2014 TRADERS MANUAL - Advantage FuturesColocation Services Colocation offers an attractive method...

2014TRADERSMANUAL

CONTENTSGENERAL INFORMATION

ABOUTADVANTAGE 4 SELECTINGAFUTURESBROKER 5 OPENANACCOUNT 7 TRADINGFACILITIES 8 EXCHANGECONNECTIVITY 10 HARDWAREASSESSMENT 12 SERVERCOLOCATIONSERVICES 13 AUTOMATEDTRADING 14 EXECUTIONSERVICES 16 RISKMANAGEMENT 17

EXCHANGES EXCHANGEMEMBERSHIPS19 CMEIndividual 20 CMECorporate 22 CMEElectronicCorporate 24 CBOTIndividual 26 CBOTCorporate 28 CBOTElectronicCorporate 33 NYMEX/COMEXIndividual 35 NYMEXCorporate 38 COMEXCorporate 40 INCENTIVEPROGRAMS 42 PRODUCTINFORMATION 54

FRONT-END TRADING APPLICATIONS OVERVIEW 62 COMPARISONCHART 64 CQG 66 CUNNINGHAMTRADINGSYSTEMS(CTS)70 NINJATRADER 72 OPTIONSCITY 74 ORC 77 PROOPTICUS 79 RTSREALTIMESYSTEMS 82 STELLARTRADINGSYSTEMS 84 SUNGARDGLTRADE 87 TRADINGTECHNOLOGIES 88

OTHER INFORMATION FRONT-ENDAPPLICATIONASSISTANCE 91 EDUCATION 92 EDUCATIONALSEMINARS 95 INSIDEADVANTAGE 96 EXCHANGEASSISTANCE 97 ADVANTAGEFUTURESASSISTANCE 99

ADVANTAGE FUTURESInthepasttenyears,AdvantageFutureshasprocessedover2.8billionclientcontracts,makingusoneofthehighestvolumefirmsintheindustry.Ourskilledanddedicatedpersonnelprovidethemostcomprehensive,technology-drivenclearingandexecutionservicestoenablesuccessfulandefficienttrading.

WhenyouopenanaccountwithAdvantageFutures,younotonlytrade,youTradeUp--toquickerconnections,superiorserviceandcompetitivepricing.Someofourhighlightsinclude:

• Multipletradinglocations• Six+datacenters• 24-hourGlobalExecutionDesk• 24-hourtechnologysupport• Dedicated,responsiveclientserviceteams• Internationalexchangeaccessthroughdirectclearing

memberships• Supportformajorfront-endplatforms• Technologyconsultationincludinghardwareanalysisand

implementationservices• FullyredundantbackofficesystematourBusiness

Continuity/DisasterRecoveryCenter• Accesstotradingfloor-basedexecutionteam• Over$511millioninclientfundsondepositinDecember

How to Select Your Futures Broker

Selectingtherightfuturesbrokerminimizespotentialheadachesalongtheway.Intoday’smarketenvironment,researchingthisdecisionhasbecomeincreasinglycriticaltoyoursuccess.

YourFuturesBrokerChecklist:

SUPERIOR TECHNOLOGY INFRASTRUCTURE• Redundantdatacenters• 24-hourITsupport• Internationalservercolocation• Real-timenetworkmonitoring• Lowlatencytrading• Supportforalgorithmictrading• Fiberconnectedoffices• Multipleexchangeconnections

CUSTOMIZATION AND CONVENIENCE• Multiplefront-endapplications• Clienttradingfacilities• Direct-to-floorexecution• 24-hourGlobalExecutionDesk• Broadproductoffering• Confirmtradesandbalancesonline• Customizedbackofficesolutions• Onlineapplicationprocess

UNPARALLELED CLIENT SERVICE• Independentfuturesbroker• Personalclientservicerepresentatives• Dedicatedclientonboardingteam• Educationalseminars• Supportforglobalclients• Facilitateexchangememberships

RISK MANAGEMENT & FINANCIAL SAFEGUARDS• Real-timeriskmanagement• RobustBusinessContinuity/DisasterRecoveryCenter• Strictclientreviewstandards• Clientsegregatedfunds

COMPETITIVE PRICING• Customizedproposals• Aggressivecommissionschedules• Volume-baseddiscounts• Costanalysisforexchangemembershiplease/buy

decisions• Discountedtechnologypurchases• Lowcostservercolocation

Open An Account

ByvisitingtheAdvantageFutureswebsite"Open an Account"page,youareabletoopenanaccountinoneofthreeways:

• Onlineapplicationprocess(AvailableforIndividualU.S.Accounts)

Clickthe"Open an Account"linkonourwebsite.Thiswillwalkyouthroughtheonlineaccountapplicationprocessandallowyoutosubmittheformselectronically.

• Downloadandprinttherequireddocuments,completeallmaterialsandmailtoAdvantageFutures

Pleasemailcompleteddocumentsto: Advantage Futures Attn: New Accounts Department 231 South LaSalle Street Suite 1400 Chicago, IL 60604

Orfaxcompleteddocumentsto312.800.7810inordertoexpediteyouraccountopeningprocess.Requiredoriginaldocumentsmustfollowinthemail.

• RequestasetoftherequireddocumentsbymailContactanAdvantageFuturesRepresentativePleasecall312.800.7000OremailContactUs@advantagefutures.com

AdvantageFuturesclientrepresentativesareavailabletoassistinthedecisionoftheappropriatetypeofaccount,whichfront-endapplicationbestsuitsyourtradingstyleandtoprovideapersonalizedpricingproposal.Pleasecontactuswithanyquestionsorforassistanceintheaccountapplicationprocess.

Trading FacilitiesWithtwotradinglocationsintheChicagoarea,AdvantageFuturescanprovidefiberconnectedworkstations,semi-privateandprivateofficestosuiteachclient’sindividualneeds.

CHICAGO CORPORATE OFFICE231SouthLaSalleStreet,Suite1400,Chicago,IL60604312.800.7000

OurChicagoLooptradingfacilityisanidealfitforclientsinterestedinbest-in-classconnectivity.InadditiontoservingastheglobalheadquartersforAdvantageFutures,thisofficeincludesspaceforover200clients.Clientshavetheflexibilityofchoosingfromasemi-privateworkstation,privateofficeoravarietyoflargesuites,allwiththemanybenefitsofourofficespace.

PROFESSIONAL OFFICE ENVIRONMENT• 41,500squarefeet• Largepremiersuites,privateofficesorsemi-privateworkstations

• Nolong-termcontractrequirement• Accommodates200+traders• Receptionservices• Clientconferenceroomandcafe• On-sitemonthlyeducationalseminars• Privatecliententrance• Directelevatoraccess• 24-hoursecuritysurveillance• 24-hourkeycardaccess

TECHNOLOGY• 10GBredundantexchangeconnections,providedbytwoindependent2carriers

• Eachstationwiredwith4CAT-6outlets• Over30ampspowertoeachtradingstation• 1GBinternetconnections• HardwiredtoAdvantagenetwork• In-suiteredundantconnectivity• Acousticallyoptimizedtradingroom• On-sitetechnologystaff,24-houraccess

DOWNERS GROVE TRADING FACILITY1501W.WarrenAve.,DownersGrove,IL60515630.353.2700

OurDownersGrovetradingfacilityisidealforclientsseekingbest-in-classconnectivityandtradingwiththecomfortsofasuburbanoffice.Thislocationofferssemi-privateandprivateoffices,aworkoutfacilityandcomplimentaryparking.Inadditiontoofferingover75tradingspaces,thisofficeservesasourBusinessContinuity/DisasterRecoveryCenter.An850ampbackupgeneratorassurescontinuouselectricalpowerforuninterruptedtradinganddatatransmission.

PROFESSIONAL OFFICE ENVIRONMENT• 13,000squarefeet• Privateandsemi-privateoffices• Fiberconnected• 100MBinternetconnections• Complimentaryparking• ConvenientaccessfromI-88andI-355• On-sitetechnologystaff• WalktodowntownDownersGrove

WORKOUT FACILITY AND LOUNGE• Treadmill,stationarybikeandellipticalmachines• EquippedwithLCDTVs• Changingroomswithlockers,showersandsteamshower• Recreationallounge• Outdoorpatioarea• 24-houraccesstofacilities

BUSINESS CONTINUITY / DISASTER RECOVERY CENTER• 850ampnaturalgasback-upgeneratorprovidescontinuouspowerforuninterruptedtrading

• Redundantexchangeconnections

Exchange Connectivity

Infinancialmarkets,millisecondsmatter.AdvantageFuturesmaintainsanadvanced,robustnetworkdesignedtomaximizeyourtradingspeed.

Wearecommittedtoprovidingclientswithdirectmarketaccessviahigh-performance,reliableconnectionstotheworld'smajorfuturesexchanges.ClientsaccessingvariousexchangesthroughAdvantageFutureslowlatencynetworkcontinuetorealizeacompetitiveedge.

Advantageoffers:

• Six+datacenterswithredundantexchangeconnections

• High-capacityfiberopticpipelinesdesignedtoachievethelowestpossiblelatency

• State-of-the-artnetworkingequipment

• Fullyredundantbackofficesystems

• An850ampnaturalgasgeneratorforcontinuouspoweranduninterruptedtradingatourDownersGrovefacility

• 24/6technologysupport

ADVANTAGE FUTURES EXCHANGE CONNECTIVITY. REDUNDANCY MATTERS.

CME Group

RedundantgigabitcrossconnecttoCMELNETat

EquinixChicago.100MBredundant

exchangeconnection10GBredundantcross

connectforGLinkatDC3

Advantage Futures

RedundantgigabitcrossconnectatEquinixChicago

RedundantgigabitcrossconnectatEquinixChicago,

Germanyforreal-timepricefeeds

MontrealExchangeRedundantT1

exchangeconnectionRedundantT1

exchangeconnection

BrokerTec

100MBredundantexchangeconnectionatEquinixChicago

Hardware Assessment

AdvantageFuturesTechnologyTeamconsultswithclientstounderstandtheirtypeoftrading.Numerousvariablesaretakenintoconsideration.Afewexamplesarelistedbelow:

• Trading Style (Automation vs. Point and Click)Tradersrunningautomationrequiremorerobustandpowerfulsystemswiththeprocessingcapabilitytoexecutethousandsofinstructionswithinmilliseconds.Pointandclicktradersarenotrunningapplicationsthatdemandthesameprocessingpower.

• SoftwareHardwarerequirementsvarybetweenapplications.Somefront-endtradingplatformsare"light"intermsofresourcesitutilizes.OtherapplicationsareveryresourceintensiveandrequiremoreRAM,harddrivespaceandprocessingpower.

• ColocationServercolocationisavailablethroughAdvantageFutures.Wecanhelpdeterminethebestsolutionforyourtradingneeds.

• Number of ScreensManytradersrequiremultiplemonitorswhiletrading.AdvantageFuturesITwillrecommendhighperformancevideocardsandmonitorsidealforthisscenario.

Colocation Services

Colocationoffersanattractivemethodfortradersseekingthefastest,mostredundantaccesstoafuturesexchangematchingengine.Foralgorithmictradersorhigh-frequency,low-latencytraders,servercolocationatoneofAdvantageFuturesSix+datacenterswillprovideourlowestlatencyexchangeconnection.Eachdatacenterisequippedwithmultiple,redundantdirectexchangeconnectionstoprovideyouwithhigh-performanceconnectivityandreliability.

Oursix+datacentersareoutfittedwithstate-of-the-artnetworkingequipmentthattypicallyoperateatlessthan20%capacityduringpeakmarketconditions.Ourinfrastructureandnetworkarefast,reliable,redundantandscalable,builttosupportmission-criticalfunctionsandhigherthanpeakdemandlevels.

Optimalspeedisonemajoradvantageofcolocation,buttherearemanyotherkeybenefits:Reliableuptime,redundantpower,redundantcooling,scalability,accessibilityandsecurity.

Advantageserversoperatewithaback-upuninterruptiblepowersupply(UPS)andaresecuredinredundantclimate-controlledenvironments.

Server Hosting Solutions Include:

• 24-HourSupport-Sunday2:00PMtoFriday5:00PMCST

• Back-upUninterruptiblePowerSupply(UPS)

• RedundantClimate-ControlledEnvironment

• AllserversmustbeequippedwithaLOMportcomponent(ToallowAdvantageremoteaccesstotheserver)

Automated Trading

Automatedtradingsystemshavethepotentialtoimprovetheresultsofanexistingtradingstrategyandunderstandingthereasonsbehindthismaybebeneficial.Automatedtrading,alsoknownasalgorithmictrading,algotrading,grey-boxtradingorblack-boxtrading,istheuseofcomputerprogramstoimplementaspecifictradingstrategywhenapre-definedsetofmarketconditionsaremetallwithouthumanintervention.Aspecialclassofalgorithmictradingis“high-frequencytrading.”Likeallautomatedtrading,computersmakedecisionstoinitiateordersandclosetradesbasedonmarketdatabeforehumantradersarecapableofprocessingtheinformationtheyobserve.Thebigdifferencebetween“high-frequencytrading”andothertypesofautomatedtradingisthenumberoftradestakingplace.“High-frequencytrading”algorithmscangeneratethousandsoforderspersecond.

Automatedtradingstrategiesareimplementedmostefficientlybyutilizingsophisticatedtechnologywithcollocatedserversthathavedirectexchangeaccess.Oneofthemajoradvantagesofautomatedtradingsystems(ATS)isthattheyallowyoutoharnesstheprocessingpowerofyourcomputertoquicklyidentifyandreacttotradingopportunities.AnATScantracknumerousmarketsandproductssimultaneously,toadegreenotpossiblewiththenakedeye.AnotherbenefitofusinganATSisthatitreducesemotionalinterferenceandincreasestradingdiscipline.

Traderswhouseautomatedtradingsystemscanbeseparatedintothreegroups.First,therearethosetraderswhouse“off-the-shelf”automatedsoftware(i.e.TTAutospreaderorStellarSpreadmachine).Second,therearetraderswhosestrategiesrequirelowlatencyconnectivity.Thesetraderstypicallyhaveserverscolocatedtominimizelatencyontheirtradeexecutions(i.e.Grey-boxATS,TTASEorCQGSpreader).Third,therearetraderswhohaveaneedforevenfasterexecutionspeedsandwritedirectlytotheexchange,whichrequiresFIXcertificationfromtheexchange(i.e.Black-boxATS).Thisstyleoftradinghas

grownexponentiallyoverthepastfewyearsandcanprovetobeverylucrativeiftherightstrategiesareemployed.Eachofthesetradingstylescanmaximizetheirpotentialwithbettertechnologyimplementation.

TraderscanimprovetheperformanceoftheirATSstrategiesbyensuringtheyemployoptimalhardwareandsoftwareconfigurations.Configuringallequipmentfortheappropriatesoftwareiscriticaltooptimizingitsperformance.Hardwareandsoftwareoptimizationiscentraltomaximizingperformanceduringpeakmarketconditions.Inadditiontochoosingoptimalhardwareandsoftware,properconnectivityandmaintenanceareextremelyimportantvariablesthatcanmakethedifferencebetweenprofitableandunprofitabletrading.

Colocationcangreatlybenefittraderswhoarerunningautomatedtradingsystems,whetheritisgrey-boxorblack-box.Takingadvantageofcolocationbringsthetrader’sstrategyasclosetotheexchangematchingengineaspossible.Proximitysolutionsarekeytoalgorithmictradingasexecutiontimesarereducedandtherisksofmultiplepointsoffailureareeliminated.Withremoteaccesstotheirserver(s),tradersenjoythefreedomtotradequicklyandconfidentlyfromanywherearoundtheglobe.

Speakwithoneofourclientservicerepresentativestodaytolearnhowyoucanbetterimplementautomatedtradingstrategiesintoyourtradingoperation.

Execution Services

DIRECT-TO-FLOOR / INSTITUTIONAL SALES EXECUTIONOurdirect-to-floorsalesteamexcelsathighvolumetradeexecutionandvalue-addedtradingstrategies.Theirfloorlocationsarepositionednearkeyliquiditycenters,andtheirdirectaccesstoelectronictradingenablesthemtoexecuteordersontheplatformthatbestservestheirclients.CTAs,commercialandinvestmentbanks,hedgefundsandmoneymanagersrelyonourdirect-to-floorexecutionteamtoaccessabroadarrayofexchangesandmarketsectors.

Ourveteranbrokersaverageover24yearsofindustryexperience.Theyprovidemarketanalysis,tradingstrategiesandeffectivedual-platformexecutiontosupportourclients’tradingeffortsandensureordersareexecutedaccuratelyandefficiently.

24-HOUR GLOBAL EXECUTION DESK (GED)AdvantageFuturesfeaturesa24-hourGlobalExecutionDeskwiththeinfrastructureandpersonneltoprovideourclientsround-the-clockaccesstoexecutionandmarketinformation.AdvantageFuturesclientscanalsobeaddedtoGEDCallRequestListstobenotifiedatpre-determinedmarketlevelsduringovernightand/orregulartradinghours.

Institutions,hedgefunds,proprietarytradinggroupsandprofessionaltradersalikecountonourexperienced24-hourDeskstafftoservicetheirglobaltradingneeds.OurGEDteamispreparedtoserveasyourprimaryaccesstothemarketsorasaback-upservicetoyourregulartrading.

ContactyourAdvantageFuturesClientServiceRepresentativetogetaccessphonenumbersfortheGlobalExecutionDesk.

*Pleasenotethatthesecallswillbemadeonanot-held,non-guaranteedbasisandarebaseduponavarietyoffactorsincludingourteam'savailability.WewillmakeourbestefforttocallyoubasedonmarketconditionsattheGED.

Risk Management

Toprotectyourassetsaswellasours,AdvantageFuturesemploysatalentedandexperiencedRiskManagementTeam.Wemaintainrigorousfinancialsafeguardsandprovidethreelevelsofprotectionforyourfunds:ouruncompromisingdataintegrity,ourcapitalbaseandpledgedassetsforclearingpurposesandourreal-timeriskmonitoring.

UNCOMPROMISING DATA INTEGRITYOurBusinessContinuity/DisasterRecoveryCenterlocated26mileswestofdowntownChicagoiscentraltoourrobustdataprotection.An850ampbackupgeneratorassurescontinuouselectricalpowerforuninterruptedoperationalintegrity.

SIGNIFICANT FINANCIAL SAFEGUARDSClientfundsdepositedwithAdvantageFuturesareheldinstrictsegregationfromAdvantage’soperatingfunds,inaccordancewiththeregulatoryrequirementsoftheU.S.CommodityFuturesTradingCommission(CFTC).AdvantageFuturesmaintainsexcesscapitalsignificantlyaboveCFTCcapitalrequirements,providingasubstantialfinancialcushionrelativetotheriskmarginofourclients'positions.Inaddition,AdvantageFutureshasconsiderableassetspledgedonourbehalfinexchange-requiredcollateralthatcontributetoourfinancialstrength.

