FOCUS No 207 | May 2010 The monthly newsletter of regulated exchanges, with key market figures

Regulating the way forward

A retrospective on the MiFID revised: a proposal Sifting the chaff April 2010 key unfixing of rates and by Pierre-Cyrille adapted from market figures related deregulation Hautcoeur, Angelo Riva, Executive Magazine by Roberta S. Karmel Paul Lagneau-Ymonet 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 Johannesburg Stock Exchange Athens Exchange Korea Exchange Australian Securities Exchange London Stock Exchange Group Bermuda Stock Exchange Malta Stock Exchange BM&FBOVESPA Moscow Interbank Currency Exchange BME Spanish Exchanges NASDAQ OMX Group Bolsa de Comercio de Buenos Aires National Stock Exchange of India Bolsa de Comercio de Santiago New Zealand Exchange. Bolsa de Valores de Colombia NYSE Euronext Bolsa de Valores de Lima Osaka Securities Exchange Bolsa Mexicana de Valores Oslo Børs Bombay Stock Exchange Philippine Stock Exchange Bourse de Luxembourg Saudi Stock Exchange (Tadawul) Bursa Malaysia Shanghai Stock Exchange Chicago Board Options Exchange Shenzhen Stock Exchange CME Group Singapore Exchange Colombo Stock Exchange SIX Swiss Exchange Cyprus Stock Exchange Stock Exchange of Mauritius Deutsche Börse Stock Exchange of Tehran The Egyptian Exchange Stock Exchange of Thailand Hong Kong Exchanges and Clearing Taiwan Stock Exchange Indonesia Stock Exchange Tel-Aviv Stock Exchange IntercontinentalExchange TMX Group International Securities Exchange Tokyo Stock Exchange Group Irish Stock Exchange Warsaw Stock Exchange Istanbul 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 | May 2010 1

Contents

3 A retrospective on the unfixing of rates and related deregulation by Roberta S. Karmel 5 MiFID revised: a proposal by Pierre-Cyrille Hautcoeur, Angelo Riva, Paul Lagneau-Ymonet 7 Sifting the chaff adapted from Executive Magazine 9 Federation news 9 WFE publishes its 2009 Annual Report and Statistics 10 WFE enhances its statistics 11 News (A-Z) 11 Corporate news 11 Consolidation news 11 Financial results 12 Indices 12 Inter-market links 12 IT 13 New products 14 New services 15 Post trade 15 Regulation 15 Other 16 Key market figures 48 Calendar of events 2 Focus | May 2010

Regulating the way forward

Exchanges will be taking a new road forward, along with the rest of In this issue, Professor Roberta Karmel was invited to reflect on how the world’s financial system. Public authorities are indicating that deregulation in the 1970s led to a series of knock-on changes in the changes in direction will be coming; all the signs are there, except for market model, and ended up going around the world. As an actor at anything as explicit as this exit sign shown on this issue’s cover page. that time, she shares her recollections of the public policy concerns Reviews of various kinds are being conducted in many jurisdictions, aired when the market model got adjusted. legislation prepared, and rule revisions drafted. We can almost see the intangible road signs; it is clear that we will be changing Meanwhile, today in the European Union the MiFID is formally direction, but the rest is not yet in focus. For this, WFE’s Focus might under review, on the schedule set before the financial crisis struck. offer some help. Professors Hautcoeur, Riva and Lagneau-Ymonet offer their insights as to what this major structural change has accomplished for the This issue appears some weeks ahead of the IOSCO Annual European capital markets, and what might be done to adjust public Conference in Montreal. Hopefully, the road map ahead might be policy as the EU also heads off on a new road. filled in somewhat there. International coordination for global capital markets is indispensable. In addition to formal regulation and legislation, exchanges’ own business standards matter greatly. They are often set higher than Before that Montreal meeting, exchange managers are asking many those required by the public authorities. “Executive Magazine” in questions about the regulatory environment in which they conduct Beirut ran a feature on how the Egyptian Exchange set far higher business. They note foremost that the regulated exchange model public listing standards a decade ago, encouraged those corporations worked; business has operated very near normal for the past three unable to meet those requirements to delist, and in the end EGX years. Orders were executed, cleared and settled; certainty for our and the country were rewarded with a far larger, more liquid public clients was assured. So the leaders of this industry would expect market. that the business model ought to be reinforced by those policy- makers contemplating change; exchanges have been a rare, reliable component of the financial system. This quality must be noticed and enhanced. Focus | May 2010 3

A retrospective on the unfixing of rates and related deregulation

1986 “Big Bang” mandating negotiated commissions and ending Roberta S. Karmel the separation of brokers and jobbers. Fixed minimum commissions Centennial Professor of Law eventually ended in other trading venues as well, although Japan did Brooklyn Law School not deregulate exchange commission rates until after the Japanese “Big Bang” announced in 1997.

Deregulated commission rates not only changed the organizational structure of securities firms, but also of stock exchanges. Beginning in 1993, stock exchanges demutualized in many countries and became public corporations. Furthermore, stock exchange floors Traditional stock exchanges were membership organizations where disappeared and electronic communications networks or alternative stock exchange members dealt with one another on a preferential trading systems (ATS) formed to compete with regulated exchanges. price basis. Fixed minimum commissions were the glue that held the New York Stock Exchange (NYSE) and other exchanges These changes were precipitated both by developments in the together, while members of the National Association of Securities trading markets, especially the growth of institutional trading and Dealers (NASD) dealt with one another at an inside trading price. technological innovations, and a political preference for competition Commission price regulation similarly was the norm in Canada, over regulation. In addition, to compete internationally, once the Australia, London, Japan, and elsewhere. In addition, NYSE rules United States unfixed commissions, other jurisdictions had little required members to bring all of their orders to the NYSE floor for choice but to follow suit. The philosophical impetus for a changed execution, prohibited access to the exchange by non-members, and view of the role of economic regulation can be traced back to required member firms to be engaged primarily in the securities Alfred Kahn, and such deregulation was initiated in industries other business. NYSE member firms could not incorporate or become than the securities industry. Yet, considerable new regulation of public companies. the trading markets accompanied deregulation of the securities industry in the United States in the form of national market system In the late 1960s, however, the fixed minimum commission regulation, and in Europe in the form of European Union (EU) structure came under pressure in the United States due to the directives and regulations. In the United States, the SEC focused on institutionalization of the public securities markets. Although the making transaction costs as cheap as possible, but at the same time, NYSE resisted the deregulation of commission rates, various rebate limiting the extent of market fragmentation. The Europeans focused practices developed that put pressure on the fixed commission on dismantling of protectionism and on the creation of a European structure and eventually assured its demise. In the mid-1970s, securities market as part of the internal market program. the NYSE finally abolished fixed minimum commission rates. Further deregulation flowed from negotiated commission rates. Although the unfixing of commission rates and related deregulation The Securities and Exchange Commission (SEC) dismantled the of the trading markets were successful in bringing down the costs prohibitions against off-board trading. Brokerage firms incorporated of execution, the substitution of a trading culture for an investing and many became public Corporations in the years that followed. culture is troubling to many. Public investors wonder whether In time, these public corporations became financial services securities intermediaries have been looking after their own interests conglomerates. In the 1990s, a spread fixing scandal ultimately to the detriment of retail investors. forced the NASD to abandon the one-eighth trading spread convention, and the SEC subsequently mandated trading in decimals This chapter will describe the unfixing of commission rates and rather than fractions. related deregulation of the trading markets in the United States and a number of other countries. It will pose, although not answer, Canada and Australia followed the United States lead and the question of whether this response to institutionalization and deregulated commission rates in 1983 and 1984, respectively. In computerization of the trading markets has benefited all participants London, the trading markets were similarly deregulated by the in the public securities markets. 4 Focus | May 2010

In any event, the broad political consensus favoring deregulation About Roberta S. Karmel in the securities field probably ended with the financial meltdown of 2008. The SEC and the EU are currently worried about Roberta S. Karmel is Centennial Professor of Law and Co-Director fragmentation and a lack of transparency in securities trading. These of the Center for the Study of International Business Law at concerns were raised in the mid-1970s, but later submerged in the Brooklyn Law School. She was a Commissioner of the Securities rush to deregulate the trading markets. Whether the private markets and Exchange Commission from 1977-80, a public director of the New York Stock Exchange, Inc. from 1983-89, and a member of of today will be the public regulated markets of tomorrow is a good the National Adjudicatory Council of the NASDR from 1998-2001. question. Alternatively, perhaps trading on these ATSs will return She was engaged in the private practice of law in New York City to traditional regulated markets—stock exchanges—because of a for over thirty years at Willkie Farr & Gallagher, Rogers & Wells return to a political philosophy favoring regulation. and Kelley Drye & Warren.

This article is adapted from the book being prepared to She received a B.A. cum laude from Radcliffe College in 1959 and commemorate the WFE’s 50th anniversary. The book is based on a an LL.B. cum laude from New York University School of Law in dozen essays, reflecting on transformations of various sorts – trading 1962. Professor Karmel is a Trustee of the Practising Law Institute. floor to screen, member cooperative to demutualized company, She is Co- Chair of the International Coordinating Committee starting a regulated market from scratch, the value of regulation, the of the Section of Business Law of the American Bar Association and Chair of the AALS Section on Securities Regulation. She is a effects of deregulation, etc. member of the Advisory Committee on capital markets law to Unidroit, a member of the American Law Institute, a Fellow of The book’s purpose is to examine the various roles exchanges play the American Bar Foundation, and on the Boards of Advisors of in public life, and the ways in which they have contributed to the Securities Regulation and Law Report, The Review of Securities and growth of capital markets over these decades. Commodities Regulation, and the World Securities Law Report. She was a Fulbright Scholar in 1991-92. Essays from the WFE’s jubilee book will be featured in Focus, and publication is due to coincide with the October 2010 General Professor Karmel is the author of over 50 articles in books and legal Assembly, to be hosted in Paris by NYSE Euronext. journals, and writes a regular column on securities regulation for the New York Law Journal. She is a frequent lecturer on financial regulation. Her book entitled Regulation by Prosecution: The Securities and Exchange Commission vs. Corporate America was published by Simon and Schuster in 1982. Focus | May 2010 5

MiFID revised: a proposal

Pierre-Cyrille Hautcoeur Angelo Riva Ecole des Hautes Etudes en Sciences European Business School Sociales and Paris School of Economics

Competition has indeed reduced the fees paid by financial Paul Lagneau-Ymonet intermediaries that collect or generate market orders. But those Université Paris-Dauphine reductions have not been passed through to end-clients, namely institutional investors and, more significantly, retail investors, who have seen a rise in average trading costs. Moreover, there is no consensus on the consequences for market spreads. More than an academic debate on the appropriate econometric techniques for measuring them, this underscores the lack of reliable and comprehensive data. This absence is the most perverse aftermath of The forthcoming review of the Markets in Financial Instruments MiFID. Directive (MiFID), which came into force on 1 November 2007, is being undertaken against the backdrop of the financial crisis. It will In fact only major international financial firms, particularly prove crucial both for the re-regulation of financial activities and for proprietary traders, have been able to afford major IT investments the stability of the global financial system. and thus stay ahead of the game. Predictably, one of MiFID’s direct consequences is that financial intermediation has become MiFID promised to create “an efficient, transparent and integrated concentrated: the 10 biggest intermediaries reportedly account for financial trading infrastructure” in Europe. For this, the Directive three-quarters of Europe-wide trading. This, in turn, has increased abolished the concentration rule in countries where it still existed, the likelihood of risky behaviour by too-big-to-fail institutions, such as France, which required the bulk of trading to take place leading to a situation that can be described as an “abuse of a on a regulated market; that rule also created liquidity and thus systemic position”. contributed to fair price formation. Doing away with this classical model, which had inspired Walras and his defence of market The crux of the MiFID review, therefore, is how to re-organise efficiency and legitimacy, MiFID ushered in competition between trading. In the stock exchange industry, competition has focused regulated markets and other trading systems – multilateral trading on the most liquid securities, namely large caps and standardised facilities (MTFs), crossing networks and, to a lesser extent, order derivatives, but has bypassed initial public offerings and the listing internalisers – without curbing the expansion of existing over-the- of small and midsize firms, which are still handled by regulated counter markets. markets. To fend off their rivals, regulated markets are concentrating on their largest clients, even though these firms are among Competition among trading platforms in a fully-fledged “market for the main users and/or shareholders of competing MTFs. Some markets” was supposed to lower transaction costs, enhance market regulated markets, weighed down by the costs inherent in their liquidity and make it cheaper for issuers to raise capital. At the same public regulatory obligations in terms of trading supervision and time, mandatory transparency would improve price discovery and transparency, are beginning to pass through to issuers the costs that contribute to best execution, meaning that customers could be used to be covered by trading fees. They are also acquiring MTFs sure of getting the best price, lowest cost and highest probability and developing dark pools, further blurring the boundaries between of execution for their orders. Last but not least, competition would regulated markets and non-transparent trading platforms. Some of foster a more closely integrated European financial market. them may even be considering abandoning their regulated status in order to rid themselves of the attendant obligations. However the initial assessments published by organisations such as the Committee of European Securities Regulators – hardly Yet financial history has shown that stock market regulation is not bastions of financial anti-capitalism – have pointed up numerous at odds with thriving financial activities, because it can improve the disappointments. way they are organised. 6 Focus | May 2010

