`
`
`Trading Technologies
`
`
`International, Inc.,
`
`
`
`
`
`
`
`
`
`
`Plaintiff,
`
`
`
`
`
`
`
`
`
`
`
`v.
`
`
`
`
`
`
`
`eSpeed, Inc., eSpeed International, Ltd.,
`Ecco LLC, and EccoWare Ltd.,
`
`
`
`
`
`
`
`
`Defendant.
`
`
`
`
`
`
`
`
`
`
`EXPERT REPORT OF DAVID L. SILVERMAN
`
`
`UNITED STATES DISTRICT COURT
`NORTHERN DISTRICT OF ILLINOIS
`EASTERN DIVISION
`
`)
`)
`)
`)
`)
`)
`)
`)
`)
`)
`)
`
`Civil Action No. 04 C 5312
`
`Judge James B. Moran
`
`
`
`
`
`
`
`
`
`Page 1 of 20
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`
`
`32.
`
`A similar system is reflected in United States Patent No. 5,297,031 (“the
`
`Gutterman patent”), which issued in 1994. This patent discloses a method for managing
`
`trade orders in a futures market. The system described in the patent would be used by a
`
`broker on an exchange, whose workflow consists of receiving customer orders, accepting
`
`or rejecting those orders, and then executing those orders on the exchange. The system is
`
`not an electronic exchange in that it does not include a means of order execution, per se,
`
`but rather an application for managing orders. It is similar to the TT patents in this
`
`regard. The illustration below is from the ‘031 patent and depicts many of the significant
`
`elements of this system:
`
`
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`
`‘031 Patent, Fig. 2d. The different components of this illustration are identified by
`
`numbers connected to the elements of the display (e.g. the 12 in the upper left corner, or
`
`the 120 on the right edge). In particular, as explained within the specification and
`
`disclosure of the ‘031 patent, the column of numbers ranging from 26 up to 00 is a
`
`vertical price axis (identified as 136 in the drawing). The numbers on the left (60, 40, 25)
`
`are cumulative bid quantities (identified as 133 in the drawing). The numbers on the
`
`right (40, 70, 100) are cumulative ask quantities (also identified as 133 in the drawing).
`
`The last trade is at 29. The brokers own orders are shown in association with this display
`
`as the squares (20, 5, 15, 20) for bids and the circles (30, 10, 25, 5, 30) for asks
`
`(identified as 139-x in the drawing). See ‘031 Patent, at 12:25-56. The bar across the
`
`center, identified as 137, indicates the price of the last trade in the market. ‘031 Patent at
`
`12:7-24.
`
`
`
`iv.
`
`GLOBEX (1992)
`
`33.
`
`In 1987, Reuters demonstrated a prototype government securities trading
`
`system to the CME. This system in its prototype utilized a market grid display which
`
`allowed the trader to display up to 24 instruments on the screen at the same time. For
`
`each instrument, the most critical fields including the instrument name, the last sale price,
`
`best bid, best offer, bid and offer size, and yield to maturity of the last sale were
`
`concurrently updated. This system included state-of-the-art technology for user
`
`interaction, such as a custom designed keyboard for rapid, error-free order entry and
`
`order management and voice-activated input. This prototype, although configured for
`
`trading cash bonds, was based upon the RDTS architecture which was a generic platform
`
`for trading any asset type. As such, it could be easily configured in terms of its display
`
`
`
`17
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`
`
`characteristics, input characteristics, and order processing logic to address the electronic
`
`trading needs of a futures exchange.
`
`34.
`
`In the summer of 1987, Reuters and the CME entered into the Pre and Post
`
`Market Trading ("PMT") Agreement which provided a framework whereby Reuters
`
`would supply technology and operations to the CME for trading the CME futures on
`
`Reuters electronic trading platform. The PMT Agreement subsequently became the
`
`GLOBEX Agreement and the technology provided by Reuters became known as the
`
`GLOBEX system.
`
`35.
`
`From the outset, GLOBEX was envisioned to be a multi exchange trading
`
`system. The CME invited participation from all of the major global financial futures
`
`exchanges including the CBOT, MATIF, LIFFE, SOFFEX, DTB, NYMEX, IPE and
`
`others. Ultimately, the CBOT and MATIF joined as partners in the venture whereas
`
`some of the other exchanges elected to adopt their own electronic trading technologies.
