Bloomberg L.p.

Global Execution Technologies Ltd.

Bang Kim

Slone Jonathan

A computerized system and method electronically conduct trades in securities, display information corresponding to orders, match the orders, and price the matched orders on the basis of volume-weighted-average price (VWAP). Orders are matched of buyers and sellers who wish to trade designated quantities of securities at a price based on the VWAP for the security in question determined with reference to a defined time period, which is set in advance of order matching, and may consist of an entire trading day on the market on which the security is traded or a portion thereof as determined by the trading parties and/or the disclosed system. VWAP trading is facilitated by displaying, over an output device, orders entered on the 'buy' side and 'sell' side. Trades of matched orders are continuously and/or non-continuously executed and the trades priced after the close of the relevant defined time period at the calculated VWAP.

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Englewood, NJ, United States of America

Bang Kim