Merrill Lynch

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ML X-TRADE

	Product Features
	ML X-TRADE Desktop
	FAQs

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Global Equity Analytics

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Product Questions:

1.	What types of products can ML X-TRADE support?

ML X-TRADE currently supports Equities (exchange-listed and OTC) and Equity Options (exchange-listed only) across all U.S. markets.

2.	When will futures be added?

It is expected that ML X-TRADE will support Futures in the 4th quarter of 2005. At the outset, the Futures functionality will be limited to electronically traded products on the CME.

3.	Can ML X-TRADE handle execution-only as well as clearing customers?

Yes, ML X-TRADE handles both types of accounts.

4.	Can ML X-TRADE handle CMTA and DVP accounts?

Yes, ML X-TRADE supports CMTA and DVP accounts. For more information, please contact your Merrill Lynch representative.

5.	Can ML X-TRADE handle complex options order (spreads straddles, etc)?

Functionality to handle complex options orders (e.g., orders with up to four legs) is presently being developed for roll-out in Q1 2006.

6.	What type of equity order types does ML X-TRADE support?

Among others, ML X-TRADE supports the following equity order types: market orders, limit orders, short and short exempt orders, pegged orders, reserve orders, stop orders, FOK orders, MOC orders, OPG orders, GTC orders according to parameters of executing market center (i.e. ECNs' limit order types), "Good till Time" on ARCA, "Good till Extended Hours" on INET, AMEX, NASDAQ and BRUT, Discretionary Peg Orders on INET, Primary on Open on ARCA, and various sweep order types on ARCA & BRUT.

7.	Does ML X-TRADE support baskets or list trading?

ML X-TRADE does not currently support baskets or list trading, but we expect to make that functionality available during 2006.

8.	What other functionality is included in ML X-TRADE? Does it include analytics, watch lists, risk profiling, and accessibility to quote view?

ML X-TRADE provides the following functionalities:

	Order entry		Theoreticals
	Order logs		Watch Lists
	P&L by account and by symbol		Exchange connection monitoring
	Options montage		Risk graphs
	Quotes: NASDAQ Level 2, Consolidated System Quote, as well as NYSE Open Book and Time and Sales		Order monitoring (for single trader and multiple traders)

9.	Does it include Level 2 NASDAQ real time?

ML X-TRADE makes available NASDAQ Level 2 and NASDAQ Total View, the most recent market data technology released by NASDAQ that offers enhancements over previous NASDAQ products.

10.	Does ML X-TRADE have an API that a client can access?

Yes, please contact your Merrill Lynch representative for additional information.

11.	Can ML X-TRADE support FIX connectivity?

Yes, ML X-TRADE supports FIX messaging connectivity for Equity and Options orders.

Application Questions:

1.	What are the minimum and optimal system requirements for running ML X-TRADE?

Minimum and optimal system requirements are generally summarized below. Detailed questions regarding system requirements should be addressed to the appropriate technical personnel supporting the ML X-TRADE product.

System Requirements

CPU
Hardware	Minimum	Optimal
For Traders:	Pentium-3, 1GHz	Pentium-4, 2GHz or higher
For Risk Managers:	Pentium-3, 1.8GHz	Pentium-4, 3GHz or higher
RAM
Hardware	Minimum	Optimal
For Traders and Risk Managers:	512 MB	1 GB Preferable
Graphic Cards
Hardware	Minimum	Optimal
For Single Monitors:	32MB of onboard memory	64 MB of onboard memory
For Multiple Monitors:	128 MB of onboard memory	128 MB of onboard memory

Operating Systems
Minimum	Optimal
Windows 2000 (Service Pack 3 or higher)	Windows 2000 (Service Pack 3 or higher)
Windows NT (Service Pack 5 or higher - NON supported OS)	Windows NT (Service Pack 5 or higher - NON supported OS)
Windows XP Service Pack 1	Windows XP Service Pack 1
Hard Disk Space
Minimum	Optimal
30 MB for application files	30 MB for application files
17 MB for Java Virtual Machine	17 MB for Java Virtual Machine
8 MB for TIBCO Client (for LAN configurations)	8 MB for TIBCO Client (for LAN configurations)

2.	How many screens of any given type can you have open at once?

ML X-TRADE can accommodate multiple open screens at the same time. Each user's individual experience depends upon the hardware employed and the available bandwidth.

3.	Is the system point and click?

Yes, ML X-TRADE uses a "point and click" approach as well as "hot button" functionality, each being geared toward a user's preferences.

4.	How can I access ML X-TRADE? Via the Internet or FIX?

The ML X-TRADE application can be accessed via any Internet connection (other than dial-up connections). Internet connections via proxy are also supported.

Additionally, Merrill Lynch supports other Client connectivity options such as:

Third-Party Extranet Providers:

	Radianz		VPN
	TNS		Dedicated Telco Circuits
	Savvis

5.	Regarding FIX, what are the performance numbers regarding throughput?

We do not generally cite a standard "messages per second" number for ML X-TRADE clients because the experience of each user is unique and highly dependent upon the hardware and software employed, as well as the means of connectivity. That said, we are fully committed to working with clients within the framework and capacity of their systems to maximize performance and meet specific needs with a fully scaleable solution.

6.	Will the system have real-time information?

Real-time quotes and order monitoring are available depending upon each user's setup preferences.

7.	How easy is it to enter an order?

Orders can be entered and directed to an exchange or ECN with 3 clicks of the mouse.

8.	How hard is it to change an order?

Orders can be modified quickly through the order log or the order entry window.

Additional Questions:

1.	How difficult or easy is it to install?

The ML X-TRADE application is quite easy to deploy. It requires a small download and once the application has been installed the connection is typically quite straightforward. Clients can generally connect via their existing ISP.

2.	Can it be customized to fit a certain screen if space is an issue?

The AP is customizable and flexible, and every window within ML X-TRADE can be scaled as necessary to effectively use screen space.

3.	Can we use this to pay for research?

Requests to use DMA commissions to pay for soft dollar research will be handled on a customer-by-customer basis. Please contact your sales representative for more information.

4.	Who can see a user's trading activities? Is trading anonymous?

Each user's setup preferences will determine the extent to which ML persons have real-time access to the user's activities. While a client may often seek to use ML X-TRADE in a manner that is not visible to ML position traders, certain ML employees are required to have access (e.g., technology support and supervisory/compliance personnel).

5.	How efficient and easy is it to integrate?

For most experienced traders, many features of the ML X-TRADE application are intuitive and can probably be self-taught. Most experienced users require assistance primarily with setting up their preferences.

6.	What type of monitoring and compliance oversight will be provided?

Regulatory oversight is intended to support the Supervisory Function and includes the following:

	Trade Support Functions		Regulatory Reporting:
	Validation of locates for short sales (including use of "Easy to Borrow" list)		Regulation SHO (aged fails in "threshold securities")
	OTS (submitted to NYSE)		OATS (submitted to NASD)#13; 13;
	SEC Rules 11Ac1-5 and 11Ac1-6

Contact Us

Phone

+1 800 MLX TRD2
(+1 866 202 5908)
Email:

mlxtradesupport@win.ml.com
Institutions Contact:

Patrick Coicou
+1 212 449 6090
Broker Dealers Contact:

Kevin Shea
+1 312 431 7180

Lance Dominick
+1 312 431 7115
Patrick Blackburn
+1 312 431 7222

Contact Us

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