VlarketAxess 

OTC Derivatives: 

Electronic Trading Solutions 

Best Wlulti-Dealer CDS Trading Platform 

www.marketaxess.com 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be 

; excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. 

Page 1 
About MarketAxess IVlarkerAxess' 

MarketAxess formed in 2000 to build technology solutions to promote 

efficiency, transparency and liquidity in credit markets 

Patented electronic trading system is an institutional participant to multidealer trading platform 

SEC-registered broker-dealer and ATS operator; U.K. affiliate is FSAregistered Multilateral Trading Facility 

750+ active institutional participant firms and 72 participating broker-dealers 

Current products traded include HG Corporate bonds, High Yield, CDS, 

Emerging Market debt. Agency debt, European credit 

Profitable since 2003 and completed an Initial Public Offering in November 

2004 (NASDAQ: MKTX) 

Leading provider of pre-trade data (MarketAxess Corporate BondTickerTM), 

electronic trading solutions, and post-trade reporting and straight through 

processing 

CDS product launched in late 2005 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consenL Page 2 
Curren Privative Clearinghouse Activity MarketAxess 

CME Group 

•Energy 

•Commodities 

•Currency 

•Agriculture 

•Credit* 

•Equities* 

•Interest Rates* 

•Weather* 

*Mot Currently Live 

Energy 

Agriculture 

Currency 

Equities 

Credit 

Eurex 

• Interest Rates 

• Equities 

• Inflation 

Eurex Credit 

Clear 

• Credit* 

NYSE Liffe 

BCIear 

• Equities 

• Commodities 

• Credit* 

LCH.CIearnet 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. 

Pages 
Forward View of the Derivatives Market MarketAxess' 

Bilateral 

Trading 

Bilateral Clearing 

Large Banks 

Broker-Dealers 

Bespoke Swap Contracts 

Structured Products 

Exotic Options 

Least 

Liquid 

RFQ Multilateral 

Electronic Trading 

Bilateral/Central 

Clearing 

MarketAxess 

Tradeweb 

Bloomberg 

Liquidity 

Exchange/ECN 

Trading 

Central Clearing 

CME 

Eurex 

• ICE 

• NYSE Liffe 

Standardized Options/ 

Futures Products 

Continuous 

Liquidity 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be 

; excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 4 
Benefits of Electronic Trading MarketAxess" 

Enhanced market competition to drive down transaction costs 

Real-time transparency on derivative pricing and market participants 

Significant reduction in trade errors resulting in reduced overall 

market risk 

Improved audit trails to demonstrate compliance with best execution 

guidelines 

Automated confirmations and communication of trade details to 

clearinghouses and regulatory authorities 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be 

• excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. 

Page 5 
Request-For-Quote (RFQ) Trading Protocol MarketAxess" 

Key RFQ Features 

The RFQ trading protocol establishes discrete 

auctions for each instrument that a participant wishes 

to buy or sell. 

Enables the seller or purchaser of an instrument to 

simultaneously request competitive, executable bids 

or offers from multiple dealers, at the choice ofthe 

participant. 

Participant sets the time when he/she would like all of 

the dealers' prices or spreads returned to the 

participant, in order to have the ability to see all 

executable prices available at the same time. 

The entire process is managed electronically is highly 

efficient and can be completed in minutes. 

The MarketAxess platform can run auctions on single 

instruments or simultaneously on lists of up to 40 

instruments (and up to 150 CDS single-names). 

• Creates a highly transparent and competitive process 

that is ideally suited to less liquid markets. 

• Preserves the existing participant relationships, 

incentivizing dealers to commit capital and provide 

liquidity in less liquid markets. 

• Allows for highly efficient price discovery with broad 

group of dealers. 

• Very effective for more fragmented and less liquid 

markets that do not enjoy continuous two-way 

liquidity. 

• Already adapted to multiple asset classes, including 

credit default swaps. 