`
`Having multiple exchanges as constituents resulted in a complex and protracted process
`
`for agreeing on system requirements. The most significant and influential participants in
`
`the requirements definition process were the large FCM members and the market
`
`operations and surveillance staff of the exchanges themselves. From an early stage, the
`
`exchanges agreed that a single display format would be used by all users and by all
`
`exchanges. This created the ability to display markets across multiple exchanges on a
`
`single screen. It also meant that the characteristics of that display had to be a common
`
`denominator across all of those exchange products.
`
`36.
`
`The market grid was deemed to be a very useful component inasmuch as it
`
`allowed the display of multiple instruments concurrently. However, it was also viewed
`
`
`
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`
`as desirable to be able to display the order book consisting of those bids and offers below
`
`and above the best bid and the best offer for selected instruments. There were significant
`
`bandwidth considerations in the design of this system, and the available bandwidth was
`
`limited to 9600 bps. Additionally, there were severe constraints relating to provision of a
`
`level playing field that would ensure all market participants would receive the same
`
`information within a narrow time window. In this design, it was viewed that a market
`
`grid was the primary means for monitoring the state of the market which would allow the
`
`brokers (who were also largely responsible for defining the display) to monitor multiple
`
`instruments and be able to rapidly provide best bid and offer information to their
`
`customers on the phone.
`
`37.
`
`However, there was a need particularly for larger customers and for larger
`
`orders to provide visibility into the order book for selected instruments at selected points
`
`in time. The compromise was to provide a function whereby the GLOBEX user could
`
`click on a single instrument and request a pop-up window display of a pre-defined region
`
`of the central limit order book. Due to bandwidth constraints, the number of such
`
`windows that could be concurrently on the screen was limited and the depth of display of
`
`those windows was limited to the best five bids and the best five offers. In order not to
`
`obscure more of the display than absolutely necessary, these pop-up book display
`
`windows were designed to be as compact as possible. In particular only those price
`
`levels with an active bid or offer were shown and the bids were shown beside the offers
`
`with the best bid and best offer at the top of their respective lists. In this way, the pop-up
`
`book display mimicked the best bid / best offer display in the market grid while providing
`
`information on the depth of the market beneath that best bid and offer. The illustration
`
`
`
`19
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`
`
`below is a GLOBEX screen from a 1989 brochure, which shows a grid of multiple
`
`futures contracts. The second illustration is a pop-up window with a compressed order
`
`book display for a single instrument, from a GLOBEX manual later published in 1997.
`
`
`
`See DX 1, at 11 (eS0003971); Globex User Guide, at 114 (eS0069942).
`
`
`
`20
`
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`
`38.
`
`A complete order in the GLOBEX system consists of many data fields.
`
`Some of these fields are trade-related such as the bid/offer indicator, the order price, the
`
`order size, and the order type. Some of these fields are clearing-related such as the
`
`new/liquidating indicator, the clearing account, the customer account, and several other
`
`fields which are clearing or settlement related. Entry of all of this data at the time of
`
`order entry would be far too slow in most cases. Therefore a complete system of order
`
`defaults was defined for GLOBEX. By defining default values for trade size, trade price,
`
`and clearing data it was possible to enter a GLOBEX order with as few as two keystrokes
`
`(BID / Enter). See Globex User Guide, Section 13, Customizing Order Entry, 1997, at
`
`eS0069971.
`
`39.
`
`The combination of predetermined default values for certain order fields,
`
`together with the dynamic value on the screen for other fields (such as price), allowed the
`
`GLOBEX user to enter an order with a single action consisting of two keystrokes. When
`
`the BID or OFFER or HIT or TAKE key was depressed the relevant dynamic data (the
`
`order price) was filled into the trade order. Other order default data (such as clearing
`
`parameters and order size default) was retrieved from pre-established defaults. The
`
`particular key which was depressed determined the order type (buy or sell) and order
`
`qualifier (good-till-cancelled or fill-and-kill). The "OK" button was pre-selected and
`
`defaulted in the order window, so that by depressing a trade key and immediately
`
`depressing the TRANSMIT key, an order could be filled with all necessary data and sent
`
`to the exchange for execution. See System Functional Specification, GLOBEX
`
`Keystation, August 1, 1991, page 150. There was discussion with the exchange and its
`
`members on the benefits and risks of omitting the single-keystroke confirmation, and on
`
`
`
`21
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`balance, it was felt that the new users of the GLOBEX system would find comfort in
`
`knowing that they would see their order prior to it being submitted for execution.
`
`40.
