About This DocumentABOUT THIS DOCUMENTThis document presents a framework for a grounds-up market-sizing of your company's opportunity in a nascent market.

Each section in the Market Size Overview tab represents a segment of those markets in which your product provides value. A separate worksheet tab exists for each of these segments. To calculate your market size, do the following for every segment. 1) Define average-sized opportunity sizes for large (A), medium (B), and small (C) deals - these are known as classes 2) List every customer you can find in a segment 3) Run through the list and quickly classify each firm as a size A, B, or C opportunity 4) Sum the total opportunity sizes for each class of opportunity in that segment.

Firms can also be classified as "untargeted," meaning that firm doesn't contribute to the market size. This is appropriate if, for example, a firm is out of your company's geographic target, or if the firm isn't a potential purchaser of your or any product.

The total market size for your company is the aggregate amount across all these sub-segments.

NOTESUse tabs in the back of this workbook (after the "Backup Tabs" sheet) for additional sources and raw lists of data. It's a useful way to keep track of what is going into the segment analysis tabs.

PREPARED BY:Brian GladsteinExplorics Consultinghttp://www.explorics.com@explorics617-758-8998

About Explorics

Explorics is a strategic consulting firm based outside of Boston, MA that specializes in customer-centric demand generation. We help technology companies validate and scale their markets, product lines, and businesses.

The key to scaling is knowing where and how to focus, and then building repeatable demand generation engines that target new segments of customers in new channels.

We work with our clients tailor customer-driven, content-based market programs that scale and directly fuel growth. Our rapid, iterative approach, combined with the innovative ways we reach new buyers, lets us quickly discover programs that are proven to work.

MARKET SIZE OVERVIEWMarket Size Overview

This document calculates Target Addressable Market, which is defined as the potential total revenue across all customers who would theoretically buy a product or service in this category. Note that exercise does not seek to predict "actual market size," which would be the total size of all transactions expected to take place in a given year.

For more instructions about using this document, terminology, and other notes, please see the "About This Document" tab

Target Addressable Market (TAM)$106,000,000

SubsegmentFirmsClassSample FirmsASP# of FirmsClass TAMSubsegment ATotal Firms23ABank of America$10,000,0002$20,000,000Targeted Firms14BING Group$3,500,00010$35,000,000Market Size$56,000,000CBank of Montreal$500,0002$1,000,000

Subsegment BTotal Firms23AJPMorgan Asset Mgmt$3,500,0002$7,000,000Targeted Firms18BAllston Trading$500,00016$8,000,000Market Size$15,000,000CAmplitude Capital$00$0

Subsegment CTotal Firms23AABN Amro$3,500,0004$14,000,000Targeted Firms8BRaymond James Financial$750,0004$3,000,000Market Size$17,000,000C1st Discount Brokerage, Inc. $00$0

Subsegment DTotal Firms23ANYSE$3,500,0002$7,000,000Targeted Firms13BAustralian Securities Exchange$1,000,00011$11,000,000Market Size$18,000,000CBendigo Stock Exchange(BSX)$00$0

These fields are all filled in from the individual Segment tabs (with the exception of the sample firms).The final market size is presented here.

Segment ASegment A: Investment BanksSegment OverviewTotal Firms23Targeted Firms14ClassOpp SizeA2A$10,000,000B10B$3,500,000C2C$500,000Market Size56,000,000

