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Sales Presentation (written/edited by J Tormey)Sales Presentation (written/edited by J Tormey)
January xx, 2008January xx, 2008
2
Who We Are Solutions
NYFIX: Who We AreNYFIX: Who We Are
An innovator in institutional trading and software services since 1994
Four areas of focus:
FIX CONNECTVITY (Community) FIX SOFTWARE TRADE EXECUTION SERVICES ORDER MANAGEMENT
Warburg Pincus invested on belief in the NYFIX model:
A widely used, independent, and trusted partner A large community of long-term users who rely on NYFIX Deep expertise in electronic order routing and execution A product & service platform designed for global expansion
3
Who We Are Solutions
Challenges in the New Capital MarketsChallenges in the New Capital Markets
Dramatic increase in electronic trading volumes and fragmentation
US leading - Europe and Asia coming
Exchanges, global brokers and dark pools all competing
Regulation
MiFID in Europe, RegNMS in the US
“Best execution” requirements
Need for neutral solutions to monitor and measure trading performance
Demand for multi-asset class solutions - on the horizon
Accelerating changes impacting IT resources - globally
4
Who We Are Solutions
In Short…In Short…
In an environment where financial institutions are struggling with ever-increasing volumes and technology challenges
NYFIX optimizes the business of trading
5
Who We Are Solutions
A Vision to Address These ChallengesA Vision to Address These Challenges
A robust platform to optimize the critical components of electronic trading workflow
An organization dedicated to technical excellence, expertise and customer service.
A commitment to extend and support the reach of our client community, as their needs expand globally
NYFIX optimizes the business of trading through:
NYFIX SolutionsNYFIX Solutions
7
Who We Are Solutions
NYFIX SolutionsNYFIX Solutions
IOIIOI
Millennium/NEXAS/DMA Services
CSAsCSAs
Dark Pools& ATSs
Dark Pools& ATSs
ExchangesExchanges
MarketplaceAppia TradeScope
MillenniumNEXAS
DMA
MillenniumNEXAS
DMA
FIXTraderOMS
FIXTraderOMS
Appia &TradeScopeAppia &
TradeScope
8
Who We Are Solutions
Appia – The Market LeaderAppia – The Market Leader
Serving the most demanding trading environments since 1998
The #1 FIX engine globally –FPL and Tower GroupSM Survey – 12/2005
Over 1,000 production engines in 30 countries
6 out of Top 10 Brokers – 25 out of the top 50
49% of the Buy Side Market TowerGroup
2006 Survey
The #1 FIX engine globally –FPL and Tower GroupSM Survey – 12/2005
Over 1,000 production engines in 30 countries
6 out of Top 10 Brokers – 25 out of the top 50
49% of the Buy Side Market TowerGroup
2006 Survey
Appia & TradeScopeDetailKey FeaturesOverview 5.0
9
Who We Are Solutions
Appia – The Market LeaderAppia – The Market Leader
Serving the most demanding trading environments since 1998
10 years at the forefront of FIX software and FIX network development
Working with the most advanced trading firms globally
Deep and ongoing investment in people, tools, and systems development
10 years at the forefront of FIX software and FIX network development
Working with the most advanced trading firms globally
Deep and ongoing investment in people, tools, and systems development
Appia & TradeScopeDetailKey FeaturesOverview 5.0
10
Who We Are Solutions
FIX NETWORKS
ClientsClients
ExchangesExchanges
DarkPoolsDarkPools
Appia – What It DoesAppia – What It Does
Appia FIX
EngineSoftware
Appia FIX
EngineSoftware
Trading
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
Appia - Order Flow ManagementAppia - Order Flow Management
Appia manages the OMS interface, and all trade order and execution data - in and out of a trading environment.
Appia manages the OMS interface, and all trade order and execution data - in and out of a trading environment.
Appia manages all network connections to thousands of trading counterparties globally.
Appia manages all network connections to thousands of trading counterparties globally.
