06 MediaKit Commodities Crazy About FI Commodities Crazy About FI INDUSTRY FUTURES

THE MAGAZINE OF THE markets outlook INTERVIEWS JIMROGERS INTERVIEWS JIMROGERS THEINDUSTRY MAGAZINEFUTURES OF THE

THEINDUSTRY MAGAZINEFUTURES OF THE Futures MarketsinAsia:China,India,Japan Capco StudyIdentifiesMarketInefficiencies Is thistheFuture? B B I l l Including ExpoShowGuide2006 intermediaries a a c c k k B B o o x x I T washington T r r a a d d NOVEMBER/DECEMBER 2006 i i JULY/AUGUST 2005 n n 07 I MAY/JUNE 2005 g g technology FIA Regular Members

A.G. Edwards & Sons, Inc. ABN AMRO Incorporated ADM Investor Services Banc

of America Futures, Incorporated Banc One Capital Markets Barclays Capital Inc.

Bear, Stearns & Co. Inc BNP Paribas Commodity Futures, Inc. Calyon Financial

Inc. (Formerly Carr Futures Inc.) Cantor Fitzgerald Cargill Investor Services, Inc.

Citigroup Global Markets Inc. Country Hedging, Inc. Credit Suisse First Boston

Corporation Daiwa Securities America Inc. Deutsche Bank Futures Inc. Fimat USA,

Inc. Goldman, Sachs & Co. Hornblower Fischer & Co. HSBC Securities (USA)

Inc. Interactive Brokers LLC J.P. Morgan Futures, Inc. Lehman Brothers Inc. Man

Financial Inc. McVean Trading and Investments LLC Merrill Lynch Pierce Fenner

& Smith Inc. Mid-Co Commodities, Inc. Morgan Stanley Morgan Stanley DW Inc.

Nomura Securities International, Inc. Peregrine Financial Group, Inc. Prudential

Financial Derivatives LLC Refco LLC Rosenthal Collins Group, L.L.C. Swiss

American Securities Inc. Tokyo-Mitsubishi Futures (USA), Inc. TransAct Futures

(Formerly York Electronic Services) UBS Vision Limited Partnership Futures IndustryAssociation FIA Publications serves astheofficialprogramguideforFIAFutures&OptionsExpo2006. perspective. research, moneymanagement,regulatoryandbrokerageissues,fromadomesticinternational Articles regularlycoverfrontandbackofficeoperations,exchange-tradedOTCclearing,marketing, managers atcorporationsandinstitutions. andtradersatexchanges,aswellrisk and optionsprofessionals,dealersinFX,securitiescommodities, published inconjunctionwithExpo.FIApublicationsareforbrokeragefirmmanagement,futures growing segmentofthefinancialservicesindustry. rules andpractices. legislators, regulators,self-regulators andotherpolicymakerstoinfluencethedevelopment ofindustry and publiccustomersoninternational derivativesexchanges.FIArepresentsits members’viewsbefore advantage ofopportunities inthesemarkets. pooloperatorsandhedgefundsalltake tradingadvisors,commodity individual investors,commodity discovery mechanism.Corporatetreasurers,institutional investors,commercialhedgers,proprietarytraders, and settlement,anonymoustrading,mark-to-market pricingandareinternationallyrecognizedasaprice and attractivespeculativeinvestments.Futuresmarkets offerstandardizedcontracts,multilateralclearing retail, domesticandinternationalinscope.Theyare highlyflexible,sophisticatedriskmanagementtools markets andmetalmarkets.Agricultural softs.Futuresmarketsarebothinstitutionaland Fixedincomemarketsandequitymarkets. Energy options marketsextendacrossawiderangeofproducts. Outlook 06 FI’s FIA’s coremembersareintermediaries whoprovidetradingandclearingsupport forinstitutional The FuturesIndustryAssociationreflectsthebroadscope oftheglobalfuturesmarket.Futuresand FIA publications,

