You are on page 1of 80

FOCUS

No 221 | July 2011 The monthly newsletter of regulated exchanges, with key market figures

Evolution of screen-based trading
The long, promising evolution of screen-based trading by Michael Gorham OTC trading and broker/dealer crossing networks in European equity markets by Peter Gomber and Axel Pierron WFE market highlights for first half-year 2011 June 2011 WFE market statistics

Member exchanges
The WFE is the association of 52 regulated exchanges around the world, which develops and promotes standards in markets. Its membership includes:
Amman Stock Exchange Athens Exchange Australian Securities Exchange Bermuda Stock Exchange BM&FBOVESPA BME Spanish Exchanges Bolsa de Comercio de Buenos Aires Bolsa de Comercio de Santiago Bolsa de Valores de Colombia Bolsa de Valores de Lima Bolsa Mexicana de Valores Bombay Stock Exchange Bourse de Casablanca Bourse de Luxembourg Bursa Malaysia Chicago Board Options Exchange CME Group Colombo Stock Exchange Cyprus Stock Exchange Deutsche Börse The Egyptian Exchange Hong Kong Exchanges and Clearing Indonesia Stock Exchange IntercontinentalExchange International Securities Exchange Irish Stock Exchange Istanbul Stock Exchange Johannesburg Stock Exchange Korea Exchange London Stock Exchange Group Malta Stock Exchange Moscow Interbank Currency Exchange NASDAQ OMX Group National Stock Exchange of India NYSE Euronext Osaka Securities Exchange Oslo Børs Philippine Stock Exchange Saudi Stock Exchange (Tadawul) Shanghai Stock Exchange Shenzhen Stock Exchange Singapore Exchange SIX Swiss Exchange Stock Exchange of Mauritius Stock Exchange of Tehran Stock Exchange of Thailand Taiwan Stock Exchange Tel-Aviv Stock Exchange TMX Group Tokyo Stock Exchange Group Warsaw Stock Exchange Wiener Börse

Every effort has been made to ensure that the information in this document is accurate at the time of printing, but the Secretariat cannot accept any responsibility for errors or omissions. WFE commissions articles on capital markets policy and practices for publication in its monthly review, “Focus,” and for website posting. The views of the authors do not necessarily reflect those of this Federation or its member exchanges. For reproduction or citation, please contact the Secretariat.

Focus | July 2011 1

Contents
3 11 14 The long, promising evolution of screen-based trading by Michael Gorham OTC trading and broker/dealer crossing networks in European equity markets, by Peter Gomber and Axel Pierron Federation news
14 15 16 2011 Annual meeting program, Johannesburg and Kapama Game Reserve WFE has 2 new affiliates, and 3 correspondents Market highlights for first half-year 2011

31

News
31 31 31 32 33 33 34 36 36 37 Corporate news Exchange consolidation news Indices Inter-market links IT New products New services Post trade Regulation Other

38 76

WFE market statistics Calendar of events

2 Focus | July 2011

The evolution of screen-based trading
Peter Clifford
Deputy Secretary General, WFE
options markets and later in the world’s stock exchanges. The WFE will publish the second part of this paper in a future edition, as well as insights into HFT, algo trading and direct market access. In November 2011, the WFE will hold an exchange technology workshop at MIT where we will have a chance to study some of these topics. This briefing for exchange managers is organized every two years on campus at MIT to look at the current state of the markets and anticipate the next steps in their evolution. Attendance is free for WFE members, affiliates and correspondents, and open by invitation to selected guests. Among the topics on this year’s agenda: • IT security for exchanges: the new hacking threat • Artificial intelligence application in finance • HFT: what is the limit? • The impact of HFT on: - Surveillance - Risk management - Capacity • Regulation and technology: the challenges of co-location, DMA, HFT • Exchanges data centers • Turning exchanges into IT provider – what new services can exchanges offer? • Next trends in hardware and software for exchanges • IT strategies for smaller exchanges

The technology used by exchanges, always a crucial element in competition between market participants as well as between competing venues, has become a subject of discussion among regulators and policy makers around the globe. From the current consultation on technology by the International Securities Commissioners Organization (IOSCO) to the proposed controls on direct market access (DMA) and high frequency traders (HFT), suspicions about the benefits for the marketplace of new technology and defenses of those innovations are daily features in the marketplace dialogues. As Professor Michael Gorham points out in this month’s Focus, the evolution of technology in financial markets has always been a mix of what the market participants will stand and what regulators will allow. In part one of a two-part history, he traces the rise in onscreen trading that occurred first in the exchange-traded futures and

So we will look at the derivatives exchanges first. In those years. electronic wallboards quickly pushed the chalkboards aside. the precipitous decline in the cost of trading. 1. Pen and paper were the tools used to record trades.com/collection/papers/1970/1977_1122_ ABSNYSE. Likewise when technology made it possible to display clear. the human voice was the main mechanism for executing a trade. They would gladly cede to machines the role of bringing orders to the trading floor. The screen-based pioneers Most of the early efforts to create fully electronic exchanges took place in derivatives during the 1980s. and then examine the stock exchanges. The story of electronic trading told here is separated into three sections. and acceptances of deals. available at: http://c0403731. prices. Exchange members stood at the center of every trade and received a commission for their role in representing outsiders who wished to have their orders executed. promising evolution of screen-based tradingi Michael Gorham Industry Professor of Finance Stuart School of Business Illinois Institute of Technology fine as long as it was confined to a supporting role at the existing.cdn. i ii Thanks to Stuart School of Business graduate students Madhursh Rai and Rajeev Ranjan for research assistance in preparing this chapter. which after several years of development went live in 1977. member-owned exchanges. time consuming and mostly manual operation that involved nine different steps and hour-long searches through cabinet files for possible matches on bonds. however. we present a brief assessment on where we currently stand in this transition to screens and the value of the major changes that have flowed from this transition. quantities. The first stock exchange began in Amsterdam in 1603. of confirming executions. readable. November 22. we look at the changes wrought by electronic trading. “The ABC’s of ABS. We contrast the new fully automated exchanges with the existing exchanges which resisted changes that might prove unpopular with their member-owners and made very limited use of the new technology. technology was embraced in the pursuit of communicating prices and transactions to the rest of the world. And the earliest modern futures exchanges began in the 1860s. it was embraced by the exchanges. And chalk and chalk boards were the basic technology to display quotes. and then later in Europe. With a single notable exception. as technology developed. it was quickly adopted by exchanges first in the US.”ii ABS simplified bond trading by listing bonds with bids and offers. though only up to the point that it did not interfere with a member’s attempt to make a living in his occupation. they adopted the technology of the time. The suggested matches did not become binding.pdf and http://c0403731. the drivers behind and issues involved with customers having direct access to exchange matching engines. floor-based. the proliferation of new order types. Early on. cdn. But exchange members jealously guarded the honey pot of trading. including the increase in transparency.rackspacecloud. and easily updatable prices to large numbers of members on the trading floors. Chairman NYSE. that process where traders yell their bids. Thanks to Larry Harris for pointing out that ABS apparently was first and supplying the above reference and one other. until a printed version was circulated on the floor of the bond room and approved by the relevant brokers. First we look at the evolution of electronic trading by focusing on the pioneers and the problems they were trying to solve by creating fully automated exchanges. and the merger and acquisition frenzy driven by electronic trading. p. allowing remote access to the system and “suggesting” matches. The NYSE noted at the time of the launch that “…trading in corporate bonds has traditionally been a tedious.” Draft. Of course.Focus | July 2011 3 The long. the first fully electronic financial marketplace was created for trading neither equities nor derivatives. For remember that exchanges were generally member-owned associations. which we will explore shortly. Third and finally. 2.com/ collection/papers/1970/1976_0201_CentralProgress.cloudfiles.pdf .cloudfiles. 1977. Second. and their major purpose was to ensure and support the ability of members to conduct their business of broking trades. So. the technology available was relatively primitive. When the ticker tape was developed in 1867. the first fully electronic market was the New York Stock Exchange’s Automated Bond System (ABS). In the beginning As exchanges were created. offers. and of disseminating market data to the public. As best we can tell. So technology was 2. William Batten. stock exchanges did not show up in full electronic clothing until the very end of that decade.rackspacecloud. However. They were not keen to give this role up to machines.

the British territory was sufficiently close to the US to make it easy for the US-based officers of the exchange to travel there. The first. either in their original form or after one or more mergers. all but two got traction. Kent. and from discussions with Patrick Catania. Grummer and Peake had already decided on the London Commodity Clearing House (LCCH) to clear the new exchange’s trades and LCCH already had a presence in Bermuda.iv and he felt that the time was right for an electronic solution to the problem. 51-55. In fact. So they began to put down roots in Bermuda. A venture like this needed capital and Grummer teamed up with a Texas oilman named Wallace Sparkman. However after informal meetings with the CFTC staff. but were beaten back by entrenched floor-based interests on the mainland. By the time a market order reached the floor. and the tenth in China. Derivatives pioneers It should be no surprise then that the earliest electronic exchanges were generally not conversions of older floor-based exchanges. the third in Sweden by a guy who loved options. creations of brand-new exchanges. when things got very busy. exchange websites. the seventh and eighth in Australia and South Africa. Building an electronic exchange in the early 1980s was not easy. But it is an interesting case study because it is essentially a story of how a small group of people who believed that screens were better than floors worked hard to create the first electronic derivatives exchange. failed and forgotten pioneer – INTEXiii The first electronic derivatives exchange. created during the pioneering period from 1984 to 1993. and customers often felt they were being cheated. was created from scratch. but in the floor-based world. a retired Merrill Lynch futures broker named Eugene Grummer had grown tired of what he felt were abuses on the trading floors in Chicago and New York. Launch dates were announced a number of times. except for the two Japanese exchanges. is one that no one remembers. they realized that there would be huge delays in approval because of anticipated serious pushback by the big floor-based exchanges. To make matters worse. On the derivatives side of the business. but had to be canceled continually because the technology was not quite ready. He also needed someone with significant market experience to run the company. The second was iii iv Unless otherwise indicated. have become highly successful. And because of the lack of an accurate trail. emails from exchanges.4 Focus | July 2011 Table 6. While this may seem like a strange choice. and only historians remember failures. p.1: First 20 derivatives exchanges to become fully electronic Fully electronic 1 Oct 1984 2 Jan 1985 3 Jun 1985 4 Apr 1988 5 Jun 1988 6 Jan 1990 7 1990 8 Aug 1990 9 Apr 1991 10 May 1993 11 1997 12 Dec 1997 13 Jun 1998 14 Sep 1998 15 Nov 1998 16 Jan 1999 17 Feb 1999 18 1999 19 Jul 1999 20 Jul 1999 Partially electronic Never Never Never Never Never Never Oct 1987 Never N/A Never 1990 N/A Apr 1998 Never N/A 1982 1998 Never Oct 1998 Never Exchange Intex NZ Futures and Options Exchange OM Tokyo Grain Exchange SOFFEX DTB Australian Stock Exchange SAFEX Tokyo Commodity Exchange Zhengzhou Commodity Exchange BOVESPA Wiener Börse AG MATIF Eurex Budapest Stock Exchange Tokyo Stock Exchange Oslo Børs Shanghai Futures Exchange Osaka Securities Exchange Taiwan Futures Exchange launched in New Zealand by a group of wool traders. it often would be executed at a worse price than indicated by the prices that had just been reported from the floor. and he selected Junius Peake. assorted news clips. The group actually wanted to start the exchange in the United States. In fact. erivatives. It’s difficult to imagine today when we can see all or much of the limit order book. 2004. .” in Patrick L. a former partner in a major securities firm. “Electronic Trading: A Brief History. of the first ten screen-based derivative exchanges. The first attempt was actually a North American exchange camouflaged as a Bermuda exchange. INTEX tried to create the perfect system for the time and attempted to incorporate all the suggestions that were given by potential participants. called INTEX. Also. who was an employee of INTEX during the period referenced. the most a customer off the floor would know was the price of the last transaction and possibly a recent bid and ask. it was easier for brokers to front run customer orders. but were rather de novo events. the fourth and ninth in Tokyo. most of the new electronic exchanges were successful. details in this section are taken from Patrick Catania. the fifth and sixth in Europe.com Publishing. these eight. At the Source: Mondo Visione. England. It was launched over a quarter century ago and it failed. An Intangible Commodity: Defining the Future of Derivatives. a fast market was declared and brokers were not held to all of the normal requirements of performance. in a jurisdiction where they could gain quick regulatory approval. This venture was complicated by the fact that the customers of the new exchange were almost 800 miles away in New York City and could be connected only by transatlantic cable. Young (editor). Every one of these. In the early 1980s.

Second. the competitor was a floor-based options exchange. and OM was so far ahead. Traditionally. Screens solve the location problem down under New Zealand is a short story. But they kept at it.v This first attempt to create an electronic derivatives exchange was a failure. On opening day. the exchange made a pre-tax profit of $24. which was consistent with London’s position as the world’s most prominent financial center. but he couldn’t get options out of his head and he began designing a system for the electronic trading of options by small retail customers. Members of floor-based exchanges were understandably afraid of the rise of electronic trading and the fact that this could very likely put them out of business. Enskilda. that the new competitor could never gain traction and quickly disappeared. and its transparency and cost advantages were so great. Unlike the first two. 25 October 1984.8 million. Luckily for OM. of course. So the Chicago exchanges did everything they could to discourage brokerage firms from doing business at the new electronic INTEX. November 18. INTEX made the strategic mistake of choosing gold futures as its first new product. a smart move as trading in the product grew rapidly and by the early 1990s the Bund had become LIFFE’s most actively traded product. Not only was OM one of the very early pioneers in screen-based trading. Intex. But the biggest factor in the failure of INTEX was the pressure exerted by the big floor-based exchanges in United States on their member firms. intelligence. and the floorbased exchanges could breathe a little easier. It is a story of seven wool traders spread over four different wool trading centers in New Zealand. In 1988. v Electronic Exchange for Futures. exchanges listed derivatives chiefly on their own country’s assets (stock indexes. who wanted to create a local futures market in New Zealand wool. A very effective marketer. The lesson from the New Zealand wool traders was that an electronic exchange solved the “where-to-locate” problem. When he returned to Sweden. This included suggestions that firms could lose prime booth space on the Chicago exchange floors. he signed up Sweden’s largest bank.” Wall Street Journal. It was a mistake because the conventional wisdom is that new products do best in a bull market when there is a strong inclination to buy. which itself merged with the Australian Stock Exchange in 2006. and with adequate backing (from the bankers) and product diversification (including both commodity and financial products). the New Zealand Futures Exchange opened its doors with government bond. he got involved in other ventures. The two groups pooled their funds. trans-Atlantic exchange Nasdaq OMX. So LIFFE decided to list Bund futures. OM was successful out of the gate. The force behind OM was a Swedish entrepreneur named Olaf Stenhammer. commercial paper and US dollar futures. in 1987 it became the world’s first publicly listed exchange. should they be sending any trades to INTEX. . at least for a while. The London International Financial Futures Exchange (LIFFE) was the largest derivatives exchange in Europe ever since its creation in 1982.vi Within two years the exchange was trading 30. Wall Street Journal. the effort became the first successful electronic derivatives exchange. in 2007 it became half of the giant. followed a few months later by wool futures. but found themselves quibbling about which city would host the new exchange. Each trader. vi With options listed on only six Swedish stocks. As might be expected. The pivotal event in the battle between screens and floors The defining event in the transition from floors to screens took place in Europe and involved a battle between a floor-based Goliath and a tiny screen-based upstart. and its biggest industrial conglomerate.4 million on revenue of $121. LIFFE listed futures on Europe’s leading sovereign debt instrument. a rare event. later added options and merged with the much larger Sydney Futures Exchange in 1991. as his major backers. the Wallenberg Group. wanted the new exchange to be in his city. and after a long string of mergers. On January 20. 1988. the success created competitors and OM was in fact faced with a serious competitor during its second year of business. But Germany had not yet started a derivatives exchange to list the German products. In addition. p. and energy to create the world’s second screen-based derivatives exchange. 26 October 1984. 1. or Bund. They then did two smart things. Options and northern lights Electronically traded options were the original foundation for the Swedish OM exchange that opened its doors in 1985 as the world’s third screen-based derivatives exchange. the exchange saw only 142 gold contracts trade and it never got any better. First they decided to make the exchange screen-based so that no one would have any particular advantage and they all would be equally happy or unhappy. The exchange made a splash and was profitable from the very first year. who first learned options as a broker in New Jersey shortly after the founding of the Chicago Board Options Exchange in 1973. government debt and agricultural commodities). the German government bond. The exchange got off to a slow start – 200 contracts represented a big trading day in the early years. less than half of the memberships and terminals had been sold. 1985. Opens in Slow Trading. Gold had been in a long bear market for almost five years and continued in that same trend for another six months. they recruited ten financial institutions to join them in the project. This was due to German law that viewed futures as gambling and futures contracts as non-enforceable.000 contracts per day.Focus | July 2011 5 time of the exchange’s opening in October 1984.

There Contracts in millions . By the end of 1998. While the New York Mercantile Exchange (NYMEX) did have an electronic platform. built solid trading volumes and established good liquidity in a product. just like virtually all other exchanges that had gone after a liquid market at another exchange. the German DTB merged with the Swiss SOFFEX to form Eurex. Within a few months. But LIFFE continued to grow just as rapidly and maintained a 2/3rds market share. the Deutsche Terminbörse (DTB) listed three products – futures on the German stock index (DAX). It then launched clones of NYMEX’s gasoline and heating oil contracts. It took eight years to do it. the exchange was still pursuing a floor-based expansion strategy in Europe. but it was also quickly building an international following by pursuing the establishment of remote memberships and terminals in Paris. This principle of liquidity-driven monopoly ensured that each exchange generally held a portfolio of monopoly products. seasoned observers expected the DTB to fail. It was now clear that the future belonged to screens.6 Focus | July 2011 About the same time that LIFFE was launching Bund futures. Stuttgart. This meant that DTB was more transparent and cheaper than LIFFE. In its first year (1990). creating the largest derivatives exchange in the world. the Intercontinental Exchange (ICE) had established liquid OTC and exchange-traded markets on a solid electronic platform. the banks sponsoring the exchange were spread around the country. a group of German banks began discussing the creation of a German derivatives exchange along with the change required in German law. In its first year. So when DTB listed the product in which LIFFE had already built one of the most active markets in the world.1 German government bond volume at LIFFE and DTB 160 140 120 100 80 60 40 20 0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 LIFFE DTB/Eurex Source: FIA. What was playing out was a repeat of the DTB-LIFFE story. It actually set up floor-based subsidiaries in Dublin and London and was planning to do the same in Singapore and Dubai. Meanwhile. The little German challenger was a screen-based exchange. And to further underline the importance of the victory of the electronic exchange. ICE went from zero to a 30% market share. ICE listed a clone of NYMEX’s benchmark West Texas Intermediate (WTI) crude oil contract. For over a century. DTB traded 5 million German Bund contracts. In fact. But there was an interesting difference in this contest. Munich and Hanover. instead of building a new electronic matching engine from scratch. DTB cut fees and made its terminals free for foreign participants. The dangerous phase between floor and screen Figure 6. but a brand new electronic exchange had captured 100% of the market share of Europe’s biggest contract at Europe’s biggest floorbased exchange. and LIFFE’s crown jewel. it was not robust and the exchange was not pushing it. in this case in Berlin. the German Bund. to set one up. 1988-99 What DTB’s capture of all of LIFFE’s Bund volume points out is that the transitional phase is especially dangerous for floor-based exchanges. they solved the problem by locating the exchange in cyberspace. After all. As in New Zealand. the floor-based Chicago Board of Trade had been the world’s largest derivatives exchange. they bought one from their neighboring Swiss Options and Financial Futures Exchange (SOFFEX). DTB volume began to soar at the expense of LIFFE. In the futures markets. when a large US exchange almost had its cornerstone product stolen by a new all-electronic exchange. in 2005 and 2006. In 1996. London and the US. while the exchange being attacked was floor-based. the CFTC gave it permission to place terminals in the US market. Never again would the floor-based exchanges of the world be able to sleep peacefully. volume at LIFFE had fallen virtually to zero and DTB had traded over 140 million contracts for the year –almost five times the level of two years earlier. Asia and the Middle East at the behest of its member-owners. Then things started to look up for DTB. In 1997 and 1998. in that same year. They hired Jorg Franke. With growing participation from traders in Chicago. and it continued growing almost every year thereafter. it has been virtually impossible for another exchange to successfully list the same product. the head of the Berlin Stock Exchange. Hamburg. 1998. thanks in part to its banker owners that directed their trades to the new exchange. and each wanted the exchange to be in its city. London and Paris. the German equivalent of Eurodollars (FIBOR). In February 2006. And to speed up time to market. This lesson was brought home again in 2006. here was the newest and smallest exchange in Europe trying to compete with Europe’s biggest and oldest financial derivatives exchange. Volume Reports. Just like the wool traders in New Zealand. once an exchange has attracted a reasonable number of buyers.

LIFFE was first. launching its Automated Pit Trading (APT) system in 1989. but again the volumes were never very large. If the NYMEX contract vanished. The other approach. there were also low-tech approaches to protecting Western markets. What US exchanges worried about was whether the Japanese would soon list on their own exchanges the same products they were now supporting on the US and European exchanges. they chose to partner with then technology pioneer Reuters Holdings PLC. the CME bought NYMEX. p. it’s not clear that ICE really wanted NYMEX’s crude oil contract to disappear. so as not to intrude on or compete with the regular trading hours of their members. exchanges feared that the Japanese and others in the Asian time zone would establish their own versions of all of the big blockbuster contracts that the Japanese were trading in Chicago and in New York. For example. The Japanese. where anyone left with a position after the close of trading at the expiration of the contract either delivered or received actual crude oil. but also by the Chicago Board of Trade. John Wiley and Sons. the contracts based on interest rate products. but they also knew that their members would have their heads if they began to shift their floors to screens. NYMEX’s WTI contract was a traditional physically delivered contract.Focus | July 2011 7 were two important differences. but exclusively for after-hours trading. It wasn’t an easy thing for any of these exchanges to sell electronic trading to their member-owners. while preserving for the exchange members exclusive rights to trade during regular daytime trading hours or in the most liquid markets. so many in fact that the CME hired away a Northwestern University professor of Japanese to act as a full-time liaison with these Japanese firms. most successfully pursued by the Chicago Mercantile Exchange. The most strategically important of these systems was the CME’s GLOBEX. The New York Cotton Exchange also had a floor-based evening session beginning in 1992 that actually went on for 15 years. and physical commodities had absolutely no intellectual property protection. Two years later. by contrast. most futures products were generic and could be started by any exchange at any time.vii So he and then chairman Jack Sandner tried to reduce fear by promising members that GLOBEX would never be open during regular daytime trading hours unless the members ever voted to do so. Leaders of futures exchanges knew they must recognize the technological revolution that was engulfing the world. Securities exchanges often would allow electronic trading only in lightly traded issues. was Chairman of the Strategic Planning Committee that came up with GLOBEX. First. And the US exchanges realized that they were not exactly being customer friendly by requiring the Japanese wishing to trade on the Chicago exchanges to stay up all night to do so. In the United States. They also created a financial incentive by committing to give 70% of GLOBEX profits to the members. long-time CME leader. . While some products were protected by exclusive licensing agreements. The system catered to pit traders and was sufficiently non-robust that LIFFE did not call on it when faced with the 1997-98 DTB attack described earlier. again so as not to seriously impinge on the business of their members. 336-339. So they adopted electronic trading in a very limited way to solve a very different problem. 1996. though the system would not actually light up until five years later. At the same time that Japanese trading was growing rapidly on US derivatives exchanges. He needed to convince CME members that after-hours electronic trading was in their interest. especially in the US. The problem. the Chicago Board of Trade was sufficiently committed to floor trading that it decided in 1987 to extend its hours into the Japanese trading day by having an evening session staffed with members making markets on the trading floor. like the S&P 500 and all other branded stock indexes. For example. had to do with the rise of Japan as a trading power. to convince members that the project had a high probability of success. Finally. currencies. the ICE contract would lose its settlement mechanism. The plan was unveiled to members in the fall of 1987. Baby steps – Floor-based exchanges try after hours electronic trading While new exchanges were being created in an electronic format. in June of 1992. Of course. And there was only a very slight overlap between the opening on European exchanges and the closing times on Tokyo exchanges. There vii This section draws upon Leo Melamed’s recollections in Leo Melamed. Escape to the Futures. it was also growing rapidly at home in Japan. This approach allowed the exchanges to take small steps toward competing electronically. existing floor-based exchanges took a much more cautious route. A few weeks later. Leo Melamed. This approach did not last long. and the London International Financial Futures Exchange (LIFFE) was to set up screen-based systems for trading products after the trading floors closed in the afternoon. and to a lesser extent other Asian countries. Several futures exchanges established electronic systems. NYMEX saw the folly of its floorbased orientation and quickly made a deal to use CME’s battletested GLOBEX electronic platform. was absolutely no overlap between Chicago or New York trading hours and Japanese trading hours. was cash settled (often referred to as financially settled) based on the NYMEX price. So the CME saved NYMEX from possible extinction at an undisclosed cost. had jumped into derivatives with both feet. the members approved the plan with a landslide vote. More importantly. NYMEX. Many Japanese brokerage firms decided to become members of US derivatives exchanges. The ICE product.

and Japan and which is used for all the European derivatives exchanges that have become part of the Euronext half of NYSE Euronext. Switzerland. Texas Instruments. whereby dealers could enter and view bids and offers for all NASDAQ stocks. which supplied the colorful Macintosh icons.8 Focus | July 2011 The approaches to creating a screen-based system took two major paths. The “let’s appeal to the floor trader” path to electronic trading was pursued by both the Chicago Board of Trade and the London International Financial Futures Exchange. Vol 48. it never really caught on. the traditional trading floor. were relatively mature institutions. had even earlier in 1971 created an electronic quotation system. it has leased technology to support trading and clearing in more than 50 countries. and Tandem Computer. One thing that the CBOT’s continuous swapping of trading platform partners points out is just how modular exchanges have become in the electronic age. The Design of Trading Systems: Lessons from Abroad. Germany. Its innovation in electronic matching put the Toronto exchange on the map. was still in its infancy and many countries did not yet have derivatives exchanges. an electronic limit order book in which brokers could match market orders against the limit orders in the book. proprietary system renamed Project A. and certainly no deep love of. the Toronto Stock Exchange became the first exchange to create an electronic matching system. Canada. In 1977. Sweden. The CBOT spent several years pretending to join the CME and Reuters in their GLOBEX system. It was a collaboration between Apple Computer Inc. The other approach was to create trading screens that would appeal most to outside traders who had no particular familiarity with. and then finally to CME’s GLOBEX after the 2007 merger of the two giant Chicago exchanges. and in some cases all. . just like the existing derivatives exchanges. colorful screen. exchanges were generally self-contained. Today. So in figure 6. But the matching. having pretty much all functions in house – trading floor operations. of course. were still done over the phone. The London based LIFFE. Automating the world’s stock exchanges As we have seen. especially in financial products. was also early in leasing its trading platform to other exchanges. And given the natural resistance of member-owners. The rest of the world was not so crazy about it. created a widely respected trading platform called LIFFE CONNECT in 1998. product development. it was not until 1989 that stock exchanges began to start converting to electronic trading in earnest. the existing stock exchanges.2. the deals. South Africa and China all had no derivatives exchanges. Today. Financial Analysts Journal. Many partial steps were taken toward creating electronic trading platforms even in the 1970s and 1980s. As other exchanges explored the possibilities of computerized stock trading and began looking for models and mentors. the Tokyo Stock Exchange introduced an automated system viii Roger D. we see that except for the isolated event of the Cincinnati Stock Exchange becoming electronic in 1980. Toronto became a compulsory stop on their world tours. all these countries created new derivatives exchanges. In 1982. In the floor-based days. While Project A did have some advantages over its predecessor Aurora. Stock exchanges. That relationship lasted only a few years before the CBOT switched from Eurex’s system to LIFFE’s system. Consequently. and they were all electronic right out of the box. The Swedish exchange OM. one of the early pioneers in electronic trading. the early pioneers of electronic derivatives trading created brand new exchanges starting in the mid 1980s. of these functions. Pit traders loved Aurora. but ultimately. it broke ranks and returned to developing its own pit-trader-friendly. which it has leased out to exchanges in the US. Toronto lit up CATS (for Computer Assisted Trading System). No 5 (Sep-Oct 1992) pp 49-54. This is especially true with trading platforms and related technology. exchanges can and do outsource many. in the form of NASDAQ OMX. now part of NYSE Euronext. So during the mid 1980s and early 1990s. regulatory and often clearing and settlement (in the case of futures exchanges). and the CBOT abandoned the system for a more robust and battletested system created by Eurex of Frankfurt. were not likely to quickly convert to screens. Aside from the fact that conversions from floors to screens met stiff resistance from member-owners whose livelihoods were threatened. and was much more interesting than the CME GLOBEX screen. typically only for stocks that were relatively inactive. Huang and Hans Stoll. marketing. and the product never came to market. It took almost another decade before existing floor-based exchanges began fully converting to screens. legal. early electronic activity on the securities side was carried out on an experimental basis. But this new system was used only for inactive stocks. which supplied the artificial intelligence. One was to focus on making floor-trading members happy by creating a screen that resembled as much as possible the traditional trading floor. the actual trades. Aurora had a beautiful. The Chicago Board of Trade unveiled its floor-trader-friendly Aurora system at the annual Futures Industry Association Conference in Boca Raton Florida in March 1989. This was not threatening to the floor traders who found it much more profitable to focus their attention on the more actively traded issues.viii NASDAQ. which supplied the raw processing power. New Zealand.. on the other hand. Six years after NASDAQ lit up its quotation screens. derivatives trading. and most countries of any size already had one or more stock exchanges and were not generally building new ones. to preserve the dealers’ role and ensure that they were able to earn the bid-ask spread for their market making contribution. in 1994.

