to Blacher.

Hypothetical analysis tools will assist the risk manager in deciphering what
positions are needed to get back within a fund manager's limit, he added.

Option competition
The need for faster and more reliable scenario hedging for managers
investing in equity options has been a key driver of demand for 'what-if'
scenario analysis lately. "The stock option market has become tighter, more
competitive," noted Ravi lain, chief executive officer of Egar Technology, a
New York and Moscow-based firm that launched its own real-time equity
options trading and risk management platform (Equity Trading System) last
week.

"We have already seen an incredible amount of interest from market-makers
moving upstairs and the hedge fund community," lain said.

He also credits the more educated investor who may be prompting the fund
manager to install better risk management and reporting systems,
particularly for option based funds, as fuelling the current demand for
hypothetical risk analysis. "Aside from the trading and risk management
systems, there is a lot of need for decision support tools," he added.

Michael Gannon, sales and marketing associate at Imagine Software, the
software maker that powers the Derivatives.com trading site, agreed that
more sophisticated investors are a force behind fund manager demand for this
kind of system.

Banks such as Deutsche Bank and Citigroup use Derivatives.com risk
measurement tools in their sell-side operations, according to Gannon. And it
is precisely the use by these banks that smaller Imagine Software clients
like.

However, the current risk measurement systems can be expensive for all but
the largest trading organisations, and especially for start-up funds. "Hedge
funds are not going to spend US$1m on buying a big system," said Egar's
lain. Instead, he said, they will investigate the more customisable decision
analysis tools.

Imagine Software implemented its hypothetical 'what-if' position analysis
last year. Its Derivatives.com website features a 'hedge as you re-hedge'
component that allows funds to rehedge during the simulation to give the
portfolio a two-dimensional real-time projection of a trade.

MicroHedge, a web-based platform that caters to option traders, also offers
'what-if' scenario
to Blacher. 

 Hypothetical analysis tools will assist the hazard director in deciphering what 
 positions are need to receive back within a fund manager's terminus ad quem, he added. 

 Option competition 
 The motivation for faster and more reliable scenario hedge for managers 
 investing in fairness options has been a key driver of demand for' what - if' 
 scenario analysis lately. " The stock option grocery store has become tighter, more 
 competitive, " noted Ravi lain, chief executive officer of Egar Technology, a 
 New York and Moscow - free-base firm that launched its own real - time fairness 
 options trading and hazard management platform (Equity Trading System) last 
 week. 

 " We have already seen an incredible measure of interest from market - makers 
 moving upstairs and the hedge fund residential district, " lain say. 

 He also credits the more educated investor who may be prompting the fund 
 manager to install better risk management and reporting organization, 
 particularly for option free-base funds, as fuelling the current demand for 
 hypothetical hazard analysis. " apart from the trading and risk management 
 systems, there constitute a lot of need for decision support tools, " he added. 

 Michael Gannon, sale and marketing associate at Imagine Software, the 
 software maker that powers the Derivatives.com trading web site, agreed that 
 more advanced investors are a force behind fund manager demand for this 
 kind of system. 

 bank such as Deutsche Bank and Citigroup use Derivatives.com risk 
 measurement tools in their sell - slope operations, according to Gannon. And it 
 is precisely the use by these banks that small Imagine Software clients 
 like. 

 However, the current risk measurement systems can be expensive for all but 
 the large trading organisations, and particularly for start - up investment company. " Hedge 
 funds are not going to spend US$ 1 megabyte on buying a adult system, " said Egar's 
 lain. Instead, he said, they will investigate the more customisable decision 
 analysis tools. 

 Imagine Software implemented its hypothetical' what - if' military position analysis 
 last class. Its Derivatives.com website features a' hedge as you re - hedge' 
 component that allows funds to rehedge during the simulation to grant the 
 portfolio a two - dimensional real - time projection of a trade. 

 MicroHedge, a web - based chopine that caters to option traders, besides offer 
' what - if' scenario
to Hlacher.

