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2011

by Sybase | an SAP Company

2011

2011
Sybase, SAP

n Sybase (SAP)

2.3

n Sybase (SAP)

10

2011

n Steve CapelliSybase (SAP)

12

n Irfan KhanSybase (SAP)

18

Clark Kent
n Yaacov HeidingsfeldTraderTools

22

n Hirander MisraAlgo Technologies

26

n Nick DeaconSybase (SAP)

SYBASE 2011

29

CCR

2011

n Ben WolkowitzHeadstrong

32

n Justyn TrennerClientKnowledge

CEP

36

CEP

n Stuart GrantSybase (SAP )

42

n E. Paul Rowady, Jr.TABB Group

46

n Nancy TurbAccenture

CEP

50

CEP

n Hugh HeinsohnPanopticon Software AB

54

n Stephen F. ElstonQuantia Analytics

58

n Sinan BaskanSybase (SAP)

63

n Julian LeakeDeloitte
n Gordon MackenzieDeloitte

67

n John Le HunteMisys

SYBASE 2011

70

2011

n Lance SmithImagine Software

76

n Mark Broadie

80

Dodd-Frank
n James J. JockleNumerix

84

n Raj NathanSybase (SAP )

88

IT

n David J. LeinweberLeinweber & Co.

92

n Peter RoeBT Global Services

96

n Niclas HolmAlgorithmica Research

98

n David ChampagneRevolution Analytics

101

2011

n Adam HonorAite Group

104

n Eric JohnsonSybase (SAP)

SYBASE 2011

110

2011

2008

n Mike Stockley

114

n David ParkerSybase (SAP)

118

n Neil McGovernSybase (SAP)

122

152

10

SYBASE 2011

2011

2011

n Steve

Capelli

Sybase (SAP)

2011

Sybase

CEP

(CEP)

11

12

SYBASE 2011

5
0.005

125 0.000125

Irfan Khan
Sybase (SAP)

13

50%

14

SYBASE 2011

Solace Systems29 West

Informatica

15

(NGIP)

NGIPIT

NGIP

NGIP

NGIP

16

SYBASE 2011

NGIP

NGIP


NGIP

NGIP IT

IT

SybaseIrfan Kahn
Sybase

Sybase

Sybase

17

Clark Kent

(FX)

Yaacov
Heidingsfeld
TraderTools

2010 4

2000 1.7
2 010 4
(Nasdaq)

(NYSE) 2011 2

1000 1200
4
100

18

SYBASE 2011


2010

2011 2
10 0 0 120 0

2010

15.9%

18.5%

24.3%

41.3%

11.4%

ECN

11.1%

18.8%

*41.3%
2010 4

(ECN)

19

(FIX)(API)

20

SYBASE 2011

18

ECN
(CEP)

T r a d e r T o o l s Y a a c o v

Heidingsfeld

Oscar Gruss IDB

t Standard & Poor

21

Tabb Group1

Hirander Misra

(HFT) 77%

Algo Technologies

40%10%

(EC)

50%

60%

22

2010 56

SYBASE 2011

Getco 2010 2

Nanex

2010 9

23

50

Nanex

50

50

50
50

(NBBO)

24

SYBASE 2011

Hirander MisraAlgo Technologies

AlgoSpan

Chi-X

Europe Limited

2005 11

20073Misra

25

10,000

Nick Deacon

Sybase
(SAP)

75%

50%

Orwellian

26

SYBASE 2011

CEP

(C E P)

CEP

CEP

CEP

27

CEP

CEP

CEP

18 Nick Deacon

Sybase

CEP Aleri

Aleri

CEP

CEP
CEP

28

SYBASE 2011

Deacon

Flexi International

CCR

(OTC)

Ben Wolkowitz

Headstrong

(CCR)

CCRCCR
OTC

CVA

FASB

157

CVA

CVA

CCR CVA

CCR

CVA

CCR
III -
C C R

29

CCP

III CCR

- CCR

CCR(CCP) OTC

CCRCCP

CCP

CCP

IIIII

III

II

CCP

III

30

SYBASE 2011

CVA

CVA

IT

CVA

III

CVA

IT

Ben WolkowitzHeadstrong

CVA

CVA

31

Justyn Trenner

ClientKnowledge

32

SYBASE 2011

33

ClientKnowledge

34

SYBASE 2011

Justyn Trenner1993ClientKnowledge

ClientKnowledge

35

36

SYBASE 2011

CEP

CEP

Stuart Grant
Sybase (SAP)

