1. Functions
   1. Pre-Trade
   2. Trade
   3. Post-Trade
2. MIS
   1. Volumes
      1. electronic Volumnes
      2. Voice volumes
   2. Client Activity
3. Distribution
   1. API's
   2. Screens
   3. Voice
   4. ECN's
4. Liquidity
   1. Doesn't need to be best beid/offer
   2. Does need constant and liquidity
5. Technology
   1. Zero install
   2. Bundled / un-bundled
   3. Don't need single front-end technology
6. Clients
   1. Types
      1. Corporates
      2. Hedge Funds
      3. Real money
      4. Retail
7. Sales
   1. Hybrid
   2. Intervention
   3. Extracting value
   4. Incentives
8. Traders
   1. Machines to enhance traders
9. Structures
   1. Collaborative structuring
10. Regulations
    1. Alternative swap venue
    2. Price transparency
11. Exchanges
    1. Coverage
    2. DMA / SMA / Co-lo access