Electronic Trading ECN. Real-Time Monitoring of IT Infrastructure in Electronic Trading KEY BENEFITS EXCHANGE SERVICE PROVIDER

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1 Electronic Trading Real-Time Monitoring of IT Infrastructure in Electronic Trading KEY BENEFITS Transforming the economics of Network Performance Monitoring 40-80% cost reduction compared to traditional network probe vendors Software and hardware priced separately, with hardware sold at cost Unlike traditional approaches, software licenses are fully transferable 100% investment protection while delivering 40% reduction in TCO over 5 years Industry first Deep Buffering Big Data Integration OVERVIEW is used by the world s top banks and exchanges to safeguard the orderly operations of their trading business. It handles the challenging demands of high-performance, low-latency, data intensive IT environments. CHALLENGES IN ELECTRONIC TRADING Business is critically dependent on IT infrastructure performance Highly variable data volumes with massive peak rates Dynamic environment: new trading sessions, strategies and venues Money can be lost very quickly, problem resolution must be fast Clients demand transparency and reporting on performance THE CORVIL SOLUTION addresses these challenges by providing microsecond visibility, incident troubleshooting and operational intelligence for high performance trading environments. captures all trading and market data directly from the network, with zero impact on the trading systems, and transforms it into business metrics for use by multiple teams including client reporting, trade support, market access and network infrastructure. The architecture s multilayered approach enables users to consolidate infrastructure and businesslevel visibility on a single scalable and economically efficient platform. EXCHANGE Feed Assembler Matching Engine HIGH PERFORMANCE TRADING SERVICE PROVIDER DMA Trading Gateway Firewall FIX Gateway OMS Smart Order Router ECN 1 Global Market Makers 2 Buy Side Traders Feed Assembler CO- LOCATION Matching Engine Trading Gateway

2 CORVIL APPROACH USE CASES Accelerated Business Value Market Data Analytics Trading Application Analytics Network Analytics Trouble- Shooting Latency Management Risk and Compliance IT Operations Security CORVIL USER INTERFACES, API s, SDKs NORTHBOUND INTEGRATIONS Data Visualization Lens Dashboards Streams Reports Search Capture Splunk, Hadoop, kdb+ CORVIL APPLIANCE Data Management Data Discovery Data Collection DATA MANAGEMENT Large Scale Capture Indexing Data Tracking and Correlation DATA DISCOVERY Transformation and Decryption Analytics Plug-Ins SDK DATA COLLECTION Clock Synchronization Time Stamping GPS/PPS/PTP/NTP DATA SOURCES Data Sources NETWORK DATA Packet Capture Sources, SPAN, Agg Tap, Aggregation Switch DATA SOURCES uses network data as the authoritative record of what is happening in real-time and monitors packets as they cross the network. Traditional network monitoring tools cannot look much beyond the network headers, and ignore the fact that every detail of your trading systems interactions with the market is carried in the packet payloads that follow those headers. Network data reveals in true sub-second real-time precisely which trading sessions are active, which markets they are accessing, what volume of activity they are driving, and which specific actions are being taken as well as the likely quality of their experience. CORVIL APPLIANCE DATA COLLECTION Simply plug into your network and capture a distributed, timesynchronized record of every packet, message, quote and order crossing the trading system. Data is stored at the point of observation and can be analyzed from a centralized access point. The architecture offers: A range of high-performance capture and storage appliances Automated time synchronization between appliances using patented algorithms with or without external synchronization Supports data timestamps from multiple third-party sources including aggregation tap and switch vendors Detects and marks any data where the quality may be compromised by overloaded SPANs and switches Deep Buffering: soak up traffic bursts without dropping, so you can size for the average rate of traffic rather than the peak rates CORVIL DISCOVERY s appliance ships with hundreds of plug-ins that auto-discover, decode, reconstruct and analyze your market data and order flows in realtime. makes sense of the unstructured network data, extracting the details and performance of each business transaction. s Electronic Trading Plug-ins contain real-time decoders for native