About 80% of these were conversions. to make Schumpeter’s “creative destruction” a little less destructive. Iran Istanbul. the Paris Bourse and the Madrid Bourse as well as three other stock exchanges in Spain. New Zealand Shenzhen. Tokyo restricted it to exchange members only.x The most intensive activity took place between 1995 and 2001. Also.2 (and table 6. and the other 20% were brand new ventures. like Cincinnati. ix 1861 Nov 1990 1817 May 1974 1915 Dec 1990 1850s Sep 1992 1891 1992 Oct 1990 Dec 1990 1991 1991 Aug 1992 1992 Apr 1993 Sep 1993 Nov 1993 Jun 1994 1936 Oct 1984 1808 1912 Sep 1994 Nov 1994 1994 May 1995 Tehran. 66. of Derivative Exchanges Becoming Fully Electronic Global No. China Warsaw. Hong Kong Mumbai. but was a way to preserve jobs. assorted press articles Riyadh. The full 85 are listed in Gorham and Singh. p. the first fully electronic exchange of any kind was created in 1980 and involved the conversion of the 95-year old Cincinnati Stock Exchange into a fully automated marketplace. Poland Bangkok. Indonesia x xi Lewis D. ix Even though the Toronto Stock Exchange was the first to create an electronic matching engine.Focus | July 2011 9 Figure 6. Lithuania Central. 24:299. Michael Gorham and Nidhi Singh. Thailand Wellington. The Impact of Technology on the Trading of Securities: The Emerging Global Market and the Implications for Regulation. Vol. United Exchange* States 2 Bolsa Electrónica Nov 1989 Nov 1989 Santiago. while CATS revealed the limit order book to all market participants. * Originally Cincinnati Stock Exchange Source: Mondo Visione. India 1863 1990 modeled on CATS. exchange websites. Czech Republic Vilnius. Turkey Milan. like the Bolsa Electronica de Chile. Of the 85xi fully electronic stock exchanges that came on line between 1980 and 2007. 2009. though only the top 20 are displayed in the table here. it took another 20 years before trading became fully electronic in Toronto. Sweden Australia Shanghai.2 Comparison of global number of derivatives and stock exchanges becoming fully electronic: 1980-2007 11 10 9 8 7 6 5 4 3 2 1 0 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Table 6. Elsevier. Electronic Exchanges: The Global Transformation from Pits to Bits. 1991. communications with exchanges. of Stock Exchanges Becoming Fully Electronic Source: Mondo Visione. In 1989 there was an electronic exchange created in Chile. trades were actually matched manually by order clerks. Saudi Arabia Stockholm. so CATS became CORES in Japan.2). The John Marshall Law School Review. China Prague. and then in each subsequent year. the Asia Pacific region (29%) and the Middle East (11%). But it took almost a decade for the trend to really start. assorted news clips. . As can be seen in the figure 6. They altered the name to Computer Assisted Order Routing and Execution System. Many exchanges have licensed Toronto’s CATS – the Brussels Bourse.2: First 20 stock exchanges to become fully electronic Established Fully Location electronic 1 National Stock 1885 1980 Chicago. Chile de Chile 3 Paris Bourse Jun 1802 1989 Paris. One curious thing about the Japanese adaptation of CATS was that even though all the limit orders were placed in an electronic file. there was at least one and sometimes as many as nine or ten fully electronic stock exchanges lighting up screens. to name a few. exchange websites. Finland Exchange 1930 Apr 1990 Global No. called saitori members. France 4 OMX Nordic Exchange in Helsinki 5 Saudi Stock Exchange (TADAWUL) 6 OMX Nordic Exchange in Stockholm 7 Australian Stock Exchange (ASX) 8 Shanghai Stock Exchange 9 Warsaw Stock Exchange 10 Stock Exchange of Thailand 11 New Zealand Exchange (NZX) 12 Shenzhen Stock Exchange 13 Prague Stock Exchange 14 Vilnius Stock Exchange 15 HKEx 16 National Stock Exchange of India 17 Tehran Stock Exchange 18 Istanbul Stock Exchange 19 Borsa Italiana 20 Indonesia Stock Exchange 1912 Apr 1990 Helsinki. It was less efficient. Solomon and Louise Corso. most occurred in Europe (33%). Italy Jakarta.

This article is a part of the chapter titled “Long. They began experimenting with the system in 1976 and designing a new exchange. was making markets in 35 stocks for as many as 3-4. About Michael Gorham Michael Gorham is Industry Professor and Director of the IIT Stuart Center for Financial Markets at the Illinois Institute of Technology. He has written for newspapers. until July 2008. Initially they did well. and to modernize financial markets in Egypt. First they created a system of multiple dealers for each stock. he currently serves on the board of directors for the CBOE Futures Exchange in Chicago and. Second. approached Cincinnati with an electronic matching system they had developed. And in the United States. There were two things that Cincinnati did that helped them to succeed. who served in many capacities at the Cincinnati Stock Exchange for two decades. at the Santa Fe Campus in Mexico City. He is regional director of the Global Association of Risk Professionals for Chicago. he was a Peace Corps volunteer working on an agricultural modernization project in Malawi. China. In fact. lawyers. they established a rule that allowed the dealers to trade against their own customers if they did so at a price that was better than the best bid or offer. xii This discussion relies on discussions with David Colker. journals and magazines in Argentina.S. India’s Financial Markets: An Insiders Guide (July 2008) and Electronic Exchanges: The Global Transformation from Pits to Bits (May 2009).000 shares at a time and was offering better prices than the NYSE. Earlier. establish a commodities market in the United Arab Emirates. evaluate the feasibility of Parmesan cheese futures in Italy. He holds a BA in English literature from the University of Notre Dame. Africa. former vice chairman of the CBOE and board member of the Cincinnati Stock Exchange. especially when Cincinnati’s share began to push up to 5%. By the 1970s. Gorham was an economist at the Federal Reserve Bank of San Francisco and VP of international market development at the Chicago Mercantile Exchange. there was tremendous resistance in New York to Cincinnati’s strategy. Mr. The Weeden brothers. and with Gary Lahey. the editorial boards of the GARP Risk Review and of Futures Industry magazine. Gorham served as the first director of the Commodity Futures Trading Commission’s new Division of Market Oversight. both published by Elsevier. the pressure was so great that no other American exchange appeared among the first 20 stock exchanges to become fully screen based. After university. .D. the Cincinnati board felt they had nothing to lose. they could avoid the NYSE specialists altogether. who started Timber Hill and Interactive Brokers. He is also Adjunct Distinguished International Professor of Finance at EGADE. Don and Frank. who had their own broker/dealer.10 Focus | July 2011 But the question remains: why was the Cincinnati Stock Exchange the first to become fully electronic in 1980 and why did it take almost a decade for another stock exchange to follow its lead?xii Cincinnati converted to screens via a serendipitous combination of desperation and ingenuity. He also served as Managing Editor of the Journal of Global Financial Markets. He has been involved in consulting projects to create a stock index futures market in India. Tom Peterffy. Mexico and the U. By 1980 the exchange was ready to darken its floors and light up its screens. and has given talks on derivatives in 14 countries. in agricultural economics from the University of Wisconsin. The Asia Pacific region and Europe accounted for 75% of the first 20 and both South America and the Middle East had more electronic stock exchanges than the US by 1995. If they and others could become specialists on a regional exchange like Cincinnati. promising evolution of screenbased trading” published in “Regulated Exchanges: Dynamics Agents of Economic Growth” in 2010. served on the board of the National Commodity and Derivatives Exchange in Mumbai. India. With revenues and membership values falling. more like NASDAQ than NYSE. He serves on the business conduct committee of the Chicago Mercantile Exchange. most of the US regional stock exchanges had disappeared. and those remaining were looking for some way to survive in the shadow of the New York Stock Exchange. Japan. Hi is co-author of two books. retiring as CEO and president in 2006. an MS in food and resource economics from the University of Florida and a Ph. a division of 100 economists. From 2002 to 2004. Why did no other exchange follow suit? No member-owned exchange really wanted to convert to screens. In addition. the graduate business school of Monterrey Tec. Mr. futures trading specialists and others dedicated to the oversight of the nation’s 12 futures exchanges. At the same time there were broker/dealers who felt squeezed between falling commissions (the SEC eliminated fixed commissions in 1975) and the high costs they faced dealing with the NYSE specialists.

Not only has it driven a decrease of order sizes but it has also made market data. Implementation of trading technologies has reinforced the sensitivity of market data. and an analysis of business models. investors are in a situation where they need to capture relevant market data as close to real time as possible. However. php?id=newsarchive) analyses the status quo of European equity markets from a legal. services. the Chair of e-Finance at Goethe University (Prof. because this information is necessary for this computer-based trading to operate. at the same time. Securities & Investments Celent In the context of the MiFID Review. pre. carried out with wholesale counterparties. The share of OTC trades that would face no market impact increased from 68% in 2008 to 80% in 2010 for high liquids and from 58% in 2008 to 66% in 2010 for less liquids. crossing networks.wiwi. However in practice. due to technology implementation cost and complex posttrade infrastructure. service competition.Focus | July 2011 11 OTC trading and broker/dealer crossing networks in European equity markets Peter Gomber Chair of e-Finance. Recognizing innovations in financial products. services. market integrity. Frankfurt and Celent (Axel Pierron) jointly published a research report entitled ‘MiFID: Spirit and Reality of a European Financial Markets Directive’. the analysis reveals that most OTC trades would face no market impact. In reality. and conducted outside systems used for systematic internalization. and high execution quality of investors’ transactions and the transparency and efficiency of the price discovery process in particular. the Directive’s aim was to establish a regime that assures the integrity and efficiency of the financial system in general. and the structural differences between OTC trading and primary market trades are overestimated in the public discussion. regulated markets.efinance. These facts raise some important questions.e. However. and improved market quality in terms of reduced spreads and deeper order books. above standard market size. there are only a few investment firms that are registered as systematic internalizers. This technologies have changed the way trading is conducted in the European cash equity market. If—as most market participants state— the minimization of market impact is the central motivation for OTC trading. A significant share of OTC trades are rather small and would not face market impact. reduce explicit and implicit trading costs for investors. more crucial to market participants. be it through dark pools.de/eng/index. the reality of European markets reveals that the competition between regulated markets and the newly emerged MTFs works in favor of investors and has led to the desired effects in terms of technology and trading model innovations. interviews. and specifically new trading methods and new trading technologies alongside regulated markets in the 15 years since the implementation of the original ISD. The fragmentation of venues driven by the opening of venue competition due to MiFID has accelerated the adoption of trading technology from order management systems to algos and SORS. significant fee reductions. The analysis of OTC data in this study reveals that currently the majority of OTC transactions are not larger but smaller than standard market size.and post-trade. MiFID characterizes OTC transactions in Recital 53 as transactions that cumulatively fulfill the requirements of being ad hoc and irregular. and fairness. trading activity currently reported as OTC activity is very different from the original MiFID intention. Therefore. By defining a new trading venue classification (i. Peter Gomber). and transactions carried out on an OTC basis represent a significant (around 40%) and stable part of the overall trading volume in the European equity market. This concern about information leakage is driving an increase of order execution in the dark side of the market. one should expect that most OTC trades would face market impact if concluded on the reference market. the vast majority of buy side volume (88%) . University of Frankfurt Axel Pierron Senior Vice President Banking.uni-frankfurt. It draws on a broad range of resources including trading data. economic and business perspective. Now three years after the implementation of MiFID. are looking for opportunities to hide their own trading strategy and pattern. the Directive tries to encourage innovation. multilateral trading facilities. The investigations lead to the following key conclusions specifically concerning OTC trading and the role of Broker/Dealer Crossing Networks in European equity markets: MiFID’s key objectives are market efficiency.. the OTC side of the market has not been touched by the MiFID regulation. and reduce the cost of capital for issuers. However. The report (available at: http://www. or OTC. and systematic internalizers) and by enabling these venues to compete on a level playing field in terms of fees. and technology. The key idea of MiFID is to establish a comprehensive regulatory regime governing trading in financial instruments irrespective of the trading methods used to conclude those transactions. but.

12 Focus | July 2011 is in fact handled by broker/dealers that are de facto in a situation to favor their own dark venues. This situation is even more acute today since numerous BDCNs are becoming linked to one another to create a cloud of crossing networks that will deepen their pool of liquidity and increase the likelihood of execution. With negotiation happening in the OTC space. because these execution mechanisms are providing both a multilateral matching of client orders against each other and deal on their own account by executing client orders. Therefore.. The current level of transactions that are conducted OTC pose a real threat to the order-driven model of the European cash equity market. Therefore the fact that BDCNs are currently considered OTC transactions is. This concern should not be minimized because the current fragmented nature of the European regulatory and surveillance infrastructure requires the commitment of every single trading venue operator to minimize opportunities of misconduct and maximize the likelihood of spotting market abuse activity. BDCNs are allowed to provide access to selected customers across the various market participant types (traditional buy side. Given that functional regulation is a key concept of MiFID. the opportunity for an investor to conduct market abuse and market manipulation activities across the various untransparent and unmonitored liquidity pools has increased significantly. the regulatory handling of BDCNs is a central component. However. In reality. The development of BDCNs creates second class investors. MTFs. The key MiFID principle of functional regulation should not be touched. hedge funds. they do not conduct any venue surveillance activity. access. the regulatory classification of BDCNs should be based on a functional perspective only. a breach of competition since they provide mostly the same services as the regulated venues without the regulatory burden. . and that there is a demand for that service. but a vast majority of their operations should be regulated. and they have to conduct some significant customer activities and order surveillance operations. Broker/dealers are a very regulated community. The significant level of OTC activity and the development of BDCNs create some serious market surveillance concerns. SI). While MiFID has imposed non-discretionary access rules to the various regulated venues. as regulated trading venues do.). the crossing networks. The implementation of a threshold approach for BDCNs currently discussed in the context of the MiFID review would enable these execution venues to leverage their flexibility and adaptability for regulatory arbitrage and would put other MiFID trading venues (e. other sell side. Reliance on OTC market operations should be closely supervised. BDCNs do not provide a unique model of execution. Broker/dealers have developed matching engines to electronify their OTC activities that were mostly conducted over the phone in the past. and (ii) the intention to protect large orders against market impact has to be cross-checked against the reality of trading opportunities provided in public. and since they do not provide any pre-trade transparency either. transparent markets and has to be adequately reflected in new metrics and regulatory parameters. This is a clear improvement for the industry as whole since it will decrease the likelihood of mismanaged orders. the price discovery mechanism happening on the “lit” market could be severely impacted. improve the post-trade processing and reporting. and therefore (i) the extent and profile of OTC reality has to be reflected in depth in a potential MiFID amendment. However. be it pre-trade transparency or the implementation of “waivers” for dark pool operations. Broker/Dealer Crossing Networks are a positive evolution of the OTC market. BDCN operations could qualify for all three venue classifications created by MiFID. pushing the equity market to become a quote-driven market very similar to the structure in place in commoditized OTC asset classes that are the fixed income and spot FX markets. etc. or phone brokerage (OTC) at the expense of dark pools. smaller MTFs) that have to fulfill the full range of requirements at a significant competitive disadvantage. Obviously OTC trades are different from what MiFID envisages them to be. to a certain extent. etc. and some market participants that cannot afford or do not wish to become customers of the BDCNs are very likely to become second class investors unable to access the whole liquidity pool available in the market.g. they should be classified either as MTFs or as SIs and should fulfill the same regulatory obligations like these MiFID trading venues in terms of transparency. In this discussion. and venue surveillance. access to this liquidity pool is not set on a fair basis. However. The situation is even more acute with the development of BDCNs that could capture more market share from the regulated trading venues (regulated markets. It is undisputed that these crossing networks provide value to customers.

Le Monde. He has been a member of the Exchange Council of the Frankfurt Stock Exchange (FSE) since 2011 and is also a member of the Academic Committee of the Deutsches Aktieninstitut (DAI). based in the firm’s Paris office. Daily Telegraph. Financial News. He is fluent in English and French and proficient in German. market infrastructure. and European Banker. knowledge management. Les Echos. France 2. a cooperation between the Universities of Frankfurt and Darmstadt and a network of industry partners from financial services. BBC. He was a member of several strategic Internet units within BNP Paribas. Before joining Celent. Dr. including those focused on financial markets. Reuters. where he conducted a variety of market research and projects in fields such as e-finance. Mr. Mr. About Axel Pierron Axel Pierron. Mr. He is. co-chair and member of the board of the E-Finance Lab. France. derivatives and FX markets. Pierron holds an MA in financial markets from the CERAM business school in Nice. University of Frankfurt. Before assuming his professorship at the University of Frankfurt. the IBM SUR Grant in 2007 and several best paper awards at international research conferences. CNBC. in addition. global B2B operations. the second largest supermarket chain in France. Pierron’s expertise lies in electronic bond trading. Mr. and claim management automation. trade finance. Previously. Mr. In the E-Finance Lab. is a Senior Vice President for Celent’s India research group. he manages the research layer “Electronic Financial Markets and Market Infrastructures”. .Focus | July 2011 13 About Peter Gomber Professor Peter Gomber holds the chair of e-Finance at the Faculty of Economics and Business Administration. He has published numerous articles in international journals and has been awarded the Reuters Innovation Award in 2000. and CRM. He is a frequent speaker on technology’s impact on strategy and market organization. Pierron is quoted regularly in the media. including the Financial Times. Pierron was an Internet research analyst for BNP Paribas. His duties there included management of an EDI implementation project. Pierron was an internal auditor for Leclerc. Pierron was a member of the Mission Ecoter within the French Senate and of the Association pour le commerce et les services en ligne (ACSEL). Mr. the University Award of Deutsches Aktieninstitut (DAI) in 1999. Gomber worked as Director and Head of Market Development Cash Market in the Trading & Clearing Services Division of Deutsche Börse AG.

co. The meeting is by invitation only. For the last several years. client demands. limited to senior level managers from regulated exchanges and to selected guest speakers that include regulators and market participants. For more information on the meeting. technological possibilities. Bonds used to constitute the majority of the exchange listing and trading business. What do we think about: • Horizontal or vertical • Where in the value chain should exchanges go to find growth • Clients as co-owners or competitors • Fee trends • For profit or utility • Sensitivity to value vs volume Thursday 13 October – in Johannesburg Panel 3 – Interest rate products The publicly regulated exchange environment has proven its worth. so there can be no doubt that the model works. or are the banks succeeding in pushing back? How are exchanges reacting in presenting their case? What are the threats and opportunities for our businesses? Panel 2 – Exchange business models The push and pull of crises and regulatory change. experience gained in operating in the for-profit environment and divergent patterns of economic growth are all simultaneously forcing exchange managers to question how they can best develop sustainable business models for their exchanges.za/home. Questions from the past come up in the 2011 context. the treasury and corporate bonds are on exchange. exchanges have made a more concerted effort to regain the business that for the most part worldwide moved OTC: What is the progress? • What are exchanges doing • Fears/ opportunities for national Treasuries • Getting stakeholders on Board . please visit the event’s website at: https://wfe.jse. from trading through to post-trade? Is the perimeter of regulation being extended. Wednesday 12 October – in Johannesburg Panel 1 – Regulatory winds What is happening with Dodd-Frank and MiFID II? Where are areas of global convergence and divergence on the industry.14 Focus | July 2011 Federation news 2011 Annual meeting program Johannesburg and Kapama Game Reserve The WFE 51st Annual Meeting will be hosted by Johannesburg Stock Exchange on 12-15 October. In some jurisdictions.aspx.

and 3 correspondents The WFE Board of Directors in Chicago. and Hanoi Stock Exchange. WFE has 2 new affiliates. Is fragmentation now also affecting primary issuance? Is it reversing or deepening as regulatory reform focuses elsewhere. Why have some exchanges looked to crossborder M&A rather than other types of strategic alliances? Why have other exchanges not yet done anything public in this space? Is the cost and effort involved in making a cross-border transaction or relationship work actually worth it? Which are more difficult: the regulatory issues or the “exchange as a national asset” issues? How difficult is it to actually achieve the planned benefits from these types of transactions? Would you do it again? The Kapama session will be an off-the-record dialogue closed to exchange delegates only.Focus | July 2011 15 Panel 4 – Fragmentation Fragmentation is one of the hardest challenges this industry faces. and technology? How will the financial market ecosystem evolve and what roles will exchanges play in it? In what new ways should exchanges be looking to work with different client constituencies to extend the reach? How are clients looking at working with exchanges? Saturday 15 October – at Kapama Game Reserve Panel 6 – Exchange mergers and acquisitions Growing market share. achieving costs synergies. approved the Qatar Exchange and Palestine Exchange as WFE Affiliates. . or gets pushed back? What do investors and issuers say and do? How can exchanges react effectively? Presentation of the WFE Award for Excellence Panel 5 – Innovation in our businesses Crises and fragmentation aside. and getting more transactional activity is part of what all exchange operators look for. this industry moves ahead: what are exchanges doing differently now than five years ago in terms of products. The last 10-15 years have seen much corporate activity between exchanges – with mixed results and to mixed reception. Fragmentation has compromised price discovery and transparency and arguably made best execution not only a more tenuous concept but one that is difficult to achieve. services. Jamaica Stock Exchange et Tokyo Financial Exchange are admitted as Correspondents.

3% whereas Asia-Pacific’s volumes rose by 13. the WFE member exchanges accounted for a total of USD 32. This trend coupled with stable volumes led to a slight increase of the average value of trade2 (USD 9 100).8%). The EAME region situation was much more contrasted with significant discrepancies among exchanges.1 tn in the first six months of 2011.1 8. A slight decrease in total number of trades led to a larger average value of trade The total number of trades declined by 5. Total value of exchange trading in EAME increased by 3.4 5.9 9. (table 2a) Compared with the first six months of 2010.8 8.8% globally).8 8. all the exchanges’ USD value of share trading increased. but this relative stability conceals significant regional differences as the Americas’ trading decreased by 9. In the Asia Pacific region (up 13.2%.1% in the first six months of 2011 compared to the first half of 2010. The combined US figures were down 11. The value of share trading in most of the other exchanges in the region increased during the same period.8%.3% in the first half of 2011 compared to the same period in 2010. except for the two Indian exchanges.8 Americas Half year 2010 Asia . volumes were stable (-0.Pacific Half year 2011 EAME WFE 1 Electronic order book share trading value 2 All calculations on average value of trade are weighted by share trading value (in USD) . The Americas decrease is mostly due to US exchanges (which represent 91% of the regional total value of share trading. and 45% of the WFE total). Average value of trade (weighted by share value trading) (USD thousand) 15.8 14.1 5.16 Focus | July 2011 Market highlights for 2011 first half-year Trading on stock exchanges In terms of value1 of shares traded.

The trend was general in all three time zones.5 tn).9 tn.6 tn.1% . Secondly. TMX Group 148 new listings. .9%). The number of new companies on stock exchanges (IPOs) was 13% higher thanks to exchanges known for listings of small and medium size enterprises (SMEs). new capital raised (table 4) is another component for higher market capitalization. Securitized derivatives Volumes on this segment confirmed its growth (+16.see table 1d).8% globally. Growth in market capitalization can be the result of several factors – the good performance of several major indices (especially the US markets in late 2010) raised the value of listed companies (table 3). +9. reaching USD 16. The decrease is due to the Americas figure (-19. stock index options (+23%) increased significantly compared to single stock options (+0. The pace of raising capital was slower in the first six months of 2011 versus the same period a year ago.1% while stock index futures were down 4%.6%) of the turnover happened on the first six months (USD 4.75% following the rising uncertainty about inflation and interest rates policy. Interest rate derivatives increased 8. WFE total market capitalization increased by 28% at USD 56. Rate of growth in capital raised on stock exchanges turns negative Finally.6%) which represent more than 85% of the WFE total turnover. Comparing June 2011 to June 2010. Shenzhen Stock Exchange I44 and Warsaw Stock Exchange 101 lead the way. Strong growth of derivatives markets The first half of the year saw a net increase in terms of number of contracts traded. ETFs A sharp decrease (-19.4% on the first six months of 2011) reaching USD 581 bn of turnover. Bond trading Bond trading was significantly up (+60%) on the first six months of the year. Single stock futures were up 1. a weak US dollar inflated the value of other markets (table 1a).Focus | July 2011 17 The size of global markets (the global market capitalization) increased significantly over the past 12 months. This rate of increase in market capitalization is much more modest when looking at the first six months of the year (+3. Among equity products.

2% 23.6% 37. Domestic equity market capitalization Regional and total WFE domestic equity market capitalization performances at end-June 2011 compared to end-June 2010 USD billion end-June 2011 22 795 17 384 16 410 56 589 USD billion end-June 2010 18 606 13 624 11 981 44 211 % change in USD 22.0% 28.9% 23.5% 27.8% 19.5% 46.3% 11.9% % change end-June 2010 (in local currency) 16.3% 36.5% 12.5% 33.5% 36.9% 28.5% 41.6% 1.6% 30.18 Focus | July 2011 1.6% 34.9% 1 2 3 4 5 6 7 8 9 10 Exchange NYSE Euronext (US) NASDAQ OMX (US) London Stock Exchange Group Tokyo Stock Exchange Group NYSE Euronext (Europe) Shanghai Stock Exchange Hong Kong Exchanges TMX Group Deutsche Börse BM&FBOVESPA USD billion end-June 2011 13 791 4 068 3 849 3 655 3 248 2 804 2 712 2 231 1 622 1 553 USD billion end-June 2010 11 793 3 165 2 888 3 277 2 295 2 051 2 200 1 635 1 106 1 151 .3% 23.7% 23.9% 28.9% 16.0% Time zone Americas Asia-Pacific Europe Africa Middle East Total WFE 10 largest domestic equity market capitalization at mid-year 2011 % change end-June 2010 (in USD) 16.

450 9.588 4.Africa .691 6.584 40.896 9.Middle East WFE Total Total WFE .589 60.USD trillion .224 15.346 16.Africa .595 22.931 7.320 22.435 14.848 35 000 30.968 4.180 19.852 11.625 14.437 8.650 47.Middle East WFE Total Evolution of monthly domestic market capitalization since 2009 25 60 Total by geographical zone .775 3.384 30.855 54.956 30 000 25 000 20 000 15 000 10 000 5 000 0 16.173 18.133 12.310 15.458 16.833 18.933 17.888 50.159 22.Pacific 22 833 30 627 36 848 40 888 50 650 60 855 32 584 47 782 54 954 56 589 Americas Europe .535 9.Pacific Europe .954 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1 half 2011 WFE total 30 956 26 595 Asia .Focus | July 2011 19 Evolution of domestic equity market capitalization by time zones in USD since 2000 65 000 60 000 55 000 50 000 45 000 40 000 36.410 22.918 14.465 6.782 56.615 13.795 17.264 7.672 11.120 11.838 17.627 32.920 26.221 18.467 9.653 24.USD trillion 50 20 40 15 30 20 10 10 5 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 0 Americas Asia .

Budapest SE BM&FBOVESPA Colombia SE NASDAQ OMX Nordic Exchange SIX Swiss Exchange London SE Group BME Spanish Exchanges Singapore Exchange Mexican Exchange NASDAQ OMX Luxembourg SE Irish SE Hong Kong Exchanges Malta SE Lima SE Tel-Aviv SE NYSE Euronext (US) Istanbul SE Tokyo SE Group Bermuda SE National Stock Exchange India Bombay SE Saudi Stock Market .20 Focus | July 2011 Variations in domestic market capitalization by member during the period end-June 2011 compared to end-June 2010 – in USD % -10 0 10 20 30 40 50 60 70 80 Oslo Børs Colombo SE Philippine SE Shenzhen SE Indonesia SE Warsaw SE MICEX Tehran SE Deutsche Börse Wiener Börse Korea Exchange NYSE Euronext (Europe) Buenos Aires SE Santiago SE The Stock Exchange of Thailand Mauritius SE Bursa Malaysia Shanghai SE TSX Group Australian SE Johannesburg SE Taiwan SE Corp.Tadawul Athens Exchange Cyprus SE Osaka SE Ljubljana SE Amman SE Egyptian Exchange .