• information on instruments and sizes traded could be 

reported in real time to trade repositories, clearing 

houses and regulatory authorities. 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 6 
MarketAxess eTrading Lifecycle: 

From Execution to Reporting in Minutes MarketAxess 

)+3:15 

Executed Trade 

Appears 

on TRACE 

1+3:0 6 Post-trade 

Trade Details Reported to 

Both Counterparties 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be 

excerpted, copied, disseminated or otheiwise disclosed to any other person without the company's express written consent. Page? 
MarketAxess Credit Derivatives MarketAxess 

Pre-Trade 

- Indicative CDS quotes, analytics, and dealer pricing runs 

Trading Network 

- 72 participating dealers system-wide including global, regional and diversity dealers 

- 12 dealers currently participating in CDS 

- Approximately 750+ active institutional participants on the system primarily trading 

corporate bonds today 

- Approximately 200 direct connections to institutional participant order management 

systems 

Electronic Execution 

- Open, competitive auction-based request-for-quote system 

- Live trading capabilities in both index and single name CDS products 

- IVIarket leading electronic bid and offer list capabilities 

Post-Trade 

- straight through processing, post-trade feeds and reporting 

- Automatically stored audit trails for compliance 

- Automated links possible to CCPs 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 8 
MarketAxess CDS Trading Capabilities MarketAxess" 

Broad Based Index Products 

- Investment Grade, Emerging Markets and European Indices 

- Seamless roll trading technology 

- ISDA-compliant calculations embedded in trading system 

- Auction and hit/lift cross-matching trading protocols 

Single Name Credit Derivatives 

- Investment Grade, Emerging Markets and European Credits 

- Market standard RED information 

- "Big Bang" calculations embedded in trading system 

- Auction and hit/lift cross-matching protocols 

CDS Single Name Lists 

- Ability to trade up to 150 single-name credit derivatives 

Member SiPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be 

I excerpted, copied, disseminated or othenwise disclosed to any other person without the company's express written consent. 

Page 9 
Appendix: Example Work Flow for 

a Corporate Bond Trade 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be 

excerpted, copied, disseminated or othera/ise disclosed to any other person without the company's express written consent. Page 10 
Trading Homepage MarketAxess" 

'^ MdrkolAxcss Wotksldtion 

Trade %\mM\U%\ rmenlon' roittoitos Art^v•e5^S• MaiJ.-lU^ls Blotter Messaoes 

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Top sprud Tighlentno |5yra and out) 

^SOnCIl 5.000 90J(16 

;iglKFT 6.125 2)1118 

jj^mi H 4.950 9(30/H 

:^CaMD5/22«9 

©WfC 3.7501011/14 

'^NEM 0.25010/1139 

@ lire 4.025 9115110 

^ SPG 5.875311)17 

igcOF 8.800 7/15)19 

I [^OBI>J>009)1)17 

^..... ^ '= "'J ;E1 C 6.125 B)J5/3« 

X^""^ ^ '' " ilSJACCX 5.500 9/14)15 

I/ICH 5.750 4)1)10 

Central access to market 

data and information 

.DON 7.5005)15)15 

iiCT>l«J'.X-ar-M-r:ri^i-^niWri^ 

TC0 SpfcRd ^VlderHng (5yr» and ooU 

ISllM! 

@VVSIC 4.200 2/77/15 

.@COF&B0D 7)15)19 

O POT 4.875 3/30/2O 

pVf C 6.45011)1)37 

|glWY4.950 9)15/15 

g)COF 6.7509)15)17 

®PI D 5.62511)15116 

@CIVICSAS.30D 11/15/17 

;^a i 5.000 2J1/15 

^^JEf "5 0 1)15/30 

Lilt Char 

155 

320 

157 

160 

35( 

241 

4;o 

103 

1.340 

400 

Last Updated: (».7&n(K» 

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Total Volumo 

2.047.166.066 

1.225,6e2,05» 

7?3,:iO.OOO 

613.49),000 

MO.44J.000 

500,009,000 

477.«f.6.000 

389,920.000 

330.053.000 

319,067.000 

208.238.000 

504,279,000 

177,910.000 

171,108.000 

91,952.000 

67,377,000 

40.382.000 

60.000 

2.2(.O,00O 

1,100,000 

uactint:>'> 

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1 

Member SIPC 

IrlduhyTradiiigOpon \ 07:38:37 BM EDT 

Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. 