`
`Since a broker on GLOBEX might be managing orders for multiple
`
`customers and therefore have a large number of active orders in the market, there was a
`
`requirement that the user could retrieve a list of all of his or her active orders quickly and
`
`cancel anyone or all of them through a single key click. Therefore, a custom-designed
`
`key was included on the GLOBEX keyboard (the CANCEL key) to retrieve all active
`
`orders. When these orders were on display, the user could cancel all orders with a single
`
`keystroke (the TRANSMIT key). Alternatively, the user could select any number of
`
`individual orders from the display, and when ready to cancel could cancel the selected
`
`orders with a single keystroke (the TRANSMIT key). See System Functional
`
`Specification, GLOBEX Keystation, August 1, 1991, page 195. This facilitated the work
`
`flow of order handling brokers.
`
`
`
`v.
`
`CBOT Project A (AURORA) (1989)
`
`41.
`
`In 1989, the Chicago Board of Trade unveiled AURORA, also known as
`
`Project A. See David Dishneau, “CBOT Unveils Electronic Trading System (Associated
`
`Press, March 16, 1989). AURORA is an electronic auction market system that gives
`
`global market participants immediate access to the world’s most actively traded futures
`
`contracts when the physical auction market is closed. In order to make it the system
`
`appealing and familiar to traders who were used to the pit trading environment, the
`
`
`
`22
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`
`AURORA
`
`trading
`
`screen
`
`attempted
`
`to
`
`replicate
`
`the
`
`pit
`
`environment:
`
`
`
`DX 67, CBOT’s Aurora Brochure, 1990. On this screen, the red circles represent
`
`members who are offering to sell and the blue squares represent members who are
`
`bidding to buy. Icons list the member’s acronym and the quantity available. At the
`
`bottom of the screen are the price displays of other contract months not listed in the
`
`trading arenas. There is room on the screen to list up to 10 contract month price displays,
`
`allowing participants to view current bids and offers and quantities for each.
`
`42.
`
`The Pit Trade Summary Box, the box on the right hand side under the
`
`messages box, portrays the most recent trades that have been made in the pit. The last
`
`box shown on the right hand side of the screen is the Personal Trade Summary Box. This
`
`box summarizes all trades that the member has made. DX 67.
`
`
`
`23
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`43.
`
`In order to place a trade, the trader simply points at another member’s icon
`
`on the screen and clicks. With one click of the mouse, the trade is made. With this one
`
`click trading feature, the AURORA system was seeking to approximate the speed of
`
`placing an order in actual pit environment as discussed above. When the trade takes
`
`place, an arrow will appear connecting the two member icons. DX 67.
`
`
`
`vi.
`
`LIFFE APT (1989)
`
`44.
`
`In 1988, the CME invited LIFFE to join the GLOBEX consortium and I
`
`was involved in several discussions with LIFFE management and the LIFFE technology
`
`department regarding the functionality and characteristics of GLOBEX. LIFFE was in
`
`the process of developing their own electronic trading solution and had decided to build a
`
`platform which mimicked the operation of a pit trading environment. The LIFFE APT
`
`screen is shown below:
`
`
`
`24
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`
`
`DX 149.
`
`45.
`
`Similar to Aurora, the LIFFE APT screen also sought to replicate the pit
`
`trading environment. The screen displays icons the traders who are active in the
`
`particular contract. Bids and offers can be made by traders in the pit, so long as the
`
`bid/offer is at the best price. Offered volumes are shown against the trader’s mnemonic
`
`in red – bid volumes in blue. In the center of the screen is shown the best bid/offered
`
`prices, together with the total volume currently being bid/offered. The offered price is
`
`shown in red – the bid price and volume in blue. DX 148, at 4.
`
`46.
`
`By clicking the mouse against the BUY command on the screen, the trader
`
`is able to buy at the best offered price, up to the specified volume. Similarly, the SELL
`
`command is used to sell at the best bid price. By clicking the mouse against the BID
`
`
`
`25
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`
`
`command on the screen, the trader is able to bid a previously specified number of
`
`contracts at a given price. The OFFER command works similarly. In addition, the BID
`
`& OFFER command provides the facility to bid and offer simultaneously. DX 148, at 4.
`
`47.
`
`At any time, a trader can immediately cancel individual bids or offers by
`
`using the “OUT” command. Also, all bid and offers can immediately be cancelled and
`
`active orders suspended, by using the “STOP” command. The screen also displays: (i)
`
`the last trade executed; (ii) high/low volume information; and (iii) the trader’s net and
`
`gross position for the day. DX 148, at 4.
`
`48.
`
`On the LIFFE APT screen, in three places, there was an “OSD” button
`
`which stands for “Order Summary Display.” Clicking on this button brought up the
`
`Order Summary Display window which showed a vertical display of the prices, bids,
`
`offers, and market depth. The inside market would be shown in the center of the screen.
