ORDER MANAGEMENT SYSTEMS

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Chris Cook Electronic Trading Sales 214-978-4736

Introduction
Order management systems (OMSs) have become a critical component on a traders desk. Evolving from a system that simply managed internal communications and routed orders to brokers, todays OMS is a robust platform that performs portfolio modeling, runs detailed compliance checks, provides advanced trading functionality, and offers enhanced reporting capabilities. Todays buy-side demands more and more from their order management system. Whether adjusting to new regulations, newly developed technologies, or increased disclosure and transparency, OMS vendors are adapting accordingly with continuous enhancements. Below are some of the trends we are seeing in the OMS space. Additional Asset Classes Originally, the OMS was designed as a domestic equity trading system. As institutional investors began investing in additional asset classes, OMS vendors added multi-asset class functionality to their systems including fixed income, options, futures, and foreign exchange. New derivative trading capabilities, such as swaps, are currently being developed to give clients a full suite of asset class functionality. Vendors are also offering their systems to new global clients, and as such, there is a focus on international trading capabilities. Regulations The regulatory environment has been very dynamic over the past few years. New rules and regulations are being adopted and providers are working diligently to update compliance modules, as well as developing custom compliance checks. OMS vendors spend a lot of resources on compliance modules to make them as robust as possible. Some vendors offer their compliance modules on a stand-alone basis. OEMS While OMSs are integral for portfolio modeling, compliance, and accounting, execution management systems (EMSs) are great for active electronic trading across multiple asset classes and algorithmic trading functionality. With the buy-sides need for both sets of functionality, both OMS and EMS vendors have spent several years working on a combined singlesystem solution. However, the creation of an OEMS has not been an easy task. OMSs and EMSs have completely different architectural builds and combining the technologies has proven to be quite difficult. Instead of continuing the quest to build an all-in-one OEMS, most vendors are now focused on improving their respective OMS and EMS offerings and building a bridge, or integration, between the two systems for communication. This allows each application to be used independently, providing optimal efficiency and speed, while functioning in sync.

TCA The buy-side is consistently evaluating best execution and continually looking for enhanced trade cost analysis (TCA) tools to help them in their decision-making process. Many OMS providers currently have TCA features built into their systems and are constantly enhancing the functionality of both pre and post trade capabilities. Order management system vendors are beginning to introduce real-time TCA capabilities. Rather than a simple review of trade performance for compliance purposes, real-time TCA provides traders with analytics and intelligence to make decisions and changes to trading strategy as trades are being executed. In addition to tracking benchmarks during the trade, analytics on liquidity, trading venues, algos, news, and more are all available throughout the day. OMS providers can also integrate with third-party TCA vendors for their TCA needs.

Order Management System Overview

Order management systems first became available in the early 1990s. They were originally designed to electronically connect the buy-side to their brokers, while reducing errors and fostering a paperless trading environment. Early OMSs revolutionized the way the buy and sell-side conducted business. Today, OMSs are robust, multi-asset and multifunctional systems that are continually enhanced as the buy-sides needs evolve and regulatory and technology changes take place. Integrating front, middle and back office functions, order management systems represent the hub for trading. The primary functions of an order management system include: Trade analysis Portfolio management, modeling and construction Reporting Trade execution Trade management Trade allocation Compliance tracking FIX and custodial/accounting connectivity Risk management Clearing and commission management

OMSs are generally thought of as the systems that do the heavy-lifting functions; principally performing middle and back office functions.

COMMON COMPONENTS OF AN ORDER MANAGEMENT SYSTEM Portfolio Management Typically, portfolio managers use a portfolio modeling module to construct, analyze, rebalance and run what if scenarios. This simulation process shows the risk and liquidity effects of potential changes in the portfolio. Once a trading decision is made, the portfolio manager will authorize the trade and send it electronically to a trader. Many OMSs offer real time P/L monitoring as an added feature.

Compliance The compliance module determines if orders and trades meet compliance policies. Some additional benefits provided by a compliance module include post-execution monitoring, audit trails and compliance administration. With constantly evolving industry regulation, compliance tops the operational priority lists of many firms. Trading The trading module provides real-time, fully customizable trade blotters that communicate with portfolio managers, compliance, back office, brokers and a variety of execution venues. Trading modules can now seamlessly integrate with EMSs and other trading systems. FIX The FIX module provides for real-time trade and indication of interest communication between the trader, brokers and execution venues. Financial Information eXchange (FIX) is the industry standard protocol for real-time exchange of transactions and information related to the securities markets.

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Allocation The last step in the order management process includes the confirmation and allocation of executed trades. Allocations are communicated to brokers either manually via the phone, or through some electronic means such as e-mail, OASYS, instant message (IM), or a FIX connection.

Order Routing Networks

Order routing networks are used to relay trading information between the order management system, brokers and execution venues. Order routing networks can be categorized into one of the following types: Point-to-Point Orders are sent over a network directly to each broker or execution venue. Advantages Orders sent directly to brokers without passing through a third-party vendor Use of all FIX capabilities Disadvantages Requires more IT involvement on the users side Manager must monitor FIX connections with each broker Manager must test with each broker Service Bureau (Protocol Conversion) Orders are sent to the order routing network vendor who converts the order to the proper message format for each broker or execution venue. Advantages Simple and quick to use Vendor handles all FIX testing Vendor monitors the communication line Vendor converts all messages for broker compatibility Disadvantages FIX capabilities limited by the vendor System error can stop all electronic trading Service bureau sees your trading data Some of the most common order routing network vendors include: Bloomberg, Thomson Reuters, ITG Net, NYFIX, SunGard Global Network, TNS, Thomson Autex Trade Route, Tradeware Global, and Charles River.