Accordingly, the MiFID review should be an opportunity to re- About Pierre-Cyrille Hautcoeur establish regulated markets as the linchpin of Europe’s stock market architecture. Regulated market status should be coupled with a Pierre-Cyrille Hautcoeur is Professor of economics at Ecole des general interest mission at the European level. Each regulated Hautes Etudes en Sciences Sociales and Paris School of Economics, market would thus receive, consolidate, supervise and re-disseminate both in Paris. He specializes in monetary and financial history. relevant pre-trade data feeds (price displays, tradable quantities and His publications include Le marché financier français au 19e siècle (Publications de la Sorbonne, 2007), La crise de 1929 (La order types) from other markets that trade the securities of its listed Découverte, 2009) and Monnaie, Banque et marchés financiers companies. (Pearson, revised edition forthcoming in 2010). He focused on the microstructures of securities markets in recent working papers such This information centralisation is fully a “mission of general as: “How to regulate a financial market: the impact of the 1893- interest” as defined by European law, where the role of the public 1909 regulatory reforms on the Paris Bourse” (with A. Rezaee and authorities is to ensure “the smooth functioning of the market and A. Riva) and: “The Paris financial market in the XIXth century: an compliance with the rules of the game by all actors”. Our proposal efficient multi-polar organization?” (with A. Riva). would not challenge the constitutional diversity of regulated market operators, be they public authorities, mutually owned organisations About Angelo Riva or private companies. Cost pooling – an option compatible with Angelo Riva teaches finance at the European Business School prevailing legislation – would certainly not distort competition; it and at the Paris I Panthéon Sorbonne University. He is research would actually restore the level playing field that MiFID has skewed fellow at the IREBS-EBS and at the IDHE-Paris Ouest La Défense. by placing the cost burden of providing vital transparency and Economist and historian, his researches focus on the long run obligatory trading supervision on regulated markets alone. Pooling evolution of financial systems as well as on organizational and would reduce the overall cost of order execution while maintaining institutional change. institutional variety among trading systems and market operators; it would also facilitate supervision and prevent institutions from About Paul Lagneau-Ymonet becoming too big to monitor. And it would help forge closer links Paul Lagneau-Ymonet teaches social sciences at the University between regulators and regulated markets. In consequence, this Paris-Dauphine (IRISSO) and currently is a visiting researcher proposal would improve the orderly functioning of the stock market at the Max Planck Institute for the Study of Societies (Cologne, industry in Europe. Preferably, it should coincide with the creation of Germany). a mutually owned clearing and settlement infrastructure under the auspices of the European Central Bank.

These reforms are unlikely to get rid of crashes and bubbles altogether. But they would mitigate the effects of such phenomena and, more importantly, restore the credibility of financial markets – which is vital to their social purpose and surely to their survival.

This article represents the views of these authors and not necessarily those of World Federation of Exchanges.

The original article was published under the title: “Europe: il faut centraliser l’information boursière” on February 7, 2010 in www.telos-eu.com. Focus | May 2010 7

Sifting the chaff, adapted from Executive Magazine

The 230 companies were given three different deadlines by which to comply: March, June and December 2009. When questioned as to why the companies were given such extended grace periods, Shawky cited last year’s global financial crisis.

“There was no way that noncompliant companies could restructure themselves, increase their capital and receive approval from their EGX reforms delist firms in an effort to put quality over boards [of directors] and the general assembly during 2009,” said quantity Shawky. He explained that it was impossible to increase capital or free float part of a company’s ownership in the market - which was The Egyptian Stock Exchange (EGX) delisted 14 companies at the what the companies needed to do. start of the year. According to a statement on the EGX’s website the firms’ shares were transferred to the Over the Counter (OTC) Board “There was no appetite to invest,” he said. “Investors were (Orders Market) for two weeks starting January 3. This move gave questioning growth prospects, therefore, why would any of them individual investors time to leave the companies before they were inject more money into the market?” transferred to the OTC Market (Deals) two weeks later. In spite of the tough economic times, many of the companies Requirement changes complied with the requirements within the second half of 2009. Shawky said that these companies sought capital increases when the The 14 companies were: BLOM Bank Egypt, Pens & Plastic Industries market started to recover, split stocks and free floated part of their (Sicep), National Investment & Reconstruction Company, El Obour founders’ holdings. Metallurgical Industries (Galvametall, Egyptian Sponge, International Hotel Holdings, Egyptian Real Estate Company, National Navigation, Yet by the third and final deadline of December 31, 60 companies Pharco Pharmaceuticals, Amoun Pharmaceuticals, Suez Canal remained non-compliant with the EGX listing requirements. Automotive Repair & Maintenance, Delta Industries (IDEAL), “Forty-six of the 60 companies delisted voluntarily,” he said, noting. National Glass & Crystal Company, and Nile Matches. These companies were majority held by families. Several changes to the EGX listing requirements were publicly announced in September 2008. Maged Shawky, chairman of the “It is not an issue for them to delist,” Shawky explained, noting that EGX said the 14 companies were delisted after failing to meet many of them opted for this to restructure themselves, to focus these requirements, which include ensuring that average net profits on corporate governance and capital ownership structures so as to over three years must not be less than 5 percent of the capital the return later with Initial Public Offerings (IPOs) and be listed again. company plans to issue, and ensuring that new standards on the Such was not the case for the remaining 14. stocks’ par values versus the number of stocks issued are set in such a way that guarantees that any company board member does not “These companies have a bad history of disclosure,” said Shawky. He hold less than 0.05” percent of a company’s traded capital. also cited too “little capital and a history of negative equity as other causes for non-compliance. In an exclusive phone interview with EXECUTIVE, Shawky said that by September 2008, some 230 of the 330 listed companies were “They can return to the EGX if they manage to restructure and found to be non-compliant with the new listing requirements, which comply,” he said. “But realistically, this will take quite a long time he said were designed to increase corporate governance and improve [for the 14 companies]. If they are very ambitious in their efforts disclosure. [to increase capital and receive] the necessary approvals from their boards, perhaps they can become compliant and [be listed again] within three months.”

Shawky remained skeptical that such action could be accomplished in such a short time frame. 8 Focus | May 2010

“It is difficult to restructure when you do not have one profitable EGX introduced another new set of listing and disclosure rules end statement,” he said, commenting on the 14 companies’ lack of of 2008 to further enhance its listing and disclosure rules. It gave the positive financials. In his most optimistic opinion, these companies listed companies a one-year grace period to comply with the new will not see any positive earnings until the second quarter of 2010, rules. Rules come into effect starting in January 2010. making their listing impossible until the end of this year or later. EGX expects further de-listings, and to end up with around 150-200 Quality comes first listed companies by end of 2010, taking into account new IPOs to be launched in the second half of 2010. One of the main success factors In rebuttal to his critics, Shawky confidently insisted that today’s of EGX was its vigorous implementation of its listing and disclosure exchange is a real reflection of the state of Egypt’s economy. rules. Non-compliant companies were first warned, then fined, suspended and finally delisted. That is difficult to do commercially, “Six or seven years ago, the EGX had about 1,153 listed companies, and in consideration of existing shareholders. but only 30 to 40 percent were actually traded. They were happy with market capitalization,” said Shawky, “Now, the EGX is worth EGX in cooperation with the Institute of Directors and Standard & [$91.8 billion], less than the [$146.9 billion] from previous years, Poor’s, launched the first ESG Index in the Middle East and North but 100 percent of that is traded. It represents the real value of the Africa Region, on 23 March 2010. The index is designed to raise the exchange. Ninety six percent of the listed companies are traded profile of EGX-listed companies that perform well on environmental, frequently. “Quality on the EGX comes first,” said Shawky. social and corporate governance indicators when compared to their The EGX disclosure peers, and is expected to raise the level and quality of disclosure on ESG issues in Egypt for investors. It includes 30 stocks drawn Egypt is the pioneer in the Middle East and North Africa Region in from a universe of the top 100 Egyptian companies by total market terms of Corporate Governance. It was the first country to introduce capitalization, which have passed an innovative, two-stage, score- a Code for Corporate Governance for the private sector in 2005, weighted screening process. It is worth noting that the performance and another Code for State Owned Enterprises in 2006 that was of EGX 30 Index, the exchange’s benchmark, on a YTD basis well acknowledged by the OECD. The Code was not a copy and increased by 20.2% whereas the EGX ESG index was up by 22.4%, paste operation; it took into account international best practices as a slightly better performance. The EGX ESG index included only 13 defined by World Bank, OECD, etc. and it was then also drafted to constituents of EGX 30 index. It is early days, but the start has been be relevant to the Egyptian context. Both codes are voluntary. The encouraging. first Institute of Directors in the region was established in Egypt in

2004; one of its main priorities has from the start been to enhance About Executive Magazine corporate governance in Egypt. Executive is a monthly business magazine that offers its readers Even prior to the launch of the Code in 2005, EGX took the initiative in-depth and forward thinking analysis, solid reporting and punchy to change its listing rules in August 2002, in order to enhance opinion on Middle East and North Africa’s commerce, economy its disclosure and implement best corporate governance rules. and finance as well as regular industry surveys, regional market Before these rules were in place, companies usually listed on EGX data and global economic trends. because of a tax advantage, not to raise equity or trade. The tax Since its launch in 1998, Executive’s passion for business, its inside advantage was abolished by the government in 2005 after reform access and uncanny foresight has earned it the highest plaudits, was undertaken in the tax code, whereby the corporate tax rate was where its readers choose it for its unbiased editorial line and reduced to 20%, down from 42%. comprehensive analysis.

Due to the implementation of the new listing rules, the number From Morocco to Iraq, Executive has a solid network of the best of listed companies was reduced from 1,153 companies in August business and economic analysts, experts, and reporters to provide 2002 to 219 by end of March 2010. Market capitalization, however, what is arguably the most authoritative business writing in the increased from $ 26 billion in 2002 to $ 88 billion over the same Middle East. period, and other trading indicators were equally positive. Hence, the For more information, please visit www.executive-magazine.com de-listing did not impact negatively on the market, on the contrary, or call us on 00 961 1 611696 it reinforced the strong branding of EGX and the volume of the public regulated exchange with its standards. Focus | May 2010 9

Federation news

WFE publishes its 2009 Annual Report and Statistics

The WFE Annual Report is a compendium of information on major meetings, developments affecting exchanges, conclusions of Federation policy papers and comparative studies, followed by an annual statistical summary.

The 2009 annual report and statistics is now available on the WFE website under ‘Reports’/’Annual Report’.

Letter from the Chairman (taken from the WFE 2009 Annual Report)

“Regulatory reform continued to be a top priority for WFE and its member exchanges in 2009, which represented a critical juncture in the evolution of our global markets. As the world’s major economies inched forward toward a still uncertain recovery, the public debate over regulatory reform remained center stage throughout much of the year. It was – and is –imperative that WFE have a voice in the ongoing debate over the regulation of the world’s capital markets. In order to extend the reach of our message, a WFE Communications Task Force was established, the WFE website was expanded to include exchange data not found elsewhere and the WFE Focus magazine was revamped to include articles from capital markets academic and professionals outside exchanges as well as articles from member exchanges. In assuming the role of chairman of WFE at the end of January 2009, it was clear I could best serve the membership as an exchange advocate, working to insure that WFE, on behalf of its William J. Brodsky, member exchanges, have a voice in the public debate over regulatory reform. The worldwide financial Chairman of the WFE Chairman & Chief Executive Officer of crisis that began in 2007 left in its wake unprecedented challenges and opportunities for our industry, Chicago Board Options Exchange our stakeholders and policy makers. Throughout the crisis, exchanges performed without interruption, continuously providing transparent, regulated markets, price discovery (determining and disseminating prices), access to liquidity, and protection against contra-party risk through centralized clearing. The crisis underscored the time-tested benefits of regulated exchanges and made clear that WFE’s collective experience could serve as a valuable resource in shaping global policy.”

