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PHILADELPHIA STOCK EXCHANGE. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) December 3, 2002 Confidential. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM). CONTENTS PHLX PROFILE FINANCIAL AUTOMATION PROFILE SYSTEM ARCHITECTURAL OVERVIEW Equity Options FCO Market Regulation (TDAS)

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PHILADELPHIA STOCK EXCHANGE


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    1. PHILADELPHIA STOCK EXCHANGE THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) December 3, 2002Confidential

    2. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) CONTENTS • PHLX PROFILE • FINANCIAL AUTOMATION PROFILE • SYSTEM ARCHITECTURAL OVERVIEW • Equity • Options • FCO • Market Regulation (TDAS) • Back Office • Network Communications • PHLX TECHNOLOGY PROGRESS • FUTURE ENHANCEMENTS Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    3. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) PHLX PROFILE • First Exchange - Established in 1790 • Most Diversified Exchange in the World • Equity Common Market • Exchange Traded Funds • Equity Options • Index Options • Foreign Currency Options • Clearing Services • 13 Hour Trading Day Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    4. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) FINANCIAL AUTOMATION PROFILE • Data Processing Division of the Philadelphia Stock Exchange (PHLX) • Services Four (4) Businesses: Equity, Equity Options, Foreign Currency Options and Clearing Services • Over 180 Full Time Technology Professionals • Senior Staff Consists of an Executive Vice President and Chief Information Officer, One (1) Senior Vice President, Two (2) First Vice Presidents and Five (5) Vice Presidents Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    5. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) ORGANIZATION AND STRUCTURE • Major Departments and Functions: • Trading Systems Development • Business and Administrative Systems Development • Operations and Information Services • Communications • Technical Services • Technical Consulting • Quality Assurance and Quality Control Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    6. TECHNOLOGY OVERVIEWSYSTEM ARCHITECTURAL OVERVIEW

    7. PHILADELPHIA STOCK EXCHANGE Public Investor Brokerage Firms PHLX Trading SystemsOrder Delivery Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    8. ITS Market Regulation System Back Office System ElectronicBook PHLX Trading SystemsOrder Delivery & Execution PHLX TRADING SYSTEMS Public Investor National Market System Brokerage Firms OCC NSCC Specialist Floor BrokersMarket Makers Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    9. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) SYSTEM ARCHITECTURE OVERVIEW • Stratus and SUN Client Server Based Systems Servicing the Three (3) Trading Floors, Windows NT Subsystem for Flex Options • IBM ES9000 Mainframe Servicing the Exchange Business Systems Applications and the Clearing Corporation • SUN Client / Server Based System Supporting the Trading Data Access System (TDAS) • PC Based Enterprise Wide Local Area Network Supporting E-Mail and Staff Administrative Functions • A PC Based Web Server Supporting the PHLX Internet Home Page Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    10. Paper Based Trading Systems X.Station Full Service Electronic Book  Paperless Trade Execution  Specialist Electronic Order Book  Real-Time Order / Quote Alerts  Automated UROUT’s  Cancel Processing  Risk Management (Options)  Position Keeping and P&L  Real-Time Positions and P&L THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) PHLX TRADING TECHNOLOGY PROGRESS 1997 Through 2002 Where We Were Where We Are Now Paper Based Trading Systems X.Station Full Service Electronic Book  Paperless Trade Execution  Specialist Electronic Order Book  Real-Time Order / Quote Alerts Automated Features Manual Processes  Automated UROUT’s  Cancel Processing  Risk Management (Options)  Position Keeping and P&L  Real-Time Positions and P&L  Ticket Matching  Broker Comparison System Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    11.  Floor Broker Order Entry System  Broker Order Processing  Automated NBBO Step-Up  Manual Executions for BBO  TDAS On-Line Surveillance System  Regulatory Oversight via Print Reports  Network Management Center  Network and LAN Monitoring Specialized Quote Feed No Remote AutoQuote Access THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) PHLX TRADING TECHNOLOGY PROGRESS - (Cont’d) 1997 Through 2002 Where We Were Where We Are Now Manual Processes Automated Features  Floor Broker Order Entry System  Broker Order Processing  Automated NBBO Step-Up  Manual Executions for BBO  TDAS On-Line Surveillance System  Regulatory Oversight via Print Reports  Network Management Center  Network and LAN Monitoring Specialized Quote Feed No Remote AutoQuote Access Centralized Wireless Network System Uncontrolled Wireless Environment Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    12. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) PERFORMANCE CAPACITY SUMMARY Percent Equity19972002Increase Peak Messages Inbound (mps) 150 750 500% Peak Messages Outbound (mps) 35 88 251% Number of Orders 11,763 14,910 127% Number of Trades 12,502 13,499 108% Average Daily Volume (Millions) 5.5 8.9 162% Historic Peak Volume (Millions) 7.0 24.6 351% Number of Customers 33 56 170% Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    13. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) PERFORMANCE CAPACITY SUMMARY Percent Options19972002Increase Peak Messages Inbound (mps) 400 10,500 2,625% Peak Messages Outbound (mps) 60 2,500 4,167% Number of Orders 6,152 30,000 488% Number of Trades 15,643 35,000 224% Average Daily Contracts 80,000 345,188 431% Historic Peak Contracts 193,000 1,005,000 521% Number of Customers36 124 344% Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    14. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) MAJOR CHALLENGES 1997 - 2002 • Significant Increase in PHLX Options Volume (DELL) • Multiple Listing • Year 2000 • Regulatory SEC Mandates • Decimal Pricing • Industry Market Data Rates (Capacity) • Competing Specialist System (Equity) • SEC COATS Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    15. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) NEXT MAJOR INITIATIVES • Electronic Trading – Changing Business Models • Linkage System • T+1 • Remote Competing Specialists System Expansion • Disaster Recovery Proprietary and Confidentials:\share\qc\powpt02\SIM-120302

    16. THE SOCIETY FOR INFORMATION MANAGEMENT (SIM) QUESTIONS AND ANSWERS Proprietary and Confidentials:\share\qc\powpt02\SIM-120302