THEINDUSTRY MAGAZINEFUTURES OF THE editorialcontentgivescomprehensivecoveragetokeyissuesandtrendsinfuturesoptions. Capco StudyIdentifiesMarketInefficiencies Is thistheFuture? B B l l a a c c k k focusesonthetrendsof2006anddiscusseswhattoexpectin2007. B B o o x x T T FI r r a a and d d i i JULY/AUGUST 2005 n n g g Outlook, reachinfluentialprofessionalsinthederivativemarkets,fastest- INDUSTRY FUTURES

THE MAGAZINE OF THE markets outlook I Including ExpoShowGuide2006 intermediaries FI ispublishedfivetimesperyearand I washington NOVEMBER/DECEMBER 2006 07 I technology FI Commodities Crazy About Commodities Crazy About FI INTERVIEWS JIMROGERS INTERVIEWS JIMROGERS THEINDUSTRY MAGAZINEFUTURES OF THE Futures MarketsinAsia:China,India,Japan Outlook 07 IOutlook FI also is MAY/JUNE 2005 FI & Outlook 07 Reader Profi le

Circulation /15,000 FI and Outlook 07 are published by the Futures Industry Association. The circulation base is 15,000 members of the futures industry, ranging from international brokerage firms to regional commodity specialists. Outlook is also distributed at FIA’s Futures & Options Expo and the Chicago futures and options exchanges for a total circulation of 20,000. Both publications give you regular access to active market participants.

Each issue is subject to a bonus distribution of qualified readers (see editorial calendar).

Demographic Profile* The typical FI/Outlook 07 reader is a 44-year-old male. In fact, there are more than four times as many male recipients as female.

As a whole, readers are highly educated. Post-graduate degrees have been received by almost one-third (31%), another 12% have done post-graduate work, and an additional 38% have graduated from college.

Reader Profi le

highest level of education

age

gender

Job Profile FI readers are senior decision makers who work in the most essential departments of the industry’s key companies. Most common job titles: Most common company types: Chairman/CEO/COO/President (13%) FCM (23%) EVP/SVP/Managing Director (12%) Broker Dealer (20%) Most common job functions: Exchange (18%) Brokering/Trading (22%) Money Management (9%) Operations (12%) Individual Investor (6%) Legal and Compliance (9%) Introducing Broker (5%) Finance and Risk Management (7%) Key recipients indicated their organizations’ global futures business revenues—including all locations—for their most recently completed fiscal years averaged $155 million, and 10% had revenues of $500 million or more. *Source: All reader research results are derived from the July 2003 Readex survey conducted for FIA. FI Readers Intend to Purchase Products/Services in 2006

71% of FIA publication readers have some level of involvement (approve/authorize, recommend/specify, or any other involvement) for their organizations’ purchases of one or more of the 13 products/services listed.

66% indicated their organizations will purchase one or more products/services within the next 12 months, with hardware being the most common purchase.

Products/Services Involved in Purchasing/Planned for Purchase Within the Next 12 Months

planned for involved in purchasing purchase within 12 months FIA Publications are Widely Read

Editorial Content FI’s editorial content gives comprehensive coverage to key issues and trends in the fast-changing global futures market. Articles regularly cover trading, money management, regulatory, technological and operational issues. Each issue contains an exclusive interview with an industry leader, as well as the latest news on exchanges both here and abroad. Articles are frequently written by futures professionals with extensive expertise in the subject area.

Readership and Use of FIA Publications • 76% of readers have read or looked through 3 out of the last 4 issues of FI. • The average reader spends 48 minutes reading or looking through a typical issue. • The average reader indicated that 1.3 additional people read their copy of FI. Hence, total audience reached is 22,100. • 58% of readers indicated that they read at least half of a typical issue and 53% usually save their copies for future reference.