Considerations When Implementing an OMS

Purchasing a new system, or replacing an existing one, is a time-consuming effort that requires the involvement of numerous people and departments within a company. Therefore, it is important to consider several different factors when beginning the search process for an OMS. Whether you are a smaller firm looking to install an OMS for the first time, or whether you are a large manager that has outgrown your system, the following considerations can help your firm make the right decision when determining which OMS is best for your firm. Implementation Process Implementation of an OMS often takes 3-6 months or possibly longer to complete, depending on firm-specific needs, the complexity of the installation, and the vendors number of current and pending implementations. A good way to find out what the installation process involves is to contact other clients about their implementation experience. Support Some order management systems are complex and require the investment manager to have a sophisticated IT department. Be sure to balance the sophistication of your IT staff with the sophistication required by the order management system. For a fee, many of these vendors are willing to take on many of the IT requirements. Depending on the size and needs of your firm, some smaller vendors may not be able to provide the appropriate level of support required. Be sure to check client references on their ability to get support after the sale.
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Third-Party Interfaces and Data Sharing For complete automation, a system should be integrated with a portfolio management system, execution venues, trust accounting system, risk management, and other systems that need trade data. Many of these connections have been built and are available; however some connections still need to be developed. If a system does not currently have an interface, the OMS vendor may offer to build one for a fee. Be aware that being a beta for a custom interface often involves a lot of time on the managers part. Over the years, the majority of OMSs have created electronic trading connections to virtually every broker and execution venue. If a specific broker or execution venue is not currently connected to an OMS, the integration can take place typically within a matter of days. Transaction Cost Analysis Integration Transaction cost analysis (TCA) tools analyze a firms executions and compare them to specific benchmarks. The tools look at the executions by broker, by trader, and by other metrics to measure how the buy-side trader is performing. These analytics analyze market impact, compare trade execution to the portfolio managers instructions, and examine the execution in conjunction with various portfolio or firm benchmarks. The end result of TCA should be a scorecard that helps traders, portfolio managers, and the firm better understand their strategies and the impact the strategies have on performance. In addition to pre and post trade analysis, vendors are now incorporating real-time analytics as well. These new features allow traders to make better strategic decisions throughout the trading day. Product Price Order management systems are either purchased or leased. Some vendors only offer one option while other vendors offer both. Purchasing a system usually entails a higher initial outlay of costs with monthly maintenance fees costing between 20-25% of the system price. Leased systems incur higher monthly premiums but come with a lower initial cost. Installation and integration costs are not usually included in the price of the system. Be sure to inquire about these costs.

CONCLUSION
Order management systems are an integral part of a traders world. As traders needs evolve and regulatory changes take place, OMS vendors will continue to adapt their systems to meet the buy-sides needs. While this report is designed to provide a very high-level overview of the OMS space and vendor offerings, CAPIS electronic trading department can help you with your OMS search through more in-depth consulting services. While the task of implementing or replacing any technology system may seem daunting, CAPIS is here to assist in your efforts. For more information on order management systems, execution management systems, or general electronic trading inquiries please contact Chris Cook at 214-978-4736 or ccook@capis.com.

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Advent Moxy www.advent.com

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Moxy is licensed to bank trusts, asset managers, broker dealers, wrap sponsors, financial planners, hedge funds, mutual funds, family offices, and insurance companies.

The range of assets under management is from $100 million to over $40 billion, with the typical client having $3 to $5 billion in assets under management. Moxy is currently licensed at over 875 firms and has a presence in 60 countries throughout North America, Europe, Africa, the Middle and Far East.

Advent Software, Inc. is a provider of Enterprise Investment Management solutions, offering stand-alone and client/server software products, data interfaces, and related services that automate and integrate mission-critical functions of investment management organizations. Advent has licensed its products to more than 6,000 financial institutions in 36 countries for use by more than 60,000 concurrent users.

Advent Software employs over 1,000 individuals in offices in San Francisco, New York, Boston, and 10 European cities. The company's common stock is traded on the NASDAQ under the symbol ADVS. Moxy has an installed customer base of over 875 firms.

Advent has over 200 professionals on their professional services team who are dedicated to implementing clients and supporting larger clients for all Advent product offerings. Advent is the only SCP Certified Support Organization in the financial software industry.

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COST Client leases the license User licenses are priced by AUM and number of users and can range from as low as $10,000 up to the high six figures Advent has a term based model; typically a three year subscription. Advent has a preferred relationship with SunGard Transaction Network (STN) where license costs are subsidized. The Open FIX module currently begins at $9,000 for an open FIX license to any network. Annual term licenses are also available.

MODULES Portfolio Modeling Consolidated group trading, household modeling and allocation to efficiently rebalance families of accounts Rebalance single portfolios or groups against models View what if scenarios Build models from existing accounts or indices Balance entire portfolios or select asset classes, sectors, industry groups or security types

Compliance

Advent Rules Manager is targeted for more complex compliance requirements for institutional asset managers. Product is fully integrated with Moxy. Native Moxy compliance rules include the following examples: o Define restrictions for accounts based on security types, asset classes and industry and sector weightings o Define cash buffer requirements o Establish hard vs. soft restrictions for flexibility in the order creation process o Place restrictions on trading pledged securities

Trading

Standard FIX message types such as new order, single order,cancel/replace, execution reports, allocations, DK, and many others Support for custom inbound and outbound tags using FIX mapping, mapped values or derived values Two-way FIX messaging as well as one-way or unsolicited trade requests (UTRS) Currently supports FIX 4.0 and 4.2

THIRD-PARTY INTERFACES Portfolio Clients most often use one of Advents portfolio accounting systems, Advent Portfolio Exchange (APX), Axys, Management or Geneva. Advent has the ability to integrate to any third-party portfolio accounting products via customization during implementation.

Market Data

Advent offers real-time pricing through an interface to Bloomberg, FactSet, FT Interactive Datas ESignal product and Telemet.

Custodian

Advent has current links with over 450 custodians. See www.advent.com for complete list.

OTHER NOTES OF INTEREST Moxy has an installed customer base of over 875 firms. Advent is the only SCP Certified Support Organization in the financial software industry. Advent has achieved the prestigious Support Center Practices (SCP) certification consistently since 2005.

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Antares www.ssctech.com

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Antares is a comprehensive front-end trade order and portfolio management system, which enables firms to maximize their ability to trade multiple assets within one system to create a straight through process and seamless integration from front to back-end.

Antares is designed for buy-side money managers including hedge funds, family offices, institutional asset managers, proprietary trading desks, short-term (money market) desks, pension funds, and mutual funds. Antares is inherently multiasset class / multi-currency system with a support for a broad variety of strategies. Antares target client size is between $50 mln and to $50 bln.

Antares runs on Windows operating system, with MS SQL 2008 database. The system is available on a license and an ASP basis.

SS&C Technologies (NASDAQ: SSNC) is a service provider for the global financial services industry offering a broad range of highly specialized software and related services. With offices in North America, Europe, Asia, and Australia, SS&C delivers mission-critical solutions for data management, analysis, trading, accounting, reporting and compliance to a wide variety of financial industry sectors.

SS&C's products and services help 4,500+ clients efficiently and rapidly analyze and manage information, increase productivity, reduce costs and devote more time to critical business decisions rather than administrative, reporting and compliance matters. Clientele includes investment managers, banks, insurance companies, pension funds, commercial lenders, broker/dealers, property managers and financial exchanges. SS&Cs suite of portfolio management, modeling, order management, compliance, debt and derivatives management, and accounting solutions are supporting the requirements of investment enterprises that manage in excess of $16 trillion in assets.