REAL-TIME RISK MANAGEMENTOurstringentcreditcontrolprocessesprovideevenmorefinancialsecurity.Allnewclientsundergocreditreviews.Subsequenttradingactivityandreal-timepositionsarecontinuouslystress-tested.Weanalyzetheeffectsofextrememarketmovestoensurethatpotentiallossesarecoveredbytheassetsoftheclientsondepositwithourfirm.Thissamediligentoversightisappliedtoourinternalinvestmentprocess.Investmentoptionsforoursegregatedfunds,andthelevelofconcentrationallowed,aredeterminedandapprovedbyourCreditCommittee–includingourCEOandourChiefRisk,ComplianceandAdministrativeOfficers.

WehavetwoprimarytenetsatAdvantage:thatmuchofriskmanagementoccurspriortoanaccountbeingopened;and,responsibilityforriskmanagementisafirm-wideendeavor.Bystrivingtoknowandunderstandourclientspriortoopening,weavoidmanyproblemsandensurethattheclientwillstandbehindanyproblemsthatmayarise.Oncetheaccountisopenandtrading,wemonitoractivityonareal-timebasis,stresstestpositionstoensurecoverageofextrememoves,watchforchangesintradingstyle,etc.Weworkwithourclientswithrespecttotheirtrading,notjustwithaconcretesetofrulesandprocedures.

WealsoestablishedacultureatAdvantagewhereeveryonebearsresponsibilityforriskmanagementandfeelsempoweredtomentionanythingtheyseethatseemsunusual,whetheritinvolvesmoneymovements,tradeclearing,compliancequestions,etc.

Exchange Memberships

Exchangemembershipsenableclientstotradespecificproductsatreducedclearingrates.Greatervolumeincreasessavings,sohigh-frequencytradersbenefitfrominvestigatingthefullscopeofmemberstatus.Membershipscanbepurchasedorleased.Severalcategoriesofmembershipsareavailableandeachfacilitatesspecifictradingobjectives.Ifyouwishtocross-tradeproductsatreducedclearingrates,youneedtoholdmembershipsateachoftheexchangesinvolved.Therightsandprivilegesofmembershipsareexchange-specific.

AdvantageFuturesoftenassistsclientsthroughtheentiremembershipprocessandisableto:

• Analyzethemembershiptypemostbeneficialforyourtrading

• Assistincompletingmembershipapplicationformsandaccompaniments

• Actasaqualifyingfirmformembershipownership• Negotiateseatleaseagreementsandassistwiththerenewal

process• Assistinthebidandofferprocess• Liaisebetweenclientsandbankstosecureseatloans• Processleasedocumentsandmonthlypayments

Thefollowingfewpageswillteachyouaboutvariousexchangemembershipoptions,theapplicationprocess,pricingandotherrelevantinformation.

CMEIndividualMembership

TherearefourdivisionsofindividualCMEmemberships,representingthefourlevelsofaccesstoCMEproductsthattheExchangehasdevelopedthroughtheyears.Eachhasadifferentbadgecolortorepresenttheproductstraded.IndividualmembershipsatCMEbecameattachedtoaClassBshareinChicagoMercantileExchangeHoldingsInc.whentheexchangede-mutualizedandbecameapubliclytradedcompanyin2002.

CME (B1) membershipTrades:AnyCME-listedcontract.Badge:GoldInternational Monetary Market (IMM) (B2) membershipTrades:Foreignexchange,interestrateandequityindexfutures,andall,IOMandGEMproducts.Badge:GreenIndex and Option Market (IOM) (B3) membershipTrades:Indexfuturescontracts,randomlengthlumbercontracts,alloptionscontracts,andallGEMproducts.Badge:BlueGrowth and Emerging Markets (GEM) (B4) membershipTrades:Variousproducts,includingcontractsrelatedtoemergingmarketcountries;restrictedfinancials.Badge:GrayEligibility and Requirements:TobeanindividualmemberofCME,youmustbeanadultandpossessgoodmoralcharacter,agoodreputationandbusinessintegrity.Inaddition,youmusthaveadequatefinancialresourcestoassumetheresponsibilitiesandprivilegesofmembership.

Process for CME Individual Membership:EachofthefourtypesofindividualCMEmembershipsinvolvethesamemembershipprocess.

To apply for CME membership you must submit: • Atypewrittenapplicationformembership,whichincludes:• Answerstoquestionsoneducation,employment,

residentialanddisciplinaryhistory;• Completionofafinancialstatementofassets,liabilitiesand

networth;• A$2,000non-refundablefeemadepayabletoCMEGroup;

• Two2”x2”passport-qualitycolorphotographs;• Acertifiedbirthcertificateorpassport

During the application process, CME Group will: • ListthenameofeachapplicantinourWeeklySpecial

ExecutiveReport• PostyourphotoontheCMEGrouptradingfloor

Ifyourmembershipapplicationisapproved,youhave30daystoacquireamembership.

You can acquire a membership via: Purchase,Gift,Lease,Familytransfer,FirmtransferPrimary Clearing Member Authorizations:IfyouplantoexecutetradesontheExchangeFloororontheCMEGlobexelectronictradingsystem,youmustdesignateaprimaryclearingmemberthatwillacceptandclearthetrades.

NFA Floor Broker/Trader Registration/Authorization of Error Accounts:YoumustfilewiththeNationalFuturesAssociation(NFA)eitherasaFloorTraderorFloorBrokerifyouintendtoaccessthetradingfloor.IfyouwilluseyourmembershipforthepurposeoffillingordersforothermembersorcustomersyoumustapplytotheNFAforafloorbroker'slicense.

Acquisitions:PurchaseorLeaseofaMembership-Followingtheapprovalofamembershipapplication,youhave30daystoprocureamembershipprivilege.

Youmaysubmitabidtopurchaseamembershipatanytimeduringthisprocess.Youmaysubmitaleaseagreementortransferformsonceyouareapprovedformembership.Youmayleaseamembershipbypayingamonthly'rent’toanownerofanydivisionofmembership.YoucanfindamembertoleasefromthroughclearingfirmsorthroughalistoflessorspostedintheMembershipforLeasesectionoftheCMEGroupwebsiteMembershipPricingsection.

CMECorporateMembership

CMEcorporatemembershipallowsmemberfirmstoreceivepreferentialExchangefeeandperformancebondratesonitsproprietarytradingofeligibleCMEproductswhensuchproprietarytradingactivityisconductedinaccordancewithCMEGroup’sFeePolicies.Eligibility and Requirements: CME Rule 106.H. Trading Membership• HedgeFunds,commoditypools,banks,futures

commissionmerchants,foreignbrokers,broker-dealers,commoditytradingadvisors,introducingbrokers,commercialentities,proprietarytradingfirmsandothercorporateentitiesareeligibleforCMERule106.H.tradingmemberfirmstatus.

• Thememberfirmisrequiredtopurchaseoneorleasetwomemberships(CME,IMMorIOMDivision)inthedivisioninwhichpreferentialExchangefeeandperformancebondratesaredesired.SharesofCMEGrouparenotrequired.

• Thememberfirmoraprincipaloremployeeofthememberfirmmayholdthemembership(s)ownedorleased.TheprincipaloremployeemustbeapprovedforCMEIndividualMembership.

• ThememberfirmiseligibleforpreferentialExchangefeeratesforitsproprietarytradingofproducts(openauctionandelectronic)withinthedivisionofmembership(s)ownedorleasedwhensuchtradingactivityisconductedinaccordancewithCMEGroup’sFeePolicies.Thetradingactivityofparentcompanies,affiliates,subsidiariesorcustomersofthememberfirmarenoteligibleforpreferentialExchangefeerates.

• Forhedgefundandcommoditypoolmemberfirms,onlytheproprietarytradingactivityofthehedgefundmemberfirmiseligibleforpreferentialExchangefeeratesandtheratesdonotapplytothetradingactivityofitsinvestmentmanager,affiliatedfunds,investors,parentcompanies,affiliates,subsidiariesorcustomers.

Process for CME Corporate Membership: TheApplicationforCorporateMembership–CorporateInformation,theAgreementforCMERule106.H.CorporateMembershipandallrequireddocuments,shouldbesubmittedtoCMEGroup’sAuditDepartment.TheAuditDepartmentisresponsibleforthereviewandapprovalofallcorporatememberfirmapplicants.Theapplicationprocesstakesapproximatelyfourtosixweeksfromthetimeallrequireddocumentsaresubmitted.

Ifthememberfirmelectstohaveindividualsplacedonmembershipthatareownedorleasedbythememberfirm,thoseindividualsmustapplyforindividualCMEmembershipstatusunlesstheyarecurrentmembersofCME.RefertotheCMEindividualmembershipapplicationprocess.

CMEElectronicCorporateMembership

CMEelectroniccorporatemembershipallowsmemberfirmstoreceivepreferentialExchangefeeandperformancebondratesonitselectronictradingofeligibleCMEproductswhensuchproprietarytradingactivityisconductedinaccordancewithCMEGroup’sFeePolicies.Eligibility and Requirements:

CME Rule 106.R. Electronic Corporate Membership • CMEelectroniccorporatemembershipisonly

availableforeligibleproprietarytradingfirms.HedgeFunds,commoditypools,banks,futurescommissionmerchants,foreignbrokers,broker-dealers,commoditytradingadvisors,introducingbrokersorotherfirmsthatholdand/ormanagethirdpartyfundsarenoteligibleforCMEelectroniccorporatemembership.

• TherearetwotypesofCMEelectroniccorporatemembership:

CMEelectroniccorporatememberfirmholdingmembership(CMEECM-H).CMEECM-Harerequiredtopurchaseoneorleasetwomemberships(CME,IMMorIOMDivision).Themembership(s)mustbeownedorleasedbythememberfirm.SharesofCMEGrouparenotrequired.ThepreferentialExchangefeeratesofECM-HarelowerthanthoseofanECM-W.

CMEelectroniccorporatememberfirmvolumeincentiveprogram(CMEECM-W).CMEECM-Whaveawaiverofthemembershipholdingrequirementbutitmustmeetcertainvolumetradingrequirementsonaquarterlybasis(i.e.itmusttradeanaverageof50contracts/sidesperbusinessdayforthequarter).Volumeandparticipationisevaluatedonaquarterlybasis.ThepreferentialExchangefeeratesofanECM-WarehigherthanthoseofanECM-H.

• ForCMEECM-H,themembership(s)ownedorleasedmaybeheldbythememberfirmoraprincipaloremployeeofthememberfirm.TheprincipaloremployeemustbeapprovedforCMEindividualmembership.However,tradingflooraccessisnotconferredupontheholderofthemembership.

• ThememberfirmiseligibleforpreferentialExchangefeeratesforitsproprietarytradingofproducts(electroniconly)whensuchtradingactivityisconductedinaccordancewithCMEGroupFeePolicies.

• ThememberfirmisnoteligibleforpreferentialExchangefeeratesonopenauctiontradesandisnotgrantedaccesstoCME’stradingfloors.Inaddition,thetradingactivityofparentcompanies,affiliatesandsubsidiariesofthememberfirmarenoteligibleforpreferentialExchangefeerates.

Process for CME Electronic Corporate Membership: TheCorporateMembershipApplication–CorporateInformation,theAgreementforCMERule106.R.ElectronicCorporateMembershipandallrequireddocuments,shouldbesubmittedtoCMEGroup’sAuditDepartment.TheAuditDepartmentisresponsibleforthereviewandapprovalofallcorporatememberfirmapplicants.Theapplicationprocesstakesapproximatelyfourtosixweeksfromthetimeallrequireddocumentsaresubmitted.

Eligibility and Requirements:CME Rule 106.J. Equity MembershipTheequitymemberfirmisrequiredtoownorhaveassignedtoit2CMEmemberships,2IMMmemberships,2IOMmemberships,1GEMmembershipand20,000shares*ofCMEGroup.IftheRule106.J.equitymemberfirmisalsoaCBOTclearingorRule106.J./106.S.equitymemberoraNYMEXclearingorRule106.J.memberfirm,itmustownorassign30,000shares(excludingafund,poolorothercollectiveinvestmentvehicle).IftheCBOTRule106.J.equitymemberfirmhasa8,750sharerequirement,thecombinedsharerequirementwillbe28,750(excludingafund,poolorothercollectiveinvestmentvehicle).IftheclearingmemberisalsoaCBOTclearingorRule106.J./106.S.equitymemberandaNYMEXclearingorRule106.J.memberfirm,itmustownorassign40,000shares(excludingafund,poolorothercollectiveinvestmentvehicle).IftheCBOTRule106.J.equitymemberfirmhasa8,750sharerequirement,thecombinedsharerequirementwillbe38,750(excludingafund,poolorothercollectiveinvestmentvehicle).(*Iftheequitymemberfirmisafund,poolorothercollectiveinvestmentvehicle,aninitial30,000sharesarerequired.)

CBOTIndividualMembership

TherearefivelevelsofindividualCBOTmemberships.EachdetermineseligibilityfortradingcertainproductsatreducedratesandprovidesaccesstotradingontheCMEGrouptradingfloor.Adifferentcolortradingbadge(forwearingonthetradingfloor)isassociatedwitheachlevelofmembership:

(B-1) Full MembersTrades:allfinancialandagriculturalfuturesandoptionscontracts.Badge:Yellow(B-2) Associate MembersTrades:allfinancialfuturesandoptionsandagriculturaloptionsonly.Badge:Maroon(B-3) GIM (Government, Instruments Market) MembersTrades:financialinstrumentfutures.Badge:Brown(B-4) IDEM (Index, Debt and Energy Market) MembersTrades:FedFunds,andindexfutures.Badge:Black(B-5) COM (Commodity Options Market) MembersTrades:options.Badge:Green

Eligibility and Requirements: TobeanindividualmemberofCBOT,youmustbeanadultandpossessgoodmoralcharacter,agoodreputationandbusinessintegrity.Inaddition,youmusthaveadequatefinancialresourcestoassumetheresponsibilitiesandprivilegesofmembership.

Process for CBOT Individual Membership:EachofthefivetypesofindividualCBOTmembershipsinvolvethesamemembershipprocess.

To apply for CBOT membership you must submit: • Atypewrittenapplicationformembership,whichincludes• Answerstoquestionsoneducation,employment,

residentialanddisciplinaryhistory;• Completionofafinancialstatementofassets,liabilities

andnetworth;• A$2,000non-refundablefeemadepayabletoCME

Group;• Two2"x2"passport-qualitycolorphotographs;• Acertifiedbirthcertificateorpassport

During the application process, CME Group will: • ListthenameofeachapplicantinourWeeklySpecial

ExecutiveReport• PostyourphotoontheCMEGrouptradingfloor

You can acquire a membership via: Purchase,Gift,Lease,Family,FirmtransferPrimary Clearing Member Authorizations:IfyouplantoexecutetradesontheExchangeFloororontheCMEGlobexelectronictradingsystem,youmustdesignateaprimaryclearingmemberthatwillacceptandclearthetrades.

NFA Floor Broker/Trader Registration/Authorization of Error Accounts: YoumustfilewiththeNationalFuturesAssociation(NFA)eitherasaFloorTraderorFloorBrokerifyouintendtoaccessthetradingfloor.IfyouwilluseyourmembershipforthepurposeoffillingordersforothermembersorcustomersyoumustapplytotheNFAforafloorbroker'slicense.

Acquisitions: PurchaseorLeaseofaMembership-Followingtheapprovalofamembershipapplication,youhave30daystoprocureamembershipprivilege.

Youmaysubmitabidtopurchaseamembershipatanytime,duringthisprocess.Youmaysubmitaleaseagreementortransferformsonceyouareapprovedformembership.Youmayleaseamembershipbypayingamonthly'rent’toanownerofanydivisionofmembership.YoucanfindamembertoleasefromthroughclearingfirmsorthroughalistoflessorspostedintheMembershipforLeasesectionoftheCMEGroupwebsiteMembershipPricingsection.

CBOTCorporateMembership

CBOTcorporatemembershipallowsmemberfirmstoreceivepreferentialExchangefeeandperformancebondratesonitsproprietarytradingofeligibleCBOTproductswhensuchproprietarytradingactivityisconductedinaccordancewithCMEGroup’sFeePolicies.

ACBOTcorporatememberfirmmaybeaCBOTRule106.J.EquityMemberFirm(requiresmembershipandshares)oraCBOTRule106.H.TradingMemberFirm(requiresamembership).

HedgefundsandcommoditypoolsmaybeCBOTRule106.S.FamilyofFundsEquityMemberFirms(requiresmembershipandshares)orCBOTRule106.S.FamilyofFundsTradingMemberFirms(requiresmembership).

Eligibility and Requirements:CBOT Rule 106.J. Equity Membership•Financialinstitutions,futurescommissionmerchants,foreignbrokers,broker-dealers,commoditytradingadvisors,intro-ducingbrokers,commercialentities,proprietarytradingfirms,marketmakers,cashgrainfirmsandotherfirmswhichhaveabusinesspurposedeemedappropriatebyCBOTareeligibleforCBOTRule106.J.equitymemberfirmstatus.HedgefundsandcommoditypoolsarenoteligibleforCBOTRule106.J.equitymembership.

•Thememberfirm(non-hedgefund)isrequiredtoownorhaveassignedtoiteitherB-1/Fullmembershipand20,000sharesofCMEGrouporaB-2/Associatedmembershipand8,750sharesofCMEGroup.Ifthememberfirm(non-hedgefund)isalsoaCMEClearingorRule106.J.equitymemberfirmoraNYMEXclearingoraRule106.J.memberfirm,itmustownorassign30,000shares.IftheCBOTRule106.J.equitymemberfirmhasa8,750sharerequirement,thecombinedsharerequirementwillbe28,750.Ifthememberfirm(non-hedgefund)isalsoaCMEclearingorRule106.J.equitymemberfirmandaNYMEXclearingorRule106.J.memberfirm,itmustownorassign40,000shares.IftheCBOTRule106.J.equitymemberfirmhasa8,750sharerequirement,thecombinedsharerequirementwillbe38,750.

•Themembershipmaybeheldbythememberfirmoraprinci-paloremployeeofthememberfirm.Theprincipaloremploy-eemustbeapprovedforCBOTindividualmembership.

