U.S.

Equity Market Structure Survey

April 2014

Letter from Eric Noll

U.S. Equity Market Structure is a hot topic at the moment with the conversation being fueled by best-selling books, regulatory investigations and new rule proposals. As a global broker serving over 3,000 institutional investors and financial intermediaries, we believe we are in a unique position to capture the sentiment of the industry on some of the key issues in the

debate. We are actively involved in guiding our clients through many of these issues which
include high frequency trading, regulatory oversight and market stability. At this time we are pleased to share the results of our recent U.S. Equity Market Structure Survey, the results of which show both displeasure in current market structure and a desire for change.

Our survey found that a majority of financial industry participants believe that the U.S. equity
markets are unfair and that HFT is harmful. What may be surprising, however, is that most people seem to be taking a wait-and-see posture. Very few respondents to our survey have made any changes recently to the way they interact with the markets and the majority feel that regulatory changes can provide answers. At ConvergEx we have always taken a proactive approach to providing our clients with the

knowledge and tools they need to successfully navigate the evolving markets and achieve
their trading objectives. In your offices and on your trading floors you have spent much of these past few weeks talking about what these issues mean for your business and your clients. We hope that the results of this survey help move that conversation forward and together we can find the right solutions for you.
Our Strengths Enhance Yours

Eric Noll President & CEO, ConvergEx Group

U.S. Equity Market Structure Survey

Our Strengths Enhance Yours

U.S. Equity Market Structure Survey

Our Strengths Enhance Yours

U.S. Equity Market Structure Survey

51%

Our Strengths Enhance Yours

U.S. Equity Market Structure Survey

Our Strengths Enhance Yours

U.S. Equity Market Structure Survey

43%

19%

Our Strengths Enhance Yours

U.S. Equity Market Structure Survey

40%

Our Strengths Enhance Yours

Global Headquarters ConvergEx Group 1633 Broadway New York, NY 10019 United States of America 1-800-367-8998 www.convergex.com

New York

Boston

Chicago

Atlanta

San Francisco

London

Survey Methodology ConvergEx conducted the U.S. Equity Market Structure Survey by email to financial industry market participants between April 16, 2014 and April 21, 2014. The total number of respondents to the survey was 357 and the margin of error on the results in 10%.

ConvergEx Group is a provider of global brokerage and trading-related services. Its companies provide services in the following areas: global execution, commission management, independent research, commission recapture, options technologies and prime services. These businesses do not engage in market making, investment banking or at risk proprietary trading. When executing trades, one or more ConvergEx Group companies may operate in an agency, riskless principal and/or net trading capacity in search of liquidity for customers. ConvergEx Group in the United States comprises ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC); LiquidPoint, LLC (member CBOE/SIPC); G-Trade Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); ConvergEx Prime Services LLC (member FINRA/SIPC); and ConvergEx Solutions LLC, of which ConnEx, Jaywalk and LDB are divisions. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. In London, ConvergEx Group operates through its subsidiary ConvergEx Limited, which is incorporated in England and Wales (registered with company number 06262150). ConvergEx Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom and its firm registration number is 472780. Any trademarks or service marks used by a ConvergEx Group, LLC company are owned by the company using the mark unless indicated otherwise. The material, data and information (collectively ConvergEx Information) that is available from ConvergEx Group businesses is intended for institutional investor use only; is for informational purposes only; is subject to change at any time; is not intended to provide tax, legal or investment advice; and does not constitute a solicitation or offer to purchase or sell securities. The ConvergEx Information is believed to be reliable, but none of the ConvergEx Group businesses warrant its completeness or accuracy. Please read your agreement with us carefully, as it contains important information and disclosures about the product or service covered by it. (Rev. 2/3/14) 2014 ConvergEx Group, LLC. All rights reserved. 4/21/14