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COST Sample Pricing: ASP with 3 users: $6,000 / month Custom models and reports are extra There is a one-time configuration charge MODULES Execution Management/ Trading FIX Connectivity Order Management SS&C MarketTrader, multi-broker equity and options execution management system, with real-time market data (SS&C feed). Global SS&C FIXLink network with over 350 broker-dealers. Quick turnaround to bring up new brokers.

Truly multi-currency / multi-asset class system with full support for multiple trading desks, multiple prime brokers and custodians. Asset classes: fixed income (full breadth including MBS and ABS), equities (including ETFs, mutual funds, money market instruments, FX, derivatives (equity, currency, index, commodities, etc.), swaps, repos and buy/sell agreements.

Portfolio Modeling

Standard set of fixed income and equity trading models and other what if analysis tools Users may also create custom models An unlimited number of portfolios may be modeled at once

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Visualization tool for hands-on risk management using real-time market data (SS&C feed) Displays real-time value of holdings

Compliance

Pre- and post-trade compliance at multiple levels with hard and soft restrictions and complete audit trail THIRD-PARTY INTERFACES

Portfolio Management/ Accounting Debt and Derivatives Market Data Post-Trade Networks Other

Antares interfaces with many back-office accounting systems including SS&Cs CAMRA, AdvisorWare and Total Return, and Advents Axys.

Antares is fully integrated with SS&Cs Debt & Derivatives product for in-depth derivative workflow management and
accounting. Antares interfaces to major market data (Reuters, SVC, IDC, etc.) for pricing of securities Interfaces to SSCNet and OMGEO Crystal Reports for custom report development OTHER NOTES OF INTEREST

Antares evolved from an order management system first developed by Shepro Braun, a firm acquired by SS&C in 1997. SS&C offers a straight-through processing solution with Antares and its portfolio management system offerings such as CAMRA, AdvisorWare, and Total Return. Current Antares development is focused around making it a powerful while cost-effective ASP solution for a broad range of institutional firms.

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Bloomberg AIM (Asset and Investment Manager) www.bloomberg.com

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The Bloomberg order management system is used by money managers, investment advisors, pension funds, mutual funds, state agencies, bank trust departments and insurance companies. Bloomberg AIM is used by both fixed income and equity clients and has global product coverage. AIM is a multi-asset class system and includes fixed income, equities, futures, options, derivatives capabilities.

Bloomberg AIM offers order and execution management, portfolio analysis, risk, compliance and STP. AIM links these components together in a seamless workflow that is tightly integrated into the packaged Bloomberg terminal. The combined solution is fully hosted.

Currently, AIM is employed at over 600 buy-side firms globally. The range of assets under management is from $20 million to $500 billion, with the typical AIM client having between $5 and $50 billion in assets under management.

Bloomberg AIM customers have their own secure encrypted database which houses account and position data. The databases are built and maintained by Bloomberg. The Bloomberg AIM applications run on the same platform as the Bloomberg Professional Service and are provided in an ASP model. Real-time and batch trade, Security Master, and customizable data feeds are sent via TCP/IP and FTP.

The Bloomberg AIM has a dedicated programming, development, support, and sales staff. Bloomberg AIM provides 24/7 global product support. All support is inclusive of the OMS cost.

Bloomberg L.P., founded in 1981, provides news, pricing and analytics via the Bloomberg Professional Service to over 300,000 dedicated desktop terminals globally. Bloomberg AIM is a suite of front-end trade order management and compliance applications offered over the Bloomberg Professional Service.

Bloomberg has forged a unique position within the financial services industry by providing a range of features in a single package; the Bloomberg Professional service. By addressing the demand for investment performance and efficiency through a combination of information, analytic, electronic trading and straight through processing tools, Bloomberg has built a worldwide customer base of corporations, issuers, financial intermediaries, and institutional investors. In addition to providing the Bloomberg Professional service, the company has global news, television, radio, Internet, magazine and book publishing operations.

Bloomberg, headquartered in New York, has over 13,000 employees globally, in over 126 countries with 108 regional offices worldwide.

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COST Client leases the license AIM pricing structure revolves around using the Bloomberg Professional Service as the central application for straight through processing. Front-end software, implementation of trading system, training, related data feeds including Master Security data, and the Bloomberg Gateway are included within the pricing structure Each professional accessing the AIM suite of applications is required to have their own Bloomberg Anywhere subscription. Considerations are made for operations users. AIM Core - $160,000 AIM Plus - $275,000 AIM Lite - $100,000 (for firms with less than $250M in AUM) MODULES Position Management Compliance Trading Ability to rebalance against a benchmark and/or other models Real-time position monitoring Comprehensive on-line reporting and scenario analysis (Crystal Report viewer included) AIM compliance leverages Bloombergs security data to seamlessly integrate multiple pre- and post-trade compliance checks. Minimum exposure to errors because all trades are captured electronically Integrated with Bloomberg Global FIX Network, ECNs, and fixed income trading platforms as well as MarketAxess, Tradeweb, Bloomberg Tradebook, Bloomberg Fixed Income electronic trading applications and Liquidnet Trade files are sent to back office on a real-time and/or batch basis Software license and support for data and communication management Custom data mapping Project management and consulting services An integrated system and data model operating on the Bloomberg terminal to support the middle and back office of an investment management firm. Included in the Operations Platform: o Middle office functionality, reconciliation of any external data source to BBG portfolio accounting and measurement, data aggregation, and reporting THIRD-PARTY INTERFACES Risk Market Data Custodian Accounting Settlement Connectivity Access to Algorithmics advanced simulation engine and sophisticated risk analytics is pre-integrated. Bloomberg Full service hosted connection to SWIFT Network to reach any and all of the SWIFT member institutions as direct point-to-point connection Data interfaces with all industry leading accounting systems (PAM, Portia, Camra, Axys, etc.). Direct interface to Omgeo suite of products, which provides investment managers with real-time central matching of allocations to confirmations. OTHER NOTES OF INTEREST Bloomberg buy-side order management system provides extensive analytics news and quote data. Bloomberg acts as a conduit between the buy-side and sell-side through Bloombergs proprietary order routing network via FIX or other computer-to-computer interfaces. Bloomberg has integrated their full market data service with straight-through processing tools to seamlessly integrate news, analysis, electronic trading, back office interfaces, and data and communication management on a single vendor platform. Bloomberg offers an integrated equity attribution system as part of AIM. Industry standard attribution models are used to evaluate fund performance, evaluate active returns made or lost based on allocation, selection, and currency effects. Bloomberg in conjunction with Algorithmics offers portfolio risk analytics centered around VAR, tracking error, and stress testing. VAR coverage includes scenario-based Monte Carlo and historical VAR methodologies. Modules are sold as one integrated package or as individual components. Bloombergs Gateway software facilitates the integration of AIM data feeds into back-office systems and other downstream applications. AIM also has direct links with custodians and prime brokers. Bloomberg AIM clients can take advantage of Bloombergs global FIX network for routing equity orders to brokers. Bloomberg maintains over 1,000 FIX connections globally.

