WELCOME eGAINS Participants Transitioning to eGAINS Information Sessions

1. WELCOME eGAINS Participants Transitioning to eGAINS Information Sessions

2. Hosts: Futures Industry Association (FIA) Clearing Corporation (CCorp) Markit Group Participants: eGAINS Users (London, New York, Chicago)

3. Presentation Schedule (via WebEx) 3:30 – 4:30 p.m. (London time) Agreements: Transition EGUS to eGAINS (Thursday, April 3; Tuesday, April 8) Trade Processing: Trade Flow, Layout, Reports (Thursday, April 10; Tuesday, April 15) Banking: Billing Cycle and Money Flow (Thursday, April 17; Tuesday, April 22) Iterations: Implementation Feedback and Enhancements (Thursday, May 1) On-Site Training Schedule – London Tuesday, June 10: 10:00 a.m., 2:00 p.m. , Canary Wharf (TBD) Wednesday, June 11: 2:00 p.m., 3:45 p.m., The Brewery, Chiswell Street Thursday, June 12: 10:00 a.m., 2:00 p.m., JP Morgan, 125 London Wall

5. To-Dos Checklists UPDATE: Third Party Relationship Front-End (Participant Set Up) Back-End FIA Tech FEEDBACK: A Formal Checkpoint Agreement, Statement of Intent, Banking Instructions Trade Processing Banking Users / Participating Firms Testing Systems Launch FUTURE: Industry Enhancements FPS Launch (banking) (FIA) Participant Wish List (Participants) Procedure for adding (new) FX Settlements (FIA) FIA Tech and Users / Participating Firms Other Exchange Participants (FIA) Reducing the Credit Window (FIA) Resource Links Help Desk Contacts

6. Session 4. Next Iteration Purpose Provide updates since last Session(s) and solicit participant feedback. Fundamental Issue/Question Now what? From a participating firm’s perspective, what do I need to do for the eGAINS launch?

7. Session 4. Next Iteration Agenda To Dos – Participant Checklist (FIA) Third Party Relationship Front-End (Participant Set Up) Back-End Feedback – A Formal Checkpoint (User Feedback) Agreements Trade Processing Banking Testing Systems Launch

8. Session 4. Next Iteration Agenda Continued Industry Updates Faster Payments Services (FPS) Reports (CCorp) Systems Testing (CCorp) Participating Firm Summary (Banking) To-Do List Resource Links Help Desk Contacts

9. Processing Overview EurexDebtor Bank ICEMarkiteGAINSJPMorgan Chase Liffe EGUSCreditor Bank Member Firm

10. Firm Checklist File e-GAINS Processing Agreement with FIA Tech Complete Statement of Intent Provide FIA Tech with the eGAINS test coordinator Provide detailed banking instructions to FIA Tech Add to EGUS Admin (Search Institution and Parties, Maintain Parties) Exchange and Firm Codes Enable EGUS for auto rate load (EGUS: Maintain Party Permissions, Enable Rate Data Feed) File 3rd Party Debit Authorization Form with bank(s) Forward completed copies of 3rd Party Debit Authorization Forms to FIA Tech Request Learning Environment user ID and password Add rates, formerly maintained via pdf, into EGUS If you require an automated trade reconciliation tool, obtain CCorp’s layout specifications doc Script special test scenarios Test rates and sign-off on reports Test trades and sign-off on reports Test monies (direct and third party) and sign-off on reports

11. What Is On Our To-Do List? FIA Finalize service provider negotiations and agreements Finalize web page links and resource docs (www.futuresindustry.org) Receive firm training liaison contact name, telephone number and email address Receive 3rd Party Debit Authorization Form from all participants Obtain participant banking instructions and input detailed instructions into database Create eGAINS participant IDs and grant access to eGAINS QA and production systems Determine currency settlement offerings for launch Co-coordinate method–of-execution designator on trade record Test banking module Compile user guidelines, procedures, manuals, and related documents Facilitate user training in London (June 10-12) Establish DR procedures

12. What Is On Our To-Do List? Continued CCorp Link exchange and EGUS commodity/product and group codes Review Exchange test and production (starting May 15) trade files Co-coordinate method–of-execution designator on trade record Establish protocol for receipt of daily exchange trade data Complete software implementation and train Markit staff on daily operations Ensure EGUS and eGAINS rate and agreement mapping and posting Redesign daily, monthly, and end-of-cycle reports to accommodate gross reporting and 3rd party relationships Create Learning Environment (LE) IDs, passwords, and administer LE testing (upon request) Test month-end banking transmission to FIA and JPMC Create training plan and test scenarios (Phases 1-3) Facilitate user training in London (June 10-12) Compile user guideline, procedures, manuals, and related documents Establish DR procedures

13. What Is On Our To-Do List? Continued Markit Train w/CCorp to assume daily operations Create user log on page and system interface Test receipt of exchange trade data Compile user guideline, procedures, manuals, and related documents (system procedures) Manage eGAINS help desk post launch Establish DR procedures