8 1 2 3 4 5 6 7 8 9 10 Exchange NYSE Euronext (US) NASDAQ OMX (US) Shanghai Stock Exchange National Stock Exchange India Shenzhen Stock Exchange Korea Exchange Bombay Stock Exchange Tokyo Stock Exchange London Stock Exchange Group TMX Group USD billion Jan-Jun 2011 931 164 759 872 758 835 705 579 548 838 544 091 208 719 182 618 113 956 108 973 USD billion Jan-Jun 2010 1 091 733 982 169 741 699 746 268 562 374 448 301 268 881 174 058 110 443 98 753 % change 1st half of 2010 (in USD) -14.6% 1.2% -0.6% 22.9% 3.3% 13.8% 3.7% 30.5 1.2% -9.6% 17.6 6.1% -15.8% Time zone Americas Asia-Pacific Europe Africa Middle East Total WFE Top 10 exchanges by electronic order book value of share trading at mid-year 2011 % change 1st half of 2010 (in USD) -8.5 0.2 2.6% 12.1% -15.6% 12.4 11.2% -5.8% 2.Focus | July 2011 21 2a.5 2.4% 21.3% 1 2 3 4 5 6 7 8 9 10 Exchange NYSE Euronext (US) NASDAQ OMX (US) Shanghai Stock Exchange Tokyo Stock Exchange Shenzhen Stock Exchange London Stock Exchange Group NYSE Euronext (Europe) Korea Exchange Deutsche Börse TMX Group USD billion Jan-Jun 2011 8 731 6 008 2 219 2 202 1 551 1 531 1 129 1 014 898 825 USD billion Jan-Jun 2010 9 496 7 118 1 887 1 954 1 425 1 499 1 100 779 915 673 2b.6 Average value of trades EOB 1st half of 2010 (in thousand) 8.7 0.3% -5.2% 10.5 2.9 0.9 2. Number of trades in equity shares Top 10 exchanges by electronic order book (EOB) value number of trades in equity shares during January-June 2011 Average value of trades EOB 1st half of 2011 (in thousand) 9.4% 4.4 12. Share trading value Regional and total WFE electronic order book share trading value performances in 1 half of 2011 compared with 1 half of 2010 USD billion Jan-Jun 2011 16 156 9 762 6 264 32 182 USD billion Jan-Jun 2010 17 807 8 580 6 068 32 455 % change in USD -9.5% % change 1st half of 2010 (in local currency) -8.2% -6.9% 22.4 7.2 13.4 7.9% 14.1% 2.0% -1.4% -22.7% 8.7 7.7% -22.9 0.6% 2.1% 4.1 13.4% -2.8 1.3% .

22 Focus | July 2011 Compared evolution of electronic order book share trading value by time zone in USD bn in the first half of 2008.Africa . 2010 & 2011 50 000 45 000 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0 47 291 32 455 30 791 27 251 32 182 17 755 17 807 16 156 9 322 7 971 8 580 9 762 10 718 5 065 6 068 6 264 Americas 1 half 2008 1 half 2009 1 half 2010 Asia .Pacific Europe .Middle East WFE Total Note: NYSE Euronext (US) and NASDAQ OMX (US) started to provide separate electronic order book data for share trading value in 2008 only. 2009.Middle East WFE Total Total WFE . Evolution of monthly electronic order book share trading value since 2009 5 7 6 Total by geographical zone .USD trillion .Pacific 1 half 2011 Europe . Previous years data are not comparable.Africa .USD trillion 4 5 3 4 2 3 2 1 1 0 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 0 Americas Asia .

4% Lima SE Colombo SE Colombia SE Philippine SE Santiago SE Bursa Malaysia The Stock Exchange of Thailand Warsaw SE Ljubljana SE Korea Exchange Saudi Stock Market .Focus | July 2011 23 Variations in electronic order book share trading value by member during the period January/June 2011 compared to January/June 2010 – in USD % -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 70 198.Tadawul Malta SE TSX Group Istanbul SE Shanghai SE Australian SE Johannesburg SE Indonesia SE Taiwan SE Corp. Singapore Exchange Tokyo SE Group MICEX BM&FBOVESPA Hong Kong Exchanges Buenos Aires SE SIX Swiss Exchange NASDAQ OMX Nordic Exchange Tehran SE Shenzhen SE Mexican Exchange Osaka SE NYSE Euronext (Europe) London SE Group Oslo Børs Deutsche Börse BME Spanish Exchanges NYSE Euronext (US) Tel-Aviv SE Irish SE National Stock Exchange India Wiener Börse NASDAQ OMX Mauritius SE Luxembourg SE Cyprus SE Bombay SE Athens Exchange Budapest SE Amman SE Egyptian Exchange Bermuda SE .

Average performance during the 1st half of 2011 (end-June 2011 / end-June 2010) (in local currency) 25.Africa .2% 1 2 3 4 5 6 7 8 9 10 Exchange Tehran Stock Exchange Buenos Aires Stock Exchange Colombo Stock Exchange Lima Stock Exchange Indonesia Stock Exchange NASDAQ OMX US Stock Exchange of Thailand NYSE Euronext (US) MICEX Philippine Stock Exchange Broad index name TEDPIX Composite index CSE All Share Indice General BVL (IGBVL) JSX Composite Index Composite index SET Index Composite index MICEX index PSE Index (PSEi) Top 5 performing broad market indexes by time zone: end-June 2011 v.0% 33.6% 27.6% 22.7% 20.0% 35. Broad equity market index performances among all WFE members Top 10 performing broad market indexes: end-June 2011 v.3% % change Jun 2011 / Jun 2010 96.Middle East 1 2 3 4 5 Tehran Stock Exchange MICEX Mauritius Stock Exchange Oslo Børs Warsaw Stock Exchange % change Jun 2011 / Jun 2010 49.8% 17.0% 28.3% 48.3% 26.0% % change Jun 2011 / Jun 2010 68.5% 31. gained 19% on average in local currency at end-June 2011 compared to end-June 2010. and 28% on average in US dollar terms during the same period.0% 31.3% 27.8% 23.2% Time zone Americas Asia-Pacific Europe/Africa/Middle East WFE Average . end-June 2010 % change end-June 2011 /end-June 2010 (in local currency) 68. weighted by market capitalization.5% 30.4% 49.9% 34.9% Index performance by time zones: end-June 2011 compared to end-June 2010 WFE member exchange broad equity market indexes.6% 20.6% 37.3% 35.24 Focus | July 2011 3.0% 19. end-June 2010 Americas 1 2 3 4 5 Buenos Aires Stock Exchange Lima Stock Exchange NASDAQ OMX (US) NYSE Euronext (US) Santiago Stock Exchange Asia / Pacific 1 2 3 4 5 Colombo Stock Exchange Indonesia Exchange Stock Exchange of Thailand Philippine Stock Exchange Bursa Malaysia Europe .4% 22.8% 11.0% 46.5% 28.6% 28.1% Average performance during the 1st half of 2011 (end-June 2011 / end-June 2010) (in USD) 28.4% 27.1% 40.

Focus | July 2011 25 Changes in broad indexes (comparison of end-June 2011 with end-June 2010) (in local currency terms) % -30 -20 -10 0 10 20 30 40 50 60 70 Tehran SE Buenos Aires SE Colombo SE Lima SE Indonesia SE NASDAQ OMX US Thailand SE NYSE Euronext US MICEX Philippine SE Mauritius SE Korea Exchange Oslo Børs Warsaw SE Wiener Börse Bursa Malaysia Shenzhen SE Deutsche Börse London SE Johannesburg SE Santiago SE Taiwan SE TMX Group Mexico SE NYSE Euronext Paris BME Valencia Istanbul SE Shanghai SE BME Bilbao NASDAQ OMX Stockholm Colombia SE Hong Kong Exchanges Singapore Exchange BME Barcelona NYSE Euronext Lisbon NYSE Euronext Amsterdam BME Madrid Saudi Stock Market NASDAQ OMX Iceland Australian SE NASDAQ OMX Helsinki NASDAQ OMX Copenhagen NYSE Euronext Brussels Borsa Italiana Tel-Aviv SE Luxembourg SE Irish SE Bombay SE BM&FBOVESPA National Stock Exchange India SIX Swiss Exchange Tokyo SE Malta SE Osaka SE Bermuda SE Amman SE Budapest SE Athens SE Egyptian Exchange Cyprus SE .

January-June 2010 by time zone Number of IPOs Jan-Jun 2011 256 440 243 939 Number of IPOs Jan-Jun 2010 225 416 188 829 Time zone Americas Asia-Pacific Europe Africa Middle East Total WFE % change 14% 6% 29% 13% .8 Time zone Americas Asia-Pacific Europe Africa Middle East Total WFE % change 74% 14% -52% -1. Investment flows – capital raised and secondary market issues by time zone Total (USD billion) Jan-Jun 2011 125.1 26.8 171. January-June 2010 1st half of 2011 USD billion 82. IPOs value amounted approximately to USD 126 bn in the first half of 2011.26 Focus | July 2011 4.4 Total (USD billion) Jan-Jun 2010 72.7 1 2 3 4 5 6 7 8 9 10 Exchange NYSE Euronext (US) Shenzhen Stock Exchange Hong Kong Exchanges BM&FBOVESPA Shanghai Stock Exchange BME Spanish Exchanges Australian Securities Exchange Tokyo Stock Exchange National Stock Exchange India Johannesburg Stock Exchange % change 56% 40% 79% 135% 14% 172% 63% -61% -42% 193% Number of new companies listed through an IPO during the period January-June 2011 v.6 14.7 38.4 bn of investment flows.3% Note: Out of the 361.3 21.7 26.0 23.9 27.6 10.7 7. Data includes SME/Alternative markets 10 largest exchanges by investment flows during the period January-June 2011 v.3 39.1 150.9 1st half of 2010 USD billion 52.7 9.4 9.5 361.1 25.6 15.9 16.1 64.6 32.5 134.8 2.7 28.2 356.

1% 5.2% -6.1% % change 1st half of 2010 (in local currency) 83.8 445 135 581 Turnover (USD billion) Jan-Jun 2011 0.0% 68.4% 16.7% .5% 49.1% 19.4 394 105 499 % change in USD 100% 12.5% 72.1% 32. Value of bond trading Regional and total WFE bond trading value performances in 1 half of 2011 compared with 1 half of 2010 USD billion Jan-Jun 2011 656 442 15 806 16 904 USD billion Jan-Jun 2010 628 318 9 618 10 564 Time zone Americas Asia-Pacific Europe Africa Middle East Total WFE % change 4.0% 8.0% 24.Focus | July 2011 27 5.4% Time zone Americas Asia-Pacific Europe Africa Middle East Total WFE Top 5 exchanges by value of securitized derivatives traded in 1st half of 2011 Turnover value 1st half of 2011 USD billion 277 157 47 32 21 Turnover value 1st half of 2010 USD billion 221 158 37 19 18 1 2 3 4 5 Exchange Hong Kong Exchanges Korea Exchange Deutsche Börse SIX Swiss Exchange NYSE Euronext (Europe) % change 25.5% 39.6% 27.9% 28.6% 16.4% 24.3% 60.3% 1 2 3 4 5 6 7 8 9 10 Exchange BME Spanish Exchanges London Stock Exchange Group Johannesburg SE NASDAQ OMX Nordic Exchange Colombia Stock Exchange Korea Exchange Oslo Børs Istanbul Stock Exchange MICEX Tel-Aviv Stock Exchange 6. Securitized derivatives .turnover by region at mid-2011 Turnover (USD billion) Jan-Jun 2011 0.8% -0.3% -0.2% 61.0% 64.5% 36.3% 30.1% 30.8% 17.9% 41.4% 26.4% 15.0% 10 largest exchanges by total value of bonds traded during the period January-June 2011 USD billion Jan-Jun 2011 9 305 2 736 1 454 1 282 527 328 295 292 155 119 USD billion Jan-Jun 2010 4 678 1 934 971 1 088 529 191 247 231 117 96 % change 1st half of 2010 (in USD) 98.

Derivatives markets Top 10 exchanges by number of single stock options contracts traded in 1st half of 2011 Number of contracts traded in 1st half of 2011 392 627 912 382 247 493 318 946 827 283 415 271 225 620 595 150 477 581 78 965 239 34 347 079 31 267 063 21 000 201 68 652 205 1 987 567 466 Number of contracts traded in 1st half of 2010 424 157 178 288 561 339 313 882 984 308 629 029 260 368 432 143 320 872 116 245 645 26 768 801 8 219 246 14 135 699 65 365 538 1 969 654 763 1 2 3 4 5 6 7 8 9 10 Exchange BM&FBOVESPA NASDAQ OMX NYSE Euronext (US) Chicago Board Options Exchange International Securities Exchange EUREX NYSE.99% -32.8% -26.6% 22.43% 32.1% 19.turnover by region at mid-2011 Turnover (USD billion) Jan-Jun 2011 3 908 141 457 4 506 Turnover (USD billion) Jan-Jun 2011 4 859 116 373 5 348 % change in USD -19 6% 21.07% 28.41% 48.03% 0.Liffe Europe Hong Kong Exchanges ASX Derivatives Trading Buenos Aires SE Others Total % change -7.61% -8.4% 24.17% -13.7% Time zone Americas Asia-Pacific Europe Africa Middle East Total WFE Top 5 exchanges by value of ETFs traded in 1st half of 2011 Turnover value 1st half of 2011 USD billion 1 982 1 826 150 133 97 Turnover value 1st half of 2010 USD billion 2 272 2 481 121 103 81 1 2 3 4 5 Exchange NYSE Euronext (US) NASDAQ OMX (US) London Stock Exchange Group Deutsche Börse NYSE Euronext (Europe) % change -12.0% 29.91% .31% 280. ETFs .28 Focus | July 2011 7.56% 5.7% 8.35% 4.5% -15.47% 1.

72% 14.Focus | July 2011 29 Top 10 exchanges by number of single stock futures contracts traded in 1st half of 2011 Number of contracts traded in 1st half of 2011 161 748 306 141 993 019 84 408 994 28 613 669 24 099 383 16 443 265 6 096 072 3 169 005 2 773 107 1 124 939 3 754 388 474 224 147 Number of contracts traded in 1st half of 2010 198 955 076 118 123 693 74 154 839 37 002 890 21 881 547 8 063 445 4 717 865 2 361 583 1 232 819 331 892 2 042 576 468 868 225 1 2 3 4 5 6 7 8 9 10 Exchange NYSE.97% .14% 103.13% 14.21% 13.12% 23.54% -15.14% 82.72% 9.40% -3.95% 83.91% 36.34% -28.00% Top 10 exchanges by number of stock index futures contracts traded in 1st half of 2011 Number of contracts traded in 1st half of 2011 333 364 339 217 707 075 77 636 696 68 446 563 47 055 755 41 278 694 33 460 617 24 366 051 22 432 423 15 485 823 59 071 530 940 305 566 Number of contracts traded in 1st half of 2010 373 562 635 211 119 321 79 554 314 69 787 170 49 227 075 44 932 497 29 167 486 21 347 771 20 992 391 17 035 309 62 445 679 979 171 648 1 2 3 4 5 6 7 8 9 10 Exchange CME Group EUREX National Stock Exchange India Osaka SE NYSE.14% 6.Liffe Europe Korea Exchange Singapore Exchange TAIFEX Hong Kong Exchanges OMX Nordic Exchange Others Total % change -10.83% -22.14% Top 10 exchanges by number of stock index options contracts traded in 1st half of 2011 Number of contracts traded in 1st half of 2011 2 008 082 595 404 017 571 193 556 466 142 892 632 66 341 123 40 252 823 25 769 407 24 653 129 23 320 740 7 507 019 23 487 071 2 959 880 576 Number of contracts traded in 1st half of 2010 1 671 466 852 221 430 570 173 244 615 147 176 493 48 775 481 36 940 451 19 271 547 22 547 926 32 569 057 5 266 522 27 669 387 2 406 358 901 1 2 3 4 5 6 7 8 9 10 Exchange Korea Exchange National Stock Exchange India EUREX Chicago Board Options Exchange TAIFEX Tel-Aviv SE CME Group Osaka SE NYSE.94% 238.67% 10.72% -2.86% -9.01% 8.Liffe Europe EUREX National Stock Exchange India Johannesburg SE Korea Exchange BME Spanish Exchanges MICEX Athens Derivatives Exchange OMX Nordic Exchange ASX Derivatives Trading Others Total % change -18.92% -4.46% 11.76% 3.40% 42.92% 29.41% -1.70% 20.10% -5.19% 124.Liffe Europe Hong Kong Exchanges Others Total % change 20.21% 34.81% 1.41% -8.97% 33.12% -2.

63% 12.49% 8.50% 23.82% 5.11% -12.65% 26.43% 10.03% Top 5 exchanges by number of interest rate derivatives contracts traded in 1st half of 2011 Number of contracts traded in 1st half of 2011 803 627 687 336 054 956 252 154 556 21 512 254 17 307 249 25 738 028 1 456 394 730 Number of contracts traded in 1st half of 2010 701 053 488 299 752 499 288 885 964 16 635 770 12 573 726 20 347 168 1 339 248 615 1 2 3 4 5 Exchange CME Group EUREX NYSE.75% .31% 68.30 Focus | July 2011 Top 5 exchanges by number of ETF options contracts traded in 1st half of 2011 Number of contracts traded in 1st half of 2011 212 102 292 209 791 457 163 208 467 147 036 507 1 826 270 1 491 448 735 456 441 7 097 434 196 Number of contracts traded in 1st half of 2010 162 529 009 169 427 418 154 857 172 138 312 393 1 081 449 96 083 626 303 524 6 450 357 061 Exchange 1 NASDAQ OMX 2 NYSE Euronext (US) 3 Chicago Board Options Exchange 4 International Securities Exchange 5 Bourse de Montreal Others Total Total equity derivatives % change 30.31% 37.87% 1452.71% 29.39% 6.Liffe Europe MexDer Korea Exchange Others Total % change 14.25% 17.

Istanbul Stock Exchange acquires stake in Sarajevo Stock Exchange The Istanbul Stock Exchange became a shareholder of the Sarajevo Stock Exchange by acquiring 5% of its capital. using packaged calendar spread strategies. Deutsche Börse acquires Kingsbury International Deutsche Börse has acquired the assets of Kingsbury International. respectively. and technology conglomerates whose business model uses or supports cloud computing technology. ISE has partnered with UBS to launch two exchange-traded notes (ETNs) linked to these indexes. Deutsche Börse acquires stake in Digital Vega Deutsche Börse has acquired a minority stake in Digital Vega. RTS Stock Exchange’s Board of Directors elects chairman On 4 July 2011. Digital Vega has developed a software solution which broadcasts request for quotes from buy-side asset managers. NYSE Euronext will remain the largest single shareholder in the entity. NYSE Euronext’s shareholders approved during a special meeting the adoption of the business combination agreement with Deutsche Börse and related proposals. TMX Group and London Stock Exchange Group terminate merger agreement TMX Group has agreed with London Stock Exchange Group to terminate their merger agreement after failing to secure enough support from shareholders. a new benchmark for this growth sector that includes companies that are direct service providers for the “cloud. the ISE Oil Futures Spread index and the ISE Natural Gas Futures Spread index. the RTS Board of Directors elected Jacque Der Megredichyan Chairman of the Board of Directors of Open Joint Stock Company “Russian Trading System” Stock Exchange. hedge funds and regional banks for FX option transactions to sell-side liquidity providers. Exchange consolidation news MICEX and RTS Stock Exchange sign merger agreement MICEX and RTS Stock Exchange have signed a framework agreement to combine the exchange groups which provides procedures for establishing a joint exchange holding. The deal is subject for approval by the Federal Antimonopoly Service and extraordinary general meetings of shareholders of MICEX and RTS scheduled in August 2011. ISE launches cloud computing index fund The International Securities Exchange announced that First Trust Advisors has launched the First Trust ISE Cloud Computing Index Fund. In addition. . However.8% equity interest in the exchange to seven leading order flow providers and market making firms. The ISE Settlement and Custody Bank (Takasbank) and the Central Registry Agency of Turkey also became shareholders of the Sarajevo Stock Exchange with 5% share each. the first ETF that tracks companies actively involved in the emerging cloud computing industry. a US-based business and economic consulting firm known for creating and releasing the monthly Chicago Business Barometer which publishes the Chicago Purchasing Managers’ Index. They track continuous exposure to oil futures prices and natural gas futures prices. Indices ISE launches two indices and ETNs The International Securities Exchange launched two new indexes. This new partnership is expected to enhance NYSE Amex Options’ competitiveness by providing a range of benefits to the marketplace through a unique market model that combines an industry-leading trading platform with world leaders in market making. NYSE Euronext shareholders approve combination with Deutsche Börse On 7 July 2011. Deutsche Börse is increasing its positioning in the provision of pre-trade price transparency in the derivatives area for institutional investors and taking an initial footprint in the FX derivatives space.” firms that provide goods and services in support of the cloud computing space.Focus | July 2011 31 News (A-Z) Corporate news Borsa Italiana’s Board of Directors appoints new Chairman The Board of Directors of Borsa Italiana appointed Massimo Tononi as Chairman of the company and confirmed Janet Cohen as Vice President and Raffele Jerusalmi as CEO. The First Trust ISE Cloud Computing Index Fund is based on the ISE Cloud Computing Index. order execution and customer service.and sell-side firms. This merger represents the first stage in developing a Russian national exchange. This transaction further enhances Deutsche Börse’s Market Data & Analytics segment by expanding its global product offering. NYSE Amex Options completes sale of equity stake NYSE Amex Options has completed its agreement to sell a 52. a London-based company which provides electronic FX technology solutions to buy. With this acquisition. corporates.

SZSE IT sector index. The new index is aimed to be used as a benchmark for investment and will serve as the basis of the issuance of other financial products. NASDAQ OMX and RTS Stock Exchange announce market data partnership The NASDAQ OMX Group and RTS Stock Exchange have reached a partnership agreement that will facilitate RTS efforts to more quickly realize and maximize profits for their market data content. the Shenzhen Stock Exchange. Hong Kong Exchanges and Dalian Commodity Exchange sign MoU The Hong Kong Exchanges and Clearing and the Dalian Commodity Exchange signed a Memorandum of Understanding on cooperation and the exchange of information. Stock Exchange of Thailand launches dividend index On 4 July 2011. the Johannesburg Stock Exchange introduced a foreign-referenced wheat contract to the portfolio of commodities it offers under licence from the CME Group. RTS Stock Exchange and Moscow School of Management to establish sustainability index RTS Stock Exchange and the Moscow School of Management SKOLKOVO have started working on a joint project for establishing and calculating the first Russian sustainability index. SZSE financial sector index. This program allows companies to utilize NASDAQ OMX’s data distribution network and its sales. and SZSE utilities sector index. SZSE telecommunication services sector index. SZSE industrial sector index. based on soft red winter wheat of the Chicago Board of Trade. provides local market participants with an alternative product should they see trading opportunities arising on this international benchmark. . fixed-income and derivatives markets to promote the development of the capital markets. in cooperation with Shenzhen Securities Information.32 Focus | July 2011 Istanbul Stock Exchange starts calculating dividend indices The Istanbul Stock Exchange started calculating the ISE Dividend Index and the ISE Dividend 25 Index on 1 July 2011. the Stock Exchange of Thailand launched the SET High Dividend 30 index. The ISE Dividend Index is constituted of companies having made profits in the last three annual financial statements. It will include shares of Russian issuers traded on RTS stock market and selected on the basis of regularly published corporate and social responsibility reports. Johannesburg Stock Exchange extends licensing agreement with CME Group to include wheat contract On 5 July 2011. reliable and cost efficient access to NASDAQ OMX and TMX market data. SZSE consumer staples sector index. SZSE consumer discretionary sector index. Shenzhen Stock Exchange launches sector indices On 15 June 2011. introduced the SZSE sector index series. Inter-market links BM&FBOVESPA and Colombian Exchange sign MoU BM&FBOVESPA and the Colombia Stock Exchange signed a Memorandum of Understanding under which the two exchanges will explore alternatives focused on a possible interconnection of their equities. SZSE raw material sector index. has entered into a bi-lateral agreement with NASDAQ OMX Global Data Products to make each marketplace’s market data available in their respective co-location facilities. The services will be performed by NASDAQ OMX Global Data Products through its Global Access program. Using TMXnet North America. and made profits in the 12-month period preceding the date of the last financial statement. NASDAQ OMX will provide RTS with a comprehensive suite of services to ensure compliance with RTS market data policies and best practices. including SZSE energy sector index. TMX Group’s information services division. TMX and NASDAQ OMX’s co-location clients will receive low latency. distributed cash dividends for such periods. administrative and technical expertise to realize profits from market data content. TMX Datalinx sign data distribution agreement with NASDAQ OMX TMX Datalinx. consisting of 30 listed securities which have consistently paid high dividend. TMX’s low latency network between Canada and the US. The ISE Dividend 25 index is composed of 25 companies with highest free float market capitalization selected among the companies ranking in the first 2/3 level of the ISE Dividend index constituents having the highest dividend yield as of the review date. The new contract. SZSE health care sector index.