Readership of FIA Publications

20% read about 1/4 32% have not received 4 issues read about 1/2 3% have not received 12% 4 issues read all or almost all 3% 1 of 4 6% 14% none read about 3/4 19% % skim only 4

% 3 of 4 Thoroughness of Readership 15

61% 11% 4 of 4 2 of 4 Last 4 Issues Read FI 2006 and Outlook 07 Editorial Calendar

January – February Focus: Emerging Markets March – April Focus: FCM Focus

This issue will focus on the issues faced by intermediaries as they This issue will take a look at various business strategies used by futures seek to enter rapidly growing futures and options markets in Asia- commission merchants as well as recent developments in execution Pacific and Latin America. brokerage. This issue also will include the annual survey of global Bonus Distribution: MFA Network 2006 in Key Biscayne, volume trends. FL—February 5-7, 2006; CBOE/CBOT/CME Annual Risk Special Volume Report: Our annual compilation of volume data from Management Conference in Bonita Springs, FL—March 5-8, 2006 exchanges around the world, accompanied by an analysis of the main trends in trading activity. Bonus Circulation: FIA International Futures Industry Conference in Boca Raton, Florida—March 15-18, 2006; and FIA OpTech— June 2006 in New York.

Space Reservation Deadline: December 9, 2005 Space Reservation Deadline: February 10, 2006 Materials Due: December 16, 2005 Materials Due: February 17, 2006 Publication Date: January 10, 2006 Publication Date: March 15, 2006

May – June Focus: Hedge Funds and Managed Futures July – August Focus: Technology Trends

This issue will review trends in the world of hedge funds and This issue will describe how new technologies are affecting trading, managed futures. This issue will also take a look at business customer relationships and risk management in the futures industry. implications of the Market in Financial Instruments Directive being implemented in the European Union. Bonus Circulation: FIA’s Law & Compliance Division Workshop in Baltimore—May 2006; FIA/FOA International Derivatives Conference and FOW Derivatives and Securities World in London— June 21-22, 2006; MFA Forum in Chicago, June 19-21, 2006

Space Reservation Deadline: April 3, 2006 Space Reservation Deadline: June 8, 2006 Materials Due: April 10, 2006 Materials Due: June 15, 2006 Publication Date: May 5, 2006 Publication Date: May 5, 2006

September – October Focus: Risk Management November – December Focus: Outlook 07

This issue will include several case studies of industrial companies A special edition of the magazine reviewing the major trends of and financial institutions that use futures to hedge their risks. 2006 and looking ahead to the most critical issues of 2007, with Bonus Circulation: SFOA Bürgenstock Conference, sections devoted to the top products of the year, the most influential Bürgenstock, Switzerland—September 6-10, 2006 personalities, and the most important technological innovations. Bonus Circulation: FIA Futures & Options Expo in Chicago, Illinois—November 29 – December 1, 2006

Space Reservation Deadline: August 9, 2006 Space Reservation Deadline: October 27, 2006 Materials Due: August 16, 2006 Materials Due: November 3, 2006 Publication Date: September 6, 2006 Publication Date: November 29, 2006 Outlook 07 One year. One book. One source.

Outlook 07 will provide a permanent record of the outstanding I I I achievements, the greatest challenges, and the most exciting markets intermediaries washington technology innovations of the year. The content will be organized by theme. Each section will review the main trends of 2006 and look ahead to possible developments in 2007. The articles in Outlook 07 will be supported by exclusive interviews with leading figures in the futures FUTURES industry, as well as charts and tables based on the FIA’s exclusive database of global trading volume. THE MAGAZINE OF THE INDUSTRYNOVEMBER/DECEMBER 2006 Outlook 07 will be the official program for Futures & Options Expo 2006 and includes:

• Program at-a-Glance • Panel descriptions outlook 07 • Resource Guide • Alphabetical listing of all exhibitors • Exhibit hall floor plan