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Charles River Investment Management System www.crd.com

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Charles River Development provides software, hosting and data services to automate front- and middle-office investment operations for buy-side firms. On premises software and SaaS solutions support portfolio management, compliance and risk monitoring, order and execution management, and access to global liquidity. The company has more than 300 clients in 38 countries in the institutional asset and fund management, alternative, wealth management, insurance, banking, pension and custody markets.

The Charles River Investment Management System (Charles River IMS) is a multi-asset class, multi-currency software solution. Modules are offered individually and as part of a single enterprise platform. Charles River IMS modules automate: decision support and portfolio management; pre-trade, in-trade (at any stage of the trade cycle), postexecution, and end-of-day compliance; order management, electronic trading, and execution management; post-trade matching and settlement; and performance measurement, attribution, and performance risk. Additional components include the Charles River Anywhere browser-based workstation, the fully-integrated Charles River Network for global electronic trading via FIX (Financial Information eXchange) and Charles River TBA for complete automation of TBA processing. Charles River offers integrated application management, hosting, FIX administration, and data services that complement its product offerings to reduce total cost of ownership and maximize the value of Charles River IMS for clients.

The systems architecture consists of both Windows and Web portal clients, a Java middle-tier and back-end data base. Charles River IMS open, standards-based, service-oriented architecture provides connectivity, scalability and low latency. The system is highly compatible with client environments.

Founded in 1984, privately-held Charles River maintains headquarters in Boston (Burlington, MA) and offices in Beijing, London, Melbourne, New York, So Paulo, Singapore and Tokyo and has a local presence in every other major financial center of the world.

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COST Charles River IMS is offered to clients on an annual basis While offered individually, Charles River IMS modules (Charles River Manager, Charles River Compliance, Charles River Trader, Charles River Post-Trade and Charles River Performance) are integrated as a common platform. Charles River Trader and Manager modules are licensed on a lease basis per the number of named users authorized. Charles River Compliance and Performance modules are licensed on a lease basis as a function of assets to be monitored with the software. Charles River Post-Trade is licensed on a percentage basis of annual fees for interfaces. MODULES Portfolio Management Supports multi-manager or team-managed funds, global asset allocation, and wealth management products (SMA, UMA, UMH) Rebalance one or more portfolios to models or individual benchmarks to align positions, generate cash instructions for asset allocation, or adjust new cash inflows Create trades using various methods such as: indices; stock/category level models; cash investing, raising or switching; weight or duration targets; etc. Conduct hypothetical what if analysis and determine risk impact Validate compliance results anytime Streamline workflows by incorporating compliance rules into what if analysis Re-run compliance as of any historical date Pre-built libraries with 1,700+ rules across 35 regulatory bodies of 20+ countries

Compliance

Trading/ Order Management Execution Management Post Trade

Integrated OMS and EMS Streamline complex workflows into one-click execution Act on an entire program as if acting on a single order Access over 500 broker/dealers, 150 liquidity platforms, and 500 algorithms Real-Time Data and integrated watch lists, Level I and II, News, Pre- and Post- Trade TCA Trade Analytics Local and central matching Personalize views and alerts to manage by exception Automatically notify venue or counterparties of a cancel/rebook Real-time performance measurement, attribution and performance risk analysis Enables GIPS compliance Create custom blended benchmarks to accurately reflect investment objectives and/or strategies

Performance Measure/ Attribution/ Risk Web Access

Construct characteristic-based allocation models and custom benchmark portfolios Customize portfolio-, household- and family-generation-oriented views Capture multi-manager, multi-sleeve or multi-discipline targets for UMA accounts THIRD-PARTY INTERFACES

Charles River IMS offers an Open Integration Framework, including tools for rapid integration with third-party and legacy systems. Partial List Accounting System Interfaces Advent Axys and APX DST GPS and InfoQuest Eagle STAR IDS GIM 2 Metavante Princeton ePAM and PAM SS&C Pacer Thomson Reuters PORTIA Data Warehouse Interfaces Eagle Investment Systems PACE Data Interfaces Bloomberg, Interactive Data, Thomson Reuters Post-Trade Interfaces Charles River supplies standard file formats (flat files or XML) as well as a library of exports formats and additional interfaces.

OTHER NOTES OF INTEREST Managed Services and Client Services Additional Notes Complete FIX software administration, connectivity management and support Data Service fully-managed data source Client Services implementation and consulting, 24x7x365 technical support, training /educational services Charles River IMS open, standards-based, service-oriented architecture provides connectivity, scalability, low latency and speed for real-time order management and execution. The system can be deployed as a full desktop application or via the Charles River Anywhere Web portal. Charles River TBA offers complete automation for To Be Announced mortgage pool processing.

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Eze Castle Software www.convergex.com

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ConvergExs Eze Castle Software provides global technology solutions for managing the investment process. Ezes global, multi-strategy order management system (OMS), the Eze OMS, leverages a real-time open architecture to streamline the investment cycle for all asset classes - from idea generation through settlement. The Eze OMS provides functionality to support portfolio management, compliance, trading, and operations in a single platform, and supports intuitive workflows specific to asset class.

Each client is assigned a dedicated team of Eze Consultants located in their geographical region that proactively supports project and account management, ongoing training, and production support for all products and services. Also included is centralized connectivity support including connection development, certification, implementation, and connection and network monitoring. With over 85% of its employees devoted to development, implementation, and support of software products, Eze ensures clients are fully supported at all levels.

Eze Castle Software is a wholly owned subsidiary of ConvergEx Group.

The Eze OMS is comprised of four seamlessly integrated modules:

Eze Portfolio Management The Eze OMSs Portfolio Management module enables portfolio managers, investment committees, and traders to seamlessly hand off investment ideas, models, and information.

Eze Compliance The Eze OMSs Compliance module provides a corporate-wide solution to meet pre- and post-trade compliance needs.

Eze Trading The Eze OMSs Trading module includes flexible, real-time multi-asset trade blotters with an embedded EMS and intuitive, instrument-specific workflows.

Eze Operations The Eze OMSs flexible and scalable Operations module offers clients a fund expense and commission management tool, secure third-party data interfaces, comprehensive reporting and auditing, and system monitoring.