Hypothetical analnsis tools will cwsist vhe risi managef in deciphering what
positiois aee netbed to get back withkn a fund manager'w linut, he addev.

Kption gjmpefltion
Chx need for fastgr and more seliable scenasiu kedging for managers
investing in equyty optoojs has been a hey cwived of demand for 'what-if'
scenario anamysis letely. "The stock option market has become highher, more
competitivf," noted Ravu layb, chief execjtive offibzr of Egar Jechnology, a
New York and Moscow-bxsed yirm that lqubchfg its own rxal-timv equity
optiokx tradhng and risk managemekt pletfoem (Equity Trading Sysvem) last
week.

"We have wlready saeu an incredible amounr if injeresd frun mxrktt-mekeds
movijg npstairs ans the hedge fund community," laim fqid.

He also crsdits ehq more educated investor who may be prokptjng the fund
manager to unstall better risk mwnagement and reporting systems,
particularly for option basad fuidr, aw nueluunh the current demand for
hypothetical risk anajgsos. "Aside from thc trading and risk mwnsdement
systems, there is a lot of need for decisijn support toojs," hr added.

Michael Gannon, sales and marketiug qssociate at Imagiue Software, che
sofjware kaker that powers the Dzrivatjves.com trafing site, xgreed that
more ropmisdicated investors are a fowce behinv funb managef dekand fjr this
kinf of system.

Banks such as Deutdcve Bank anf Citigroup use Derivatives.com cmsk
measuremenj tmolv in thenr selk-side operatijns, according jo Gannon. And kt
is preciaely thx use by thefe banks that dmaller Imagmne Softwwre xliebts
like.

Fuwever, the curtent risk measuremebt systems can be cxpenrjve for all but
cke largest tradinb ofgagidavions, dnd especialny fur ryart-uo funds. "Hedne
fjnds are not going to spand HS$1m on buying a bib fystem," sqid Egar'f
lain. Instead, he said, they will invevtijate tne iore customisable decision
analgsis toold.

Imwgine Softwawe inplemented ics hypothetical 'what-if' position analysis
oast year. Its Dericatives.com website yestures a 'hevge as you re-hegge'
component that aloows funds to rehtdge during the simulatjon to give the
portfolio a two-dimensional real-time projection of a trade.

MicroHedge, a web-based platform thay catvrs co optijn tcavers, also offers
'wnat-if' scenario
to Blacher. Hypothetical analysis tools will assist manager deciphering what are needed to manager's he added. Option The need for and more reliable scenario hedging for investing in equity options has been a key driver of demand for 'what-if' analysis lately. "The stock option market has become tighter, more competitive," noted Ravi chief officer Egar a New York and Moscow-based firm that launched its own real-time equity options trading and risk platform (Equity Trading System) last week. "We have seen an incredible amount interest from market-makers moving upstairs the fund community," said. also the more educated who may be prompting the fund manager to install better risk management and reporting systems, particularly for based funds, the current for risk "Aside from the risk management systems, there is a for decision support tools," he added. Michael Gannon, and marketing at Imagine Software, the software maker powers the Derivatives.com trading site, agreed that more investors are a force behind fund manager demand for this kind of system. Banks such Bank and Citigroup use risk measurement tools their operations, to And it precisely the use by these banks that smaller Imagine Software clients However, the current risk measurement systems can be expensive for the trading organisations, and for start-up funds. "Hedge are going to spend US$1m a system," Instead, said, will investigate the more decision analysis tools. Imagine Software its hypothetical 'what-if' position website features a 'hedge as you re-hedge' component allows funds to rehedge during the simulation give the portfolio a two-dimensional real-time projection of a trade. MicroHedge, a platform that option traders, also offers 'what-if' scenario
to Blacher.

Hypothetical analYsis tools wIll asSisT thE rIsk mAnagEr in decipherinG What
Positions are needed to geT back WiTHin a FUnD manaGer's limIT, hE ADdeD.

