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European Equity Market Structure


May 2014
Our Strengths Enhance Yours

Letter from J oseph Cangemi
European Equity Market Structure is a hot topic at the moment with the conversation being
fueled by best-selling books and the European Parliaments recent approval of MiFID II. As
a London-based broker serving institutional investors and financial intermediaries
throughout Europe, we believe we are in a unique position to capture the sentiment of the
industry on some of the key issues in the debate which include high frequency trading
(HFT), regulatory oversight and market stability.

At this time we are pleased to share the results of our recent European Equity Market
Structure Survey. The results of which show concerns over HFT and market fairness but a
reluctance by the buy-side and sell-side to make any changes to how they interact with the
markets. With only about one-third of respondents believing that current regulation is
appropriate for todays market structure, we speculate that many market participants may be
taking a wait and see approach to how MiFID II will play out.

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 will undoubtedly spend considerable time over
the next several weeks and months contemplating what all 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.

J oseph Cangemi
Chief Executive Officer, ConvergEx Limited
Our Strengths Enhance Yours

European Equity Market Structure Survey
Our Strengths Enhance Yours

European Equity Market Structure Survey
Our Strengths Enhance Yours

European Equity Market Structure Survey
Our Strengths Enhance Yours

European Equity Market Structure Survey
Our Strengths Enhance Yours

European Equity Market Structure Survey
Our Strengths Enhance Yours

European Equity Market Structure Survey

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 riskproprietary 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, J aywalk 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
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Survey Methodology

ConvergEx conducted the European Equity Market Structure Survey by email to financial industry market participants between May 6, 2014 and May 9, 2014. The total
number of respondents to the survey was 131 and the margin of error on the results in 10%.