Full text is available on 2009 Annual Report pg 5. 10 Focus | May 2010

WFE enhances its statistics

WFE is now reporting equity trading volume under a new WFE definitions of value of share trading: methodology. Volumes are now broken down in three different categories: Electronic order book (EOB): These trades represent the transfer of ownership effected automatically through the exchange’s • Electronic Order Book electronic order book where orders placed by trading members are usually exposed to all market users and automatically matched • Negotiated Deals according to precise rules set up by the exchange, generally on a • Reported Trades price/time priority basis. [no change from the current definition]

Compared to the previous methodology, a new category Negotiated Deals: This contains trades different from the EOB, has been added, “Reported Trades”, the definitions of each confirmed through a system managed (directly or indirectly) by category are presented below. the Exchange, where both seller and buyer agree on the transaction (price and quantity). This system checks automatically if the Also, WFE members have decided to no longer compute a transaction is compliant with the exchange rules, including most total trading volume figure. The main driver for that change often consistency with EOB price. is to avoid double counting and to present homogenous Reported Trades: This contains trades reported through a Trade indicators as the addition of the three different categories Reporting Facility (TRF) when only one counterparty provides would aggregate very different categories of transactions. information on the trade and offers dissemination services at the request of the reporting trader. The other counterparty could use The Secretariat hopes you will find this new presentation this facility if reporting is mandatory. more complete, exact, and useful.

We are also very glad to announce that since May 1st 2010, the WFE database has been managed by IFS (Intelligent Financial Systems). IFS is a London based software company providing a range of historical and real time market data services and on-line trading solutions. We are looking forward to working with IFS in order to enhance the current statistics reports and develop new tools as well. Focus | May 2010 11

News (A-Z)

Corporate news CME Group First quarter 2010 results Hong Kong Exchanges reappoints its Chairman - Net income: USD 240 m, an increase of 21% compared to the The Board of Directors of Hong Kong Exchanges and Clearing same quarter of 2009 reappointed Mr Ronald Joseph Arculli as Chairman of the Board for a - Operating revenues: USD 693 m, a rise of 7% further period of 2 years until the conclusion of the annual general meeting to be held in 2012. - Operating expenses: USD 278 m, a growth of 7%. RTS Stock Exchange opens RTS Exchange Europe Ltd in IntercontinentalExchange London First quarter 2010 results RTS Stock Exchange established an international representative - Net income: USD 101 m, an increase of 40% compared to the office in the UK on 13 April 2010, registered in London as a same quarter of 2009 subsidiary company called RTS Exchange Europe Limited. The key - Total revenues: USD 282 m, a rise of 22% functions of the new entity are the promotion of products and services offered by the RTS Group among international investors and - Operating expenses: USD 118 m, stable as compared to the same encouraging a positive environment for global players in the Russian period of 2009. securities market. NYSE Euronext Consolidation news First quarter 2010 results - Net income: USD 140 m, an increase of 25% compared to the IntercontinentalExchange acquires Climate Exchange same quarter of 2009 Climate Exchange operates the European Climate Exchange, the - Total revenue: USD 1 083 m, a decline of 5% Chicago Climate Exchange and the Chicago Climate Futures - Fixed operating expenses: USD 218 m, a slight increase of 1%. Exchange. Under the terms of the acquisition, Climate Exchange has been valued at approximately GBP 395 m (USD 604 m). At the end Osaka Securities Exchange of the process, Climate Exchange will be a wholly-owned subsidiary Revised FY 2009 results (1 April 209 – 31 March 2010) of ICE, operating under the Climate Exchange’s respective brand names. - Net income: YEN 6,298 m, a decrease of 1.2% compared to FY 2008 Financial results - Operating revenue: YEN 23,021 m, a rise of 14.8% BME Spanish Exchanges - Operating income: YEN 7,724 m, a slight decrease of 0.1%. First quarter 2010 results Singapore Exchange - Net income: EUR 36 m, up 8%compared to the same period of Third quarter of FY 2010 results 2009. - Net income: SGD 74.6 m, up 35% compared to the same period of - Revenue: EUR 77.5 m, up 7% on the same period of 2009 FY 2009 Bursa Malaysia - Operating revenue: SGD 153.3 m, a growth of 28% - Operating expenses: SGD 63.6 m, up 17.4%. First quarter 2010 results Nine months of FY 2010 results (1 July 2009 – 31 March 2010) - Net income: MYR 28 m, an increase of 81% compared to the same period of 2009 - Net income: SGD 240.4 m, up 12% compared to the same period - Total revenue: MYR 88 m, a growth of 37.4% (of which operating of FY 2009 revenue of MYR 81 m) - Operating revenue: SGD 477.4 m, an increase of 12.4% - Operating expenses: MYR 48.8 m, a growth of 15% - Operating expenses: SGD 190.5 m, up 17%. 12 Focus | May 2010

Taiwan Stock Exchange representativeness while the CSI Emerging Industries Index selects the top 100 companies. The emerging industries include stocks in 2009 results such fields as new energy, energy saving and environment - Net income: TWD 2,689 m, up 5.1% compared to 2008 protection, electric vehicles, information industry, biomedicine, - Operating revenues: TWD 7,697 m, an increase of 8.9% bio-breeding, national defense and military industry, new materials, hi-tech manufacturing, modern services and marine industry. The - Operating expenses and costs: TWD 4,842 m, a decrease of 3.1%. SSE Commodity Equity Index is composed of 50 stocks with large - Net operating income: TWD 2,855 m, up 37.7% compared to market capitalization and ample liquidity in three major sectors 2008. including energy, basic industrial materials and agriculture industry on the Shanghai market. TMX Group First quarter 2010 results Shenzhen Stock Exchange launches fundamental index series On 10 May 2010, the Shenzhen Stock Exchange, in cooperation with - Net income: CAD 49.1 m, an increase of 14% compared to the China Securities Index, introduced the SZSE fundamental index same quarter of 2009 series, including SZSE Fundamental 60 Index, SZSE Fundamental 120 - Total revenue: CAD 139.7 m, an increase of 2% Index and SZSE Fundamental 200 Index. The fundamental index - Operating expenses: CAD 69.6 m, a decline of 1.7%. series apply to A-share market and rank the 60, 120 and 200 companies listed on Shenzhen Stock Exchange according to four Indices fundamental measures: turnovers, cash flow, net assets and dividends. These new index series broke the link between price and Istanbul Stock Exchange launches TSKB energy index portfolio weight. On 3 May 2010, the Istanbul Stock Exchange introduced a new index, in cooperation with the Industrial Development Bank of Inter-market links Turkey (TSKB), the TSKB energy index. The new index consists of the Istanbul Stock Exchange and Takasbank sign MoU with Abu ISE-traded companies with a minimum of 40% of their consolidated revenues generated by the energy sector. It is intended to offer a Dhabi Securities Exchange benchmark for domestic and international investors seeking to The Istanbul Stock Exchange and the Abu Dhabi Securities Exchange monitor the performance of the energy sector in Turkey. signed a Memorandum of Understanding whose aim is to facilitate NASDAQ OMX introduces NASDAQ OMX CEA Smartphone the development of channels of communication between the two organizations, and to promote a long term relationship between Index them for the benefit of both securities markets. The ISE Settlement The NASDAQ OMX Group, in cooperation with the Consumer and Custody Bank (Takasbank) also signed a similar agreement with Electronics Association (CEA) introduced the NASDAQ OMX CEA the ADX. Smartphone Index, a new benchmark for the telecommunications sector focused on wireless, mobile devices with advanced IT communications functionality. The index includes companies that are primarily involved in the building, design and distribution of BM&FBOVESPA and Trading Technologies agree to expand handsets, hardware, software, and mobile networks associated with TT’s presence in Brazil the development, sale and usage of smartphones. BM&FBOVESPA and Trading Technologies International (TT), a New Zealand Exchange launches new ANZ local authority provider of order-entry software and solutions for professional bond index derivatives traders, have entered into a partnership to provide direct access to BM&FBOVESPA’s new multi-asset class platform via TT’s The New Zealand Exchange launched the ANZ local authority bond X_TRADER platform. TT’s direct connection to BM&FBOVESPA will index, the latest addition to the suite of ANZ debt indices, calculated provide traders from anywhere in the world with access to the and distributed by NZX. These indices are aimed at institutional exchange through TT’s X_TRADER platform. investors, and are traded on the NZX debt markets. BOX launches new operations platform Shanghai Stock Exchange launches Emerging Industries Indices and SSE Commodity Equity Index On 10 May 2010, the Boston Options Exchange Group (BOX), a TMX subsidiary, launched a new operations platform. BOX has On 30 April 2010, the Shanghai Stock Exchange, in collaboration partnered with Equinix, a provider of global data center services, to with China Securities Index, launched a series of new indices: the SSE create an ultra-fast matching engine. With the new operations Emerging Industries Index, the CSI Emerging Industries Index, and platform, BOX participants can expect to benefit from response the SSE Commodity Equity Index. The SSE Emerging Industries Index times of less than one millisecond, speed of a million quotes per selects the top 50 companies of emerging industries with most second and a capacity of 100,000 orders per second. Focus | May 2010 13

MillenniumIT provides trading surveillance system to the performance of the EURO STOXX 50 volatility short term Egyptian Exchange futures index. It tracks the implicit volatility of equities in the EURO STOXX 50 index based on a hypothetical portfolio. MillenniumIT, a technology solutions provider part of the London Stock Exchange Group, and the Egyptian Exchange have entered into Eurex introduces options on three benchmark ETFs a partnership agreement. Under the agreement, MillenniumIT will On 17 May 2010, Eurex listed three new options, based on the provide the Egyptian Exchange with a state-of-the-art trading Deutsche Bank ETFs db x-trackers MSCI Emerging Markets TRN, surveillance system. Built around an evolutionary architecture, the MSCI World TRN and MSCI Europe TRN. These products will be system will help the EGX to effectively maintain an orderly market, listed and traded on the ETFs dedicated segment of Deutsche Börse, primarily in rapidly identify abusive behavior and conducting XTF. investigations to ensure a fair, efficient and transparent market for all participants. Korea Exchange lists knock-out ELW Wiener Börse launches new trading system for derivatives In September 2010, the Korea Exchange will introduce knock-out market ELW after having reached an agreement with financial investment companies on the proposed standardization of financial products. Wiener Börse switched its current trading system for derivatives Knock-out ELWs are plain-vanilla warrants with a knock-out option. from NASDAQ-OMX’s OM-Click to the Eurex system. In converting That is, if the price of underlying asset meets the predetermined to the Eurex system, Wiener Börse expects to see increased liquidity knock-out barrier before the expiry of warrant, the validity of on its derivatives market in future. This conversion will also give warrant is terminated, and the warrant is delisted on the day after trading members of the Austrian derivatives market access to a the knock-out barrier is met. much larger group of potential general clearing providers. NASDAQ OMX Commodities introduces inter commodity New products spread credit Athens Exchange introduces futures on FTSE/ATHEX-CSE NASDAQ OMX Commodities introduced Inter Commodity Spread Banking Index Credit (ICSC). As a result, NASDAQ OMX Stockholm’s clearing procedures have been updated. ICSC has been introduced to meet On 19 April 2010, Athens Exchange started the trading of a new members’ growing need for margining efficiencies. Its purpose is to future on the FTSE/ATHEX-CSE Banking index. The index consists of enable collateral benefits to members by giving credit to off-set the Greek banks of the Athens Exchange securities market which are positions in products with sustained price correlation when constituents of the FTSE/ATHEX 20 and FTSE/ATHEX MID 40, and of calculating margins. the Cypriot banks of the Cyprus Stock Exchange securities market which are constituents of the FTSE/CySE 20. NASDAQ OMX Helsinki launches new ETN in Finland Borsa Italiana’s IDEM introduces FTSE MIB Dividend Futures NASDAQ OMX Helsinki, part of the NASDAQ OMX Group, has started trading 20 new Exchange Traded Notes issued by Starting from 19 April 2010, the futures on the FTSE MIB Dividend Handelsbanken. This new range of leveraged bull and bear index will be listed on the IDEM, the Derivatives Market of Borsa certificates includes certificates on the newly launched OMX Italiana. The futures contract allows traders to take positions on the Helsinki 15 index and the Nordic electricity price. basis of their dividends expectations without being exposed to price movements in the FTSE MIB stocks determined by other factors, or NYSE Arca Europe introduces US equities to hedge positions taken on the FTSE MIB index from the effects of On 21 April 2010, NYSE Arca Europe, NYSE Euronext’s European the dividends distributed by the issuers. Multilateral Trading Facility, gave customers access to the 100 most CME Group launches cheese derivatives and new liquid US equities, featuring 86 NYSE listed companies and 14 other listings, creating a transatlantic trading platform. This service will agricultural swaps provide trading firms the opportunity to trade US securities on a On 21 June 2010, the CME Group will launch Cheese futures and European platform during European trading hours with settlement at options on futures. The cash-settled contracts will be available on DTC. In addition to the initial US stocks, further stocks are likely to CME Globex. These contracts will be listed by and subject to the be introduced in the near future. rules and regulations of CME and 12 new agricultural swaps. Tokyo Stock Exchange lists two new ETFs Deutsche Börse introduces first ETN on EURO STOXX 50 On 26 April 2010, the Tokyo Stock Exchange listed two new ETFs: Volatility Index the “Listed Index Fund Japan High Dividend” whose underlying is the On 28 April 2010, Deutsche Börse launched on its ETN segment the TSE dividend focus 100 index, and the “Next funds Nomura crude oil iPath VSTOXX short term futures total return. The new product long index” whose underlying is the Nomura crude oil long index. offers investors the opportunity to participate for the first time in With these listings, there will be a total of 88 ETFs listed on TSE. 14 Focus | May 2010

