Overview for Vendors

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STAC® overview for vendors

5 January 2020

Improving the efficiency and effectiveness of technology discovery and assessment in the finance industry

Why?

• Finance organizations need sophisticated technology • Technology discovery & evaluation is slow and expensive • This hurts both buyers and sellers of technology

• STAC adds value in three ways: • The STAC process provides cross-industry POC’s • STAC tools enable standardized assessments • STAC gatherings enable substantive dialog • Results for end-user firms: • Reduced discovery time and cost • Better technology decisions • Better solutions from the vendor community • Results for vendors: • Faster sales cycles • Better market insight • Bigger market ®

Copyright © 2020 Securities Technology Analysis Center LLC The STAC Benchmark Council (established 2007) • Consists of financial firms (“user firms”) and technology providers (“vendors”) • Establishes standard technology benchmarks based on finance workloads plus research agendas based on industry priorities • Discusses technical challenges in finance (way beyond benchmarks) • User firms set the requirements and make the priority calls • See: www.STACresearch.com

• 303 Capital • Archelon Group • Blockseed Investments • Celera Group • Craig Drill Capital • A.R.T. Advisors LLC • Arctic Lake • Blue Trading Systems • Charles Schwab • Credit Agricole • ABN AMRO Clearing • Aristos Capital LLC • Bluefin Trading • Chicago Board Options/National • Credit Suisse • Aequitas • Aspect Capital • BNP Paribas Stock Exchange • Cutler Group, LP • Aether Analytics, LLC • Athena Capital Research • Bluefire Capital • Chicago Trading Company • Daiwa Institute of Research • AF Capital • Atlas ATS Inc. • BMO Capital Markets • Chi-X Australia • Daksh Trading • AHL • Atreyu Group LLC • BNY Convergex • Chopper Trading • Danske Bank Markets • AIG • Atto Capital LLC • BNY Mellon • CIFIS • Data Capital Management • AIM Tech • Australian Securities Exchange • Boerboel, LLC • Citadel Investment Group • DAW Trading • AKO Capital • AWSF Capital Group • Bolsas y Mercados Españoles • Citi • DE Shaw • Akuna Capital LLC • AXA • Boston Options Exchange • Citic Capital Track Solutions • Dearborn Capital • Alegro Global Ltd • AX Trading, LLC • BP Oil • CityIndex Ltd • Delwar Capital Management • Alfa Capital Markets • Axiom Markets • Braverock Investments, LLC • Clayland Willow PCC • Demarc Capital • Algo Depth • Balyasny Asset Management • Bridgewater Associates, LP • ClearBridge Investments • Desai Capital Management • Algo Engineering • Bank of America/Merrill Lynch • Broad Reach Management • Clover Light, LLC • Deutsche Bank • AlgoPartners LLC • Bank of Russia • BTG Pactual • CLSA (UK) • Deutsche Boerse • Allstate Insurance Company • Bank of Tokyo-Mitsubishi UFJ • BTIG • CMC Markets • DGR Capital LLC • Allston Trading • Banque de France • Budo • CME Group • DNB Bank ASA • Ally Financial • Barclays • Bundalini • CMT Asia • Domeyard, LP • Alpha Trading Labs • BATS Exchange • Buttonwood Group Trading • CNSX Markets Inc. • DoorDarshi Advisors • AlphaWorks Capital Management • BAXTER-FX • Caherciveen Partners • Coatbridge Capital • Dosadi Capital • American Trust Investment • BCSGM • Cantab Capital Partners • Cognitive Capital LLC • DRW Trading Services • Belvedere Trading, LLC • Cantor Fitzgerald • Coinbase • DTCC • Apache Capital Management • BestX • Capital Fund Management • Commerzbank AG • Dunamis Trading Group • Apollo Management Holdings • BGC Partners • Capital One Financial • Computer Voice Systems • DV Trading • APT Portfolio • BIDS Trading L.P. • Capstone Holdings Group • Coredax Co., Ltd. • Eagle Market Makers • Aquatic Capital Management • Bishop Capital Management • Carax • Cowen | ATM • Eagle Seven • ARB Trading Group • Bittrex Inc. • causaLens • CQG, Inc • Eagle Trading Systems R&D • Arbillon Capital AG • BLB Commodities Limited • Caxton • Crabel Capital Management • Echotrade

® Council members do not necessarily endorse or approve of any of STAC’s products, specifications or statements. All company names and logos are trademarks or registered trademarks of their respective owners.