Target Audience Outlook 07 reaches influential professionals in the derivatives markets, the fastest growing segment of the financial services Including Expo Show Guide 2006 industry. This annual issue is published for brokerage firm management, futures professionals, and traders at exchanges, as well as risk managers at corporations and institutions. Outlook 07 gives you access to active futures market participants. Scott Johnston: Let’s start this discussion nents are grouped together, and it becomes that market and it’s becoming harder to find by seeing if we can define algorithmic trading impossible to figure out what part of the puz- opportunities quickly. Our expectation is Algorithmic Trading: for our audience. How does it differ from zle you are talking about. that they will migrate into other markets electronic trading in general? Keith Fishe: For the purpose of our discus- such as futures, fixed income, and options, Eric Goldberg: I would consider anything sion, I think that we have to narrow this and also foreign markets, where the market where the computer is making the trade deci- topic down. If you go to the basic definition structures are different and there is more sion and executing on it as algorithmic trad- of the term, algorithmic trading is where you opportunity. ing. That can cover everything from very follow a rule set for taking or mitigating risk, Keith Fishe: Just looking at the interest rate PERSPECTIVES basic rules-based trading or smart order rout- that rule set has been coded, and the trading futures arena, we are seeing more and more ing all the way up to fully automated pairs processes go from being manual to being venues for electronic trading and more and trading, statistical arbitrage, benchmark exe- computerized or programmed. more access through APIs. That’s also hap- Distribution: 20,000 cutions such as VWAP, and market making Tom Frank: I agree with Keith. That broad pening in the foreign exchange markets— types of applications. picture Larry described is indeed the com- the platforms for trading forex used to be Larry Tabb: The problem with such a wide plete cycle that a market professional would closed systems and now they are opening up. definition is that when people use the same go through, but I think the algorithmic part I think you are going to see an increasing term for so many different things it can get very confusing. I like to think about algorith- mic trading as having six components. One “I think you are going to see an increasing Outlook 07 is high-speed market data, which is the plat- will be mailed to 15,000 futures professionals form that everything else depends on. The number of algorithms and programs in these next component is the decision as to what from left to right: KEITH FISHE--TOM FRANK--ERIC GOLDBERG--LARRY TABB assets to buy or sell to achieve the invest- markets, especially as people try to find ways ment goal. We are now seeing a growing number of buyside firms employing model- to spread and arbitrage the different products driving quantitative strategies in their and handed out to 5,000 attendees at Expo 2006 in Chicago Keith Fishe is the chief executive officer Some say it started in the U.S. equity markets. Others say it started Keith Fishe investment decision process. The decision on different platforms.”— of TradeForecaster, a technology services at the Deutsche TerminBoerse, in the early days of electronic futures comes out of computers that have been pro- trading in Europe. Either way, algorithmic trading—also known as grammed to look for certain measures within firm providing solutions for automated the market data and then make decisions as automated or black box trading—is one of the hottest trends in finan- to what assets to buy or sell. This is what I of the cycle is in the steps of the trade deci- number of algorithms and programs in these 4derivatives trading. cial markets today. (November 29 – December 1, 2006 at the Hyatt Regency would call “black box” trading. The third sion and execution. The true meaning of the markets, especially as people try to find ways component is the trade execution, which word algorithmic is a series of steps that you to spread and arbitrage the different products There is nothing new about using computers to execute trades, of determines what algorithm should be used to can write down and execute. on different platforms. Tom Frank is the chief information officer course. What is new is the extent to which computers are replacing actually carry out the trade. That’s what I Eric Goldberg: One of the key factors that Scott Johnston: How does the current state determines how quickly algorithmic trading of Interactive Brokers, a broker-dealer individual traders in the trade execution process, and the degree to typically think of as algorithmic trading at which computers are being programmed to generate their own trading the large institutions in the equity space. of algorithmic trading in equities compare to spreads is the adoption of a standardized Chicago). specializing in electronic trading and From there it goes to how the order is routed. other markets, such as index futures, interest communication protocol. When everyone signals. These computer models—often referred to as black boxes—are In markets where you have multiple pools of rate products and foreign exchange? One has a different protocol, the cost to translate direct access to electronic exchanges and able to spot trading opportunities faster than any human being, and liquidity, such as U.S. equities, many firms measure that I have is the number of vended to all those protocols really limits access for financial markets worldwide. He is also a their increasing activity is one of the main reasons for the explosion in have developed smart order routing systems products that you can buy to engage in algo- the typical trader. One of the reasons why that use a set of rules to automate the search algorithmic trading is so advanced in equities vice president at Timber Hill, a market the number of order messages sent to exchanges. for best price. The fifth component is the is because that marketplace very quickly How far will these black boxes spread? What risks do they pose for standardized on the FIX maker affiliate of Interactive Brokers. protocol. Now stan- the markets? Who should bear the costs of the increased bandwidth, Scott Johnston was the chief information officer of dardized protocols are and what role will individual traders have in markets where these black Chicago Mercantile Exchange from 2000 to 2004. coming into place in Eric Goldberg is the chief executive offi- boxes dominate? many different asset During his career he has held a number of trading and classes and that barrier • Outlook has a long shelf life! Sixty-eight percent of cer and co-founder of Portware, a vendor To guide our discussion, we asked Scott Johnston, the former chief technology management positions at such institutions to access is really com- of algorithmic trading systems applicable information officer of Chicago Mercantile Exchange, to arrange a panel of as Swiss Bank Corp. and O’Connor & Associates. ing down. Tom Frank: Standards to equity, futures and forex markets. experts with different perspectives on algorithmic trading. Drawing from SCOTT JOHNSTON, MODERATOR certainly do open up the their experiences in U.S. equity markets as well as electronic futures field to more partici- markets, they agreed that algorithmic trading improves market liquidity actual matching process. Traditionally that rithmic trading. I haven’t seen that many in pants, but there is a more fundamental issue. recipients say they save the entire issue. Fifty-four percent was straightforward—the order went to an futures, but I certainly have seen a lot in The marketplace has to become electronic Larry Tabb is the founder and chief exec- and reduces volatility, but there was no clear consensus on whether algo- exchange or ECN, but now there is a lot of equities. before you can use FIX for order manage- utive officer of The Tabb Group, an advi- rithmic trading improves transparency or on who should bear the market internalization, so there’s variability in that Larry Tabb: I think algorithmic trading is ment. That conversion is well underway in infrastructure costs. Regarding risk, our panelists agreed that clearing model. The last step is transaction cost probably the most advanced in equities, but areas such as equities and interest rate sory firm focused on technology issues in analysis, which looks at the trading model we’re starting to see hedge funds and other futures, but there are other parts of the mar- firms will have to move to real-time risk management, especially as black the financial services sector. and the execution to see how well the trad- alternative investment vehicles looking ketplace such as bonds where it is very diffi- have referenced the Resource Guide in the last year for box traders demand direct access to the markets. ing process worked. Too often these compo- more aggressively outside the U.S. equity market. There are a lot of models working 20 21 product information. Futures Industry September/October 2005