markets legislation. In order to issue borrowing instruments to New services qualified investors, the issuer shall simultaneously register the Australian Securities Exchange and AIRA launch free instruments with the Capital Market Board and apply to the ISE for investor relations course for SMEs the sales of the borrowing instruments on the “Offerings Market for Qualified Investors”, and for trading of such instruments on the The Australian Securities Exchange and the Australasian Investor Outright Purchases and Sales Market upon completion of the sales Relations Association (AIRA) launch a national one-day education procedure. course entitled “Successful Investor Relations Strategies for SMEs”. The one-day intensive training course will be run by AIRA and Johannesburg Stock Exchange facilitates anonymous block co-hosted and sponsored by ASX. It will be held throughout Australia trading with the launch of Block X and address the particular needs of listed companies outside the ASX The Johannesburg Stock Exchange is close to launching an on- top 100. It is designed to provide delegates with a thorough exchange anonymous trading functionality. Called Block X, it will understanding of the tools and techniques to establish a successful allow for complete anonymity in the execution of large trades investor relations program. through hidden order functionality in the central order book. In an Deutsche Börse launches new products with historical data era in which the average transaction size is declining on JSE and for Eurex and Xetra and algo news feed with worldwide, Block X will reduce the market impact costs of trading macroeconomic information large orders. Developing an anonymous block trading facility is one of the Johannesburg Stock Exchange’s initiatives to attract trade and Deutsche Börse’s Market Data & Analytics segment has launched the increase liquidity. new data products “EnBSol Historical Data Eurex” and “EnBSol Historical Data Xetra”. These products deliver historical order book London Stock Exchange’s hosted members given free information from the Eurex and Xetra trading platforms to market connectivity to Turquoise participants. Deutsche Börse also expands its data and news feed A free ultra fast link between Turquoise’s trading system and London offering by launching AlphaFlash, a data feed for machine readable, Stock Exchange’s data centre has recently been created, available for trading relevant macroeconomic releases. AlphaFlash delivers more use by clients with hosted systems in the London Stock Exchange than 150 economic indicators from the US, Canada and Europe. Group co-location facilities. The link will carry market data from AlphaFlash is the first joint product of the Deutsche Börse’s segment Turquoise to market participants and allow order entry back to Market Data & Analytics and the US financial news agencies Need Turquoise, with extremely low latency and at no additional cost. to Know News (NTKN) and Market News International (MNI), both entities of Deutsche Börse Group. NASDAQ OMX expands its live video solutions International Securities Exchange extends its trading hours The NASDAQ OMX Group has expanded its suite of services with for ISE FX options products NASDAQ OMX Interactive Media Solutions which offers live video webcasting for investor and public relations, corporate On 30 April 2010, the International Securities Exchange extended its communications, human resources, and event planning. It also trading hours for all products in its suite of ISE FX Options. Trading provides interactive, live and archived video webcasting for earnings in ISE’s currency options will open at 7:30 Eastern time and close at calls, full-day analyst conferences. 16:15. NYSE Euronext opens its European liquidity data center International Securities Exchange launches ISE Order Feed NYSE Euronext opened its European liquidity data centre, in The International Securities Exchange will expand its market data anticipation of all NYSE European matching engines migration in the product offering with the introduction of the ISE Order Feed. The fourth quarter of this year. The new facility will house all of NYSE new product notifies subscribers when a new order is placed on ISE’s Euronext’s European markets and also includes a next generation order book, and it shows the size of the individual orders that co-location service for trading firms. In January 2010, NYSE comprise the Best Bid and Offer (BBO) on the Exchange. Technologies launched a similar service with the US liquidity data Istanbul Stock Exchange launches new market called: centre. Both centers are designed to maximize trading efficiency and resiliency with less than 50 microseconds of internal latency Offerings Market for Qualified Investors between customers’ equipment and the markets. On 17 May 2010, the Istanbul Stock Exchange introduced a new market segment under the Bonds and Bills Market, the “Offerings Osaka Securities Exchange extends trading hours for stock Market for Qualified Investors”, aimed at offering new financing index derivatives in evening session opportunities for the ISE-traded companies. On this date, borrowing From 20 July 2010, the Osaka Securities Exchange will extend the instruments of the joint stock companies traded on the ISE National trading hours of stock index futures and options in evening session Market, Second National Market and the New Companies Market until 23:30, in order to facilitate trading firm’ needs. have been issued to “qualified investors” as defined in the capital Focus | May 2010 15

XBRL taxonomies of Shanghai Stock Exchange listed Hong Kong Exchanges expands custody and nominee companies and funds approved services to OTC structured products XBRL International has recently approved the XBRL taxonomies of Effective 26 April 2010, the Hong Kong Securities Clearing Company, listed companies and funds listed on the Shanghai Stock Exchange. a wholly-owned subsidiary of Hong Kong Exchanges and Clearing, “Approved” certification is the top-level and most authoritative of broadened the asset classes in its eligible securities by admitting its kind by XBRL International and asks for high-standard technical OTC structured products (including equity linked investments and specifications, business applicability and public assessment of the equity linked notes.) taxonomies. Tehran Stock Exchange announces new bylaw foreign Singapore Exchange introduces new investor education investment regulation in Iran tool with web clips The government of Iran ratified the new bylaw of foreign investment New on-line educational web-clips for investors are available on the in the country’s exchanges and OTC markets. Under the new bylaw, Singapore Exchange’s website. The series of 8 short web clips builds foreign individuals and entities will be eligible to participate in the on the well-received investor’s guides for “Reading Annual Reports” securities exchanges and OTC markets trading, following a required and “Preparing for Annual General Meetings”. Investors can license to be issued. The utmost trading limit will be advised in the effectively empower themselves with better investment insights by license. Efforts have been made to gradually eliminate the “switching on” to the SGX web clips. complications and constraints for foreign investors in the Iranian capital market. Based on the new bylaw, the Securities and Exchange Post trade Organization of Iran will be obliged to issue the trading license in seven working days after receiving the entire application documents. Korea Exchange will advance securities settlement by one Each foreign individual or entity will be allowed to acquire up to hour 10% of a listed issuer’s equities, as a non-strategic investor. Those applicants, who submit their request for more than this value, will be To enhance the settlement reliability and investors’ convenience, the considered as strategic investors. In the new bylaw, the non-strategic Korea Exchange will move forward payments and securities foreign investors will face no impediments for selling their acquired deliveries to clearing members having received position in two shares in the market, and will be treated with the existing market stages. The first stage change, to be effective on 5 July 2010, allows regulations. However, for strategic foreign investors, the repatriation payments and securities deliveries to begin at 15:00, one hour earlier period of capital will be two years from the buying date. These than the existing settlement deadline of 16:00, and the second stage investors’ request to sell their equities will be regarded under the change, to be introduced in July 2011, will allow payments and articles of block trading regulations. securities deliveries to begin at 09:00. Regulation Other South Asian Federation of Exchanges elects new Chairman Borsa Italiana’s MTA market introduces new segmentation, methods and trading hours The South Asian Federation of Exchanges (SAFE) has elected Mr. Joseph Massey, Managing Director and Chief Executive Officer of Starting 28 June 2010 some regulatory amendments on MCX Stock Exchange, as Chairman. segmentation, methods and hours of trading for instruments listed in the Exchange’s MTA market will enter into force. In order to TWSE welcomes the first foreign issuer for primary listing simplify and provide intermediaries and investors with unambiguous In recent years, the Taiwan Stock Exchange (TWSE) made great information and classification instruments, the current division of improvement to revise its regulations and examination procedures, the MTA market into the Blue Chip and Standard segments is which will encourage more foreign companies to be listed on the cancelled. It is replaced by the following categories on the basis of TWSE. market capitalization and liquidity criteria: large cap, mid cap and small cap, as well as micro cap and other categories. A single trading Now, the first foreign issuer for primary listing, Integrated Memory method by opening auction - continuous trading - closing auction Logic Limited (IML) was listed on the TWSE on May 18, 2010. TWSE phases for all financial instruments traded is adopted. Trading Hours believes that this will be a benchmark both for the TWSE and foreign on all instruments of MTA are also modified. issuers. Key market figures Focus | May 2010 17

Contents

18 Highlights from key market figures 36 Fixed income April 2010 36 Total value of bond trading 37 Value of bond trading 20 Equity 37 Split by sectors 20 Domestic market capitalization 38 Electronic order book trades 21 Number of listed companies 39 Negotiated deals 22 Total value of share trading 22 Electronic order book value of share trading 40 Derivatives 23 Electronic order book trades 40 Single stock, stock index, bond options and futures 24 Negotiated deals 40 Stock options and single stock futures 25 Reported trades 42 Stock index options and futures 26 Total number of trades in shares 44 Bond options and futures 26 Electronic order book trades 46 ETFs options and futures 27 Negotiated deals 28 Reported trades 29 Share turnover velocity 30 Investment flows 30 New companies listed 32 Capital raised by shares issues 34 Broad stock index performance 35 Blue chip index performance

Special Note: Following the recommendation of the WFE Statistics Advisory Starting from January 2010, the share trading value and the Group, the WFE Working Committee decided that the “total number of trades in equity shares will experience some changes traded valure” table, which mixed various kinds of trading activity in their presentation. should be deleted.

First, only the electronic order book and negotiated deals tables In consequence, share trading (value and volume) will thus will be presented. From May 2010, a new table will complete the be presented into three distinct tables: electronic order book, share trading picture with the addition of the “reported trades” negotiated deals, reported trades with no total among these table. three tables.

Powered by IFS – the LiquidMetrix provider 18 Focus | May 2010

Highlights from key market figures April 2010

Market capitalization (month-on-month) April 2010 (USD bn) % change / month-on month

Americas 20.242 1,7%

Asia - Pacific 16.672 10,9%

Europe - Africa - Middle East 13.909 -1,4%

Total WFE 50.823 3,6%

Market capitalization (year-on-year) April 2010 (USD bn) % change / April 2009

Americas 20.242 45,2%

Asia - Pacific 16.672 52,1%

Europe - Africa - Middle East 13.909 48,9%

Total WFE 50.823 48,4%

Share turnover value (month-on-month) Electronic Order Book April 2010 (USD bn) % change / month-on month

Americas 2.928 11,9%

Asia - Pacific 1.722 18,4%

Europe - Africa - Middle East 1.040 6,8%

Total WFE 5.690 12,8%

Share turnover value (year-on-year) Electronic Order Book Jan - Apr 2010 (USD bn) % change / Jan - Apr 2009

Americas 7.594 -35,5%

Asia - Pacific 4.145 -11,7%

Europe - Africa - Middle East 2.866 -1,9%

Total WFE 14.605 -24,7%

Total number of companies listed April 2010 % change / April 2009

Americas 9.931 -2,8%

Asia - Pacific 21.051 7,6%

Europe - Africa - Middle East 13.874 -0,1%

Total WFE 44.856 2,7% Focus | May 2010 19

Evolution of monthly domestic market capitalization in 2009 & 2010 (USD billions)

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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

Americas Asia - Pacific Europe - Africa - Middle East WFE Total

Evolution of monthly domestic & foreign share trading value in 2009 & 2010 - Electronic Order Book (USD billions)

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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

Americas Asia - Pacific Europe - Africa - Middle East WFE Total 20 Focus | May 2010

Equity - Domestic market capitalization (USD millions)