Appia & TradeScopeDetailKey FeaturesOverview 5.0
11
Who We Are Solutions
Appia – Key FeaturesAppia – Key Features
High speed – low latency
Scaleable
Customizable
Servicing the most demanding electronic trading environments
High volume message throughput with ultra-low latency
40,000 MPS, <1 Millisecond PMsg*
Highly configurable for maximum performance
Fail-over & backup
24 hour global support
* Quad CPU Intel 64 bit
Appia & TradeScopeDetailKey FeaturesOverview 5.0
12
Who We Are Solutions
Appia – Key FeaturesAppia – Key Features
High speed – low latency
Scaleable
Customizable
Appia today can be used in a single instance, or as an array across multiple desks around the globe
Fail-over & backup
24 hour global support
CLIENTS
CLIENTS
AADesk 1Desk 1
Desk 2Desk 2
Desk 3Desk 3
AA
AA
AA
AA
AA
Appia & TradeScopeDetailKey FeaturesOverview 5.0
13
Who We Are Solutions
Appia – Key FeaturesAppia – Key Features
High speed – low latency
Scaleable
Customizable
Appia
User extensible framework for plugging in your custom code directly into Appia:
InboundMessage Filter
Plug-in
InboundRouting Switch
Plug-in
InboundPost Validation
Plug-in
InboundPre-Validation
Plug-in
InboundPre-Parser
Plug-in
Appia
Counterparty
AppiaLogFile
Appia
MessageDatabase
TradingApplication
Fail-over & backup
24 hour global support
Hundreds of pre-built adaptors (plug-ins).
Open framework for experienced users.
Click to ENLARGE
Appia & TradeScopeDetailKey FeaturesOverview 5.0
15
Who We Are Solutions
Global Level I support, 24 X 7 True product specific Level II & III
support teams in all regions Strongest global FIX expertise &
development Support staff since 2000: ● US ● EMEA ● ASIA
Fail-over & backup
24 hour global support
Appia – Key FeaturesAppia – Key Features
High speed – low latency
Scaleable
Customizable
24 hour global support
● New York● New York● London● London
Tokyo ●Tokyo ●
Manila ●Manila ●
Appia & TradeScopeDetailKey FeaturesOverview 5.0
16
Who We Are Solutions
Fail-over & backup
24 hour global support
Appia – Key FeaturesAppia – Key Features
High speed – low latency
Scaleable
Customizable
Fail-over & backup
Coming 2008 Appia 5.0 Featuring: Dynamic Load Balancing5.05.0
Fast fail-over to secondary server to insure trading continuity (user defined options)
Proprietary algorithm constantly replicates information to guarantee server synchronization.
Disaster site fail–over and recovery management; with complete replication of primary server
Appia & TradeScopeDetailKey FeaturesOverview 5.0
17
Who We Are Solutions
Appia – How It WorksAppia – How It Works
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Counter-parties
Counter-parties
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
Appia - Order Flow ManagementAppia - Order Flow Management
Middleware
Appia Engine Multi-threaded core process
Formatting Translation Validation Security
Appia Engine Multi-threaded core process
Formatting Translation Validation Security
Session Management Protocols supported
FIX 4.0-5.0 CMS CTCI ACT CTCI Trace
Session Management Protocols supported
FIX 4.0-5.0 CMS CTCI ACT CTCI Trace
Logging and Persistence
Full Data Recovery Multiple Connections
Logging and Persistence
Full Data Recovery Multiple Connections
High Availability Full synchronization with
second Appia LAN and/or WAN
High Availability Full synchronization with
second Appia LAN and/or WAN
Coming 2008
Appia 5.0Featuring: Dynamic Load Balancing
5.05.0
AppiaHA
AppiaHA
LOGFILE
Flat FileJDBC
Middleware Manages connectivity adapters
to the OMS All versions:
Tibco MQ series JMS
Middleware Manages connectivity adapters
to the OMS All versions:
Tibco MQ series JMS
Socket C++/Java .Net toolkits
Socket C++/Java .Net toolkits
Appia & TradeScopeDetailKey FeaturesOverview 5.0
22
Who We Are Solutions
Appia & TradeScope – Working TogetherAppia & TradeScope – Working Together
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Trading
ClientsClients
ExchangesExchanges
DarkPoolsDarkPools
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
TradeScope Monitoring
Tool
TradeScope Monitoring
Tool
Appia - Order Flow ManagementAppia - Order Flow Management
Trading Support