Genium INET is a comprehensive multi-asset trading and clearing system.Focus | July 2011 33 IT Deutsche Börse operates Xetra cash market in new data centre Deutsche Börse has been operating its Xetra cash market in a new data centre since 4 July 2011. The new systems will start to go live in 2012 for equities. This means all Xetra clients will benefit from a further reduction of Xetra system latency of up to 40%. In the new technology infrastructure. They will be listed on 22 August 2011 for September 2011 settlement. Sweden. The service allows traders to directly access SGX’s matching engines. The new configuration allows assigning priorities for incoming data flows that will reduce latency spread while receiving trading data. The system upgrade is scheduled to be in effect in the first quarter of 2012. and will enable significant latency and throughput advantages for SIX Swiss Exchange and its trading members in all asset classes. NASDAQ OMX launches bond trading on Genium INET across five Nordic and Baltic markets The NASDAQ OMX Group has rolled out bond trading on Genium INET for five of its Nordic and Baltic markets. as well as the market surveillance system Scila Surveillance. The Taiwan Stock Exchange. In addition. In order to meet growing global customer demand for products denominated in the Chinese currency. reflecting the number of CNY per US dollar. replacing its trading.000 listed bonds on the fixed-income markets in Denmark. announced that it is now live with its comprehensive pre-trade risk management service. they will benefit from low-latency market data and order transmissions with full trade anonymity. As part of the migration. NYSE Technologies launches risk management service at Singapore Exchange NYSE Technologies. It includes the integration of the Financial Information eXchange (FIX) Protocol service. these innovative new futures contracts will be quoted in interbank (European) terms. This service will allow the market intermediary to access the aforementioned markets by a single portal. RTS Stock Exchange implements new configuration for distributing market data RTS Stock Exchange implemented a new configuration for distributing market data via the Plaza II protocol. market data and surveillance systems for both the equities and derivatives markets. The implementation entails installation of respective distribution packages on client side. GreTai Securities Market join IT integration project to reduce costs The Taiwanese regulator has been promoting a project aimed at integrating data transmission as part of its efforts to reduce the operational costs of participants in the securities and futures markets and to enhance the efficiency of information services. based on TRADExpress Information Manager. based on Cinnober’s TRADExpress Trading System. equities and derivatives will be traded on the same platform. Bond trading of over 5. after Deutsche Börse IT successfully migrated the entire Xetra host infrastructure. the GreTai Securities Market and the Taiwan Depository and Clearing Corporation took part in the project. The migration of the Xetra cash market enables Deutsche Börse Group to now offer its clients co-location services from a single location for the first time. SIX Swiss Exchange extends contract with NASDAQ OMX and upgrades to new trading platform The SIX Swiss Exchange has extended its contract with NASDAQ OMX and will upgrade its existing SWXess equities trading platform with NASDAQ OMX’s X-stream INET technology. The Xetra infrastructure is now housed in the International Business Exchange data centre of the international IT company Equinix Inc. and 2013 for derivatives. Deutsche Börse IT replaced all of the host computer hardware and gateways with the latest higher-performance hardware. Finland. a global provider of data centre services. the Taiwan Futures Exchange. Stock Exchange of Thailand to introduce new trading and IT systems The Stock Exchange of Thailand has signed a formal agreement with Cinnober under which Cinnober will deliver several core systems to SET.. Cinnober will also provide SET’s new market data dissemination system. New products CME Group to launch new Yuan FX futures contracts CME Group will launch new foreign exchange futures contracts based on the Chinese Yuan. TAIFEX. the global commercial technology unit of NYSE Euronext. Risk Management Gateway (RMG). Taiwan Stock Exchange. improved market access and industry-leading performance. for customers trading on the Singapore Exchange. From now on. . Latvia and Lithuania will join Iceland in trading on INET. all NASDAQ OMX Nordic and Baltic fixed-income activities will take place on one unified platform.

permitting the offer and sale in the US of Bursa Malaysia Derivatives’ futures contract based on the FTSE Kuala Lumpur composite index. through its BME Market Data subsidiary. branded as GEMS (Global Emerging Market Sectors). MICEX launches new instruments on derivatives market On 5 July 2011. CBSX’s move to the NY4 facility will increase execution speed for the majority of CBSX’s customers. Bombay Stock Exchange launches debt rating tracker The Bombay Stock Exchange introduced a new and innovative service. soybeans. New Jersey. and cotton will be launched. Tel-Aviv Stock Exchange launches new products on indices On 3 July 2011. London Stock Exchange launches ETF on FTSE Emerging EMEA 40 index The London Stock Exchange listed a new ETF tracking the FTSE Emerging EMEA 40 index. the BSE debt rating tracker. trading in new commodity futures contracts on corn. It offers exposure to the 40 largest and most liquid stocks in the emerging countries of the European. the Exchange will document significant changes in credit ratings during the day for corporate bonds and send the information on a timely basis to its customers. the Thailand Futures Exchange began trading silver futures and extended the gold and silver futures trading until 22:30. Middle East and African regions. TA Technology index. gasoil. MICEX launched two new products on its derivatives market: futures on 1-month average RUONIA interest rate and futures on 3-month OIS fixing on the basis of RUONIA interest rate. NYSE Euronext launches GEMS suite of ETFs on NYSE Arca NYSE Euronext launched a comprehensive suite of investment solutions for sector investing in emerging markets on NYSE Arca. its constituents and weightings. master data of the Spanish markets. CBOE Stock Exchange moves trading systems and simplifies pricing model On 1 July 2011. RTS Stock Exchange and Saint Petersburg Exchange extend range of future products Within the framework of the joint project between RTS Group and the Saint Petersburg Exchange. Bursa Malaysia Derivatives’ futures contract on composite index to be offered in the US The Commodity Futures Trading Commission’s issued a no-action letter on 28 June 2011. corporate actions. It also provides comprehensive information on all BME-managed indices. Thailand Futures Exchange launches silver futures On 20 June 2011. allow investors to pursue emerging markets sector exposures in a manner similar to what is possible in the US and other developed markets. Both contracts are designed on the basis of RUONIA interest rate. on 1 June 2011. New services BME launches new information service BME. based on notional medium term bonds issued by the Republic of Italy. TA Oil and Gas index. Eurex will launch a new interest rate contract. NYSE Euronext’s electronic US market. which are located on the East Coast. enabling investors to manage risks. . has launched new standardized end-of-day. The new service provides information on all financial instruments traded on BME markets and includes information on closing prices and volumes. including tick data service and positions. Through this service. In addition. calculated by the National Foreign Exchange Association. the CBOE Stock Exchange moved its trading operations to the East Coast from Chicago and began trading from the Equinix NY4 Internet Business Exchange datacenter in Secaucus. The funds. Biomed index. the Tel-Aviv Stock Exchange issued Exchange Traded Notes (ETNs) on the following share price indices: TA BlueTech-50 index. The funds are all based on the Dow Jones Emerging Market Sector Titans indexes and are composed of leading emerging market companies in each of the 10 industries defined by the Industry Classification Benchmark (ICB). and TA Communications index. the Mid-Term Euro BTP Future. historical data products aimed at improving transparency and answering the research and regulatory compliance needs of its clients.34 Focus | July 2011 Eurex expands Italian government bonds derivatives offering On 19 September 2011. the Spanish Exchanges. CBSX instituted a simplified pricing model with identical fees for both liquidity “makers” and liquidity “takers” trading on CBSX. The new contract will complement Eurex’s interest rate derivatives offering for all A and AA-rated European government bonds as well as for other interest rate instruments.

The new service allows non-members a direct connection to LSEG’s electronic orders books using the trading codes of a sponsoring firm. SIX Swiss Exchange and Liquidnet launch new block equities trading service SIX Swiss Exchange and Liquidnet have launched a new unique platform for non-displayed equity block trading with the roll-out of approximately 3. NYSE Euronext’s new Multilateral Trading Facility (MTF) designed to meet European user needs for transparency. . It will enable professional investors to trade more than 1. called SIX Swiss Exchange Liquidnet Service (SLS). This is expected to increase liquidity and price transparency. Shanghai Stock Exchange enhances bond market liquidity and prevents market risk To enhance bond market liquidity and prevent market risk. The proposal is being inspected by the regulators before ratification. Germany and the Netherlands. Investors will also face less risk as they will be able to manage their open positions in the securities market non-stop between 9:00 and 17:00 Singapore time.Clearnet) for settlement and delivery. The platform allows SIX Swiss Exchange members and Liquidnet’s buy side members to execute large block trades safely and efficiently via this new liquidity source. enabling investors trading pan-Asian securities to respond to regional market movements and news flow. it will promote companies in terms of corporate governance. offer more investment products and channel more capital to blue chip companies. bond trading at Singapore Exchange is facilitated for individual investors with the introduction of market making provided by banks and brokers supporting trading of Singapore government bonds. It offers compulsory post-trade services with a central counterparty (LCH. as a consequence will be able to execute low latency strategies on the London Stock Exchange as well all pan-European lit and dark order books operated by Turquoise. Through this new platform. Besides. boost trading opportunity and reduce improper orders. which Liquidnet provides. to create a better market structure. according to the “notice of interoperability in investors’ bond balances” published by the Exchange. UK. liquidity and effective pre. Tehran Stock Exchange launches options market The Tehran Stock Exchange will introduce equities options contracts at the end of this summer. with more equities markets planned to be added over time. NYSE BondMatch receives regulatory approval NYSE BondMatch. The Exchange is also making arrangements for the launch of new futures contracts based on TSE’s 30 blue-chip portfolio. the Tehran Stock Exchange filled a request with the Iranian Securities and Exchange Organization for establishing currency futures and gold ETFs markets. It should also improve liquidity by being open to the buy and the sell sides. the Singapore Exchange’s securities market will trade continuously all day. the Exchange will diversify the products of the multi-layer blue chip market. Shanghai Stock Exchange plans to establish blue chip market The Shanghai Stock Exchange will map out a classified management mechanism for blue chips while building a blue chip market. These sponsored users. received regulatory authorization and began trading on 11 July 2011. creating greater efficiency for institutional trading while also providing liquidity and price improvement to both Liquidnet Members and members of SIX Swiss Exchange. Together the two venues marry price discovery. Stock Exchange of Thailand implements new ceilings and floors for warrant products On 5 July 2011. Market hours will therefore overlap more with those of other Asian exchanges. and quantity discovery. The new arrangement creates a new market structure that combines the latent liquidity in SIX Swiss Exchange with the block liquidity in the institutional market. warrants and transferable subscription rights in order to limit risks. adopt a classified supervision mechanism for different blue chips.800 international corporate. Singapore Exchange to launch all day trading From 1 August 2011. France.000 equities in five European equities markets: Switzerland. Singapore Exchange facilitates bond trading From 8 July 2011. financial and covered bonds on a transparent order book with firm orders. and a different trading mechanism for grade-A companies. the Shanghai Stock Exchange will change the separate management over investors’ balances of bonds listed on both the fixed-income platform and the auction system (including the block trading system) by a centralized management.Focus | July 2011 35 London Stock Exchange Group launches sponsored access service The London Stock Exchange Group has launched its new sponsored access service designed to increase connectivity speed to the London Stock Exchange and Turquoise operated order books. SIX Swiss Exchange members can now direct executable block orders to Liquidnet. Moreover. delivered by SIX Swiss Exchange. In line with its blue chip market development. the Stock Exchange of Thailand implemented new ceilings and floors for derivative warrants.and post-trade services on the eurodenominated bond market.

DTCC unveils plans for new repository project The Depository Trust & Clearing Corporation Deriv/SERV and EFETnet are collaborating with market participants in the commodities industry to establish a global Commodity Derivatives Trade Repository. opportunities to link trading accounts and accounts used for transferring cash funds as well as managing the process of transferring cash funds to the linked accounts will allow investors to reduce operational and infrastructure risks. using segregated accounts. a leading provider of end-to-end corporate governance solutions. RTS Clearing Center and OJSC RTS launch new service with segregated accounts on FORTS and RTS Standard RTS Clearing Center and OJSC RTS launch a new service within the FORTS and RTS Standard markets. The phased roll-out will commence in November 2011. The final adoption should come into effect in the middle of August ICE Link launches A=C The IntercontinentalExchange has introduced the Affirmed=Cleared (A=C) interdealer workflow on the ICE Link Platform. for both its business as International Central Securities Depository and as Central Securities Depository for Germany. the Multilateral Trading Facility. boost competitiveness and increase capability as part of its goal to become the center of post-trade services in Southeast Asia. Regulation BM&FBOVESPA initiates Market Arbitration Chamber rulebook changes BM&FBOVESPA has begun the process of changing the Market Arbitration Chamber (CAM) rulebook. owned and operated by NYSE Euronext. the full scope will be available in the course of 2012. Through this agreement. conflict resolution via CAM.Clearnet clears NYSE BondMatch From 11 July 2011. .Clearnet provides clearing services to NYSE BondMatch. The new service will cover European markets for loans in equities. The new service will be in place in February 2012. ICE Link’s launch of A=C enables same-day clearing of credit default swap trades. Services to be introduced are Corporate Action news and Third Party Clearing services.36 Focus | July 2011 Post trade Clearstream enhances proxy voting services Clearstream has entered into an agreement with Institutional Shareholder Services. Eurex Clearing to launch central clearing service for OTC securities lending transactions Eurex Clearing will launch a central counterparty service for the securities lending market based on Eurex Clearing’s systems and industry risk management standards. among other things. LCH. ETFs and fixed-income securities. Employing a special scheme of portfolio margining. Stock Exchange of Thailand enhances post trade services The Stock Exchange of Thailand is boosting efficiency of its post-trade services by developing systems and reducing procedures to facilitate members. which are differentiated corporate governance levels that require. Hong Kong Exchanges introduces T+2 finality On 25 July 2011. it will employ the ISS infrastructure to enhance its proxy voting service for all eligible instruments and Clearstream proxy voting markets. RTS Clearing Center started to accept US dollars as collateral to ensure trades on FORTS. HKEx’s T+2 finality arrangement will be supported by a new interbank bulk settlement run in the evening of T+2 that will be introduced by Hong Kong Interbank Clearing. Hong Kong Exchanges and Clearing introduced a T+2 finality arrangement for money settlement in CCASS. The implementation of this service represents an important step forward in developing the Russian market as it should attract a wider range of investors to FORTS and RTS Standard (primarily non-residents and institutional investors) and boost securities and derivatives trading volumes growth. Introducing clearing to the euro-denominated bonds market will enable participants to mitigate counterparty risk and benefit from STP efficiencies and is in line with regulators’ demands to bring more OTC products into clearing. RTS Standard markets and within the RTS Money service. which will be domiciled in Europe and jointly owned by DTCC and EFETnet. in line with the Dodd-Frank Wall Street Reform Act in the US and the European Market Infrastructure Regulation (EMIR) initiative in Europe. the Central Clearing and Settlement System for the Hong Kong securities market. follows EFETnet and DTCC being selected by the International Swaps and Derivatives Association’s Commodities Steering Committee to work with the industry on the next stage of development for this new service. The proposed revision has already been put before all of the companies listed on the Novo Mercado and Level 2. These services will be launched in the third quarter of this year. RTS Clearing Center starts to accept foreign currency as collateral On 20 June 2011. LCH. The proposed new repository. both of which will boost liquidity and increase business opportunity to members of the Thailand Securities Depository and Thailand Clearing House.

Other BME issues share ownership survey BME. The full study can be seen at: http://www. and the number of firms it is expected to regulate.Focus | July 2011 37 2011. investment funds and pensions.1%. A key supervisory role is also envisaged for the new European Securities and Markets Authority (ESMA). The report on OTC derivatives. the Policy Statement sets out the principles listed companies should follow in extending their reporting beyond financial governance to sustainability aspects. and investor compensation Three proposals making derivatives trading less fragile. Within the Guide. the Spanish Exchanges. which comprises banks.2% of their total value. shares of investment funds and RDRs traded on Russian exchanges.bolsasymercados. However. and regulatory activities. including its approach to its new competition role and how it will coordinate with the PRA and other regulators. It also considers how the FCA will supervise markets and its approach to wholesale business. debentures and funds. it restricts purchases of credit default swap contracts to owners of related government bonds or stakes whose performance is dependent on these bonds. The abolition of the tax applies to legal relations arising from 1 January 2011. has recently issued its latest report on share ownership structure in Spain.es/esp/publicacion/ revistaOnLine/index. Secondly. the EU Parliament voted to add protection to private investors against fraudulent and defaulting investment firms. The adoption of this law significantly improves the attractiveness of the Russian on-exchange share market for non-resident investors and simplifies the performance of the tax agent’s duties by Russian brokers with regard to foreign investors. EU Parliament decides stance on derivatives. The paper sets out the FSA’s initial thinking on how the FCA will approach the delivery of its statutory objectives. these changes do not apply to bonds. objectives and powers. short selling. after approval by the BM&FBOVESPA Board of Directors. The report on short selling contains two major innovations. A consistent presentation of product features and risks will facilitate a clear comparison of competing product offerings by market participants. insurers and non-bank financial advisers continued to reduce its ownership at 12%. the other being the Prudential Regulation Authority (PRA). These disclosure templates will apply to the term sheets for debentures. central clearing parties and trade repositories aims to bring greater safety. reducing speculative practices linked to short selling and reducing the time for the setting up of investor compensation schemes received Parliament’s backing on 5 July 2011 ahead of negotiations with Member States. non-resident investors still are the main owners of shares in Spanish listed companies with 39. at 26. On the compensation schemes legislation. FSA publishes paper on FCA’s approach to regulation On 27 June 2011. it requires traders to settle their uncovered short positions by the end of each trading day. It covers the FCA’s: scope. Spanish households continue increasing their participation in the domestic stock market: at the end of 2010. regulatory approach. Singapore Exchange improves product disclosure The Singapore Exchange introduced new product disclosure templates to enhance the readability of term sheets for structured warrants. Information on OTC derivative contracts would have to be reported to ‘trade repositories’ and be accessible to supervisory authorities. particularly by adding “bad advice” as a case for claiming compensation. According to the report. they owned 22. Firstly. CAM was founded in July 2001 as a special environment to resolve corporate. transparency and stability to the OTC derivatives market. exchange traded notes. The financial sector. As regards non-financial firms. and structured warrants. OTC derivative contracts would need to be cleared through central counterparties. thus reducing counterparty credit risk. funds (including collective investment schemes and ETFs). Russian government abolishes tax on foreign investors’ income The Federal law repealing the tax on foreign investors’ income from the sale of shares traded in the on-exchange market has been recently signed by Russian President Dmitry Medvedev. which will be one of two regulatory agencies scheduled to replace the FSA in 2013. saving banks.2% of Spanish listed companies. Singapore Exchange introduces sustainability reporting guide The Singapore Exchange introduced a Sustainability Reporting Guide for its listed companies. their relative position as owners of Spanish listed companies remained stable in 2010. generally among companies listed on the Novo Mercado and Level 2. contractual or capital market conflicts.htm . the UK Financial Services Authority published a paper on the regulatory approach of the new Financial Conduct Authority (FCA).

WFE market statistics .

Capital raised by bonds issuance 67 50 68 Derivatives 68 Single stock. negotiated deals and reported trades). Share trading value and equity trades are now presented in three categories (electronic order book. which mixed various kinds of trading activity should be deleted. the share trading value and the number of trades in equity shares experienced some changes in their presentation. the WFE Working Committee decided that the “total traded value” table. bond options and futures 68 Stock options and single stock futures 70 Stock index options and futures 72 Bond options and futures ETFs options and futures 53 54 58 59 74 Special Note: As of January 2010. .Focus | July 2011 39 Contents 40 Summary of key market indicators June 2011 42 Equity 42 44 46 Domestic market capitalization Number of listed companies Value of share trading 46 Electronic order book value 47 Electronic order book (current month&YTD) 48 Negotiated deals 49 Reported trades Number of trades in shares 50 Electronic order book trades 51 Negotiated deals 52 Reported trades Share turnover velocity Investment flows 54 New companies listed 56 Investment flows (value) Broad stock index performance Blue chip index performance 64 60 Fixed income 60 61 Total value of bond trading Value of bond trading 61 Split by sectors 62 Electronic order book trades 63 Negotiated deals Number of trades in bonds 64 Total number of trades in bonds 65 Electronic order book trades 66 Negotiated deals Investment flows .if5. stock index. Powered by IFS – the LiquidMetrix provider www.com Following the recommendation of the WFE Statistics Advisory Group.

9 Jan -Jun 2011 1 491 939 125.3% 0.Africa .Middle East Total WFE Share turnover value (month-on-month) Electronic order book Americas Asia Pacific Europe .7% 0.Africa .5% % change / year-on-year 22.9% -8.Africa .2% 1.Africa .7% -1.8% May 2011 285 169 29.8% -1.6% -10.3% -1.4% % change / year-on-year -16.40 Focus | July 2011 Summary of key market indicators June 2011 Market capitalization (month-on-month) Americas Asia Pacific Europe .Middle East Total WFE Total number of companies listed (year-on-year) Americas Asia Pacific Europe .9% -0.6% % change / month-on-month -4.6% -0.8% 3.9 Jan-Jun 2010 1.Middle East Total WFE Market capitalization (year-on-year) Americas Asia Pacific Europe .0% % change / month-on-month 5.2 % change / year-on-year -2.4% -0.7% 0.8% -5.Middle East Total WFE Share turnover value (year-on-year) Electronic order book Americas Asia Pacific Europe .5% 27.2% 11.3% -1.0% 28.065 829 128.Africa .8% Jun 2011 /May 2011 in USD -1.Middle East Total WFE Number of share trades (month-on-month) Electronic order book Americas Asia Pacific Europe Africa Middle East Total WFE Number of share trades (year-on-year) Electronic order book Americas Asia Pacific Europe .3% 13.9% -2.0% -4.Africa .8% % change / month-on-month 4.6% 37.7% 6.Middle East Total WFE Investment flows (month-on-month) Number of new companies listed of which number of IPOs IPOs (value in USD bn) Investment flows (year-on-year) Number of new companies listed of which number of IPOs IPOs (value in USD bn) Derivative markets YTD number of contracts traded Single stock options Single stock futures Stock index options Stock index futures ETF options Bond options Bond futures Index performance * Americas Asia Pacific Europe Africa Middle East Total WFE * Regional indexes are weighted by market capitalization June 2011 (USD bn) 22 795 17 384 16 410 56 590 June 2011 (USD bn) 22 795 17 384 16 410 56 590 June 2011 (USD bn) 2 902 1 402 976 5 279 Jan -Jun 2011 (USD bn) 16 156 9 762 6 264 32 182 June 2011 (thousands) 335 614 486 158 83 794 905 566 Jan -Jun 2011 (thousands) 1 857 176 3 256 888 525 483 5 639 548 June 2011 10 496 21 731 13 777 46 004 June 2011 308 184 19.3% -2.1% 23.1% % change / year-on-year 1.6 Jan -Jun 2011 1 593 371 407 474 233 890 2 958 040 105 938 296 466 484 990 778 254 689 237 1 197 790 084 Jun 2011 /May 2011 in local currency -2.5% 3.6% 1.8% -1.1% % change / year-on-year -9.4% .2% -0.2% 12.0% -1.7% -4.2% -0.

2010 & 2011 .Electronic order book 800 700 600 500 400 300 200 100 0 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 1 300 000 1 200 000 Total by geographical zone .Middle East WFE Total Total WFE .Focus | July 2011 41 Evolution of monthly domestic market capitalization from 2009 25 60 Total by geographical zone .Africa .Electronic order book 5 7 6 Total by geographical zone .million USD 1 100 000 1 000 000 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0 Americas Asia .Africa .Pacific Europe .Middle East WFE Total Evolution of monthly domestic & foreign share trading value in 2009.Africa .Middle East WFE Total Evolution of monthly domestic & foreign number of equity share trades in 2009.USD trillion .million USD Total WFE . 2010 & 2011 .USD trillion Total WFE .Pacific Europe .USD trillion 50 20 40 15 30 20 10 10 5 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 0 Americas Asia .Pacific Europe .USD trillion 4 5 3 4 2 3 2 1 1 0 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 0 Americas Asia .

2 57 799 406.4 1 536 763.5 128 639.8 3 091 020.1 261 205.2 57 106 503.4 156 807.8 7 838.Africa .6 318 902.5 8 183.1 1 242 436.4 4 508.2 836 530.2 271 408.5 1 368 820.3 93 012.1 78 124.0 281 974.1 898 407.5 769 166.3 300 668.Domestic market capitalization (USD millions) (Market value excludes investment funds) 2011 Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .3 3 701 092.7 2 183 135.5 69 954.2 1 533 598.1 226 024.2 650 047.6 348 889. Tallinn.2 450 708.3 448 635.1 328 219.2 63 791.4 3 188 665.2 216 777.5 916 824.2 351 728.8 4 233.1 21 967.7 3 841 553.7 201 438.9 2 723 751.8 1 069 762.4 311 010.9 30 734.0 71 948.1 98 311.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.3 99 298.4 69 661.1 786 128.9 1 171 197. Iceland.5 7 487.3 1 082 104.6 1 353 450.1 1 583 487.3 23 464.9 1 052 702.6 405 682. The Stock Exchange of Thailand Tokyo SE Group Europe .Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Total January 1 536.7 105 071.6 69 257.3 101 894. Stockholm. Riga and Vilnius Stock Exchanges Singapore Exchange: market capitalization includes domestic listings and a substantial number of foreign listings.8 279 921.9 29 386.7 3 786 794. Inactive secondary foreign listings are excluded.7 282 852.3 841 143.0 150 278.1 30 653.0 2 859 491.7 426 173.9 65 104.5 1 049 730.0 204 734.9 1 225 162.7 8 077.7 320 234.5 8 371.4 1 474 608.0 3 634 790.1 1 258 983.42 Focus | July 2011 Equity .8 1 297 830.0 376 663.8 254 051.5 1 436 567.2 112 567.9 8 262.6 4 179.7 1 420 845.9 159 520.0 412 912.8 67 367.1 1 233 101.8 1 476 950.1 196 724.9 133 410.8 69 884.4 61 488.9 333 084.6 Notes: Johannesburg SE: figures include the market capitalization of all listed companies.0 2 750 881. but exclude listed warrants. defined as companies whose principal place of business is outside of Singapore.1 1 122 170.8 31 963.4 646 726.1 61 953.4 203 737.7 33 356.1 207 151.2 3 857 139.4 340 273.7 14 810 619.9 319 724.9 14 023 801.0 1 335 802.7 March 1 513.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .4 100 289.1 1 071 813.4 1 243 566.9 2 348 836.5 4 072 019.4 February 1 506.4 1 466 220.9 4 084 034.9 55 609 025.2 9 250.2 262 953.9 461 997.0 1 401 319.4 4 019 736.7 66 431.6 3 214 626.2 65 608.4 9 337. TSX Group: also includes TSX Venture market cap Total excludes National Stock Exchange of India and Osaka SE to avoid double counting with Bombay SE and Tokyo SE Group respectively Source: World Federation of Exchanges members .0 3 952 077.6 1 502 997.8 1 534 295.8 102 086.5 2 669 047.9 2 724 037.5 69 364.5 130 256.5 77 936.3 275 602.9 1 099 912.0 1 519 200.0 14 460 425.5 9 053.9 21 490.8 1 403 069.5 95 912.4 2 904 286.9 2 344 620. Helsinki.7 1 279 960.0 295 193.1 215 914.2 194 540.3 1 497 218. convertibles and investment funds Korea Exchange: includes Kosdaq market data NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.7 28 572.1 998 625.8 620 372.8 318 373.

5 64 510.2% 23.5 286 570.3 82 485.7% 1.3 1 162 234.4 437 607.5 4 098.4 835 491.4% 23.4 14 744 692.7 460 422.6% 45.3 1 352 414.6 % change / Jun 10 (in USD) 11.3 3 248 194.3% 47.4 3 411 770.9 1 338 937.1% -12.0 75 421.7 May 1 585.9% 40.6% 23.9% 18.5% 20.0 69 518.6% 5.4 8 835.4 69 140.8% 3.6 218 652.9 1 443 672.2% 38.7 99 068.9 2 306 647.4% 28.0 68 884.7% 31.7 3 977 806.0 1 006 315.4 6 540.5% 34.6 1 362 954.9 21 477.2% 12.5 59 195 276.5 253 252.5% -5.1% 33.3 209 208.4 401 360.0% 43.8% 26.6 216 588.5 4 146 003.1 283 125.5% 16.7% -13.5% 16.3 1 559 991.6% 28.8 131 815.8 58 012 144.6 2 925 747.6% 32.1% 4.0 1 505 720.5% 19.5% -7.7% 56.4% 5.0 131 647.4% 9.2 1 470 777.0 3 587 675.0 56 589 627.2% 31.5 114 410.0 1 552 777.9% 7.8% .7 4 195 339.9 290 503.6 137 070.3 1 242 207.6 1 341 846.9 32 416.8 22 631.6 59 875.2 105 494.4 96 630.5 70 379.1% 33.0 4 067 515.9 1 458 484.2% 4.2 1 562 386.3% -4.5% 15.3 802 694.8 161 162.4% 36.8 22 928.2 1 199 929.8% 35.7 33 669.3 1 064 529.9 307 697.0 433 013.3% 27.0% 15.6% 7.9% 62.1 8 815.3 14 721 845.1 9 269.5 358 298.2% 32.5 3 260 747.5% 9.3% 54.4 459 985.4 672 307.5 4 215.3 1 097 662.9 4 038 848.6% 1.8% 36.1 13 791 198.5% -19.8 1 622 302.2 211 207.6% 57.1% 12.5% 76.6% 22.1% 57.6 8 768.6 319 741.7% 41.8 65 318.3% 27.7 1 319 613.8% -5.8% 36.9% 34.8 1 481 232.5% 36.3 431 639.3% 48.4% 6.7 103 046.2% 45.8% 50.7 1 215 920.4 348 654.0 279 195.6% 15.6% % change / Jun 10 (in local cur) 11.1 837 710.9% 46.0 340 071.0 8 869.5% 16.7 87 190.7% 1.1 67 146.7 473 031.9 1 033 134.5 1 204 151.4 36 620.4% 24.7 1 380 372.1 2 824 554.9% 46.3 9 015.6 28 759.2 669 421.5% 20.8 66 757.5 1 527 448.4 109 690.7 73 227.4 358 953.9 2 230 777.7 3 849 446.3 2 384 469.0 2 804 002.0 66 999.2% 6.9% -2.3% 9.9% 21.7% 18.8% 11.3 June 1 605.0 397 651.0% 12.1 226 779.2 164 609.1 1 023 084.7 260 331.9% 23.8 1 305 300.6% 30.8% 24.7% 1.5 1 693 938.9 60 100.1 216 788.9 6 334.7% 55.1 60 881.3% 34.3% 23.8% 36.9% 19.2% 9.4 29 063.3% 33.8 921 677.3% 47.3 3 642 225.1 2 817 075.5 1 544 806.4% 52.9% 19.8 82 820.2 2 769 067.8 3 655 395.2 1 610 417.1 1 283 472.8 7 690.3 255 812.9% 39.3 159 149.Focus | July 2011 43 2011 April 1 603.0% 39.0 407 914.2 1 592 096.2 69 168.9% 46.9% 18.7% 25.5% 36.0 344 150.1 907 650.0 4 103.5 225 902.2 2 712 128.7 27 825.8 1 494 476.6% -6.1 956 767.3 342 750.9 298 635.2 334 985.8 680 783.8 213 706.9 328 636.9 217 678.

