SOFTWARE FINANCIERO BOLSA S.A Av. de la Albufera 321 4ª Planta Madrid Tel: pp. 1/10

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3 ARGOS is a trade flow management system which allows you to manage automated trade flows from multiple sources in an STP environment without the need for manual intervention. The system allows you to combine multiple order input channels with output to multiple markets and trading platforms. On the input side, interfacing with other systems is both easy and flexible, thus facilitating the onward processing of trade orders. On the trade execution side, we have already developed interfaces with equities, fixed income, Warrants, ETF s and derivative exchanges (SIBE, SMART,MEFF), with global trading systems (Visual Trader, Sungard, Reuters) and with international brokers like Goldman Sachs among others. Accurate trade flow is achieved via a Filter Monitor. In addition, integration with SFB s risk control module ensures added operational security. ARGOS can integrate and manage trade feeds from multiple dealing systems. The protocol and file format that can be used is completely flexible - FIX protocol, ARGOS' own protocol or a user defined format as dictated by the source. The transfer of data is bi-directional: Trading system Argos Trades Cancellations Amendments pp. 3/10

4 Argos Trading system Accept / Order Reject Accept / Cancellation Reject Accept / Amendments Reject. Trade Execution. ARGOS can be used to manage and route trades from a variety of sources: Bank trade order systems I.M, Investment Banks, institutional investors Global trade order platforms (which in turn receive trades from multiple sources) Dealer Trading Terminals located in branches, agencies, dealing rooms, call centres etc... Web based trading systems via internet or intranet Trading systems... ARGOS is specifically designed for use with SFB's Front Office Tools: ÍCARO: Professional Trading Terminal Broker On-Line: Web based dealing system for financial firms IBEX-35 baskets: Futures arbitrage system for basket trading in the IBEX-35 Smartphone pp. 4/10

5 ARGOS API allows you to interface with any Microsoft Excel spreadsheet and thus use Excel to send trades to the market. This puts the full functionality of MS Excel at your disposal at the pre-execution stage, allowing you to calculate trade figures, build calculations, run forecasts etc... A part of the admitted Orders in each one of the Markets where Argos provides access, there are a wide typology of order that are managed internally by the system: ON-STOP Orders Block Market Orders and Special Operations Care Orders SFB has developed an alarm management module called ATENEA, it manages the ON-STOP order typology (statics, percentage dynamics, by amount dynamics etc.), it controls the order activation based on the instructions received by the client. The order activation can refer to an Index value (IBEX35) or from other stock different from the order. pp. 5/10

6 For this you need to have a trader data Feed and the GTR module, which manages real time quotes. GTR is a module developed by SFB, is capable to integrate different Price data feeds from different provider and disseminate it in the organization in a standard format message from SFB. ARGOS with the professional trading terminal ICARO, has a module to manage the care orders, been able to retain an order received by any of the Incoming channels, and introduces orders through the trading platform that you select that will link to the global order before mentioned. ARGOS features a useful application that monitors and manages all incoming and outgoing messages. This module manages exactly where each trade is sent and the priority it is given and it does this using specific criteria: The Trade source The trade destination Securities to operate with Operation s client This allows the system administrator to manage and prioritise automated trade flows in the most cost effective and efficient way possible. ARGOS has already developed a series of interfaces with recognized international brokers, markets and trading platforms: pp. 6/10

7 SMART MEFF Sungard Bloomberg Reuters Visual Trader Ullink NYSE Fidessa CECA DPI Moxy E interfaces propietarios ARGOS has its own FIX Engine - specifically developed by SFB to manage data flows that use this protocol. As it has been designed by SFB, it is completely flexible and can be adapted to suit any connection using the FIX protocol. ARGOS' FIX Engine can thus be used as both the ''client" and the ''server" when establishing a connection and transferring data. Trade flow management within the system is completely automated. The system does however have a Filter Monitor application which can be used to control trade flows by setting specific filters and conditions. Should a trade order not meet certain pre-defined conditions, it will not be processed automatically and will instead remain pending awaiting operator approval. pp. 7/10

8 Within this module the following filters are available: Market status filter: market closed / stock suspended or interrupted Incoming data filter: based on a defined to / from date and time range Maximum order value filter, authorised for an incoming channel Stock filter and incoming channel Order type filter and incoming channel Maximum order value filter per day authorised for an incoming channel Minimum nominal amount filter and grouping of orders. ARGOS works directly with two SFB risk control systems: ÍCARO: SFB s professional trading terminal with integrated risk control. The ideal dealing system for dealing rooms, call centres branches, agents, web-based systems, client terminals etc Institutional Risk Control: Risk control system for institutional clients which can be used both pre and post trading and which can operate independently of the dealing system. ARGOS is prepared as well to connect to the Securities System from the Banks. pp. 8/10

9 ARGOS is fully compatible with HYDRA or LIQWIN a real-time trade management system for domestic and international equity which allows you to issue trade confirmations to brokers, send settlement instructions to custodians, manage the calculation and allocation of fees and commission, ensure fulfilment of regulatory requirements etc The data flows between ARGOS and HYDRA and LIQWIN are real-time, with ARGOS sending details of new and revised trades as soon as they are received from the market or the relevant trading platform. ARGOS is fully compatible with HYDRA and GESCLI, which features 2 separate modules for the administration of derivatives: MEFF: Automatic trade management and automated dealing and settlement in MEFF using files as sent by the exchange. International Derivatives: Management of dealing and settlement in international derivatives trades, whether in omnibus or individual accounts. This module includes functionality to calculate deposit margins, calculate profit and loss, decide daily position values etc. Due to the changes derived from the introduction f the Directive in Financial Markets (MiFID), which affects the Investment Firms, ARGOS has introduced a series of improvements to meet the regulatory requirements: pp. 9/10

10 ARGOS has the Best Execution Policy implemented in its logic ARGOS will received an keep the prices from every trading venue in order to facilitate to comply with the order registry and to justify in case of an audit the decision of send an order to one or another trading venue. ARGOS will keep all the Information related to the order to comply with the order registry. pp. 10/10