(Market value excludes investment funds) 2010 % Change / % Change / Exchange Apr 09 Apr 09 January February March April (in USD) (in local cur) Americas Bermuda SE 1 355.8 1 221.7 1 426.4 972.3 -17.5% -17.5% BM&FBOVESPA 1 227 035.8 1 252 420.8 1 318 066.8 1 311 209.4 72.3% 37.0% Buenos Aires SE 45 739.7 44 211.0 45 925.8 47 081.8 59.7% 66.8% Colombia SE 144 453.2 149 307.0 155 905.7 156 963.2 69.9% 44.6% Lima SE 70 430.7 67 888.8 70 349.3 74 218.2 64.2% 56.7% Mexican Exchange 336 674.0 356 535.7 386 251.8 0.0 0.0% 0.0% NASDAQ OMX 3 077 668.0 3 204 180.9 3 500 875.4 3 592 698.6 47.9% 47.9% NYSE Euronext (US) 12 224 900.6 11 722 365.8 12 423 557.3 12 954 861.5 45.3% 45.3% Santiago SE 232 909.6 235 894.8 237 755.7 246 076.7 54.9% 36.9% TSX Group 1 624 217.1 1 710 325.7 1 817 263.1 1 858 777.7 65.5% 40.8% Asia - Pacific Australian SE 1 177 504.0 1 196 535.3 1 292 529.6 1 301 522.9 76.2% 37.6% Bombay SE 1 283 157.9 1 280 449.8 1 373 016.4 1 416 072.1 97.5% 75.1% Bursa Malaysia 290 934.7 295 538.6 322 267.4 335 800.1 60.3% 43.4% Colombo SE 10 215.8 10 704.2 10 616.8 11 964.5 139.9% 127.6% Hong Kong Exchanges 2 148 075.4 2 216 075.2 2 325 349.1 2 329 065.6 57.5% 57.8% Indonesia SE 224 889.0 221 877.9 248 703.1 268 756.5 108.1% 76.8% Jasdaq 97 866.8 97 708.6 0.0 0.0 0.0% 0.0% Korea Exchange 801 030.0 801 268.7 876 130.2 921 382.8 50.9% 30.4% National Stock Exchange India 1 252 537.3 1 248 304.0 1 338 495.0 1 379 138.3 104.5% 81.3% New Zealand Exchange 33 845.0 33 355.1 34 531.4 35 880.2 48.9% 15.6% Osaka SE 149 165.0 149 302.1 262 001.2 269 677.6 110.9% 99.6% Philippine SE 84 501.7 87 228.3 92 409.4 97 057.6 65.8% 52.4% Shanghai SE 2 481 554.8 2 561 568.0 2 630 840.9 2 430 126.5 24.7% 24.8% Shenzhen SE 834 224.4 904 546.9 957 734.6 909 050.6 70.9% 71.0% Singapore Exchange 463 036.3 462 680.0 491 641.3 521 553.4 82.0% 68.4% Taiwan SE Corp 616 849.2 597 361.6 643 177.8 658 839.7 44.3% 36.8% The Stock Exchange of Thailand 168 689.0 176 368.4 196 722.4 190 572.9 71.0% 56.8% Tokyo SE 3 382 763.6 3 422 640.8 3 534 685.4 3 595 859.6 29.2% 22.3% Europe - Africa - Middle East Amman SE 31 330.9 30 598.1 30 650.2 31 296.7 -4.9% -5.0% Athens Exchange 101 437.3 94 869.0 100 490.9 89 439.9 -7.1% -7.4% BME Spanish Exchanges 1 243 207.4 1 201 481.5 1 260 873.5 1 224 105.7 28.8% 28.4% Borsa Italiana 602 777.6 577 684.9 621 649.4 583 551.3 17.3% 17.0% Budapest SE 29 989.3 28 806.1 32 989.4 32 550.8 98.2% 84.4% Cyprus SE 9 364.9 8 627.6 8 974.3 8 189.3 5.5% 5.1% Deutsche Börse 1 199 460.2 1 172 478.9 1 273 405.0 1 257 931.7 22.4% 22.0% Egyptian Exchange 83 832.2 83 257.9 83 785.9 86 624.6 11.5% 10.0% Irish SE 59 339.1 56 533.4 61 869.3 66 139.6 39.1% 38.7% Istanbul SE 246 639.8 225 355.5 254 935.6 273 377.3 98.7% 85.0% Johannesburg SE 756 885.6 746 612.0 749 033.1 744 222.9 45.7% 26.6% Ljubljana SE 11 821.5 11 179.3 11 302.5 10 925.4 0.4% 0.1% London SE 2 669 740.9 2 616 735.8 2 773 394.8 2 766 760.7 42.2% 38.0% Luxembourg SE 92 859.9 93 372.0 104 904.5 96 262.1 50.9% 50.5% Malta SE 4 403.7 4 075.9 3 967.7 3 850.5 27.7% 27.3% Mauritius SE 6 937.1 6 489.6 6 529.8 6 735.8 58.3% 44.5% MICEX 746 080.1 728 505.4 813 411.0 822 275.9 0.0% 0.0% NASDAQ OMX Nordic Exchange 843 697.3 824 259.8 882 950.9 892 417.2 48.5% 48.0% NYSE Euronext (Europe) 2 709 181.4 2 629 507.4 2 793 198.9 2 711 821.6 34.4% 34.0% Oslo Børs 216 554.6 209 315.5 222 990.7 220 596.1 51.9% 36.8% Saudi Stock Market - Tadawul 331 206.3 339 233.4 358 613.5 360 706.6 0.0% 0.0% SIX Swiss Exchange 1 036 284.8 1 046 656.7 1 105 737.3 1 075 045.4 37.8% 30.6% Tehran SE 61 637.4 63 151.5 68 144.6 73 557.6 51.4% 51.9% Tel-Aviv SE 193 685.4 199 051.2 213 849.2 199 902.3 60.3% 43.1% Warsaw SE 151 441.2 146 865.0 162 080.1 159 551.1 84.4% 64.5% Wiener Börse 109 395.3 105 282.2 112 768.7 111 564.4 40.6% 40.1%

Total 46 633 713.5 46 360 245.0 49 100 233.9 49 175 766.8

Notes: JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two exchanges since March 2010 Singapore Exchange: market capitalization includes domestic listings and a substantial Johannesburg SE: figures include the market capitalization of all listed companies, but exclude number of foreign listings, defined as companies whose principal place of business is outside of listed warrants, convertibles and investment funds Singapore. Inactive secondary foreign listings are excluded. Korea Exchange: includes Kosdaq market data TSX Group: also includes TSX Venture market cap Mauritius SE: From Aug. 2006, data includes Development & Enterprise Market Total excludes Osaka and National Stock Exchange of India to avoid double counting with NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tokyo and Bombay SE respectively Tallinn, Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members Focus | May 2010 21

Equity - Number of listed companies

2010

Exchange January February March April % Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Change / Total co’s co’s Total co’s co’s Total co’s co’s Total co’s co’s Apr 09 Americas Bermuda SE 46 16 30 NA NA NA NA NA NA 46 15 31 -8.0% BM&FBOVESPA 385 376 9 378 369 9 376 367 9 378 369 9 -2.6% Buenos Aires SE 106 101 5 106 101 5 105 100 5 105 100 5 -4.6% Colombia SE 85 84 1 85 84 1 85 84 1 85 84 1 0.0% Lima SE 241 196 45 242 197 45 241 197 44 242 198 44 1.3% Mexican Exchange 406 125 281 407 125 282 406 125 281 0 0 0 0.0% NASDAQ OMX 2 843 2 564 279 2 837 2 560 277 2 823 2 549 274 2 833 2 556 277 -3.8% NYSE Euronext (US) 2 328 1 830 498 2 318 1 819 499 2 323 1 823 500 2 326 1 824 502 -1.3% Santiago SE 237 233 4 236 232 4 235 231 4 233 229 4 -2.1% TSX Group 3 726 3 651 75 3 741 3 664 77 3 724 3 649 75 3 683 3 605 78 -3.2% Asia - Pacific Australian SE 1 965 1 881 84 1 961 1 877 84 1 961 1 876 85 1 964 1 881 83 -1.5% Bombay SE 4 962 4 962 0 4 970 4 970 0 4 975 4 975 0 4 977 4 977 0 1.0% Bursa Malaysia 956 949 7 957 950 7 960 951 9 958 951 7 -0.5% Colombo SE 231 231 0 231 231 0 232 232 0 233 233 0 -0.9% Hong Kong Exchanges 1 321 1 309 12 1 326 1 314 12 1 332 1 320 12 1 334 1 322 12 5.3% Indonesia SE 398 398 0 400 400 0 401 401 0 401 401 0 1.3% Jasdaq 884 884 0 884 882 0 0 0 0 0 0 0 0.0% Korea Exchange 1 794 1 784 10 1 798 1 787 11 1 799 1 787 12 1 775 1 761 14 -0.3% National Stock Exchange India 1 457 1 457 0 1 461 1 461 0 1 470 1 470 0 1 478 1 478 0 4.9% New Zealand Exchange 164 141 23 164 141 23 164 141 23 159 136 23 -5.9% Osaka SE 433 432 1 431 430 1 1 307 1 306 1 1 302 1 301 1 185.5% Philippine SE 249 247 2 250 248 2 250 248 2 250 248 2 1.6% Shanghai SE 873 873 0 874 874 0 878 878 0 879 879 0 1.7% Shenzhen SE 881 881 0 901 901 0 929 929 0 958 958 0 29.8% Singapore Exchange 774 461 313 777 462 315 774 462 312 777 463 314 1.7% Taiwan SE Corp 755 741 14 757 741 16 759 741 18 758 740 18 4.0% The Stock Exchange of Thailand 535 535 0 535 535 0 535 535 0 535 535 0 1.5% Tokyo SE 2 329 2 314 15 2 326 2 311 15 2 314 2 300 14 2 313 2 300 13 -2.4% Europe - Africa - Middle East Amman SE 272 272 0 272 272 0 273 273 0 273 273 0 1.1% Athens Exchange 287 284 3 286 283 3 286 283 3 286 283 3 -1.4% BME Spanish Exchanges 3 452 3 415 37 3 435 3 398 37 3 426 3 389 37 3 414 3 377 37 -3.4% Borsa Italiana 296 291 5 295 290 5 297 292 5 296 291 5 0.3% Budapest SE 47 44 3 46 42 4 46 42 4 46 42 4 7.0% Cyprus SE 116 116 0 116 116 0 115 115 0 115 115 0 -4.2% Deutsche Börse 775 698 77 777 699 78 781 704 77 778 702 76 -4.9% Egyptian Exchange 237 236 1 233 232 1 229 228 1 228 227 1 -32.7% Irish SE 63 54 9 63 54 9 63 54 9 63 54 9 -6.0% Istanbul SE 316 316 0 317 317 0 317 317 0 319 319 0 1.0% Johannesburg SE 397 352 45 395 351 44 394 350 44 395 350 45 -1.7% Ljubljana SE 76 76 0 76 76 0 76 76 0 76 76 0 -7.3% London SE 2 770 2 163 607 2 759 2 153 606 2 749 2 148 601 2 747 2 144 603 -7.6% Luxembourg SE 271 30 241 273 30 243 274 30 244 278 30 248 6.9% Malta SE 20 20 0 20 20 0 20 20 0 20 20 0 5.3% Mauritius SE 63 62 1 63 62 1 63 62 1 63 62 1 -3.1% MICEX 235 235 0 235 235 0 236 236 0 233 233 0 0.0% NASDAQ OMX Nordic Exchange 788 764 24 787 763 24 790 766 24 787 763 24 -3.0% NYSE Euronext (Europe) 1 155 986 169 1 158 988 170 1 162 991 171 1 158 988 170 -1.9% Oslo Børs 234 188 46 234 188 46 236 189 47 234 187 47 -6.8% Saudi Stock Market - Tadawul 135 135 0 139 139 0 139 139 0 139 139 0 0.0% SIX Swiss Exchange 340 276 64 335 273 62 329 268 61 333 272 61 3.7% Tehran SE 364 364 0 364 364 0 364 364 0 364 364 0 1.7% Tel-Aviv SE 610 597 13 610 597 13 614 601 13 611 598 13 -4.1% Warsaw SE 489 473 16 491 475 16 498 482 16 504 489 15 9.6% Wiener Börse 115 97 18 113 95 18 114 95 19 114 93 21 -4.2%