37

(CEP)

2009

CEP

2010 2011

CEP

CEP

38

SYBASE 2011

CEP

CEP

CEP

CEP

(CRO)

CEP

CEP

39

CEP

CEP

CEP

Barclays

Capital

Mitsubishi UFJ Securities InternationalCEP

CEP

CEP Mitsubishi

CEP IT

40

CEP

CEP

SYBASE 2011

CEP

CEP

CEP

M i t s u b i s h i

CEP

21

CEP

Stuart Grant 10

CEP

Thomson Reuters

SybaseGrant

41

(CEP)

E. Paul
Rowady, Jr.

TABB Group

CEP

CEPCEP

CEP
CEP

CEP

CEP

42

CEP

SYBASE 2011

CEP

CEP

43

CEP

CEP

CEP

44

SYBASE 2011

CEP

CEP

E. Paul Rowady, Jr.2009 TABB

Group

20

CEP

TABB

CEP

45

III -

Nancy Turb

Accenture

46

SYBASE 2011

CEP

Copyright 2011 Accenture

47

(OTC)

(CEP)

48

SYBASE 2011

CEP

CEP

OTC

CEP

IT

CEP

CEP

Nancy TurbAccenture

20
Turb

CEP

TurbAccenture

49


CEP

Hugh
Heinsohn

Panopticon Software
AB

(CEP)

(OLAP)

CEP

50

CEP
CEP

SYBASE 2011

CEP

CEP

CEP/
CEP OLAP

CEP

51

IT

Panopticon Software AB

OLAPCEP

52

SYBASE 2011

CEP

CEP

Hugh Heinsohn Panopticon Software AB


Panopticon Heinsohn

Digital Vision Xytech

Systems

53

Stephen F.
Elston
Quantia
Analytics

VS

(CEP)

54

SYBASE 2011

CEP

3,0005,000

Exegy

(OPRA)
6,000

(BBO)

CEP

55

Quantia Analytics

CEP

(OH LCV )

1,0001

CEP

CEP

56

OHLCV

2001

SYBASE 2011

CEP

Stephen F. ElstonQuantia Analytics

25

Elston
FinAnalytica, Inc.

Statistical Sciences, Inc.

MathSoft, Inc.Insightful, Inc.

CEP

S-PLUSElston

CEP

57

58

SYBASE 2011

Sinan Baskan
Sybase (SAP)

59

Promontory Financial GroupEugene Ludwig

60

SYBASE 2011

P&L

P&L

61

Sybase

Sinan Baskan

(MiFID)
III

62

SYBASE 2011

Sybase

Julian
Leake
Deloitte

Gordon
Mackenzie
Deloit te

(OTC)

I I I

(RWA)

ST P

63

III

2010 SSG

IT

(ROE)2010

2009
SSG
2 0 0 8

64

SYBASE 2011

CRO

CRO CRO

CRO

RWA


IT
t+1

65

Leake

IT

Gordon Mackenzie

15

IT

Julian Leake 18

66

SYBASE 2011

2010

2011

John Le
Hunte
Misys

III D odd -

Frank

2012

67

68

SYBASE 2011

John Le Hunte Misys

13 Summit

OTC

11

69

Lance Smith

2008

Imagine Software

VAR

VAR
VAR

VAR

VAR

VAR

VAR

VAR

70

SYBASE 2011

VAR

CDS

CDS

10%CDS

200

71

??

1.
2. 1987
3.
VAR

VAR

VAR

VAR

VAR

72

SYBASE 2011

Imagine Software

P
L

Vega

73

P&L

vega

5.0%

Vega

74

VAR

ETF

ETF

CDS

SYBASE 2011

Lance SmithImagine Software

Smith CEO

251993

Imanine 1986

75

Mark
Broadie

vs.

AAA

76

SYBASE 2011

Mark Broadie

alpha

77

Mark Broadie

2:

()

78

SYBASE 2011

??

Mark Broadie

Broadie

79


-
Dodd-Frank

James J.
Jockle

Numerix

CCP
CVA

Dodd-Frank

??

