Futures Industry Association EGUS Phase 2 Briefing 20 June 2007

2 Contents EGUS Stats EGUS Phase 1 Enhancements Phase 2 Review EGUS Milestones and Timeline EGUS Advisory Board

3 EGUS Agreement Growth – Cumulative Cumulative FebMarchAprilMay EGUS-Generated User Uploaded Mass Uploaded Total

4 EGUS Agreement Growth – New New FebMarchAprilMay EGUS-Generated User Uploaded Mass Uploaded Total

5 EGUS Agreement Growth

6 Days to Executed Agreement

7 Agreement and Rate Feed  Agreement Summary –Production or Test –New or Change –Agreement ID, EGUS Group ID, Prior Agreement IDs –Customer Reference ID and Agreement Type –Dates: Creation, Approved, Last Modified, Effective, Termination –Bill Who (CB, Customer, Trader) –Profit Center  Agreement Brokers: Executing Broker and Clearing Broker  Agreement Clearing Accounts: Effective & Expiration Dates  Agreement Executing Accounts: Effective & Expiration Dates  Rate Schedule –Exchange, Product Group or Product Code –Rank, Trade Type, Spread Type –Rate Type (%, Flat, Rate, Volume Discount) –Tier Start, Period –Future or Option or Both –Rates: Client-Electronic, Client-Voice, Desk-Electronic, Desk-Voice –Rate Currency –Payment Method – “Direct”

8 Phase 1 Enhancements  Ability to upload large list of clearing account numbers.  Ability to turn on/off agreement fully executed alert.  Allow all parties to approve “before non-conformed" parties to enable sending PDF approved by all conformed parties to non- conformed party).  Ability to switch between acting as customer/trader party and broker party without two user ID or logging in/out.

9 Agreement and Rate Feeds  Permission to retrieve your own party information –If institution has multiple parties must retrieve each party separately  Must permission GPS, GAINS, eGAINS to retrieve your feed  Agreement Accounts with Effective & Expiration Dates –Some systems cannot handle dates. Accounts expired change immediately (assumes all changes done in arrears).  Feed relies on Reference Feeds to Uniquely ID –EGUS Party code – XB and CB –Exchanges –Product Group and their Product Codes for each Exchange  No Billing Addresses. Assume already in downstream systems.

10 Reference Feeds  Each vendor / system responsible for mapping EGUS codes to their matching item.  Initial mapping critical task done once  Each feed time-stamped so only need to map additions on periodic basis (daily, weekly) – still manual task  EGUS Party code –Uniquely identifies each EGUS broker (XB and CB)  Exchanges –Uniquely identifies each Exchange  Product Group and their Products for each Exchange –Uniquely identifies each Exchange’s Product Group –Uniquely identifies each Product in the Product Group

11 Tools – Maintain Rate Schedule

12 Tools – Maintain Rate Schedule - Tiers

13 Tools – Maintain Rate Schedule - Review

14 Tools – Maintain Rate Schedule  Prepare Rates Schedules at any time (even in advance)  Requires separate permission to maintain rate schedules  Rate Schedule COPIED to Agreement (not linked)  Not all features of all systems supported – User Beware!  Trade Type –B = EFP Block Trade –E = Exchange for Physical –N = Exchange for Risk –T = Exchange for Swap –Or blank  Spread Type –S = Spread –6 = Pit Spread –Or blank  Indicate “Direct” Bill for an exchange –Used when “Bill to CB” selected and you want to bill directly and not use GPS, GAINS or eGains.

15 Agreements – Accounts & Rates

16 Agreements – Accounts & Rates

17 Agreements – Accounts & Rates  Critical screen for agreement and rate feed –Proper, quality entry of accounts  Copy Rate Schedule from another agreement  Copy Rate Schedule from template in Rate Schedule Library  Upload a PDF – BEWARE! –Does not feed downstream systems –Manually enter agreement (old fashion way) in downstream systems  Link Executing Accounts to Clearing Accounts for GPS, if needed

18 *** Procedural Considerations ***  Today 1.Processors customize agreement language 2.Processors attach Rate Schedules 3.Account Numbers entered by Processors are sometimes not final 4.Rate Schedules ENTERED into billing systems after agreement executed  Tomorrow: To feed systems requires accurate rate schedules & accts 1.Processors customize agreement language 2.Processors attach Rate Schedules –NEW! Rate Schedules maintained by ??????? –NEW! Rate Schedules maintained in EGUS – NEW role “Mnt Rate Schedule” 3.Accounts Numbers entered before Final Approver would be nice as account numbers feed to downstream system every time they change 4.Rate Schedules FEED to billing systems after agreement executed

19 EGUS Phase 2 Milestones - Completed 12 January 2007Phase 2 Vendor Meeting 14 March 2007Phase 2 Vendor Working Meeting 2 March 2007Phase 2 Spec #1 - Distributed for Review 20 March 2007Phase 1 and Phase 2 Review - London March 2007Phase 2 spec review and comments 11 April 2007Phase 1 and Phase 2 Review - NY 13 April 2007Phase 1 and Phase 2 Review - Chicago 23 April 2007Phase 2 Spec #2 - Distributed for Review May 2007Phase 2 spec review and comments 22 May 2007Phase 2 Spec Final - Distributed for Review

20 EGUS Phase 2 Milestones - Schedule June 2007Technical Development EGUS 2.0 begins 6 June 2007Phase 2 – Ops and Billing change session - London 12 June 2007Phase 2 – Ops and Billing change session - Chicago 20 June 2007Phase 2 – Ops and Billing change session - NY August 2007XML Rate & Agreement Feed (QA only) August 2007Maintain Rate Schedule Screens (QA only) September 2007Distribute Reference Data for Mapping October 2007Phase 2 System Testing November 2007Phase 2 User Acceptance Testing November 2007Phase 2 External System Test #1, #2, etc

21 EGUS Advisory Board  Banc of America—Mike DiBenedetto  Barclays—Peter Fenner  Bear Stearns—Barbara Russo  Calyon—Angelique Murphy  Citigroup—Anna Mancilla  Credit Suisse—Tom Lehrkinder  Deutsche Bank –Peter Carson  Fimat—Kevin Zwart  Fortis—Mike Nowak  Goldman Sachs—Irene Galvin  JPMorgan—Conor Sherrard  Lehman—Ron Filler  Man Financial—Kim Gondra  Merrill Lynch—Wendell Kapustiak, Chairman  Morgan Stanley—Michael Stein  Prudential Bache Commodities—Joe DeJohn  RBS Greenwich Futures—Gloria Wadsworth  UBS—Sarah Viner  JWH—Nathan Roberts  Tudor—Andy Flynn

22 Contacts David May Markit +1 (312) FIA +1 (202) Mary Ann Burns Krystal Atha David Wilson