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COST Client leases the system The Eze OMS is available to clients on a subscription basis and includes all support, maintenance, and training. Cost is based on number of users. MODULES Eze Portfolio Management Modeling & Rebalancing Global and flexible portfolio investment strategy and security modeling What if benchmark analysis Real-time Analytics Real-time, event-driven P&L and exposure attribution by security, portfolio, group, asset class, country, sector/industry, and strategy Compliance checks at any level - security, portfolio, portfolio group, strategy or asset class Real-time alerts View drill-down of alerts Order Management: Intuitive, asset-class specific workflows Single-screen order generation and allocation Integration with market data and TCA vendors directly into blotter Execution Management: Single-click execution in over 65 global markets Embedded TCA Electronic trading with over 500 destinations 650+ algorithmic/trading strategies Electronically trade equities, options, futures, swaps, and FX Third-party Interfaces 250+ established interfaces to accounting systems, risk systems, Custodians, Prime Brokers, Administrators, and industry utilities including batch and API Reporting and record keeping Complete audit trail Flexible and comprehensive reports Commission management Comprehensive system for planning, monitoring, and reporting on the brokerage commission allocation process Eze Alerts Configure, display, and send alerts on virtually any data element in the system Eze Data Feed Console Centralized location for managing connections to third-party data providers THIRD-PARTY INTERFACES Eze has interfaces to nearly every vendor in the following areas: Accounting Systems Administrators Compliance, Regulatory and Benchmarks Market Data Portfolio Management, Research Management, Risk and TCA Systems Post-Trade Processing Prime Broker and Custodians OTHER NOTES OF INTEREST Eze Mobile for iPad is a native iPad application that allows users light remote access to critical analytics and compliance functionality in the Eze OMS. Eze offers a service-oriented, event-driven architecture leveraging .NET technology. This open architecture is flexible to support client growth and changing market demands. The current Eze OMS Product Roadmap consists of several strategies including enhancing support of multiple asset classes, enhancing functionality for compliance and risk mitigation and analytics, enhancing the portfolio management and optimization offering, and continuing to build interfaces with leading vendors to meet client needs across the entire investment lifecycle. Ezes client service model is based on a regionalized support concept and is provided at no extra cost. Each client is assigned a team of consultants (Ezes term for account manager/client service) who work directly with the client to manage implementations, upgrades and training, and provide ongoing phone and on-site support. Eze support also includes workflow analysis, and proactive centralized monitoring and support of third-party interfaces and FIX connectivity.

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Fidessa LatentZero www.latentzero.com

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Fidessa group is a leading supplier of multi-asset trading, portfolio analysis, decision support, compliance, market data and connectivity solutions for firms involved in trading the worlds financial markets. Fidessas products and services are built on the simple vision of making it easier to buy, sell and own global financial assets of all types. Fidessa group is listed on the London Stock Exchange (symbol FDSA) and is a FTSE 250 company. Fidessa employs 1,500 people globally. Fidessa LatentZero - Fidessa for the Buy-side Founded in January 1999, Fidessa LatentZero was acquired by the Fidessa group in April 2007. Fidessas buy-side solutions are used by nine of the worlds ten largest asset managers plus many smaller and alternative managers. More than 9,000 portfolio managers, traders and compliance officers rely on Fidessas solutions to manage a collective asset base of over $8 trillion. Fidessas products are supported by connectivity to the DMA, algorithmic, program and care order execution destinations of over 530 brokers across 134 markets worldwide, via Fidessas global network, as well as numerous ATSs for equities, fixed income and FX. Front Office Solutions for the Buy-side The LatentZero suite provides an integrated set of products covering portfolio management, order and execution management and compliance. Sophisticated workflows support all asset classes including equities, listed and OTC derivatives, fixed income, money markets and FX. LatentZero can be installed as a single system, or any combination of modules may be implemented. Tesseract for portfolio slice and dice, real-time P&L, strategy management, modeling, what if scenarios and order generation Minerva OEMS for order management, trading and post trade processing Sentinel for pre- and post-trade investment compliance Workstation for broker-neutral market connectivity and execution capabilities, along with integrated real-time market data. A fully hosted out-of-the-box solution. Typical clients include institutional asset managers, fund managers, and hedge funds that manage a diverse set of holdings including equities, fixed income, and derivatives (OTC and exchange-traded). Clients are located in North America (US and Canada), South America, U.K./Europe, Far East (China, Japan and Singapore), and South Africa. 20 percent of clients are small asset managers (<$10 billion in assets, approximately) 25 percent of clients are mid-size asset managers ($10-49.9 billion in assets, approximately) 55 percent of clients are large asset managers (>$50 billion in assets, approximately)

The Service Oriented, Event Driven technical architecture (SOA/EDA) which underpins LatentZero is state-of-the-art and works seamlessly with any other front, middle or back-office technology. It provides a 24X7 high performance solution that is scalable, can be implemented globally and is easily integrated with legacy systems.

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COST The LatentZero Suite has an annual license fee based upon many factors including number of users, locations, and modules licensed. 10-User License ranges from $140,000 to $340,000 annually. 20-User License ranges from $190,000 to $340,000 annually. 40-User License ranges from $280,000 to $450,000 annually. Support and maintenance fees are included in the annual license. MCS Managed Connectivity Services is priced separately as a monthly service fee for the FIX managed service. Workstation is priced on a terminal by terminal fee, and the market data (exchange) fees are passed through for the enabled markets. MODULES Portfolio Management Tesseract is a portfolio analysis, modeling and order generation system that supports the full investment management process from asset allocation through to implementation of investment decisions. Coverage of multiple asset classes including equities, fixed income, derivatives (exchange and OTC), money market and foreign exchange. Sentinel enables asset managers to automatically detect and prevent breaches of client, regulatory and management investment restrictions on a pre-trade and post-trade basis. Minerva OEMS is a state-of-the-art order management and trading system for asset managers that provide comprehensive order management (OMS) and execution management (EMS) in a single system. Workstation is a fully hosted out-of-the-box system integrated with market data, allowing for instant connectivity to over 530 brokers, across 134 markets. Access to liquidity sources through algorithmic trading services and connections to multiple ECNs and execution venues using the FIX protocol. Minerva and Workstation are broker-neutral platforms. THIRD-PARTY INTERFACES LatentZero provides a robust and easy-to-use suite of adapters and APIs to facilitate integration with clients systems. Fidessa LatentZeros systems integration team assists clients in efforts to integrate with any network, data source, or application. Workstation comes with a comprehensive set of development interfaces including FIX, .NET API, drop copy and custom API for black box trading engines. Market Data LatentZero: Real time pricing and market data interfaces with Reuters, Bloomberg and Markit partners. Workstation: Utilizing Fidessas ticker plant, Workstation offers L1, L2, depth for global equity and listed derivatives, fundamentals, IOIs, sector data Other Systems Instinet Newport, ITG Quantex/POSIT, Lava, Liquidnet, NYFIX, FXConnect, FXAll, Currenex, NYSE, ARCA, TradeXL (Morgan Stanley), Goldman Sachs Futures, eXtraTrade (JP Morgan Futures), Omgeos OASYS, CTM, Cameron Systems, and others. Comprehensive partnerships with leading brokerage firms algorithmic trading platforms. OTHER NOTES OF INTEREST Fidessa offers a combination of technology, quality people, and client partnerships. This combination allows Fidessa to produce functionally rich products that run on a variety of platforms and meet the demanding needs of a diverse client set. Overall Strengths: Comprehensive multi-asset class support including complex OTC derivatives Broker-neutral hosted EMS Workstation Superior architecture for scalability and global deployment Intuitive user interface/look and feel, highly customizable trade screens, and richness of functionality make it adaptable to any asset class, investment style, and workflow.