Page 11 
Instrument Search MarketAxess' 

- ^ Instrument Search: Please select a bond 

Basic Search "Advanced Search"^ 

-Instrument 

O Bonds 

# CDS Index 

# CDS Single Names 

Search by; Ticker, Issuer Name, Identifier 

The following 1988 Instruments matched your criteria. 

Qln|[x] 

Search Hel 

Short Name Ocy Features Moody's/S&P Issuer 

GE 4.460 06/15/18 EUR NC NA/AA+ GE CAP EURO FNDG 

GE 4.500 06/15/1 Be... USD C Aa2/A^+ GE CAPTAL 

GE 6.000 06/15/18 USD NC Aa2/AA+ GE CAPTAL 

GE 6.150 06/15/18 USD NC Aa2/AA+ GE CAPTAL 

IGE 4.500 06/15/18 c... USD C Aa2//W+ GE CAPTAL 

GE 3.375 06/19/18 CHF NC Aa2/Afl.+ GE CAPTAL 

GE 5.670 06/25/18 NOK NC Aaa/NA GE CAPTAL 

GE 6.670 06/25/18 NOK NC Aa2/AA+ GE CAPTAL 

GE 5.000 06/27/18 c... USD C Aa2/NA GE CAPTAL 

GE 5.000 06/30/18 C... USD C Aa2/NA GE CAPTAL 

Ticker , Cpn i Maturity LiSector 

06/15/2018 Finance 

06/15/2018 Finance 

06/15/2018 Finance 

|i Finance 

Finance 

Finance 

Finance 

06/26/2018 Finance 

06/27/2018 Finance 

06/30/2018 Finance 

Fast and efficient tool to searcli 

for bonds and CDS to trade 

identifier 

XS0256480566 

36966RFN1 

36966R3J3 

36966R3G9 

36966RFY7 

CH0025633717 

XS0371764605 

XS0371764605 

36962GD35 

36962GD50 

Member SIPC Confidential and proprietary information of Marl<etAxess Holdings Inc. (the "company"). None ofthe information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consenL Page 12 
Client Submits New Inquiry MarketAxess' 

>:*f!«ia<Sa^S«i9SL»B»?;-: 

•^ New inquiry 

[ Inquiiy Details 

O Spread 

Request 

OBid 

• Offer 

• Swap 

Type 

O Outright 

• Cross 

Request Bid: - -

GE 5.100 02/15/19 

Size (000s): 

IOct-02-2009 

TgtLvl(bps): 

Spread Over: 

Benchmark: JST 3.625 08/19-CUR 10 

Internal Note: 

Timer 

• ASAP 

O Bin 

O |2 minsi : 

• 5 mlns 

• 10 mlns : 

• 60 mlns ' 

I Pricing 

• 1-Step 

O Standard 

• Phone Spot 

• 3PM Spot 

Issuer: GE CAPTAL 

Ticker: GE 

Coupon: 5.100% 

Maturity: 02/15/2019 

Features: NC 

Ratina: Aa2/AA+ 

Amt Outs: $ 191,731,000 

CUSIP: 36966RW28 

BondTicker ??nri Details Market Depth 

Notes: Current 10 

CUSIP: 912828U7 

BondTicker 

GE 5.100 02/15A19 

Sprd ' Benchmail<, 

Q®t 

BARX 

BNYM 

C 

FCMS 

HSBC 

JEFF 

MS 

SANT 

SIG 

WSAX 

BAHL 

CIBC 

CS 

FTN 

ING 

KEY 

RBC 

SCO 

USBI 

WFS 

BNPP 

CDS ^ 

DB 

GS 

JPM 

NITE 

RBS 

STFL 

UBS 

^H 

S,QQO +74 3.825 08/16 1GS,003 

500 +75 3.B25 DS/19 IK.OQO 

1,£0D +82 3.B25 D8i'19 1CS.TS2 

715 +77 3.625 08/19 1IS.915 

3.088 

3.092 

3;1SB 

3.118 

Clients electronically send a 

request-for-quote (RFQ) to the 

dealers of their choice 

TRACE data is integrated into 

the corporate bond trading 

system, giving users pre-trade 

transparency 

L Yield Z-Sprd l-Spr 

+ 103 

+ 104 

+ 113 

+ 107 

Toda/8 TradBK 0 Voliane (QOOs): $0 

• 1C2 09/29JOS11;17A M TRACE 

+ 102 :09/2.5iQS 02:45 PM TRACE 

+ 111 09/23911:47 AM TRACE 

+ 106 09/2a0910:01 AM TRACE 

BondTlckw (i«t30 pnntt-j 

Member SIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of tlie information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 13 
Electronic Execution MarketAxess'^ 