Copyright © 2020 Securities Technology Analysis Center LLC STAC Benchmark Council Members Financial Organizations and Application Vendors • Eclipse Options (HK) Ltd • G-Research • Hull Investments • Kyte Group • Millennium Partners • Edelweiss Financial Services • Gain Capital Group, LLC • Hutchin Hill Capital, LP • Lane Financial LLC • Milton Labs LLC • EdgeCI • Galaxy Digital • ICAP Services North America • Laurion Capital Management • Mizuho Securities • Edgestream Partners • Gelber Group • IEX Group • Liger Investments Limited • Moody's Analytics • Edgewater Markets LLC • Gemini • IG Index • Lighthouse Financial Technologies • Morgan Stanley • Engineers Gate • Geneva Trading • IMC Financial Markets • Lime Brokerage, LLC • Morningstar • EIS Global • GFI Group • Indy Research Labs • Liquid Capital Group • MSCI • Element Capital Management • Global Markets Exchange Group • ING • Liquidnet • MWD Trading • Enova Financial • GMO-Z.com Trade UK Ltd • Integral Derivatives • Lloyds Banking Group • Myra Trading LLC • Epoch Capital Pty Ltd E*Trade • Goldenberg Hehmeyer Trading • Intercontinental Exchange (ICE) • LMAX • NASDAQ OMX Financial • Goldman Sachs • International Securities Exchange London Metals Exchange • National Bank Financial National • ETX Capital Goodbody Stockbrokers • Invesco • London Stock Exchange Commodity & Derivatives Exchange • Eurex Frankfurt AG • Graviton Research Capital LLP • Ion Asset Architecture UK • Lord, Abbett & Co. LLC • National Stock Exchange of India • Exane • Greenlight Trading • ION Group • Lotus Capital Management • Nazare Point • ExxaBlock • GRIP Investments • Istra • Luo Capital Advisors • Nex Markets • Fairtree Capital • Group One Trading • ITG/DE Trading Corporation • Luoshu Investments • Nobilis Capital • FastMatch • GSA Capital • Itiviti • Lydia Trading • Noble Capital International • FFastFill • GX2 Systems, LLC • ITS Trading • Macquarie Group Limited • Nomura • Fidelity Investments • GTS Securities LLC • Japan Exchange Group • Mako Europe Ltd • Northern Trust • Financial Conduct Authority • Hard Eight Futures LLC • JNK Securities • Man Group • Nuovi Investimenti SIM • Financial Market Engineering • Hardcastle Trading • JP Morgan Chase • Mana Partners LLC • NYC Finance • FIS Global • Harmonic • Jump Trading • Manticor • NYSE Euronext • FlexTrade Inc • Hartree Partners • Kabouter Management • Marquette Partners • NYTrade • Flow Traders US • HC Tech • Kapital Trading • Marshall Wace LLP • O'Shaughnessy Asset Management • Forex Capital Markets (FXCM) • Headlands Technologies • KCG Holdings • Maven Securities Limited • OKCoin • Fortress Management • Hekla Capital LLC • Ketchum Trading, L.L.C. • Maverick Derivatives B.V. • Old Mission Capital • Fox River Execution • High Speed Analytics • King Street • MB Trading LLC • OMERS • FQS Capital • HSBC • Kinkopf Capital Management • Memx • OneChicago • FTSE Group • Huatai Futures • Kohl Trading • Mexican Stock Exchange • OpenLink Financial • FXCubic • Hudson River Trading • Komico, LLC • MIAX Options • OPG Securities ® Council members do not necessarily endorse or approve of any of STAC’s products, specifications or statements. All company names and logos are trademarks or registered trademarks of their respective owners.