Compliance Trading

Electronic Trading

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INDATA www.indataweb.com

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TM

iPM Trading , INDATA's broker and network-neutral OMS, links traders with portfolio managers, executing brokers, compliance and back office staff in real-time, resulting in error-free trading. iPM Trading
TM

is part of the iPM Suite of

products. The system is available as an in-house or cloud solution with full technology outsourcing.

iPM Compliance, part of the iPM Suite, proactively monitors pre- and post-trade compliance, as well as operational risk issues, in real-time and automatically alerts compliance officers when a compliance issue requires additional oversight or special handling. iPM compliance also provides sophisticated data management capabilities to ensure accurate and timely data for compliance officers.

Guided Workflow, a key component of iPM Compliance, allows firms to document and track operational procedures for compliance, trading, and back office events. When Guided Workflow is implemented, all procedures and processes are time-stamped by user and become part of the systems audit trail, which can be accessed rapidly to demonstrate complete transparency of the investment process. iPM Compliance also provides expanded capabilities for custom rule creation with the ability to back-test rules. INDATA is a leading industry provider of software and services for buy-side firms, including trade order management (OMS), compliance, portfolio accounting and front-to-back office. INDATA's iPM - Intelligent Portfolio Management technology platform allows end users to efficiently collaborate in real-time across the enterprise. The companys mission is to provide clients with cutting edge technology products and services to increase operational efficiency while reducing risk and administrative overhead. INDATA provides software and services to a variety of buy-side clients including asset managers, registered investment advisors, banks and wealth management firms, pension funds and hedge funds. Assets under management range from approximately $25 Million to over $80 Billion across a variety of asset classes (i.e. equity, fixed income, etc.) both domestic and international.

INDATA was founded in 1968.

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COST iPM Trading has a licensing fee for the first year with a recurring fee for service and maintenance based on the number of concurrent users and modules used. iPM Trading pricing is competitive with other OMS vendors. All version upgrades are included in the client agreement with no additional costs. In addition, INDATA maintains a full services offering that allows OMS clients to outsource their system administration. MODULES Portfolio Modeling, Compliance and Analytics Robust portfolio modeling and rebalancing Comprehensive what if analysis across asset classes Multi-security swapping features along with condition if/then order generation Multi-currency, multi-asset including extensive tools for short strategies and 130/30 fund management Tax lot tracking tools for tax-efficient portfolio management and trading strategies Efficient family and group trading capabilities Fully integrated analytics including risk, attribution, fundamental data, etc. Real-time pre and post trade compliance monitoring including regulatory compliance Easy to use Compliance Wizard for rule setup and maintenance What if scenario for compliance rules and real-time checks Easy rule customization

Real-Time Pre and Post Trade Compliance Electronic Trading

Links traders with portfolio managers, executing brokers and back office in real-time, resulting in error-free trading Real-time blotter analytics with complete integration of live pricing and analytical data from third-party providers and other EMS functionality including effective program and list trading tools. Extensive connectivity with established algorithmic trading providers and dark pools Integration with third-party TCA providers Handles all fixed income security types. Specialized trading modules for mortgage/asset backed and cash management, interest rate swaps and credit default swaps. THIRD-PARTY INTERFACES

Fixed Income/ Derivatives

Portfolio Management

Single SQL database for users of iPM Back Office, INDATAs multi-instrument, multi-currency portfolio management system. Other interfaces include Advent Axys, Advent APX, GIM 2000, Pacer, PORTIA, CheckFree Security APL, FIN, All SunGard (PORT, Portfolio One, etc.), all trust accounting systems from SunGard (AddVantage, Charlotte, etc), SEI, InfoVisa and most other portfolio accounting systems. Any vendor that supports File, DDE or FTP linkages (i.e. Telemet, Thomson One/Reuters, etc.), Bloomberg Data License interface, FT Interactive Data, CMS BondEdge, StockVal, FactSet, Baseline, Vestek, etc. INDATA provides automated custodian interface tools. Omgeo interface (i.e. Oasys, TradeSuite); T+0 DTC Module; Omgeo CTM, Brown Brothers Infomediary ITG, Instinet, ARCA, REDIPlus, Liquidnet, ITG Channel, etc.

Market Data Trade Settlement ECNs, ATSs, Broker Front Ends Algorithmic Trading FIX Networks/ Other

Most established brokers. Dominant platforms include Credit Suisse AES and ITG. State Street Global Link, NYFIX, TradeWeb, SunGard, TNS. In addition to FIX, full support of XML based interfaces. OTHER NOTES OF INTEREST

iPM Trading is a broker neutral OMS with a network neutral solution. In addition, INDATA provides additional modules as part of the iPM suite of products including: o Optional multi-asset, multi-currency portfolio accounting module with integrated custodial reconciliation tool and billing system o GIPS compliant performance measurement, including daily performance measurement and attribution against major benchmarks with complete client reporting module o Web-based front office tool for holistic client view which integrates OMS, portfolio management, performance and attribution alongside full CRM (Client Relationship Management) functionality INDATA offers iPM Trading as both a cloud and in-house solution. INDATAs cloud product is mature and has been selected by leading global asset management organizations.
Capital Institutional Services, Inc.

Linedata Longview www.linedata.com

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Linedata Longview is an award-winning order management system providing a highly configurable and comprehensive global trading system to support the needs of portfolio managers, traders and compliance officers. Over 150 clients including ten of the top 25 global asset managers rely on Linedata Longview to help optimize portfolios, make trading decisions and execute transactions. Linedata Longview provides seamless integration to hundreds of trading destinations globally, and supports the most critical investment workflows from portfolio management to post-trade.

Linedata Longview streamlines the trading process with leading-edge electronic trading functionality for all asset types. Linedata Longview offers innovative trading opportunities using embedded partner algorithms through its Liquidity Alliance Program and full operations and support to all vendor venues and platforms (DMA, ECNs, ATS, dark pools) through our Linedata Lynx service.