outlook 06 New Hand on the Wheel Reto Francioni, the new chief executive officer at Deutsche Boerse, faces a challenging road ahead in 2006. Step one is to figure out what direction to take with markets Eurex. Under the previous CEO, Werner Seifert, the exchange tried unsuccessfully to capture the market for U.S. Treasury futures. Will forex futures be any more successful? Francioni, who helped run Deutsche Boerse’s cash market business in the Nymex Picks a Partner 1990s then took charge of the Swiss stock exchange group SWX, also has to figure out a way to restore confidence among the institutional investors who now own a Mitchell Steinhause, the chairman of the New York majority of the exchange’s shares. They drove out Seifert because of dissatisfaction Mercantile Exchange, has completed the first phase of an with his plans to acquire the , and Francioni will be under ambitious plan to transform the exchange into a for-profit pressure to boost the exchange’s earnings per share and return on capital. company. After several months of discussions with a number of private equity firms, the Nymex board selected General Atlantic and its president, Bill Ford, as the best choice to lead the exchange towards a possible public offering of shares. Nymex members are expected to vote on the proposal in the next few months. If they approve General Atlantic’s $135 million offer for 10% of the exchange, Ford won’t just be an investor in the exchange—he will have a big say in how the exchange is run from his seat on the Nymex board.