80

FpML

CCP

ISDA

Dodd- Frank

SYBASE 2011

CVA

CVA

CCP

CVA

CVA = PVEE * (1) *

EE

CVA /

CVA

81

Numerix

82

SYBASE 2011

- (Hull-

White)

Bates

CVA
CVA

B l a c k-

Scholes

CVA

CVA
CVA

CVA

CVA
n

Numerix James J. Jockle

CCP

83

84

SYBASE 2011

Raj Nathan
Sybase (SAP)

85

/IT

P&L

25% 6

80%30

CEP

86

SYBASE 2011

CEP

Raj Nathan Sybase

Sybase

CEP

87


IT

David J.
Leinweber

Leinweber & Co.

Watson

20 80

20
1

9 0%

88

SYBASE 2011

100

50

BP

-50

-100

-10

-8

-6

-4

-2

10

WSJ

DJNS

WSJ

DJNS

Redrawn from Tetlock 20086

1984-2004DJNS

WSJ500 20

David J. LeinweberJacob Sisk


2011

AI/ IA

AI/IA

1500

89

In- Q- Tel
w w w. i q t . o r g
2 5

Destineer, Language Weaver


21,000
1500

Recorded FuturePalantir

AI/IA

400
600

CIA

90

SYBASE 2011

Web

Jacob Sisk

In-Q-Tel

2010

Watson

2006 12009 10

2007

Twitter

David J. Leinweber
Wiley

2009 Leinweber & Co

2010

11

10%

Waltson

91

Peter Roe

Alpha

BT Global
Services

Stephen Bruel2010 1220

TowerGroup 201110

IT

IT

92

SYBASE 2011

BT Radianz

14,000400

Yankee Group

52% BT

93

94

BTSybase

SYBASE 2011

CEP

CEP

(CEP)

BT Radianz

Aleri CEP

Peter Roe
BT Global Services

20 1999 BTBT
Nikko Europe

Paribas Capital Markets

CEP

1978

95

Niclas Holm

Algorithmica
Research

30

96

SYBASE 2011

Monte

C/C+ +

Carlo

(PFE)/ (CVA)

C/C++

SABR

(CEP)

C/C++

Niclas HolmAlgorithmica Research

Quantlab ARMS

97

David
Champagne

Revolution
Analytics

LinuxR

98

SYBASE 2011

(ETL)

TB

RR

100

1 TBCisco

2009 2014

99

100

767

David Champagne

2014

90%IP

Web

20

S PS S /

Champagne

SYBASE 2011

2011

Adam
Honor
Aite Group


Aite Group

2/3
Aite Group2012
40%

201115

2011

Aite Group2011

2011

1/4

101

35%

25%

10%

<10%

10%

<10%

<10% 10% <10%

<10% <10%

20%

14%

10

15%

10%
33%

15%

35%
14%

10%

14%

10%

<10%

30%

15%

24%

10%
19%

29%

n=20

IT

10%

10%

14%

15%

20%

11%

20
4

40

60

80

100

Aite Group

IT

2011

Thomson

ReutersBloomberg

102

SYBASE 2011

2011

Deutsche Brse

-

OMX

2011

2011

2011

Adam Honor Aite Group

(CEP)/ (STP)
Aite Honor

Comprehensive Software Systems

103

104

SYBASE 2011

1998

Eric Johnson
Sybase (SAP)

105

30

106

SYBASE 2011

2010

2010

107

BBC 2010

[]

1,000

108

SYBASE 2011

Sybase

(EME A)

Sybase

Sybase

WebMethods

Aleri Johnson

Eric J o hns o n

109


2008

2008

(GFC)

Mike
Stockley

110

AA

SYBASE 2011

20 08

(CVA)

CVA

CVA CVA

111

CCP

CCP

Bear

StearnsLehman Brothers

2008

(CCP)

CCP

112

CCP

SYBASE 2011

2008

II

5%

AAn

Mike Stockley

20

Stockley2008
(NAB)

NAB

Stockley

113

1999
(TSE)21

2010
1

Arrowhead

0.003

Arrowhead

David
Parker
Sybase
(SAP)

Arrowhead
2010 8
1/ 3

2008

Arrowhead

20112
10

100

114

SYBASE 2011

2009
4.48 2010
4.255.3%

2010
1

Arrowhead

2010 1.4%

2010112SBI Japannext

Chi-X20111

34.4 2010

(MTF)