The Stock Exchange of Thailand Tokyo SE Group Europe . Iceland. Stockholm.Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Total 45 373 106 85 246 428 2 771 2 316 231 3 743 2 007 5 047 955 243 1 420 421 1 808 1 558 1 271 253 899 1 195 782 785 541 2 291 277 280 3 319 51 74 110 755 229 59 340 395 71 2 954 288 21 63 250 775 1 133 236 146 293 341 611 596 108 45 595 January Domestic co’s 14 365 100 83 199 131 2 472 1 796 227 3 654 1 919 5 047 947 243 1 403 421 1 790 1 557 1 270 251 899 1 195 462 753 541 2 279 277 277 3 284 48 73 110 681 228 50 339 350 71 2 354 30 21 62 249 750 980 195 146 246 341 594 581 89 Foreign co’s 31 8 6 2 47 297 299 520 4 89 88 NA 8 NA 17 0 18 1 1 2 NA NA 320 32 NA 12 NA 3 35 3 1 0 74 1 9 1 45 0 600 258 0 1 1 25 153 41 NA 47 0 17 15 19 Total 45 375 106 84 247 426 2 773 2 318 231 3 775 2 015 5 054 954 244 1 421 422 1 812 1 563 1 269 254 901 1 220 781 786 540 2 289 276 279 3 318 52 74 110 755 229 59 343 395 70 2 949 290 21 63 250 774 1 133 237 146 293 341 613 608 108 45 691 February Domestic co’s 14 367 100 82 200 131 2 472 1 795 227 3 685 1 925 5 054 946 244 1 404 422 1 794 1 562 1 268 252 901 1 220 463 753 540 2 277 276 276 3 283 49 73 110 681 228 50 342 350 70 2 348 29 21 62 249 749 981 196 146 246 341 596 593 89 Foreign co’s 31 8 6 2 47 295 301 523 4 90 90 NA 8 NA 17 0 18 1 1 2 NA NA 318 33 NA 12 0 3 35 3 1 0 74 1 9 1 45 0 601 261 0 1 1 25 152 41 NA 47 0 17 15 19 Total 44 375 106 83 248 431 2 760 2 312 231 3 788 2 018 5 067 953 246 1 426 422 1 810 1 574 1 263 249 905 1 246 782 789 540 2 293 276 278 3 316 52 74 110 756 230 56 343 395 70 2 938 293 21 63 256 770 1 132 239 146 293 341 613 622 108 45 752 March Domestic co’s 14 367 100 81 200 132 2 464 1 789 227 3 695 1 927 5 067 945 246 1 409 422 1 792 1 573 1 262 247 905 1 246 463 755 540 2 281 276 275 3 281 49 73 110 682 229 49 342 350 70 2 342 29 21 62 255 745 980 197 146 246 341 595 606 89 Foreign co’s 30 8 6 2 48 299 296 523 4 93 91 NA 8 NA 17 0 18 1 1 2 NA NA 319 34 0 12 0 3 35 3 1 0 74 1 7 1 45 0 596 264 0 1 1 25 152 42 NA 47 0 18 16 19 Notes: Deutsche Börse: Excluding the market segment “Freiverkehr” (unofficial regulated market) Korea Exchange: includes Kosdaq market data Lima SE: Includes 26 foreign companies with shares negotiated under a special modality NASDAQ OMX Nordic Exchange: OMX includes Copenhagen. Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board & Sesdaq Tehran SE: Some 90 companies have been relegated to the “Unofficial Board” which is a “Temporary Board” TSX Group: includes companies listed on TSX Venture NA: Not available Source: World Federation of Exchanges members . Tallinn. Helsinki.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.Africa .Number of listed companies 2011 Exchange Total Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .44 Focus | July 2011 Equity .

6% -0.4% 4.8% -6.8% 1.1% -3.0% -1.5% 30.3% -0.9% 10.4% -5.7% 6.2% 7.6% 4.1% -3.3% -3.3% 0.5% 9.3% 4.5% 12.3% -9.1% 14.2% -0.3% 1.3% -1.5% 1.0% -1.6% -3.9% -6.6% 3.8% -9.6% -3.6% 5.7% -2.8% -0.5% 1.0% 2.2% 4.8% -5.8% -3.0% -0.Focus | July 2011 45 2011 April Total 44 375 106 83 248 438 2 747 2 318 230 3 838 2 023 5 069 955 247 1 430 423 1 795 1 578 1 260 249 906 1 269 781 791 540 2 290 276 278 3 311 52 74 110 757 230 56 345 394 70 2 922 294 21 63 250 767 1 129 239 146 290 341 613 641 108 45 810 Domestic co’s 14 367 100 81 200 131 2 448 1 794 226 3 744 1 932 5 069 947 247 1 412 423 1 777 1 577 1 259 247 906 1 269 465 755 540 2 278 276 275 3 276 49 73 110 683 229 49 344 349 70 2 329 29 21 62 249 742 978 197 146 246 341 595 625 88 Foreign co’s 30 8 6 2 48 307 299 524 4 94 91 NA 8 NA 18 0 18 1 1 2 NA NA 316 36 0 12 NA 3 35 3 1 0 74 1 7 1 45 0 593 265 0 1 1 25 151 42 NA 44 0 18 16 20 May Total Domestic co’s 44 375 106 84 248 440 2 742 2 323 266 3 938 2 029 5 078 953 250 1 437 426 1 793 1 585 1 252 249 912 1 289 776 792 542 2 287 276 276 3 296 52 74 110 753 229 56 349 396 70 2 917 296 21 63 248 772 1 131 240 146 289 342 613 660 108 45 999 14 367 100 82 199 131 2 442 1 800 228 3 844 1 937 5 078 945 250 1 418 426 1 775 1 584 1 251 247 912 1 289 462 755 542 2 275 276 273 3 261 49 73 110 679 228 49 348 350 70 2 324 29 21 62 247 747 980 194 146 245 342 595 642 88 Foreign co’s 30 8 6 2 49 309 300 523 38 94 92 NA 8 NA 19 0 18 1 1 2 NA NA 314 37 0 12 NA 3 35 3 1 0 74 1 7 1 46 0 593 267 0 1 1 25 151 46 NA 44 0 18 18 20 June Total Domestic co’s 44 377 106 83 250 466 2 724 2 318 266 3 862 2 034 5 085 952 259 1 448 428 1 801 1 599 1 252 249 917 1 312 773 793 544 2 285 250 276 3 288 54 75 108 758 229 57 355 394 71 2 914 297 21 63 245 774 1 133 241 147 289 342 613 675 108 46 004 14 369 100 81 200 130 2 421 1 801 228 3 768 1 941 5 085 944 259 1 425 428 1 782 1 598 1 251 247 917 1 312 461 755 544 2 273 250 273 3 253 51 74 108 682 228 49 354 348 71 2 321 28 21 62 244 748 981 194 147 245 342 595 658 88 Foreign co’s 30 8 6 2 50 336 303 517 38 94 93 NA 8 NA 23 0 19 1 1 2 NA NA 312 38 NA 12 NA 3 35 3 1 0 76 1 8 1 46 0 593 269 0 1 1 26 152 47 NA 44 0 18 17 20 % change / Jun 10 -4.2% 2.4% 2.3% -2.6% 3.6% .9% 7.4% 17.4% -1.3% 29.3% 0.0% 0.

1 1 551 619.7% 1.7 333 225.4 47.0 25.3 3.0 1 607.6% -8.0 500.3 79 262.8 34 159.2 200.1% 36.0 10 454.6 13 077.8 16 110.2 11 519.3 208 698.5% 27.5 273 096.3% 53.5 79 929.9 58 672.1 38 312.5 1 131 144.1 58 029.2% -21.3 31.3 516.1% -15.3 3 900.4 49 443.9 299 392.1 69 502.9 49 118.8 604 370.9 330.5 1 694 478.3% 4.0 564 051.9 40.7 3 235.9 678.5 1 275 509.1% -28.0 73 943.2 824 733.1% -12.5 655 468.8% -1.0 0.9 1 179.5% 16.4 22 334. Iceland.0 March 3.Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Total Notes: Korea Exchange: includes Kosdaq market data NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.9 3.3 33 288.4 113 240.8 May 4.9% -53.0 8 445.7 2 051.5 6 995.4 30.8 127 882.3 5 696.3% 29.8 88 683.0% 5.2 5 278 904.4 5 104 451.1% 22.3 22 264.6 319.7 419 837.8 36 875.1 907 449.5 74.9 59.3 25.0 1 678.7 105 156. Tallinn.9 2 281.1 2 270.1% -26.8 152 846.8 February 1.4 323 727.0 478.3 8.5 139 831.2 53.2 84.7 164 842.5 20.0 157 178.6 30 479.6 10.6% -14.6 89.3 1 464.5 5 271 756.6 2 440.6 28 273.3 62. turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members .0% 22.1 3 705.4% 24.2 10 375.46 Focus | July 2011 Equity .6% 4.6 June 2.7 1 128 969.8 2 350.9 1 707.0 452.9 77 500.4 219 530.0 255.2 109 721.3 545.2 208 880.1 25 792.0% -38.3 177 589.2 8 730 761.9 2 783.0% 15.6 129 656.7 393.0 64 154.3 1 278.2 31 638.6 96 931.9 1 013 549.5% 192.3 16 579.3 399 844.7 526 135.8 1 053.8 126 697.9 3 632.2% -14.6 11 912.2 122 520.4 31.0% 6.8% % change / Jan/Jun 10 (in local cur) -74.9 4 950 792.1 435 548.1 68.1 10 318.4 72 962.8 5 540.8% -32.9 9 768.4 161 112.4 293.9 22.2% 11.9 26 334.5 240 418.1% -56.1 203.8 246 634.5 381 041.0% 68.1 14 494.4% 2.9 64 923.6 795.4 13 250.3% -35.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.9% 15.4% -28.8 4 372.5 10 683.8 3 990.1 24 246.3% 10.4 116 770.2 10 729.2 17 834.0 15 890.9 888 638.3% 9.5 283.4 336.0% -41.5 132 179.7 135 618.3 13 139.3 1 530 592.7 2 922. Helsinki.6 70 642.0 17 543.4 473 364.9% -9.6 2 219 293.8 75 491.2 74 594.8 97 612.0 6 665.6 116 870.8 11 601.1 129 763.9 302.3 285 438.7 30 420.9 17 969.0 22 178.9 126 885.6 6 493.2% Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .1 95 237.7 19 065.5 10 349.8% -15.7% 30.6% 19.1 758.2 3 851.1% 39.0 9 863.9 177 824.4 46 920.9 39.2 177 174.Africa .0 22 280.4 8 562.1 5 063 960.9 111 480.7 69 421.3% -2.1% -19.3 18 217.9 16 941.8 28 412.8 217 648.8 39 871.1% -0.8 3.1 10.8 560.0 Year-to-date 15.2% -31.3 330.5 89 569.0 191 750.9 461 324.5 1 440 024.9 17 563.6 1 336 692.9 190 000.3 558.8 2 465.2 7 108.0 777.7 176.0% -6.2 % change / Jan/Jun 10 (in USD) -74.8 14.9 184 471.3% 12.8% 57.5 358.3 76 770.5 291.1 339 061.9 2 132.3 465 223.7% -1.2 13 050.9 70 981.3% 15.3 248 416.5 1 601.6% -15.4 23 185.1% 52.4% 8.6% -4.4 74 065.0 2 997.9 74 770.6 171 494.2 93 544.4% 20.4 10 172.8% 14.0 17.1% -30.8 1 550 799.9 3 137.5 657.9 21 718.1% 14.0 90 597.8 56 577.7 15 186.0 1 084 585.4 3 084.0 1 432 437.0 314 379.8% 9.9 7 241.2 25 851.8% 62.8 1 695.6% -10.2% 3.9 88 451.8 54 687.9 23 682.3 19 523.0% -8.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .6 7 236.0% 17.6 197 394.6 63 283.1 25 961.0 April 1.6 241 593.5 2 432.4 4 048.3 49 638.6 15.2 775 046.9% 21.8% 67.8 3 664.1 32 181 917.4 28 389.6 600.2% 51.4 138 502.3 350.9% 41.1 3 884.8 18 025.8 10 952.6% -8.6% 8.5 254 354.3 152 077. Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board.2 1 821.9 897 804.0 9 174.9 7.8 182 743.7 42 893.8 14 764.0 122 701.8% -12.1 322.0 19 451.0% 198.0 104 966.3 686.7 21 311.6 1 123 640.4 8 414.8 9 500.8 872 246.1% 2.8 929.5 162 406.1 2 940.0 299 201.7 2 328.3 3 297.3 28 866.6 140 855.0% -13.Electronic order book value of share trading (USD millions) 2011 January 2.1 18 234.7 328 923.3 2 253.6 22.6 47 132. Stockholm.1 4.3 7 125.7 34 623.2 1 515.3 2 163.2 252 491.0 436.6 30.0 504.0 11 817.9 1 556.0 2 766.7 76 103.4 2 202 392.0 129 330.0 29 778.4 2 314.7% -56.6 185 069.7 51 552.3 1 428.8% 45.9 760.8 306 006.2 51 338.6% -8.2 9 303.9 138 740.3 8 190.3 46.6 66 762.1 1 895.9 112 816.0 2 025.3 352.5% 12.4 79 795.3% 15.6 11 375.8 46 404.7% 11.2% 10.3 141 974.7% 4.2 249.2 7 635.4% 27.3 284.6% 11.6 15 182.0 2 328.1% -34.6 21 048.7 45 624.5 75 855.2 325 613.1 5 069.6 84 251.6 10 112.2 26. Sesdaq & Clob International Due to different reporting rules & calculation methods.Value of share trading .1% 1.9 6 007 704.9% -56.5% -4.3% -15.9 154 517.9% 52.6% 10.4 43 965.1 81 475.5% 1.5 587. The Stock Exchange of Thailand Tokyo SE Group Europe .9 788.2 108 611.1% 41.2 36 006.4 127 083.9 6 512 052.6 286 095.2 15 671.2 2 064.6% 30.1% 11.4 3 840.9% -22.7 5 903.0% -5.1 81 103.3 42 462.6% 14.8% 27.1 31 039.5 229 140.1 27 136.9 7 003.

9 4.9 17 563.6 2 219 293.9 54 687.6 286 095.5 Trading days June 2011 21 21 21 20 21 22 22 22 21 22 21 22 22 21 21 20 21 22 22 21 21 21 22 21 22 22 22 21 22 20 22 21 22 22 21 22 21 22 22 19 20 22 21 21 22 20 21 20 19 20 21 19 Notes: Korea Exchange: includes Kosdaq market data NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.2 26.0 446.8 29 673.4 23 285.0 104 966.7 176.3 7 125.5 222 779.2 252 491.0 2 350.7 294.0 NA 660.9 897 804.7 0.9 461 324.9 NA 2.3 676.3 9.3 76 770.2 770 016.3 284.9 26 100.0 1 825.9 154 517.1 0.9 286 095.8 16 200.7 141 903.Electronic order book trades (USD millions) June 2011 Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .8 154 517.9 68 825.9 88 451.9 1 427.6 197 394.2 1 322.9 867 453.0 22 280.8 97 612.4 563.4 2 202 191.5 176 620.2 31.7 69 164.8 NA 19.8 4 969.8 126 697.0 203 173. Helsinki.9 325 613.3 126 664.7 176.9 5 387 546.8 125 019.8 641.0 201.6 66 762.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .2 36 006.8 152 846.5 3 545.7 486.6 2 440.3 1 327 419.Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Total 2.0 15 890.6 88 451.3 31 633.6 Foreign 4.7 363.8 355.7 105 156.6 2 904.5 135 635.4 10 172.8 10 930.4 41.4 293.9 350.3 686.2 8 730 761.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.3 8 190.7 553.5 49 443.6 6 493.9 1 013 549.0 264.0 NA 119.9 0.6 9.2 101 617.0 1 895.0 2 997.6 74.5 254 354.6 76 406.7 0.0 67.9 578 270.3 0.9 459 589.8 4 304.8 54 687.1 10 349.3 7 125.3 11 337.3 350.9 243.6 13 077.9 1 009 115.6 30 479.2 9 500.4 1.2 6 493.3 405 875.7 105 138.0 30 351.4 4 379.5 22 280.6 97 136.7 34 623.8 45 744.1 10.0 4 196.7 1 128 969.8 30 446.8 46 404.9 NA NA NA 12 529.3 8 070.1 894 348.1 25.8 3 812.4 23 185.0 201.2 35 987.4 1 409 716.2 62 382.4 49 443.0 17 543.3 151 630.1 0.8 2 465. Stockholm.0 322.0 4 433.9 17 561.1 NA 1 735.4 323 707.1 18 234.9 3 171.2 NA 17.3 1 125 424.8 Foreign 0.2 0.3 1 428.3 2 163.4 13 250.5 9. Sesdaq & Clob International Due to different reporting rules & calculation methods.9 113 240.2 7 635.5 NA 257.9 6 007 704.1 1 551 619.0 0. Iceland.1 1 895.6 670.5 2 997.4 Year-to-date Total 15.9 11 170.4 22 920.5 2 465.8 2 350.9 13 075.8 9 500.4 323 727.9 0.8 133 273.0 31 574.8 604 370.2 775 046.9 49 118.4 2 016.4 NA 5 029.7 2 219 293.2 3.6 2 294.6 1.2 53.2 NA 284. turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members .3 22 264.8 4 372.6 11 375.9 13 250.6 0.0 NA 1 678.2 26.3 558.3 2 358.9 138 740.0 191 750.3 NA 9.0 19.4 2 202 392.5 NA 22.3 15 062.2 3 851.0 3 349.Value of share trading .3 465 223.5 240 418.9 108 564.1 10 162.8 1 550 799.3 152 077.1 435 548.0 2 025.1 15.5 1 217.8 127 882.5 252 196.5 655 468.8 10 952.0 620 158.3 22 264.0 25.2 2 162.9 74 485.3 31.Focus | July 2011 47 Equity .3 452 693.5 139 831.5 0.2 329.4 NA 146. Tallinn.7 69 421.0 7 836 412.1 Domestic 10.5 26 862.4 473 364.1 58 477.2 177 174.0 3 723.1 293.1 0.Africa .6 0.8 3 348.9 470 459.7 2 922.1 10 704.5 587.5 111 878.7 5 513.5 53.2 15 890.7 NA NA NA 2 155.7 1 015 075.3 813 562.0 7 635.2 59 410.6 89. The Stock Exchange of Thailand Tokyo SE Group Europe .8 1 550 799.2 325 613.9 3.0 1 678.8 18 025.3 38.6 1 123 640.8 3 990.3 558.5 651 745. Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board.2 824 733.2 12 574.9 70 981.4 0.3 330.6 197 394.2 475.1 0.4 240 216.7 1.8 101.4 113 240.2 31 638.9 64 923.0 0.3 1 530 592.5 10 349.9 74 770.2 Domestic 1.1 322.8 152 846.2 0.9 49 118.8 0.7 33.

Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board.0 25 395.7 NA 0.1 2 643.5 NA 142 177.0 Year-to-date Total 0.9 131.2 0.3 112 923. Stockholm.2 NA 1 263.3 29 826.2 0.5 360.8 29 519.0 5 809. Helsinki.0 193 294.6 2 158.0 23.0 1 187. Iceland.0 NA 7.0 73.2 NA 904 602.5 7.0 Foreign NA NA 0.7 NA 4.6 0.0 5 661.2 151.1 NA 2.8 1 980.4 7.1 NA 33.6 0.1 0.0 0.0 0.1 174 479.0 NA 9.0 347 331.5 0.0 NA 440.0 NA NA NA 214.5 NA 173.Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Total 0.4 NA 50 478. The Stock Exchange of Thailand Tokyo SE Group Europe .0 NA 19 479.9 NA 0.Value of share trading .1 0.3 15.6 0.0 4 300.0 26 595.7 NA 0.2 0.4 1 186.0 64.0 Domestic 0.0 2.0 NA 2.4 14.0 0.4 96 991.5 8 870.0 0.5 8 668.0 NA 65.0 Foreign 0.7 40 210.0 8 639.2 NA 5 088.9 113.0 202.4 71 595.0 0.0 0.0 0.2 4 118.0 1 319 356.6 0.0 5 661.3 0.3 0.3 4 944.0 951.3 629 470.8 986.1 0.0 NA 450.0 954.0 NA 17 450.0 515.6 2 158.0 0. Tallinn.5 0.48 Focus | July 2011 Equity .5 0.0 0.5 909.7 1 025.1 24 600.0 Trading days June 2011 21 21 21 20 21 22 22 22 21 22 21 22 22 21 21 20 21 22 22 21 21 21 22 21 22 22 22 21 22 20 22 21 22 22 21 22 21 22 22 19 20 22 21 21 22 20 21 20 19 20 21 19 Notes: Korea Exchange: includes Kosdaq market data NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.5 NA 554.2 4 829.0 7 955 052.0 NA 0.4 0.0 132.7 0.0 NA 7 050 450.2 201.0 19 533.0 NA 3 454.0 Domestic NA NA 0.0 0.6 9 182.5 640.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.3 0.0 0.2 127 754.3 3.0 0.2 1 440.6 0.4 5 303.0 0.1 0.5 321.7 174 479.2 246.0 554.1 43 389.2 4 844.4 102.0 0.9 0.0 455.0 112 922.0 17.9 113.1 1 956.0 106 880.2 151.7 31 814.4 14.0 154 036.1 9 455.5 1 287.4 6 802.0 5 677.7 114.9 0.1 24 600.1 2 633.3 1.0 208.0 0.0 2.4 1 186.7 NA 0.5 614.8 197 108.6 23.9 0.5 7 000.8 197 108.0 0.9 0.1 16 351.3 3.2 0.7 0.5 0.0 210.2 0.2 NA 495.5 4 417.0 0.6 0.3 2 035.9 NA 10.0 0.7 16 351.6 2 454.7 0.0 NA 54.0 17 945.0 0.1 NA 8 396.3 0.0 30 765.9 29 818.0 0.0 50 918.9 NA 3 494.7 0.4 102.2 1 046.7 72.0 0.5 321.9 1 025.9 0.8 629 478.7 5 398.0 0.3 0. turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members .0 NA 1 177 179.Africa .6 9 187.5 909.3 4 944.0 0.6 131.5 381.5 949.0 455.9 0.9 NA 101 791.8 1 988.3 15.2 1 457.0 NA 32.0 0.0 57 361.5 246.6 0.0 0.0 0.7 1 046.0 3 457.6 949. Sesdaq & Clob International Due to different reporting rules & calculation methods.4 381.8 3 757.2 0.0 NA 4 086.2 NA 8 466.2 1 282.0 3 494.5 4 417.0 0.7 NA 14.5 1 287.0 NA 2.5 127 639.0 0.2 0.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .9 0.1 0.3 2 035.0 0.9 0.8 9 732.8 29 519.2 45 346.0 NA 55.Negotiated deals (USD millions) June 2011 Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .0 NA NA NA NA 133.0 1 397.3 NA 5.5 614.2 1 315.0 NA 1 498.8 9 764.9 5 398.0 0.5 645.

0 0.0 0.0 0.8 0.Reported trades (USD millions) June 2011 Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .0 0.0 0.5 11.0 33.0 Domestic NA NA 0.0 0.0 NA NA NA NA NA NA NA 0.0 0.0 0.0 0.0 61 360.0 NA NA 33.0 0.0 0.0 NA 0.0 0.0 NA 0. Helsinki.0 0.0 0.9 NA 0.0 0.0 NA NA NA NA NA NA NA 0.5 84 140.1 11.0 0.3 0.0 452 571.0 NA 303.0 0.0 0.4 NA 5 197.0 0.9 NA NA 0.0 0.0 0.0 0.3 504.0 0.0 NA 0.0 0.0 0.0 0.5 10.0 3 405.3 NA 29 074.0 0.0 0.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .5 536 711.0 0.0 NA 0.8 0.0 0.5 0.0 NA NA NA NA NA NA NA 0.0 0.0 0.0 0.0 0.0 NA 205.0 0.0 0.0 0.0 0.9 16 776.0 0.0 0.0 NA NA 76.Focus | July 2011 49 Equity .0 NA NA 0.7 0.0 6 892.5 176 237.0 0.0 0.7 1 311.0 0.0 205.2 NA NA 0.0 0.9 16 887.0 5 222.0 0.1 NA NA 0.0 303. Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board.0 0.5 0.8 135.0 NA 0.0 NA NA 0.0 0.0 0.0 0.0 0.9 573 386.0 NA 0.0 0.1 0.0 0.9 178 896.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.2 88 366.0 0. Iceland.0 Foreign NA NA 0.0 0.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.0 NA NA 23.0 NA 0.5 504.0 0.0 0.0 18 857.0 51 148.0 0.0 29 163.0 0. Tallinn.0 0.0 0. Sesdaq & Clob International Due to different reporting rules & calculation methods.0 0.0 0.0 0.0 NA NA 110.0 0.0 0.0 NA 0.0 NA 3 405.0 0.3 87 871.Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Total 0.0 0.6 NA 24.0 0.0 25 750.0 0.0 76.0 0.9 127 748.0 0.0 0.0 0.1 NA NA 0.0 0.0 Trading days June 2011 22 21 21 20 21 22 22 22 21 22 21 22 22 21 21 20 21 22 22 21 21 21 22 21 22 22 22 21 22 20 22 21 22 22 21 22 21 22 22 19 20 22 21 21 22 20 21 20 19 20 21 19 Notes: Korea Exchange: includes Kosdaq market data NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.0 0.0 146.0 0.0 0.0 Domestic 0.0 0.0 0.0 0.2 NA 89.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0. The Stock Exchange of Thailand Tokyo SE Group Europe .0 0.Africa .0 0.3 405 886.3 0.9 1 989.0 NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA 0.0 0.3 38 996.0 0.0 0.5 0.Value of share trading .5 0.0 0.0 0.0 0.0 0.2 1 311.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.7 0.0 0.3 0.0 0.0 0. Stockholm.0 Year-to-date Total 0.3 100 356.9 2 012.0 0.0 0. turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members .2 979 273.0 Foreign 0.