TradeScope – managing the entire processTradeScope – managing the entire process
Trade Order Detail
FIX Infrastructure
All Connections
Appia & TradeScopeDetailKey FeaturesOverview 5.0
23
Who We Are Solutions
TradeScopeTradeScope
TradeScope is a comprehensive FIX monitoring and reporting tool
Proactive method for managing the FIX infrastructure
Web-based server application
TradeScope is a comprehensive FIX monitoring and reporting tool
Proactive method for managing the FIX infrastructure
Web-based server application
DetailKey FeaturesOverview
24
Who We Are Solutions
TradeScope – What It DoesTradeScope – What It Does
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Trading
ClientsClients
ExchangesExchanges
DarkPoolsDarkPools
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
Appia - Order Flow ManagementAppia - Order Flow Management
TradeScope Monitoring
Tool
TradeScope Monitoring
Tool
Trade Order Detail
FIX Infrastructure
All Connections
Trading Support
DetailKey FeaturesOverview
TradeScope – managing the entire processTradeScope – managing the entire process
25
Who We Are Solutions
TradeScope – What It DoesTradeScope – What It Does
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Trading
ClientsClients
ExchangesExchanges
DarkPoolsDarkPools
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
Appia - Order Flow ManagementAppia - Order Flow Management
TradeScope Monitoring
Tool
TradeScope Monitoring
Tool
Trade Order Detail
FIX Infrastructure
All Connections
Trading Support
Counterparties
Counterparties
DetailKey FeaturesOverview
TradeScope – managing the entire processTradeScope – managing the entire process
28
Who We Are Solutions
TradeScope – Key FeaturesTradeScope – Key Features
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Counterparties
Counterparties
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
TradeScope – managing the entire processTradeScope – managing the entire process
Trade Order Manager FIX Infrastructure Connection Manager
DetailKey FeaturesOverview
29
Who We Are Solutions
TradeScope – Key FeaturesTradeScope – Key Features
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Counterparties
Counterparties
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
TradeScope – managing the entire processTradeScope – managing the entire process
Trade Order Manager FIX Infrastructure Connection Manager
View and manage all open and executed orders
Translate from FIX to “English”
Find complete order chain with just one click
DetailKey FeaturesOverview
30
Who We Are Solutions
TradeScope – Key FeaturesTradeScope – Key Features
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Counter-parties
Counter-parties
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
TradeScope – managing the entire processTradeScope – managing the entire process
Trade Order Manager FIX Infrastructure Connection Manager
Drill into order details and make modifications on the fly
View and manage all open and executed orders
Translate from FIX to “English”
Find complete order chain with just one click
DetailKey FeaturesOverview
31
Who We Are Solutions
TradeScope – Key FeaturesTradeScope – Key Features
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Counter-parties
Counter-parties
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
TradeScope – managing the entire processTradeScope – managing the entire process
Trade Order Manager FIX Infrastructure Connection Manager
Manage up to 500 FIX engines All aspects, all details
DetailKey FeaturesOverview
32
Who We Are Solutions
TradeScope – Key FeaturesTradeScope – Key Features
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Counter-parties
Counter-parties
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
TradeScope – managing the entire processTradeScope – managing the entire process
Trade Order Manager FIX Infrastructure Connection Manager
Monitor all sessions and connectivity status
Easily find counterparties
Complete session control and management
DetailKey FeaturesOverview
33
Who We Are Solutions
TradeScope – Key FeaturesTradeScope – Key Features
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Counter-parties