•ThememberfirmiseligibleforpreferentialExchangefeeratesforitsproprietarytradingofproducts(openauctionandelectronic)withinthedivisionofmembershipownedorassignedwhensuchtradingactivityisconductedinaccor-dancewithCMEGroupFeePolicies.Thetradingactivityofparentcompanies,affiliates,subsidiariesorcustomersofthememberfirmarenoteligibleforpreferentialExchangefeerates.Thetradingactivityofparentcompanies,affiliatesandsubsidiariesofthememberfirmmaybeeligibleforpreferen-tialExchangefeeandperformancebondratesasCBOTRule106.I.affiliatememberfirms.

•CBOTRule106.I.affiliatecorporatemembershipmaybeob-tainedbyanaffiliateofCBOTRule106.J.equitymemberfirm.TheaffiliatemayqualifyaseitheraCBOTRule106.I.affiliateequitymemberfirm(requiresanadditionalmembershipandshares)orasaCBOTRule106.I.affiliatetradingmemberfirm(requiresanadditionalmembership).

•TheCBOTRule106.J.equitymemberfirmmayalsoqualifyanunlimitednumberofaffiliatesifitqualifiesasaCBOTmembershipumbrellafirm.ACBOTRule106.J.equitymem-berfirmmayqualifyasaCBOTmembershipumbrellafirmifitowns4B-1/Fullmemberships,2B-2/Associatemembershipsand8,000sharesofCMEGroup.Thisincludesthemem-bershipsandsharesrequiredforthememberfirm’sequitymemberfirmprivileges.

CBOT Rule 106.H. Trading Membership •Financialinstitutions,futurescommissionmerchants,foreignbrokers,broker-dealers,commoditytradingadvisors,intro-ducingbrokers,commercialentities,proprietarytradingfirms,marketmakers,cashgrainfirmsandotherfirmswhichhaveabusinesspurposedeemedappropriatebyCBOTareeligibleforCBOTRule106.H.tradingmemberfirmstatus.HedgefundsandcommoditypoolsarenoteligibleforCBOTRule106.H.tradingmembership.

•ThememberfirmisrequiredtoownorhaveassignedtoiteitheraB-1/Full,B-2/Associate,B-4/IDEMorB-5/COMmem-bership.SharesofCMEGrouparenotrequired.ThememberfirmiseligibleforpreferentialExchangeratesonproductswithinthedivisionofmembershipownedorassigned.Themembershipmaybeownedbythememberfirmorownedbyamemberfirmaffiliate,oraprincipaloremployeeofthememberfirmandassignedforthememberfirm’sprivileges.

•Themembershipownedorassignedmaybeheldbythememberfirmoraprincipaloremployeeofthememberfirm.TheprincipaloremployeemustbeapprovedforCBOTindi-vidualmembership.

•ThememberfirmiseligibleforpreferentialExchangefeeratesforitsproprietarytradingofproducts(openauctionandelectronic)withinthedivisionofmembershipownedoras-signedwhensuchtradingactivityisconductedinaccordancewithCMEGroupFeePolicies.Thetradingactivityofparentcompanies,affiliates,subsidiariesorcustomersofthemem-berfirmarenoteligibleforpreferentialExchangefeerates.However,thetradingactivityofaparentcompany,affiliateorsubsidiaryofthememberfirmmaybeeligibleforpreferentialExchangefeeandperformancebondratesasCBOTRule106.I.affiliatetradingmemberfirm(requiresanadditionalmembership).

CBOT Rule 106.S. Family of Funds Equity Member Firm •HedgeFunds,commoditypoolsorfundmanagementcompa-niesareeligibleforCBOTRule106.S.familyoffundsequitymemberfirmstatus.Thememberfirmmayqualifyupto6hedgefundsorcommoditypoolsforpreferentialExchangefeerateswherethememberfirmexercisestradingcontrolover,isundercommontradingcontrolwithorwhollyownssuchentities.Managedaccountsarenoteligibleforpreferen-tialExchangefeerates.

•ThememberfirmisrequiredtoownorhaveassignedtoitfourB-1/Fullmemberships,twoB-2/Associatemembershipsand8,000sharesofCMEGroup.IfthememberfirmisalsoaCMEclearingorcorporateequitymemberoraNYMEXclearingorcorporatemember,itmustownorassign12,000shares.IfthememberfirmisalsoaCMEclearingorcorporateequitymemberandNYMEXclearingorcorporatemember,itmustownorassign16,000shares.

•Themembershipsandsharesmaybeownedbythememberfirmorownedbyaqualifiedfund,oraprincipaloremployeeofthememberfirmandassignedforthememberfirm’sprivi-leges.

•Themembershipmaybeheldbythememberfirmoraprinci-paloremployeeofthememberfirm.Theprincipaloremploy-eemustbeapprovedforCBOTIndividualMembership.

•Thememberfirmanditsqualifiedfundsareeligibleforprefer-entialExchangefeeratesfortheirproprietarytradingofCBOTproducts(openauctionandelectronic)whensuchtradingactivityisconductedinaccordancewithCMEGroupFeePoli-cies.Thetradingactivityoftheinvestmentmanager,inves-tors,parentcompanies,affiliates,subsidiariesorcustomersarenoteligibleforpreferentialExchangefeerates.

CBOT Rule 106.S. Family of Funds Trading Member Firm •HedgeFunds,commoditypoolsorfundmanagementcompa-niesareeligibleforCBOTRule106.S.familyoffundsequitymemberfirmstatus.Thememberfirmmayqualifyupto3hedgefundsorcommoditypoolsforpreferentialExchangefeerateswherethememberfirmexercisestradingcontrolover,isundercommontradingcontrolwithorwhollyownssuchentities.Managedaccountsarenoteligibleforpreferen-tialExchangefeerates.

•ThememberfirmisrequiredtoownorhaveassignedtoittwoB-1/FullmembershipsandoneB-2/Associatemembership.SharesofCMEGrouparenotrequired.Themembershipsmaybeownedbythememberfirmorownedbyaqualifiedfund,oraprincipaloremployeeofthememberfirmandas-signedforthememberfirm’sprivileges.

•Themembershipmaybeheldbythememberfirmoraprinci-paloremployeeofthememberfirm.Theprincipaloremploy-eemustbeapprovedforCBOTIndividualMembership.

•Thememberfirmanditsqualifiedfundsareeligibleforprefer-entialExchangefeeratesfortheirproprietarytradingofCBOTproducts(openauctionandelectronic)whensuchtradingactivityisconductedinaccordancewithCMEGroupFeePoli-cies.Thetradingactivityoftheinvestmentmanager,inves-tors,parentcompanies,affiliates,subsidiariesorcustomersarenoteligibleforpreferentialExchangefeerates.

Process for CBOT Corporate Membership: Fornon-HedgeFundapplicants,theApplicationforCorporateMembership–CorporateInformation,theappropriateAgree-mentforCBOTcorporatemembershipshouldbecompleted.ForHedgeFundapplicants,theApplicationforCorporateMembership–HedgeFund–CorporateInformationandtheappropriateAgreementforCBOTRule106.S.FamilyofFundsmembershipshouldbecompleted.TheApplicationsandallrequireddocumentsshouldbesubmittedtoCMEGroup’sAuditDepartment.

TheAuditDepartmentisresponsibleforthereviewandap-provalofallcorporatememberfirmapplicants.Theapplicationprocesstakesapproximatelyfourtosixweeksfromthetimeallrequireddocumentsaresubmitted.

Ifthememberfirmelectstohaveindividualsplacedonmem-bershipsthatareownedorassignedtomemberfirm,thoseindividualsmustapplyforindividualCBOTmembershipstatusunlesstheyarecurrentmembersofCBOT.RefertotheCBOTindividualmembershipapplicationprocess.

CBOTElectronicCorporateMembership

CBOTelectroniccorporatemembershipallowsmemberfirmstoreceivepreferentialExchangefeeandperformancebondratesonitselectronictradingofeligibleCBOTproductswhensuchproprietarytradingactivityisconductedinaccordancewithCMEGroup’sFeePolicies.

Eligibility and Requirements: CBOT Rule 106.R. Electronic Trading Membership •Financialinstitutions,futurescommissionmerchants,foreignbrokers,broker-dealers,commoditytradingadvisors,intro-ducingbrokers,commercialentities,proprietarytradingfirms,marketmakers,cashgrainfirmsandotherfirmswhichhaveabusinesspurposedeemedappropriatebyCBOTareeligibleforCBOTRule106.R.electronictradingmemberfirmstatus.HedgefundsandcommoditypoolsarenoteligibleforCBOTRule106.R.tradingmembership.

•ThememberfirmisrequiredtoleaseorhaveassignedtoiteitheraB-1/FullmembershiporaB-2/Associatemembership.SharesofCMEGrouparenotrequired.ThememberfirmiseligibleforpreferentialExchangeratesonproductswithinthedivisionofmembershipleasedorassigned.Themembershipmaybeleasedbythememberfirmorleasedbyaprincipaloremployeeofthememberfirmandassignedforthememberfirm’sprivileges.

•Themembershipleasedmaybeheldbythememberfirmoraprincipaloremployeeofthememberfirm.TheprincipaloremployeemustbeapprovedforCBOTindividualmember-ship.However,tradingflooraccessisnotconferredupontheholderofthemembership.

•ThememberfirmiseligibleforpreferentialExchangefeeratesforitsproprietarytradingofproducts(electroniconly)withinthedivisionofmembershipleasedwhensuchtrad-ingactivityisconductedinaccordancewithCMEGroupFeePolicies.ThememberfirmisnoteligibleforpreferentialExchangefeeratesonopenauctiontradesandisnotgrantedaccesstoCBOT’stradingfloors.Inaddition,thetradingactiv-ityofparentcompanies,affiliates,subsidiariesorcustomersofthememberfirmarenoteligibleforpreferentialExchangefeerates.

Process for CBOT Electronic Corporate Membership: TheApplicationforCorporateMembership–CorporateInformation,theAgreementforCBOTRule106.R.ElectronicCorporateMembershipandallrequireddocuments,shouldbesubmittedtoCMEGroup’sAuditDepartment.TheAuditDepartmentisresponsibleforthereviewandapprovalofallcorporatememberfirmapplicants.Theapplicationprocesstakesapproximatelyfourtosixweeksfromthetimeallrequireddocumentsaresubmitted.

Ifthememberfirmelectstohaveindividualsplacedonmembershipsthatareleasedbythememberfirm,thoseindividualsmustapplyforindividualCBOTmembershipstatusunlesstheyarecurrentmembersofCBOT.RefertotheindividualCBOTmembershipapplicationprocess.

NYMEX/COMEXIndividualMembership

IndividualmembershipsatNYMEXandCOMEXenablethemembertotradeallNYMEXandCOMEXproductsatmember’sratesandtotradedirectlyfromtheNYMEXtradingfloor.ThereisonelevelofNYMEXindividualmembershipandonelevelofCOMEXindividualmembership.

Eligibility and Requirements:TobeanindividualmemberofNYMEXorCOMEX,youmustbeatanadultandmustpossess:•Goodmoralcharacter•Agoodreputation•Businessintegrity•Adequatefinancialresourcestoassumetheresponsibilitiesandprivilegesofmembership

BeforeyoubegintradingasamemberofNYMEXorCOMEX,youmust:•Bequalifiedtotradebyaclearingmember•BeregisteredwiththeNationalFuturesAssociation(NFA)aseitherafloortraderorfloorbrokerbeforeyoustarttradingonthefloor

AllapplicantsmustsatisfyExchangeeducationalrequirements.IfyouwillbeaccessingtheNYMEXtradingflooryouwillberequiredtoattendanewmemberorientationandpassaQualifyingExaminationcoveringthebasicsofthecommodityindustry,andtheRulesandRegulations.Youwillreceivestudymaterialswhenyousubmityourapplication.

Process for NYMEX Individual Membership:

To apply for NYMEX membership you must submit: •Atypewrittenapplicationformembership,whichincludes•Answerstoquestionsoneducation,employment,residentialanddisciplinaryhistory;•Completionofafinancialstatementofassets,liabilitiesandnetworth;•A$2,000non-refundablefeemadepayabletoCMEGroup;•Two2”x2”passport-qualitycolorphotographs;•Acertifiedbirthcertificateorpassport

During the application process, CME Group will: •ListthenameofeachapplicantinourWeeklySpecialExecutiveReport•PostyourphotoontheNYMEXtradingfloor

You can acquire a membership via: Purchase,Gift,Lease,Familytransfer,Firmtransfer

Primary Clearing Member Authorizations: IfyouplantoexecutetradesontheExchangeFloororontheCMEGlobexelectronictradingsystem,youmustdesignateaprimaryclearingmemberthatwillacceptandclearthetrades.

NFA Floor Broker/Trader Registration/Authorization of Error Accounts: YoumustfilewiththeNationalFuturesAssociation(NFA)eitherasaFloorTraderorFloorBrokerifyouintendtoaccessthetradingfloor.IfyouwilluseyourmembershipforthepurposeoffillingordersforothermembersorcustomersyoumustapplytotheNFAforafloorbroker'slicense.

Acquisitions: PurchaseorLeaseofaMembership-Followingtheapprovalofamembershipapplication,youhave30daystoprocureamembershipprivilege.

Youmaysubmitabidtopurchaseamembershipatanytimeduringthisprocess.

Youmayalsosubmitaleaseagreementortransferformsonceyouareapprovedformembership.

Youmayleaseamembershipbypayingamonthly'rent'toanownerofanydivisionofmembership.

YoucanfindamembertoleasefromthroughclearingfirmsorthroughalistoflessorspostedintheMembershipforLeasesectionoftheCMEGroupwebsiteMembershipPricingsection.

Process for COMEX Individual Membership: TobeanindividualmemberofCOMEX,youmustbeanadultandpossessgoodmoralcharacter,agoodreputationandbusinessintegrity.Inaddition,youmusthaveadequatefinancialresourcestoassumetheresponsibilitiesandprivilegesofmembership.

Pleasenotethatanapplicationwillnotbedeemed“filed”unlessallrequiredmaterialsaresubmittedcorrectlyandcompletely.Therefore,thefollowinginformationisprovidedtoassistyouincompletingyourapplication.•ApplicationFee–Checkintheamountof$2000•ApplicationForm–MustbetypewrittenwithALLquestionsansweredcompletelyandfully.•Photos–Two2”x2”passport-qualitycolorphotographsPrimaryClearingMemberGuarantee–IftheapplicantintendstoexecutetransactionsonthetradingflooroftheExchange,thisformmustbecompletedbyanExchangeClearingMemberFirm.

NYMEXCorporateMembership

NYMEXcorporate(non-clearing)membershipallowsmemberfirmstoreceivepreferentialExchangefeeandperformancebondratesonitsproprietarytradingofNYMEXproductswhensuchproprietarytradingactivityisconductedinaccordancewithCMEGroup’sFeePolicies.

Eligibility and Requirements: NYMEX Rule 106.J. Membership •HedgeFunds,commoditypools,banks,futurescommissionmerchants,foreignbrokers,broker-dealers,commoditytrad-ingadvisors,introducingbrokers,commercialentities,propri-etarytradingfirmsandothercorporateentitiesareeligibleforNYMEXRule106.J.memberfirmstatus.

•Thememberfirm(non-hedgefund)isrequiredtoownorhaveassignedtoittwoNYMEXmembershipsand20,000sharesofCMEGroup.Ifthememberfirm(non-hedgefund)isalsoaCMEclearingorRule106.J.equitymemberfirmoraCBOTclearingorRule106.J.equitymember,itmustownorhaveassigned30,000shares.IftheCBOTRule106.J.equitymemberfirmhasa8,750sharerequirement,thecombinedsharerequirementwillbe28,750.Ifthememberfirm(non-hedgefund)isalsoaCMEclearingorRule106.J.equitymemberfirmandCBOTclearingorRule106.J.equitymember,itmustownorhaveassignedtoit40,000shares.IftheCBOTRule106.J.equitymemberfirmhasa8,750sharerequirement,thecombinedsharerequirementwillbe38,750.

•Themembershipmaybeheldbythememberfirmoraprinci-paloremployeeofthememberfirmorpersonwithanaccept-ableproprietaryinterestinthememberfirm.Theprincipal,employeeorpersonwithanacceptableproprietaryinterestmustbeapprovedforNYMEXindividualmembership.

•ThememberfirmiseligibleforpreferentialExchangefeeratesforitsproprietarytradingofproducts(openauctionandelectronic)onNYMEXproductswhensuchtradingactivityisconductedinaccordancewithCMEGroupFeePolicies.Thetradingactivityofparentcompanies,affiliates,subsid-iariesorcustomersofthememberfirmarenoteligibleforpreferentialExchangefeerates.

Process for NYMEX Corporate Membership: TheApplicationforCorporateMembership–CorporateInformation,theAgreementforNYMEXNon-ClearingMember-shipandallrequireddocuments,shouldbesubmittedtoCMEGroup’sAuditDepartment.HedgeFundapplicantsshouldcompletetheApplicationforCorporateMembership–HedgeFund–CorporateMembershipandtheNYMEXAgreementforNon-ClearingMembership–HedgeFund.TheAuditDepart-mentisresponsibleforthereviewandapprovalofallcorporatememberfirmapplicants.Theapplicationprocesstakesap-proximatelyfourtosixweeksfromthetimeallrequireddocu-mentsaresubmitted.

Ifthememberfirmelectstohaveindividualsplacedonmem-bershipsthatareownedbyand/orassignedtothememberfirm,theseindividualsmustapplyforindividualNYMEXmembershipstatusunlesstheyarecurrentmembersofNYMEX.RefertotheindividualNYMEXmembershipapplicationprocess.

COMEXCorporateMembership

COMEXcorporate(non-clearing)membershipallowsmemberfirmstoreceivepreferentialExchangefeeandperformancebondratesonitsproprietarytradingofeligibleCOMEXproductswhensuchproprietarytradingactivityisconductedinaccordancewithCMEGroup’sFeePolicies.

Eligibility and Requirements: COMEX Rule 106.J. Membership •HedgeFunds,commoditypools,banks,futurescommissionmerchants,foreignbrokers,broker-dealers,commoditytrad-ingadvisors,introducingbrokers,commercialentities,propri-etarytradingfirmsandothercorporateentitiesareeligibleforCOMEXRule106.J.memberfirmstatus.•Thememberfirmisrequiredtoownorhaveconferred/as-signedtoittwoCOMEXmemberships.SharesofCMEGrouparenotrequired.ThememberfirmiseligibleforpreferentialExchangeratesonproductswithinthedivisionofmember-shipownedorconferred/assigned.Themembershipandsharesmaybeownedbythememberfirmorownedbyoneortwoprincipalsoremployeesofthememberfirmorpersons,includingaparentcompany,withanacceptableproprietaryinterestinthememberfirmandconferred/assignedforthememberfirm’sprivileges.•Themembershipmaybeheldbythememberfirm,aprincipaloremployeeofthememberfirmorpersonwithanacceptableproprietaryinterestinthememberfirm.Theprincipal,em-ployeeorpersonwithanacceptableproprietaryinterestmustbeapprovedforCOMEXindividualmembership.•ThememberfirmiseligibleforpreferentialExchangefeeratesforitsproprietarytradingofproducts(openauctionandelectronic)withinthedivisionofmembershipsownedoras-signedwhensuchtradingactivityisconductedinaccordancewithCMEGroupFeePolicies.Thetradingactivityofparentcompanies,affiliates,subsidiariesorcustomersofthemem-berfirmarenoteligibleforpreferentialExchangefeerates.