Linedata Compliance is a global, enterprise-wide compliance monitoring and breach management solution that focuses on the complex business requirements and workflows of compliance officers, asset managers, and fund administrators. The real-time system offers advanced pre- and post-trade compliance checking, as well as comprehensive monitoring and flexible reporting capabilities across all markets, regulatory agencies, and asset types. Linedata Compliance also provides comprehensive monitoring of investment restrictions including client, firm, prospectus, and regulatory mandates.

Linedata Compliance offers speed, flexibility, and scalability by using an N-tier, multi-threaded architecture and is both a scalable and affordable solution for firms of all sizes. The system may be operated as a stand-alone compliance product or integrated with existing front- and back-office systems, and is offered as both a hosted (ASP) and deployed solution.

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COST Client has three options 1. License purchase 2. License lease 3. ASP license Pricing for Longview Trading with pre-trade compliance only is based on the number of users on the system. Linedata Compliance, which includes post-trade compliance, is based on accounts or AUM. Maintenance costs are covered in the lease plan. Maintenance cost for the purchase plan is approximately 20 percent of the license.

MODULES Portfolio Modeling Full multi-currency support What if scenarios Rebalancing of accounts and account groups against pre-defined models

Compliance

Linedata Compliance offers speed, flexibility, and scalability through its N-tier, multi-threaded architecture. The module is available as an integrated pre- trade function or as a stand- alone compliance engine. Longview Live An integrated trading solution that combines market data, advanced trading tools, and commission management. Fixed income Offers full straight through processing with all major electronic fixed income trading venues. Drag-and-drop orders to any FIX-compliant broker, ECN, or ATS Create and manage baskets, lists, and programs Real-time IOIs fully integrated into the blotter THIRD-PARTY INTERFACES

Trading

Portfolio Management

Longview Trading interfaces with more than 20 different accounting systems and has interfaces to easily format files for any back-office system and/ or real-time XML interfaces.

Market Data Custodians Other

Longview Trading has the ability to interface via XML or local APIs with any pricing and market data vendors. Longview Trading can pass a custom-formatted file to custodians. Longview Trading has standard interfaces to support products such as OASYS, CTM, OASYS Global, algorithmic trading, direct market access, and transaction cost analysis.

OTHER NOTES OF INTEREST Longview Trading has strong portfolio modeling capabilities and a strong international presence. Longview Trading can be provided as an ASP-hosted solution. Thirty percent of clients employ the hosted model. Longview Trading and Linedata Compliance have N-tier architecture in production, allowing for large-scale global implementations. Longview offers a single point of contact for electronic trading through its Lynx service, which provides full support from order generation through the FIX software, across any network providers in use, all the way to the sell-sides FIX engine.

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Macgregor XIP www.itg.com

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Macgregor XIP is a global software solution for integrated portfolio management, compliance, and trading designed to maximize user functionality, agility, and speed while providing superior enterprise processing and controls. With its seamless integration with Triton, ITGs award-winning EMS, Macgregor XIP combines comprehensive OMS capabilities with cutting-edge EMS functionality. The system is customizable, extensible, and easily integrated with other applications. For a complete investment management solution, optional integrated tools are available for pre-trade analytics, global FIX routing, post-trade measurement, and post-trade processing. Key features include: Electronic Trading Supports a dynamic and ever-evolving market environment with electronic trading and algorithmic capabilities, functionality for single stocks and lists, numerous global connectivity options, and tools for easy summarization and allocation in an environment of increasingly smaller fills. Portfolio Management Includes numerous tools for conducting what if analysis, modeling and rebalancing, managing cash flows, conducting swaps and hedges, and optimizing portfolios for maximum performance. Compliance Conducts real-time compliance monitoring, pre-trade testing, and post-trade reporting when integrated with ITG Compliance to ensure portfolios adhere to global investment guidelines, regulations, and firm policies. ITG Compliance speeds research and resolution whenever potential compliance exceptions are detected. Broad Security Coverage Supports multi-currency, multi-asset trading, including the ability to specify any underlying base currency at the system, account, or portfolio manager view levels. Includes specialized functionality for fixed income securities, wealth management, hedge funds, and other exacting investment strategies. Customized Workflow Offers the functionality and customization options to meet the most esoteric workflows whether you need to conduct tax-influenced management, manage a long-only portfolio, or diversify using numerous complex derivatives. Integrated Data and Applications Integrates easily with multiple applications and makes all Macgregor XIP data available within the external application. For example, a standard Excel integration allows for real-time updates. Built-in APIs allow selections in the core application to be signaled to client extensions or web-based applications. Extensible Extensible using .NET plug-ins and extensions, Macgregor XIP can be customized easily to accommodate a firms trading, portfolio management, compliance, and operational preferences. In addition to web services-based integration with proprietary and third-party systems, Macgregor XIP provides both a front-end and back-end API that allows access to the underlying business logic and the ability to truly tailor the application.

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COST Client licenses the application Overall costs vary based on the number of licenses. Maintenance costs are included in the lease program. The FIX module is added to and included in the lease payment. MODULES Portfolio Management Customize portfolio holdings views in a spreadsheet-style grid featuring flexible aggregation/hierarchy/classification schemes and in-cell editing for easy order creation Model and rebalance to target against indexes, statistical models, composites, and cash flows Perform what if analysis with integrated real-time market data to determine the pre-trade impact of proposed orders ITG Compliance (optional) is integrated into the clients workflow to assist in the notification of exceptions at any step in the order creation and trading process. ITG Compliance is available integrated or as a stand-alone system. The ITG Compliance rule builder easily supports regulations and rules commonly found in IMAs. ITG maintains common regulatory rule sets for the U.S., Canada, and Europe. Locate liquidity quickly with global electronic connectivity to exchanges, ATSs, ECNs, numerous broker algorithms, and optional access to over 400 broker destinations through the ITG Net (formerly MFN) FIX network. Extensive, Execution Management System (EMS) capabilities. Access to numerous broker sponsored algorithms as well as the POSIT crossing suite. Analyze execution costs and broker performance through integrated ITG Logic and ITG TCA (optional) THIRD-PARTY INTERFACES Portfolio Management Generic import and export facilities are provided to help integrate Macgregor XIP with each clients portfolio accounting system(s), analytic system(s), and data warehouses. Off-the-shelf interfaces are available for popular accounting systems such as Advent Axys, Princeton, Portia, and others. Macgregor XIP provides access to real-time market data via pricing feeds from Bloomberg and Reuters. Macgregor XIP provides integration with both TradeWeb and Market Axess fixed-income trading platforms. Optional ITG Trade Ops integration automates global post-trade securities matching and settlement notification through service bureau connectivity to the industrys post-trade utilities and financial counterparties. ITG Trade Ops manages all infrastructure for SWIFT, FIX, and Omgeo communications on an ASP basis. A webbased monitor provides you with transparency and control over the process. OTHER NOTES OF INTEREST Macgregor XIP supports all asset types including fixed income, equities, and derivatives. The range of assets under management is from $2 billion to over $750 billion, with the typical client having greater than $70 billion in assets under management. The typical client has more than 30 licensed users and more than 40 FIX connections to sell-side counterparts. ITG provides professional services to either build or assist in the building of custom interfaces. This service is provided on a time and materials basis. Macgregor XIP is fully integrated with ITG Net for electronic communication of FIX IOIs, orders, executions, and post trade allocations. It includes end-to-end support, testing, and certification of all broker and ECN connections. The Macgregor XIP database server runs in the following configurations: o Microsoft Windows Server, Sun Solaris or HP/Unix running Sybase or Microsoft Windows Server running SQL Server. Workstations run in the following configuration: Microsoft XP or Windows 7.