Total 45 287 45 245 45 249 44 856

Notes: Deutsche Börse: Excluding the market segment “Freiverkehr” (unofficial regulated NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, market) Tallinn, Riga and Vilnius Stock Exchanges JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two Singapore Exchange: Main Board & Sesdaq exchanges since March 2010 Tehran SE: Some 90 companies have been relegated to the “Unofficial Board” which is a Korea Exchange: includes Kosdaq market data “Temporary Board” Lima SE: Includes 26 foreign companies with shares negotiated under a special modality TSX Group: includes companies listed on TSX Venture 22 Focus | May 2010

Equity - Total value of share trading - Electronic order book value of share trading (USD millions)

2010 %Change / %Change / Exchange Jan/Apr 09 Jan/Apr 09 January February March April Year-to-date (in USD) (in local cur) Americas Bermuda SE 3.6 3.5 6.0 39.2 52.2 319.0% 319.0% BM&FBOVESPA 65 906.5 62 406.1 78 014.1 75 625.1 281 951.9 101.9% 59.3% Buenos Aires SE 259.0 253.9 243.8 285.8 1 042.5 30.6% 39.2% Colombia SE 1 394.6 1 596.4 1 727.7 2 022.0 6 740.6 74.2% 39.1% Lima SE 215.7 158.9 243.2 361.6 979.4 26.9% 16.1% Mexican Exchange 10 116.4 8 187.7 10 541.9 0.0 28 846.0 29.5% 14.5% NASDAQ OMX 1 093 838.3 1 052 512.6 1 096 893.0 1 155 971.4 4 399 215.3 -15.4% -15.4% NYSE Euronext (US) 1 321 166.0 1 353 067.8 1 425 988.3 1 568 520.8 5 668 742.9 -11.5% -11.5% Santiago SE 3 852.7 2 643.1 4 098.1 3 416.8 14 010.7 78.3% 56.9% TSX Group 97 666.8 89 323.5 125 099.5 122 048.0 434 137.9 15.7% -3.0% Asia - Pacific Australian SE 67 013.6 83 097.9 96 929.6 88 552.2 335 593.2 96.4% 46.3% Bombay SE 25 126.8 17 720.3 22 004.9 21 085.2 85 937.2 52.4% 38.1% Bursa Malaysia 9 388.5 5 526.4 10 322.3 9 150.7 34 387.9 101.8% 85.0% Colombo SE 242.3 247.6 286.9 234.0 1 010.7 487.6% 482.1% Hong Kong Exchanges 145 418.4 85 942.2 129 232.9 125 698.0 486 291.4 40.7% 41.0% Indonesia SE 7 630.1 5 431.9 8 478.6 9 644.7 31 185.3 136.6% 96.0% Jasdaq 3 396.2 4 062.6 0.0 0.0 7 458.8 -5.8% -12.1% Korea Exchange 160 280.7 102 563.7 125 960.5 145 752.1 534 557.0 19.1% -0.2% National Stock Exchange India 73 163.0 53 061.0 63 603.4 62 168.9 251 996.3 56.0% 41.4% New Zealand Exchange 195.5 226.2 290.2 260.0 971.9 25.5% -4.5% Osaka SE 11 454.7 8 266.6 18 233.0 18 552.3 56 506.6 11.0% 6.4% Philippine SE 1 172.0 1 096.5 1 569.6 1 665.3 5 503.4 74.4% 64.2% Shanghai SE 424 898.8 208 931.6 369 533.0 420 201.1 1 423 564.4 7.0% 6.9% Shenzhen SE 275 032.7 146 559.7 275 457.7 338 770.6 1 035 820.6 49.6% 49.5% Singapore Exchange 26 917.5 16 754.9 21 453.1 25 347.1 90 472.6 65.6% 53.0% Taiwan SE Corp 93 720.4 40 613.9 73 170.7 81 942.9 289 447.9 28.7% 21.4% The Stock Exchange of Thailand 10 989.8 8 275.8 16 406.5 13 394.4 49 066.5 121.7% 104.7% Tokyo SE 332 345.1 284 320.2 307 113.3 360 559.2 1 284 337.8 10.9% 5.8% Europe - Africa - Middle East Amman SE 679.1 593.3 1 140.3 1 528.5 3 941.2 -26.6% -26.6% Athens Exchange 5 635.8 4 991.2 4 843.3 5 866.2 21 336.5 69.4% 62.6% BME Spanish Exchanges 120 298.7 103 478.1 88 037.3 132 066.5 443 880.5 31.3% 26.0% Borsa Italiana 74 594.9 77 618.2 79 397.8 89 430.9 321 041.8 36.4% 31.2% Budapest SE 2 364.2 1 878.2 3 405.1 2 411.7 10 059.2 71.8% 49.4% Cyprus SE 97.6 74.8 70.5 75.3 318.1 -1.3% -5.0% Deutsche Börse 142 417.5 136 317.0 144 691.7 163 022.2 586 448.5 26.2% 21.2% Egyptian Exchange 4 935.0 3 738.8 4 019.4 4 731.9 17 425.1 19.3% 17.1% Irish SE 719.2 688.9 885.8 863.7 3 157.6 16.7% 12.0% Istanbul SE 39 638.2 36 677.0 36 704.8 38 016.0 151 036.1 136.1% 117.0% Johannesburg SE 24 991.5 25 257.9 31 322.9 23 567.5 105 139.9 52.1% 19.3% Ljubljana SE 38.8 40.8 60.4 37.0 176.9 24.9% 19.8% London SE 151 430.7 153 586.4 165 010.7 144 461.5 614 489.4 7.8% 1.1% Luxembourg SE 15.0 22.0 29.3 21.5 87.8 -14.5% -18.1% Malta SE 6.6 3.7 3.9 4.0 18.2 66.2% 59.1% Mauritius SE 23.8 32.6 56.7 32.9 146.0 86.4% 69.3% MICEX 26 208.3 33 968.2 41 983.2 40 072.7 142 232.4 0.0% 0.0% NASDAQ OMX Nordic Exchange 63 339.4 64 244.0 67 144.8 72 923.4 267 651.6 20.2% 15.5% NYSE Euronext (Europe) 164 511.5 173 395.2 176 006.8 185 144.3 699 057.7 19.7% 14.9% Oslo Børs 26 460.9 25 387.4 21 863.0 24 269.4 97 980.8 64.7% 43.4% Saudi Stock Market - Tadawul 17 506.6 14 244.6 18 643.5 23 240.0 73 634.7 0.0% 0.0% SIX Swiss Exchange 72 100.1 72 904.7 72 442.4 70 020.2 287 467.5 18.3% 9.3% Tehran SE 629.8 1 034.1 512.3 1 342.8 3 519.1 322.0% 328.2% Tel-Aviv SE 8 983.6 6 701.9 9 104.0 6 428.6 31 218.1 70.4% 53.0% Warsaw SE 5 092.1 4 541.2 6 261.0 5 260.8 21 155.0 55.3% 29.7% Wiener Börse 4 477.7 4 136.2 4 979.8 5 252.6 18 846.3 44.0% 38.5%

Total 5 220 002.3 4 588 408.8 5 261 522.5 5 691 361.6 20 761 295.2 Focus | May 2010 23

Equity - Total value of share trading - Electronic order book trades (USD millions)

April 2010 Year-to-date Exchange Total Domestic Foreign Total Domestic Foreign Americas Bermuda SE 39.2 38.9 0.3 52.2 48.9 3.3 BM&FBOVESPA 75 625.1 74 997.1 628.0 281 951.9 277 281.6 4 670.3 Buenos Aires SE 285.8 190.0 95.8 1 042.5 596.3 446.3 Colombia SE 2 022.0 1 792.5 229.5 6 740.6 6 140.4 600.2 Lima SE 361.6 220.5 141.1 979.5 648.4 331.1 NASDAQ OMX 1 155 971.4 1 050 453.3 105 518.1 4 399 215.3 3 972 986.5 426 228.8 NYSE Euronext (US) 1 568 520.8 1 425 602.7 142 918.1 5 668 742.9 5 134 611.5 534 131.4 Santiago SE 3 416.8 3 416.3 0.5 14 010.7 14 010.2 0.5 TSX Group 122 048.0 120 856.9 1 191.1 434 137.9 430 077.5 4 060.4 Asia - Pacific Australian SE 88 552.2 81 687.3 6 864.9 335 593.2 316 847.8 18 745.4 Bombay SE 21 085.2 21 085.2 0.0 85 937.2 85 937.2 0.0 Bursa Malaysia 9 150.7 9 054.3 96.5 34 387.9 33 854.1 533.8 Colombo SE 234.0 234.0 0.0 1 010.7 1 010.7 0.0 Hong Kong Exchanges 125 698.0 125 504.8 193.2 486 291.4 485 032.4 1 259.0 Indonesia SE 9 644.7 9 644.7 0.0 31 185.3 31 185.3 0.0 Korea Exchange 145 752.1 144 828.7 923.4 534 557.0 531 809.3 2 747.8 National Stock Exchange India 62 168.9 62 168.9 0.0 251 996.3 251 996.3 0.0 New Zealand Exchange 260.0 244.7 15.4 972.0 908.6 63.3 Osaka SE 18 552.3 18 547.3 5.0 56 506.6 56 488.1 18.4 Philippine SE 1 665.3 1 665.1 0.2 5 503.4 5 502.4 1.0 Shanghai SE 420 201.1 420 201.1 0.0 1 423 564.4 1 423 564.4 0.0 Shenzhen SE 338 770.6 338 770.6 0.0 1 035 820.7 1 035 820.7 0.0 Singapore Exchange 25 347.1 25 347.1 0.0 90 472.6 90 472.6 0.0 Taiwan SE Corp 81 942.9 81 201.9 741.1 289 447.9 287 062.7 2 385.2 The Stock Exchange of Thailand 13 394.4 13 394.4 0.0 49 066.5 49 066.5 0.0 Tokyo SE 360 559.2 360 469.9 89.3 1 284 337.8 1 284 124.0 213.8 Europe - Africa - Middle East Amman SE 1 528.5 1 528.5 0.0 3 941.2 3 941.2 0.0 Athens Exchange 5 866.2 5 530.1 336.1 21 336.5 19 865.5 1 471.0 BME Spanish Exchanges 132 066.5 130 975.9 1 090.6 443 880.5 440 253.5 3 627.0 Borsa Italiana 89 430.9 85 004.7 4 426.3 321 041.8 302 341.1 18 700.7 Budapest SE 2 411.7 2 406.1 5.6 10 059.2 10 032.2 27.1 Cyprus SE 75.3 75.3 0.0 318.1 318.1 0.0 Deutsche Börse 163 022.2 145 448.6 17 573.6 586 448.5 519 879.0 66 569.5 Egyptian Exchange 4 731.9 4 731.9 0.0 17 425.1 17 425.1 0.0 Irish SE 863.7 854.7 9.0 3 157.6 3 104.3 53.3 Istanbul SE 38 016.0 38 016.0 0.0 151 036.1 151 036.1 0.0 Johannesburg SE 23 567.5 16 591.0 6 976.5 105 139.9 74 726.9 30 413.0 Ljubljana SE 37.0 37.0 0.0 176.9 176.9 0.0 London SE 144 461.6 126 543.8 17 917.8 614 489.4 542 705.3 71 784.1 Luxembourg SE 21.5 16.0 5.6 87.8 70.8 17.1 Malta SE 4.0 4.0 0.0 18.2 18.2 0.0 Mauritius SE 32.9 32.9 0.0 146.0 146.0 0.0 MICEX 40 072.7 40 072.7 0.0 142 232.4 142 232.4 0.0 NASDAQ OMX Nordic Exchange 72 923.4 67 913.8 5 009.6 267 651.6 248 644.7 19 006.9 NYSE Euronext (Europe) 185 144.3 184 276.0 868.2 699 057.7 695 950.4 3 107.3 Oslo Børs 24 269.5 17 899.2 6 370.2 97 980.8 75 884.2 22 096.5 Saudi Stock Market - Tadawul 23 240.0 23 240.0 0.0 73 634.7 73 634.7 0.0 SIX Swiss Exchange 70 020.2 69 731.8 288.4 287 467.5 286 305.0 1 162.6 Tehran SE 1 342.8 1 342.8 0.0 3 519.1 3 519.1 0.0 Tel-Aviv SE 6 428.7 6 428.7 0.0 31 218.1 31 218.1 0.0 Warsaw SE 5 260.8 5 087.5 173.2 21 155.0 20 512.4 642.7 Wiener Börse 5 252.6 5 173.7 79.0 18 846.4 18 619.1 227.2

