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FPL Organizational Functions

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					                                        FPL PROGRAM OFFICE
                                       DESCRIPTION OF SERVICES




FPL Resource Structure
After the departure of FPL’s Executive Director, the Global Steering Committee decided to review its
overall resource structure and needs. One of the challenges that FPL faced was that it had several distinct
service provider relationships to support the day-to-day management and administration of the
organization. In addition, there was a desire to bring on some global Education & Marketing support. It
was agreed that FPL required streamlined operations and effective resource management to ensure the
expansion of FIX globally. In October and November of 2005, the GSC conducted a selection process and
approved the proposal from Jordan & Jordan to provide additional business management responsibilities
and expanded Program Office support (note that resources which fall under the Program Office support
are highlighted in blue). FPL has both expanded and consolidated all of these services to be managed
under one central umbrella. With this structure, there is a coordinated effort and initiatives can be
leveraged globally.




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Distinct Program Office Roles1

FPL Operations Director – Courtney Doyle

Those providing support to the organization are managed centrally by Courtney Doyle as the Operations
Director. She manages the team to ensure the highest quality service and value for FPL and its global
membership and has seen the organization grow from about 30 member firms to over 200. Courtney
reports into the FPL Global Steering Committee Co-Chairs – Scott Atwell and John Fildes. Responsibilities
of this position include but are not limited to:
   Managing the following people to ensure the highest quality service and value for FPL and its
    membership:
           FPL Marketing and Communications Manager
           FPL Financial Manager
           FPL Meeting Coordinators
           J&J Ad Hoc Support Resources
           FPL Service Providers – see diagram above (Daily Consultants, Web Hosting & Technical
            Resources)
                Although these positions are managed by leaders within FPL (ex. Ryan Pierce receives
                  direction from Matt Simpson and Kevin Houstoun as the Global Technical Committee
                  co-chairs), the service providers report to the Operations Director for all day to day
                  activity such as project commitments, time reporting, invoice review, approval and
                  payment, expense reporting, travel approval, etc.)
   Working with the FPL Financial Manager to develop a detailed operating budget and maintaining
    operations within budget.
   Coordinating monthly Global Steering Committee calls (i.e. draft initial agenda, create meeting
    presentations, gather appropriate accompanying documentation to be disseminated, follow-up with
    GSC members to cover specific agenda items).
   Assisting in the evaluation and hiring of additional resources if needed and approved by the GSC.
   Overseeing FPL’s relationship with distinct counsel and working with the Financial Manager to manage
    relationships with accounting and audit firms.
   Protecting the intellectual property of the FIX Protocol by interfacing with attorneys, and collecting and
    maintaining prior use documentation.
   Interfacing to other organizations specifically those FPL has strategic relationships with including
    Futures Industry Association (FIA), The International Swaps and Derivatives Association (ISDA), etc.
   Assisting in building new relationships with new organizations, e.g. International Securities Association
    for Institutional Trade Communication (ISITC), Object Management Group (OMG).
   Participating in strategic discussions and assist in coordinating strategic planning sessions (i.e. track
    commitments from planning sessions to ensure follow-ups).
   Representing FPL during regulatory related discussions and ensuring the membership is updated on
    FIX related regulatory initiatives (i.e. represented FPL at a meeting with SEC to provide them with an
    increased understanding of the impact of certain rules and regulatory guidance on electronic trading
    infrastructure and to offer FPL as an industry resource to support the SEC’s ongoing regulatory efforts,
    ensuring the ‘FIX and Regulations’ portion of the website is up to date).
   Facilitating in issue resolution by providing background information and analysis as required to help
    drive decisions (i.e. management of FPL Technical Director and Regional Director selection process,
1
 A compilation of specific duties completed month to month in 2008 by the Program Office is included in
Appendix 1 beginning on page 7 as an example.


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    facilitation of Investment Roadmap calls, creation of BOAT, Turquoise and ASIC consultation letters,
    etc.)
   Managing the creation and deployment of a survey to gather FIX Usage Statistics.
   Recruiting, managing and training any new members added to the Program Office team.

FPL Marketing and Communications Manager - Daniella Baker

Part of the mission of FPL is improving the global trading process by continuing to promote FIX.
Therefore, it makes sense to have a resource that can provide additional worldwide marketing and support
to all of the organizations regional and product committees/subcommittees as well as working groups.
Daniella’s role includes but is not limited to the following functions:
   Running of FPL sponsored events (overall event management, managing website development as
    needed, creating packages for sponsorship / exhibitor opportunities, sponsor and exhibitor acquisition,
    sourcing suitable service providers, developing and negotiating contracts with sponsors, exhibitors and
    service providers, drafting proposed agenda topics for review by others, suggesting and recruiting
    speakers for participation following committee review, event marketing and delegate acquisition).
   Coordinating organizational representation at industry events in which FIX is a topic of discussion
    (managing booth participation, liaising with event organizers to source booth requirements, sourcing
    FPL speakers and creating their presentations, preparing and sending appropriate materials for
    distribution and following up with contacts appropriately after the show).
   Acting as point person to facilitate the needs of the Global Education and Marketing Committee as per
    direction given by the Global Education and Marketing Co-Chairs – Ross Hutcheon and Chris Pickles.
   Creating marketing collateral for FPL membership prospects as well as participants interested in
    learning more about FIX for distribution at various FPL events.
   Assisting with any FPL sponsored surveys.
   Centralizing media relations including drafting and distributing press releases. Managing all press
    inquiries and proactively seeking potential media coverage opportunities for FPL, Daniella also
    arranges all press interviews to ensure that the correct messages are communicated and works with
    members to prepare written responses where appropriate. Additionally, Daniella maintains and
    updates FPL’s current press list of contacts and works closely with the media to develop non-financial
    media partnerships that enable the organization to promote FPL events to the publication’s readership
    through strategically placed advertisements or promotional emails.
   Maintenance of the FPL contact database which is continuously updated and used to promote FPL
    events
   Leveraging Jordan & Jordan industry contacts to increase FPL exposure at conferences, seminars.
   Developing and producing advertisements for inclusion in trade publications and conference
    brochures.
   Overseeing publishing relationship with FIXGlobal.
   Writing articles for industry publications promoting FIX.
   Conducting activities to increase FPL membership including approaching non-member firms to discuss
    the value of membership and following-up as appropriate
   Managing the FPL Marketing Assistant as well as the various contracted event organizers.