FirmCityCountryRegionCategoryClassTargetClascountOpp'y SizeABN AmroAmsterdamNetherlandsEMEAFinancial ConglomerateBYB3,500,000Access PartnersStockholmSwedenEMEABYB3,500,000Allen & CompanyIndependent I-bankBN0Arma PartnersIndependent I-bankBN0Banco SantanderNew York, NYUSANAFinancial ConglomerateBYB3,500,000Bank of America - Merrill LynchNew York, NYUSANAFull-service I-BankAYA10,000,000Bank of Montreal(BMO Capital Markets)Toronto, ONCanadaNAFinancial ConglomerateBYB3,500,000Barclays CapitalNew York, NYUSANAFull-service I-BankBYB3,500,000BB&T(BB&T Capital Markets)Salem, NCUSANAFinancial ConglomerateBYB3,500,000BBH (Brown Brothers Harriman)New York, NYUSANAFinancial ConglomerateCYC500,000BBVAMadridSpainEMEAFinancial ConglomerateCYC500,000BBY LtdIndependent I-bankBN0Blackstone GroupNew York, NYUSANAIndependent I-bankBYB3,500,000BNP ParibasNew York, NYUSANAFull-service I-BankBYB3,500,000BOC International HoldingsIndependent I-bankBN0Brewin DolphinIndependent I-bankBN0Bryant Park CapitalIndependent I-bankBN0C.W. Downer & Co.Independent I-bankBN0Canadian Imperial Bank of Commerce (CIBC)Toronto, ONCanadaNAFinancial ConglomerateBYB3,500,000Catalyst Corporate FinanceIndependent I-bankBN0Centerview PartnersIndependent I-bankBN0CIMB GroupNew York, NYUSANABYB3,500,000CitigroupNew York, NYUSANAFull-service I-BankAYA10,000,000

Fill out this list with firms from this segment. The more the merrier!These fields are supplementary and provide context to the list.Choose which class each firm belongs toThis field is calculated."Y" will include the firm in the analysis, "N" will exclude itDefine your classes of opportunity size -- an average-sized large, medium, and small opportunity. Then assign each firm in the list to the appropriate class.This overview is automatically calculated.

Segment BSegment B: Alternative Trading & Hedge FundsSegment OverviewTotal Firms23Targeted Firms18ClassOpp SizeA2A$3,500,000B16B$500,000C0C$0Market Size15,000,000FirmCityCountryRegionCategoryClassTargetClascountOpp'y SizeAbraham Trading CoCanadian, TXHedge FundCN0Adage Capital ManagementBoston, MAUSANAHedge FundBYB500,000Advantage FuturesChicago, IL USANAProprietary TradingBYB500,000Aker Asset MgmtOsloHedge FundBN0Alaron TradingChicago, IL USANAProprietary TradingBYB500,000Alerus SecuritiesGrand Forks, ND USANAAlternative TradingBYB500,000Allston TradingChicago, ILUSANAProprietary TradingBYB500,000Alternative and Quantitative Investments (UBS)Stamford, CTUSANAHedge FundBYB500,000Altis Partners (Jersey)Channel Islands, UKHedge FundBN0Altrion TradingSan Francisco, CAUSANAProprietary TradingBYB500,000Amplitude CapitalZug, SwitzerlandHedge FundCN0Anchorage AdvisorsNew York, NYUSANAHedge FundBYB500,000Angelo Gordon & Co.New York, NYUSANAHedge FundAYA3,500,000Angle GroupNew York, NYUSANAProprietary TradingBYB500,000Appaloosa ManagementChatham, NJUSANAHedge FundAYA3,500,000AQR Capital ManagementGreenwich, CTUSANAHedge FundBYB500,000Aqua Securities L.P.New York, NY USANAAlternative TradingBYB500,000ArcaEdgeChicago, IL USANAAlternative TradingBYB500,000Archelon GroupChicago, ILUSANAProprietary TradingBYB500,000Argnonaut Capital MgmtNew YorkHedge FundCN0Argo TradersBuffalo Grove, ILUSANAProprietary TradingBYB500,000Assent ATSHoboken, NJ USANAAlternative TradingBYB500,000Automated Equity Finance Markets, Inc.New York, NY USANAAlternative TradingBYB500,000

Segment CSegment C: Brokerages

Segment OverviewTotal Firms23Targeted Firms8ClassOpp SizeA4A$3,500,000B4B$750,000C0C$0Market Size17,000,000