Process for COMEX Corporate Membership: TheApplicationforCorporateMembership–Corporate

Information,theAgreementforCOMEXNon-ClearingMembershipandallrequireddocuments,shouldbesubmittedtoCMEGroup’sAuditDepartment.HedgeFundapplicantsshouldcompletetheApplicationforCorporateMembership–HedgeFund–CorporateMembershipandtheCOMEXAgreementforNon-ClearingMembership–HedgeFund.TheAuditDepartmentisresponsibleforthereviewandapprovalofallcorporatememberfirmapplicants.Theapplicationprocesstakesapproximatelyfourtosixweeksfromthetimeallrequireddocumentsaresubmitted.

Ifthememberfirmelectstohaveindividualsplacedonmembershipsthatareownedbyand/orassignedtothememberfirm,theseindividualsmustapplyforindividualCOMEXmembershipstatusunlesstheyarecurrentmembersofCOMEX.RefertotheindividualCOMEXmembershipapplicationprocess.

Incentive Programs

Manyexchangesoffertraderincentiveprogramstoenhanceliquidityandbroadenparticipationinmarkets.Theseprogramsenableindividualtradersandmemberstobenefitfromreducedexchangetradingfees.Wehavehighlightedseveralinthefollowingpages.Pleasenotethatincentiveprogramscanchangeorbecancelled.Accessthelatestinformationthroughthelinksbelow.

CME GROUP

CMEGrouphasanumberofinternationalincentiveprogramstoprovideitsglobalcustomerbasewithgreateraccesstoCME,CBOTandNYMEXproducts.InJanuary2009,CMEGroupannouncedtheformationofthefollowingprogramsthatareeffectiveuntilDecember31,2010.FormoreinformationandupdatedcontentonanyCMEGroupprogrampleasevisit:http://www.cmegroup.com/company/membership/international-incentives.html

ForeachoftheIIP,AIPandeFXprograms,youarerequiredtocompleteanApplicationforCorporateMembership/IncentiveProgramParticipation-CorporateInformationaswellastheappropriateAgreementforParticipation.

Thefollowingincentiveprogramsareavailable:

International Incentive Program (IIP)EffectiveFebruary1,2009,theInternationalIncentiveProgramwillenableproprietarytradingfirmsandtradingarcadeslocatedoutsideofNorthAmericatoreceivediscountedfeesforelectronictradingofCMEandCBOTproducts,withNYMEXproductsincludedasofApril1,2009.ThisprogramwasformerlyknownasCME’sEuropeanIncentiveProgram.

Emerging Markets Incentive Program (EMIP)EffectiveFebruary1,2009,theEmergingMarketsIncentiveProgramwillprovidefeeincentivesfornewtradersatproprietaryfirmsoperatingincountriesnotactivelyinvolvedinfuturesmarkets.TheseincentiveswillapplytoCMEandCBOTproductstradedelectronically,withNYMEXproductsincludedlaterin2009.TheEMIPwasformerlyknownastheCBOTGlobalDevelopingMarkets(GDM)ProgramandCMEEmergingMarketsPartnershipProgram(EMPP).

Asia-Pacific Incentive Program (AIP)EffectiveFebruary1,2009,theAsia-PacificIncentiveProgramwillprovidefeeincentivesforAsianbankstotradeCMEandCBOTproductselectronically,withNYMEXproductsincludedasofApril1,2009.

CTA / Hedge Fund Pilot Program

High Velocity CTA / Hedge Fund Pilot Program

Electronically Traded FX Bank Incentive Program

Trader Development ProgramThisprogramisdesignedtosupporttradersnewtoEurexmarkets.EurexMemberswhoqualifyfortheprogrambenefitfromsignificantfeewaiverstosupportnewtraderstakingtheirfirststepswithEurex.ThisprogramisfornewtradersfromEurope,Asia-Pacific,theMiddleEast,AfricaandtheAmericas.TheprogramsupportsMemberswhowishtotakeadvantageofthegrowthopportunitiesandthelargetradertalentpoolsofemergingmarketcountries.Inaddition,furtherregionswillbeincludedintotheprogram.Tradersqualifyforapotentialof300,000contractsfreeoftradingandclearingfees.Eachregionhasdifferenttiersofincentives.

UnitedStatesofAmericaEligibleparticipantsandrestrictions:Proprietarytradingbusi-nessconductedatproprietarytradingfirmsonly.TraderswhohavebeenregisteredasEurextradersbeforearenoteligible.Automatedtradingbusinessisnoteligible.Incentiveperiod:Uponregistration,participantsareenrolledintotheprogramfortwelvemonths.Incentive:Aminimumof50contractstradedonaverageperdayresultsinfeewaiverfor5,000contractsthatmonth.Note:Theincentiveisonaper-traderbasis.Theminimumnumberoftradedcontractsiscalculatedonaper-monthbasis.

Formoreinformation,anyupdates,andtolearnabouttheprogramforothercountriesvisit:http://www.eurexchange.com/trading/trader_admission/development_en.html

New Member Incentive ProgramThisprogramoffersthreeincentivecomponentsdesignedtoreducevariableandfixedcostsfornewlyadmittedmembers.TheincentiveoffersatotalfeerebateofuptoEUR54,000dur-ingthefirstyearofmembershipandconsistsofthreecompo-nents:1. Nochargeofminimumtransactionfeesforthefirsttwelve

months.TheminimumtransactionfeeofEUR9,000perquarterwillbewaivedforthefirstyearofmembership.

1. MonthlyfeewaiverofuptoEUR3,000.NewmembersbenefitfromageneralmonthlyfeewaiverofuptoEUR3,000duringthefirstyearofmembership.Thiswaiverconsistsoftwoelements:• AmonthlyconnectionfeewaiverlimitedtoEUR

1,500• AmonthlytransactionfeewaiverofuptoEUR3,000

minusthewaivedconnectionfees2. AdditionalfeewaiverofuptoEUR1,500permonthfor

high-volumetrading.Duringthefirstyearofmembershipamonthlyhigh-volumetransactionfeewaiverofuptoEUR1,500isgrantedforeachmonthinwhichanewmember'stradingvolumeexceeds150,000contracts.

RequirementsforParticipationTheEurexMembershipIncentiveisgenerallyavailabletomembersbeingadmittedtoEurex.However,itisnotofferedtonewmembersthatarelegalsuccessorstofirmsthatwerealreadyamemberofEurexDeutschlandand/orEurexZurichafterJanuary1,2007.

Formoreinformationandanyupdatesvisit:https://member.eurexchange.com/irj/portal/eurexchange

ICE FUTURES US

U.S. Dollar Index Corporate Incentive Program ThisprogramoffersentitiesthatarecorporatemembersfromanumberofqualifyingU.S.derivativesexchangesarateof$0.30/sideforallICEFuturesU.S.U.S.DollarIndex®(“USDX”)futuresandoptionscontractsexecutedinthatcalendarmonth.Onlytradesexecutedbytheparticipantsintheirproprietaryaccountsareeligibleforreducedfees.ThedifferencebetweentheratechargedparticipantsintheUSDXMemberFirmFeeProgramandthestandardnon-memberfeesforUSDXtransactionsinthesecontractswillberebatedtotheProgramparticipantthroughtheparticipant’sclearingmember.

Formoreinformationandanyupdatesvisit:https://www.theice.com/publicdocs/futures_us/usdxapplication.pdf

Exchange Member Russell Incentive Program for IndividualsThisprogramoffersindividualmembersofanumberofqualify-ingUSderivativesexchanges,whoexecuteatleast100Rus-sell1000®MiniIndexfuturesand/oroptionssideseachcalen-darmonth,arateof$0.12/sideforallRussell1000MiniIndexandRussell2000®MiniIndexfuturesandoptionscontractsexecutedinthatcalendarmonthduringthetermofthepro-gram.OnlytransactionsinsaidRussellcontractsexecutedbytheparticipantinhis/herproprietaryaccount(s)areeligibleforreducedfees;EFPtransactionsintheRussell2000IndexMinifuturescontractsshallnotbeeligibleforreducedfees;EFPtransactionsintheRussell1000Index,Russell1000GrowthIndexandRussell1000ValueIndexMinifuturescontractsareeligibleforreducedfees.

ThedifferencebetweentheratechargedtheparticipantintheIndividualMemberFeeProgramandthestandardnon-memberfeesforRusselltransactionsinthesecontractsisrebatedtotheProgramparticipantthroughtheparticipant’sclearingmem-ber.IfinanycalendarmonththeparticipantfailstomeettheProgram’svolumerequirementfortheRussell1000MiniIndex,theparticipantwillbechargedatarateof$.30acontractsidefortransactionsintheRussell1000MiniIndexandRussell2000MiniIndexfuturesandoptionscontractsforthatmonth.

Formoreinformationandanyupdatesvisit:https://www.theice.com/publicdocs/futures_us/russellindividualmemberapplication.pdf

Exchange Member Russell Incentive Program for Corporate EntitiesTheprogramoffersentitiesthatarecorporatemembersofanumberofqualifyingUSderivativesexchangesthatexecuteatleast100Russell1000®IndexMinifuturesand/oroptionssideseachcalendarmontharateof$0.30/sideforallRus-sell1000IndexandRussell2000®Index,Russell100ValueIndexandRussell1000GrowthIndexMinifuturesandoptionscontracts(“theRussellContracts”)executedinthatcalendarmonth.OnlytransactionsinsaidRussellContractsexecutedbytheparticipatingfirminitsproprietaryaccount(s)areeligibleforreducedfees;EFPtransactionsintheRussell2000IndexMinifuturescontractsshallnotbeeligibleforreducedfees;EFPtransactionsintheRussell1000Index,Russell1000GrowthIndexandRussell1000ValueIndexMinifuturescontractsareeligibleforreducedfees.ThedifferencebetweentheratechargedtheparticipatingfirmintheMemberFirmFeeProgramandthestandardnon-memberfeesforRusselltransactionsinthesecontractsisrebatedtotheProgramparticipatingfirmthroughtheparticipatingfirm’sclearingmember.

IfinanycalendarmonththeparticipatingfirmfailstomeettheProgram’svolumerequirementfortheRussell1000IndexMinicontracts,theparticipatingfirmwillbechargedatarateof$.60acontractsidefortransactionsintheRussellContractsforthatmonth.Inaddition,intheeventthattheparticipanthasmettherequiredRussell1000IndexMinivolumerequirementinamonth,theparticipantisqualifiedtoearnafurtherdiscountonallProgramvolumeforthatmonthbasedupontheparticipant’sexecutedvolumeintheRussell1000ValueIndexandRussell1000GrowthIndexMinifuturescontractsasshownbelow:

MonthlyVolumeofandRate: •200contractscombinedintheRussell1000GrowthandValueContracts:$0.20•400contractscombinedintheRussell1000GrowthandValueContracts:$0.10Formoreinformationandanyupdatesvisit:https://www.theice.com/publicdocs/futures_us/russellcorporatememberapplication.pdf

NYSE LIFFE

Commodities: New Market Particpants Program (NMP)ForallproprietarytradersnewtotheLondoncommoditymarkets

NYSELiffeoffersanexchangefeerebateprogramtoattractnewcommoditytraderstoourCocoa,RobustaCoffee,andWhiteSugarfuturesandoptionsmarkets.TheNewMarketParticipant(NMP)programprovidesexchangefeerebatestoregisteredindividualtradersforafullyear,accordingtothefollowingschedule: •Months1-4:100%exchangefeerebate•Months5-8:75%exchangefeerebate•Months9-12:50%exchangefeerebate

Aparticipantmayregisterfortheprogramforonecommodityandbegintheprogramforadditionalcommoditiesatlaterdates.Formoreinformationandaccesstotheapplicationform,visit:http://www.euronext.com/editorial/wide/editorial-23869-EN.html

Interest Rate and FTSE 100 Index Futures: New Market Particpants Program (NMP)ForindividualproprietarytraderswhoarenewparticipantsintheLondonfuturesmarketsandhavenopriorderivativestradingexperience

NYSELiffeoffersafullexchangefeerebatefortransactionsinshortandlongterminterestrateproductsandFTSE100Indexfutures,uptoamonthlycapforthefirsttwelvemonthsoftradingintheseproducts.

Months MonthlyCapMonths1&2 Upto2,000contractspermonthMonths3&4 Upto3,500contractspermonthMonths5&6 Upto4,500contractspermonthMonths7&8 Upto6,000contractspermonthMonths9&10 Upto7,500contractspermonthMonths11&12 Upto10,000contractspermonth

Foradditionaldetails,refertonotice3272at:www.nyx.com/individuallpschemes.

STIR Liquidity Program (LP)ForproprietarytraderswhotransactabovedefinedvolumethresholdlevelsinEuribor,ShortSterlingand/orEuroswissandthosetransitioningfromtheUSLPprogram(seeabove)

NYSELiffeoffersreducedexchangefeesonproprietarybusi-nessabovedefinedvolumethresholdlevels,inadditiontolowerexchangetradingfeesinthedeferreddeliverymonthsofthesecontracts.Thereisamonthlyvolumethresholdthatmustbereachedinordertoparticipateineachoftheprograms.Theparticipantmusttransactatleast20,000sidesofEuribor,8,000sidesofShortSterlingor2,000sidesofEuroswissfuturescontractsinacalendarmonthpriortobeingacceptedasanLPforthatproduct.

Interestedapplicantsmayreviewapplicationexchangefeesanddeterminethefee/sidetheywouldpayunderthisprogrambyenteringtheoreticalpositionsintocalculatorsavailableonourwebsite.TransactionfeecalculatorsforEuribor,ShortSterlingandEuroswiss,alongwiththeapplicationformtobecomeanLP,canbefoundat:http://www.euronext.com/editorial/wide/editorial-2835-EN.html#p3.ProgramnoticesforthisandavarietyofotherliquidityprogramsforSTIRtradersarealsoavailablehere.

Interest Rate Market Making Programs:NYSELiffeoffersavarietyofdesignatedmarketmaking(DMM)programstosupportliquidityinitssuiteofcoreinterestrateproducts.DMMprogramsaregenerallybaseduponspecificstrategies,contractmaturitiesorthetimeofdayoneiswillingtoprovideliquiditytothemarket.DMMscommittomakingtwo-sidedmarketsataspecifiedspreadforanagreedpercentageofthetradingday.Inreturn,theExchangerebatesallexchangefeesforcontractstradedundertherelevantDMMprogramandalsopaysastipendtocompensateforthecostsassociatedwithprovidingliquiditytothemarketasDMM.

DMMprogramsarereviewedand,wherepossible,renewedatsix-monthintervals.Anoticeisdistributedwhenaprogramisupforrenewalandinterestedfirmssubmitcompetitivetenders.

Acommitteereviewsallapplicationsanddetermineswhichwillbeacceptedtoactasmarketmakerforthenextsix-monthperiod.

NYSELiffehasDMMprogramscoveringthefollowing:•EuriborFutures• BackMonths• PacksandBundles• LateOpenings• AsianTradingHours

•ShortSterlingFutures• BackMonths• PacksandBundles

•EuroswissFutures

•EuroSwapnotrFutures:2-year,5-year,and10-yearShortandMediumTermGiltFutures

•EoniaFutures• Outrights• CalendarSpreads• Inter-contract:Euribor/threemonthEonia

•STIROptions

NYSE LIFFE U.S.

MSCI Equity Index Futures:

MSCI Futures Incentive Program (FIP) Formarketparticipantsthattradebothexchange-tradedvehicles(ETVs)onNYSEArcaandtheassociatedMSCIEquityIndexfuturesonNYSELiffeU.S.

NYSELiffeU.S.hastheuniqueopportunitytoleveragesynergiesacrossassetclassestradedwithintheNYSEEuronextGroup.Programparticipantswhotradespecifiednumbersofsharesormoreofcertainexchange-tradedvehicles(ETVs)onNYSEArcamayreceiverebatesforrelatedtransactionsincorrespondingamountsintheappropriateFuturesonMSCIIndices.Foradditionalinformationandtheparametersassociatedwiththisprogramvisit:http://www.nyse.com/pdfs/02-2010.pdf.TheFIPapplicationformcanbefoundat:http://www.nyse.com/pdfs/10-2009.pdf.

MSCI Active Market Participant Program (AMP) ForactivemarketparticipantssupportingliquiditytogrowMSCIEquityIndexfuturesproducts

NYSELiffeUSreviewstradingvolumesonamonthlybasisineachoftheMSCIEAFE,EmergingMarkets,andUSAMiniIndexFutures.Thetop10volumecontributorsineachproduct,excludingmarketmakers,withaveragedailytradingvolume(“ADV”)ofatleast50sides,willbeeligibletoapplyforreducedExchangefeesonproprietarytransactionsexecuted.Foradditionalinformationandtheapplicationformvisit:http://www.nyse.com/pdfs/05-2010.pdf.

Precious Metals Futures:

Precious Metals Futures Incentives Program (FIP)Formarketparticipantsthattradebothexchange-tradedvehicles(ETVs)onNYSEArcaandtheassociatedPreciousMetalsfuturesonNYSELiffeU.S.NYSELiffeU.S.hastheuniqueopportunitytoleveragesynergiesacrossassetclassestradedwithintheNYSEEuronextGroup.Programparticipantstrading300,000sharesormorepermonthofcertainexchange-tradedvehicles(ETVs)onNYSEArcamayreceiverebatesforrelatedtransactionsinNYSELiffeU.S.full-ormini-sizedGoldorSilverfuturescontracts.Formoreinformationandtoviewtheparametersforthisprogramvisit:http://www.nyse.com/pdfs/33-2009.pdf.TheFIPapplicationformcanbefoundat:http://www.nyse.com/pdfs/10-2009.pdf.

Precious Metals Active Market Participant Program (AMP)ForactivemarketparticipantssupportingliquiditytogrowPreciousMetalsfuturesproducts

NYSELiffeU.S.reviewstradingvolumes,onamonthlybasisineachofthe100oz.GoldFutures,Mini-SizedGoldFutures,5000oz.SilverFuturesandMini-SizedSilverFutures.Thetop10volumecontributorsineachproduct,excludingmarketmakers,willbeeligibleforreducedExchangefeesonproprietarytransactionsexecutedduringthefollowingcalendarmonth.