FPL Financial Manager – Nicki Hunt

Nicki ensures that the process for proper revenue and expense recognition and cash flow management is
executed in a professional manner. Her duties include:


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   Ensuring timely and accurate generation and distribution of invoices (primarily membership, site
    sponsorship, event sponsorship and job posting), including provision of physical billing/mailing address
    for provision of invoices and payment.
   Tracking membership invoice payments and following up with debtors on any late payments.
   Recording of invoices for tracking and accounting purposes.
   Monitoring and recording of invoice payment including follow-up when necessary.
   Ensuring proper approval for all payments made by FPL / FPTL (from committee leaders & GSC Co-
    chairs) and gaining signatures from appropriate Directors.
   Developing and maintaining day to day relationships with the London office providers, bank,
    accountants and auditors, as well as FPL’s counsel.
   Coordinating management and distribution of monthly financial statements.
   Working with the Operations Director to develop a detailed operating budget and maintain operations
    within budget.
   Using Jordan & Jordan’s own credit to establish accounts with FPL vendors.
   Managing new FPL membership processing (provides information to prospects over phone and via e-
    mail, maintains prospect database, manages membership sign up process, maintains membership
    statistics).
             o Includes management of small member process which involves initial communication with
                 interested party, distribution of appropriate application, review of completed application and
                 forwarding onto appropriate GSC member(s) for approval, follow-up with applicant based
                 on final decision and communicating next steps.
   Coordinating required meetings relating to FIX Protocol Directors Limited (and associated companies)
    and handling distribution / completion of appropriate documentation in accordance with instruction from
    Clifford Chance (Company Secretary).
   Assisting with any marketing initiatives as needed, including, but not limited to: website projects (job
    postings, event registration / payment), site sponsorship opportunities, and general event coordination.

FPL Meeting Coordinators

Functions of the meeting coordinators include:
 Coordinating meeting venue and contacting appropriate host.
 Setting up calendaring notifications and include appropriate meeting details (i.e. agenda,
   documentation) as well as the appropriate invitees.
 Assisting in coordination of meeting material and distribution of appropriate documentation.
 Updating website distribution lists with new member / participant information.
 Drafting and reviewing minutes with appropriate chair(s) and posting minutes on site with proper
   accessibility.
 Additional tasks as described below.

Regional coverage will be as follows:
 Meeting Coordinator and Marketing Support to cover all Americas and EMEA based Committee and
   Working Group meetings (NY based) – Kathleen Callahan
      o Will cover 20 – 30 meetings per month.
      o Also is heavily involved in assisting with overall FPL marketing initiatives.
 Meeting Coordinator and Marketing Support to cover all Asia Pacific based Committee and Working
   Group meetings (Asia Pacific based) – Stephanie Lawton, Edward Mangles




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       o    These resources report directly to George Molina and John Fildes but will liaise with the
            Operations Director and the Marketing and Communications Manager to ensure onsite
            coverage for major activities or events and appropriate global coordination.
   Meeting Coordinator to cover all Japan based Committee and Working Group meetings (Tokyo based
    – discussed with GMAC)

Additional Technology Related Support
   Providing meeting support to any of the technical related FPL calls (i.e. gathering agenda items from
    leadership, facilitating meeting i.e. roll call, summarization of discussion and action items), some
    examples:
            o Global Technical Committee
            o Global Foreign Exchange Technical Committee
            o FIX Service Pack Rollout Meetings
            o Implementation and Optimization Working Group
   Helping manage the overall proposal approval process and collating all votes received.
   Assisting management of technical proposals and process of collating feedback.
   Helping manage Angel Networks including involvement in a weekly call to go over outstanding website
    issues by tracking issues posted in Jira (i.e. QAing changes, monitoring their progress of requests).
   Handling any communication received by the Program Office via phone or e-mail needing technical
    assistance, analyzing various issues as needed.