FirmCityCountryRegionCategoryClassTargetClascountOpp'y Size1st Discount Brokerage, Inc. Retail BrokeragesN04XDirectForeign Exchange BrokerN04xFindMeForeign Exchange BrokerN0A.B. Watley Group, Inc. Retail BrokeragesN0ABN AmroAmsterdamNetherlandsEMEAFinancial ConglomerateAYA3,500,000ActivTrades Retail BrokeragesN0ADM Investor ServicesPrime BrokerageN0Advanced Currency Markets SAGenevaSwitzerlandEMEAForeign Exchange BrokerBYB750,000Advanced Equities Financial CorporationChicago, ILUSANARetail BrokeragesBYB750,000Aforge FinanceParisFranceEMEABroker-dealerBYB750,000Akin Bay CompanyBroker-dealerN0Akmos TradeForeign Exchange BrokerN0Alaris TradingJersey City, NJUSANAPrime BrokerageBYB750,000Altegris InvestmentsPrime BrokerageN0Alter Forex ManagementForeign Exchange BrokerN0AmbrianBroker-dealerN0American Option Services Retail BrokeragesN0Ameriprise Financial, Inc.Minneapolis, MNUSANARetail BrokeragesAYA3,500,000Ameritrade, Inc. Bellevue, NEUSANARetail BrokeragesAYA3,500,000ApexForex.comForeign Exchange BrokerN0Astaire Group PlcRetail BrokeragesN0Avista PartnersBroker-dealerN0Banca LeonardoMilanItalyNABroker-dealerAYA3,500,000

Segment DSegment D: International Stock ExchangesSegment OverviewTotal Firms23Targeted Firms13ClassOpp SizeA2A$3,500,000B11B$1,000,000C0C$0Market Size18,000,000

ExchangeCityCountryRegionCategoryClassTargetClascountOpp'y SizeAgricultural Futures Exchange of Thailand(AFET)ThailandStock ExchangeN0Ankara Ticaret Borsasi(Ankara Commodity Exchange)TurkeyStock ExchangeN0Armenian Stock Exchange(Armex)ArmeniaStock ExchangeN0Athens Exchange(ATHEX)AthensGreeceEMEAStock ExchangeBYB1,000,000Australian Securities Exchange(ASX)SydneyAustraliaAPACStock ExchangeBYB1,000,000Baku Interbank Currency ExchangeAzerbaijanStock ExchangeN0Baku Stock Exchange(BSE)AzerbaijanStock ExchangeN0Baltic Exchange(source of maritime market information for the trading and settlement of physical and derivative contracts)United KingdomStock ExchangeN0Banja Luka Stock ExchangeBosnia and HerzegovinaStock ExchangeN0BATS TradingKansas City, MOUSANAElectronic ExchangeAYA3,500,000Belarusian Currency and Stock ExchangeBelarusStock ExchangeN0Belgrade Stock ExchangeSerbiaStock ExchangeN0Bendigo Stock Exchange(BSX)AustraliaStock ExchangeN0Bloomberg Tradebook(BTRD)New York, NYUSANAElectronic ExchangeAYA3,500,000BM&F BovespaSao PauloBrazilSAStock ExchangeBYB1,000,000Boerse Stuttgart(Stuttgart Exchange)StuttgartGermanyEMEAStock ExchangeBYB1,000,000Bolsas y Mercados Espanoles (BME)(consolidates Madrid Stock Exchange, Barcelona Stock Exchange, Bilbao Stock Exchange, Valencia Stock Exchange, MEFF AIAF SENAF Holding de Mercados Financieros, BME Consulting (operates in Latin America), and MAB (organised trading system))MadridSpainEMEAStock ExchangeBYB1,000,000Bombay Stock ExchangeBombayIndiaAPACStock ExchangeBYB1,000,000Borsa Italiana(Italian Stock Exchange, acquired by the London Stock Exchange)MilanItalyEMEAStock ExchangeBYB1,000,000Brse Berlin Equiduct Trading(owner Berlin Stock Exchange)BerlinGermanyEMEAStock ExchangeBYB1,000,000Brse Dsseldorf(Dsseldorf Exchange)DusseldorfGermanyEMEAStock ExchangeBYB1,000,000Brse Mnchen(Munich Exchange)MunichGermanyEMEAStock ExchangeBYB1,000,000Brsen AG(consolidates Hamburg and Hannover Stock Exchanges)HamburgGermanyEMEAStock ExchangeBYB1,000,000

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