OPtIon CoMPeTitioN
ThE need foR faster and MorE rEliable scenaRIo Hedging for ManAgers
investiNg iN equitY oPtiONs has BeeN a key Driver OF demanD for 'what-iF'
sCEnario ANalysis LATeLy. "ThE stock option markeT HaS Become tighter, mOre
comPeTItIVE," noTed ravi lain, chIeF execUTive offICeR OF egaR technology, a
NeW York and MosCOw-bAsed fiRm ThaT LaunchEd its OwN ReaL-time equity
OptiOns tradinG and riSK manageMEnt platForm (EqUitY TrAdinG syStEm) lAsT
WeeK.

"we HavE AlrEady seen An InCrediBle aMOUNT of iNteRest From mArket-makers
moVinG upsTAirS and tHe hedGe fuNd CommuNity," laIn saiD.

HE also credits the More Educated iNveStOr wHo May be PRomptiNg tHe fUnd
manaGer to inSTalL bETTEr Risk management and rEpORTiNg systemS,
partiCUlArLY for optiOn BasEd fuNDS, as fuElliNG tHe currenT demanD FoR
hYpothetIcAl risk AnAlySis. "aside FRom tHe tradIng and riSk manAGement
systems, tHEre is a lot of neED fOR DeCIsioN suPport tools," hE addED.

MicHael gAnNon, SAles aNd marKeTInG Associate at Imagine SOfTware, tHe
sofTware maker thaT powers the dERIvatives.Com tRAdINg site, agreed thAt
morE sophisticATed invesTors aRe a force Behind funD MAnager deManD foR thIs
kIND oF system.

Banks sUCH as DEuTsche BaNk aNd CitigRouP usE DeRivAtIves.com riSk
measurEmEnT tOoLs iN theiR Sell-side OpEraTiOns, AccorDIng to GAnnon. and iT
iS pREciSely the USe BY ThesE bAnKs thAt sMaLler IMagiNE SoFtware cLients
likE.

HoWEver, ThE cUrrent rIsk measuremenT sYstems can bE eXpeNsive fOR All but
thE largest trading organisaTIons, and EspEcialLy foR start-up fUndS. "Hedge
FunDS are noT going To speNd uS$1m ON BuyinG A BiG syStEm," said Egar'S
LAin. insteAd, He saId, they wIll investigate the mORe cUstomisable deCisIon
aNALySis TOoLS.

ImAgINe SOFTware implementeD its hypothEtICaL 'what-if' posITioN aNalysis
Last yeaR. Its DERivativEs.com websIte featurEs A 'hedGE As yOu re-hedge'
cOmponent That allowS Funds TO rEhedgE duRing thE sImuLatioN to givE The
PortfOlio a tWo-DimensIonal ReAl-time prOjection of a trade.

MicroHeDge, a weB-baseD plAtform thaT caTErs To option tRadeRs, also offeRs
'wHat-If' sceNarIO
to Blacher.

Hypotheticalanalysis t oolswil l a ss isttherisk manager i n  dec iphering what
position s are  n e eded to  getback wi t hi n a f un dman ag e r' s lim it,  he add ed.

Optio n c om petition
The ne ed for fas ter  and more re lia ble sc en ari o  hedg ing  formanage r s
inve sting ineq u ity op t ions ha s be en a  key driver of de m an d  for 'what-if' 
scena ri o  a n a lys islately. "T he  stoc k  option ma r k e t h a s become tigh ter, more
c o mpe titive ,"  no t ed Rav i lai n, chi ef executiv e of ficer ofEgar T e chnolog y , a
New  Yorkand  Mo scow - ba se d f ir m  th a tlau n che d its ow nre al-ti me e q u i t y
op tio ns t radin g and risk ma nag emen t  pl atfor m (Eq uity  T radin g Syst em) l as t
week.

"We ha ve a lready se enan  in cr edibl e  amoun t o f i nterest  from m a rke t- m a k er s
moving upstairsan d th e hedgefund c o mm un i ty," lai nsai d.
H e  also  cre d it s the mo re edu c at ed  invest or  who m ay  be  pr ompti n g th e fund 
manager  to i n stall better r i sk management an d re p orti ngsystems,
pa rtic u larl y fo r  o pti o n bas ed fu nd s ,a s fuelling the curr en t dema nd fo r
hypothetica l risk ana l y s is. "Asi de f r om the trading an d ris k manageme n t
system s, th ere is a  lot of n e e d for de cis ion  su ppo r t  t ools," he add e d .

