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Founded in 1991, Macgregor is a premier financial technology provider servicing the global investment community. Macgregor provides financial institutions with the technology infrastructure and applications required to dramatically improve the speed, accuracy and efficiency of the entire investment process. Macgregor's Order Management Network (OMN), Macgregor XIP, give clients superior connectivity to all necessary internal functions and external organizations required for a seamless trading environment. Macgregor's extended architecture affords its clients and partners the unique efficiencies and power that can only be achieved through a large, diverse and well-connected community of users. Macgregor has an appreciation for the incredible speed with which the value of investment information decreases over time as thousands of people at hundreds of organizations chase the same investment opportunities. We recognize that those firms that are a fraction slower, a little less efficient, or who make the slightest mistakes do not fare well. Sustainable competitive advantage we believe can only be achieved by those organizations that can increase the relative speed by which they acquire, process and act on investment information. We focus our attention on the areas of the investment process where increased speed can have the greatest impact: the front and middle-office. Fundamental to our development approach is an emphasis on optimizing investment operations to improve investment performance, rather than simply minimizing the cost of operations. The cost of not acting fast, we feel, is often greater than the operational costs a firm is trying to save with patient and careful trade implementation methods. We also believe that the investment process can only be as strong as the weakest link and that a solution that can not integrate the pre-trade, trade and post-trade areas of a client's workflow is inferior. And to do that successfully means extending the solution beyond the investment manager's walls to include the brokers, exchanges, custodians, settlement and clearing organizations and a variety of service providers that are all necessary parts of the investment process. In 1993 we introduced the industry's first Windows-based trade order management system, Predator. What was most unique about Predator was that in not only integrated the investment manager's internal portfolio management, compliance, trading and operations areas but also real-time market data and a fully supported network that provided access to brokers and other sources of liquidity. In 1997 we established the industry's first FIX network, and in 1999 acquired Merrin Financial to become the industry's leading provider of trade order management systems. In January 2006, Investment Technology Group, Inc., a leading provider of technology-based trading services and transaction research, acquired Macgregor, along with the Plexus Group, a transaction cost analysis provider. The two acquisitions were combined with ITG's existing Analytical Products and Research group under a new subsidiary, ITG Solutions Network, Inc., that will operate as a broker-neutral division of Investment Technology Group, Inc. The best-execution order management solution formed by the integration of Macgregor's order management network with ITG's execution management systems and analytical tools and Plexus' transaction cost analysis services answers the buy-side's demands for a truly end-to-end solution. With a pioneering legacy of innovation in the development of technology-based solutions and an unmatched track record of successful system implementations, Macgregor's employees remain dedicated to delivering workflow solutions that improve our client's investment performance.