`
`A diagram of the OSD window is shown below. Paul MacGregor Dep., 11/1/05, at 25-
`
`26.
`
`
`
`26
`
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`
`
`LGILT DEC89
`
`Aggr. @ Avg.
`
`Vol @ Price
`
`Cancel
`Sell
`
`Cancel
`Buy
`
`
`
`DX 150.
`
`49.
`
`To place orders in the OSD screen, the traders could bring up an order
`
`ticket and fill it in. Or, the trader could click on the best bid or best offer button with a
`
`single click to send the order. MacGregor Dep., 11/1/05, at 47-48.
`
`
`
`vii. MEFF (1997)
`
`50.
`
`The “Mercado Espanol de Futuros Financieros” (or “MEFF”) a derivatives
`
`exchange, launched a fully electronic financial futures exchange in Barcelona in 1990. In
`
`
`
`27
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`
`
`October 1997 MEFF published an overview document which included this illustration of
`
`the trading screen. See Meff Renta System Description, Oct. 1997, at 22.
`
`
`
`This trading screen utilizes a vertical format to display the best three bids and best three
`
`offers in the order book. Unlike the vertical price axis of INTEX, the price axis of MEFF
`
`is split so that the bid prices are on the left and the offer prices are on the right, and the
`
`quantities are in the middle.
`
`
`
` viii.
`
`Swiss Stock Exchange (1998)
`
`
`
`51.
`
`In 1998, the Swiss Stock Exchange had an electronic system called the
`
`SWX Trading System. A window in that system was a vertical display of the order book
`
`
`
`28
`
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`
`
`
`
`GLOBEX2 Handbook at 9.1.
`
`72.
`
`The July 1998 GLOBEX2 Handbook describes the ability for the user to
`
`customize the workstation, including the window font and colors. GLOBEX2 Handbook
`
`at 3.7. The Font dialog box allowed users to change the size and look of the print
`
`displayed on the window. GLOBEX2 Handbook at 3.8. The Colors dialog box allowed
`
`the user to change the color of the print and/or background displayed in the window, such
`
`as the bid or ask quantity. The GLOBEX2 Handbook also describes the ability of traders
`
`to set defaults for their order entry boxes such as the default quantity. GLOBEX2
`
`Handbook at 5.16. The user also can define the criteria for the pop-up window, including
`
`a first or second level warning. GLOBEX2 Handbook at 5.17.
`
`
`
`40
`
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`

`Contact Details:
`
`Philip Docker
`
`EasyScreen Ltd
`
`The Cannon Centre
`
`78 Cannon Street
`
`London
`
`EC4N 6HH
`
`Tel: +44 171 6261715
`
`Fax: +44 171 283 8158
`
`Mobile: 0498 7 42 503
`
`E-mail: phitipdocker@compuserve.com
`
`reen
`
`EasyScreen was formed to provide front-end solutions, initially for LIFFE CONNECT™.
`
`Its founders include two experienced UFFE traders and Dealing Object Technology,
`
`who specialise in Front-Office products for dealing rooms. EasyScreen is in the process
`
`of listing on the OFEX market, and will show a market capitalisation of £4-6 million.
`
`EasyScreen's first product was EasyOption, a system that provides full functionality,
`
`including automation, up to market making level for options markets. Designed by
`
`traders, this system recreates via audible alerts and messages the pit environment on
`
`the trading desk, keeping traders continuously in touch with all market activity.
`
`Easy Option has become the most popular choice of the main users of LIFFE individual
`
`equity options and will handle - 50% of volumes transacted.
`
`In response to request from existing and potential clients, EasyScreen is now in the
`
`process of connecting to other exchanges, in order to facilitate multi-exchange trading
`
`from one workstation.
`
`The difference between EasyScreen and other front-end applications is that we use a
`
`toolkit approach. Imagine being able to
`
`design your own trading application, tuned
`
`precisely to your own methods. Design
`
`your own spread trading pages, just as
`
`you would with (say) MS Excel and a price
`
`feed. You will be able to trade on the same
`
`page at the press of a button.
`
`6
`
`7
`
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`

`I
`
`me
`
`ms
`
`IRIS Investment Support Systems develops highly advanced systems for professional
`
`Contact Details:
`
`futures and options traders.
`
`Herbert Robijn
`
`Mike O'Hara
`
`Founded in 1985, Iris has secured a firm position in the demanding world of exchange(cid:173)
`
`IRIS Investment Support Systems BV
`
`IRIS Investment Support Systems (UK) Ltd
`
`traded derivatives.