14. UPDATE: Third-Party Relationship, Executing Firm to Customer (FIA) EGUS allows participants to list the Executing Broker, Clearing Broker, Customer, and Trader in the give-up agreement. Additionally, participants provide FIA Tech with detailed banking instructions for automated month-end pay and collect processing. Executing Broker – the party executing customer orders on a futures exchange. Clearing Broker – the party maintaining accounts to which the executing broker gives-up trades. Customer – the party to whose account the given-up trades belong and shall reside. Trader – the party authorized to place orders with the executing broker on behalf of the customer. Working through their Clearing or Execution Firm, the third-party or customer (in order to facilitate payment to the executing firm through eGAINS), must become an eGAINS participant by completing the eGAINS Processing Agreement and submitting their banking instructions to FIA Tech. Within the EGUS / eGAINS third-party relationship, the executing broker has the ability to bill the customer and receive the execution fees through the system as opposed to invoicing the customer for payment outside of the eGAINS system. Since rates and give-up fee information is proprietary, the executing brokers may hide the rate schedule from the clearing broker (since, in third-party relationships, the clearing broker is not part of the billing process).

15. UPDATE: Third-Party Relationship, Executing Firm to Customer (FIA) Continued Executing Firm Reports and MoniesSet-Up and Flow EGUS: Bill To Customer; Hide Rates eGAINS: Bill to Third Party; Ex Code - Customer completes Agreement - Suppresses fees and rate schedule from clearing firm view - Reports are distributed to customer not clearing firm Clearing Firm Customer Positions

16. UPDATE: Third Party Relationship, Executing Firm to Customer (FIA) Continued Bill the customer and process the payment through eGAINS: Customer completes the eGAINS Processing Agreement Customer provides FIA Tech with detailed banking instructions EGUS: Bill To, Customer EGUS: Hide Rates eGAINS: Designate the agreement as a Third Party Agreement (allows eGAINS to facilitate payment from customer to Executing Firm) eGAINS: Bill To Third Party eGAINS: Add the Third Party’s carrying participant Exchange/Firm code or Bill the customer and process the payment outside of eGAINS: Executing Firm completes the eGAINS Processing Agreement EGUS: Bill To, Customer EGUS: Direct Bill = Y

17. FEEDBACK: A Format Checkpoint (Participants) Agreement, Statement of Intent, Banking Instructions ● What is the timeline for having the above items completed? ● ● ● ● ●

18. FEEDBACK: A Format Checkpoint (Participants) Continued Trade Processing General statement or request for feedback (CCorp to the firms) relative to the end of day reports, data files… Participant Comments Identification of trade types and method of execution will have a big impact on firms (response: work in process with exchanges, scheduling conference call with exchange technology contact). Method of execution involves front end work for firms also. How will reversals (trade date and T+1 reversing transactions) be handled in eGAINS? Create test scenarios to test same day and T+1 reversals If Eurex sends an EFP, will eGAINS charge a rate for it? What happens if an exchange sends a trade for which there is no agreement? When will the exchanges send data so that firms could test with eGAINS and their internal systems? Duration of testing is a concern - may not have sufficient time to test all functionality for parties. Training Sessions (June 10-12): What will be reviewed in the 3 hour sessions? Will there be a training manual? Can it be distributed now?

19. FEEDBACK: A Format Checkpoint (Participants) Continued Banking Participant Comments Need to ensure all pertinent currencies are included for launch (Swiss Franc, Yen, etc.). Need update with getting these currencies in eGAINS for launch.

20. Test Schedule (CCorp) On-Site Training - London: June 10-12 Due to the complexities of the EGUS to eGAINS integration, firm testing will proceed in three phases (rates, trade processing, monies). Phase 1 (June 10 – 27) - Rates EGUS rates are electronic, pdf, or both Electronic Automatic upload. Once the firm’s EGUS Systems Administrator enables the EGUS to eGAINS rate feed (EGUS: Maintain Party Permissions, Enable Rate Data Feed), electronically stored rates in EGUS will post to eGAINS without firm intervention. Firms will be able to view the EGUS rate upload to eGAINS online (through eGAINS systems access), hard-copy (GNS reports), or through an ASCII text file download. Firms should review the eGAINS and advise FIA of errors by June 2.

21. Test Schedule (CCorp) Continued Pdf Manual input (deadline June 27). Steps to add eRate schedules to an executed agreement w/pdf already attached: 1)      Create the eRate and save to eRate Library 2)      Go to executed agreement and click on agreement ID# 3)      Click on the EDIT button in the accounts and rates box on the View and Manage screen 4)      Scroll down to the “Attach Rate Schedules” box and select the eRate from you library 5)      Click attach 6)      Click “Save & Next” and you will see it was added to the agreement NOTE: The aforementioned has no impact on the EGUS agreement nor will it require counterparty review or acknowledgement. 