Ongoing FPL Program Office Support Covered by Various
 Main point of communication for FPL via phone and e-mail, provides ongoing support to members
   (provide committee information, update website distribution lists):
       o Responds to fix@jandj.com, FPL@fixprotocol.org and join@fixprotocol.org (over 20 emails
            received per day, requiring follow-up)
       o Provision and coverage of FPL Program Office phone number. Coverage for this and other
            FPL Program Office duties provided even when regular staff is on holiday or sick.
 Discussion with members to fit their areas of interest to appropriate committees / subcommittees
   /working groups.
 Ensuring FIX website is up to date (i.e. maintenance of What’s New, events, development and upkeep
   of FIX and Regulatory section).
 Coordination of ad hoc meetings as required (meeting setup, attendance tracking, maintain accurate
   website distribution lists, post minutes, etc.)
 Organization of FPL elections including setting timelines, emailing members and tallying votes.
 Creation of monthly global newsletter.
 Assisting in setting up / launching new FPL groups.
 Ensuring appropriate branding at industry conferences by encouraging FPL members to display their
   FPL member logo and FPL marketing collateral.
 At industry conferences, Program Office mans the booth, prepares and distributes the folders,
   responds to inquiries, and facilitates member involvement.
 Helping with discussion forum monitoring (i.e. handling inappropriate posts).
 Use of J&J telecommunication infrastructure to handle incoming as well as outgoing FPL Program
   Office calls.
 Use of J&J hardware and software including fully-loaded computer equipment, J&J mail server and
   network facilities. System administration from Jordan & Jordan IT team also included.
 Use of J&J NY facilities (physical address and space) including conference room as required.
 Use of J&J office for storage of FIX marketing materials, booths, FIXGlobal magazines, etc. including
   distribution of FIXGlobals to any FIX related events.




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The team is prepared to provide backup to one another and take into account geographical differences in
covering key FPL events. For example, although a U.S. based resource may take minutes of a meeting, a
UK resource may attend the meeting in person. Similarly, if the London based Marketing and
Communications Manager coordinated a presentation for a U.S. event, a resource based in the Americas
may attend that particular conference. Additionally, coverage for the Program Office will be provided even
when regular staff is on holiday or sick.

Other J&J employees assist on a temporary basis when Courtney feels additional assistance is needed
(i.e. leveraged J&J search personnel for Technical Director and Regional Director Position searches).
Additionally, Tom Jordan remains involved from a strategic perspective and will utilize his many industry
contacts to broaden FPL growth.




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Appendix 1 – 2008 Monthly Report and Program Office Duties

Detailed below are the duties completed by the Program Office month to month during 2008 and this information is included
in the monthly report which is sent to the GSC as well as disseminated to the membership as a link in the monthly
newsletter. Note that this doesn’t include meeting support provided globally.

                                                    JANUARY 2008
Operations Director Update
  Continue to help manage relationship with ISITC as well as movement on the investment roadmap front which involves
   FPL, SWIFT, FpML and ISITC.
  Working on establishing an Americas Canadian committee so as to ensure we continue promoting and facilitating the
   widespread adoption of the FIX Protocol for trading and trade processing within the Canadian region.
  Helping manage election processes currently taking place for the Americas and Global Fixed Income Co-Chair
   positions.
  Ensuring appropriate follow-up on assessment of Turquoise specification.
  Drafted FPL goals for 2008.
  Followed up with the co-chairs of the Americas Business Practices group to convene a call to review the ISITC
   Alternative Commissions Working Group Document.
  Continue to manage and oversee all FPL Program Office resources.

FPL Marketing and Communications Manager’s Update
During the month of January 2008, the following items were worked upon and accomplished:
        Event planning work was continued for the FPL Southern Africa and Latin America Conferences taking place early
         2008. At present I am working closely with members from the local community in each region to ensure that the
         agendas delivered meet local educational needs, in addition to arranging sponsorship and exhibitor opportunities
         and managing event logistics
        Work was conducted with regards to the EMEA Quarterly meeting planned for Quarter 1, 2008
        Work was progressed with external conference organisers to ensure that FPL is well represented at events
                                                                                      th                   th  th
         throughout the industry, in quarter 1 this will include Finexpo on January 30 , SIFMA February 12 -14 and
                                             th
         TradeTech Architecture March 5-6 , all of which will take place in London
        Work was progressed in the delivery of the FPL website Wiki
        A list of FPL marketing contacts at firms throughout the industry was compiled to ensure that sponsorship and
         marketing opportunities reach the key decision makers
        The FPL press contacts list was updated to ensure that all listed media are current and accurate

FPL Financial Manager Update
Along with the day to day accounting tasks, I have:
        continued with the collation of marketing & HR contacts for the site sponsor and job posting initiatives.
        Assisted with the contract reviews for the event organizers and sponsors relating to the 2008 FPL Southern Africa
         conference.
        Continued work on 2008 budgets.
    
                                                                                                        th
         Assisted with co-ordination of the EMEA Quarterly meeting which took place on November 29 .
        Assisted with the execution of the Site Sponsorship program for 2008.
        Begun the implementation of QuickBooks (accounting package)
    
                   st
         Invoiced 1 January membership renewals

FPL Technical Manager’s Update
      FIX 5.0 Service Pack 1 First Draft was released on January 15
      FIXT.1.1 and FIXimate 3.0 are being released simultaneously with SP1.
      Specification Assessment practice continues being developed, with the Turquoise specification review underway.
      The proposal tracking system is being populated with current proposals. Feedback will be sent to Angel networks
       as we go along.
      The Algo group will present FIXatdl to the Global Technical Committee this month.
                                                   FEBRUARY 2008
Operations Director Update
  Continue to help manage relationship with ISITC as well as movement on the investment roadmap front which involves
   FPL, SWIFT, FpML and ISITC.
  Managed both election processes for the Americas Co-Chair and Global Fixed Income Co-Chair positions. John Goeller
   and Dan Doscas will both stand for another term.




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   Ensuring appropriate follow-up on assessment of Turquoise specification. Additional requests have come in from PLUS
    Markets and SWX which we’re beginning to take a look at.
   Attended the SIFMA European eTrading Conference in London and represented FPL at the event. FPL had a booth
    during the three days of the show and came out of it with about 40 or so follow-ups.
   Pulled together a number of presentations for folks speaking on behalf of FPL including two of the opening
    presentations at the FPL South African event.
   Assisted the Asia Pacific group in pulling together a formal letter to send to the Taiwan Stock Exchange reiterating those
    steps that the exchange should consider in order to remain competitive among the regional and global exchanges.
   Continue to manage and oversee all global FPL Program Office resources.