M ic hael Ga nno n, sale s a ndmar ket in g associa te at Im ag in eSo ftw are,t he
softw ar e m ak erthatp owersthe D eriv at iv e s.c om trad i ng s ite,  a gr eedtha tmoresoph i sti cated i nvestorsare a fo rc ebehindfund managerde mand for t hi s
k ind of s ystem.
Banks such as DeutscheB ank and  Ci tigro up u se Deriva tiv es.com  ri s k
meas uremen t too ls  in t heirs e ll -si de  operation s ,  ac cordi ng  toGannon.  And it
is precise l y t he use by the sebank s th ats ma l ler  I m agi n e  Software clien ts
like.
Ho w ev er, the cu r ren trisk me asureme nt sy s tems ca n be expe nsive for  a ll b u t 
th e largesttradingorganisat i ons,a nd  espe cia lly fo rsta rt-up  funds .  "H edgefundsar e notgoing  t o spendUS$1m on buying a big s ystem, " sai d E gar's
lai n.I nst ead, he s aid,  they will  in ves tigat e t h e mor e cu s to mis a ble d ecis i on
analys i stoo l s .
Imagine So f t w are  impl eme n ted it s hy pothetical 'what- i f' position an alys i s 
la sty ear.  I ts Derivatives .co mw e bsite fe at ures a 'hed ge as yo ur e-hed ge'
co mponen t thata l lo w s fund s to  re hedge dur ing  t h e simul at io n  to gi ve t he 
portf olio a two- d i mensional real-t ime p r o jecti o n o f a t ra de.

Mi c roHe dge, a web -based plat form t hatcater s to op ti on tra der s,  also offe r s
'what-i f' sc enario
to Blacher.

Hypothetical_analysis tools_will assist the risk_manager in_deciphering_what
positions are_needed_to get back_within a fund_manager's limit, he added.

Option_competition
The need for_faster_and more reliable scenario hedging for managers
investing in equity options has been a key_driver_of demand_for_'what-if'
scenario_analysis lately. "The stock option_market has become tighter, more
competitive,"_noted Ravi_lain, chief executive officer of Egar Technology, a
New_York_and Moscow-based firm_that launched its own real-time equity
options trading and risk_management platform (Equity Trading System) last
week.

"We_have already seen_an_incredible_amount of interest from_market-makers
moving upstairs and the hedge fund_community," lain said.

He also credits the_more educated investor who may be prompting_the fund
manager to install better risk_management and reporting systems,
particularly for_option based_funds, as fuelling the current_demand for
hypothetical risk_analysis. "Aside_from the trading_and risk management
systems, there is a_lot of need_for decision support tools," he added.

Michael_Gannon,_sales and marketing_associate_at_Imagine Software,_the
software maker that_powers_the Derivatives.com_trading_site, agreed that
more sophisticated investors are_a_force behind fund manager demand for this
kind_of system.

Banks such as_Deutsche_Bank and Citigroup use_Derivatives.com risk
measurement tools in their_sell-side operations, according to Gannon. And_it
is precisely_the use_by these banks that smaller Imagine Software clients
like.

However, the current risk_measurement systems can be expensive for_all but
the largest trading_organisations, and_especially_for start-up funds._"Hedge
funds_are not_going to spend US$1m on buying a_big system,"_said Egar's
lain. Instead, he said, they_will investigate the more_customisable_decision
analysis tools.

Imagine Software implemented its hypothetical_'what-if' position analysis
last year. Its Derivatives.com_website features a 'hedge as_you_re-hedge'
component_that allows funds to rehedge_during the simulation to give the
portfolio_a two-dimensional real-time_projection of a trade.

MicroHedge, a web-based platform_that_caters to option traders, also offers
'what-if'_scenario