Request Live and Executable 

Levels 

- You select the pool of dealers to 

respond to trade inquiry 

Electronically Execute at the 

Best Price 

- Competitive bidding/offering 

- Streamlined for both Index and 

Single Name Protocols 

Cash Flows and Trade Details 

- Calculations occur within the 

Trading System 

^Inquiry: 61180 

Your Request: 

Bid: $5,000M GE 5.100 02/15/19 

UST3.62508/19-CUR 10 

Outright 

Status: RespReq 

tDealsr j Size (000s) jSpread (bps)lkl Pricing 

CS 

RBSM 

BAML 

BNYM 

BNPP 

DLR1 

BARX 

CIBC 

C 

DB 

$5,000 100.749 

$5,000 100.777 

$5,000 101.247 

$5,000 101.388 

$5,000 103.205 

Live 

Live 

Live 

Live 

Live 

HISTOmCnLACTIWlY CUSIP: 36966RW7a 

Allocations (0) 

0:42 

0:42 

0:42 

0:42 

0:42 

Dealer responses are released 

simultaneously from the 'holding bin' 

allowing investors to choose best level 

ActwHyLoo : Analytics I BondTicker I Commi 

11:10:19 AM WFS has failed lo respond 

11:10:19 AM SANT has failed to respond 

11 '10-19 AM ^'^'^'^ (b nymdealer) bids UST +101.388, size $5,000,000, Timer 1 mlns (Auto Spot) Remark Dealer response 

QuoteUpdate 

10:19 AM BARX has failed lo respond 

10:19AM MS has failed lo respond 

Compliance 

- Instant access to demonstrate 

compliance with Best Execution 

Member SIPC Confidential and proprietary information of IVlarketAxess Holdings Inc. (the "company"). None ofthe information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 14 
Post-Trade 

•H ^1 k 

•K 

^^^k 

MarketAxess' 

Straight Through Processing 

- Trade details flow directly into 

your blotter and/or trading 

system 

Post-Trade Feeds 

- Experienced in building 

connections with all types of 

formats and endpoints 

- Fully capable of connecting 

directly to CCPs 

Reporting 

- Existing connectivity to TRACE 

- Experience with connectivity to 

DTCC 

Electronic Trade Ticket 

• ^ Trade Ticket 

YOU SOLD 

Qmm 

InquliylD: 61180 Trade Date: 09/29e009 Trade Time: 11:10 AM EDT 

SLD ; Response Summaiy 

r Corporate Trade Details 

GE 5.100 02/15/19 

Issuer: GE CAPTAL 

Coupon: 5.10DH 

I IVIatiiiity: 02/15/2019 

I CUSIP: 36966mU28 

I I Trade ID: 38626-0 

I 1 

I r BenclimarK Spot Details 

I ! UST 3.625 08/19 

! ' - - • - -

I Counterparty Information 

I Dealer: CS Cvi 

r Trade Proceeds 

Size: $5,000,000 

Spread: 100.749... Cvr: 100.777 Principal; 

Benchmark: UST 3.625 08/19 

Yield: 4.33BK 

Price: 105.811 

User: ameatto... Portfolio: N/A 

$5,290,550.0 

$33,291.67 

$5,323,841.67 

47 

StIDate: Fri 10/02/2009 

" " ~ 

Spot Price; 102-14+ 

RBSM 

• - •-— -

""*"" ' 

spotYieid; 3.331% j status: Dofie 

Trader: csflidealer Salesperson: N/A 

- - — 

Activity Log 

MA Inc. (ameattol 2) aprees to the final price of 105.811. Trade Is complete 

CS(cs(tidealer^ submits final price ofi 05.811 for confirmation 

102-14t (3.331) spot on UST 3.625 08/19 • CUR 10 accepted by MA Inc. (ameatlol 2). Est. DW Hedge Is 

