The SPECTRA trading system supports our Derivatives Market division, as well as the Standard segment of our Securities Market division. The SPECTRA trading system is a modern modular multi-tier application based on the Microsoft Windows platform. The SPECTRA trading system implements core trading functionality, such as an order matching, market data dissemination, pre-trade risk management and user access support. Client access to the SPECTRA trading system is enabled through the industry-standard FIX and FAST protocols, affording rapid and straightforward integration with vendors’ and brokers’ technology and operations, such as order management systems, execution management systems, order routers and algorithmic applications. In addition, the SPECTRA trading system exposes an endpoint of its internal fast data exchange bus (known as Plaza II), which furnishes a very low-latency/high-performance connectivity path demanded by sophisticated electronic trading applications.