50 Focus | July 2011

Equity - Number of trades in shares - Electronic order book trades (in thousands)
(excludes investment fund trades)
Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Philippine SE Shanghai SE Shenzhen SE Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Total 2011 January 0.1 7 553.8 104.8 61.1 39.6 745.9 113 753.3 152 921.7 199.9 18 421.3 10 075.6 35 157.8 2 792.7 624.7 13 189.2 2 297.5 100 221.0 118 200.0 392.6 104 965.0 76 268.8 20 313.0 3 697.7 27 557.4 152.9 602.8 4 548.6 170.2 26.9 17.2 9 923.0 774.8 82.4 9 371.6 2 105.0 7.5 19 132.4 1.0 1.0 5.7 7 695.2 6 180.0 17 793.8 1 768.2 1 723.0 2 897.7 335.0 1 936.5 1 222.0 409.3 898 438.0 February 0.1 8 721.1 83.3 67.7 29.7 707.1 110 667.9 143 132.2 163.1 17 847.0 11 069.0 36 799.9 1 970.9 418.4 11 391.7 1 602.7 71 849.6 127 626.5 244.7 110 756.0 80 515.8 14 463.8 2 747.6 28 476.0 91.5 731.4 3 807.0 168.6 20.3 22.0 9 249.4 0.0 81.6 8 477.7 2 243.6 9.4 18 282.2 1.1 0.9 5.2 10 551.2 6 900.8 16 992.5 1 738.5 1 499.6 2 781.2 279.0 1 627.1 1 298.4 392.3 868 604.1 March 0.2 8 437.1 66.5 93.7 39.9 660.6 143 017.2 181 971.3 210.3 21 316.8 15 150.4 36 936.4 2 123.0 335.7 17 148.4 2 199.3 97 595.4 122 400.1 303.6 188 210.0 136 924.7 20 218.2 3 738.4 43 026.2 113.5 568.3 4 549.8 169.4 16.2 16.9 12 046.3 209.0 84.2 10 404.7 2 590.9 10.1 22 152.8 0.9 0.6 4.8 9 140.6 7 421.8 20 493.8 1 881.1 2 360.1 3 287.0 305.0 1 535.9 1 374.3 536.9 1 143 398.4 April 0.3 7 996.0 56.9 49.0 42.6 635.7 108 670.3 134 485.9 154.1 16 526.7 11 115.7 32 697.0 2 063.6 254.4 13 896.7 2 078.7 109 486.7 107 130.3 298.9 140 780.0 99 987.3 16 079.0 3 420.6 29 597.0 120.0 471.2 3 499.3 198.6 18.0 8.6 8 037.0 560.5 75.0 9 920.0 1 733.1 6.3 15 279.4 0.7 0.6 4.2 8 272.7 5 339.4 13 837.2 1 334.0 2 451.6 2 475.4 498.0 916.2 1 212.1 324.8 914 097.4 May 0.1 9 288.7 53.9 85.1 39.8 824.2 138 451.0 155 906.3 197.3 17 064.1 13 602.6 33 627.5 1 647.4 412.2 13 207.1 2 552.8 82 368.6 114 673.9 331.0 112 625.0 79 332.7 16 122.0 3 487.7 25 858.9 151.3 586.2 3 407.3 148.2 15.6 10.0 9 921.2 760.9 85.7 9 229.2 1 966.2 7.0 19 128.4 0.7 0.7 5.7 8 213.9 6 615.9 16 679.7 1 748.6 2 867.1 2 892.1 381.0 1 266.8 1 238.6 356.0 909 444.0 June 0.1 8 615.6 60.2 65.9 33.2 766.5 145 312.3 162 746.7 216.3 17 796.9 12 753.5 33 499.9 1 638.6 485.6 13 822.2 1 965.6 82 569.7 115 548.3 285.0 101 499.0 75 808.4 14 566.2 3 612.9 28 103.0 114.8 544.8 3 484.3 128.8 15.1 9.0 8 984.6 779.2 84.8 7 713.5 2 152.2 6.8 19 980.4 0.7 0.5 4.4 7 861.7 6 572.2 16 029.4 1 619.8 2 041.3 2 613.1 292.0 1 239.3 1 129.1 392.4 905 565.7 Trading days June 11 21 21 21 20 21 22 22 22 21 22 21 22 22 21 21 20 21 22 21 21 21 21 22 22 22 21 22 20 22 21 22 22 21 22 21 22 22 19 20 22 21 21 22 20 21 20 19 20 21 19 Year-todate 0.9 50 612.2 425.6 422.5 224.9 4 339.9 759 872.1 931 164.2 1 141.1 108 972.8 73 766.8 208 718.5 12 236.0 2 531.1 82 655.3 12 696.6 544 090.9 705 579.0 1 855.8 758 835.0 548 837.7 101 762.2 20 704.8 182 618.4 744.1 3 504.8 23 296.3 983.8 112.1 83.7 58 161.5 3 084.4 493.7 55 116.8 12 791.0 47.0 113 955.5 5.1 4.4 30.0 51 735.3 39 030.1 101 826.4 10 090.1 12 942.6 16 946.5 2 090.0 8 521.7 7 474.4 2 411.6 5 639 547.6 % change/ last month -15.3% -7.2% 11.5% -22.6% -16.6% -7.0% 5.0% 4.4% 9.6% 4.3% -6.2% -0.4% -0.5% 17.8% 4.7% -23.0% 0.2% 0.8% -13.9% -9.9% -4.4% -9.7% 3.6% 8.7% -24.1% -7.1% 2.3% -13.1% -3.1% -10.7% -9.4% 2.4% -1.0% -16.4% 9.5% -3.8% 4.5% -0.4% -19.9% -23.5% -4.3% -0.7% -3.9% -7.4% -28.8% -9.6% -23.4% -2.2% -8.8% 10.2%

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

NA: Not available Source: World Federation of Exchanges members

Focus | July 2011 51

Equity - Number of trades in shares - Negotiated deals (in thousands)
(excludes investment fund trades)
Exchange Americas Lima SE NASDAQ OMX NYSE Euronext (US) Santiago SE Asia - Pacific Australian SE Bombay SE Bursa Malaysia Hong Kong Exchanges Indonesia SE Korea Exchange Philippine SE Shenzhen SE Taiwan SE Corp. The Stock Exchange of Thailand Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE London SE Group MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE 2011 January 1.2 98 136.7 13 111.8 0.0 16.0 0.2 1.0 337.5 11.2 2.3 0.0 0.2 0.2 1.4 0.0 0.2 19.2 0.0 0.0 0.0 1 759.6 3.3 9.9 28.9 9.1 696.5 7.0 64.9 107.6 5.1 0.0 0.6 5.0 5.2 0.4 February 1.0 90 983.0 12 553.5 0.0 18.6 0.1 0.5 337.9 7.7 1.4 0.0 0.1 0.1 1.1 0.0 0.2 15.2 0.0 0.0 0.0 1 567.5 0.0 9.0 24.3 10.0 643.0 19.0 46.3 97.4 4.8 0.0 0.6 12.0 4.0 0.3 March 1.1 109 526.1 16 099.5 0.0 34.6 0.4 0.6 471.8 9.2 1.6 0.1 0.3 0.2 1.3 0.0 0.2 16.8 0.0 0.0 0.0 1 921.7 0.0 9.6 28.5 9.2 706.9 27.6 53.2 123.3 4.8 0.1 0.7 7.0 6.2 0.4 April 0.7 93 973.1 13 980.2 0.0 20.9 0.0 0.8 397.2 8.0 1.5 0.0 0.1 0.2 1.1 0.0 0.1 15.8 0.0 0.0 0.0 1 172.3 1.3 8.0 26.5 8.8 504.0 23.3 34.6 74.3 3.5 0.0 1.2 11.0 3.9 0.3 May 0.7 97 075.0 15 408.7 0.0 26.6 0.3 0.6 404.1 8.4 1.5 0.0 0.2 0.2 1.2 0.0 0.2 15.9 0.0 0.0 0.0 882.5 0.1 8.5 25.3 11.1 506.7 53.5 50.9 63.9 4.5 0.1 0.9 106.0 4.6 0.3 June 0.7 102 869.6 16 437.2 0.0 25.8 0.2 0.7 432.7 7.7 1.5 0.0 0.3 0.3 1.3 0.0 0.1 17.1 0.0 0.0 0.0 152.9 0.2 8.7 23.7 11.0 479.9 4.7 43.8 72.1 3.0 0.5 0.6 41.0 5.8 0.4 Year-to-date 5.4 592 563.5 87 590.9 0.0 142.5 1.3 4.2 2 381.3 52.2 9.8 0.2 1.3 1.2 7.3 0.0 0.9 99.8 0.0 0.0 0.0 7 456.5 4.8 53.7 157.2 59.3 3 536.9 135.1 293.7 538.5 25.7 0.7 4.5 182.0 29.6 2.2 % change / last month 5.7% 6.0% 6.7% -3.0% -29.4% 23.7% 7.1% -7.3% 4.1% -25.0% 52.4% 67.8% 12.1% -100.0% -30.7% 7.7% 200.0% 58.3% -82.7% 206.8% 2.0% -6.2% -1.2% -5.3% -91.3% -13.8% 12.8% -33.3% 400.0% -34.7% -61.3% 24.8% 33.5%

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

NA: Not available Source: World Federation of Exchanges members

52 Focus | July 2011

Equity - Number of trades in shares - Reported trades (in thousands)
2011 December NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 94.3 0.8 0.0 NA NA 0.0 364.9 0.0 0.0 NA 1.2 135.5 41.2 1.4 NA 23.0 NA NA 0.0 0.0 January NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 92.1 0.0 0.0 NA NA 0.0 276.2 0.0 0.0 NA 1.5 90.1 37.7 1.4 NA 17.9 NA NA 0.0 0.0 March NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 162.0 0.3 0.0 NA NA 0.0 326.2 0.0 0.0 NA 2.4 161.3 51.5 1.2 NA 17.8 NA NA 0.0 0.0 April NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 81.0 0.6 0.0 NA NA 0.0 225.7 0.0 0.0 NA 2.0 62.6 43.7 0.9 NA 13.8 NA NA 0.0 0.0 May NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 104.1 1.1 0.0 NA NA 0.0 216.1 0.0 0.0 NA 1.7 95.6 50.7 1.2 NA 14.4 NA NA 0.0 0.0 June NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 97.2 1.3 0.0 NA NA 0.0 273.5 0.0 0.0 NA 1.0 73.4 49.8 0.6 NA 11.2 NA NA 0.0 0.0 Year-to-date NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.1 0.0 0.0 NA 0.0 630.6 4.1 0.0 NA NA 0.1 1 682.7 0.0 0.0 NA 9.8 618.5 274.5 6.6 NA 98.1 NA NA 0.0 0.0

Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse

% change / last month -6.6% 22.6% 0.0% 26.5% -42.4% -23.2% -1.8% -45.2% -22.3% -

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

NA: Not available Source: World Federation of Exchanges members

Focus | July 2011 53

Equity - Share turnover velocity
2011 January Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse 0.6% 59.5% 5.2% 9.9% 4.8% 24.7% 241.6% 109.3% 25.0% 75.1% 61.9% 12.7% 49.0% 37.9% 56.8% 41.5% 195.6% 49.6% 78.8% 17.7% 134.8% 211.8% 52.7% 126.7% 102.6% 105.9% 21.9% 46.1% 124.5% 66.3% 8.6% 8.7% 109.5% 54.1% 15.0% 199.6% 29.0% 6.0% 70.4% 0.2% 2.1% 5.8% 37.3% 72.0% 71.6% 82.0% 78.8% 71.2% 16.0% 57.7% 43.8% 35.6% February 1.1% 65.4% 4.6% 11.5% 5.0% 26.0% 229.5% 98.3% 15.6% 71.2% 74.6% 13.0% 34.2% 27.9% 49.8% 24.1% 139.6% 51.4% 83.4% 14.5% 138.0% 214.2% 46.9% 97.1% 75.7% 113.7% 11.9% 52.6% 82.6% 64.0% 5.8% 12.9% 99.9% 0.0% 14.0% 184.7% 30.9% 9.1% 65.8% 0.2% 2.5% 3.3% 48.8% 84.0% 68.5% 79.9% 67.7% 71.7% 12.6% 50.8% 42.2% 33.2% March 1.3% 60.1% 3.6% 13.3% 7.2% 24.9% 299.3% 123.0% 19.1% 82.0% 93.9% 12.6% 36.8% 26.1% 69.9% 32.2% 181.0% 45.2% 96.7% 17.2% 233.1% 359.2% 52.5% 133.4% 90.7% 173.7% 16.5% 52.7% 100.9% 57.7% 5.7% 10.1% 134.5% 21.0% 14.0% 181.9% 34.9% 9.6% 82.3% 0.1% 1.2% 3.6% 55.0% 83.1% 85.3% 79.8% 98.5% 89.9% 15.6% 49.4% 48.8% 49.4% April 1.1% 58.1% 3.8% 9.5% 11.6% 23.0% 230.8% 92.3% 12.8% 63.0% 70.7% 12.0% 32.6% 15.0% 54.7% 25.8% 211.4% 40.3% 68.0% 15.0% 172.2% 262.4% 45.6% 103.8% 78.5% 109.8% 13.2% 33.6% 104.3% 69.8% 5.3% 4.8% 93.3% 27.8% 9.7% 171.2% 24.1% 4.1% 52.9% 0.1% 1.0% 3.0% 49.5% 60.6% 57.8% 53.4% 99.6% 62.9% 23.6% 31.2% 37.4% 26.3% May 3.0% 62.6% 3.1% 14.3% 9.2% 28.8% 281.5% 107.0% 20.1% 65.3% 83.6% 10.5% 28.6% 23.7% 49.5% 29.5% 156.3% 42.4% 68.0% 18.3% 136.2% 206.1% 42.3% 105.5% 75.3% 100.1% 18.2% 42.6% 98.7% 57.0% 3.5% 5.6% 124.5% 35.6% 13.0% 166.8% 26.8% 6.3% 71.9% 0.1% 1.1% 5.6% 44.0% 75.9% 69.7% 68.3% 111.5% 68.7% 17.0% 40.1% 45.5% 29.0% June 1.2% 59.0% 4.9% 13.2% 7.1% 27.9% 299.5% 122.7% 23.3% 68.1% 84.5% 10.6% 30.0% 31.2% 55.3% 22.5% 151.6% 40.3% 83.2% 16.1% 122.4% 184.6% 39.9% 102.9% 68.3% 106.3% 15.1% 41.2% 86.2% 52.8% 5.9% 4.8% 100.3% 44.1% 11.7% 129.0% 30.8% 7.3% 69.4% 0.1% 0.9% 3.6% 42.2% 72.5% 65.2% 58.7% 76.7% 62.9% 21.6% 40.9% 45.9% 34.7%

Exchange

Notes: Turnover velocity is calculated using EOB domestic trading value as numerator and domestic market cap as denominator Johannesburg SE: ratios are calculated with domestic & foreign market capitalization NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

Singapore Exchange: ratios are calculated with domestic & foreign market capitalization Due to different reporting rules & calculation methods, turnover figures are not entirely comparable Source: World Federation of Exchanges members

Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. Helsinki.Africa .Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse 0 0 0 0 0 5 5 2 35 11 7 3 1 7 2 11 1 3 NA 5 23 NA 1 2 NA 0 0 0 0 1 0 1 0 1 6 0 0 11 0 0 NA NA 2 4 0 NA 0 NA 1 17 0 Foreign 0 0 NA 0 0 NA 1 NA NA NA NA 0 NA 2 0 1 NA 0 NA NA NA 1 1 NA NA 0 0 0 0 0 0 1 0 0 0 0 0 4 2 0 NA NA 1 1 1 NA 0 NA 0 0 0 Total 0 0 0 0 0 5 6 2 35 11 7 3 1 9 2 12 1 3 0 5 23 1 2 2 NA 0 0 0 0 1 0 2 0 1 6 0 0 15 2 0 NA NA 3 5 1 NA 0 0 1 17 0 Number of other companies listed during the month Domestic 0 0 0 1 0 NA 3 2 NA 1 NA 14 8 5 0 NA 15 0 NA NA NA NA NA NA NA 1 0 4 2 0 0 0 1 0 0 1 1 6 0 0 NA NA 0 1 0 NA 0 NA 0 0 0 Foreign 0 0 NA 1 28 NA 0 0 NA 1 NA 0 NA 2 NA NA NA 0 NA NA NA NA NA NA NA 0 0 0 0 0 0 12 0 0 0 0 0 4 1 0 NA NA 0 0 0 NA 0 NA 0 0 0 Total 0 0 0 2 28 0 3 2 9 2 0 14 8 7 0 0 15 0 0 NA NA 0 0 0 NA 1 0 4 2 0 0 12 1 0 0 1 1 10 1 0 NA NA 0 1 0 NA 0 0 0 0 0 Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market . Stockholm. Iceland.New companies listed 2011 June Exchange Number of new companies listed through an IPO Domestic Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia . Riga and Vilnius Stock Exchanges NA: Not available Source: World Federation of Exchanges members .54 Focus | July 2011 Equity . The Stock Exchange of Thailand Tokyo SE Group Europe . Tallinn.Investment flows .

Focus | July 2011 55 Year-to-date Number of new companies listed through an IPO Domestic 9 0 1 0 2 45 31 5 148 58 59 17 6 30 10 30 16 6 1 23 144 5 5 5 4 0 0 1 0 1 0 11 0 1 17 0 0 39 1 0 NA 1 14 10 3 NA 0 NA 7 98 1 Foreign 0 0 NA 0 0 NA 15 NA NA 4 NA 0 NA 4 0 1 NA 0 0 NA NA 5 7 NA NA 0 0 0 0 0 0 7 0 0 0 0 0 9 15 0 NA NA 1 2 1 NA 0 NA 0 3 0 Total 9 0 1 0 2 45 46 5 148 62 59 17 6 34 10 31 16 6 1 23 144 10 12 5 4 0 0 1 0 1 0 18 0 1 17 0 0 48 16 0 0 1 15 12 4 0 0 0 7 101 1 Number of other companies listed during the month Domestic 1 0 1 2 2 NA 18 5 NA 6 NA 65 11 11 0 0 57 0 0 NA NA NA NA 1 12 1 0 33 3 0 0 7 3 0 0 4 1 26 0 0 0 2 0 10 0 NA 0 NA 0 0 0 Foreign 0 0 NA 3 50 NA 8 34 NA 3 NA 0 NA 2 NA 0 NA 0 0 NA NA NA NA NA NA 0 0 1 0 0 0 95 0 0 0 2 0 11 1 0 0 NA 0 2 3 NA 0 NA 1 0 1 Total 1 0 1 5 52 0 26 39 53 9 0 65 11 13 0 0 57 0 0 0 0 0 0 1 12 1 0 34 3 0 0 102 3 0 0 6 1 37 1 0 0 2 0 12 3 0 0 0 1 0 1 .

7 0.0 NA 0.8 0.3 NA 0.3 104.0 3 166.Investment flows .2 93.0 NA 0.2 22.0 NA 3.8 1 216.0 74.Investment flows (value) 2011 June Exchange Newly issued shares Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .0 9 791.6 NA 0.8 497.9 NA 1 026.6 6. Iceland.3 6.5 458.9 1 225.Africa .6 0.0 249.2 NA 434. Helsinki.1 NA NA NA NA NA NA NA NA NA NA NA NA 249.9 2 140.4 81.0 0.0 NA 3 581.0 NA 3 633.6 671.0 0.5 458.0 NA 67.3 0.0 NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.2 NA NA Already issued shares 9.0 1 870.0 NA 0. Stockholm.Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse 607.3 NA 5 252.1 0.0 NA NA NA 0.0 323.9 NA 0.4 7 397.2 NA 427.0 6 158.0 99.6 104.4 2 515.9 NA 12.0 NA NA NA 624.0 0.0 0.0 123.0 0.0 3.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .7 539.5 847.4 104.0 0.9 0.7 2 032.0 14.2 NA 0.2 NA NA 0.0 161.0 468.6 69. Tallinn.1 0.8 1 585.0 NA NA 0.6 NA NA NA NA NA NA 30.0 NA NA NA NA NA NA NA 0.0 0.0 0.0 0.4 NA 0.1 94.0 14.1 4 068.9 NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.7 NA 0.0 1.4 NA 0.1 NA NA 7.9 366.6 NA 0.8 1 216.1 NA 2 992.56 Focus | July 2011 Equity .0 0.4 13.0 0.0 60.0 NA NA NA 0.9 0.3 NA 1 671.0 NA NA Grand total Total 2 942.0 Already listed companies Newly issued shares 2 932.7 4 172.5 NA 0.6 671.2 NA 654.0 1.4 12.0 3 784.4 2 427.0 3 633.3 22.0 0.7 0.0 NA NA 0.2 10.2 NA NA NA NA NA NA NA NA NA NA NA 0.0 NA 463.6 69.0 NA NA 0.2 0.1 NA NA IPOs Already issued shares 518.0 0.0 60.4 1 540.0 NA NA NA NA NA NA 45.3 440.6 NA NA 5 856. Riga and Vilnius Stock Exchanges Singapore Exchange: Capital raised on SGX Main Board & SGX Sesdaq NA: Not available Source: World Federation of Exchanges members .0 1 087.0 NA 654.0 0.1 45.8 0.0 0.4 104.0 NA NA NA 308.0 68.0 0.0 NA 3.7 321.0 15.2 0.0 2 757.3 458.0 NA NA 86.0 NA NA 0.7 2 032.3 NA NA NA 0.1 NA 0.0 1 870.2 16.8 308.3 6.6 21.0 NA NA NA 0.0 0.5 1 585.8 NA 0.0 0.0 0.9 0.7 321.6 NA NA NA 539.0 NA NA NA 13.0 NA NA NA NA 2 757.0 77.0 285.0 NA 0.1 NA 0.8 1 225.8 NA NA NA NA 1 026.1 13.4 93.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.0 NA NA Total 1 125.0 88.0 NA NA 6.0 NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA 74.0 0.0 0.0 NA 1. The Stock Exchange of Thailand Tokyo SE Group Europe .3 22.1 Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen.6 0.0 0.9 2 140.6 60.0 5.0 21.

7 186.7 2 088.4 186.2 569.6 18 274.3 0.5 0.4 173.2 NA NA 0.0 5 608.2 NA 0.2 NA NA NA NA NA NA 0.0 21.4 91.4 45.0 3.0 NA 1 281.5 1 234.0 314.0 6 648.8 NA 33.1 7 572.2 0.6 NA NA NA NA NA NA 1 105.7 10 385.8 16 747.0 14.8 1 781.0 44.0 0.8 3 024.6 NA NA NA NA 18.0 874.0 0.2 2 940.4 91.0 NA 0.0 NA NA NA NA 0.1 NA 25 597.Focus | July 2011 57 Year-to-date IPOs Newly issued shares 2 889.6 173.9 NA 0.7 91.0 NA 363.5 NA 0.1 116.0 NA NA NA NA NA 738.0 0.0 641.2 4 243.0 3.2 0.4 10 476.6 5 940.3 NA 9 245.0 NA NA 97.8 0.6 NA 33.2 0.5 180.7 4 597.0 314.0 NA NA 177.4 1 155.9 1 768.2 38 569.0 140.0 0.6 6 698.7 2 116.0 0.5 19 040.2 2 952.0 7 925.9 0.3 0.0 NA 60 373.0 NA NA NA 5 089.7 NA NA NA 85.0 NA NA 953.0 NA NA NA 0.7 688.2 180.7 0.3 0.7 45.9 18.7 724.0 6 698.0 NA 346.5 116.3 173.4 200.0 2 616.1 14 367.6 NA NA NA 0.4 NA NA 21.0 336.5 21 384.0 0.8 0.7 0.2 625.0 0.3 465.5 16 560.0 2 116.0 11 723.6 186.0 0.7 1 056.1 688.6 314.8 3 024.1 Newly issued shares 27 844.0 0.5 674.7 9 763.3 0.0 0.0 NA 0.8 22 009.0 8 137.0 10 385.1 0.2 694.0 NA 19.0 18 987.7 NA NA NA 575.5 0.3 NA NA Already listed companies Already issued shares 902.6 1 225.8 82 259.0 0.8 NA NA NA NA NA 3 859.0 21.9 0.0 NA NA Total 4 190.4 674.7 738.3 625.0 0.1 26 091.8 0.1 177.5 7 925.0 2 084.2 NA 1 275.3 5 836.0 1 040.9 18.9 0.0 NA NA Grand total Total 28 746.0 NA NA 1 056.7 0.7 0.0 5 261.6 NA NA NA 688.8 1 130.0 140.1 1 291.2 543.1 874.0 3.1 0.1 NA NA NA NA NA NA 0.0 NA 0.3 1 027.4 2 004.1 3 644.0 1 291.1 39 658.0 NA NA NA NA NA NA NA 0.0 3.2 0.9 NA 41.3 NA NA NA 0.6 14 445.2 2 616.7 5 879.0 NA NA NA 18 987.4 1 295.2 0.0 9 038.4 31.3 NA NA NA 785.1 3 644.0 NA NA NA 13.0 709.8 0.5 NA NA Already issued shares 1 300.8 21 885.5 16 560.5 91.0 1 475.0 NA NA NA 0.0 NA 186.9 NA 0.0 NA NA NA NA NA 543.3 1 897.0 NA NA 0.1 13.7 0.2 .5 85.8 NA 16 352.0 NA NA 0.2 17.8 40.3 0.0 NA 1 890.7 0.2 2 952.6 5 940.8 27.9 NA 1 890.0 NA NA NA NA 0.9 1 407.1 32 936.0 27 125.7 953.6 98.4 NA 0.4 1 320.0 1 753.2 1 187.

7% 2.3% 21.09 17 067.05 3 346.06 3 068.94 26 685.3% -12.87 1 066.6% 20.14 3 005. The Stock Exchange of Thailand Tokyo SE Group Europe .3% -2.60 7 437.43 8 307.12 28 034.02 17 151.74 1 666.54 8 671.10 22 642.73 18 878.73 4 424.30 1 047.07 31 398.65 1 750.52 1 279.96 16 739.59 394.57 4 319.63 6 610.9% -2.15 1 023.91 1 110.01 1 741.5% 2.1% 26.33 15 926.82 3 470.17 7 418.16 2 026.84 393.9% 13.2% 15.0% 17.04 8 663.63 3 888.9% 17.89 551.22 284.6% -0.90 883.98 1 092.65 836.51 8 599.36 4 615.9% -1.99 377.41 22 784.00 1 078.50 374.67 12 196.00 1 863.06 788.09 7 356.4% 7.6% 0.00 1 933.97 28 237.01 1 061.02 13 802.Broad stock index performance 2011 January Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .83 364.73 9 007.80 7 265.6% -2.39 3 881.7% 1.0% 0.4% 22.29 63 269.08 4 244.0% 12.00 980.67 2 079.Middle East Amman SE Athens Exchange BME Spanish Exchanges Barcelona BME Spanish Exchanges Bilbao BME Spanish Exchanges Madrid BME Spanish Exchanges Valencia Borsa Italiana Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE London SE Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Copenhagen NASDAQ OMX Nordic Helsinki NASDAQ OMX Nordic Iceland NASDAQ OMX Nordic Stockholm NYSE Euronext Amsterdam NYSE Euronext Brussels NYSE Euronext Lisbon NYSE Euronext Paris Oslo Børs Saudi Stock Market .Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse BSX Index Ibovespa Composite IGBC Indice General BVL (IGBVL) IPC CompMx Composite Composite IGPA S&P/TSX Composite All Ordinary Price BSE 500 FBM Emas Index CSE All Share S&P/HKEX LargeCap Index JSX Composite Index KOSPI S&P CNX 500 300 Common PSE Index (PSEi) SSE Composite Index SZSE Composite Index Straits Times Index TAIEX SET Index TOPIX ASE Index General Price BCN Global .19 812.25 12 805.1% 0.22 NA 2 976.43 March 1 143.93 8 988.86 841.97 2 958.94 366.07 28 186.45 5 463.6% 7.40 31 864.24 260.20 381.7% 21.31 1 181.70 189 288.85 10 691.46 2 782.9% 22.0% 1.31 1 081.75 1 666.8% 4.97 364.2% 9.67 8 907.10 910.7% 4.83 626.84 8 807.5% 0.04 1 723.94 626.6% -1.76 372.21 2 762.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.87 32 272.38 2 175.5% 23.04 2 063.05 1 295.5% Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.89 3 120.65 3 005.61 1 082.87 1 093.76 1 050.1% -2.3% 10.7% -0.09 5 646.00 2 953.95 353.62 4 055.3% 48.55 21 229.7% -3.73 1 576.06 15 008.9% 6.18 3 602.23 2 928.58 3 463.29 10 469.0% 1.2% -3.3% 6.57 63 046.48 1 731.7% 2.00 1 155.51 1 200.56 851.00 7 427.85 2 198.70 103 022.55 1 813.00 1 108.61 1 715.48 2 159.7% 23.4% 5.13 2 097.62 604.7% -3.42 398.0% 68.88 195 789.91 951.9% -2.45 625.86 188 451.85 8 683.01 1 434.6% 9.94 14 384.64 2 743.36 2 969.50 February 1 119.93 2 835.55 99 532.00 1 091.72 7 131.3% 13.73 3 161.53 13 994.81 15 077.35 1 939.88 285.37 1 064.57 3.38 66 132.80 3 836.8% 9.3% -1.87 4 659.79 5 003.71 102 227.53 1 079.31 2 848.0% -5.63 3 766.93 22 887.23 384.75 3 044.9% 0.7% 2.68 3 105.46 283.50 937.56 6 539.02 32 565.72 2 874.30 4 247.33 573.44 8 652.3% -3.72 9 145.3% -1.61 7 471.85 6 357.8% 7.17 2 069.54 375.94 7 519.51 2 911.49 288.30 899.95 892.29 394.6% 6.4% -1.97 Exchange Name of index % change/ % change / June last month June 10 1 200.57 2 100.1% 17.00 7 128.36 3 350.0% 35.47 1 111.3% -3.66 2 773.70 11 510.83 273.40 13 300.1% -5.14 2 928.58 2 700.87 27 969.6% -4.68 2 873.16 22 248.4% -8.95 536.67 3 179.81 3 010.9% -10.50 4 923.34 6 358.30 8 477.34 1 693.4% 21.26 14 136.83 1 309.9% 2.00 1 948.26 14 550.57 64 620.65 987.17 69 250.99 4 850.35 6 710.9% -10.11 1 253.46 801.7% -0.54 61 283.0% -1.33 358.79 3 819.7% 31.30 835.36 22 842.00 1 179.07 8 404.46 7 226.51 47 156.52 8 319.00 6 187.8% -10.27 8 438.90 3 678.9% 1.8% -2.71 64 434.51 32 204.8% -3.4% 1.61 2 773.3% 22.72 578.90 3 159.28 22 929.93 3 015.78 2 005.6% -2.41 284.96 27 880. Stockholm.70 817.84 1 073.55 6 562. Iceland.84 404.23 5 373.08 182 577.60 62 403.5% -4.13 50 008.59 1 041.93 782.2% -1.03 1 762.50 2 852.00 1 145.3% -3.17 7 174.73 2 905.00 1 917.4% -5.31 2 788.20 19 636.3% -1.35 275.62 3 172.6% -1.2% 22.4% -4.47 2 790.1% 9.22 2 093.83 2 928.100 Index Indice Bolsa Bilbao 2000 IGBM Index IGBV Index FTSE Italia MIB Storico BUMIX MASI Float CSE General Index CDAX Price EGX 30 Index ISEQ Overall ISE 100 Index FTSE/JSE All Share FTSE 100 Lux General Price MSE Share Index SEMDEX MICEX Index OMXC OMXH OMXIPI OMXS AAX General Price BVL General SBF 250 OSEBXPR TASI SMI TEDPIX General WIG Total Return SE Price Index 1 145.4% 49.93 13 551.81 1 087.33 1 105.66 21 957.98 21 871.64 184 950.64 7 786.5% 33.44 88 138.2% -2.3% 1.43 66 574.09 3 139.60 6 850.0% -5.66 569.8% -2.92 7 518.45 929.36 1 063.92 14 116.1% 30.2% -1.81 63 278.07 99 694.23 3 155.32 10 842.77 1 777.08 2 373.12 1 049.35 1 091.80 14 067.52 8 699.38 67 383.27 2 251. Tallinn.98 6 554.00 1 030.25 6 825.44 6 735.4% -2.47 4 492.83 1 107.10 1 111.76 1 104.69 11 551.69 4 522.52 21 566.10 12 174.58 Focus | July 2011 Equity .88 4 788.8% -5.60 986.96 284. Helsinki.8% 27.81 568.79 4 899.9% 13.59 1 535.59 367.76 1 777.69 48 414.8% 27.26 48 729.67 8 621.89 50 025.79 2 024.4% 0.31 6 716.0% 1.97 47 540.19 3 865.87 621.30 389.81 17 394.7% 0.5% 28.3% -3.46 68 586.00 1 072.26 10 612.69 1 197.7% -26.7% -1.65 14 469.05 3 409.79 2 774.8% -2.90 7 233.48 869.6% 15.12 3 327.70 4 626.35 964.15 85 428.88 624.06 4 291.00 1 006.14 32 836.78 1 593.48 849.73 5 523. Riga and Vilnius Stock Exchanges NA: Not available Source: World Federation of Exchanges members .7% 0.00 963.00 1 976.5% -2.3% 16.07 275.00 1 055.1% -2.8% -4.54 2 801.09 May 1 157.44 6 576.03 6 479.Africa .4% 7.31 1 087.62 2 192.46 12 589.10 4 928.13 April 1 202.0% 18.00 1 054.04 2 781.12 284.78 281.83 838.08 8 139.7% -3.67 2 106.14 10 576.54 7 797.97 2 142.08 1 155.00 1 811.40 10 215.22 188 118.12 2 818.26 1 109.91 2 940.4% 1.87 17 630.54 3 097.50 5 941.