Contract: FeeperContractperSide: CustomerMemberAPM Fee FeeFee100oz.GoldFutures $1.00 $0.50$0.205000oz.SilverFutures $1.00 $0.50$0.20Mini-SizedGoldFutures $0.75 $0.375$0.10Mini-SizedSilverFutures $0.75 $0.375$0.10

Formoreinformationandtheapplicationformvisit:http://www.nyse.com/pdfs/01-2010.pdf

Precious Metals International Trader Incentive ProgramForpreciousmetalstradersbasedoutsideoftheU.S.NYSELiffeU.S.offersreducedtradingfeestoattractandrewardalltypesoftraders,basedoutsideoftheU.S.,toparticipateinourgoldandsilverfuturesmarket.Interestedpar-tiesmustcompleteanapplication,betweennowandFebruary28,2011,toreceivethefollowingbenefitsforuptosixmonths:

Contract: ExchangeFee: Months1-3Months4-6Minigold&MinisilverExchangefeeswaived$0.10/side100ozgold&5000ozsilver$0.20/side$0.20/side

Theapplicationforthisprogramcanbefoundat:http://www.nyse.com/pdfs/14-2010.pdf

NYSE Liffe U.S. Market Making Programs: NYSELiffeU.S.offersadesignatedmarketmaker(DMM)programstoprovidecustomerswithconsistentandreliableliquidityinitspreciousmetalsandMSCIEquityIndexfuturesproducts.DMMsprovidemaximumbid/offerspreadsatminimumsizesinoutrightcontractsandspreadsinexchangeforexchangefeerebatesandcertainotherbenefits.

Product Information

Contractswiththegreatestvolumeoftenindicatethemarketswiththegreatestopportunities,andthisinformationcanbevaluabletoalltypesoftraders.ListedbelowisthetradingvolumeforJanuarythroughOctober2013withtheyear-over-yearchangeascompiledbytheFuturesIndustryAssociation(FIA).ThefollowingdataappearedintheJanuary2014issueof"TheMagazineoftheFuturesIndustry."Additionalvolumeinformationisavailableatwww.futuresindustry.com.

GLOBAL FUTURES & OPTIONS VOLUME BY CATEGORYBased on number of contracts traded and/or cleared at 76 exchanges worldwide.

Sector Jan-Oct 2013% Change

from Jan-Oct 2012

Individual Equity 5,436,025,346 -0.3%Equity Index 4,582,212,371 -12.7%Interest Rate 2,863,889,549 13.4%Currency 2,246,514,262 11.7%Energy 1,071,041,076 44.2%Agriculture 1,007,237,030 -3.9%Non-Precious Metals 564,485,277 26.1%Other 447,665,664 138.0%Precious Metals 356,221,706 33.4%Total 18,575,292,281 3.6%

Note: Other includes contracts based on commodity indices, credit, fertilizer, housing, inflation, lumber, plastics and weather.

TOP 20 DERIVATIVES EXCHANGESRanked by number of contracts traded and/or cleared

Rank Exchange Jan-Oct 2013

% Changefrom

Jan-Oct 2012

1 CME Group 2,691,546,072 9.0%

2 IntercontinentalExchange (in-cludes NYSE Euronext)* 2,395,312,326 19.6%

3 National Stock Exchange of India 1,889,455,319 13.2%

4 Eurex* 1,873,854,985 -5.2%5 BM&FBovespa 1,407,651,891 -0.2%6 CBOE Holdings* 1,000,932,428 3.8%7 Moscow Exchange 969,907,412 8.2%8 Nasdaq OMX* 964,019,277 4.3%

9 Multi Commodity Exchange of India 746,540,711 -7.6%

10 Korea Exchange 693,221,760 -59.5%11 Dalian Commodity Exchange 591,605,064 17.4%12 Shanghai Futures Exchange 536,584,219 85.5%13 Zhengzhou Commodity Exchange 452,664,850 62.3%14 Japan Exchange Group 315,835,241 65.0%15 Hong Kong Exchange & Clearing 251,220,327 8.0%16 ASX Group 222,760,669 2.2%17 BSE 215,944,966 11.5%18 JSE South Africa 208,341,245 61.5%19 China Financial Futures Exchange 161,808,210 106.4%20 BATS Exchange 135,871,123 26.3%

* Open interest for these exchanges does not include options traded in the U.S and cleared by OCC.

THE TOP 20 PRODUCTS BY CATEGORYA listing of the most active futures and options contracts worldwide by category, ranked by number of contracts traded and/or cleared

Interest Rates

Rank ContractJan-Oct

% Changefrom Jan-Oct

1 Eurodollar Futures, CME 436,134,292 16.9%

2 One Day Inter-Bank Deposit Futures, BM&F 349,509,872 20.7%

3 10 Year Treasury Note Futures, CBOT 280,664,232 24.1%4 3 Month Euribor Futures, Liffe 209,315,052 38.3%5 Euro-Bund Futures, Eurex 165,185,589 4.2%6 5 Year Treasury Note Futures CBOT 148,387,101 33.9%7 3 Month Sterling Futures, Liffe 122,484,651 22.8%8 Euro-Bobl Futures, Eurex 110,184,981 19.8%9 Eurodollar Mid-Curve Options, CME 102,356,552 26.3%

10 30 Year Treasury Bond Futures, CBOT 85,085,764 10.4%11 Eur-Schatz Futures, Eurex 82,179,098 1.4%12 10 Year Treasury Note Options, CBOT 75,044,784 58.7%13 2 Year Treasury Note Futures, CBOT 48,786,813 7.5%14 3 Month Euribor Options, Liffe 42,926,575 -32.6%15 3 Year Treasury Bond Futures, SFE 41,801,950 11.6%16 IDI Index Options, BM&F 36,972,982 -61.3%17 Long Gilt Futures, Liffe 36,052,586 15.6%18 Euro-Bond Options, Eurex 30,971,198 13.7%19 DI x US Dollar FRA Futures, BM&F 29,919,561 -0.9%20 3 Year Euribor Mid-Curve Options, Liffe 25,983,593 204.3%

Equity Index

Rank Contract Jan-Oct 2013

1 CNX Nifty Index Options, NSE India 754,581,386 10.6%2 SPDR S&P 500 ETF Options* 513,447,031 7.1%3 Kospi 200 Options, Korea Exchange** 488,963,394 -67.2%4 E-mini S&P 500 Futures, CME 389,573,773 -2.0%5 RTS Futures, Moscow Exchange 232,072,959 -16.8%6 Euro Stoxx 50 Futures, Eurex 228,876,044 -16.6%7 Nikkei 225 Mini Futures, OSE 203,043,988 89.5%8 Euro Stoxx 50 Options, Eurex 192,354,486 -22.6%9 S&P 500 Options, CBOE 175,723,406 23.2%

10 CSI 300 Futures, CFFEX 161,618,084 106.2%11 S&P BSE 100 Options, BSE*** 141,727,394 148.4%12 VIX Options, CBOE 123,211,784 36.7%13 iShares Russell 2000 ETF Options* 116,941,090 12.2%14 Taiex Options, Taifex 93,452,362 9.1%15 Powershares QQQ ETF Options* 78,553,856 -18.9%

16 iPath S&P 500 VIX Short Term Futures ETN Options* 73,865,441 81.2%

17 S&P Sensex India Options, BSE 70,201,229 -45.0%

18 iShares MCSI Emerging Markets EFT Options** 69,031,962 32.4%

19 CNX Nifty Futures, NSE India 63,468,807 -11.1%20 E-mini Nasdaq 100 Futures, CME 50,081,905 -4.0%

* Traded on multiple U.S. options exchanges**Multiplier changed from 100,000 won for series listed from March 2012 onwards ***Began trading in August 2012

Energy

1 Brent Crude Oil Futures, ICE Futures Europe 135,862,411 7.1%

2 Light Sweet Crude Oil Futures, Nymex 127,535,996 5.4%

3 Henry Hub Natural Gas Futures, Nymex 70,439,267 -14.3%

4 Gasoil Futures, ICE Futures Europe 56,208,791 1.5%5 Crude Oil Futures, MCX 36,866,002 -23.1%

6 WTI Crude Futures, ICE Futures Europe 31,453,498 10.8%

7 NY Harbor RBOB Gasoline Futures, Nymex 29,394,525 -6.9%

8 No. 2 Heating Oil Futures, Nymex 27,781,281 -9.6%9 Crude Oil (LO) Options, Nymex 27,677,635 -0.8%

10 Natural Gas Futures, MCX 21,479,218 -8.1%

11 Natural Gas European-Style Options, Nymex 16,661,089 -23.8%

12 Brent Oil Futures, Moscow Exchange 16,116,415 60.4%13 U.S. Oil Fund ETF Options* 14,173,931 -23.6%

14 Henry Hub Swap (NN) Futures, Nymex 9,990,326 -38.9%

15 Brent Crude Oil Options, ICE Futures Europe 8,296,888 9.3%

16 Brent Crude Oil Last Day Futures, Nymex 7,502,191 620.6%

17 U.S. Natural Gas Fund ETF Options* 6,440,429 -41.3%18 EUA Futures, ICE Futures Europe 6,034,037 18.1%

19 Natrual Gas Penultimate Swap Futures, Nymex 5,246,970 -27.5%

20 NYH RBOB Gasoline Futures, ICE Futures Europe 3,296,519 89.3%

*Traded on multiple U.S. options exchanges

Energy

1 Brent Crude Oil Futures, ICE Futures Europe 135,862,411 7.1%

2 Light Sweet Crude Oil Futures, Nymex 127,535,996 5.4%

3 Henry Hub Natural Gas Futures, Nymex 70,439,267 -14.3%

4 Gasoil Futures, ICE Futures Europe 56,208,791 1.5%5 Crude Oil Futures, MCX 36,866,002 -23.1%

6 WTI Crude Futures, ICE Futures Europe 31,453,498 10.8%

7 NY Harbor RBOB Gasoline Futures, Nymex 29,394,525 -6.9%

8 No. 2 Heating Oil Futures, Nymex 27,781,281 -9.6%9 Crude Oil (LO) Options, Nymex 27,677,635 -0.8%

10 Natural Gas Futures, MCX 21,479,218 -8.1%

11 Natural Gas European-Style Options, Nymex 16,661,089 -23.8%

12 Brent Oil Futures, Moscow Exchange 16,116,415 60.4%13 U.S. Oil Fund ETF Options* 14,173,931 -23.6%

14 Henry Hub Swap (NN) Futures, Nymex 9,990,326 -38.9%

15 Brent Crude Oil Options, ICE Futures Europe 8,296,888 9.3%

16 Brent Crude Oil Last Day Futures, Nymex 7,502,191 620.6%

17 U.S. Natural Gas Fund ETF Options* 6,440,429 -41.3%18 EUA Futures, ICE Futures Europe 6,034,037 18.1%

19 Natrual Gas Penultimate Swap Futures, Nymex 5,246,970 -27.5%

20 NYH RBOB Gasoline Futures, ICE Futures Europe 3,296,519 89.3%

*Traded on multiple U.S. options exchanges

Agricultural

1 Soy Meal Futures, DCE 231,760,080 -14.1%2 Rapeseed Meal Futures, ZCE* 120,696,273 N/A3 Soy Oil Futures, DCE 78,039,979 47.3%4 Palm Oil Futures, DCE 63,143,748 131.7%5 White Sugar Futures, ZCE 62,237,606 -49.8%6 Rubber Futures, SHFE 60,978,886 -5.9%7 Corn Futures, DCE 53,588,399 -15.5%8 Soybean Futures, CBOT 39,264,901 -13.0%9 Sugar #11 Futures, ICE Futures U.S. 26,641,052 10.7%

10 Wheat Futures, CBOT 21,297,769 -8.1%11 Corn Options, CBOT 20,485,654 -12.2%12 Soybean Oil Futures, CBOT 19,649,979 -13.7%13 Soybean Meal Futures, CBOT 16,721,875 7.8%14 Soybean Options, CBOT 12,936,479 -19.3%15 Corn Futures, DCE 11,725,983 -66.0%16 Live Cattle Futures, CME 10,719,926 -10.1%17 Lean Hogs Futures, CME 9,780,480 -0.7%18 No. 1 Soybean Futures, DCE 9,773,973 -71.2%19 Cotton No. 1 Futures, ZCE 6,950,789 -64.0%

20 Crude Palm Oil (FCPO) Futures, MDEX 6,702,990 10.6%

Metals

1 Steel Rebar Futures, SHFE 259,575,459 97.3%2 Silver Futures, SHFE* 128,511,774 746.0%3 Copper Futures, SHFE 56,454,771 11.2%

4 High Grade Primary Aluminum Futures, LME 53,414,442 8.7%

5 SPDR Gold Shares ETF Options** 43,915,389 -2.7%6 Comex Gold Futures, Nymex 40,939,803 11.0%7 Copper Grade A Futures, LME 34,325,072 -31.2%8 Silver MIC Futures, MCX 30,218,205 -10.3%9 iShares Silver Trust ETF Options ** 26,836,664 1.5%

10 Special High Grade Zinc Futures, LME 24,752,302 -39.7%

11 Silver M Futures, MCX 18,629,200 -35.5%12 Copper Futures, MCX 18,503,082 -42.6%13 Gold Petal Futures, MCX 17,886,956 215.3%14 Gold Futures, SHFE 15,899,395 -20.0%15 Gold M Futures, MCX 14,820,921 6.7%16 Comex Copper Futures, Nymex 14,763,463 4010.3%17 Gold Futures, Moscow Exchange 13,410,244 98.7%18 Comex Silver Futures, Nymex 12,347,614 11.5%19 Copper Mini Futures, MCX 11,326,786 -27.9%20 Gold Futures, Tocom 11,092,124 15.5%

*Began Trading in May 2012**Traded on multiple U.S. options exchanges

Foreign Exchange

1 U.S. Dollar/Indian Rupee Futures, NSE India 524,253,904 3.5%

2 U.S. Dollar/Indian Rupee Futures, MCX-SX 472,089,427 1.6%

3 U.S. Dollar/Russian Ruble Futures, Moscow Exchange 315,897,336 3.9%

4 U.S. Dollar/Indian Rupee Options, NSE India 240,085,504 27.8%

5 U.S. Dollar Futures, BM&F 71,606,094 0.2%

6 Euro/U.S. Dollar Futures, Moscow Exchange 59,667,348 119.6%

7 Euro FX Futures, CME 53,256,940 -7.7%8 U.S. Dollar Futures, Korea Exchange 44,952,809 -2.4%9 U.S. Dollar Futures, Rofex 41,251,870 -5.7%

10 Japanese Yen Futures, CME 37,501,908 100.6%

11 U.S. Dollar/Indian Rupee Futures, USE 25,734,767 6643.2%

12 British Pound Futures, CME 25,127,374 13.8%13 Australian Dollar Futures, CME 22,803,557 -19.5%

14 U.S. Dollar/Japanese Yen Futures TFX 18,147,255 137.9%

15 Canadian Dollar Futures, CME 14,986,648 -24.3%

16 Euro/Indian Rupee Futures, NSE India 14,746,405 251.1%

17 U.S. Dollar/Rand Futures, JSE 13,281,726 96.4%18 Euro/Indian Rupee Futures, MCX-SX 13,139,693 56.6%

19 U.S. Dollar/Indian Rupee Futures, USE 11,290,976 229.8%

20 Mexican Peso/U.S. Dollar Futures, Mexder 11,000,009 33.8%

Front-End Trading Applications

AdvantageFuturesisfront-endneutral.Weprovideavarietyofleadingfront-endtradingapplicationstoallowourclientstoutilizethesoftwarethatbestsuitstheirindividualneeds.AdvantageClientRepresentativesarepreparedtoassistyouwithselectingtheappropriatefront-end.Ourcurrentrosterincludes:

CQG Integrated ClientThisplatformofferstradersaninnovativetradinginterfacecompletewithaccurateglobalmarketdataandprofessionalanalyticaltools.

CQG TraderThispopularquote-basedexecutionplatformisdesignedfortradersseekingacost-effectivetradingsolution.

Cunningham Trading Systems (CTS) T4T4isaleadingtradingplatformthatofferstheprofessionaltraderglobalaccesstomultiplefuturesexchangeswithtotalflexibility.

NinjaTraderAprofessionaltradingsolutiondesignedforadvancedorderentryandpositionmanagement.

OptionsCityOptionsCityMetroisafullyconfigurableelectronictradingplatformforbothfloorandoff-floortraders.OptionsCityfunctionalityincludes:tablets,point-clicktrading,electronic-eye,automaticexecutionwithauto-hedgingandmassquoting.

ORC SoftwareProvidessignificantfunctionalityallowingtraderstocustomizevolatilitymanagement,pricingandautomatedquoting.

ProOpticusProvidesuserswithafully-customizable,comprehensiveandintegratedsoftwaresolutionforoptionvaluation,riskmanagementandtradeexecution.

RTS Realtime SystemsRTDisaninnovativeapplicationthatprovidesaccesstoexchange-tradedfuturesandoptionsmarkets.

Stellar Trading SystemsStellarandtheStellarspreadMachineprovideflexible,powerfulandultrafastserver-basedfutures,options,equitiesandtreasuriestradingcapabilitiestothehigh-frequency,high-volumeprofessionaltrader

Sungard GL TradeAcustomizableplatformthatprovidesmarketaccessgateways,marketdatafeedsandotherfinancialcontent.

Trading Technologies (TT)X_TRADER®letsyoutrademultipleproductsandmultiplemarketsfromonefullycustomizablescreeninrealtime.

