Appendix The table below provides a value-chain-oriented overview of the various fintech categories, along with brief definitions of different types of players. VALUE CHAIN FINTECH CATEGORY DEFINITION Alternati­e €ning lat€orm‚ Pri­ate tock iance ƒ„A an cro…€ning marketlace connecting intittional roct e­eloment in­etor an ri­ate comanie Primary ynication an trctring E‡cange trae €n ro­ier trctre roct itri‰tion Primary market intelligence Plat€orm ro­iing ata an analytic on rimary market incling ƒ„A acti­ity IPO an ri­ate tock iance Algoritm mart orer Tool €or otimi†ation o€ orer e‡ection fining te ‰et rice ­ene timing roting an re trae rik meto an Šee o€ a trae Traer‹ ­ie… o€ real time market rik an rofit an lo Alication an ar…are €or trae colla‰oration an commnication incling Colla‰oration an liŠiity orcing lat€orm an traing trret Pre-trade commnication‚ connecti­ity Connecti­ity to market ­ene incling e‡cange mltilateral traing €acilitie interealer ‰roker e‡ternal ark ool an croing net…ork ‰roker connecti­ity financial in€ormation e‡cange connecti­ity engine an lo… latency oltion ro­ier Tool €or aggregation analyi an ­iali†ation o€ trae an market ata incling Traing market ata analytic tranaction cot analyi an reearc Hig le­el reearc ro­ier incling reearc management Žgeneration itri‰tion an content management“ Pricing orer management Engine e to atomatically calclate te market an €air ­ale o€ ecritie ytem an e‡ection an eri­ati­e in real time‚ alication to manage an monitor ifferent tye o€ management ytem orer c a to orer an limit orer an ot tem to te market ‘rokerage Intermeiarie tat el connect to a ­ene or lat€orm Ž‘’C“ Execution Vene an lat€orm Comanie c a e‡cange tat allo… er to e‡ecte trae Comanie tat ro­ie trae catre an ‰ooking ytem incling trae oition Core traing tecnology management an creit limit cecking in€ratrctre an er •ey ro­ier o€ market ata an trae commnication e‡erience Deign an imlementation o€ te er e‡erience €or te trae ytem Tool to manage creit an market rik calclate rik e‡ore an ot collateral Rik an collateral €or trae acro mltile conterartie management‚ trae ƒonitor to enre €air ealing an te ‰et e‡ection o€ trae‚ reort an re­ent r­eillance te e‡loitation o€ inie in€ormation‚ re­ent €ralent traing acti­itie an o on Post-trade Clearing reconciliation Generation o€ clearing intrction €or clearing oe clear trae caing an an ettlement litigation management‚ reconciliation ‰et…een te ‰ank an market or oter artie‚ ettlement o€ trae oition ‘lockcain Comanie tat e itri‰te leger tecnology €or ecific alication in caital market Žreominantly trae an ot trae er­ice“ Tran­eral ort €nction” finance €ra management ecrity HR internal –are er­ice reglatory an comliance €nction not relate to te trae li€e cycle Ž€or e‡amle reglatory monitoring“ Support Comanie tat allo… te tracking an analyi o€ client ‰ea­ior an er€ormance Client ata analytic an c a trog CRƒ kno… yor ctomer Client on ‰oaring ‰ackgron ceck an e iligence on creit rating icio acti­ity an anti money lanering The Boston Consulting Group 17