Townsend Analytics, Ltd. provides electronic trading solutions for the capital markets worldwide. The company’s RealTick platform provides real-time market data, news, and analytics; trading tools; access to brokers, exchanges, and ECNs; and risk management tools to institutions, broker-dealers, and individual investors. It provides trading services that include trading and trade order management solutions to the institutional portfolio management and broker dealer marketplace; and content services, such as market data content, customizable applications, and display solutions to investors, portfolio managers, buy-side traders, and analysts, as well as front-to-back office service solutions for various asset classes, including equities, options, futures, FOREX, and fixed income. The company also offers exchange services, including ASP technology solutions for building or extending internalization engines, alternative trading systems, multi-lateral trading facilities, and securities exchanges. In addition, it provides portfolio and risk services that include TAL Risk Analyzer, a real-time risk analysis monitoring and reporting application, which includes Credit-at-Risk, a rule-based model that incorporates the broker dealer’s own house margin rules to compute appropriate equity and debt levels; and Value-at-Risk that provides an objective view of the risk level in a particular portfolio or groups of portfolios, as well as account management and risk assessment services. The company also serves money managers, asset managers, hedge funds, mutual funds, institutional and proprietary trading desks, and professional traders. Townsend Analytics, Ltd. was founded in 1985 and is based in Chicago, Illinois. As of December 20, 2005, Townsend Analytics, Ltd. is a subsidiary of Lehman Brothers Holdings, Inc.