Special Note: Notes: Starting from January 2010, the share trading value and the number of trades in equity JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two shares will experience some changes in their presentation. exchanges since March 2010 Korea Exchange: includes Kosdaq market data First, only the electronic order book and negotiated deals tables will be presented. From Mauritius SE: From Aug. 2006, data includes Development & Enterprise Market May 2010, a new table will complete the share trading picture with the addition of the NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, “reported trades” table. Tallinn, Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board, Sesdaq & Clob International Following the recommendation of the WFE Statistics Advisory Group, the WFE Working SIX Swiss Exchange: turnover includes also shares traded on Virt-x Committee decided that the “total traded valure” table, which mixed various kinds of Due to different reporting rules & calculation methods, turnover figures are not entirely trading activity should be deleted. comparable NA: Not available In consequence, share trading (value and volume) will thus be presented into three distinct Source: World Federation of Exchanges members tables: electronic order book, negotiated deals, reported trades with no total among these three tables. 24 Focus | May 2010

Equity - Total value of share trading - Negotiated deals (USD millions)

April 2010 Year-to-date Exchange Total Domestic Foreign Total Domestic Foreign Americas Lima SE 86.11 74.06 12.05 323.62 275.71 47.90 NASDAQ OMX 1 709 831.57 1 538 691.60 171 139.97 5 945 991.80 5 337 322.60 608 669.20 NYSE Euronext (US) 110 878.44 110 877.62 0.82 386 373.15 386 370.11 3.04 Santiago SE 503.21 503.21 0.00 785.52 785.52 0.00 Asia - Pacific Australian SE 16 796.59 15 530.01 1 266.58 66 106.87 62 761.72 3 345.15 Bombay SE 89.10 89.10 0.00 717.58 717.58 0.00 Bursa Malaysia 732.01 723.45 8.55 2 427.86 2 410.54 17.32 Hong Kong Exchanges 8 732.89 8 680.96 51.93 28 524.10 28 352.63 171.47 Indonesia SE 2 609.64 2 609.64 0.00 7 772.02 7 772.02 0.00 Korea Exchange 3 962.66 3 962.66 0.00 9 027.30 9 024.54 2.76 National Stock Exchange India 0.00 0.00 0.00 0.00 0.00 0.00 New Zealand Exchange 951.01 679.61 271.40 3 622.93 2 595.77 1 027.17 Osaka SE 431.05 431.05 0.00 1 219.53 1 219.53 0.00 Philippine SE 775.34 775.34 0.00 2 005.53 2 005.53 0.00 Shanghai SE 495.08 495.08 0.00 1 480.92 1 480.92 0.00 Shenzhen SE 285.78 285.78 0.00 949.08 949.08 0.00 Taiwan SE Corp 783.46 783.46 0.00 2 256.72 2 256.72 0.00 The Stock Exchange of Thailand 318.50 318.50 0.00 1 272.41 1 272.41 0.00 Tokyo SE 28 220.43 28 220.23 0.20 98 263.93 98 263.74 0.20 Europe - Africa - Middle East Amman SE 68.12 68.12 0.00 498.65 498.65 0.00 Athens Exchange 363.52 355.54 7.98 1 536.53 1 474.53 62.00 BME Spanish Exchanges 25 590.08 25 590.08 0.00 91 505.04 91 505.04 0.00 Budapest SE 2.25 2.25 0.00 14.58 14.58 0.00 Cyprus SE 1.46 1.46 0.00 9.18 9.18 0.00 Deutsche Börse 52 032.44 45 024.46 7 007.98 108 617.94 84 719.61 23 898.33 Irish SE 2 119.66 2 102.91 16.75 7 848.05 7 724.58 123.48 Istanbul SE 0.66 0.66 0.00 1.83 1.83 0.00 Johannesburg SE 6 222.63 5 115.45 1 107.18 25 560.93 20 186.77 5 374.16 Ljubljana SE 0.00 0.00 0.00 0.00 0.00 0.00 London SE 53 784.31 30 315.00 23 469.31 268 067.92 180 876.68 87 191.24 Malta SE 29.25 0.00 29.25 29.25 0.00 29.25 MICEX 4 542.41 4 542.41 0.00 12 626.66 12 626.66 0.00 NASDAQ OMX Nordic Exchange 5 840.98 5 562.03 278.95 22 406.09 21 232.77 1 173.33 NYSE Euronext (Europe) 10 515.89 10 486.64 29.25 39 552.86 39 409.98 142.88 Oslo Børs 5 815.19 4 945.07 870.12 11 218.70 9 085.62 2 133.09 Saudi Stock Market - Tadawul 85.51 85.51 0.00 363.24 363.24 0.00 SIX Swiss Exchange 870.55 869.88 0.67 11 840.28 11 833.00 7.28 Tel-Aviv SE 312.10 312.10 0.00 3 390.13 3 390.13 0.00 Warsaw SE 395.97 391.74 4.24 2 710.35 2 692.51 17.84

Notes: JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two Singapore Exchange: Main Board, Sesdaq & Clob International exchanges since March 2010 SIX Swiss Exchange: turnover includes also shares traded on Virt-x Korea Exchange: includes Kosdaq market data Due to different reporting rules & calculation methods, turnover figures are not entirely NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, comparable Tallinn, Riga and Vilnius Stock Exchanges NA: Not available Mauritius SE: From Aug. 2006, data includes Development & Enterprise Market Source: World Federation of Exchanges members Focus | May 2010 25

Equity - Total value of share trading - Reported trades (USD millions)

April 2010 Year-to-date Exchange Total Domestic Foreign Total Domestic Foreign Americas BM&FBOVESPA 0.0 0.0 0.0 0.0 0.0 0.0 Buenos Aires SE 0.0 0.0 0.0 0.0 0.0 0.0 Colombia SE 0.0 0.0 0.0 0.0 0.0 0.0 Lima SE 0.0 0.0 0.0 0.0 0.0 0.0 NASDAQ OMX 0.0 0.0 0.0 0.0 0.0 0.0 NYSE Euronext (US) 0.0 0.0 0.0 0.0 0.0 0.0 Santiago SE 0.0 0.0 0.0 0.0 0.0 0.0 TSX Group 0.0 0.0 0.0 0.0 0.0 0.0 Asia - Pacific Australian SE 0.0 0.0 0.0 0.0 0.0 0.0 Bombay SE 0.0 0.0 0.0 0.0 0.0 0.0 Bursa Malaysia 0.0 0.0 0.0 0.0 0.0 0.0 Colombo SE 0.0 0.0 0.0 0.0 0.0 0.0 Hong Kong Exchanges 0.0 0.0 0.0 0.0 0.0 0.0 Indonesia SE 0.0 0.0 0.0 0.0 0.0 0.0 Korea Exchange 0.0 0.0 0.0 0.0 0.0 0.0 National Stock Exchange India 0.0 0.0 0.0 0.0 0.0 0.0 New Zealand Exchange 0.0 0.0 0.0 0.0 0.0 0.0 Osaka SE 0.0 0.0 0.0 0.0 0.0 0.0 Philippine SE 0.0 0.0 0.0 0.0 0.0 0.0 Shanghai SE 0.0 0.0 0.0 0.0 0.0 0.0 Shenzhen SE 0.0 0.0 0.0 0.0 0.0 0.0 Singapore Exchange 0.0 0.0 0.0 0.0 0.0 0.0 Taiwan SE Corp 0.0 0.0 0.0 0.0 0.0 0.0 The Stock Exchange of Thailand 0.0 0.0 0.0 0.0 0.0 0.0 Tokyo SE 0.0 0.0 0.0 0.0 0.0 0.0 Europe - Africa - Middle East Amman SE 0.0 0.0 0.0 0.0 0.0 0.0 Athens Exchange 0.0 0.0 0.0 0.0 0.0 0.0 BME Spanish Exchanges 0.0 0.0 0.0 0.0 0.0 0.0 Borsa Italiana 6 985.2 6 225.7 759.5 6 985.2 6 225.7 759.5 Budapest SE 0.0 0.0 0.0 0.0 0.0 0.0 Cyprus SE 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Börse 0.0 0.0 0.0 0.0 0.0 0.0 Egyptian Exchange 140.7 140.7 0.0 140.7 140.7 0.0 Irish SE 0.0 0.0 0.0 0.0 0.0 0.0 Istanbul SE 0.0 0.0 0.0 0.0 0.0 0.0 Johannesburg SE 0.0 0.0 0.0 0.0 0.0 0.0 Ljubljana SE 0.0 0.0 0.0 0.0 0.0 0.0 London SE 50 367.7 2 316.1 48 051.6 50 367.7 2 316.1 48 051.6 Luxembourg SE 0.0 0.0 0.0 0.0 0.0 0.0 Malta SE 0.0 0.0 0.0 0.0 0.0 0.0 Mauritius SE 0.0 0.0 0.0 0.0 0.0 0.0 MICEX 230.0 230.0 0.0 960.1 960.1 0.0 NASDAQ OMX Nordic Exchange 0.0 0.0 0.0 0.0 0.0 0.0 NYSE Euronext (Europe) 0.0 0.0 0.0 0.0 0.0 0.0 Oslo Børs 0.0 0.0 0.0 0.0 0.0 0.0 Saudi Stock Market - Tadawul 0.0 0.0 0.0 0.0 0.0 0.0 SIX Swiss Exchange 0.0 0.0 0.0 0.0 0.0 0.0 Tehran SE 0.0 0.0 0.0 0.0 0.0 0.0 Tel-Aviv SE 0.0 0.0 0.0 0.0 0.0 0.0 Warsaw SE 0.0 0.0 0.0 0.0 0.0 0.0 Wiener Börse 0.0 0.0 0.0 0.0 0.0 0.0 26 Focus | May 2010

Equity - Total number of trades in shares - Electronic order book trades (in thousands)

(excludes investment fund trades) 2010 Exchange % Change / last January February March April Year-to-date month Americas Bermuda SE 1.5 1.8 5.0 5.5 13.8 8.6% BM&FBOVESPA 6 627.3 6 049.4 6 941.7 6 372.9 25 991.3 -8.2% Buenos Aires SE 66.3 54.7 65.0 73.3 259.2 12.9% Colombia SE 37.4 41.8 47.9 55.8 182.9 16.5% Lima SE 22.8 15.7 22.6 24.4 85.5 8.0% Mexican Exchange 706.8 565.3 664.4 0.0 1 936.6 0.0% NASDAQ OMX 146 416.8 144 944.0 149 540.6 152 434.2 593 335.6 1.9% NYSE Euronext (US) 151 554.7 154 525.2 155 445.2 169 416.5 630 941.6 9.0% Santiago SE 113.4 88.4 125.6 90.0 417.3 -28.3% TSX Group 14 665.2 13 627.9 16 599.1 15 897.4 60 789.7 -4.2% Asia - Pacific Australian SE 8 857.7 10 459.0 11 302.7 9 579.8 40 199.2 -15.2% Bombay SE 52 782.8 39 799.0 43 562.5 45 274.0 181 418.3 3.9% Bursa Malaysia 2 200.8 1 003.5 1 802.3 1 687.1 6 693.7 -6.4% Colombo SE 183.6 236.9 174.9 210.3 805.7 20.2% Hong Kong Exchanges 15 263.2 9 868.4 14 278.3 13 918.0 53 327.9 -2.5% Indonesia SE 1 669.9 1 331.4 2 025.6 2 437.8 7 464.7 20.4% Korea Exchange 88 294.5 66 350.3 76 240.3 77 771.3 308 656.4 2.0% National Stock Exchange India 140 174.4 113 149.8 123 349.4 0.0 376 673.5 0.0% New Zealand Exchange 26.2 30.6 35.2 32.0 124.0 -9.0% Philippine SE 169.1 164.4 185.8 0.0 519.4 0.0% Shanghai SE 159 169.0 83 873.0 148 115.0 158 751.0 549 908.0 7.2% Shenzhen SE 107 195.9 59 947.6 108 611.1 124 819.9 400 574.4 14.9% Taiwan SE Corp 24 743.4 11 484.4 19 796.5 21 413.3 77 437.7 8.2% The Stock Exchange of Thailand 2 745.5 2 052.2 3 162.0 2 468.4 10 428.0 -21.9% Tokyo SE 27 285.2 25 419.5 28 779.9 32 021.4 113 506.0 11.3% Europe - Africa - Middle East Amman SE 171.4 144.0 235.4 277.9 828.8 18.1% Athens Exchange 837.6 800.9 730.1 918.4 3 287.0 25.8% BME Spanish Exchanges 2 975.8 3 336.8 3 108.9 3 343.5 12 765.0 7.5% Borsa Italiana 4 842.5 5 279.7 5 347.4 5 110.8 20 580.4 -4.4% Budapest SE 226.4 189.1 271.8 218.3 905.5 -19.7% Cyprus SE 21.5 21.1 18.5 19.1 80.2 3.4% Deutsche Börse 7 830.3 7 583.7 8 008.9 8 201.5 31 624.3 2.4% Egyptian Exchange 1 078.6 1 046.2 960.6 1 001.3 4 086.7 4.2% Irish SE 63.6 65.8 76.5 77.2 283.0 0.9% Istanbul SE 6 902.0 7 174.0 7 418.0 8 075.8 29 569.8 8.9% Johannesburg SE 1 769.7 1 808.8 2 098.5 1 915.7 7 592.7 -8.7% Ljubljana SE 7.9 8.3 10.6 7.4 34.1 -30.1% London SE 11 975.4 12 034.4 11 461.7 10 931.5 46 403.0 -4.6% Luxembourg SE 1.0 1.0 1.3 1.1 4.4 -15.6% Malta SE 1.4 0.7 0.7 0.7 3.5 -10.3% Mauritius SE 2.6 4.9 4.6 5.0 17.2 9.1% MICEX 6 722.4 8 720.9 10 356.9 9 673.9 35 474.1 -6.6% NASDAQ OMX Nordic Exchange 5 199.8 5 580.6 5 683.1 5 906.1 22 369.7 3.9% NYSE Euronext (Europe) 13 191.4 13 779.7 14 235.8 15 144.4 56 351.3 6.4% Oslo Børs 1 626.6 1 576.2 1 480.4 1 546.8 6 230.1 4.5% Saudi Stock Market - Tadawul 1 613.4 2 102.1 1 632.9 1 708.9 7 057.3 4.7% SIX Swiss Exchange 2 715.3 2 684.7 2 680.4 2 724.6 10 805.0 1.7% Tehran SE 181.0 137.0 164.0 313.0 795.0 90.9% Tel-Aviv SE 1 751.5 1 319.7 1 714.1 1 287.4 6 072.7 -24.9% Warsaw SE 901.6 894.4 1 329.0 921.7 4 046.7 -30.7% Wiener Börse 402.9 396.7 433.4 448.1 1 681.0 3.4%

