Benefits of Exchange Trading

Speed

• Trading is not rerouted through an intermediary
• Co-Location services allow further reduction of order roundtrip times (~ 5 ms)
• Network uptime 99.997%

Anonymity

• Direct Market Access provides complete anonymity and independence
• Memberships are unlimited in number and are open to a broad customer base
• Flexible connection options (proprietary and FIX like connection types)

Fairness

• Similar costs for entering and exiting positions
• All members are equal to the exchange

Reduced Risk

• Single counterparty, therefore limited risk of counterparty default

Lower Cost

• No Membership fees – Line fees only
• High liquidity and low transaction fees
• A variety of fee rebate programs
• Free trading and clearing system
• Free access to market data
• Exchange trading eliminates OTC contract administration and reduces costs