Counter-parties
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
TradeScope – managing the entire processTradeScope – managing the entire process
Trade Order Manager FIX Infrastructure Connection Manager
Security Multi-level “roles” and responsibility-based tools
Designate who can make critical changes Prevent accidental interruption of trading Limit direct user access to production systems Complete audit trail of user events Import your firm’s security policies
DetailKey FeaturesOverview
34
Who We Are Solutions
TradeScope – Key FeaturesTradeScope – Key Features
FIX NETWORKSAppia FIX
EngineSoftware
Appia FIX
EngineSoftware
Counter-parties
Counter-parties
OMSOrder
ManagementSystem
OMSOrder
ManagementSystem
TradeScope – managing the entire processTradeScope – managing the entire process
Trade Order Manager FIX Infrastructure Connection Manager
Security
Alerts
Proactive connection alerts
System and engine level health
Order and execution thresholds
DetailKey FeaturesOverview
TradeScope Notifier
EMail SNMPPager Custom
35
Who We Are Solutions
GlobalOperations
TradeScope – How It WorksTradeScope – How It Works
TradeScope Server
TradeScope Server
CustomTradeLevelAlerts
RulesEngine
FIXMonitor
Notifier
TradeScopeServer
EMail SNMP
Pager Custom
Developers2nd LevelSupport
HTTP
TradersNew YorkLondonTokyo
HTTPJMS
JMS
JMS
AppiaAppia
AppiaAppia
AppiaAppia
AppiaAppia
AppiaAppia
Engine*Engine*
New York
London
Tokyo
* Works with other vendor engines (e.g. Cameron, TransactTools, Others…)
Enterprise-wide FIX Engines
DetailKey FeaturesOverview
36
Who We Are Solutions
NYFIX MarketplaceTM NYFIX MarketplaceTM
Key FeaturesOverview Products Global Service Professional Services
IOIIOICSAsCSAs
Dark Pools& ATSs
Dark Pools& ATSs
ExchangesExchangesMillenniumNEXAS
DMA
MillenniumNEXAS
DMA
FIXTraderOMS
FIXTraderOMS
Appia &TradeScopeAppia &
TradeScope
37
Who We Are Solutions
NYFIX MarketplaceTMNYFIX MarketplaceTM
The Industry’s Broadest and Deepest FIX-based Trading Community
Key FeaturesOverview Products Global Service Professional Services
38
Who We Are Solutions
NYFIX MarketplaceTM – Experience & CommitmentNYFIX MarketplaceTM – Experience & Commitment
Serving the most demanding trading environments since 1997
10 years at the forefront of FIX network development & operations
10 years at the forefront of FIX network development & operations
Over 900 Institutional clientsOver 900 Institutional clients
Ongoing investment in people, tools and systems developmentOngoing investment in people, tools and systems development
Key FeaturesOverview Products Global Service Professional Services
39
Who We Are Solutions
NYFIX MarketplaceTM – BenefitsNYFIX MarketplaceTM – Benefits
Fully managed network Handles all client
connectivity
Time-tested architecture Highly flexible Designed for data
integrity and reliability
Significantly reduced IT burden Single connection
model
Rapid connectivity to counterparties Most already connected
Key FeaturesOverview Products Global Service Professional Services
40
Who We Are Solutions
NYFIX MarketplaceTM – Order RoutingNYFIX MarketplaceTM – Order Routing
7,500+7,500+
Buy-side Firms
370Sell-side Firms
420
GlobalGlobal
NationalNational
RegionalRegional
Clearing HousesClearing Houses
Mutual FundsMutual Funds
Asset ManagersAsset Managers
Hedge FundsHedge Funds
QuantsQuants
SINGLECLIENT
CONNECTION
SINGLECLIENT
CONNECTION
Key FeaturesOverview Products Global Service Professional Services
Dark PoolsDark Pools ExchangesExchanges
41
Who We Are Solutions
NYFIX MarketplaceTM – IOIs (Indications of Interest)NYFIX MarketplaceTM – IOIs (Indications of Interest)
Buy-side Firms integrate NYFIX IOIs directly into the OMS blotter
Brokers sending IOIs
Matching real IOIs against open order offers the best chance of capturing liquidity
Matching real IOIs against open order offers the best chance of capturing liquidity
Filtering at NYFIX back end prevents message overload at the OMS
Filtering at NYFIX back end prevents message overload at the OMS
111171
Broker
CRD
LineData
Eze Castle
Latent Zero
InData
Proprietary
Key FeaturesOverview Products Global Service Professional Services
42
Who We Are Solutions
