Case Study I : A convertible and volatility arbitrage hedge fund Three strategies: Convertible arbitrage, synthetic option replication and volatility surface relative value. Use Execta for opportunity detection, trade-execution related to new positions & automated hedging and risk management. Arrival price always the benchmark A significant amount of trading. Spread over potentially > 50 names and quantities from 1000 to 15,000 shares per order. Most trades need to be done quickly. Real-time and historical TCA helps adjust the execution algorithm to position, security and market-characteristics. Use customized minimum-time (EMINI) algorithm. Results: Transaction cost 2.9 bps Less rebates for adding liquidity (0.4) bps Net transaction cost 2.5 bps

Case Study II : A large multi-portfolio investment manager Primarily long only but a growing long-short managed account business. Trades large percentage of period volumes. Risk (list-integrity), information leakage, data gathering difficulties because of platform multiplicity and overall costs were big issues. Tethys worked with the client and put in place historical and real-time TCA capabilities and developed optimal trade-execution strategies which adapt to changing market-conditions and trader-views. Helps client identify best-of-breed broker algorithms. Today the client: • Is able to control execution to the desired detail by controlling the exposures while trades   are being executed • System releases orders to various execution destinations as-and-when risk-constraints   permit. Thus nobody gets to see   the whole order at once • Receives real-time feedback and is able to take control of problematic trades • Straight-through-processing to client’s back-office systems