Bloomberg has both an electronic trading platform, Bloomberg Fixed Income Electronic Trading, and a portfolio trading system. Bloomberg FIET is a multiasset-class dealer-to-customer trading platform. Bloomberg's portfolio trading system is a complete front-office solution. Both products are a part of the Bloomberg Professional service - which also is known as the Bloomberg terminal - the leading global provider of data, news and analytics.

BondWave is a fixed-income service provider to broker-dealers and independent RIAs. These services provide the ability to construct, monitor and rebalance portfolios in scale, based on the suitability of the client in either a bottom-up or a top-down approach using model portfolios or Lehman Brothers indices. Services are centrally driven and require very little expertise on the part of the financial consultant. This turnkey solution allows financial consultants to offer a high-value alternative to third-party money management at a relatively low cost.

Free access to a wide array of fixed income offerings. This access includes the use of a categorical search engine that allows clients (or prospective clients) to specify the parameters of interest to them.

Web-based platform for asset managers to facilitate the bid-wanted process and selling of municipal securities.

The Decision Software Trading System (DSTS) is a real-time front office fixed income sales, trading, and offering system. BondOne is a browser-based sales and order management system.

Real Time Price monitoring and FTP Information for NASD-Trace(OTC)Bonds and NYSE ABS listed)Bonds.

I-Deal is a financial services software company that uses innovative technology to deliver workflow and compliance solutions to the new issue marketplace. Our solutions can be used by all participants in the new issue process across the equity, debt and municipal markets. I-Deal's platforms fully automate the capital-raising process, increasing the efficiency and speed of underwriting securities for broker-dealers, enhancing information dissemination to issuers and investors and enabling all participants to consolidate information on state-of-the-art platforms.

MarketAxess operates one of the leading platforms for the electronic trading of corporate bonds and other types of fixed-income securities, serving as an electronic platform through which our more than 550 active institutional investor clients can access the liquidity provided by our broker-dealer clients. MarketAxess' multidealer trading platform allows our institutional investor clients to simultaneously request competitive, executable bids or offers from multiple broker-dealers, and to execute trades with the broker-dealer of their choice. MarketAxess also provides data and analytical tools that help our clients make trading decisions. MarketAxess' current participating dealers are: Banc of America Securities, Barclays, Bear Stearns, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch and Morgan Stanley, among others.

TheMuniCenter is an established electronic marketplace created for the purpose of facilitating live fixed income trading. TheMuniCenter's objective is to provide qualified market participants with equal access to aggregated content, liquidity, and distribution on a single easy to use site, bringing operating and business efficiencies to both dealers and buy-side customers. TheMuniCenter also offers sophisticated transparency tools, giving its users access to real-time market content.

TradeWeb is the leading online marketplace for fixed income. More than 2,000 institutions in 32 countries use TradeWeb's request-for-quote platform to access the liquidity of 35 dealers across 14 fixed income asset classes. TradeWeb users can also electronically allocate block trades using TradeXpress, its leading straight-through processing network. For managing standing settlement instructions and OTC derivatives documentation, TradeWeb has AccountNet, an Internet-based data warehouse.

European governments, corporates, U.S. Treasuries, money markets, interest rate swaps, credit default swaps and repo.

Municipal, corporate and agency bonds.

Treasuries, MBS, CMO, MUNIS, corporates, CDs.

Primarily municipal securities. We also are capable of performing the same service for corporate securities.

All fixed income products are supported. This includes: Treasury Securities; Government Agency Securities; Financing Transactions; Mortgage Backed Securities; Corporate Securities; Municipal Securities; Structured Securities; Money Market Instruments; Foreign Exchange Contracts; Derivatives; Multi-currency Product Support.

NASD Trace Bonds NYSE ABS Bonds

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MarketAxess offers our clients the ability to trade U.S. high-grade corporate bonds, European high-grade corporate bonds, credit default swap indices, agencies, high yield and emerging markets bonds.

municipals, investment grade corporates, US agencies, MTNs (new-issue), and CDs (new issue)

Rates Products: U.S. Treasuries, agencies, TBA-MBS, USD interest rate swaps, European governments, euro interest rate swaps. Credit Products: High-grade corporates, credit default swap indices, supras, etc. Money Markets: CP, ECP, ADNs, Repo.

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Broker-dealer and RIAS.

Asset managers: 70 percent;
Hedge funds: 10 percent;
Retail: 20 percent.

Asset managers: 80 percent;
Hedge funds: 10 percent;
Other: 10 percent.

Broker / Dealers: 100 percent.

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Broker-dealer.

Asset managers: 30 percent
Hedgefunds: 10 percent
Broker-dealers: 60 percent

Asset managers: 50 percent
Hedgefunds: 20 percent
Other: 30 percent

We have a large and diverse group of customers supporting our platforms. These include large institutional asset managers, hedge funds, central banks and retail clients. Please contact Bloomberg for pricing information.

Monthly fee.

They can view the inventory on our Web site for free - $25,000 minimum if they choose to open an account; $50 transaction fee for purchases of less than 50 bonds.

Nominal commission schedule only when bonds are marked for sale.

DSTS is licensed based on the number of concurrent users. License fees range from US $250,000 for 5 users to US $1,895,000 for unlimited users. BondOne is licensed on a per transaction basis. Per ticket fees are based on volume and range from US $4.00 to $2.00.

Fee billed quarterly for Internet connection.

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The majority of our revenues are derived from commissions for trades executed on our platform that are billed to our broker-dealer clients on a monthly basis. We also derive revenues from information and user access fees, license fees and other income.

Seller pays a commission at time of trade. Broker-dealers also private label TheMuniCenter's software for use as a retail system.

Buy-side: Monthly user fee. Sell-side: Fixed annual subscription fee and an activity-based variable fee.

We plan to continue building on the past successes of both our portfolio trading system and our fixed income electronic trading platform. In particular, we will continue to develop our fixed derivative trading business and look for ways to innovate in the STP we provide to our clients.

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Keep offering access to the most bonds at the price.

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Credit Derivatives

Real Time Data Stream of TRACE and NYSE bond pricing and information for client system connection via the Internet.

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TheMuniCenter continues to add broker-dealers to its stable of firms that are connected to its API. It also continues to market ite private-label services aggressively.

TradeWeb continues to innovate in providing users with more online trading capabilities including: OTC fixed-income derivatives, cross market trading and complex trading strategies. TradeWeb also will be focused on enhancing its leading straight-through processing network and market data services.