Compliance

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Market Data Fixed Income Other

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SunGard Asset Arena www.sungard.com/assetarena

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SunGards Asset Arena is a suite of front-to-back-office solutions that support the entire life cycle of investment processes and operations. Serving asset managers and third-party administrators, Asset Arena offers components, which can be used alone or integrated, for trading, compliance, investment accounting, portfolio management, pricing validation, and performance measurement and attribution. Asset Arena components provide the following functionalities which can be implemented together or separately: Asset Arena Portfolio Management Decision support for investment managers Asset Arena Trading Global electronic trading and order management for asset managers Asset Arena Compliance Pre-trade, post-trade, and end-of-day compliance for asset managers Asset Arena Performance Performance measurement and attribution for asset managers Asset Arena Investment Accounting Suite of service oriented architecture components that supports the whole investment process Asset Arena Pricing Services - Takes raw data from customers chosen data vendors and subjects it to a rigorous validation process. It also collects, reconciles and validates broker and counterparty data. Licensed by global institutional asset managers, Asset Arena helps to meet the needs of mutual funds, insurance portfolio, pension funds and hedge funds. Client assets range from $10 billion to over $300 billion. Asset Arena supports global organizations with multi-locations in the US, Europe, Asia, and South Africa. Asset Arena supports multiple asset classes, multi-currency transactions, and multi-site, high-volume operations. It is designed to integrate with the external and internal systems needed throughout the trade life cycle: trading platforms, brokers, data feed providers, back office systems, custodians and more. In addition clients utilize Asset Arena in a secure cloud environment. Approximately 70 percent of Asset Arenas customer base use hosted solutions, where global data centers provide unsurpassed reliability and speed. Asset Arena connects with other SunGard solutions and other best-of-breed applications to offer a front-to-back environment. The combination of Asset Arena front- and middle-office capabilities with Asset Arena Investment Accounting components provides an end-to-end solution for the global asset manager. Asset Arena also connects to Adaptiv the SunGard integrated solution for cross asset trading, market and credit risk management. Asset Arena is marketed by SunGard Institutional Asset Management, a division of SunGard Data Systems Inc. SunGard Asset Arena Trading employs over 150 professionals dedicated specifically to these components. SunGards Professional Services team helps clients: consolidate and modernize systems to respond to new business demands and drive down costs associated with antiquated technologies and underutilized staff, design and automate new operating models to handle emerging financial products, markets and regulations, and streamline existing operations, front to back. Their global support organization provides 24/7 client coverage. Asset Arena, with world headquarters in Boston, MA, is currently licensed at over 45 leading institutions in North America, Europe, Asia and South Africa.

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COST Asset Arena cost is based on multiple criteria and is always evaluated based on the specifics of a project. Criteria used in price determination are based on: Installed or serviced (ASP) implementation Purchase license or lease Type of modules required (Trading, Compliance) Number of locations Number and type of users Asset Arena provides a scaled pricing approach where clients can purchase a package of mixed modules as well as group of users (additional packages can be purchased as the business evolves). Annual maintenance is approximately 20% of the purchase price. MODULES Portfolio Management One central position keeping engine for all asset classes that tracks executed trades and pending orders. Also provides a full audit trail. Helps to analyze and evaluate complex portfolios Portfolio modeling and rebalancing capabilities: asset allocation, what if simulations Large instruments coverage Access to real-time market data Full pre- and post-trade compliance checks help firms comply with regulations and market practices Extensive set of country rules packages provided Rules Wizard to easily create and manage internal rules Standard compliance PDF reporting Provides order management, trading and market connectivity to achieve best execution Access to all execution venues: ECNs (Electronic Communication Networks) via certified FIX connectivity Direct market access to trading platforms Highly customizable trading blotter Fixed-income OTC blotter Basket trading Algorithmic trading Post-execution services (CTM OMGEO) Transaction cost analysis Interactive real-time access to market data THIRD-PARTY INTERFACES Portfolio Management Market Data Custodians Other Asset Arena integrates with many portfolio accounting systems using an open API. Partial list of existing systems includes: Asset Arena Investment Accounting, Portia. Asset Arena supports real-time connections to multiple data providers. Partial list of supported connections includes: Bloomberg, Reuters, Finalim, and FactSet. Asset Arena's open architecture allows for interfaces to be easily written to any external system. Asset Arena extracts the data from a central database and formats as required for the client interface. FIX connection (for order routing, execution and allocation all asset types) Omgeo OASYS Omgeo Global OASYS Omgeo CTM SunGard Adaptiv OTHER NOTES OF INTEREST Has multi-currency capabilities and the ability to handle all asset classes Asset Arena compliance and trading services can be implemented using web-services interface Includes built-in pricing and valuation engine Provides ad-hoc historical transactions, positions, prices, valuation, and more Powerful and flexible portfolio position engine Extensive electronic connectivity Partnership with TradingScreen (EMS) for sophisticated market connectivity and execution strategies.

Compliance

Trading

The company continues to heavily invest in R&D, maintaining a leading position with its modern architecture and technology, adapting Asset Arena to the changes in both the financial and the technical worlds.
Capital Institutional Services, Inc.

1601 Elm Street Suite 3900 Dallas, Texas 75201 800.247.6729 www.capis.com Member: NYSE, FINRA, SIPC

The purpose of this report is to provide information about services to our clients, as well as put vendors and potential users in touch with each other. It is not an offer to sell. Pricing is provided for informational purposes only. The information in this report has been carefully compiled from sources believed reliable; however, CAPIS does not warrant the accuracy of the information or suitability of the services for a particular use. 2012 Capital Institutional Services, Inc.