Marsico Makes a Big Step Forward in Clearing Takamichi Hamada is a man on a mission. As the head of the Big Bet on CME Tokyo Commodity Exchange, Japan’s largest futures market, he is Guess who owns Chicago Mercantile Exchange? No, uniquely positioned to help modernize the Japanese commodity it’s not the members or the management. According to futures business. The regulators have already done their part with a regulatory filings, institutional investors now own more major overhaul of the industry’s legal structure. Now Hamada is than 60% of the CME’s shares. At the top of the list leading the way in opening the industry to foreign participants and are companies like Marsico Capital Management, a modernizing the industry’s clearing systems. In a radical departure Denver-based firm run by Tom Marsico,aveteran from the past, Hamada first formed a separate clearinghouse to stock picker who likes to concentrate his holdings in a guarantee trades on Tocom, then reached an agreement with Japan’s handful of stocks. As of the end of the second quarter, six other commodity futures exchanges to make the clearinghouse Marsico held more than 3.5 million shares of CME, into a central counterparty for all commodity futures trading. The equivalent to around 10% of the exchange’s equity. No other investor held a larger stake in the exchange, but for Marsico, Japan Commodity Clearing House is now operational, bringing the it was just a small part of the firm’s $50 billion in assets under management. Other big owners are such well known names commodity futures market much closer in line with clearing in the asset management business as Putnam, Waddell & Reed, Janus and American Century. So far they seem fairly practices in the rest of the world. pleased with the rise in CME shares, but how will they respond if CME makes a big acquisition in 2006?

8 Futures Industry November/December 2005 9 Advertising Rates

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Outlook 07 Resource Guide Outlook 07 Display Rates Premier Listing: $750 Includes 4-color logo placement and a 4-Color complimentary online listing in the Spread 10,900 Resource Guide 06. All listing descriptions Full page 6,600 2/3 page 5,400 are limited to 100 words each. 1/2 page 4,750 1/3 page 3,550 For more information, contact Mary Ann Burns (202) 466-5460 Black & White [email protected] Spread 9,000 Full page 4,750 2/3 page 4,200 1/2 page 3,050 1/3 page 2,400 Covers Cover 2 9,000 Cover 3 7,800 Cover 4 10,100 FI Mechanical Requirements