NYFIX MarketplaceTM – Mission Critical ServiceNYFIX MarketplaceTM – Mission Critical Service
Over 12 years of high-production FIX networking
Expert on-boarding – start to finishExpert on-boarding – start to finish
Experienced FIX certification & translationExperienced FIX certification & translation
Dedicated Global Support – 24 x 5.5Dedicated Global Support – 24 x 5.5
Key FeaturesOverview Products Global Service Professional Services
43
Who We Are Solutions
NYFIX MarketplaceTM – Global Support TeamNYFIX MarketplaceTM – Global Support Team
Boston
New YorkChicago
San Francisco
LondonParis
MadridTokyo
Manila
Hong Kong
Key FeaturesOverview Products Global Service Professional Services
44
Who We Are Solutions
NYFIX MarketplaceTM – Faster Access to New ServicesNYFIX MarketplaceTM – Faster Access to New Services
Open Architecture
OMS On-boarding
NYFIX open architecture avoids lengthy re-verification of new FIX tags and layouts
Allows faster access to new broker algorithms and other electronic venues
M Fund
A Mgr
Index
Hedge
Quant
M Fund
A Mgr
Index
Hedge
Quant
BrokerBroker
Buy-side370 members
Sell-side420 members
FIX End-of-Day process
New AlgoNew Algo
Expedites access to new broker
algorithms
Key FeaturesOverview Products Global Service Professional Services
45
Who We Are Solutions
NYFIX MarketplaceTM – Simplifies OMS MigrationNYFIX MarketplaceTM – Simplifies OMS Migration
FIX End-of-Day process
NYFIX simplifies OMS migrations
Eliminates the need to open firewalls and ports with each individual counterparty
NYFIX enables simplified re-networking
Broker 1
Broker 2
Broker 3
Broker 1
Broker 2
Broker 3
Buy-sideBuy-sideOMS On-boarding
Open Architecture
Re-networking
Broker 1
Broker 2
Broker 3
Broker 1
Broker 2
Broker 3
OMS On-boardingBuy-sideBuy-side
Re-networking
Re-networking
•CRD•LineData•Eze Castle•Latent Zero•Others
•CRD•LineData•Eze Castle•Latent Zero•Others
•CRD•LineData•Eze Castle•Latent Zero•Others
•CRD•LineData•Eze Castle•Latent Zero•Others
One-time
Key FeaturesOverview Products Global Service Professional Services
46
Who We Are Solutions
NYFIX MarketplaceTM – Eliminates E.O.D. HeadachesNYFIX MarketplaceTM – Eliminates E.O.D. Headaches
Open Architecture
NYFIX greatly simplifies E.O.D. process
Direct connections require daily coordination with every counterparty
Faulty E.O.D. process results in trade errors
Broker 1
Broker 2
Broker 3
Broker 1
Broker 2
Broker 3
Buy-side (pt.-to-pt.)
Buy-side (pt.-to-pt.)FIX End-of-Day process
OMS On-boarding
Buy-side (NYFIX)
Buy-side (NYFIX)
5:20pm
5:35pm
6:10 pm
Broker 1
Broker 2
Broker 3
Broker 1
Broker 2
Broker 3
E.O.D Process
One-time
Key FeaturesOverview Products Global Service Professional Services
47
Who We Are Solutions
Optimize your investments with NYFIX technology specialists
Recognized experts in FIX software: Increase your efficiencies, reduce costs, and maximize output Customize solutions to meet your specific needs Receive local support from offices in global financial centers
10 years of FIX Protocol and FIX Engine expertise
Flexible pricing packages available
NYFIX Professional Services NYFIX Professional Services
Key FeaturesOverview Products Global Service Professional Services
48
Who We Are Solutions
NYFIX - FIX TrainingNYFIX - FIX Training
For successful FIX implementation and uptake
Targeted to Developers, On-boarding Teams, Help Desks, and Business Users
Introductory FIX Training Basic “Jumpstart” Orientation and Education FIX Engine Basics Fundamental Integration Concepts
Advanced, Customized FIX Training FIX in Detail Advanced Integration Concepts Session Layer and Application Layer Connection On-boarding and Certification High Availability and Disaster Recovery FIX Across Asset Classes Trading with Exchanges
Key FeaturesOverview Products Global Service Professional Services
49
Who We Are Solutions
NYFIX Transaction ServicesNYFIX Transaction Services
NYFIX Millennium NYFIX NEXAS NYFIX DMA
Millennium– Dark Pool ATS
NEXAS – NYFIX Execution and Algorithmic Solutions
NYFIX Direct - DMA
– Direct Market Access
NYFIX provides a suite of transaction services to help achieve optimal execution on the Buy-side and Sell-side.