58%

(ECN)

2 010

SBI Japannext

Kabu.com20107Chi-X

(SGX)20075%

Japan

Chi-X

(ASX)

115


311

2011

20111%2%

(TSE) 18%

Arrowhead

1995

2011

2011

(GDP)1.6%

1.4%

116

SYBASE 2011

2011 3

Genium

INET
250 1

2011

Reach

Deutsche Brse-

TMX
1990

60%

Chi-X

5%

David ParkerIT
25
Parker
(UCL)
Bankers Automated

Arrowhead

Clearing Services(BACS)

BACS

Flexi International2000

Parker Aleri CEP


AleriSybase

117

Neil
McGovern

2020

Sybase
(SAP)

1900
2010 122.7

TowerGroup

Celent

IT

Celent

IT6.2%

20131082

118

SYBASE 2011

Sybase

4.8

4.3

4.2

4.8

4.4

2.4

2.2

7.9

7.8

8.6

9.1

3.1

6.0

1.4

9.6

7.7

9.2

6.8

5.8

3.4

1.5

Sybase(SAP)

30

119

Celent

IT6.2%
2013
1082

2011

120

(IPO)

SYBASE 2011

Japan
5%

10%15%

6,900

10
1,500
200

2010
(TSE)

ITn

Neil McGovern 20

McGovernSybase

Arrowhead

(JSCC)

SybaseMcGovern

New Era of NetworksConvoy

Corporation

JapannextChi-X

121

9%

122

SYBASE 2011

70%
40%
3040%
3040%
510%

1/3

123

2010 2011

124

SYBASE 2011

2009
2002 20.8%GDP 2008 23.7%

125

20 60
2,0008,000

126

SYBASE 2011

Celent 2011IT3638 3.7%


2.5%

127

-387
20062007

128

SYBASE 2011

129

2008
2007

130

SYBASE 2011

2010

2009

2008

2007

2006

-0.41%

-0.14%

-3.26%

1.13%

3.50%

0.76%

-1.46%

1.23%

0.79%

0.61%

2.82%

2.04%

-2.38%

0.91%

1.97%

1.27%

4.27%

1.93%

1.59%

1.73%

-3.23%

5.57%

1.82%

2.00%

-1.84%

-1.05%

0.37%

-1.73%

0.72%

-0.39%

1.93%

2.97%

-2.10%

0.37%

0.02%

-0.40%

1.78%

-1.21%

-1.45%

0.96%

3.47%

3.19%

-6.99%

2.51%

0.11%

1.98%

-0.06%

-8.41%

2.87%

1.80%

0.52%

1.33%

-2.80%

-2.07%

1.76%

2.95%

1.84%

0.37%

0.52%

1.61%

10.92%*

23.74%

-21.63%

10.22%

12.39%

Barclay Hedge Fund Index


2009

2010 11%

131

Preqin 40%

132

SYBASE 2011

()

Del Monte
2010
Foods Company 11

5,300

Centerview
Partners
Kohlberg Kravis
RobertsVestar
Capital Partners

Tomkins plc

2010
6

3,150

CPP Investment
BoardOnex
Corporation

NBTY

2010
6

4,048

The Carlyle
Group

Extended Stay

2010
5

3,925

Blackstone
Group
Centerbridge
Capital
Partners
Paulson & Co.

CommScope

2010
10

3,900

The Carlyle
Group

Interactive Data
Corporation

2010
5

3,700

Silver Lake
Warburg Pincus

Sunrise

2010
9

3,300

CVC Capital
Partners

TDCA/S
The Carlyle
Group
Welsh
Carson
Anderson &
Stowe

Multiplan, Inc.

2010
6

3,100

BC Partners
Silver Lake

J Crew Group,
Inc.