Ad Dimensions Width Depth Proofs Spread 16" 10" A proof of some type is highly recommended. FI magazine will Spread with bleed 17" 11" plus bleed* not be held responsible for errors if an appropriate proof is not Full page 7" 10" received. This can be one or more of the following: Full page with bleed 8.5" 11" plus bleed* • High-quality color proofs (i.e. Iris, Kodak). These are required 2/3 page 4.125" 10" for accurate color reproduction. 1/2 page horizontal 7.375" 4.875" • A printout from a color printer. Please note that some color printer 1/2 page island 4.125" 6.625" imaging methods, particularly ones that use plastic toners, can produce colors that are physically impossible to match using CMYK 1/3 page vertical 2" 10" inks. If exact color reproduction is desired, please include a high- 1/3 page square 4.125" 4.875" quality printer’s proof, such as Iris or Kodak. Page Sizes • Black and white lasers. Two versions are best: 1 composite, and 1 color-separated set. Trim: 8.5" x 11" Do not run critical copy too close to the trim area. • A low-resolution PDF file that accurately shows what the ad should look like (CMYK color output may look different). *Bleed: 0.125" on all sides. Please make sure that any elements that bleed are large enough to Production Charges accommodate the bleed. This is particularly important with photographs. Production charges will apply to artwork that must be adjusted to fit the outlined specifications. Resolution Raster Art: minimum 300 dpi (450 dpi preferred) Printing/Binding Halftones: 133 or 150 line screen. FI is printed on a sheetfed offset press and bound using saddle wire stitching on 70 pound coated text stock. Outlook 06 is printed on a Accepted Software Applications sheetfed, offset press and perfect bound. The cover is printed on 80 These recommendations are made on the basis of past reliability pound cover stock and the text on 70 pound coated text stock. Please in our print production environment. e-mail [email protected] with any questions relating to production. Recommended software applications: - Adobe InDesign File Submission - Adobe Acrobat and Acrobat Distiller • FTP (preferred method): - Adobe Illustrator Go to: https://www.ibackup.com - Adobe Photoshop Login name: futuresindustry - QuarkXPress Password: mag1 Also accepted: Adobe Pagemaker and Freehand • Mail: FIA Publications, 2001 Pennsylvania Ave NW, Accepted Materials Suite 600, Washington, DC 20006-1823 NEGATIVES ARE NOT ACCEPTED. Phone: 202-466-5460 1. Non-PDF Ad Files • E-mail (last resort for file submission): If you save your file in a non-PDF format, please include all digital [email protected] components, including: • The base document (InDesign, Quark files, etc.) Tips for File Construction • All photos and logos • All fonts for the document, plus any fonts that may be embedded in imported graphics (for Type 1 fonts, both screen and printer • Create the advertisement to match the page size of the components are needed) publication without the need to reduce or enlarge the file. 2. PDF Ad Files • Make sure that any elements that bleed are large enough If you save your ad file as a PDF, please observe to accommodate the bleed. This is particularly important the following: with photographs. • Download our printer’s job options file at: http://www.colorcraft-va.com/clientaccess/Distiller_jo/ • Do not run critical copy too close to the trim area. and save it under Program files–Adobe Acrobat (5)– • All raster images should have an ending effective mini- Distillr–Settings • Save all images as high-resolution in CMYK color space. mum resolution of at least 300 dpi (450 dpi is preferred). • Embed ALL fonts. Please do not subset fonts! Note that some • Adobe Photoshop is not a good choice for setting large fonts are programmed in such a way that embedding them is quantities of text. forbidden by the manufacturer. • Use Acrobat Distiller to create PDF files. Please • To help avoid font problems at production time, convert do not use “PDF Writer” or similar printer extensions. all fonts to outlines, including those in imported graphics. • Do not “lock” the PDF files with passwords. • Create the file in, or convert it to CMYK color space before saving. Contact Tracy Wahler with production questions: 202-466-5460; [email protected] FIA Associate Members