FPL Marketing and Communications Manager’s Update
  Event planning work was continued for the FPL Southern Africa Electronic Trading Conference 2008. Working closely
   with the local committee I have been managing the event agenda including speaker procurement, looking after all
   aspects of event promotion and over-seeing all logistics.
  Further event planning work for the FPL Latin America Electronic Trading Conference took place. This event will be held
               nd
   on April 2 at the BM&F in Sao Paulo, Brazil. I am currently working closely with participants from the region to secure
   all speakers and ensure that the event is effectively communicated to its target audience.
  Initial planning work for the FPL Americas Quarterly Meeting took place
  Work was conducted along-side ISITC for the upcoming ‘Target 2 Securities’ joint briefing session taking place March
      th
   13 in London
  Work was progressed with external conference organisers to ensure that FPL is well represented at events throughout
   the industry.
  The FPL press contacts list was updated to ensure that all listed media are current and accurate.

FPL Financial Manager’s Update
Along with the day to day accounting tasks, I have:
   Assisted with various tasks relating to the 2008 FPL Southern Africa conference.
   Continued implementation of QuickBooks (accounting package)

                        st
    Followed –up with 1 January membership renewals to ensure invoice received and being processed.
                                                       MARCH 2008
Operations Director Update
  Continue to help manage FPL’s relationship with ISITC as well as movement on the investment roadmap front which
   involves FPL, SWIFT, FpML and ISITC.
  Have been in contact with the folks at SIFMA and have now confirmed a booth for FPL at the upcoming SIFMA June
   event. The plan is to hold a FIXatdl half day session and press event on the Monday of SIFMA week. In addition to
   having a booth at the actual SIFMA event, there will also be a session focused on Algorithmic Trading including some
   focus on FIXatdl.
  Assisted in preparing a few presentations throughout the month for various events.
  Communicated with FPL’s patent lawyers in terms of marks that have been registered that may conflict with the FIX
   registered mark. All situations have been reviewed and responded to appropriately.
  Working with John Goeller and a few others to pull together a presentation to potentially present to the SEC and
   educate their staff about FIX. The presentation will focus on what FIX is and will focus on its versatility and complexity
   i.e. effects upon the release of a new regulation.
  Continue to manage and oversee all FPL Program Office resources.

FPL Marketing and Communications Manager’s Update
During the month of March 2008, the following items were worked upon and accomplished:
   Final event closing work was completed for the FPL Southern Africa Electronic Trading Conference, which took place in
    the final week of February and proved to be the largest event FPL has held in the region by delegate numbers.
   Further planning work took place in the organization of the FPL Latin America Electronic Trading Conference.
   Further work was conducted for the ISITC European Quarterly Meeting which featured FPL speakers and addressed the
    topic area of Target2-Securities
   Work was progressed with external conference organisers to ensure that FPL is well represented at events throughout
    the industry.
   Initial planning work took place for the FPL EMEA and FPL Americas Quarterly Meetings.
   Initial planning work took place for a proposed event to help promote the launch of FIXatdl.
   A press release was developed focused on the launch of FIX5.0 Service Pack 1.
   Work was conducted to develop an updated Marketing and Communications Plan for 2008.

FPL Financial Manager’s Update



                                                                                                                                8
Along with the day to day accounting tasks, I have:
   Assisted with various tasks relating to the 2008 FPL Southern Africa conference, and various marketing projects.
   Continued implementation of QuickBooks (accounting package)

FPL Technical Manager’s Update
  FIX 5.0 Service Pack 1 was released on March 17th
  FIXT.1.1 and FIXimate 3.0 are released simultaneously with SP1.
  Specification Assessment practice continues being developed, with the Turquoise specification review underway, and
   SWX and Plus Markets in the pipeline.
  The proposal tracking system is in place and is being utilized for current proposals. Next step is to develop a web-
   based GTC voting system.
  The public comment for FIXatdl has ended. The GTC will vote on the proposal this month.
                                                       APRIL 2008
Operations Director Update
  Continue to manage the investment roadmap initiative. The group comprised of folks from FPL, FpML, SWIFT and
   ISITC are close to finalizing and we will have a call shortly to discuss publicizing the roadmap to the industry. In
   preparation for the call, I’ve been working on developing a list of frequently asked questions and helping to prepare a
   press release to announce the launch.
  Continue to work with John Goeller and a few others to pull together a presentation to potentially present to the SEC
   and educate their staff about FIX. The presentation will focus on what FIX is and will focus on its versatility and
   complexity i.e. effects upon the release of a new regulation. A meeting with the SEC will be held in May.
  Attended FPL’s first Latin American Conference which turned out to be a huge success. Daniella and I worked closely
   with the staff at the BM&F the day prior to the show to ensure all was properly in place for the event. There is a strong
   desire to hold events like this in the future in the region.
  Working with Lisa Taikitsadaporn and Angel Networks on getting an issues tracking database up and running that we
   can leverage for FPL related initiatives as well as website related projects.
  Continue to manage and oversee all FPL Program Office resources.