Transaction Services
50
Who We Are Solutions
NYFIX Millennium® NYFIX Millennium®
Continuous, real-time matching engine No minimum order quantity Open to all types of clients and order flow Pure price priority – all clients treated equally Flexible connectivity options (OMS, EMS, FIX) Supports multiple order types to allow full control of
interaction by clients – not mid-point constrained US equities (NYSE/AMEX Listed and NASDAQ)
A “Dark Pool” Alternative Trading System (ATS) launched in 2001 to provide access to non-displayed liquidity:
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
51
Who We Are Solutions
NYFIX Millennium® - StatisticsNYFIX Millennium® - Statistics
41.1 million shares/day executed on average in November 2007 (up 29% from November 2006)
6,400 exposed symbols/day and 2,400 executed symbols/day on average in November 2007
889 executed NASDAQ symbols/day accounting for roughly 21% of executed volume
Record day – 95 million shares
Approximately 1.4 billion shares of liquidity are available in Millennium on average each day
Recent Stats
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
52
Who We Are Solutions
NYFIX Millennium® - Security Coverage ExecutedNYFIX Millennium® - Security Coverage Executed
45% of order flow occurred in names with market caps < $1B
80% of order flow occurred in names with market caps < $5B
Price improvement increased as market cap decreased
Depth and Breadth
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
53
Who We Are Solutions
NYFIX Millennium® - ATS VolumeNYFIX Millennium® - ATS Volume
2004 2005 2006 2007
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
7.07.0
14.014.0
29.729.7
49.049.0
95M95MRecord DayRecord Day
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
54
Who We Are Solutions
Consolidates Dark Liquidity FragmentationConsolidates Dark Liquidity Fragmentation
NIGHTHAWK
DARK SERVER
GUERILLAMERRILL LYNCH
NIGHT VISION
FUSION
BEAR STEARNS
SONAR
ROBE
LAVA
HYDRA
COVERT
B-TRADE
DEUTSCHE
FUSOR
ARID/AQUA
Pipeline Liquidnet
SCOUTTAP
VORTEX
ATS
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
55
Who We Are Solutions
NYFIX Millennium® ATS – Order TypesNYFIX Millennium® ATS – Order Types
Resident Order
An order that rests in Millennium to interact with pass-through orders and other resident orders
Pass-Through Order
An order that seamlessly checks for liquidity in Millennium before routing to another exchange or market center
Millennium “Plus”
Allows pass-through and resident orders from any client to draw liquidity from other sources providing “aggregation of non-displayed liquidity”
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
56
Who We Are Solutions
NYFIX Millennium® – Bloomberg Advertised VolumeNYFIX Millennium® – Bloomberg Advertised Volume
NYFIX Millennium Advertised Volume Available on Bloomberg
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
57
Who We Are Solutions
NYFIX Millennium® – Anti-Gaming LogicNYFIX Millennium® – Anti-Gaming Logic
An order setting for institutions that protects an order against gaming within Millennium.
To determine whether an order needs to move from unprotected to protected mode, NYFIX Securities tracks price, volume, and time for that order. A combination of certain price, volume and/or time parameters determines when the order switches to protected mode.
In layman’s terms, the new order types kicks in only when an order experiences significantly adverse price movement without volume sufficient to make that move acceptable.
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
58
Who We Are Solutions
NYFIX – NEXAS® NYFIX – NEXAS®
Full suite of Algorithm strategies integrated with Millennium and our DMA solutions:
VWAP
TWAP
Inline (% of Volume)
Certified with several OMS/EMS providers as well as direct FIX connections from clients
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
Corporate Buyback (Passive Buyer)
Millennium Optimizer
Stealth
59
Who We Are Solutions
NYFIX – Direct Market Access (DMA)NYFIX – Direct Market Access (DMA)
High capacity/low latency execution solutions for delivering client order flow to exchanges and ECNs
Single destination supports Listed and OTC
NYSE, AMEX, NASDAQ, Regionals, ECNs
Building out full access to protected exchanges for Reg NMS
Smart Order Router will add additional value to DMA solutions
Millennium interaction is a unique value for NYFIX
Multi-Market solution for Europe
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
60
Who We Are Solutions
NASDAQ securities - #2 on priceNASDAQ securities - #2 on price
Overall Ranking of 30 Largest NASDAQ Market Centers
Price
Ranking
Market Center Price
Ranking
Market Center
1 Instinet 16 National Financial
2 NYFIX 17 Direct Edge (ADF)
3 Nasdaq MC 18 Direct Edge ECN
4 ATD 19 Track ECN
5 Citadel Derivatives 20 Bear Sterns
6 Lehman Bros 21 Wachovia
7 Madoff 22 Pershing
8 Knight 23 Morgan Stanley
9 ArcaEx 24 Goldman Sachs
10 E*Trade 25 LavaFlow
11 AG Edwards 26 Tradebook
12 UBS Securities 27 Raymond James
13 Scottrade 28 Lehman Bros
14 Citigroup 29 Deutsche Bank
15 BATS Training 30 CHX MatchingSource: Celent analysis; raw data from firms’ SEC Rule 605 execution quality reports.Note: Includes only large marketable orders, implausible figures omitted. All figures are percentages.
