. The recent addition of Options Direct and Cube to the IT family
`significantly hurts the Easy base. We have also put our first screen into their largest customer who also happens
`to be their major beta site.
`
`MD trader has been a huge hit with long end traders and helped us win our head to head battle with Easyscreen
`atGHF. Latest score 'IT 54 Easy 10. They even gave away their API for free to one trader in order to keep his
`business.!
`
`It is also interesting to note that Fast Fill having failed to win the Mac Futures deal are trading below 4.5p
`(High: £1.20). Easy Screen plunges to 15.5p (High: £2.80) along with Pats 14p (High £1.35) They all look
`distinctly unhealthy. TT is bigger than these three publicly quoted companies put together!
`
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`The recent win at GNI London following on from the successes in Chicago has clearly shown that the market is
`prepared to pay a premium for TI products. The initial users have gone live and knock out huge size. One
`trader is regularly trading in excess of 150,000 lots ... aDA Y! In a desperate attempt to s~ore up the business
`Pats have continued to drop screen prices to ridiculously low levels. This policy has served only to alienate
`their existing customer base. The competitive clearing business space has just gotten a lot hotter.
`
`Geneva Trading have cancelled both RTS and Pats. Geneva is now trading exclusively with TI screens in
`Dublin (great town!) and Chicago. Tills was a two screen deal that is now pushing through forty positions and
`growing.
`
`One final point to note is that TT London has added 10 new sites this year while Pats have added exactly -1.
`Pats have given up on trying to win the business of high end traders and shifted their focus to their Internet
`based system. This is low volume business containing semi professional traders and retail investors. Pats are
`extremely envious of our institutional business (this comes from inside their organisation, first hand)
`
`I could go on but I think you get the picture. Don't believe the hype. We are winning and YES is the first to fall.
`Others will follow and we will not be one of them.
`
`This is the real story.
`
`Robbie
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`2
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`Highly Confidential
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