FPL Marketing and Communications Manager’s Update
During the month of April 2008, the following items were worked upon and accomplished:
        The FPL Latin America Electronic Trading Conference 2008 was held in Sao Paulo. The event proved to be very
         successful generating an unanticipated level of interest and over 171 delegates on the day.
        Preparatory work was conducted for FPL’s activities at TradeTech Paris taking place April 2008.
        Event planning work for the FPL EMEA and FPL Americas Quarterly Meetings was conducted. These meetings will
         take place during the May / June timeframe
        Initial media planning work was conducted for the FPL Americas Electronic Trading Conference taking place
         November 2008.
        A press release announcing the launch of FIX5.0 Service Pack 1 was distributed to FPL members and the media.
        Work was progressed with external conference organisers to ensure that FPL is well represented at events
         throughout the industry.
        The FPL marketing contacts database was updated to ensure that all member firms are notified of sponsorship and
         marketing initiatives as they arise.


FPL Financial Manager’s Update
In addition to daily accounting and administrational tasks, I have:
         Assisted auditors with queries relating to 2007 accounts.
         Assisted with various Marketing events - EMEA Quarterly, EMEA Strategy meeting & TradeTech
         Initiated Co-chair elections for South Africa & EMEA

FPL Technical Manager’s Update
      Specification Review practice is rapidly developing. The Turquoise review is completed; the SWX review is in
       process, and Plus Markets and Chi-X in the pipeline.
      The new issue tracking system, Jira, was installed on the FPL website, and is ready to use.
      The FAST interoperability portal is being migrated to the FPL website.
      The GTC is reviewing a new proposal from the FX technical group on stream assignment.
                                                        MAY 2008
Operations Director Update
  Managed the public release of the investment roadmap in line with SWIFT, FpML and ISITC. The next step is for the
   investment roadmap group to come back together and discuss next steps and how to maintain the roadmap so it is



                                                                                                                               9
    appropriately up to date going forward.

                                                                   th      th
    Represented FPL at the Canadian Conference held on May 5 and 6 . There were close to 400 people in attendance
    and as a follow-up I’ve been involved in discussions in terms of mapping Canada’s regional protocol – STAMP – into
    FIX.

                                                              th
    John Goeller, Eric Hess and I visited the SEC on May 15 to provide the SEC with an increased understanding of the
    impact of certain rules and regulatory guidance on electronic trading infrastructure and to offer FPL as an industry
    resource to support the SEC’s ongoing regulatory efforts. There was a good amount of dialogue and we are currently
    working through the follow-up action plan.
   Have been preparing for FPL’s representation at the upcoming SIFMA event as this is the first year we will have a booth
    at the event as well as a speaking slot.
   Continue to manage and oversee all FPL Program Office resources.

FPL Marketing and Communications Manager’s Update
During the month of May 2008, the following items were worked upon and accomplished:
        The FPL Canadian Electronic Trading Conference was held.
    
                                                                                                          th
         Work was conducted to prepare for the FPL Americas Quarterly Meeting to be held on May 29 and the FPL EMEA
                                                          th
         Quarterly Meeting which will be held on June 18 .
        Work was also conducted to prepare media partnerships for the FPL Americas Electronic Trading Conference and
                                                                                                                          th
         to start focusing on the proposed FPL Japan Electronic Trading Conference which will take place on October 8 in
         Tokyo.
        Preparatory work was conducted for the SIFMA Technology and Management Conference taking place in New
                        th   th                                                         th    th
         York, June 10 -12 and the TradeTech Middle East event taking place June 15 -17 .
        Work with targeted trade press was conducted to help promote the Investment Roadmap initiative and to continue
         promoting FIX 5.0 Service Pack 1.
        Further to the above, additional opportunities were sought to help promote FPL’s initiatives at industry events and
         within targeted press.

FPL Financial Manager’s Update
In addition to daily accounting and administrational tasks, I have:
         Assisted auditors with queries relating to 2007 accounts.
         Assisted with various Marketing events, the EMEA Strategy meeting & TradeTech
         Been engaged with lawyers & company secretary with regards to AGMs and paperwork required for the 3 entities:
          FDL, FPL & FPTL and seeking advice re: the Japanese conference organizers contract

FPL Technical Manager’s Update

        The Specification Review practice is developing, with the first round of SWX spec review completed and Chi-X in
         the pipeline.
        The new issue tracking system, Jira, is now being successfully utilized to track various FPL issues.
        Additional issues with Service Pack 1 were found. Some of them will be fixed with an Extension Pack and will
         become a part of Service Pack 2.
                                                         JUNE 2008
FPL Marketing and Communications Manager’s Update – Daniella Baker
During the month of June 2008, the following items were worked upon and accomplished:
        FPL hosted a booth at the SIFMA Technology Management Conference in New York
        FPL host the EMEA Quarterly Meeting focused on the proposed changes within the Clearing and Settlement space
         and the impact they could have on front office trading practices
        FPL presented a session, co-presented a FIX workshop and participated in a panel discussion, in addition to
         hosting a booth at the TradeTech Middle East event
        Work was conducted with G-MAC, the event organiser for the FPL Japan Electronic Trading Summit to start the
         organisation of this event
        Work was conducted to arrange suitable media partnerships for the FPL Americas Electronic Trading Conference
        Initial discussions took place with external event organisers to start planning FPL’s participation in autumn events
        Planning took place for the proposed Derivatives and Fixed Income event which will take place in London in
         October
        Initial planning work took place for the preparation of the proposed 2009 Latin American events in Mexico and Brazil
        A number of interviews with trade press were organised to help promote FPL’s activities and recent announcements

FPL Financial Manager’s Update – Nicki Hunt
In addition to daily accounting and administrational tasks, I have:



                                                                                                                           10
        Assisted auditors with queries relating to 2007 accounts.
        Assisted with various Marketing events: TradeTech Middle East, EMEA Quarterly
        Started the election process for the new EMEA Co-Chair (replacing A. Haynes)

FPL Technical Manager’s Update – Eugene Rabkin
      The FX Stream Assignment proposal was approved by the GTC and now enters the public comment period.
      FPL technical staff is working with CFTC on the FIXML Trade Capture Report Gap Analysis
      Two additional proposals are on the table for GTC discussion – the Extensions for Delta Position Limits by the
       OCC, and Application for Report Type extensions by CME Group.
      A FIX usage survey that will allow for broader understanding of how FIX is utilized throughout the industry is in
       development.
                                                        JULY 2008
Operations Director Update – Courtney Doyle
       Involved in all preparation for Risk Management meeting in which a group of senior level executives came together
        to discuss approach around raising awareness regarding the implications of electronic trading on risk management.
        A number of actions that came out of that meeting are currently being followed up on including the development of
        two subcommittees.
       Drafted and sent Statement of Understanding to the Object Management Group (OMG). FPL and OMG are
        currently formalizing the relationship.
   
                                                                                               th
        Began preparation for upcoming strategy session to take place on Monday, August 11 .
       Working on compiling a FIX usage survey in which different versions will be sent to the sell-side, buy-side, vendors
        and exchanges in helping to understand the uptake of FIX.
       Compiled a summary of FPL’s meeting with Oxera representatives to discuss the economic study.
       Continue to help manage FPL’s relationship with ISITC and hold monthly calls.
       Continue to manage all FPL Program Office resources.

FPL Marketing and Communications Manager’s Update – Daniella Baker
During the month of July 2008, the following items were worked upon and accomplished:
        Work was conducted to raise awareness of the upcoming FPL Japan Electronic Trading Conference, which will take
         place in Tokyo in October
        Further work was pursued to finalise the choice of media partners for the FPL Americas Electronic Trading
         Conference, which will take place in New York in November
        Planning took place for the proposed Derivatives and Fixed Income event which will take place in London on
                      th
         October 15
        Initial planning work took place for the quarter 3 EMEA meeting
        Initial planning work took place regarding the proposed 2009 FPL EMEA Conference
        Further planning work took place for the preparation of the proposed 2009 Latin American events in Mexico and
         Brazil
        An events plan detailing the proposed initiatives that will take place within EMEA during 2008/2009 was prepared
        Further discussions took place with external event organisers to plan FPL’s participation in various autumn events
         including SIBOS in Vienna, Screen Events in Amsterdam and the Technology for the Sell-side conference in
         London.
        Press work was conducted following the announcement of the new Emerging Markets pricing structure and the new
         EMEA Co-Chair
        A number of interviews with trade press were organised to help promote FPL’s activities and recent announcements

FPL Financial Manager’s Update – Nicki Hunt
In addition to daily accounting and administrational tasks, I have:
         Assisted auditors with queries relating to 2007 accounts.
         Completed the election process for the new EMEA Co-Chair (Chris Jackson)
         Completed required Companies House paperwork for a duplicate share certificate for FPHL, and Maria Netley’s re-
          appointment as Director.

FPL Technical Manager’s Update – Eugene Rabkin
      The Stream Assignment proposal has been approved by the GTC Governance Board. It know becomes an
       extension pack and will be released as part of Service Pack 2
      Two new proposals – News Extensions and Application Report Type Extensions have been preliminary approved
       by the GTC and now have entered the public comment period.
      The CFTC proposal is tentatively ready to go into public comment period, pending revisions.
      The FIX Usage Survey is in the process of being prepared.



                                                                                                                           11
                                                      AUGUST 2008
Operations Director Update – Courtney Doyle

                                                                                                       th
   Spent a great deal of time preparing for the in-person GSC strategy session held on August 11 , 2008 by collating
   feedback from the GSC and the membership in terms of the top issues and based on the feedback came back with an
   action plan for the meeting. Overall the group decided that:
        o The role of FPL first and foremost is to continue to define and promote the FIX Protocol. Other functions of
             FPL are to –
                     Ensure major exchanges and marketplace infrastructures are properly implementing the FIX Protocol.
                     Increase visibility with regulators and other trade associations as electronic trading is FPL’s core
                      competency (FPL should not be an electronic trading lobbying association).
                     Educate the industry on overall FIX usage as well as help the industry realize the benefits that all the
                      work on the development of the protocol was intended to achieve.
                     Continue to diversify the revenue model in order to raise the funds required to continue the
                      development and promotion of the FIX Protocol (i.e. membership drives reaching out to those that are
                      non-members but use FIX in their marketing literature, charging non-members for events, etc. as
                      opposed to licensing, certification)
  Coordinated the launch of a new group focused on Risk Management which is comprised of senior leadership from the
   financial services industry to share experiences regarding the risks associated with electronic trading.
  Continue overseeing the development of a FIX usage survey which will be launched in September and enable FPL to
   gather statistics on the uptake of the FIX Protocol.
  Continue to manage the collaborative relationship with ISITC and FPL.
  Oversaw the launch of the new emerging markets category of membership which allows those firms that are
   headquartered in an emerging market to benefit from the advantages of full FPL membership through a reduced-cost
   membership option.
  Representatives from FPL met with Oxera to discuss the latest status on the economics of FIX study and feedback
   shared was documented.
  Continue to manage and oversee all FPL Program Office resources.