3 trading protocols and market data feeds across all major markets. Without additional cost there is an Enterprise Plug-ins package shipped with, allowing monitoring and analysis of non-financial applications if required such as database, storage, VoIP, web services. All plug-in packages are updated and released monthly by with new plug-ins and enhancements. These can be downloaded from s portal and installed independently of product software releases. CORVIL SDK The Software Development Kit is available to extend the out of box offering. Use it to decode proprietary applications and protocols and to define and implement your own real-time business analytics. DATA MANAGEMENT The Capture module running on a Appliance can read stored network data in standard PCAP formats and analyze multiple terabytes per day. From this data, automatically discovers, decodes, and reconstructs all details of application and business flows. All analytics and application/network performance results are then reported from your stored network data. DATA VISUALIZATION CORVIL STREAMS From the continuous flow of this trading and market data on your network, Streams pull out the key events for each session, generating a concise summary for each one. These events can be reviewed, filtered, and categorized in the UI or streamed in real-time to third-party systems such as Splunk, Hadoop, kdb+, MongoDB, Tableau and ElasticSearch. The analytics streams are designed for easy integration with other applications. An open and flexible API provides real-time access so that they can become an input to external dashboards, existing monitoring systems, or proprietary applications. An analytics stream can easily be tuned new event types can be added or existing events modified. Event fields can be populated from any of the decoded network data or the additional analytics provided by s Plug-ins suite. The streams are tuned to the needs of different users providing the application ops team with details on sluggish response

4 CORVIL SEARCH times, the trade support team with details of slow orders and the risk and compliance teams with a real-time drop copy. Search automatically indexes billions of transaction IDs, order IDs, customer names, ISINs, application and business data, making your entire trade dataset searchable from a single point. Whether you search for order or transaction identifiers, symbols, or customers, the data you retrieve is quickly returned and provides you with the context in which it was found. So, if you want to confirm what happened to a particular transaction, you can simply type the order ID and immediately see the history of the transaction, all related messages, and its path through the application tiers. CORVIL LENS Lens takes real-time analytics derived from the network data and presents users with an intuitive and concise view into key metrics such as fill rate, traded volume, order-to-cancel ratios, order types, latency profile, and session errors. These metrics can be aggregated and pivoted by customers, gateways, protocols, venues or any other user-defined grouping. Lens views are fully configurable with support to restrict access to individual trading sessions. All trading activity and performance measurements can be summarized in the trading activity dashboard within Lens. Lens also features a session table view providing real-time alerts of trading activity exceeding business thresholds and highlighting anomalous trading activity. CORVIL DASHBOARDS The Dashboards simple point and click interface makes it easy to create visually appealing dashboards in minutes. Charts, topologies and tabular data elements containing analytics ranging from microburst rates to latency and user response analytics, can be added. The dashboards update in real-time, highlight performance issues, and provide one-click drill-down navigation to troubleshooting screens.

5 CORVIL ANALYTICS MARKET DATA ANALYTICS MARKET DATA GAP DETECTION Detect, capture, report and alarm on message sequence gaps within market data feeds. Published in realtime to a dedicated live dashboard. FEED HANDLER LATENCY Real-time reporting of feed handler latency for all market data protocols and widely used feed handlers. RELATIVE LATENCY Compare the relative latency of market data feeds including A vs. B, CoLo vs. proximity, native feed vs. aggregated feed and cage A vs. cage B. MARKET DATA LATENCY Use timestamps inserted by market data publishers to monitor the time taken to deliver the data. NETWORK ANALYTICS MICROBURST DETECTION Detection of saturated network links and application processing bottlenecks. LATENCY & ROUND TRIP TIMES Monitoring of one-way and roundtrip network latency and loss both within the trading system and between remote sites. Websphere-MQ-LLM, Software AG Terracotta Universal Messaging (Nirvana). TRADING APPLICATION ANALYTICS COMPLETE LATENCY ANALYSIS Transaction latency: correlates orders, modifies and cancels with their responses Measure processing delay across FX price servers, SORs or DMA gateways Business critical latencies like order-to-tick or algorithm decision latency ORDER LIFECYCLE View and report on all messages related to the full lifecycle of an order. Track whether filled, partially filled, rejected or canceled. Identify long-lived orders that may have multiple low-level messages and transactions occurring against them. MULTI-HOP ANALYSIS Monitors messages hop-by-hop across the trading infrastructure including trading gateways, algorithms, smart order routers, etc. to identify where issues are occurring. COMPLEX TRANSFORMATIONS Analytics for complex transformations, multi-stage correlations, and one-to-many or many-to-one relationships that can occur in parent/child transactions, for example. RISK & COMPLIANCE ANALYTICS TRADING BEHAVIOR Analyze order types and style, monitoring of cancel-replace ratios, order and trade volumes. TRADING VOLUMES AND RATES Analysis of trading outcomes, in terms of volume filled, value filled and counts of order types. REAL-TIME BUSINESS ALERTS Alert on business events such as volumes and fills exceeding defined thresholds, a burst in message rates, or unexpected trading events. REG. 603A REPORTING Best practice compliance reporting proving that quotations for a NMS stock are sent to the securities information processor before being published on a proprietary feed. TRANSACTION RECORD Historical reports of all trading activity available per venue, per session, per client, etc. All queries and reports are easily accessed via the GUI and integrated with other risk analysis platforms through the API. TCP ANALYSIS Analysis of TCP protocol behavior, with detection of retransmitted and reordered data. MESSAGING MIDDLEWARE Analyze middleware performance with detection of sequence gaps, NAKs and volume reporting against topics or groups. Support for Tibco Rendezvous, Informatica Ultra Messaging (LBM), Solace, IBM MICROBURST VISIBILITY s unique microburst visibility provides deep, real-time visibility into the interactions between networks, applications and customer experience at microsecond and millisecond timescales. Others measure application messages at 1-second rates (at best), systematically underestimating the network bandwidth and application processing rates required to meet the short timescale demand of high performance trading. Without, when microbursts occur, they fly under the radar, leaving a wake of intermittent, undiagnosed issues.