$4,^,000. Awaiting price confirmalion 

CS (cS^aler) (auto) provides 102-14* (3.331) spot on UST 3.625 08/19 - CUR 10 

Bid of+^^i2Jrom CS (cslbdealer) accepted by MA Inc. (ameattol 2). Cover UST *100.777. DONE - AwalUng 

I Cancel Trade I lAmendTradel 

Fully electronic audit trail from 

trade inquiry to settlement 

IVlemberSIPC Confidential and proprietary information of iVlarl^etAxess Holdings Inc. (tlie "company"). None of tlie information contained tierein may be 

excerpted, copied, disseminated or otiierwise disclosed to any other person without the company's express written consent. 

Page 15 
BondTicker MarketAxess' 

(^BondTicker Corporate Bond Detail - Windows Inlernel Explorer 

(Q)'.^ ' LiJj^*'M'^/!=?^)::t<?'f'|Wbon^^ " 

tt •si? jSBondTickurCorporatiiBondDelal 

yi'tjixj i&x* 

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1!>!'1 

hi HIda Navigation 

a • 0 i S • |£^ Page-CS Tools. 

Corporate BoncfTicker IssutB US BONOS US AGENCIES EURO BONDS >< MUNIS CDS LOANS ETFS NEWS / RESEARCH MICTX ACTIVIIV COHPUANCE INFO SETTINOS 

|,..W.?.'i,'.t''f!... I SUMkMRv I D6HIL^_../!!«MI!:A_. ...?!'«_ntm=. SMncii Wntyi LIST ...../llffil.... ^...".Sy.!!". Inveuronv SOK 

Back I Forward uj, | p,in| g j ^ 

LOGOUT 

Corporate Trade Summaty (Sector - Financed Curfnml;.!. Vl.w 

! 0 Investment Grade D FDIC-Guarantead CrJ 

0 HiBhYi.ld D Convertibles I O Prtcertteld |L,°' " |>-S1MM Watch ust ! Sector- Finance 

i\ lAeroO i tMo-/L ! 2Binb- i <BldaP I sConsun IHSiW i ^GamingJ j Gens/a J i \ 

Pag«s: 1 

di«fflPJ>|i^H.m!iqiWlkllf.ffiii^^ 

MHE I Fm ?!• i 3Y •; 5Y ! lOY | 30Y 

Trade Dates 09/30/2009 As of ll:ll:00 a ! '|j 

lUgh tow 1 . i^wi I . Spread <;Nai*9« 

'4i ^ " ' lllOJ a +7 , +13, -S UST 3.623 08/19 

liOla -a; ""-7! -j UST 109/11 ~j 

^+718 -1033 UST 1 09/11 

- llqT7.^7B nq/i j 

Once the trade is executed and reported to 

TRACE, it appears on Marl<etAxess 

Corporate BondTickerTM 

BondTicker provides professional market 

participants witti the most robust corporate 

bond price information available today 

i.J/3 US/14 

($ Internet t^lOOV. • 

IVlemberSIPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be 

excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. Page 16 
Electronic Trading: Front to Back Solution MarketAxess^ 

A COMPLETE ELECTRONIC PROCESS 

- Pre-Trade analysis and electronic request-for-quote auctions 

- Electronically execute at the best level, complete with audit trail 

- Trade details electronically flow into your blotter/trading system 

- TRACE/TRACE-like reporting automatically occurs 

- MarketAxess maintains an electronic audit trail for the trade from inquiry 

to settlement 

- Post-trade connectivity available to a variety of OMS systems 

- Instantaneous post trade message could link to CCPs 

Member SiPC Confidential and proprietary information of MarketAxess Holdings Inc. (the "company"). None of the information contained herein may be 

; excerpted, copied, disseminated or otherwise disclosed to any other person without the company's express written consent. 

Page 17