These rankings are based on the effective-over-quoted spread achieved by market centers for a large variety of different segments.
Orders were categorized into a number of different segments, including order type (market or marketable limit) and size (large or small) as well as the liquidity segment (15 most active, 100 most active, mid-active and least active).
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
61
Who We Are Solutions
NYSE securities - #1 on priceNYSE securities - #1 on price
Overall Ranking of 30 Largest NYSE Market Centers
Price
Ranking
Market Center Price
Ranking
Market Center
1 NYFIX 16 Bear Hunter
2 Instinet 17 Pershing
3 Citigroup 18 Direct Edge (ADF)
4 Knight 19 Van der Moolen
5 Citadel Derivatives 20 La Branche
6 Nasdaq MC 21 Direct Edge ECN
7 ATD 22 Wagner Stott Bear
8 Lehman Bros 23 Spear Leeds & Kellogg
9 Madoff 24 Fleet Meehan
10 UBS Securities 25 PSG
11 E*Trade 26 NYSE ITS
12 National Financial 27 La Branche Structured
13 ArcaEx Scottrade 28 LavaFlow
14 BATS Training 29 Lehman Bros
15 Susquehanna 30 CHX MatchingSource: Celent analysis; raw data from firms’ SEC Rule 605 execution quality reports.Note: Includes only large marketable orders, implausible figures omitted. All figures are percentages.
These rankings are based on the effective-over-quoted spread achieved by market centers for a large variety of different segments.
Orders were categorized into a number of different segments, including order type (market or marketable limit) and size (large or small) as well as the liquidity segment (15 most active, 100 most active, mid-active and least active).
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
62
Who We Are Solutions
Effective-over-Quoted Spreads by Market CenterFor Selected Active Issues for Large Marketable Orders
NYSE securities - #1 in pricing for large ordersNYSE securities - #1 in pricing for large orders
Market Center AMD COP F GE HAL HPQ MOT PFE S T TXN WMT XOM
NYFIX 76 78 99 79 87 92 81 91 37 143 87
Knight 94 153 70 86 103 142 80 77 70 100 106 108 124
Nasdaq MC 99 142 99 96 102 101 99 99 99 100 104 98 141
BATS Trading 106 118 101 104 107 107 108 102 107 112 107 109 106
ATD 101 156 97 102 109 107 99 101 101 99 105 98 124
ArcaEx 101 179 101 103 114 144 100 101 101 105 109 123 176
Lehman Bros 108 102 97 141 107 109 147 100 225 147 97
Direct Edge ECN 97 190 101 100 113 119 108 102 105 104 147 131 235
Van der Moolen 154 107
Citigroup 100 94 116 120 130 236
Fleet Meehan 117 113 176
UBS Securities 103 304 99 102 125 135 102 100 106 122 146 127 270
Citadel Derivatives 100 526 97 104 108 116 93 96 101 109 139 122 175
Wagner Stott Bear 110 106 229
Madoff 108 348 100 111 193 191 113 104 108 123 118 138 284
E*Trade 133 105 138 247 424 139 122 137 123 180 125
Instinet 109 445 95 110 223 491 92 66 80 114 293 100 78
Tradebook 98 107 183 161 101 95 104 117 161 177 717
La Branche 102 163 143 531
National Financial 116 141 98 116 174 142 114 97 162 163 322 152 7835
Very Good<100%
Good100-110%
Average110-130%
Poor130-200%
Very Poor>200%
Source: Celent analysis; raw data from firms’ SEC Rule 605 execution quality reports.Note: Includes only large marketable orders, implausible figures omitted. All figures are percentages.
NYFIX MillenniumTransaction Services NYFIX NEXAS NYFIX DMA
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