`
`As a dynamic and innovative company, Iris co-operates closely with market-makers,
`
`traders, risk managers and IT managers, to provide systems and services which fully
`
`satisfy their needs.
`
`Headquartered in Amsterdam with a subsidiary office in London, the fast-growing Iris
`
`team consists of highly qualified industry professionals, including financial engineers,
`
`software developers & programmers, account managers, help desk and support staff.
`
`Iris is now introducing its Trading Front-End (TFE) product, to provide trading access to
`
`LIFFE CONNECTTM (both for Futures and Individual Equity Options). Developed using
`
`the latest object-oriented and (D)COM technology, the Iris TFE provides traders with a
`
`fast, intuitive and reliable trading mechanism for automated exchanges.
`
`Operat'1ng on Windows NT, the system contains a number of views for various
`
`types of trading activity, including strategy views (for STIR futures strips, for
`
`example), detailed order book views, and extremely fast order entry screens
`
`supporting 'point and click' trading.
`
`A typical STIR futures strategy view
`
`Keizersgracht 632
`
`1 01 7 ER Amsterdam
`
`Postbus 10589
`
`1001 EN Amsterdam
`
`The Netherlands
`
`Tel: +31 20 625 4491
`
`Fax: +31 20 624 0996
`
`e-mail: info@iris.nl
`
`web: www.iris.nl
`
`International Financial Centre
`
`25 Old Broad Street
`
`London EC2 1 HN
`
`UK
`
`Tel: +44 171 877 0555
`
`Fax: +44 171 877 0558
`
`e-rnail: uk@iris.nl
`
`web: www.iris.nl
`
`Fast order entry screen
`
`12
`
`13
`
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`ms
`
`PAT Systems Ltd. was formed in 1992 by experienced futures traders and financial IT
`
`professionals, with the view that technological advances would enhance the process of
`
`doing business on the world's financial and commodity exchanges.
`
`The PTS (Personal Trading System) has gradually evolved over the last five years from
`
`the original concept of a hand held trading device, to the fully fledged online trading
`
`system it is today. PAT Systems now
`
`offers a comprehensive electronic
`
`order routing system that employs
`
`increased connectivity and mobility,
`
`giving the trader direct access to
`
`exchange floors and real time
`
`interfaces to electronical markets,
`
`from anywhere at any time.
`
`We are continuously developing
`
`exchange interfaces for our base
`
`product The delivery of the LIFFE
`
`CONNECPM interface is scheduled for
`
`January 1999.
`
`HelpDesk and Support
`
`London City Office Tel +44 171 550 1438
`
`Chicago Office Tel: + 1 312 913 1039
`
`ZOrich Office opening - 20th October 1998
`
`Contact Details:
`
`Managing Director:
`
`Support/Help Desk:
`
`Thomas Theys
`
`Paul Hayward
`
`Sales/Account Manager:
`
`Harvey Moses
`
`Project Management:
`
`George Fleming
`
`PATS Head Office
`
`2 Gallery Court
`
`Pilgrimage Street
`
`London
`
`SE1 4LL
`
`Tel: +44 171 378 7917
`
`Fax: +44171 378 7919
`
`E-mail: info@patsystems.com
`
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`Founded:
`
`1989
`
`Staff size:
`
`10, including 6 full-time programmers
`
`Product focus:
`
`'To offer solutions for automated quoting and trading of risk
`
`to market-makers, independent locals and investment bank
`
`proprietary traders'
`
`Market priority:
`
`LIFFE & Eurex derivatives
`
`Datastream/ICV (unit of Primark Inc.)
`
`Description
`
`System:
`
`Task coverage:
`
`Flexible real-time front-office trading system focussing on the
`
`automated quoting and trading of financial instruments on
`
`electronic platforms; full pricing, and portfolio risk management
`
`Instrument coverage: Equities & equity derivatives; equity index derivatives;
`
`exchange-traded interest-rate derivatives
`
`Market coverage:
`
`LIFFE and Eurex for derivatives; LSE and Xetra for equities
`
`Pricing models:
`
`Trinomial, Black-Scholes, Black; API for user's own routines
`
`Analytics:
`
`Theoreticals, 'Greeks', implied volatilities, implied repo rate,
`
`basis, CTD, YTM, scenario simulation of P/L
`
`Automated quoting: Market-making quotes are calculated off user-defined quoting
`
`parameters, then sent to electronic markets and updated
`
`as required
`
`trading:
`
`Automated trigger-management of contingent orders
`
`Trades stored in relational database
`
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