TRADING APPLICATION TYPE QUOTES CHARTS MARKET DEPTH

RISK MANAGEMENT TRADER TYPE

CQG Integrated Client Download&Install Real-timestreaming Yes Yes Yes Professionalor

IndividualTrader

CQG Trader Download&Install Real-timestreaming No Yes Yes IndividualTrader

CTS T4 Download&Install,&Web&Mobilebased

Real-timestreaming

Yes(addi-tionalcharge) Yes Yes Professionalor

IndividualTrader

NinjaTrader Download&Install Real-timestreaming Yes Yes No,butoffered

throughTT IndividualTrader

OptionsCity Metro Download&Install Real-timestreaming No Yes Yes ProfessionalTrader

Orc Trader Download&Install Real-timestreaming

SomeIntra-day Yes Yes ProfessionalTrader

Orc Liquidator Download&Install Real-timestreaming

SomeIntra-day Yes Yes AlgorithmicTrader

ProOpticus Download&Install Real-timestreaming No Yes Yes ProfessionalTrader

RTS Realtime Systems RTD Download&Install Real-time

streaming Yes Yes YesMarketMakers,HedgeFunds,IBs,CTAs,

InvestmentBanks,Bro-kers,IndividualTraders

RTS Realtime Systems RTD Tango Download&Install Real-time

streaming Yes Yes Yes AlgorithmicTrader

Stellar Trading Systems Download&Install Real-timestreaming Yes Yes Yes ProfessionalorIndi-

vidualTrader

Sungard GL WIN Download&Install&Webbased

Real-timestreaming Yes Yes Yes ProfessionalTrader

Trading Technologies X_Trader Download&Install Real-time

streaming Yes Yes Yes ProfessionalTrader

Trading Technologies X_Trader Pro Download&Install Real-time

TRADING APPLICATION TYPE QUOTES CHARTS MARKET DEPTH

RISK MANAGEMENT TRADER TYPE

CQG Integrated Client Download&Install Real-timestreaming Yes Yes Yes Professionalor

IndividualTrader

CQG Trader Download&Install Real-timestreaming No Yes Yes IndividualTrader

CTS T4 Download&Install,&Web&Mobilebased

Real-timestreaming

Yes(addi-tionalcharge) Yes Yes Professionalor

IndividualTrader

NinjaTrader Download&Install Real-timestreaming Yes Yes No,butoffered

throughTT IndividualTrader

OptionsCity Metro Download&Install Real-timestreaming No Yes Yes ProfessionalTrader

Orc Trader Download&Install Real-timestreaming

SomeIntra-day Yes Yes ProfessionalTrader

Orc Liquidator Download&Install Real-timestreaming

SomeIntra-day Yes Yes AlgorithmicTrader

ProOpticus Download&Install Real-timestreaming No Yes Yes ProfessionalTrader

RTS Realtime Systems RTD Download&Install Real-time

streaming Yes Yes YesMarketMakers,HedgeFunds,IBs,CTAs,

InvestmentBanks,Bro-kers,IndividualTraders

RTS Realtime Systems RTD Tango Download&Install Real-time

streaming Yes Yes Yes AlgorithmicTrader

Stellar Trading Systems Download&Install Real-timestreaming Yes Yes Yes ProfessionalorIndi-

vidualTrader

Sungard GL WIN Download&Install&Webbased

Real-timestreaming Yes Yes Yes ProfessionalTrader

Trading Technologies X_Trader Download&Install Real-time

Trading Technologies X_Trader Pro Download&Install Real-time

CQG(IntegratedClientandTrader)

For30years,CQG,Inc.hasbeentheindustryleaderforfast,accurate,andreliablemarketdataandunrivaledgraphicalanalysis.Today,CQGisoneoftheindustry’shighest-performingsolutionsforintegratedtraderouting,globalmarketdata,andadvancedtechnicalanalysis.CQGprovidesDirectMarketAccesstomorethanfortyexchangesthroughitsglobalnetworkofcolocatedHostedExchangeGateways.CQG’sserver-sideordermanagementtoolsforspreading,marketaggregation,andsmarticebergordersareunsurpassedforspeedandease-of-use.CQG’smarketdatafeedconsolidatesoverahundredsources,includingexchangesworldwideforfutures,options,fixedincome,foreignexchange,andequitiesaswellasdataondebtsecurities,industryreports,andfinancialindices.

CQGoffersthefollowingintegratedtradingsolutionswiththespeedandsupporttradershavecometorelyon:•CQGIntegratedClientcombineselectronictradingtools,globalmarketdata,andadvancedanalyticsinoneapplication.•CQGSpreaderofferssophisticatedordermanagementandultra-low-latencytradeexecutionfortradingmulti-legged,intermarket,andintramarketspreadsacrossaccountsandassetclasses.•CQGQTraderofferspowerfultradingtoolsandtechnicalanalysisfeaturestotradeandmonitorthemarkets.•CQGTraderistheperfectexecutionplatformfortraderswhodonotrequiretechnicalanalysistools.

EXCHANGESCQGprovidestraderoutingtoASX,BGC,BM&FBOVESPA,CBOE,CBOT,CCFE,CME,COMEX,DME,ELX,Eurex,ECX,EEX,FXall,GLOBEX,HKEX,ICAPBrokerTec,ICEFuturesCanada,ICEFuturesEurope,ICEFuturesU.S.,KCBT,KRX,LME,MexDer,MGEX,MCeX,Montreal,NordPool,NYSEEuronextLiffe,OneChicago,OSE,RTS,SGX,TOCOM,TFX,TurkDEX,andTSEwithadditionalexchangesaddedregularly.

ELECTRONICTRADEROUTING•High-speednetworkofdistributedexchangegateways•Depth-of-marketviewsonpriceladdersandtradingdirectlyfromthechartsandquotepages•Comprehensivepre-traderiskmanagement•CQGHostedExchangeGateways,andasecure,low-latency

•orderroutingserviceareinstalledandmaintainedforourpartnerclearingfirms•SmartOrders,bothexchange-supportedandsyntheticorders,withuniquefeaturesdesignedtoaidthetraderforbetterorderandtrademanagement

ORDERROUTINGTOOLS•Multi-legged,intermarket,intramarketandexchange-tradedspreadscanbetraded,managed,andcreated•Fixed-incomeproductsbasedonthatproduct’syieldcanbetradedorspreadtrading•Twodepth-of-marketorderbookviewsoftheelectronicexchanges•Chartsincludeatraderoutinginterfaceandordermanagementwindow•Spreadsheettrading,withmorethantwohundredmarketdataelementsavailable,includesorderroutingfunctionality•Syntheticandexchange-tradedspreadstradingfromtwocustomizablespreadmatrixstylequotedisplays•Oneorderroutinginterfaceminimizesuseofscreenrealestate•CQGandcustomstudyvaluesaswellasconditionalertscanbedisplayedontheDOMTrader®

CQGSMARTORDERSCQGsupportsbothexchange-supportedandsyntheticorders.EachSmartOrderhasuniquefeaturesdesignedtoaidthetraderforbetterorderandtrademanagement.SmartOrdersinclude:• DOM-triggeredstop/stoplimits• Trailinglimits,stops,stoplimits• Bracketandorder-cancels-order• Algorithmicorders,includingicebergordersandoffsetstoplimits• Study-followingorders• Condition-followingordersandalerttrading• Funari

CONSOLIDATEDMARKETDATA•High-speed,real-timeandhistoricalmarketdatafrommorethanonehundredglobalsources•Foreignexchange,fixedincome,energy,derivatives,equities,singlestockfutures,andOTCmarkets•Eightdifferentstylesofquotedisplays•Cost-effective,scalablemarketdatamanagementanddelivery•DedicateddataqualitystaffacrosstheglobecoveringtheUS,Europe,andAsia•Sophisticatedsymbolsearch

DECISION-MAKINGTOOLS•State-of-the-artchartingandanalytics•SixteenchartstylesincludingCQG’sexclusiveTFlow®•Morethanonehundredbasicandcustomstudies•Customformulabuilder•Sixtypesofalertswithautomatedorderrouting•Powerfultradesystemdesignandback-testingfeatures•Advancedoptionstrategyanalytics

NEWS•Computer-readablenews:keyUS,European,andCanadianeconomicreleases•ComprehensiveDowJonesNews,MarketNewsInternational,NeedtoKnowNews,HightowerNews,LaSalleStreetNews,andInformaGlobalMarketscoverage•Innovativedisplay,search,andfiltering•Securedeliveryofproprietarycustomerfeeds•Integrationofnewstocharts•Offeredasalibrary(inyourownapplicationorstandalone)

CQGSPREADERTheCQGSpreaderisatoolforspreadtradersneedingsophisticatedordermanagementandultralow-latencytradeexecution.TheCQGSpreaderallowstraderstoeasilycreate,trade,andmanagemulti-legged,intermarket,intramarket,andcross-exchangespreadsandeffectivelymanageincompleteorders.Traderscanmanagespreadsacrossaccountsandassetclasses.

TheCQGSpreaderCore(colocatedserversattheexchanges)usesproprietaryalgorithmicrulestomanageworkinglegsofthespread.Bid/askqueuesperlegintheexchange’sorderbookaremonitoredbythespreadserversforliquidity.Thecloseproximityofthecoretotheexchangeserversallowsmodificationandexecutionofsecondlegstooccurinlessthanamillisecond.

CQGSpreaderfunctionalityincludes:•Settingupspreadswithuptofortylegsandactivelyquotinguptotenlegs•Configuringlegratios,scale,ordermanagement,andleggingrisk•Prioritizinglegplacement•EasilyidentifyingspreadsandtheirlegswithDOMTrader®andordercolor-coding•Managingcross-accountspreadtrading

DECISION-MAKINGTOOLS•State-of-the-artchartingandanalytics•SixteenchartstylesincludingCQG’sexclusiveTFlow®•Morethanonehundredbasicandcustomstudies•Customformulabuilder•Sixtypesofalertswithautomatedorderrouting•Powerfultradesystemdesignandback-testingfeatures•Advancedoptionstrategyanalytics

NEWS•Computer-readablenews:keyUS,European,andCanadianeconomicreleases•ComprehensiveDowJonesNews,MarketNewsInternational,NeedtoKnowNews,HightowerNews,LaSalleStreetNews,andInformaGlobalMarketscoverage•Innovativedisplay,search,andfiltering•Securedeliveryofproprietarycustomerfeeds•Integrationofnewstocharts•Offeredasalibrary(inyourownapplicationorstandalone)

CQGSPREADERTheCQGSpreaderisatoolforspreadtradersneedingsophisticatedordermanagementandultralow-latencytradeexecution.TheCQGSpreaderallowstraderstoeasilycreate,trade,andmanagemulti-legged,intermarket,intramarket,andcross-exchangespreadsandeffectivelymanageincompleteorders.Traderscanmanagespreadsacrossaccountsandassetclasses.

TheCQGSpreaderCore(colocatedserversattheexchanges)usesproprietaryalgorithmicrulestomanageworkinglegsofthespread.Bid/askqueuesperlegintheexchange’sorderbookaremonitoredbythespreadserversforliquidity.Thecloseproximityofthecoretotheexchangeserversallowsmodificationandexecutionofsecondlegstooccurinlessthanamillisecond.

CQGSpreaderfunctionalityincludes:•Settingupspreadswithuptofortylegsandactivelyquotinguptotenlegs•Configuringlegratios,scale,ordermanagement,andleggingrisk•Prioritizinglegplacement•EasilyidentifyingspreadsandtheirlegswithDOMTrader®andordercolor-coding•Managingcross-accountspreadtrading

CQGAPICQG’sAPIsoffersolutionsforcustomersneedingthemostreliabledata,advancedanalytics,andultra-lowlatencytrading.OurAPIsolutionsallowyoutoseamlesslydelivermarketdata,analytics,andorderroutingtoexternalapplications.Forlatency-criticalapplications,theproximityofCQG’sglobalnetworkofexchangedatacentersgetsyouasclosetothemarketsaspossible.

TheCQGDataAPImakesitpossibleforyoutoseamlesslydeliverCQG’smarketdataandanalyticstoexternalapplications.CQGofferstheoptionofbothreal-timeandhistoricaldataforcustomersviatheAPIsolution.TheCQGDataAPIisbasedonCOMservertechnology.Anylanguagethatsupportsautomationtechnologymaybeusedfordevelopment.CQGprovidessamplesofhowtousetheAPIforMicrosoftExcelVBA,VisualBasic,C#,C++,andMATLAB.TheCQGTradingAPIallowsyoutoaccesstheCQGHostedExchangeGatewaysfororderroutingfromexternalapplications.

REAL-TIMEDATATheCQGDataAPIgivesyouaccessto:•Instrumentreferencemetadata/contractspecifications•Lasttradeandcurrentbestbid/offerdatawithvolumes•Depth-of-market(DOM)datawithvolumes•TheCQGDataAPIsupportsreal-timeanddelayedmarketdatafromexchanges.

HISTORICALDATAComprehensivetradeandbestbid/offertickdatamayberetrievedattheendofthedaytovalidatetickdatabaseintegrity.Inaddition,theCQGDataAPIgivesyouaccesstoconsolidated(aggregated)dataindifferenttypesofbarconfigurations,suchasregulartimed,constantvolume,pointandfigure,andTFlowbars.Ourhistoricaldataincludesaccesstoourembeddedanalytics.

ANALYTICSIndustry-leadinganalyticsavailableviatheCQGDataAPIinclude:•Cannedstudiesandfunctions•Customstudiesandformulas•Syntheticinstruments•Tradesystemvalues

TRADINGTheCQGTradingAPIcanbeusedfor:•Tradeexecution(manualandautomatic)•Trademonitoring

CunninghamTradingSystems(CTS)

T4isaprofessionalfront-endsoftwaretradingplatformthatofferstheprofessionaltradertheabilitytotradewithease,satisfaction,andtotalflexibility.T4wasdesignedtoincluderich,easy-to-usefront-endfunctionality,alongwithmaximumspeed,customizationcapabilities,andaback-endthatoffersthetraderextremereliability.

FLEXIBILITYANDFUNCTIONALITYT4offersallthestandardfunctionalityanyprofessionaltraderneeds,alongwithmanyenhancedfeatures.Thesystemoffers:

•Afullycustomizablescreenlayoutwhichallowsyoutomodifyfonts,colors,andcolumnswithease.•Simplifiedorderbookandaccountviews.•Real-timequotes•Chartswithmorethan30studiesandindicators,amarketprofileandnews•Connectivitytomanyoftheworld’slargestexchangesatONEcost,meaningyoudon’tgetchargedforeachadditionalexchangeyoutrade•Real-timeprofitandlossandpositionupdates•ApositionandP&Lrolloverfeature•One-clickordersubmission•Keyboardordersubmission•DDEfunctionalityforallcontracts•Multipleorderbooksincludingaglobalorderbook,whichallowsyoutoviewtheentiresession’sactivityononescreen•Anexpansivelistofordertypes,includingMarketOrders,Limits,Stops,Stop-Limits,TrailingStops,MITs,andGTCs,OCOs,andAutoOCOs•Advancedordertypeslikemarketmodeactivation,timeactivation,andpriceactivation•Clearingoutofyourorderbookandpositionsaccordingtotheexchangesessionhours–Thisallowsthetradertoonlyviewordersandpositionsfromthecurrentsession•Personal,24-hoursupport•ThestabilityofCTS’sthreerobust,fullyredundantdatacentersthatwillfurnishfast,reliablemarketconnectivitytothoseexchanges

•Thebenefitofthreefrontendsatonecost.TheT4frontendprovidestheprofessionaltraderwithplentyoftoolstotradeprofessionally.Inaddition,youalsogetaccesstotheT4WebTrader,whichisabrowser-basedfrontend.TheWebtraderisa“Lite”versionoftheT4professionaltradingsystem,andcanbeusedeitherbyprofessionaltraderstoviewtradesfromanyinternetconnection,orbylessactivetraderswhodon’trequireuseofaprofessionaltradingfrontend.ThethirdisT4Mobile,whichisavailableontheiPhone,iTouch,iPad,Palm-PreandanyGooglephone•Advancedwebtoolsthatallowyoutoviewyourpastorderbooksandotheraccountinformationonline

ACCESSIBILITYWithT4,youcantradefromanywhere.Whetheryouareathome,inyouroffice,orontheroad,whenyoutradewithT4allyouneedisaccesstotheinternetandacomputer,andyouarereadytotrade.T4canbehard-wiredtoyourfirm’snetworkorcaneasilybeusedathomeviayourhomeinternetconnection.

TradeallCME,CBOToutrightOptionsincludingEquities,Financials,NYMEX,COMEX,KCBTandMGEX.

CUSTOMIZATIONCreateyourowncustomizedfunctionalityoryourownblackboxsystemusingT4’savailableopenAPI.FormoreAPIinformation,visithttp://www.ctsfutures.com/t4api.aspx

NinjaTrader

NinjaTraderisahigh-performanceend-to-endtradingplatformforbothdiscretionaryandsystemtraders.

DISCRETIONARYTRADERSNinjaTraderwasspecificallydevelopedaroundyourneedsasanactivetraderandisrecognizedastheindustrybenchmarkfororderentryandtrademanagement.NinjaTraderexcelsintheareaoftrademanagementwithitsinnovativeAdvancedTradeManagement(ATM)technologywhichprotectsyouropenpositionsthroughpredefineduserstrategies.Theseeasy-to-createstrategiesfacilitatestoplossandprofittargetbrackets,trailingstops,auto-breakevenstops,andmuchmore.

SYSTEMANDAUTOMATEDTRADERSAsasystemstrader,thetoolsyouselectwillhaveadramaticimpactonyourabilitytoefficientlycreate,testanddeployautomatedstrategies.NinjaTrader’smodernarrayofstrategydevelopmenttoolsandprovenorderexecutioncapabilitiesprovideatrueend-to-endstrategydevelopmentplatformtohandleeverystepoftheautomationprocess.Developyourstrategyconcept,constructit,historicallybacktestandoptimize,testliveinsimulationandthendeploylivethroughyourAdvantageFuturesaccount.