2010
11

3,000

Leonard Green
& PartnersTPC

IT

PreqinDel Monte Foods

53 2010 The Carlyle Group


NBTY

133

2010

4000 200820076000

134

SYBASE 2011

135

2009

2010

Q1

637

$3,389,777,500

Q1

763

$4,961,248,000

Q2

710

$4,289,697,500

Q2

960

$6,900,202,300

Q3

716

$5,211,852,500

Q3

789

$4,944,927,100

Q4

864

$5,384,416,300

Q4

765

$5,017,002,700

2,927

$18,275,743,800

3,277

$21,823,380,100

2009 2010

136

SYBASE 2011

137

138

SYBASE 2011

Topix 20072008 2010

139

TSE300 2010

140

SYBASE 2011

Euro-Stoxx 2010

141

10
500 10
500
500

142

SYBASE 2011

10
2009

10
2010

13, 394

11,838

13.2%

13.2%

OMX

3,889

3,239

20.1%

20.1%

3,828

3,306

15.8%

0.9%

3,613

3,454

4.6%

11.9%

2,930

2,869

2.1%

9.2%

2,716

2,705

0.4%

-3.1%

2,711

2,305

17.6%

17.9%

TMX

2,170

1,677

29.4%

20.0%

1,597

1,225

30.4%

25.3%

10

1,546

1,337

15.6%

10.1%

143

5002009

144

SYBASE 2011

GFCI8 GFCI8 GFCI7 GFCI7

775

772

=1

770

=1

775

760

739

21

728

733

697

692

693

11

668

25

678

678

669

677

3
5

661

671

10

10

660

=9

670

10

1210 6

145

GEM

20091231

6,441

175

20041231

1,971

205

2009123110

17,769

105

20041231

6,629

87

201012
10

22,173

17.1%

17,435

19.5%

15,277

7.4%

54,884

14.9%

52

146

SYBASE 2011

2011
3% 2 1

1.23%

147

4.9

26.3

4.1

RV

23.1

3.3
2.5
2.5
2.4
2.4
1.9
1.9
1.8

19.4
19.4
16.7
16.4
15.7
15.0
13.2
13.1

10
10

148

SYBASE 2011

10 3

149

Grubb & Ellis

2010 2015
1

10

10

150

10

SYBASE 2011

20102015

10

Grubb & Ellis

10

151

Aite Group

Accenture
204,000 120

aitegroup.com

Accenture
2010 831
216

Algo Technologies

AlgoM2

accenture.com

AlgoDataAlgoSpan

Algo Technologies

algotechnologies.com
Aite Group

Aite Group

152

SYBASE 2011

BT

Algorithmica Research

bt.com/gbfm

QuantlabQuantlab
Qlang
Quantlab

Algorithmica ARMS

History Server

ClientKnowledge

1994 Algorithmica

www.algorithmica.com

ClientKnowledge
1993
ClientKnowledge

ClientKnowledge

ClientKnowledge

ClientKnowledge

BT

clientknowledge.com

BT

153

1916

Headstrong

www4.gsb.columbia.edu

EAPMO

/
25

Headstrong

ISDA
40/
2,88023,700

130,000

www.deloitte.com

154

SYBASE 2011

headstrong.com

Misys plc
Imagine Software
Imagine

ASP

Imagine

Misys

1,300

50 Misys 4,000

120/

Imagine Software

misys.com

Imagine

Software

imaginesoftware.com

40,000
1,800
460,0 0 0

www.nabgroup.com

155

Numerix

Panopticon

Numerix

OLAP

OTC

Sybase IQ

DB2OracleMicrosoft SQL

ServerSonicMQ

CEPSybase Aleri

numerix.com

Panopticon
Panopticon EX
Java .NET

Microsoft WPFSDK

panopticon.com

156

SYBASE 2011

Quantia Analytics, LLC

Revolution Analytics

Quantia

Norman Nie

TrueTickQuantiaTrueTick

RR

Revolution

TrueTick

GoogleAcxiom

TrueTick

200

RevolutionR

TrueTick

Inside-R.org

Revolution R Enterprise

quantia.com

revolutionanalytics.com

157

TABB Group

TraderTools.

TraderTools

TraderTools

tabbgroup.com

TraderTools

tradertools.com

158

SYBASE 2011

Sybase

129
100022
(010)59215888
(010)59215999

50031 01
200001
(021)23210888
(021)23210999

82404-2405
510610
(020)38135388
(020)85501602

1831-3
610016
(028)86197488
(028)86200921

185 J
518040
(0755)82537000
(0755)82537249

159

2011

CEP
IT

Copyright 2011 Sybase, Inc.


SybaseSybaseSybase, Inc.

SAPSAPSAP AG/

05/11
Collateral #L03330

Sybase, Inc.
Corporate Office
One Sybase Drive
Dublin, CA
1 800 8SYBASE

sybase.com

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