68 27 346.13 10 878.62 391.1% -1.09 5 833.70 7 819.06 2 392.0% 1.00 1 458.5% 3.89 4 353.80 22 467.29 4 802.20 5 505.51 2 338.15 1 253.3% -8.34 835.65 462.38 June 8 804.08 1 128.48 832.76 February 9 482.47 809.81 680.39 4 847.91 5 728.13 375.30 1 321.0% 13.43 28 551.40 17 416.7% 29.16 4 817.1% -4.7% 14.40 1 162.7% 17.1% 11.4% -2.21 386.6% -10.93 6 161.6% 2.58 467.0% 139.70 1 314.0% -1.Africa .99 5 902.2% -1.00 23 059.95 28 145.5% 1.68 4 165.31 5 749. The Stock Exchange of Thailand Tokyo SE Group Europe .0% 0.08 6 061.19 278.2% -2.94 2 768.9% 24.50 431.00 1 513.61 23 684.90 4 606.72 2 717.83 6 052.82 1 762.7% 17.2% 0.1% -3.2% 10.90 22 418.3% 1.31 4 673.58 473.83 29 274.27 23 447.04 6 407.6% -15.12 4 005.22 1 545.40 1 491.72 706.7% 15.66 1 147.60 19 135.6% 15.44 2 687.58 499.44 1 295.60 1 289.00 22 050.6% 0.69 455.0% 29.41 729.19 3 172.24 1 172.89 528.97 30 986.00 6 791.81 2 895.3% 0.1% Exchange Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia .40 3 010.6% -2.03 3 159.75 2 638.87 789.3% -2.27 1 700.00 24 161.07 6 301.07 5 846.8% 10.6% 14.28 788. Helsinki.5% 19.1% -3.7% 6.2% 19.9% -4.0% -14.25 4 577.00 21 110.51 5 905.3% -3.76 1 519.26 10 476.46 1 107.6% -4.51 76 930.84 359.9% 1.60 1 292.34 597.71 7 556.78 446.32 NA 472.6% 1.5% 1.01 2 766.63 4 695.16 4 110.43 31 199.0% 14.65 2 572.49 387.5% 7.Middle East Athens Exchange BME Spanish Exchanges Borsa Italiana Budapest SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Luxembourg SE Mauritius SE MICEX NASDAQ OMX Nordic Copenhagen NASDAQ OMX Nordic Helsinki NASDAQ OMX Nordic Stockholm NYSE Euronext Amsterdam NYSE Euronext Brussels NYSE Euronext Lisbon NYSE Euronext Paris Oslo Børs SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Name of index IBrX-50 Burcap Index IGBC Indice Selectivo BVL (ISBVL) IPC Nasdaq 100 NYSE US 100 IPSA S&P/TSX 60 ASX/S&P 50 SENSEX Kuala Lumpur Composite Milanka Price Index Hang Seng Index LQ45 Index KOSPI 200 S&P CNX Nifty OSE Adjusted 250 Issues SSE 180 Index SZSE 100 Index Straits Times Index TSEC Taiwan 50 Index SET 50 Index TOPIX Core 30 FTSE/ASE 20 IBEX 35 FTSE MIB BUX FTSE/CySE 20 DAX Performance Index DJ/CASE Egypt Titans 20 Index ISEQ 20 ISE 30 Index FTSE/JSE Top 40 SBI 20 FTSE 100 LuxX SEM-7 MICEX 10 Index OMXC20 OMXH25 OMXS30 AEX 25 BEL 20 PSI 20 CAC 40 OBX Index SMI TSE 50 TA 25 WIG 20 ATX (Austrian Traded Index) Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.7% 1.74 266.02 4 140.66 369.3% 17.29 5 946.82 March 9 618.52 659.99 5 906.6% -5.00 1 406.7% 14.90 18 475.73 % % change / last % change volatility month / June 10 June 11 -1.40 29 788.10 10 576.71 1 574.67 7 293.47 5 647.54 5 946.7% 11.53 734.08 449. Riga and Vilnius Stock Exchanges NA: Not available Source: World Federation of Exchanges members .51 10 806.84 4 624.48 1 234.45 3 989.82 6 377.94 405.46 1 718.85 649.35 6 464.2% 45.10 19 445.85 7 272.07 78 368.63 3 944.29 6 853.07 383.94 668.31 690.25 6 479.22 360.7% 10.3% 16.10 6 070.1% 0.77 35 832.3% 2.00 22 709.0% 2.57 813.18 2 816.0% 0.01 6 730.07 2 325.02 22 398.80 11 715.8% -3.77 333.24 474.74 23 527.5% -3.53 4 444.13 2 846.87 1 700.92 413.4% 6.37 5 909.26 4 725.0% 0.86 4 006.41 735.94 7 134.79 2 372.70 2 350.45 29 989.30 454.28 1 558.82 4 106.71 37 440.2% -4.68 74 652.7% 17.8% 3.13 682.4% 21.04 37 019.65 4 460.88 1 760.47 770.0% 0.5% -5.8% 1.0% 16.00 1 423.9% 33.25 7 140.95 6 822.9% 10.00 23 155.62 2 662.87 575.67 4 207.73 6 226.25 2 522.18 29 037.73 1 115.17 7 753.28 763.8% 15.69 1 215.44 474.17 7 376.2% 25.40 18 845.0% 18.62 2 404.5% 19.28 29 564.06 4 100.50 393.0% 25.87 365.89 1 151.49 6 357.4% -3.2% -0.82 387.5% -0.8% 4.4% 11.6% -2.5% 20.9% -3.09 5 560.9% 22.00 23 376.8% -4.96 77 640.91 2 802.83 3 789.7% 25.55 1 485.59 4 822.35 408.88 6 772.99 457.7% 20.23 339.68 3 849.2% 7.0% 15.84 36 962.64 36 982.9% 19.18 April 9 223.8% 18.05 4 513.90 20 187.3% -1.9% 9.25 11 616.81 2 637.5% 13.82 1 134.05 May 8 945.5% 0.07 1 528.7% 1.3% 39.42 5 333.87 1 579.6% 18.8% 11.92 23 338.50 4 036.50 368.8% 6.91 394.15 17 257.80 3 105.65 4 722.08 10 359.09 7 995.9% 15. Stockholm.07 778.65 5 863.77 23 720.8% -5.88 1 750.06 7 514.07 84 576.4% 6.1% -3.35 3 179.15 2 637.78 3 982.9% 1. Tallinn.70 1 545.56 319.34 7 677.64 2 601.1% 1.Focus | July 2011 59 Equity .4% 1.10 690.18 408.85 456.88 2 903.8% -2.21 11 377.7% 16.9% 0.3% 14.85 3 120.19 36 558.4% 11.61 587.31 1 202.7% -1.5% 13.93 4 825.40 17 823.42 4 795.72 6 297.61 2 787.39 6 539.00 1 429.0% 15.84 12 012.98 464.85 5 980.1% -5.75 18 156.11 4 593.2% 2.35 399.00 22 693.51 4 342.11 2 676.50 17 605.2% 16.96 2 882.40 18 327.56 2 913.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.7% 1.43 25 855.0% 0.25 18 989.1% -0.13 2 707.82 742.44 76 628.99 6 554.86 2 885.1% 12.14 29 077.44 5 865.1% 4.31 6 610.00 1 466.02 614.1% -2.96 1 534.5% 23.99 6 083.0% 16.Blue chip index performance 2011 January 9 283.91 11 138.5% -1.61 12 080.2% 23.13 6 874.12 740.24 2 281.0% 23.50 791.2% -3.3% 22.46 4 477.36 349.05 1 266.06 771.40 1 223.0% -2.0% 18.83 818.12 4 690.40 462.3% 33.08 7 077.75 2 704.35 10 850.50 21 727. Iceland.4% -2.58 7 323.4% -13.66 6 187.70 18 503.32 754.73 477.85 4 401.8% -26.62 7 041.2% 7.9% 7.1% 36.

2 416.0 7 574.1 47 773.6 0.3% -41.6% 19.0% 36.8 436.8 0.2 17 633.6 936.4% 20.8 16.6% % change / Jan / June 10 (in local cur) -59.2% 32.0 0.3 97.3 49.1 69.9 0.0 5.5 7 850.8 1.1 1 189.8 34 514.2 59.3 0.8 53 865.5 39.0 48 201.6 37.0 3.4 9.3% -100.0% 30.1 3 250.0 % change / Jan / June 10 (in USD) -53.3 2 800.5 98.7 0.7 4.4 0.1 0.0 83.1 63.5 13.0 5 324.1 14.5 15 352.0 0.0% 3.6 858.3 3.8 69.6 9 855.9 6.4 1 115.6% -58.8 20.6% -100.5 0.5% -48.5 19 402.8 7 233.5 184.8 19 674.3% 81.1% 5.5 24 738.8 7 024.0 14 613.3 483 182.6 2 736 392.2 10 461.7 569.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Shanghai SE Shenzhen SE Singapore Exchange The Stock Exchange of Thailand Tokyo SE Group Europe .4 April 34.7 7 682.0 187.7 15 632.0 0.1 463.3% -0.0 1.3 9.8 23.4% -100.0 0.4 111 672.6 25.9% 24.7 56 606.6 51.6 58.5 16.0 0.6 1 105.4 15 051.8 1 220.3 0.6% -18.1 16 479.0% -0.1 13 989.8 6.0 29 061.2 0.6 490 979.1 2.4% 98.0 591.1 33.1 86 508.9 171 472.0 0.2 282.0 0. turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members .1 0.6 1 083.1% -66.7 1.1% 34.6 4 792.5 2 943.0% -43.2 359 698.7 784.9% 91.7 1 521 379.2 111.7% 104.1 2 170.5 86 606.4 171 750.5% -52.7% -12.2 1 158.7% -38.6 14.6 36.5 2. DBLs Due to different reporting rules & calculation methods.7 83.7% -29.2% -8.0 55 589.1% 49.6 155 307.9 261 743.5 336 954.5% -6.7 307.Middle East Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .3% Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.6 0.8 5. Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board.0 35 765.2 7 687.0% 83.0 2 009.6 523.4 11 386.8 7.6 9. Helsinki.0% -34.8 49.3 1 282 387.8 2 107.1 1 631 967.1 0.0 0.1 0.0 41 570.5 371.5 1 545 054.6 1 135.2% -60.2 7 716.4 119 028.0 31 078.5 0.8% -37.2% -16.0% -84.6% 80.2% -18.1 33 591.5% -86.2 0.6 69.5 1.8 0.8 2 160.4 2 949.8 41.5% -4.0 56.0 2 193.6% -9.0 75 367.9 234.7 18 287.4% 17.0% -34.5 59 631.6 158 982.2% -29. Tallinn.6 80 624.0 0.1 55 192.7 193 777.2 8 274.4 533 430.3 98.0 48 293.6 Year-to-date 69.5 0.6 1 048.3 1 453 832.5 51.0 6 902.2 0.8 40.0 0.9% 13.2 226 923.3% 3873.0 240 476.60 Focus | July 2011 Fixed income .0 1.2 708.5 409 459.0 90 997.1% 26.9 1 512.5% 30.8 225.3 36.2 564.0% 37.2 8 084.7 1.5 0.4% -0.0 1.8 9.7 10.0 7 040.1 0.0% 61.2 103.9 7.0 62 188.8 0.8 526 852.1 21 073.4 13.3 49.4 7.2 1 761.5 347.3 78 223.8 17.1 27 165.5 1 276 071.9 3 032.3 328 027.5 75.0 683.9% 31.1% -21.6 1 068.Total value of bond trading (USD millions) 2011 Exchange January Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE TSX Group Asia .7 236 046.8 2 775.7 92.7 180 723.4% -66.5% 41.2 26.8 5 932.5% -23.6 43 755.3% -18.6 101 506.5% -6.0 205.5 45.9 5.3 20 342.3 February 4.3 34.0% -79.9 1 117.3 96 792.8 0.9 900.0% -80.1 1.9 1 651 638.2 2 711.0% 28.0 39 212.3% 16.8 9 099.6 0.0 18 128.1 0.9 294 730.2 23 130.4 270 401. Iceland.8% -86.7% 72.0 10 591.1% -20.0 0.2 14 364.6 10.6% -100.5 18 590.3 50.5 4.6 0.9 2.2% 15.0 310.5 17.4 1 510.6 62.0% 22.5% 29.6 10.8 39 877.8% -64.7 239.1 May 10.8% -39.6 1 678 562.0 98.7 0.7 20 068. Stockholm.1 1 252.2% -67.Tadawul SIX Swiss Exchange Tel-Aviv SE Warsaw SE Wiener Börse 7.Africa .2 69.6 8 087.7 6.7 June 5.3 2 571.2 24 455.4 35.4% -87.8 0.6 459 640.0% 25.9 13 510.7 283.0 1.7 63 471.6 22.9 March 7.8 7.3 9 304 673.0 0.5% 24.3 2.8 173.4% 8.3% 53.4 49 755.6 3 421.0 65.8 74.3% 3995.9 10.0 80 608.4 1.4 0.5 40. Sesdaq.7 49.1% -25.8 0.0 28.1% -23.0 365.0 10.5 0.6 17.0 4 137.6 99.9% 26.4 40 689.9 128.9 292 021.1 15 335.0 16 812.6 286 965.8 22 806.

6 3 403.0 13 296.0 10.1 NA 0.6 Foreign sector 0.7 0.0 0.7 3.0 125.4 0.4 1 696.0 0.0 474.0 0.0 0.3 158.4 422 852.3 0.2 13.9 Domestic public sector 25.0 1.4 13.7 0.0 0.3 357.0 0.0 34 000.9 Foreign sector 0. Stockholm.0 0.5 4 272.0 0.1 0.7 0.7 0.8 46.9 29.0 0.5 0.0 75 367.4 15 051.Split by sectors (USD millions) June 2011 Exchange Total Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE TSX Group Asia .0 0.0 10.0 10.0 0.8 0.1 890.2 16. turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members .9 261 743.0 664.0 0.0 0.0 22.6 99.6 523.0 1 621.8 0.2 263. Sesdaq.0 32.8 23.1 463.0 5 013 633.0 0.0 203.7 633.8 526 852.9 5.0 NA NA 0.Value of bond trading .9 74.0 0.1 3 250.6 37.1 0.0 24 603.2 0.1 3.0 74 850.8 23.7 14 898.1 0.7 283.8 615 541.7 49.3 2 800.8 15 051.5 120.8 5 932.9 263 884.0 26.6 4 792.0 9 756.0 26 361.9 234.Africa .7 56 606.1 3 129.0 111.0 1.0 165.0 0.0 6 477.5 120 231.7 28.2 134.0 556.9 64 273.1 656 218.5 0.8 16.3 0.0 0.0 0.0 187.0 7 040.0 310.0 41 570.0 0.5 0.0 24 994.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .4 0.0 0.0 47 139.0 5 967.9 NA 7 565.0 0.0 240 476.0 4 955.0 28.3 0.5 51.4 11 386.7 6.0 0.6 1 057.0 0.0 0.9 292 021.3 0.7 63.8 49.4 0.6 0.2 0.9 294 730.6 43 755.3 1 282 387.4 0.0 1 288.0 0.1 0.0 0.0 0.8 0.4 0.0 51 199.6 2.0 0.0 5.0 0.5 0.3 106.3 96 792.0 Domestic public sector 3.8 2.0 119 028.5 13.0 7 177.3 666 489.6 0.4 103 443.0 0.0 0.2 Total 69.2 564.0 10 137.3 9 304 673.0 183 721.8 492.3 2 725.3 19 231.8 0.8 NA 260.8 NA 0.0 Trading days June 2011 21 21 20 21 22 21 22 21 22 22 21 21 21 22 22 21 21 22 21 22 22 22 21 22 20 22 21 22 22 21 22 21 22 22 19 20 22 21 21 22 20 21 20 19 20 21 19 Year-to-date Domestic private sector 43.9 0.5 0.8 42.1 1 631 967.0 0. The Stock Exchange of Thailand Tokyo SE Group Europe .0 10.1 1 252.0 0.1 20 129.5 15 352.7 0.8 17.2 2 571.5 38 757.0 0.7 20.2 0.9 37.9 3.6 0.5 0.6 8 623. Helsinki.0 672.4 53 769.0 NA 98.5 511 670.3 NA NA 23.3 0.0 NA 0.4 120 231.0 288.5 22.5 5 826.7 1.0 9 362.2 29.0 0.6 155 307.8 0.0 59 895.6 80 624.0 4 749.4 33 737.8 7 024.9 9 689.0 31 814.2 NA 0.0 4 710.5 6.0 0.3 0.3 2 571.5 1 415 053.7 49 225.6 0.3 0.8 3.0 0.0 975 748. Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board.6 0.0 7 380.0 0.0 0.3 13.6 36.2 0.0 NA NA NA 0.6 0.9 21.5 0.3 4 291 039.0 20 342.0 94 425.2 416.0 26 546.1 33 591.7 307. Iceland.0 0.3 1 453 832.0 0.0 3 668.8 454.0 0.Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse 5.1 63.9 0.0 0.2 0.1 588.0 0.4 NA 10 562.8 436.1 0.5 184.5 40.9 423.0 0.0 0.7 99.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.5 7 850.0 591.0 0.4 0.0 0.7 0.4 111 672.4 0.5 184.0 0.7 0.0 2 329.6 1 048.3 13.0 4.0 18 128.1 0.Focus | July 2011 61 Fixed income .6 17.1 37.0 0.0 0.0 0.2 22.0 0.0 0.5 18 590.6 2 736 392.0 0.0 11 902.9 260 526.3 328 027.6 NA 0.0 0.6 1.0 0.0 2 876.6 627.7 8 546.6 94 747.0 0.3 78 223.0 0. DBLs Due to different reporting rules & calculation methods.7 16 225.0 0.4 1 510.6 253 176.2 26.4 533 430.0 0.4 40 689.0 0.6 0.0 0.3 325 174.5 0.9 460.3 49.9 404.1 2 853.1 0.9 9 857.0 Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.0 516.9 94.0 0.6 Domestic private sector 1.7 0.0 16 674.4 11.1 14. Tallinn.0 0.6 0.0 0.0 64 532.0 NA 0.2 0.0 73 461.4 1 510.2 2 498 899.

0 37.5 31.2 21 227.0 0.6 0.7 1 911.2 55.4 10 245.0 15 151.5 225.3 0.0 0.1 4 298.0 516.6 48 251.4 922.8 6 458.2 5.8 8.0 0.4 0.3 416.0 288.6 30 768.6 106.7 595.2 0.0 0.0 23.0 NA NA 0.0 80 972.2 526 852. Iceland.1 0.0 2 761.0 0.4 23.2 0.0 0.0 0.4 2 463.0 997.0 492.5 64 273.0 0.0 0.0 51.9 28 544.3 0.2 422 852.0 310.7 56.4 11.2 Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.0 0.0 0.8 NA 0.8 0.6 0.5 19 755.9 236.6 13.1 4 244.0 0.0 0.1 523.0 74 850.0 1 342.8 NA 0.2 0.3 328 027.1 9 728.0 23 695.5 76.7 4 238.0 79 275.5 1 911.Electronic order book trades (USD millions) June 2011 Exchange Total Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Santiago SE Asia .1 0.6 221.4 0.0 Total 56.4 0.7 0.0 4.0 0.8 1 007.5 37.0 32.62 Focus | July 2011 Fixed income .0 9 414.3 79 735.7 57.0 0.4 37.8 93.0 0.4 7.0 7 694.8 0.0 14 741.3 10.6 Foreign sector NA 0.3 24 787. Riga and Vilnius Stock Exchanges Due to different reporting rules & calculation methods.0 6 716.2 0.0 86.8 134.0 NA NA NA NA NA 0.0 5 060.0 17 288.9 16 225.9 0.3 22.3 10. Tallinn.4 37 796.4 NA 0.3 28.7 46.5 76.2 2.0 5.6 0.6 4 330.0 NA 0.8 13.0 0.3 459.5 0.Tadawul SIX Swiss Exchange Tel-Aviv SE Warsaw SE Wiener Börse 5.0 6 409.0 103 443.3 13.Africa .6 29.0 75 367.3 4 421.0 23.0 0.9 1 976.2 21 442.1 9 414.4 9 414.1 6 165.6 136 625.2 118 685.5 28.6 6.5 0.5 4 335.1 0.0 73.0 16.2 23.0 0.9 3.0 0.6 Domestic private sector 1.4 0.0 1 512.0 Year-to-date Domestic private sector 30.7 3 574.3 0. turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members .2 0.3 1. Stockholm.4 0.8 0.3 1.0 0.0 0.3 174 452.4 6.2 328.3 325 174.0 0.0 307.1 23.4 10.2 843.2 99.9 15 566.0 194.4 922.4 0.0 Domestic public sector 3.2 444.1 13.0 7 822.4 80 624.9 404.4 0.2 22.0 0.5 0.0 0.0 556.0 34 513.5 0.5 712.1 3.5 16.2 1.0 1 218.3 5 094.0 NA 2 533.5 9 252.3 672.3 759. Helsinki.3 792.0 0.7 104 668.Pacific Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Shanghai SE Shenzhen SE The Stock Exchange of Thailand Tokyo SE Group Europe .0 0.6 0.6 36.0 4 952.7 17 549.4 17.0 431.9 2 165.5 6.0 0.5 6.2 0.6 13 975.0 0.9 Foreign sector 0.Middle East Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Istanbul SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .0 0.6 106.5 995.1 2 853.2 5 451.2 5.4 445.9 10.5 NA 806.9 Domestic public sector 25.7 669.2 73.0 1 957.1 NA 3 233.8 10.1 1 499.8 0.0 0.0 22.1 15 174.4 23 073.6 NA 0.5 75.7 94.8 213.8 0.8 0.9 153.2 1.6 183.6 50 079.2 672.8 0.Value of bond trading .3 209.0 NA 0.4 23.8 6.8 0.0 125.0 0.9 32.0 2 144.7 57.8 8.0 NA 15.0 175 238.0 26.7 40.0 0.

0 NA 0.8 0.9 120 124.4 0.0 Year-to-date Domestic private sector 13.0 0.0 NA 10 062.0 Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.0 187.0 48 630.0 36 457. Iceland.0 164.0 11 369.8 0.0 0.0 0.8 1 453 832.3 0.0 0.0 18 277.0 0.0 0.3 NA 0.9 0.9 1 279 924.0 0.0 207.6 6.9 143.2 0.0 0.0 NA 0.8 515.8 NA 38.0 0.0 0.2 24.2 0.4 4.0 41.0 0.0 63 979.0 0.8 0.0 72 004.4 0.2 0.0 0.3 71 549.9 1 415 053.9 NA 0.1 0.0 15 051.0 1 966. Tallinn.0 25.7 0.4 0.2 0.6 NA 6 829.0 0.0 0.0 0.4 19 247.0 0.4 0.0 8 625.4 0.0 15 051.9 116 814.0 7 177.0 13 452.0 0.0 960 597.0 656 195.1 0.0 1 658.0 21 409. Riga and Vilnius Stock Exchanges Due to different reporting rules & calculation methods.0 0.9 0.0 1.0 0.6 2 834.Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp.0 7 306.2 0.2 0.0 42 607.3 0.0 0.0 260.0 107.9 0.0 0.9 0.8 3.2 664 344.3 0.0 NA 0.8 0.0 14 137.0 31 573.0 NA NA NA 0.0 491 915.Africa .7 2.9 0.4 12 509.0 43 525.0 0.0 0.0 NA NA 0.4 0. Helsinki.0 0.0 Domestic public sector 0.2 0.6 203.7 0.2 NA NA 0.2 0. turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members .6 34 027.4 13.0 0.0 9 224 937.0 908.0 236.4 240 255.4 NA 5 502.2 0.0 0.0 3 774.9 3.0 0.4 NA 2.0 7 881.3 38 757.6 285 316.0 0.0 0.0 0.0 0.7 0.0 2 792.0 NA 0.0 0.2 0.2 0.0 176 022.0 NA 0.0 0.0 Total 13.2 0. Stockholm.8 0.0 30 019.0 0.0 2 571.6 0.2 271.9 NA 4 803.7 NA 2 571.8 253 176.0 0.8 120 124.0 NA NA 0.0 630.2 0.0 Domestic private sector 0.8 0.0 10 305.0 NA 0.9 0.8 0.8 74.0 4 749.5 0.0 0.3 0.0 0.0 0.0 2 380 216.1 0.0 0.0 588.0 0.0 0.0 856.0 2 599 765.0 NA NA NA 0.0 465.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs Saudi Stock Market .2 10 931.0 NA 9 678.4 NA 0.5 0.8 0.0 6.0 2 008.0 0.0 0.0 NA 0.0 0.0 0.0 34 000.Negotiated deals (USD millions) June 2011 Exchange Total Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE TSX Group Asia .0 0.0 3 270.2 0.0 4 290 579.Value of bond trading .0 0.0 24.0 261.0 0.0 24 176.3 0.0 Foreign sector NA 0.0 503.0 1 616 792.0 61 592.3 0.0 0.0 0.0 588.9 89 431.0 NA 13 963.0 0.0 0.5 20.0 0.0 0.0 NA 149.2 1 602.0 Domestic public sector 0.7 51.0 0.7 0.0 0.8 NA NA NA 0.6 319. The Stock Exchange of Thailand Tokyo SE Group Europe .Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse 0.7 76 312.5 0.0 0.0 0.3 0.1 0.0 11.5 0.4 0.0 0.0 0.0 NA 1 690.8 46.8 261 743.2 NA 3 276.0 10 558.0 NA 107.0 41.4 NA 4 148.9 NA 0.8 0.0 250.0 0.0 0.0 469.3 0.1 0.0 0.0 251 112.4 0.8 0.7 0.7 0.9 NA 93.6 0.7 0.3 0.7 0.0 6 476.0 NA NA 260.6 21.0 0.7 0.0 0.3 615 315.6 146.0 0.2 0.4 6.0 107 055.0 510 355.4 263.0 14 254.5 0.6 0.0 42.8 0.0 11.0 0.0 NA NA 0.0 0.2 0.Focus | July 2011 63 Fixed income .0 0.0 0.0 909.8 0.0 Foreign sector 0.0 0.5 0.0 0.0 4 934 358.5 8 546.6 7 123.0 26 473.5 0.3 0.6 50.4 1 527.4 0.4 0.0 0.0 0.0 566.0 14 360.6 25.0 0.2 0.0 7 177.0 10 660.0 55 936.7 0.4 0.1 0.5 NA 2 699.0 0.9 0.

