MMG PARTNERS - Key Persons

Job Titles:

• Associate
• Partner

David Rho is an Associate Partner at MMG Partners. He has worked on numerous projects for securities and financial firms with a focus on strategic and technology issues. He has a strong background in software development, with particular expertise in the implementation and maintenance of large-scale highly distributed systems. His prior experiences include:

Job Titles:

• Chief Legal Counsel
• Chief Operations Officer
• COO
• General Counsel
• Partner

Douglas Robinow is the Chief Operations Officer and General Counsel of MMG Partners. He has a broad background covering both law and engineering with extensive experience in IT operations. Highlights of his experience include:

Job Titles:

• CEO
• Chairman
• Founder

Moses Ma is the Chairman and CEO of MMG Partners. Dr. Ma has extensive experience in aiding the world's leading exchanges and bulge-bracket investment banks to develop strategic plans regarding exchange membership, alliances, new derivative products, straight through processing, trading services, and information technology. He is also a serial entrepreneur, having been a founding partner of the Mitchell Madison Group prior to MMG Partners. Prior to founding MMG Partners, Dr. Ma was Head of the Global Securities Practice at Mitchell Madison Group/ marchFIRST. Previously, Dr. Ma was a Vice President/Partner at A.T. Kearney. Before joining A.T. Kearney, Dr. Ma was a Consultant with McKinsey & Co. specializing in both Information Technology and in Capital Markets. His work spanned four continents as he served many Exchanges, a major pharmaceutical firm and several leading financial institutions Prior to joining McKinsey, Dr. Ma held a third-level manager position at the NYNEX Corporation. As department head of Software, he supervised the following projects: Options Trading Station developed on Sun workstations while working with brokerage houses to perfect strategies for the trading station; Financial Distributed Databases developed on a network of Sun workstations to store the financial data; and distributed operating systems. In addition to project management, Dr. Ma was involved with marketing and selling the Options Trading Station to various brokerage houses. Dr. Ma has also worked in both the Real-Time Systems and Parallel Processing groups at MIT, where he assisted in the implementation of a large scale multiprocessor system and wrote software to support parallel programming languages. He also studied and managed an implementation of a discrete-time event driven concurrent simulator, concentrating on different scheduling schemes. These scheduling schemes included Load Balancing and Dynamic Repartitioning of processors. In these projects, he made heavy use of artificial intelligence on Lisp Machines. Dr. Ma has also studied in depth Concurrency Control for Distributed databases. In his thesis work on parallel processing, Dr. Ma conducted extensive performance modeling of the concurrent simulator which ran on the parallel processor. The performance modeling showed that the concurrent simulator had nearly linear speed-up. Also at MIT, Dr. Ma worked for the Information and Decision Science group where he modeled and studied Optimal File Allocation for Distributed Databases, specifically for a vulnerable Distributed Network. He also developed algorithms for solving the problem in polynomial time. Moses Ma is the Chairman and CEO of MMG Partners. Dr. Ma has extensive experience in aiding the world's leading exchanges and bulge-bracket investment banks to develop strategic plans regarding exchange membership, alliances, new derivative products, straight through processing, trading services, and information technology. He is also a serial entrepreneur, having been a founding partner of the Mitchell Madison Group prior to MMG Partners. Dr. Ma worked with a market data vendor to develop a buy-side product strategy and their trading services strategy. Recently he worked with the vendor to create a fixed income product to augment the current equity indication of interest (IOI) product. Dr. Ma consulted to a large Mutual Life Insurance company to help them demutualize. Dr. Ma assisted the American Stock Exchange, helping them work out a strategy on their wireless system. He also helped the exchange reduce purchased expenses in several areas. He developed an order processing capacity planning model to address the increases in order volume (2X in October, 1997). Dr Ma worked with the top brokerage firm in the U.S. to reduce its market data costs. This work reduced its equity market data cost by 30% in the U.S. and 22% overseas. The work also reduced the fixed income market data cost by 25% throughout the world. He also worked to reduce the firms indicative data costs by 20%. Dr. Ma recently worked with the London Stock Exchange, in its effort to develop a comprehensive strategic plan. The work originated in developing a strategy and business case for Electronic Trade conformation. Following the successful completion of that work, Dr. Ma developed a strategy for the Exchange in the area of settlement given the advent of CREST. The strategic development moved to developing a strategy plan to cover pricing of all Exchange products and services. Concurrently Dr. Ma worked in developing a strategy in the area or Trade Management, which covers products and services that lie between trading and settlement. A second project was performed in the pricing area concentrating on new innovative pricing schemes and composite pricing. Moses Ma is the Chairman and CEO of MMG Partners. Dr. Ma has extensive experience in aiding the world's leading exchanges and bulge-bracket investment banks to develop strategic plans regarding exchange membership, alliances, new derivative products, straight through processing, trading services, and information technology. He is also a serial entrepreneur, having been a founding partner of the Mitchell Madison Group prior to MMG Partners. Dr. Ma worked recently with a large stock index company to develop pricing strategies for their market data. Dr. Ma worked recently with a large private equity firm and a venture capital firm to perform due diligence on the NYMEX futures exchange. Dr. Ma worked recently with four broker dealers designing their front end systems Dr. Ma worked with the DTC on a strategy to ally with Euroclear. Dr. Ma consulted to the Munich Stock Exchange to develop an order routing and trade management system. Dr. Ma assisted the top ECN firm to develop new alternative products to complement their current trading systems. In addition to this he worked on expanding the product focus to include retail customers. Recently he has worked with the ECN on a strategy to ally with NASDAQ to create a global central limit order book (CLOB). He also put together business plans for eight different types of research products for the head of sales and research at the ECN. Together this strategic work helped to try to reshape the ECN to a full service investment bank. Dr. Ma worked with the California Power Exchange to develop a strategic plan. He also developed a pricing strategy to unbundle their product and services based on market research and customer elasticity of demand for those services. He developed several new derivative products such as day-ahead and month-ahead forwards, basis differential derivatives, futures, and options on electricity. Finally, he worked on a project to get revenue from selling the exchange's market data. This involved selling the data to Reuters, ILX, Bridge and Bloomberg.