NinjaTrader’smanypowerfulfeaturescanenhanceyourabilitytoeffectivelytradethemarkets:

SUPERDOMTheNinjaTraderSuperDOMisaprovensuccesswithtradersaroundtheglobe.Easilyplaceandmodifyorderswithasingleclickofyourmouseorsemi-automatetrademanagementwithexclusiveATMtechnology.•Quickorderentry,exit,andscalein/outbuttons•Singleclickorderentryandmodification•Highlyvisualorderandpositiondisplay•IntelligentbracketedOCOordersonentryandwhilescalinginoroutofaposition

CHART-BASEDORDERENTRYNinjaTraderallowsyoutoconductyourtechnicalanalysisandtradeinreal-timeusingthesameadvancedchartwindow.•Enter,modify,andcancelordersdirectlyinachart•Monitorpositionsize,averageentrypriceandreal-timeprofitandloss•UseATMstrategies

ADVANCEDTRADEMANAGEMENTFEATURESNinjaTrader’sAdvancedTradeManagement(ATM)capabilitiesgivethediscretionarytraderadramatictradingadvantagebyallowingthemtoimplementrulesandconditionsforcomprehensivesemi-automatedtrademanagementutilizingpredefinedstrategytemplates.Thesefeaturesinclude:

•Automatedstoplossandprofittargetordersubmission•OCO(OnceCancelsOther)orderswithrelationalintelligence•Automaticbreakevenstoploss•Automatictrailingstops•Volume-basedsimulatedstoplossorders

ADVANCEDCHARTINGRegardlessofwhatmarketsyoutrade,whatstyleoftraderyouare,orifyourequirereal-timeoronlyend-of-dayanalytics,NinjaTraderchartsareextremelyflexible,customizableanduser-friendly,allowingyoutovisualizemarketdatainamannerthatisrightforyou.•Flexiblechartstyles,intervals,andcomprehensivevisualization•Newmulti-serieschartingletsyouchartandanalyzemultipletimeseriesandmultipleinstrumentsinasinglechartwindow•Morethan100customizabletechnicalindicatorsincluded•DevelopcustomindicatorsusingNinjaScriptTM•Tradedirectlywithinthecharts

MARKETANALYZERNinjaTrader’sMarketAnalyzerTMwindowisaturbo-chargedquotesheetwithmulti-instrument,real-timescanningandanalysiswithaccesstomorethan100pre-builtindicatorsanddatacolumns.•Customizableindicatorcolumns•Real-timerule-basedcolorcodingandalerting•Dynamicranking,sortingandfiltering

STRATEGYDEVELOPMENTANDBACKTESTINGDevelopyourstrategyconcept,constructit,historicallytestit,optimizeit,livesimulationtestitandthenlivedeployitthroughyouraccountatAdvantageFutures.Nowhereelsecanyoufindsuchacomprehensiveend-to-endsystemdevelopmentandautomationplatform.•Strategycreationfornon-programmers•StrategydevelopmentusingNinjaScript™•Highperformancebacktesting•Real-timesimulatedtesting•Real-timeorderhandlingandliveautomation

BECOMEANINJATRADEREXPERTTradingplatformsrequireknowledgeofhowtousetheminorderforyoutobenefitfromtheirfulladvantages.NinjaTraderunderstandsthis,andthereforeprovidesdailytrainingsessionsoneveryaspectofusingtheNinjaTraderapplicationtohelpyoumasterNinjaTraderasfastaspossibleandtoexpandyourproficiencywithit.Thesetrainingsessions,alongwithcomprehensivetextandvideotutorials,reviewproductfeaturesindetailandprovideinstructiontoguideyouthroughthem.

OptionsCity

Asdevelopersoftheaward-winningMetroelectronictradingandmarket-makingplatform,Chicago-basedOptionsCitySoftwarehashelpedtradersmakemarketsandtradeontheworld’sleadingderivativemarketssince2006.OptionsCitycontinuestoinnovatewiththedevelopmentofFreeway,amulti-assettradingplatformdesignedtobuild,test,anddeployalgorithmswithmicro-secondexecution.Metro™andFreeway™arehighperformanceplatformsofferingpowerfulserver-sideexecutionandoverallminimumlatency.OptionsCityproductsarebuiltonpower,speedandreliabilitythattradersrequiretohavefullcontrolovertrading,safety,andriskmanagement.

OptionsCity’saward-winningMetro™platformisaserver-basedfrontendexecutionsystemforprofessionaloptionstraders.Traderscansetskewcurves,generatetheoreticalvalues,click-trade,auto-quote,useatargetfinder,auto-hedge,andmanagerisk.OptionsCityalsooffersanopenAPIfortraderstocustomizeMetroandtoinputandextractinformationtoandfromMetro.Metrowasnamed“Bestoptionstradingplatform”intheWallStreetLetter’s2012InstitutionalTradingAwards.

OptionsCityFreeway™isapowerfulmulti-assetserver-basedalgorithmicserver-basedtradingplatformdesignedforquickdevelopmentanddeploymentofcustomautomatedtradingstrategies.Thesecustomalgorithms,definedasJobswithinFreeway,arewritteninstandardJavaorScalacodeusingindustrystandardtoolsandastraight-forwardApplicationProgrammingInterface(API).Jobscanexecutetrades,dynamicallyreconfigurethemselvesbasedonchangingmarketconditions,andperformmarketanalysis,includinghistoricalcomparisonsandriskmonitoring.Basedonspeed,Freewayhasbrokenthe100micro-secondbarrierforround-tripexecutionandseamlesslyintegratescustomalgosfromtheOptionsCityAlgoStore.OPTIONSCITYMETRO™FEATURES&BENEFITSIntuitiveInterface–astreamlinedfeatureset,graphicaldisplayofinformation,andtheflexibilitytoconfiguretomeetdifferentneedsmakesMetro’sinterfaceeasy-to-use,intuitive,andcustomizable.

DynamicQuotingEngine–Characterizedbyfastquoteconstructionandsubmission,acomprehensivesetofsafetyfeaturestoprotectagainstmarketrisk,proprietaryquotingalgorithms(optimizedforspeed)toreacttomarketconditions,andnon-scriptinglogictechnologyfortraderstoquicklyreacttomarketconditionsratherthanbelimitedbyscripts.

HighPerformance–Withoverallminimumlatencythroughoutthesystemandfastquoteconstructionandsubmission,Metroefficientlytriggersautomaticresponsestoopportunitiesinlightofpowerfulserver-sideprocessingandexecution.Additionally,theco-locationoftheservernexttotheexchangematchingengineensuresoptimumhighspeedperformance.

EasyIntegration–Achievedthroughopenarchitecture,integrationwithexistingsystemsiseasy;integrationwithproprietarysolutionssuchasproprietarypricingmodelsorexecutionalgorithmsprovidesjustonerouteofMetro’sadaptabletechnologywhichpermitstraderstofullyautomatetradingstrategiesandmaintainorderworkflow.

MitigatingRiskSubstantially–Earlydetectionandautomatedresponsestoextrememarketconditionsbasedondefinedthresholds,Metro’ssafetyfeaturesareinplacetoprotectandwarnfromhumanerror.ClearunderstandingandmanagementofriskallowforprofitabletradinginMetroandenhancestraders’communicationbyprovidingtheabilitytochat,sharesettings,andmonitortradingactivitieswithinteams.

OPTIONSCITYFREEWAY™FEATURES&BENEFITSIntuitiveInterface–aneasy-to-useinterfacetoquicklymonitor,deploy,andcontrolcustomJobswhilesimultaneouslyexecutinghundredsofJobs.ItallowstraderstoquicklyeditvariableswithinJobsanditcomprisesintegratedlogginganddatabasecapabilitieswiththeabilitytosearchforandfilterspecificeventsandtakeactionfromthelogs.

IntegratedDataVisualization-FreewayincludesextensivedatavisualizationcapabilitiesforbothinternalFreewayoperatingparametersandcustomdataprobes.Freewayfacilitatestheinteractionbetweenthehumandecision-making

processandthehigh-speedautomatedalgorithmswithintheFreewayserverbyallowingbidirectionalsignalingbetweenexecutingJobsandthedashboard.

•SimulationandPlaybackTools-TraderscanselectwhichJobstheywouldliketorunontherecordedmarketdatawithinthesimulationenvironment.Theplaybacktoolallowstraderstorecordmarketdataandreplaysitatdifferentspeedstotestalgorithms.

•ComprehensiveDevelopmentEnvironment–FreewayprovidesacompletedevelopmentenvironmentwithasimpleyetpowerfulAPIforalgorithmdevelopmentusingJavaorScala,streamliningthedesign,development,test,anddeploycycle.

•TheAlgoStore™–aone-of-a-kindonlinealgorithmrepository,providingacutting-edgecollaborativeenvironmentandamarketforcreating,purchasing,anddownloadingalgorithms.ItincludesarichsetofalgorithmsavailableforFreewayusers,includingdeltaandgammahedging,opportunitydetection,quotingalgorithms,andauto-spreaders.Third-partyquantitativeanalystshavetheopportunitytowriteandsellalgorithmsorcomponentsofalgorithmstotradersaroundtheworld.

•IntegrationwithMetroandRiskManagementTools–FreewayfullyintegrateswithMetro’scentralizedserver-basedriskmanagementbyincorporatingtheriskassociatedwithFreewaytrades.Metrolaysoutriskacrossaspanofunderlyingpricesaswellasvarious“whatif”scenarios.

ORCSoftware

Orcprovidesthetradingsolutionsformakingthebesttradingdecisionswithstronganalytics,unmatchedmarketaccess,powerfulautomatedtradingfunctionality,high-performancecross-assettradingcapabilities,ultra-lowlatencythroughput,andeffectiveriskmanagement.

Orcisusedbyleadingfinancialfirmsworldwide.Orctradingsolutionsprovidethecompetitiveedgetotradefromasingleplatform,onanylistedinstrument,acrossallassetclasseson100+markets.

Orcofferssolutionsforvarioustradingstylesincludingalgorithmictrading,arbitrage,spreadtrading,marketmaking,volatilitytrading,andriskmanagement.

OrcTradingforAlgorithmicTradinghelpstradersprofitfromshort-livedopportunitiesbydeployingandmodifyingstrategiesasdictatedbychangingmarketconditions.Successfultradingstrategiesareeasilyreplicatedanddeployedfromonemarkettoanotherhelpingfirmstakeadvantageofthelatestmarketopportunities.

OrcTradingforArbitrageisusedbymarketparticipantsinterestedintakingadvantageofassetpricedifferentialsinoneormoremarketsforstrategiesinvolvingexchangelistedinstruments.Themostpopularstrategiesincludefuturesspreading,ADRvs.stock,multi-listedstocks,indexfuturesvs.basket,statisticalarbitrage,andcashvs.futures.

OrcSpreader,akeyapplicationwithinOrcTradingforArbitrage,isanultra-lowlatency,high-performanceapplicationusedbyfuturesspreaders,pairstraders,andotherhigh-frequencyarbitrageursthatdemandfastandsmarttradinglogictoautomatetheirtradingandincreasetheirprofits.

OrcTradingforMarketMakinghelpsfirmsstayaheadinthecompetitivemarketmakingarena.Theneedtoreducelatencyandbeoneofthefirstinandoutofamarketisparamounttosuccess.Withthinningmargins,manyfirmsarealsolookingforwaystogrowtheirbusiness.OrcTradingforMarketMaking

providesultra-lowlatencyliquiditymarketmakingmarketsworldwidetohelpmarketmakerssucceed.

OrcTradingforVolatilityTradingisincreasinglybeingcalledonbyfirmsinallmajorglobalmarketstoincreaseprofitsandprovideextensivereal-timepricing&riskanalytics,ordervalidation&limits,multi-marketliquidityaccessfortradingexchangelistedoptions(predominantlyequityoptionsandfixedincomeoptions)andhedgingwithcashandfutures.ProprietarytradingfirmsandbanktradingdesksareseekingtoprofitamidthemostunpredictableautomatedmarketclimatewitnessedandOrcTradingforVolatilityTradingdeliversthetoolsneededtocompete.

OrcTradingforRiskManagementgivestheworld’sleadingtradingfirmsandbanksthetoolstodelivertheirtradingriskinsightsonexchangetradedderivatives.Tradingfirmsmustbalancetheirriskinordertobeprofitable.Thekeythereforeissimple–ensureyourriskisunderstood,accessible,containedandmanaged,basedalwaysonreliabledataandsolidanalytics.

ProOpticus

ProOpticusisprofessionalderivativessoftwareprovidinguserswithacomprehensiveandintegratedsolutionforoptionvaluation,tradeexecutionandriskmanagement.Ourcustomersincludeprofessionalindependentandproprietarytraders,leadinghedgefunds,fouroftheworld’slargestFCM’s,toptierinvestmentbanksandFortune500energycompanies.ProOpticuscanbecustomizedtofitthespecificneedsofawiderangeoffinancialindustryprofessionals.

VALUATION:ProOpticusoffersanabundantarrayofpricingmodelsandskewingmethodstodeliveroptionvaluesthatincorporateandmaximizethevariablesprescribedbytheuser.Optionvaluationisthebasisofaccurateandmeaningfulriskmeasurementandmanagement.

ProOpticuscurrentlyincludes:•21optionpricingmodelsfromfuturestoexotics•16skewingmethods•2methodsforcalculatingGreeks•Fixedvs.floatingvaluations•Volatilitypathmodeling•Optionstripcalculatorforpricingmultipleoptionmonths•DynamicDeltaSheetforreal-timeoptionvalues•Commodity-specificpricingtools•Interactiveanddynamicgraphicinterfaces•On-the-flypricingadjustments•PrintedandelectronicDeltaSheets

EXECUTION:ProOpticusoffersconnectivitytoCME,CBOE,ICEandISEelectronictradingplatforms.ProOpticususershavetheabilitytoexecutetradeselectronicallythroughtheeProTraderviewsand/ormanuallyinputtradesexecutedinthehybridmarketplace.ProOpticususerscan:•“Clicktrade”usingtheeProTraderDynamicDeltaSheet•Enableheatmapforvisualalertsofpossibletrades•Setaudiblealertsforpossibletradingopportunities

•HedgeandtradeusingtheeProTraderunderlyingview•TradespreadsviatheeProTraderunderlyingspreadview

RISKMANAGEMENT:

InstitutionalCustomers(UniversalRiskManager)•User-definedbatch-basedriskmanagementsystem•Enterpriserisksystemfrommacrotomicrolevels•NLVandsecuritiesondepositanalysis•Real-timeintradaypricesfrommultipledatasources•Evaluateriskacrossallproductclassesandexchanges•Sortriskbyexchange,accountorproductgroup•Sortriskbydollarvalueoruser-definedparameters•Aggregatefirm-widepositions•Stressriskbyproduct,grouporexpiry•Asymmetricandsymmetricriskscenarios•Applystandarddeviation,percentageorfixedpricemoves•Applyfixedorpercentagevolatilityshocks•Publishtemplatestoallusers•Advancedmulti-layeredfiltering•CalculationandsummaryofpositionGreeks•Multiplereportingandevaluationprintouts•Riskslidereportingacrosspriceandtime

ElectronicTradingGroups(Real-TimeRiskManager)•Real-timepost-executionriskanalysis•Receivefillsdirectlyfromback-endhost•Receivepricesdirectlyfromexchanges•Evaluateriskacrossallproductclassesandexchanges•Sortriskbyexchange,accountorproductgroup•Sortriskbydollarvalueoruserdefinedparameters•Advancedmulti-layeredfiltering•CalculationandsummaryofpositionGreeks•Individualtradercommissionanalysis•Calculatesplitpercentagesforbackedtraders•Multipletabsandwindowsforgroupedtraders

ProfessionalGroupandIndependentTraders(MarketMakers,HedgeFunds,CommercialandInstitutionalTraders)•CalculationanddisplayofGreeks•Positionandinventorymaintenance•Positionanalysisovervaryingprice&volatilityscenarios•Positionanalysisbycalendardate•Positionanalysisbytimebucket•Aggregatemultiplepositionsintoportfoliomanager•Abilitytonormalizerelatedinstruments•CalculationanddisplayofnormalizedGreeks•Inter-commodityandintra-commoditybetaweighting•Calculationanddisplayofbeta-weightedGreeks•Abilitytolinkvolatilitybetweenrelatedinstruments•CalculationofOEG,OEV,dDelta/dVol,dVega/dVol•Weightedvegacalculations•CalculationofSdevmoves•Disseminationofvolatilitysurfacestogrouptraders•Real-timeriskforelectronictrades•Commoditygroupingfunctionality•CalculationofTVpremiumandintrinsicvalue•Import/exportfeaturestointerfacewithbackoffice•11printableriskreportswithuserpreferences

RTSRealtimeSystems

RTSRealtimeSystemsdelivershigh-performance,end-to-endtechnologyproductsandservicesacrossassetclassesandcontinentstoelitefinancialinstitutionsandcommoditytradinghouses.Thefirmisoneoftheworld’sleadingprovidersofultra-lowlatency,high-frequency,robustalgorithmictradingsolutions.RTShasofficesinAmsterdam,Chicago,Frankfurt,HongKong,London,Mumbai,NewYork,Pune,Shanghai,SingaporeandSydney.

RTSRealtimeSystemstradingsolutionsinclude:

RTDTANGO®Ultra-lowLatencyAlgorithmicTradingSolution

RTDTango®isacompleteplatformforcreatinganddeployingautomatedtradingsystems–Amulti-asset,multi-exchangesolutionwhichallowsyoutobuild,implement,monitorandmanagethousandsofstrategiesfromasingleapplication.

RTDTango®combinesprogramming,simulationandtradingenvironments,wheretradersgofromideas,toconceptandserver-sideexecutioninamatterofhours.

•NextgenerationRTDTango®enginewithreducedinternallatency•Completeevent-basedalgorithmictradingplatform•Singleenvironmentforalgodevelopment,testinganddeployment•Proprietaryprogramminglanguagewith250+built-infunctions•Livedatatestingwithrealisticsimulatedexecutions•Back-testingenginewithintegratedmarketdatacollectorforquicktime-to-market

RTDTANGOTRADER®CombinedAlgorithmicandClickTradingFront-end

RTDTangoTrader®combinesthebestofbreedfromclicktrading&algotradingintoonefront-end.

•Off-the-shelfalgosandcannedstrategies•Advancedspreadingtechnology•Inter-marketspreadsacrossassetclasses•VerticaldartboardandSpreadMatrix•Comprehensivepre-traderiskcontrols•Integratedalgoorderbooktomanagetrades•Whitelabelandmulti-languagecapabilities

RTDTANGOQUANTTradingSolutionforComplexQuantitativeChallenges

Comprehensivesuiteoftoolstodesign,optimize,analyzeandexecutefullyautomatedtradingstrategies.•Solvecomplexquantitativetradingchallenges•Feature-richchartingenvironment•Flexibleanddetailedstrategymodelingconcepts•Back-testingofstrategies•Elaborateanalysistool•Fullyautomatedordermanagementandexecution

RTDTRADERSophisticatedLightweightJava-basedTradingFront-end•Managetradingworkflowswithvariouspredefinedviews•EasyinteractionandlinkingbetweenviewswithaDrag&Dropfeature•Optionalupgradetoincludealgotrading(RTDTangoTrader®)•Easydistributionoverinternet•Whitelabelandmulti-languagecapabilities

RTDREALTIMETRADINGDESKTOP(RTD)FunctionalityRichTradingFront-end•Engineeredtoprovideacompetitiveedge•Renownedforspeedandreliability•Automatedtradingtools•Market-makingengine•Optionspricingsystem•Accesstoalluserconfigurations,includingserver-basedriskengine

StellarTradingSystems

StellarTradingSystemsprovidescutting-edgefutures,options,equitiesandtreasuriescapabilitiestoprofessionaltradersaroundtheworld.Havingout-performedcompetitorproductsandleadingtheindustrywithnewfunctionality,StellarandtheStellarspreadMachinehaveestablishedareputationforunrivaledperformanceandinnovation.

STELLARAcompletetradingsystemsolution,Stellarprovidesanintuitivefrontendwithcomprehensiveorderandriskmanagement,combinedwithindustry-leadingperformanceandcutting-edgetradingcapabilities.