6 CORVIL APPLIANCE SPECIFICATION I N T E R FACES C A PACITY D IMENSION S P OW E R S U PPLY Network Interfaces CPU / Memory Total On-Board Storage Height Width Depth Weight Power Supply Redundant PSU x 1 Gbps Copper 2 cores / 1 TB 1U 16.8in / 14in / 12.8lb / 110/240 VAC; NO 8 GB (1.7in / 42.6cm 36cm 5.8Kg 50/60 Hz; 200W x 1 Gbps fiber 2 cores / 1 TB 1U 16.8in / 14in / 12.8lb / 110/240 VAC; NO 8 GB (1.7in / 42.6cm 36cm 5.8Kg 50/60 Hz; 200W x 1 Gbps Copper 6 cores / 6 TB 1U 16.93in / 27.95in / 39.7lb / 110/240 VAC; YES x 1 Gbps 6 cores / 6 TB 1U 16.93in / 27.95in / 39.7lb / 110/240 VAC; YES Copper/fiber x 10 Gbps fiber 6 cores / 6 TB 1U 16.93in / 27.95in / 39.7lb / 110/240 VAC; YES x 10 Gbps fiber 6 cores / 6 TB 1U 16.93in / 27.95in / 39.7lb / 110/240 VAC; YES x 10 Gbps fiber 12 cores / 8 TB 1U 16.93in / 27.95in / 39.7lb / 110/240 VAC; YES 64 GB (1.7in / 43cm 71.0cm 18kg 50/60 Hz; x 10 Gbps fiber 16 cores / 24 TB 2U 16.93in / 27.95in / 70.5lb / 110/240 VAC; YES 64 GB (3.44in / 43cm 71.0cm 32kg 50/60 Hz; 6.2cm) x 10 Gbps fiber 24 cores / 24 TB 2U 16.93in / 27.95in / 70.5lb / 110/240 VAC; YES 128 GB (3.44in / 43cm 71.0cm 32kg 50/60 Hz; 6.2cm) Center n/a 6 cores / 6 TB 1U 16.93in / 27.95in / 39.7lb / 110/240 VAC; YES ADDITIONAL FEATURES Interoperability XML WSDL API, SNMPv2 MIB, SNMP traps, Syslog, TACACS+, SMTP Device Management Out of Band (Ethernet), Console access, HTTP, HTTPS, Telnet + SSH CLI, SNMP MIB, MIB-II, Host Resources MIB EMC FCC CFR 47 Part 15 Class A:2001; EN 55022; 1998 Class A limits; EN 55024: A2:2003 Safety UL 60950; CAN/CSA-C22.2 No ; EN 60950; IEC 60950; AS/NZS Deep Data Buffering Allows you to size your deployment for average rates, not for the market peaks which may be 10x the average For more information or to contact us, visit Copyright 2015 Ltd. is a registered trademark of Ltd. All other brand or product names are trademarks of their respective holders. CDS-07/01/2016