FPL Marketing and Communications Manager’s Update – Daniella Baker
During the month of August 2008, the following items were worked upon and accomplished:
        Work was conducted to raise awareness of the upcoming FPL Japan Electronic Trading Conference, which will take
         place in Tokyo in October
        Planning took place for the proposed Derivatives and Fixed Income event which will take place in London on
                     th
         October 15 , key activities included agenda formulation and speaker acquisition
        Planning work took place for the Quarter 3 EMEA meeting
        A proposal was drafted and venues reviewed for the proposed 2009 FPL EMEA Conference
        Further planning work took place for the preparation of the proposed 2009 Latin American events in Mexico and
         Brazil
        Further discussions took place with external event organisers to plan FPL’s participation in various autumn events
         including SIBOS in Vienna and Screen Events in Amsterdam.
        Press work was conducted to announce the Statement of Understanding between FPL and OMG
        Planning work took place to promote the OXERA study
        A number of interviews with trade press were organised to help promote FPL’s activities and recent announcements
        In addition to the above a number of additional activities were conducted including writing FPL’s contributions for
         the September edition of FIX Global, preparing the monthly newsletter, updating the FPL contact database and
         reviewing member firm logos to ensure they are all current.

FPL Financial Manager’s Update – Nicki Hunt
In addition to daily accounting and administrational tasks, I have:
         Assisted auditors with queries relating to 2007 accounts.

FPL Technical Manager’s Update – Eugene Rabkin
      Three new proposals have been approved by the GTC and will now become part of FIX 5.0 Service Pack 2 – The
       News Extension proposal, The Application Report Type proposal, and the CFTC Trade Report proposal.
      The public comment period for the Reference Date and Update Action proposal has ended, and the proposal will be
       submitted for the final GTC vote.
      The FIX usage survey is in the final editing stages.
      The GTC is mapping out the strategy for several new initiatives – a comprehensive FIX implementation guide,
       which would show how FIX handles business concepts, a web services initiative to allow interaction of FIX with
       Internet applications, and a cleanup of custom FIX tags which would allow for their reuse.




                                                                                                                           12
                                                  SEPTEMBER 2008
Operations Director Update – Courtney Doyle
  Ensure appropriate follow-up on all action plans that came out of GSC strategy session – Oxera, resourcing, FIX usage
   statistics survey, etc.
  Helped coordinate a call for firms to openly discuss what they were doing internally to address Regulation SHO.
  As a result of the Risk Management Meeting held in July, two streams have been established – Technology and
   Sponsored Access. A meeting of the technology stream has taken place which I helped facilitate and the group is in the
   process of prioritizing technology issues.
  Continue to help manage relationship between FPL and ISITC.
  Looking to kickoff a formal subcommittee in the Canadian region and helping Bob Symthe determine the most
   appropriate contacts to reach out to.
  Overseeing 2 elections that are currently underway – GTC and GDC Technical.
  Continue to manage all Program Office resources and FPL service providers.

FPL Marketing and Communications Manager’s Update – Daniella Baker
During the month of September 2008, the following items were worked upon and accomplished:
   Work was conducted to finalise the event arrangements and raise awareness of the upcoming FPL Japan Electronic
    Trading Conference, which will take place in Tokyo in October

                                                                                                                   th
    Planning took place for the Derivatives and Fixed Income event which will take place in London on October 15 , key
    activities included agenda formulation, speaker and sponsor acquisition, logistical management and marketing
   Planning work took place for the EMEA and Americas Quarterly Meetings
   Planning work took place for the 2009 FPL EMEA Electronic Trading Conference including the creation of two sub-
    committees, initial agenda planning and sponsorship activities
   Further planning work took place for the preparation of the proposed 2009 Latin American events in Mexico and Brazil
   Further discussions took place with external event organisers to plan FPL’s participation in various autumn events
    including Finextra, Derivatech Trader, Screen Events and Technology for the Sell-side
   A number of interviews with trade press were organised to help promote FPL’s activities and recent announcements

In the coming month we will be focusing on finalising details for the Q4 FPL event calendar and making significant headway
with activities planned for Q1, 2008

FPL Financial Manager’s Update – Nicki Hunt
In addition to daily accounting and administrational tasks, I have:
    Assisted auditors with queries relating to 2007 year end accounts.
    Worked with Angel Networks on creating a registration/payment site for FPL events.

FPL Technical Manager’s Update – Eugene Rabkin
  A new proposal, the LSE Implementation Extension, went into public comment and was approved by the GTC. This
   proposal now becomes a part of FIX 5.0 Service Pack 2.
  The FIX Information Security White Paper was submitted for public comment and approved by the GTC as well.
  The FIX Usage Survey was submitted for a pilot run to several FIX members. FPL still awaits full feedback.
  Work begins on FIX 5.0 Service Pack 2. A series of meetings has been scheduled.
  The FIX 5.0 Usage subcommittee resumes its meetings with the focus on FIXT 1.1
  Several improvements of the FPL Website are in the works, including ongoing meetings about website enhancements,
   the Proposal Tracking System, and Wiki.
                                                   OCTOBER 2008
Operations Director Update – Courtney Doyle
  Attended the FPL Japan Electronic Trading Conference which turned out to be a huge success with over 500 attendees
   on the day despite market difficulties. I represented FPL at the event and managed the FIX booth during any event
   breaks sharing with attendees information about the protocol as well as background on the organization. I had a
   number of follow-ups as a result of the event in terms of individuals employed by member firms but not engaged within
   FPL and looking to do so as well as those coming to FIX for the first time and looking to learn more.