Copyright © 2020 Securities Technology Analysis Center LLC STAC Benchmark Council Members Financial Organizations and Application Vendors • Optimum Complexity • QuantZ • Spiral • Topaz Development • Vector Trading • Options Clearing Corporation • Qube Research & Technologies • Spire Europe Ltd. • Tower Reasearch Capital • Verition Fund Management • OptionsCity • Questrade • Spot Trading, LLC • Trade Ideas LLC • Victor Securities LLC • Optiver B.V. • Quiet Light Securities LLC • Squarepoint Capital • Tradebot Systems, Inc. • Vigilant Global • Ortus Capital Management • Rackson Asset Management • Squawker • TradeForecaster LLC • Virtu Financial • Panther Energy Trading LLC • Radix Trading • SSW-Trading • TradeLink LLC • Volant Trading • PDT Partners • RBC Capital Markets • Standard Bank • TradeNext Limited • Walleye Trading Advisors • Peak6 Investments LP • Realtick LLC • Standard Chartered • TradeStation Technologies • Warsaw Stock Exchange • Pershing LLC • Renaissance Capital • State Street Bank • Tradeweb LLC • Wellington Management • Peta Trading • Richfox Capital • Stonebridge Capital Markets • Tradeworx • Wells Fargo • Phi Strategies LLC • Rival Systems • Sumo Capital • Trading Machines • Westpac Banking Corporation • Pineau Investment Group • RiverCross • Summit Securities Group LLC • Trading Technologies • WH Trading • Pinnacle View Capital • ROFEX • Sunningdale Capital LLP • Tradition North America • Wholesale Markets Brokers' • Platform Capital LLC • Ronin Capital • SurfacExchange • TransMarket Infrastructure Association • PNT Financial • Rotella Capital Management • Susquehanna International Group Holdings • Wiklund Trading, LLC • Point72 • Royal Bank of Scotland • Swedbank • TransUnion • Wildwood Trading, LLC • Port 22, LLC • RSJ Securities a.s. • T0 • Triumph Asset Management • Winton Capital Management • Pragma • Samsung Futures • Taiwan Futures Exchange • True Trade Markets • Wolverine Trading • Prime Analytics, LLC • Saxo Bank • Tang Ping Kong Limited • TRV Trading • World Financial Desk • Prudential • Schneider Trading Associates Ltd • TD Ameritrade • Tudor Investment Corporation • WOOD & Company • Puppetmaster Trading • Schonfeld Group • Tensor Technologies AG • Tullett Prebon • WorldQuant • Qbitia Solutions, S.L. • SCT Capital Management • Tenth Sense Group Pty Ltd • Twitch LLC • XHedge LLC • QCP Trading • Sea Otter Securities • Tenzan Capital • Two Sigma Investments • Xpert Financial Group • QMS Capital Management • Securities and Exchange • TeraExchange • Tyler Capital • XR Trading • QQFund.com Commission • Teza Technologies LLC • UBP • XTX Markets Limited • QTrade Capital • Seven Eight Capital, LLC • ThinkEquity • UBS • XY Capital Group • Quadeye • Simplex Investments • Tibra Capital • UniCredit • XY Investments • Quantbot Technologies, LP • Small Exchange, Inc. • TMX Group • United Futures Trading Co • QuantConnect Corporation • Smarkets • Toji Trading Group • Valo Research and Trading • Quantlab Financial LLC • Societe Generale • Token Capital Management • Vatic Labs • quantPORT • Source Capital AG • Tolo Technologies • VCMT

User firms Vendors & STAC

STAC Audits

Public STAC Benchmark STAC Specifications Reports STAC Test Harness software Private reports (“community source” model) (STAC Vault)

STACresearch.com subscribers 7700+ individuals from 1000+ brokers, hedge funds, vendors, ...

Market data, news, reference data, fundamental data, alt data, incoming orders, customer data, trading positions, etc.

Historical Real-time

STAC-M1™ (feed handling) STAC-M3™ (enterprise tick analytics) STAC-M2™

(data distribution) (timesync) STAC-A3™ STAC (strategy backtesting) STAC-E™*

(trade execution) - Real-time TS™ Modeling Algorithms STAC-A2™ analysis (risk computation) STAC-T1™ (tick-to-trade) STAC-AI™* (AI/ML/DL) STAC-N1™ & STAC-T0™ (network I/O)

Slower outputs Fast outputs * Not yet released. Models Trades Portfolio decisions Real-time risk Regulatory reports Surveillance Etc. Etc.

• Independent, rigorous, respected • Establish value prop of products or architectural approaches • Get onto customers’ short lists

www.STACresearch.com/research ®

• Use internally with no obligation to disclose results • Help engineering groups grok market requirements • Engage STAC for an audit if you want results to go public • Publish unaudited results to the STAC Vault™ • Contribute your own implementations to enable customers and partners

• Network with the industry’s highest quality attendees • Speak or exhibit • Establish mindshare • Generate leads • Keep your finger on the industry pulse • Currently 2x per year in NYC, London, Chicago and 1x per year in Asia

www.STACresearch.com/events

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