2 400.2 0.2 139.2 373.0 0.3 38.8 2.0 0.1 0.64 Focus | July 2011 Fixed income .0 0.1 56.2 374. Riga and Vilnius Stock Exchanges NA: Not available Source: World Federation of Exchanges members .9 0.2 90.1% -13.Pacific Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Shanghai SE Shenzhen SE Taiwan SE Corp.0 451.0 0.2 91.6 Exchange Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE TSX Group Asia .8 0.Total number of trades in bonds (in thousands) 2011 January 0.0 23.0 163.7 10.8 0.1 0.0% 128.0 0.0 0.6 1.8% -25.7 8.4 33.1 0.9% -7.3 96.1 0.8% -48.6 74.6 1.0 2.2 0.3 101.6 349.0 0.3 56.2 74.6 0.9 53.4 0.1 623.1 0.3 13.6 0.0 0.5 50.2 11.2 99.2 90.6% -17.2 2.4 1.1 0.0 0.5 2 208.0 0.1 98.4 8.0 0.0 0.3 21. Iceland.5 0.1 244.5 104.0 0.0 52.5 2.6 March 0.2 119.4 May 0.1 0.0 25.0 0.3 39.0 47.2% 17.1% 9.1 0.1 7.6 565.0 34.Africa .5 9.4% -52.5 28.2 107.2 247.2 3.4 17.5 5.9 0.3 15.0 14.5 0.1 1.0 354.1 0.2 2.7 0.1 0.0 32. Stockholm.1 0.0 0.3 53.0 29.1 96.1 35.3 0.6 0.3 362.4 12.3 47.0 41.0 159.2 50.9 53.1 286.1 0.0 2 898.0% -12.0 1.Bond trades .4 19.1 0.4 11.0 0.3 % change / last month -22.1% -20.1% -10.7 0.7 0.6 298.2 47.8 0.3% 14.4 10.1 105.6 0.4% 11.0 26.7 1 334.6 80.0 0.5 56.9 102. Helsinki.9% 5.9 0.2 131.6 12.0 86.8 1.0 183.5% 8.2 59.0 2.0 522.5 69.7 0.0 136.9 22.9 0.3 63.9 0.2% -0.5% 14.4 0.0 0.3 51.2 0.2 53.7 2.5 February 0.1 0.5 0.7% -4.1 310.6 0.1 0.7 9.0 545.0 0.6 19.1 0.3% -21.4 0.2 0.5 2.7 0.7 28.1 6.0 0.2 114.9 65.4 4.0 195.6% -22.6 0.4% 45.0 0.0 541.8 1.0 0.4 0.2 2.2 390.6 43.3 58.1 0.0 0.2% 16.0 0.5 38.1% -45.6% 3.8 2.7 27.1 0.1 0.1 252.1 541.0 0.9% -16.5 1.5 June 0.3 0.0 0.2 0.8 114.5 54.0 39.0 28.5 159.0 1.2 0.7 80.2 164.9 0.5 1.4% -10.3 275.1 64.0 0.3 2.3 11.0% 8.0 0.4 44.0 2. Tallinn.2 83.0 0.7 5.9% -21.1 0.0 0.0 0.9 1.0% 0.4 0.0 1 059.4 333.5 35.0 0.0 0.9% 5.4 2.6 13.6 2.6 2.7 2.1 367. The Stock Exchange of Thailand Europe .4 62.5 0.7 7.7 0.0 0.7 0.8 April 0.8 31.5 74.4% Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.2 224.5 8.3 1.1 48.8 0.3 1.1 0.0 0.0 187.0 1.Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse Trading days June 2011 22 21 22 22 22 22 21 22 20 19 20 20 22 21 21 21 18 21 22 22 22 22 22 22 22 21 21 20 21 21 22 22 22 20 22 22 21 22 22 21 21 22 Year-to-date 1.0 0.1 247.0 16.2 25.3 4.4 0.3 306.5 0.0 482.3 17.3 50.0 0.0 3.0 193.1 0.9 170.2 94.1 0.5 0.6 0.3 798.8 2.7% -32.0 34.0% 2.7 57.7 94.9 0.0% 21.8 90.4 1.9 0.

3 158.2 339.1 0.6 74.7 0.3 4.2 22.7 3.1 1.2% -0.1 1.0 0.0 89.3 353.3 0.0 NA 14.0 24.1 1 334.0 244.0 2.0 0.1 33.8 1.0 32.2 38.8 94.6 8.1 30.6 0.0 22.8% 2.0 163.0 0.1 41.5 February 0.7 0.0 136.1 43.3 349.4% -15.1 0.0 0.8 0.0 33.6% 2.Pacific Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Shanghai SE Shenzhen SE The Stock Exchange of Thailand Europe .2 28.0 26.0% -18.9 80. Riga and Vilnius Stock Exchanges NA: Not available Source: World Federation of Exchanges members .2% 11.4 0.3 30.2 2.8 35.5 96.2 188.9 0.2 18.0 151.0 0.2 519.3 1.1 0.5% 8.0 1 059.7 0.1% 0.5 54.0 187.8 449.8% -25.0 0.9 2.7 9.8 2.4 10.3 99.3 11.0% -21.6 Year-to-date 0.4 May 0.6 2.5 1.1% -4.1 0.1 0.1% -45.5 2.3 275.3 28.5 218.0 0.5 0.8 40.0 0.0 39.8 0.7 541.5% 5.6% 3.1 5.5% -21.0 1.3 327.1 5.2 364.5% 9.0 247.1 0.6 62.2 349.4 9.2% 9.8 0.6 0.1 0.5 1.3 0.0 286.0 193.5 1 993.0 35.3 11.7 543.8 237.0 35.1 0.2 86.2 0.3 20.3% -22.6 182.9 56.8% 36.1 0.1 0.3 0.0 0.7% -32.0% -13.3 1.0 0.2 1.0 0.4% 10.0 195.0 3.2% -100.8 0.6 0.2 795.0 24.8 5.3 9.9 41.7 0.5 June 0.9 90.0 12.5 34.0% 19.2 37.5 56.9 0.0 0.1 10.3 1.0 51.5 539.2 26.4 1.2 53.4 99.8 0.9 53.5 0.3 8.Middle East Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Börse Istanbul SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Børs SIX Swiss Exchange Tel-Aviv SE Warsaw SE Wiener Börse % change / last month 1100.5 252.0 0.7 33.2 0.1 14. Stockholm.3% 14.1 43.0 0.2 336.0 31.3 0.0 0.6 0.7 0.9 0.0 17.7 0.0 74.1% -13.7 50.2 7.0 4.3 0.5 0.3 0.0 1.Bond trades .6 0.5 2.1 0.4 28.2 8.0 0.0 247.0 0.4 89. Helsinki.1% -7.6% -16.Africa .7 101.Focus | July 2011 65 Fixed income .0 0.1 0.9 10.0 183.3 80.1 0.0 14.1 0.4 333.8 0.1 11.9 0.4 103.0 310.9 112.0 15.3 0.2 20.4% Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.5 22.6 March 0.1 1.7 0.Electronic order book trades (in thousands) 2011 January 0.0 0.7 0.8 0.2 0.2 0.6 0.8 1.8 April 0.2 0.5 2 886.4% 129. Iceland.2 1.6 141.1 0.2 2. Tallinn.8 11.2 0.1 6.5 30.7% 14.0 0.0 480.3 0.0 0.1 0.1 43.6 0.3 Exchange Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE Asia .7 0.4 0.0 95.9 0.3 2.3 63.7 59.6 0.2 2.

3 0.2 1.2 0.4 0.0 105.8% 11.Negotiated deals (in thousands) 2011 January 0.0% 57.6% 11.5 38.2 11.9 0.1 25.4 2.1 13.4 0.2 0.9% 40.0 May 0.4 5.4 2.0 18.6% 100.8 2.2 0.9 214.2 7.8 33. Tallinn.7% -10.3% -15.7 0. Helsinki.1% 7.1 1.4 0.5 34.8% -26.1 41.1 11.2 0.0 1.3 3.6 0.6 0. Riga and Vilnius Stock Exchanges NA: Not available Source: World Federation of Exchanges members .3 22.6 0.1 11.5% 33.4 2.6 0.0 0.1 0.6 0.1 0.8 0.9 0.5 0.0 36.0 6.3 0.0% 0.7 35.4 0.Africa .4 27.0 June 0.Bond trades .8 0.0 30.9 22.0 7.0% -12.5% -10.6 31.5 0.1 2.6 0.66 Focus | July 2011 Fixed income .5 38.1 24.Pacific Bombay SE Bursa Malaysia National Stock Exchange India Shanghai SE Shenzhen SE Europe .4 0.0 February 0.9 0.0 1.6 68.2 0.8% -84.1 82.0 Year-to-date 1.3 0.0 1.1 Exchange Americas BM&FBOVESPA Buenos Aires SE Lima SE Santiago SE Asia .3 19.1 1.0 19.3 14.6 0.7 0.1 12.0 75.9 25.Middle East BME Spanish Exchanges Casablanca SE Deutsche Börse Irish SE Istanbul SE Johannesburg SE London SE Group MICEX NYSE Euronext (Europe) Oslo Børs SIX Swiss Exchange Tel-Aviv SE Warsaw SE % change / last month -100.1 94.1 0.7 24.1 2.1 11.1 10.1 0.0 1.3 5.6 0.1 89.8 0.2 0.4 7.9 2.0 0.9 0.1 2.1 6.3 0.0 424.5 27.0 96.1 2.3% 45.9 34.0 86.4 6. Iceland.4 0.5 2.7 2.4 0.1 10.1 2.0 2.2 0.0 April 0.0 March 0.1 149.7 0.0 1. Stockholm.4 12.9 0.6 5.0 7.0 1.9% 0.1 115.8 0.6 0.3% 119.7 0.7 0.1 111.0 137.5 0.7 28.0 1.0% -16.3 20.6 0.1 28.3 6.4 22.3% -33.1 3.9 170.4 612.3 0.0 8.0 52.2 0.3 0.0 1.0% Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.0% -9.2 6.1 96.9 1.

0 608.5 659.2 6 468.4 18 202.0 502.1 478 889.4 0.5 8 021.7 1 335.5 2 744.4 0.1 299.3 61.4 13 424.6 770. The Stock Exchange of Thailand Tokyo SE Group Europe .1 64.8 6.2 2 056.8 16 148.0 324.6 66 679.1 4 747.0 6 144.4 68 987.0 7 981.8 1 526.9 751.0 2 104.6 1 356.2 399 861.7 680.5 965.8 June 0.4 43.Focus | July 2011 67 Fixed income .9 3 683.4 0.1 39 127.0 2 394.8 1 665.7 383.3 51 496.4 37 805.0 0.5 279.0 9 738.8 0.3 0.2 22 260.6 48 517.9 380 926.4 7 343.7 2 390.0 243.Middle East Amman SE Budapest SE Casablanca SE Cyprus SE Deutsche Börse Egyptian Exchange Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE MICEX NASDAQ OMX Nordic Exchange Oslo Børs SIX Swiss Exchange Tel-Aviv SE Wiener Börse Total Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen.0 513.0 1 666.2 5 631.9 3 303.2 1 616.0 2 371.Investment flows .0 320 485.9 3 272.8 12 069.2 2 977.0 22 933.4 62 641.3 2 886.1 9 213.6 68 643.3 233.7 2 583.5 22 878.2 1 105.3 0.2 0.3 4 948.0 1 374.0 1 363.0 2 406 368.5 0.0 0.3 3 152.9 Year-to-date 2 211.2 7 789.4 21 871. Riga and Vilnius Stock Exchanges NA: Not available Source: World Federation of Exchanges members .9 20 520.8 258.6 7 289.5 517.0 0.1 20.6 34 611.4 787.5 2 650.6 March 975.6 2 893.5 2 862.3 0.0 2 032.4 2 525.3 2 280.4 5 380.8 2 131.8 50 671.9 62.2 1 613.6 396.4 137 881.9 147 397.9 24 028.0 4 692.5 5 960.8 1 570.9 45 390.2 2 353.9 355.2 12 166.0 10 366.8 10 371.0 0.2 1 078.1 0.6 14 990.8 49 978.5 11. Tallinn.4 3 285.5 4 305.3 NA 0.0 148.4 142 245.6 360.3 9 102.9 4 813.0 72 639.4 0.3 February 542.8 1 360.6 60.2 273.6 3 809.0 154.1 1 397.3 17 380.0 45 879.0 1.3 6 218.2 2 079.0 44 368.3 8 810.5 4 291.7 136 989.3 0.6 21.4 8 519.3 3 221.1 380 793.0 221.0 179.6 368 736.0 8 344.Capital raised by bonds issuance (USD millions) 2011 January 179.8 338.1 483 453.5 56 063.7 58 187.4 426.6 562.5 96 385.9 11.6 1 280.2 1 865.2 122.0 10 162.4 2 048.1 66 317.7 1 173.3 15 221.6 157.0 1 398.4 828.3 12 309.9 1 165.0 520.7 113 511.Africa .8 8 623.0 418.1 1 788.5 1 790.6 11 610.5 0. Helsinki.5 24.0 47 322.7 10 120.5 2 531.3 1 533.8 19.3 99 117.5 0.Pacific Bombay SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Shenzhen SE Singapore Exchange Taiwan SE Corp.2 757 894.3 1 046.7 May 513.5 52 697.3 350.9 141.0 9 669.7 0.9 50 369.6 1 344.6 79 307. Stockholm.6 1 146.0 64.2 1 898.7 0.7 4 254.4 3 052.8 Exchange Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE TSX Group Asia .1 0.1 121 364.0 287.5 2 404.8 35.5 April 0.8 5 413.7 3 877.5 0.0 618.4 2 441.2 2 059.6 NA 27 229.8 44 634.8 18 415.2 269 572.1 45 609. Iceland.9 170.8 2 218.0 1 880.1 392 596.3 5 894.

5 NA NA 6.5 2 995.2 399.4 4 455.1 4 208.6 43 322.0 151.3 72 187.0 0.4 882.5 4 407.0 129.0 Open interest NA 0 NA 200 NA 5 829 NA 741 778 NA 0 19 267 457 580 1 080 354 NA 31 677 37 088 NA 325 844 2 152 442 34 350 3 994 003 4 003 243 4 266 4 244 688 576 659 243 437 4 390 NA 9 196 125 Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen.0 18 275.2 133.7 NA 261. derivatives are not traded on other OMX Exchanges NA: Not available Source: World Federation of Exchanges members .0 NA 3.5 0.4 94 834.3 4.8 NA NA NA NA 16.0 325.8 39. stock index.7 8 667. Helsinki and Stockholm Exchanges only.2 NA 542.Africa .9 0.5 0.1 0.3 Open interest 11 831 562 NA 199 974 021 NA NA 138 070 NA 13 149 241 NA 0 5 551 873 0 71 554 130 267 2 948 NA 22 815 4 931 9 798 872 0 51 035 684 1 596 976 NA 31 693 830 3 655 948 584 925 NA NA 0 100 969 Number of contracts traded NA 0 NA 704 NA 4 750 NA 946 109 2 0 39 607 4 664 937 12 993 351 NA 238 604 157 627 NA 832 606 5 659 271 75 863 11 887 346 8 727 553 586 398 25 701 856 359 482 147 414 1 191 NA 57 639 0 Single stock futures Notional turnover NA 0.Pacific ASX Derivatives Trading Bombay SE Bursa Malaysia Derivatives Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE TAIFEX Thailand Futures Exchange Tokyo SE Group Europe .0 14 704.Single stock.7 NA 886.8 13.8 485.68 Focus | July 2011 Derivatives .3 0.8 NA 283.0 88 371.0 0. bond options and futures Stock options and single stock futures June 2011 Derivative exchange Number of contracts traded Americas BM&FBOVESPA Buenos Aires SE Chicago Board Options Exchange Colombia SE International Securities Exchange MexDer NASDAQ OMX PHLX Asia .Middle East Athens Derivatives Exchange BME Spanish Exchanges Budapest SE EUREX Johannesburg SE MICEX NYSE.7 NA 22.8 NA NA 424.Liffe Europe OMX Nordic Exchange Oslo Børs Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse 53 193 830 4 747 272 38 571 838 NA 32 927 824 48 240 46 968 554 14 425 778 1 929 0 6 583 133 0 2 604 328 73 002 10 787 NA 19 080 4 528 2 559 166 0 22 034 624 812 909 NA 12 879 687 2 253 596 976 334 NA 63 551 0 34 095 Stock options Notional turnover 103 702.0 NA 0.2 NA 46 511.4 NA 35 784.

7 1 069.7 NA 5.6 15 417.2 NA NA 33.2 26.0 96 987.3 2 447.2 NA 1 520.8 32 667.8 25 904.7 0.4 215.0 841.4 4 111.5 26 718.6 15 448.7 0.2 0.0 556 658.1 NA 2 930.3 0.0 779.0 NA 44.3 0.Focus | July 2011 69 Year-to-date Stock options Trading days June 2011 21 21 22 20 22 22 22 21 22 22 21 21 22 22 21 22 22 21 22 20 22 21 21 22 21 20 19 20 21 19 Number of contracts traded 392 627 912 21 000 201 283 415 271 NA 225 620 595 122 332 319 980 463 31 267 063 12 086 0 34 347 079 0 15 804 732 884 864 67 264 NA 414 236 29 200 14 536 513 0 150 477 581 4 641 736 NA 78 965 239 15 975 550 2 383 583 NA 542 573 0 255 334 Notional turnover 875 549.9 Single stock futures Number of contracts traded NA 0 NA 19 312 NA 22 541 NA 1 124 939 84 0 210 695 24 099 383 84 408 994 NA 888 709 851 765 NA 3 169 005 16 443 265 417 090 141 993 019 28 613 669 6 096 072 161 748 306 2 773 107 988 839 9 743 NA 351 733 3 620 Notional turnover NA 0.6 756 243.9 NA NA 1 953.0 NA 3 310.2 NA 154.2 NA NA NA NA 37.6 83.7 3 065.8 2 567.7 702 650.8 NA 202 389.7 0.5 NA 306 162.2 486 508.0 .5 36.0 NA 2 169.0 100 232.

3 0.5 11 234.5 757 545.70 Focus | July 2011 Derivatives . bond options and futures Stock index options and futures June 2011 Derivative exchange Number of contracts traded Americas BM&FBOVESPA Buenos Aires SE CBOE Future Exchange Chicago Board Options Exchange CME Group Colombia SE International Securities Exchange MexDer NASDAQ OMX PHLX Asia .9 2 907.6 1 358.Middle East Athens Derivatives Exchange BME Spanish Exchanges Budapest SE EUREX Johannesburg SE MICEX NYSE.8 NA 194 494.0 4 458.Pacific ASX Derivatives Trading ASX SFE Derivatives Trading Bombay SE Bursa Malaysia Derivatives Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Singapore Exchange TAIFEX Thailand Futures Exchange Tokyo SE Group Europe .Africa .2 511.0 NA NA 107.2 NA 6 741.3 0.3 45 318.0 1 413 645.8 76 353.8 147 075.3 18 092.3 NA NA 125.2 0.0 NA 279 730.6 1. Helsinki and Stockholm Exchanges only.4 2 685 442.4 NA 44 544.6 317 299.6 5 424.0 185 830.0 74 364.2 130.0 558.1 NA 194 215.1 Open interest 46 002 0 NA 20 132 248 1 961 642 NA NA 6 627 NA 430 362 72 573 NA 0 399 318 3 953 592 1 623 471 2 032 487 264 131 1 249 017 1 329 1 360 9 272 629 526 0 42 039 594 772 836 NA 4 935 783 712 697 38 703 NA 85 222 3 936 Number of contracts traded 1 715 319 0 1 223 534 NA 71 833 158 130 NA 224 203 NA 35 735 1 207 690 487 172 464 4 076 305 7 394 496 10 313 335 10 346 082 5 813 712 4 514 746 355 127 2 010 895 334 145 741 316 102 717 47 877 145 2 508 124 111 952 9 675 315 2 635 867 617 747 1 705 1 079 577 70 036 Stock index futures Notional turnover 69 156.Liffe Europe OMX Nordic Exchange Oslo Børs Tel-Aviv SE Warsaw SE Wiener Börse 45 930 0 NA 28 631 968 5 247 670 NA 896 013 3 562 575 653 893 350 44 517 0 0 1 542 965 315 803 945 64 833 325 3 232 156 147 272 10 848 555 15 185 1 830 29 480 193 594 0 34 408 435 523 230 NA 4 065 546 1 049 841 74 966 7 618 069 93 754 1 422 Stock index options Notional turnover 18 271.4 NA NA 165 515.0 3.5 936.9 659.0 NA NA 4 762 894.6 947 928.4 NA 433.0 399 210.1 8 090 597.5 3.4 5 327.9 Open interest 229 404 0 220 078 NA 3 332 634 92 NA 79 925 NA 19 782 206 603 NA 23 372 223 408 92 143 501 945 704 243 783 666 117 783 25 192 414 814 29 251 63 693 168 857 3 227 933 515 109 1 397 1 532 730 520 243 140 993 NA 99 497 35 193 Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen. stock index.2 393 204. derivatives are not traded on other OMX Exchanges NA: Not available Source: World Federation of Exchanges members .0 NA NA 528 518.8 67.7 59 320.8 272 460.9 0.0 0.6 60.Single stock.

0 50 414 373.1 456 726.0 663 967.0 0.2 2 041.1 5 113.0 4.4 NA 808 018.9 247 165.0 NA NA 1 056.9 2 773.7 63 017.1 0.3 NA 1 059 892.Focus | July 2011 71 Year-to-date Stock index options Trading days June 2011 21 21 22 22 22 20 22 22 22 21 22 22 22 21 21 22 22 NA 21 22 22 21 22 20 22 21 21 22 21 20 20 21 19 Number of contracts traded 194 723 0 64 142 892 632 25 769 407 NA 4 723 578 34 166 2 329 920 3 929 245 196 182 3 348 0 7 507 019 2008 082 595 404 017 571 24 653 129 712 213 66 341 123 60 452 15 974 206 767 989 414 0 193 556 466 1 859 967 NA 23 320 740 5 549 542 289 516 40 252 823 534 715 16 814 Notional turnover 78 933.0 952 655.0 12.0 7 991 293.5 11 071.4 96 890.0 NA 1 637 925.4 12 957 853.8 421.5 1 942 482.9 1 473 171.3 NA NA 999 814.2 306.4 NA 18 305.9 10 021.5 32.4 0.0 NA NA 22 323 037.0 29 033.1 24 263.5 14 980.1 22.0 2 302 643.0 NA NA 3 058 995.4 6 458.3 0.5 NA NA 1 028.4 NA 197 367.4 1 023.7 .7 274 700.3 2 530 168.5 453 374.8 5 163 114.7 3 609 851.2 Stock index futures Number of contracts traded 9 391 284 0 5 690 901 NA 333 364 339 180 NA 597 759 NA 128 940 5 380 831 5 269 1 155 558 22 432 423 41 278 694 77 636 696 68 446 563 33 460 617 24 366 051 1 616 564 7 979 646 1 373 558 4 479 104 817 760 217 707 075 7 732 642 1 659 216 47 055 755 15 485 823 2 604 698 11 631 6 281 941 154 948 Notional turnover 387 457.2 NA 2 134.

0 NA NA 76 429 342.Liffe Europe OMX Nordic Exchange Oslo Børs Tehran SE Tel-Aviv SE Warsaw SE Wiener Börse NA 279 940 NA NA 26 326 444 NA NA NA NA NA NA NA 0 NA 0 NA NA NA NA NA NA NA 0 0 7 814 162 0 NA NA 10 437 535 98 050 0 NA NA 0 0 Bond options Notional turnover NA NA NA NA 19 990 024.0 NA NA 0.Single stock.0 10 470 653.0 NA 395 322.1 15 542.0 0.6 NA 52 077.0 NA NA NA NA NA NA NA 0.0 NA NA 0.0 NA NA NA NA 0.0 0.0 NA NA NA 0.6 398.0 Open interest NA NA NA NA 24 486 440 NA NA NA NA NA NA NA 0 NA 0 NA NA NA NA NA NA NA 0 0 2 019 120 11 720 NA NA 218 639 617 655 550 0 NA NA 0 0 Number of contracts traded 2 469 0 NA NA 128 912 888 23 650 NA 5 957 620 NA NA NA NA 0 NA 4 065 608 0 NA 106 261 0 75 762 483 NA 0 0 64 304 462 20 227 NA 11 500 28 736 601 2 162 439 0 NA NA 0 0 Bond futures Notional turnover 273.72 Focus | July 2011 Derivatives .7 NA 41.Africa .4 0. stock index.0 1 324 247.6 0.0 NA NA NA NA NA NA NA 0.0 3 538.7 342 782.8 9 999 357.Pacific ASX Derivatives Trading ASX SFE Derivatives Trading Bombay SE Bursa Malaysia Derivatives Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Singapore Exchange TAIFEX Thailand Futures Exchange Tokyo SE Group Europe .0 0.0 Open interest 2 368 0 NA NA 15 813 809 1 175 NA 25 962 077 NA NA NA NA 0 NA 186 511 0 NA 23 870 0 49 70 599 NA 0 0 3 097 784 92 059 NA 5 507 NA 1 740 391 0 NA NA 0 0 Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen.0 0.3 0.9 0.0 0. derivatives are not traded on other OMX Exchanges NA: Not available Source: World Federation of Exchanges members .0 NA 0.Middle East Athens Derivatives Exchange BME Spanish Exchanges Budapest SE EUREX Johannesburg SE London SE Group MICEX NYSE.0 NA NA 22 412 198. bond options and futures Bond options and futures June 2011 Derivative exchange Number of contracts traded Americas BM&FBOVESPA Buenos Aires SE CBOE Future Exchange Chicago Board Options Exchange CME Group Colombia SE International Securities Exchange MexDer NASDAQ OMX PHLX Asia . Helsinki and Stockholm Exchanges only.0 NA NA 0.

0 6 712 602.9 NA NA NA NA 0.0 NA NA 388 434 557.0 Bond futures Number of contracts traded 20 186 0 NA NA 668 222 091 121 555 NA 21 512 254 NA NA NA NA 0 NA 17 307 249 47 NA 366 958 0 140 3 452 924 NA 0 0 295 819 374 227 059 NA 48 823 175 680 776 15 010 648 0 NA NA 0 0 Notional turnover 2 379.2 NA NA 0.8 NA 186 705.9 118 957.3 57 462 112.0 NA NA NA 0.0 NA 0.0 0.0 17 766.0 0.0 NA NA NA NA NA NA NA 0.6 NA 178.0 0.0 .0 48 680 236.0 0.Focus | July 2011 73 Year-to-date Bond options Trading days June 2011 21 21 22 22 22 20 22 22 22 21 22 22 22 21 21 22 22 NA 21 22 22 21 22 20 22 21 22 21 22 21 20 19 20 21 19 Number of contracts traded NA 1 819 097 NA NA 135 405 596 NA NA NA NA NA NA NA 0 NA 0 NA NA NA NA NA NA NA 0 0 40 235 582 11 782 NA NA 76 473 780 743 400 0 NA NA 0 0 Notional turnover NA NA NA NA 109 795 400.4 3 992.0 0.2 0.9 0.0 3.0 NA NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA 0.8 NA NA 176 780 738.0 NA 1 638 421.8 0.6 2 393 740.

ETFs options and futures June 2011 Derivative exchange Number of contracts traded Americas BM&FBOVESPA Chicago Board Options Exchange International Securities Exchange MexDer NASDAQ OMX PHLX Asia .Africa .Pacific Hong Kong Exchanges Korea Exchange Osaka SE Tokyo SE Group Europe .0 Open interest NA NA NA 0 NA NA 0 NA NA 20 161 Notes: NA: Not available Source: World Federation of Exchanges members .0 NA 509.0 NA NA 0.0 Open interest 114 847 79 932 907 NA 0 NA 70 155 0 2 681 0 0 Number of contracts traded NA NA NA 0 NA NA 0 NA NA 141 533 ETF futures Notional turnover NA NA NA 0.4 0.0 NA NA 0.0 NA NA 32.Middle East Johannesburg SE 171 447 32 150 542 27 035 454 0 36 458 935 71 237 0 2 861 0 0 ETF options Notional turnover 67.74 Focus | July 2011 Derivatives .0 NA NA 0.

3 NA NA 0.Focus | July 2011 75 Year-to-date ETF options Trading days June 2011 21 22 22 22 22 21 21 22 22 21 Number of contracts traded 1 069 672 163 208 467 147 036 507 0 173 254 356 411 738 0 10 038 0 0 Notional turnover 419.0 NA NA 0.0 NA 2 699.0 NA NA 86.3 .2 0.0 ETF futures Number of contracts traded NA NA NA 389 NA NA 0 NA NA 523 059 Notional turnover NA NA NA 0.3 NA NA 0.

icgn.org http://www.org Date Place Details .fiabnet.isgportal.76 Focus | July 2011 Calendar of events Meeting September 2011 ICGN Annual Meeting FIAB General Assembly and Annual Meeting FEAS 17th General Assembly October 2011 Intermarket Surveillance Group (ISG) Meeting 5-7 October WFE Board of Directors Meeting WFE Working Committee Meeting WFE General Assembly and Annual Meeting November 2011 Exchange Technology Workshop at MIT December 2011 Regulation Task Force meeting 1-2 December Hosted by Singapore Exchange Contact the Secretariat 21-23 November Hosted by MIT Contact the Secretariat 11 October 11 October 12-13 October Vancouver Hosted by the Johannesburg Stock Exchange Hosted by the Johannesburg Stock Exchange Hosted by the Johannesburg Stock Exchange https://www.org/es/index.org Contact the Secretariat Contact the Secretariat Contact the Secretariat 12-14 September 18-20 September 28-30 September Paris Punta Cana Almaty www.asp www.feas.

.

+ 33 (0) 1 58 62 54 00 fax.tel.org . + 33 (0) 1 58 62 50 48 editor.world-exchanges. Lorenzo Gallai www.world-exchanges.org To receive a free copy by email subscribe to www.org email. secretariat@world-exchanges.