22. Test Schedule (CCorp) Continued CCorp Test Scenarios EGUS Agreements EGUS Account Permutations EGUS Rate eGAINS Agreement (Customer and Trader)Executing / Clearing AccountsTable PermutationsPermutations Customer One / One One One Many One / Many One One Many Many / One One Many Many Many / Many One Many Many

23. Test Schedule (CCorp) Continued Firm Questions What is the Customer and Trader agreement type ratio (50/50)? One firm—majority of agreements were Standard Trader with Clearing Broker being billed 98% of the time. To what extent do you have multiple execution accounts on one agreement? To what extent do you have multiple clearing accounts on one agreement? To what extent do you have multiple rate tables to one agreement? In the event you use multiple rate tables for one agreement, are there product overlaps between rate tables? To what extent will you participate in 3rd party billing (your customer pays the executing firm through the eGAINS banking module)? Other permutations for consideration? Firms should assess their conditions and respond to above questions.

24. Test Schedule (CCorp) Continued Phase 2 (July 1 – August 21) Trade Processing and Monthly Trade Adjustments Production Production trade files will be received daily beginning May 15 We will provide test scripts for high-level testing (general scenarios) Firm Specific Firm specific trades, rates, and relationship nuances should be tested Firms enter trades into eGAINS and/or supply trade files to CCorp for loading into eGAINS Firms should verify trade postings, system functionality (corrections, deletes, rejects), rates, calculations through eGAINS online, hard-copy (GNS reports), or through an ASCII test file download

25. Test Schedule (CCorp) Continued Phase 3 (August 5 – August 25) Monthly Cash Adjustments and Banking We will provide test scripts for high-level testing (general scenarios) Enter month-end adjustments Confirm debit and credit (gross) posting through eGAINS online, hard-copy (GNS reports), or through an ASCII test file download

26. FEEDBACK: A Format Checkpoint (Participants) Continued Testing ● ● ● ● ● ●

27. FEEDBACK: A Format Checkpoint (Participants) Continued Systems ● ● ● ● ● ●

28. FEEDBACK: A Format Checkpoint (Participants) Continued Launch ● ● ● ● ● ●

29. FUTURE: Industry Enhancements (FIA) Association for Payment Clearing Services (APACS) and Faster Payments Service (FPS) APACS is the UK’s payments association. FPS is a banking initiative (UK only) to improve the speed of low value payments to near real-time (essentially as if two accounts were in the same bank). FPS shall support one-time payments, standing orders, corporate bulk payments, and return payments. The system, designed by APACS is comprised of a network of member institutions (banks) surrounding the core central system. The central system will handle the actual message switching in near real-time, as well as manage the settlement of accounts at the Bank of England. FPS shall be launched on 27th May 2008 at which point the banks shall begin to roll out the service to their customers.

30. FUTURE: Industry Enhancements (Participants) Continued Participant Wish List Participant Comments Add flag to indicate bill to party within EGUS. Comment to participants: PLEASE review reports/communicate enhancements to end of day reports, data files, or web pages

31. FUTURE: Industry Enhancements (FIA) Continued Procedure for Adding (new) FX Settlements (FIA) New settlement currency requests should be directed to Mary Ann Burns at FIA Tech. Other Exchange Participants (FIA) Discussions are ongoing. Reducing the Credit Window (FIA) In the opening days of eGAINS, funds will be held by FIA Tech for 60 business days. The number of days will drop as more users are added to the system. We anticipate dropping the float period to 20 days once the amount of money flowing through the system reaches projected levels.

32. Resource Links http://www.futuresindustry.org/ General Timeline Frequently Asked Questions (FAQs) On-Boarding eGAINS Processing Agreement Statement of Intent CCorp Data Layout Specifications Report Library Learning Environment Test Trades Submission Spreadsheet Test Plan: Phases 1-3

33. Help Desk FIA Tech Joint effort between FIA Tech London and Washington. Details pending. CCorp Post launch, primary support provided by FIA Tech and Markit. CCorp will provide 2nd level support to FIA Tech and Markit. Markit FIA EGUS and eGAINS Support:Email: support@markit.comFrom 8 am to 6 pm CET: +31 20 502 5888 From 8 am to 6 pm GMT: +44 (0) 20 7260 2111 From 8 am to 6 pm Eastern Time: +1 (877) 7-MARKIT If you cannot dial 877 number above, call +1 (914) 872-2772 and ask for EGUS support

34. Contacts FIA Tech Robert Drew, Consultant, (b) 07812991191, rdrew@futuresindustry.org David Adam, Consultant, (b) 312.786.3821, dadam@futuresindustry.org Ron Metcoff, Treasury Consultant, (b) 215.272.6593, rmetcoff@futuresindustry.org Krystal Atha, Relations Manager, (b) 202.466.5460, katha@futuresindustry.org David Wilson, Technology Project Manager, (b) 202.466.5460, dwilson@futuresindustry.org Mary Ann Burns, Executive Vice President Industry Relations, (b) 202.466.5460, maburns@futuresindustry.org CCorp Marc MacQuarrie, Client Services and Support, (b) 312.786.5732, marc.macquarrie@clearingcorp.com James Woods, Vice President, Production Management Group, (b) 312.786.5715, james.woods@clearingcorp.com Markit Tony Murljacic, Director, Head of Trade Processing Connectivity, (b) 914.872.2905, tony.murljacic@markit.com

35. Thank You for Attending