                                                                               th
   Attended the Asia Pacific Committee meeting held on Thursday, October 9 and shared with the group the overall
   action plan that was a result of the GSC Strategy Session held in August as well as an update on FPL’s financials.
  Oversaw recruitment process for Technical Manager Position and am doing the same for the Exchanges and
   Relationship Manager Position.
  Drafted FPL’s response to Oxera on study results and continue to help manage negotiations here.
  Communicated to GSC feedback received on FIX Usage Statistics initiative and kicked off process of gathering
   feedback from the Americas members. Will work with other regions to generate similar surveys but tailored
   appropriately with the end goal of the creation of a global report.



                                                                                                                        13
   Helping with formation of the Americas Canadian Committee.
   Helping manage the Risk Management subcommittees and necessary follow-up.
   Continue to manage all FPL resources.

FPL Marketing and Communications Manager’s Update – Daniella Baker
During the month of October 2008, the following items were worked upon and accomplished:

                                                                                                               th
    Details for the FPL Japan Electronic Trading Conference were finalised. The event was held on October 8 and
    attracted over 500 delegates
   The FPL EMEA Quarterly Meeting and the FIX Beyond Equities events were held, which attracted 71 and 107 delegates
    respectively
   Planning for the 2009 FPL EMEA and Latin America Electronic Trading Conferences was conducted
   Work for the FPL Americas Quarterly Meeting was conducted, as was work relating to the FPL Americas Electronic
    Trading Conference
   Further discussions took place with external event organisers to plan FPL’s participation in various autumn events
    including Finextra, Derivatech Trader, Screen Events and Technology for the Sell-side
   A number of interviews with trade press were organised to help promote FPL’s activities and recent announcements

In the coming month we will be focusing on activities planned for Q1, 2008 and how we can more effectively communicate
the technical developments included in the protocol

FPL Financial Manager’s Update – Nicki Hunt
In addition to daily accounting and administrational tasks, I have:
    Assisted auditors with queries relating to 2007 year end accounts.
    Arranged meeting with FIX Directors to sign off 2007 Year End accounts.
    Worked with Angel Networks on creating a registration/payment site for FPL events.
    Assisted with EMEA Quarterly & FIX Beyond Equities events

FPL Technical Manager’s Update – Eugene Rabkin
  Two new proposals were approved by the GTC and are now in the public comment period: Mass Action Filters
   presented by GEMC and NDF Gap Analysis presented by GFX Tech Subcommittee. Upon final approval these
   proposals will become part of FIX 5.0 SP2
  Work on FIX 5. 0 Service Pack 2 has began. The number of Extension Packs is still being finalized.
  The FIX Usage Survey has been reworked based on the feedback received during the pilot run. The strategy for its
   release has also been modified to address regional concerns.
                                                  NOVEMBER 2008
Operations Director Update – Courtney Doyle
  Coordinated the selection process for the FPL Technical Director Position which has been finalized and Ryan Pierce
   has been chosen for the position. I am currently managing the selection process for the Regional Director positions
   (role to educate and market FIX to the exchanges and regulatory bodies). Interviews have now taken place and the
   committee is reconvening to discuss thoughts and next steps.
  Attended the FPL Americas Conference and presented the results from the FIX Usage Statistics exercise that was
   piloted in the US.

                                                                                      th
   Represented FPL at the FPL and FIF Derivatives Event in Chicago on November 12 .
  Finalized guidelines for FPL service providers to follow.
  Created a diagram to visually show the current FPL resource structure.
  Coordinated a meeting with FPL representatives and some folks from IIROC (Investment Industry Regulatory
   Organization of Canada) to discuss their move from an existing STAMP-based market regulation feed to one specified
   using FIX.
  Continue to manage the FPL and ISITC relationship.
  Managed the election for the GSC co-chair position.
  Worked on budget for 2009.
  Continue to manage all FPL resources.

FPL Marketing and Communications Manager’s Update – Daniella Baker
During the month of November 2008, the following items were worked upon and accomplished:
        Conference planning for the EMEA Trading Conference took place, this included further work on the event agenda,
         liaising with prospective sponsors and exhibitors and choosing event suppliers
        Work was conducted to attract media representatives to attend the FPL Americas Electronic Trading Conference
        Planning work for FPL’s participation in the SIFMA Technology Management Conference in London was conducted
        End of year review focused tasks were initiated



                                                                                                                         14
       Planning work for quarter 1 2009 events was started
       A press release announcing the appointment of Ryan Pierce as Technical Director was prepared

In the coming month we will be focusing on activities planned for Q1 2008 and how we can more effectively communicate
the technical developments included in the protocol.

FPL Financial Manager’s Update – Nicki Hunt
In addition to daily accounting and administrational tasks, I have:
         Prepared first drafts of the 2009 budgets for FPL & FPTL
         Worked with Angel Networks on creating a registration/payment site for FPL events.
         Met with Barclays bank with regards to the security of FPL funds.
         Applied for a new payment system with Barclays.

FPL Technical Manager’s Update – Eugene Rabkin
      Work on FIX 5.0 Service Pack 2 continues. Expected completion date is end of the year.
      Two new proposals were approved by the GTC Gov Board – Reference Update Action and Update Time and FX
       NDF proposals. These proposals become part of SP2.
      Two new proposals are in the stage of final approval by the GTC Gov Board – Security List Update and Halt
       Reasons. These proposals will become part of SP2.
      Work continues on the enhancement of the FPL website. A proposal tracking system is being finalized, along with
       a WIKI tool. Various performance and enhancement issues are worked on in weekly meetings with Angel
       Networks.




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