7Ticks IT Consulting A J Leitner and Associates, LLC AIG Clearing Corporation Alan L. Seifert - Derivatives Regulatory Consultant Allen & Overy LLP American Express Tax & Business Services Inc. Arnold & Porter LLP Arthur F. Bell, Jr. & Associates, L.L.C. Blau & Bonavich Bolsa de Mercadorias & Futuros (BM&F) Borsa Italiana SPA Bourse de Montreal Inc. BP Integrated Supply and Trading, a subsidiary of BP America, Inc. Brown Brothers Harriman & Co. Brown Raysman Millstein Felder & Steiner LLP Budapest Commodity Exchange Cadwalader Wickersham & Taft LLP Campbell & Company Inc. Capital Markets Consulting LLC Caxton Associates, L.L.C. Chicago Board of Trade Chicago Board Options Exchange Chicago Mercantile Exchange Inc. Citadel Investment Group, L.L.C. The Clearing Corporation (CCorp) Cleary, Gottlieb, Steen & Hamilton Clifford Chance LLP COMEX Division of the New York Mercantile Exchange Inc. Commodities Derivative Exchange Commodity Floor Brokers and Traders Association Cotton & Gundzik LLP CQG, Inc. Crow & Associates Dalian Commodity Exchange Davis Polk & Wardwell Dechert LLP Deloitte & Touche LLP Denton Wilde Sapte Derivatives Portfolio Management, L.L.C Dolphin Capital Management Inc. Dorsey & Whitney LLP DTN Market Access LLC E*Trade Professional Trading LLC Eurex US Eurex/Deutsche Boerse .liffe Euronext Paris Exchange Systems Technology LTD Federated Investors Inc. FfastFill, P.L.C. Financial Futures Association of Japan Financial Markets Consulting, Inc. Future Dynamics, Inc. Futures Magazine FuturesPoint, Inc. GlobeOp Financial Services LLC GL Trade Goldstein Golub Kessler LLP Grant Thornton LLP Harris Bank Heller Ehrman White & McAuliffe LLP Hong Kong Futures Exchange and Clearing Limited IntercontinentalExchange, Inc. (ICE) The International Petroleum Exchange of London Ltd. Intermarket Communications Japan Commodity Futures Industry Association Japan Federation of Commodity Exchanges, Inc. John W. Henry & Company, Inc. JPMorgan Chase & Co. JWM Partners, LLC Kanetsu Shoji Co., Ltd Kansas City Board of Trade Katten Muchin Zavis Rosenman Kirkland & Ellis LLP Kirkpatrick & Lockhart LLP Koch Industries, Inc. Korea Futures Association Korea Futures Exchange Korea Stock Exchange Lawrence, Kamin, Saunders & Uhlenhop, L.L.C. LCH.Clearnet Limited Leonard Rosen & Company P.C. The London Metal Exchange Limited Managed Funds Association Mayer, Brown, Rowe & Maw LLP McDermott Will & Emery LLP McGladrey & Pullen, LLP MEFF Mercado Mexicano de Derivados (MexDer) Micro Design Services, LLC Millburn Ridgefield Corporation Minneapolis Grain Exchange Nathan Law Office National Cattlemen’s Beef Association National Corn Growers Association National Stock Exchange of India Limited New York Board of Trade New York Clearing Corporation New York Mercantile Exchange Nihon Unicom Corporation The Northern Trust Company NQLX LLC Office of Lauren Teigland-Hunt Okato Shoji Co. Ltd. OM Technology Americas OneChicago, LLC The Options Clearing Corporation Orc Software Inc. Patsystems Philadelphia Board of Trade PricewaterhouseCoopers LLP Promontory Financial Group, LLC Quincy Law Group Radianz RBS Greenwich Futures Ltd. Robert Charles Consulting LLC Rolfe & Nolan Russell Investment Group S.A.C. Capital Advisors, LLC SAFEX–JSE Securities Exchange Derivatives Division Schiff Hardin LLP Sentinel Management Group, Inc. Shanghai Futures Exchange Shearman & Sterling Sidley Austin Brown & Wood LLP Simpson Thacher & Bartlett Ltd Skadden, Arps, Slate, Meagher & Flom Southfield Corporation SSARIS Advisors LLC Standard & Poor’s Stockton Reinsurance Investments Limited Strategics, Inc. Stroock & Stroock & Lavan LLP Stumpp & Bond, LLP Sullivan & Cromwell LLP SunGard Futures Systems Swiss Futures and Options Association Sydney Futures Exchange Limited Taiwan Futures Exchange Tellefsen Consulting Group, Inc. Term Commodities Inc. The Tokyo Commodity Exchange The Tokyo Grain Exchange The Tokyo International Financial Futures Exchange , Inc. Trading Technologies TradingScreen Inc. Tudor Investment Corporation Ubitrade Wachovia Bank, NA Willkie Farr & Gallagher Wilmer Cutler Pickering Hale and Dorr, LLP Winnipeg Commodity Exchange Inc. WTD Consulting, Inc. You Just Trade, LLC 2001 Pennsylvania Ave. NW Suite 600 Washington, DC 20006-1823 202.466.5460 202.296.3184 fax www.futuresindustry.org