TheStellarfrontendhasanemphasisonspeed,displayingmarketdataandroutingordersasfastaspossible.Unlikeothertradingsystems,theStellararchitectureplacesthecomplexitiesandworkloadofthetradingsystemontotheservers,freeingthefrontendtofocussolelyontraderinteraction.Stellarrespondsinstantly,eveninthebusiestofmarketconditions.

Uniquely,everyaspectofthefrontend,frompriceladdersandviewtoorderbookandspreadmatrix,isfullycustomizableallowingtraderstotailortheirscreenlayoutidenticaltothatoftheirexistingsystem.Thisminimizesthedisruptionandtimeoutofthemarketthatistraditionallyassociatedwithswitchingtoanewtradingsystem,whilstthetraderbenefitsfromenhancedperformance.

Functionhighlightsinclude:•Allstandardtradingscreens,includinggridview,priceladder,priceticker,andtimeandsales•Powerfulsyntheticordertypes,includingstops,icebergs,brackets,OCOs,andconditionalorders•StellarspreadMachineforunrivaledserver-basedspreadingfunctionalityandexecution•100%openStellarAPI,theperfecttoolforimplementingfastandpowerfulautomatedtradingsolutions•Server-basedsyntheticorderfunctionalityformaximumperformance•Multipleworkspacespertraderforquickswitchingtoalternatescreenlayouts

•Fullaccountbasedpre-andpost-tradelimitchecking•FastExcelintegrationusingtheStellarRTDserver

STELLARSPREADMACHINETheStellarspreadMachineistheultimateserver-basedcross-marketcross-productspreadingtool.Ithasestablishedareputationforunrivaledperformanceandinnovation,out-performingcompetitorproductsandleadingtheindustrywithnewfunctionality.

ThespreadMachineautomaticallyworksinter-marketspreadsonthetrader’sbehalf,managinglegordersandbalancingthespreadasrequired.Complextradingstrategiescanbeimplemented,withthespreadMachinecapableofexecutingspreadswithmultiplelegs,anynumberofwhichmaybeworkinginthemarket.AllofStellar’spowerfulsyntheticordertypesarealsocompatiblewiththespreadMachinesuchasicebergsandbracketordertypesonspreads,providingunparalleledflexibilityandexecution.

Intoday’smarketsautomatedsystemsfrequentlycompetewithoneanother.Tobeeffective,automatedspreadexecutiondemandsexceptionalperformance.Uniquely,theStellarspreadMachineoperatesatthecoreofthetradingsystem–itisaserverbasedsystemdesignedfordeploymentwithinexchangecolocationfacilities.Thisallowsittobuilduponthehigh-performanceorderroutingenginewithintheStellararchitectureandrespondtomarketmovementasfastaspossible.ThespreadMachineharnessesthepowerofitsserverhardwarewhilstleavingthetrader’sworkstationfreetofocusonorderentryandpricedisplay,providingourtraderswiththebestpossiblestrategicadvantageintoday’smarkets.

QUANTUMSERVERTheQuantumServerisStellar’srevolutionaryserver-basedalgorithmicexecutionengine.QuantumServerfacilitatesblackboxtradingsystems,automatedstrategiesandsmartorders.Itutilizesthesamecutting-edgeandproventechnologiesemployedintheStellarspreadMachinetomaximizeperformance,scalabilityandintegration.

HighlightsInclude:•Rapiddevelopmentofalgorithmictradingsystems•100%serversideexecution•Low-latency,highlyscalable,exceptionalperformance•IntegratedComplexEventProcessingengine•ComprehensiveBacktestingcapabilities•FullintegrationwithexistingStellarfrontend•SeamlessaccesstospreadMachineandallsyntheticorderfunctionality

STELLARTRADEMACHINEOneofthemostpowerfultoolsinautomatedtrading,Stellar’stradeMachinedeliversindustry-leadingorderentryandcontrolthroughExcel.ThetradeMachineprovidestraderswiththeabilitytoquicklyandeasilycreateautomatedtradingstrategieswithouttheneedforprogramming.TraderscanharnessthefullrangeofStellarfunctionality,includingtheStellarspreadMachineandallsyntheticordertypes,throughthetradeMachine.

REMOTETRADINGTradingawayfromtheprimaryofficelocationisanincreasinglycommonrequirement.TheStellarRemoteGatewayoffersconnectivitytoeithersatelliteofficesofhome/internetlocationswithoutanylossofperformanceorstability,ensuringacontinuedoptimaltradingenvironment.

STELLARAPIStellarisanopentradingsystem.BuiltintotheheartofthesystemisthepubliclyavailableStellarAPI,whichprovidesaccesstoallStellarfunctionalityandbusinessobjects,frompricecaptureandordersubmission,torisklimitsanduserpermissions.Itisa100%server-side,multi-threadedAPIavailableinC++oneitherLinuxorWindows.Theperfecttoolforimplementingfastandpowerfulautomatedtradingsolutions,suchasbackofficetradefeeds,integrationwithinternalorderroutingengines,orproprietaryblackboxtradingsystems.

CONNECTIVITYStellarprovidesfastandreliableconnectivitytotheworld’smajorderivativesandequitiesexchangesincludingEuronextLiffe,Eurex,CME,CBOT,NYMEX,COMEX,DME,BM&F,ICE,MEFF,MontrealMx,Chi-X,eSpeed,ELXandBrokerTec.

SungardGLTrade

GGLWINisahigh-functioningfuturestradingplatform.TheGLWINworkstationisdesignedforcompleteorderlife-cyclemanagement,fromordersendingtoexecutionsupervisionandincludesfeaturessuchasreal-timeperformancemanagement,P&Landacompleterangeofmulti-marketdataandnewsfeeds.GLWINisGLTRADE’smulti-marketdatafeeddisplayandworld-classtradingstationforbothcashandderivativesmarkets.GLWINallowsacompletelifecyclemanagementfromordersendingtoexecutionsupervisionandmeasureofperformance.

Speed:Fastorder-sending,easymouse-and-keyboardtradingandefficientsystemarchitecture.

Accuracy:Globalorderbookonallinstrumentsandmarketsthroughonewindow,newswiresandreal-timechartinganalysis.

Control:Maintaincompleteviewofyourexecutionsthroughonesinglewindow.

Performance:Evaluateyourtradingactivityandreactinreal-timewithVWAPandP&Lcalculation.

Modularity:Fromsimpletradingstrategiestocomplexprogramtradingneeds,GLWINoffersafullrangeofadvancedtradingtoolsanddataoptions,availableinGLSTREAMbundles.

Reliability:GLTRADEhasbeenprovidingGLWINformorethan15years.Itisusedbymorethan1,000clientsonsome35,000screensworldwide––theguaranteeofasafeanddynamicinvestment.

TradingTechnologies(TT)

AhighpercentageoftheelectronicvolumetradedonthefivelargestderivativesexchangesmovesthroughTradingTechnologiesX_TRADER®.AdvantageFuturessupportsthisapplicationthroughourmulti-milliondollarinvestmentintechnologyinfrastructureandmanagement.X_TRADERgivesprofessionalderivativestraderstheedgewithsuperiorspeed,stabilityandaccuracy.X_TRADER’sstandardfeaturesinclude:•Simultaneouslytrademultipleproductsandmultiplemarketsacrossassetclassesfromonefully-customizablescreeninrealtime•High-speedconnectionstodozensoftheleadingderivativesexchanges•Single-clicktradeexecutionandordercancellation•ImmediatereactiontomarketebbandflowwiththepatentedMDTrader®verticalmarketdepthdisplay•Fully-customizabledesktoptomatchpersonaltradingstylesandpreferences•Excelspreadsheetandanalyticslinks•Single-windowaccesstoviewworkingorders,fillsandmarketdepth•Averagepricehighlightingtoshowataglancewhetheropenpositionsareprofitablerelativetomarketconditions•Real-timefillandpositiondetailswitheasyaccessanddynamicaudittrail•Supportformarketorders,multiplecontractorders,calendarspreadsandinterproductspreadsplusspecializedordercontingenciessuchasGTC,FOK,IOCandstops•Marketmakerfunctionalitytomaketwo-sidedmarketsonanyinstrumentX_TRADERPro,TT’spremiumtradingsoftware,providesexpandedfunctionalityandfeaturesthatcanreallymakeadifferenceinhowyoutrade.X_TRADERPro’saddedbenefitsinclude:

•Autospreader®:AutomaticallycreateandtrademultiplespreadssimultaneouslywithAutospreader.Thisautomatedordermanagementtooleasilydefinesandmanagesspreads,workingthelegsautomaticallytomatchyourdesiredspreadprice.Supportsmarketorders,limitorders,calendarandinter-productspreads.•Autospreader®StrategyEngine(Autospreader®SE):Thisserver-basedspreaderenhancestheperformanceofTT’straditionalclient-basedAutospreaderapplicationbycombiningthebenefitsofhigh-performanceproximity-basedcomputingwiththeflexibilityandeaseofuseofTT’sX_TRADERtradingscreen.•Autotrader™:Thispowerfulautomatedtradingtoolfeaturesmultiplelevelsofautomation,abuilt-informulaengine,MicrosoftExcel®integration,expansiveconfigurationpossibilitiesandstrategypricesbasedonthemarketortheoreticalvalues.•ConnectivitytoallTT-supportedmarkets:GetfullaccesstoallTT-connectedmarketsincludingAustralianStockExchange,BM&FBOVESPA,BrokerTec,CBOEFuturesExchange,ChicagoClimateFuturesExchange,ChicagoBoardofTrade,ChicagoMercantileExchange,DubaiMercantileExchange,Eurex,EuropeanClimateExchange,EuropeanEnergyExchange,FrankfurtStockExchange,GreenExchange,ICEFuturesCanada,ICEFuturesEurope,ICEOTC,ICEFuturesUS,KansasCityBoardofTrade,KoreaExchange,LondonMetalExchange,MEFF,MinneapolisGrainExchange,MontréalClimateExchange,MontréalExchange,NewYorkCommoditiesExchange,NewYorkMercantileExchange,NYSELiffe,NYSELiffeAmsterdam,NYSELiffeBrussels,NYSELiffeLisbon,NYSELiffeParis,NYSELiffeU.S.,SingaporeExchangeandTokyoCommodityExchange.Additionalexchangegatewaysarecomingsoon,includingOsakaSecuritiesExchange,TokyoFinancialExchangeandTokyoStockExchange.

•Customandthird-partyapplications:EnhancethefunctionalityofX_TRADERProwithTT’sexpansivelibraryoffreeoff-the-shelfplug-inapplications,orcreateyourownproprietaryapplicationswiththeX_TRADERAPI.Youmayalsointegratethird-partyapplicationsdevelopedbymembersoftheTTConnectedPartnerProgramorusetheTTFIXAdaptertoconnectthird-partyorproprietarysystemstoTT’stradingplatform.TheX_TRADERplatformisusedbyFuturesCommissionMerchants(FCMs),proprietarytraders,internationalbanks,introducingbrokers,marketmakers,hedgefundmanagers,commoditytradingadvisors(CTAs),personalinvestorsandcorporationstotradeinmarketsacrosstheworld.ItsprovenversatilitymeansthereisnodoubtX_TRADERcanworkforyou.TradingTechnologies®,X_TRADER®,X_STUDY®,Autospreader®,andMDTrader®areregisteredtrademarksandTT™andAutotrader™aretrademarksofTradingTechnologiesInternational,Inc.

Front-EndTradingApplicationAssistance

CQGSupport:720.904.2980 Main:800.525.1085http://www.cqg.com

Cunningham Trading Systems (CTS)Support:312.939.0164 http://www.ctsfutures.com

NinjaTradersupport@ninjatrader.com(emailsupportonly)http://www.ninjatrader.com

OptionsCitySupport:312.635.2710 Main:312.635.1750http://www.optionscity.com

ORC SoftwareSupport:312.327.8555 http://www.orc-group.com

ProOpticusSupport:312.650.7031 http://www.prime-analytics.com

RTS Realtime SystemsMain:312.630.9006 http://www.rtsgroup.net

Sungard GL TradeSupport:312.386.2408 Main:312.386.2400http://www.sungard.com/360trading

Trading Technologies (TT)Support:877.424.8844https://www.tradingtechnologies.com

Education

Continuouseducationisakeyelementforsuccessfultrading.Educationalmaterialsareavailablethroughmanyexchanges,futuresassociationsandorganizations.Belowisalistofonlineresourcestohelpyougaingreaterinsightintothefuturesindustry.

REGULATORY ORGANIZATIONSCFTCEducationCenterhttp://www.cftc.gov/consumerprotection/educationcenter/index.htm

NFAPublicationLibrary:FuturesTradingGlossaryofTermshttps://www.nfa.futures.org/nfa-investor-information/publication-library/opportunity-and-risk-glossary.pdf

Opportunity&Risk:AnEducationalGuidetoTradingFutures&OptionsonFutureshttp://www.nfa.futures.org/NFA-investor-information/publication-library/opportunity-and-risk.HTML

Opportunity&Risk:AnEducationalGuidetoTradingFutureshttp://www.nfa.futures.org/nfa-investor-information/publication-library/opportunity-and-risk-entire.pdf

Opportunity&Risk:AnEducationalGuidetoTradingOptionsonFutureshttp://www.nfa.futures.org/NFA-investor-information/publication-library/opportunity-and-risk-options.pdf

EXCHANGESCBOEEducationhttp://www.cboe.com/LearnCenter/default.aspx

CFEEducationhttp://www.cboe.com/LearnCenter/Default.aspx

CMEGroupEducationhttp://www.cmegroup.com/education/getting-started.html

CMEGroupGlobexReferenceGuidehttp://www.cmegroup.com/globex/files/GlobexRefGd.pdf

CMEGroupSubscriptionCenterhttp://www.cmegroup.com/newsletter/web2lead/web2sf-old.html

EurexEducation&NewsletterSubscriptionhttp://www.eurexchange.com/exchange-en/education

ICEKnowledgeCenter,TrainingCenterandWebinarshttps://www.theice.com//KnowledgeCenter.shtml

ICEPublicationshttp://ir.theice.com/publications.cfm

KCBTFAQhttp://www.kcbt.com/kcbt_faq.html

KCBTNewsletterSubscriptionhttp://www.kcbt.com/subscribe_1.asp

MGEXNewshttp://www.mgex.com/news.html

MGEXExchangeWebinarshttp://www.mgex.com/news.html

MontrealExchangeVideoshttp://www.m-x.ca/video_en.php

MontrealExchangeGuides&Strategieshttp://www.m-x.ca/educ_guides_strat_en.php

MontrealExchangePublicationshttp://www.m-x.ca/publi_circulaires_en.php

NYSELiffeEducationhttps://globalderivatives.nyx.com/en/learning-center

NYSEEuronextNewsletterhttps://globalderivatives.nyx.com/en/news-multimedia

OTHER LINKSAdvantageFuturesSeminarCenterhttp://www.advantagefutures.com/Seminar_Center.html

MarketsWikihttp://www.marketswiki.com/mwiki/Main_Page

InsideFuturesEducationalResourceLinkshttp://www.insidefutures.com/education/

Educational Seminars

AdvantageFutureshostsamonthlyeducationalSeminarSeriesforclients,prospectsandinterestedmembersoftheindustry.Speakersarecarefullyselectedfromindustryexpertsandknowledgeableprofessionals.Theseseminarsallowtraderstoexplorenewareasoftradingordelvedeeperintofamiliararenas.

Videosoftheseandotherpastseminarsareavailableonourwebsite,asisourscheduleofupcomingseminars.ThesecanbefoundattheSeminarCenterlocatedontheAdvantageFutureswebsite:http://advantagefutures.com/education/seminars-webinars/

INSIDEADVANTGE Newsletter

TheAdvantageFuturesquarterlynewsletterprovidestopindustrynewsanddevelopments,aswellasAdvantageFuturesupdates,seminarrecapsandupcomingevents.ReceivethelatestnewsfromAdvantageFuturesandyourowncopyofINSIDEADVANTAGEbyregisteringforAdvantageNewsat:http://advantagefutures.com/news-events/advantagenewsletter/

CONTACT INFORMATIONExchangeAssistance

CME GroupMainSwitchboard:312.930.1000,TollFree:866.716.7274CustomerSupport:312.930.2316,TollFree:800.331.3332Membership:312.435.3480Clearing:312.207.2525CMEGlobexAccountManagement:312.634.8700GlobexControlCenter:312.456.2391TradingFloorHelpDesk:312.435.7100http://www.cmegroup.com

EurexCustomerSupport/Main:312.544.1150Technical:312.544.1100Clearing:312.544.1250http://www.eurexchange.com/exchange-en/

Intercontinental Exchange (ICE)ICEHelpDesk:312.738.2101MarketSupervisionU.S.andCanada:212.748.3949ICEProductInformation-RussellIndexProducts:312.836.6712DollarIndexandFX:312.836.6720SoftCommodities:312.836.6736Energy:646.733.5014https://www.theice.com/homepage.jhtml

Kansas City Board of Trade (KCBOT)MainSwitchboard:816.753.7500,TollFree:800.821.5228http://www.kcbt.com

Minneapolis Grain Exchange (MGEX)MainSwitchboard:612.321.7101,TollFree:800.827.4746Clearing:612.321.7145Membership:612.321.7158http://www.mgex.com

Montreal ExchangeMainSwitchboard:514.871.2424,TollFree:800.361.5353http://www.m-x.ca/accueil_en.php

NYSE EuronextMainSwitchboard:212.656.3000https://europeanequities.nyx.com

NYSE Liffe U.S.MainSwitchboard:212.656.4300TradeInquiries:866.933.5032Clearing:866.592.2693PreciousMetalFutures:212.656.5745MSCIFutures:212.656.5128NYPCInquiries:212.855.5220https://globalderivatives.nyx.com

AdvantageFuturesAssistance

Advantage Futures Headquarters231SouthLaSalleStreetSuite1400Chicago,IL60604

Phone:312.800.7000Fax:312.800.7810http://advantagefutures.com

24 hour Technology Support312.800.7100IT@advantagefutures.com

24 hour Global Execution Desk (GED)312.800.7800/877.244.3488GED@advantagefutures.com

Operations (Main)312.800.7050OPS@advantagefutures.com

Treasury312.800.7027Forchecksandwirerequests,pleaseemailTreasury@advantagefutures.com

Risk and ComplianceForlimitchanges,pleasecontactRisk@advantagefutures.com

231 South LaSalle StreetSuite 1400

Chicago, IL 60604312.800.7000

www.AdvantageFutures.com

Disclosure Statement This information is not to be construed as an offer to sell or a solicitation or an offer to buy commodities herein named. The factual information of this report has been obtained from sources believed to be reliable, but it is not necessarily all inclusive and is not guaranteed as to the accuracy and is not to be construed as representation by Advantage. The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.

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