1. FIA Expo 2003 Twist & Route: The Order Routing Story FIA Expo November 7, 2003

2. FIA Expo 2003 Our Panelists Leslie Sutphen, Financial Markets Consulting, Inc. John DeMartino, Goldenberg Hehmeyer Dale Martin, Cargill Investor Services, Inc. Tim OShea, FIMAT USA, Inc. Bill Sexton, Refco LLC

3. FIA Expo 2003 History of Customer Order Routing Practices Most Active Users Trends in Usage –Dedicated lines vs. Internet –Screens vs. Black Box Trading –Multi-asset Class Predictions for the Future

4. FIA Expo 2003 Optimal Order Routing Solution by Customer Hedge Funds/CTAs Proprietary Traders Retail/Private Client Institutional Investors

5. FIA Expo 2003 Management of ISV Relationships Customization and Ownership of IP Interdependencies –Financial –Strategic –Customer Coverage Support and Exchange Updates

6. FIA Expo 2003 Impact of Other Trends Demand for API Access Cross Asset Trading and Risk Management Introduction of ASP Models Adoption of FIX Protocol and Other Standardization by Exchanges Integration with Back Office and Development of STP