Notes: Mauritius SE: From Aug. 2006, data includes Development & Enterprise Market NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, NA: Not available Tallinn, Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members Focus | May 2010 27

Equity - Also on number of trades in shares - Negotiated deals (in thousands)

(excludes investment fund trades) 2010 Exchange % Change / last January February March April Year-to-date Total month Americas Lima SE 0.9 0.9 1.0 0.9 3.7 -10.9% NASDAQ OMX 124 338.2 116 790.2 147 617.2 157 728.0 546 473.6 6.9% NYSE Euronext (US) 10 556.8 10 187.1 12 675.8 12 525.1 45 944.8 -1.2% Santiago SE 0.0 0.0 0.0 0.0 0.0 0.0% Asia - Pacific Australian SE 40.0 32.4 41.9 24.9 139.2 -40.6% Bombay SE 0.1 0.0 0.0 0.0 0.2 -72.2% Bursa Malaysia 0.9 0.8 0.8 0.9 3.4 8.0% Hong Kong Exchanges 169.1 124.4 191.5 222.6 707.6 16.3% Indonesia SE 6.4 5.4 8.0 8.6 28.3 7.7% Korea Exchange 1.8 1.7 1.8 2.2 7.6 26.9% New Zealand Exchange 6.8 7.6 9.6 7.8 31.8 -18.4% Philippine SE 0.0 0.0 0.0 0.0 0.0 0.0% Shenzhen SE 0.1 0.0 0.1 0.1 0.3 -44.4% Taiwan SE Corp 0.2 0.1 0.2 0.2 0.7 6.8% The Stock Exchange of Thailand 1.1 0.8 1.1 1.3 4.2 21.1% Europe - Africa - Middle East Amman SE 0.1 0.1 0.1 0.0 0.3 -47.0% Athens Exchange 0.4 0.3 0.3 0.3 1.2 24.1% BME Spanish Exchanges 14.7 15.7 16.5 16.0 62.8 -3.2% Budapest SE 0.0 0.0 0.0 0.0 0.0 -1.0 Cyprus SE 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Börse 1 440.2 1 109.5 1 532.4 1 531.7 5 613.8 -0.1% Irish SE 12.0 11.4 16.8 15.3 55.5 -8.6% Istanbul SE 0.0 0.0 30.8 34.1 64.9 10.6% Johannesburg SE 8.2 7.5 9.1 8.4 33.2 -7.0% London SE 937.2 636.2 562.5 479.6 2 615.5 -14.7% MICEX 21.1 21.6 19.5 13.5 75.6 -30.4% NASDAQ OMX Nordic Exchange 86.9 59.5 62.6 66.0 275.0 5.6% NYSE Euronext (Europe) 46.7 50.4 65.9 63.1 226.1 -4.2% Oslo Børs 5.3 4.1 4.6 4.3 18.3 -4.8% Saudi Stock Market - Tadawul 0.0 0.0 0.0 0.0 0.0 -33.3% SIX Swiss Exchange 0.6 0.6 0.7 1.1 3.0 58.6% Tel-Aviv SE 6.8 2.4 5.4 2.8 17.5 -49.0% Warsaw SE 0.4 0.3 0.4 0.3 1.5 -20.5%

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, NA: Not available Tallinn, Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members 28 Focus | May 2010

Equity - Total number of trades in shares - Reported trades

2010 Exchange March April Year-to-date %Change/last month Americas BM&FBOVESPA 0.0 0.0 0.0 0.0% Buenos Aires SE 0.0 0.0 0.0 0.0% Colombia SE 0.0 0.0 0.0 0.0% Lima SE 0.0 0.0 0.0 0.0% Mexican Exchange 0.0 0.0 0.0 0.0% NASDAQ OMX 0.0 0.0 0.0 0.0% NYSE Euronext (US) 0.0 0.0 0.0 0.0% Santiago SE 0.0 0.0 0.0 0.0% TSX Group 0.0 0.0 0.0 0.0% Asia - Pacific Australian SE 0.0 0.0 0.0 0.0% Bombay SE 0.0 0.0 0.0 0.0% Bursa Malaysia 0.0 0.0 0.0 0.0% Colombo SE 0.0 0.0 0.0 0.0% Hong Kong Exchanges 0.0 0.0 0.0 0.0% Indonesia SE 0.0 0.0 0.0 0.0% Korea Exchange 0.0 0.0 0.0 0.0% National Stock Exchange India 0.0 0.0 0.0 0.0% New Zealand Exchange 0.0 0.0 0.0 0.0% Osaka SE 0.0 0.0 0.0 0.0% Philippine SE 0.0 0.0 0.0 0.0% Shanghai SE 0.0 0.0 0.0 0.0% Shenzhen SE 0.0 0.0 0.0 0.0% Singapore Exchange 0.0 0.0 0.0 0.0% Taiwan SE Corp 0.0 0.0 0.0 0.0% The Stock Exchange of Thailand 0.0 0.0 0.0 0.0% Tokyo SE 0.0 0.0 0.0 0.0% Europe - Africa - Middle East Amman SE 0.0 0.0 0.0 0.0% Athens Exchange 0.0 0.3 0.3 0.0% BME Spanish Exchanges 0.0 0.0 0.0 0.0% Borsa Italiana 0.0 246.3 246.3 0.0% Budapest SE 0.0 0.0 0.0 0.0% Cyprus SE 0.0 0.0 0.0 0.0% Deutsche Börse 0.0 0.0 0.0 0.0% Egyptian Exchange 0.0 0.8 0.8 0.0% Irish SE 0.0 0.0 0.0 0.0% Istanbul SE 7 448.8 8 109.9 15 558.7 8.9% Johannesburg SE 0.0 0.0 0.0 0.0% Ljubljana SE 0.0 0.0 0.0 0.0% London SE 0.0 4.8 4.8 0.0% Luxembourg SE 0.0 0.0 0.0 0.0% Malta SE 0.0 14.6 14.6 0.0% Mauritius SE 0.0 0.0 0.0 0.0% MICEX 0.9 1.0 3.0 -52.2% NASDAQ OMX Nordic Exchange 0.0 135.1 135.1 0.0% NYSE Euronext (Europe) 0.0 35.3 35.3 0.0% Oslo Børs 0.0 0.0 0.0 0.0% Saudi Stock Market - Tadawul 0.0 0.0 0.0 0.0% SIX Swiss Exchange 0.0 11.1 11.1 0.0% Tehran SE 0.0 0.0 0.0 0.0% Tel-Aviv SE 0.0 0.0 0.0 0.0% Warsaw SE 0.0 0.0 0.0 0.0% Wiener Börse 0.0 0.0 0.0 0.0% Focus | May 2010 29

Equity - Share turnover velocity

2010 Exchange January February March April Americas Bermuda SE 2.2% 2.3% 4.4% 48.0% BM&FBOVESPA 62.7% 59.2% 69.6% 68.6% Buenos Aires SE 3.9% 2.9% 3.9% 4.8% Colombia SE 11.3% 12.0% 11.5% 13.7% Lima SE 2.5% 1.9% 2.9% 3.6% Mexican Exchange 32.6% 25.6% 30.2% 0.0% NASDAQ OMX 384.0% 356.5% 337.9% 350.9% NYSE Euronext (US) 117.1% 125.4% 124.7% 132.1% Santiago SE 19.9% 13.4% 20.7% 16.7% TSX Group 71.5% 62.1% 81.9% 78.0% Asia - Pacific Australian SE 65.0% 79.5% 85.5% 75.3% Bombay SE 23.5% 16.6% 19.2% 17.9% Bursa Malaysia 38.1% 22.1% 37.6% 32.4% Colombo SE 28.5% 27.8% 32.4% 23.5% Hong Kong Exchanges 80.9% 46.4% 66.6% 64.7% Indonesia SE 40.7% 29.4% 40.9% 43.1% Jasdaq 41.6% 49.9% 0.0% 0.0% Korea Exchange 239.1% 152.7% 171.7% 188.6% National Stock Exchange India 70.1% 51.0% 57.0% 54.1% New Zealand Exchange 6.5% 7.7% 9.3% 8.2% Osaka SE 92.1% 66.4% 83.5% 82.5% Philippine SE 16.6% 15.1% 20.4% 20.6% Shanghai SE 205.5% 97.9% 168.6% 207.5% Shenzhen SE 395.6% 194.4% 345.1% 447.2% Singapore Exchange 69.8% 43.5% 52.4% 58.3% Taiwan SE Corp 180.8% 81.1% 135.4% 147.9% The Stock Exchange of Thailand 78.2% 56.3% 100.1% 84.3% Tokyo SE 117.9% 99.7% 104.2% 120.3% Europe - Africa - Middle East Amman SE 26.0% 23.3% 44.6% 58.6% Athens Exchange 61.7% 58.3% 53.9% 74.2% BME Spanish Exchanges 115.2% 102.5% 83.1% 128.4% Borsa Italiana 139.1% 150.9% 144.4% 174.8% Budapest SE 94.3% 78.0% 123.5% 88.7% Cyprus SE 12.5% 10.4% 9.4% 11.0% Deutsche Börse 125.2% 123.0% 121.7% 138.8% Egyptian Exchange 70.6% 53.9% 57.6% 65.5% Irish SE 14.2% 14.4% 16.9% 15.5% Istanbul SE 192.9% 195.3% 172.8% 166.9% Johannesburg SE 28.2% 27.9% 36.8% 26.8% Ljubljana SE 3.9% 4.4% 6.4% 4.1% London SE 60.4% 63.2% 62.3% 54.9% Luxembourg SE 0.2% 0.2% 0.3% 0.2% Malta SE 1.8% 1.1% 1.2% 1.2% Mauritius SE 4.1% 6.0% 10.4% 5.9% MICEX 42.2% 56.0% 61.9% 58.5% NASDAQ OMX Nordic Exchange 83.3% 87.2% 84.6% 91.3% NYSE Euronext (Europe) 72.6% 78.8% 75.3% 81.5% Oslo Børs 114.6% 116.0% 91.9% 97.4% Saudi Stock Market - Tadawul 63.4% 50.4% 62.4% 77.3% SIX Swiss Exchange 83.1% 83.3% 78.3% 77.8% Tehran SE 12.3% 19.7% 9.0% 21.9% Tel-Aviv SE 55.7% 40.4% 51.1% 38.6% Warsaw SE 38.9% 35.9% 45.3% 38.3% Wiener Börse 48.7% 46.6% 52.3% 55.6%

Notes: JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two exchanges since March 2010 Singapore Exchange: ratios are calculated with domestic & foreign market capitalization Johannesburg SE: ratios are calculated with domestic & foreign market capitalization Due to different reporting rules & calculation methods, turnover figures are not entirely NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, comparable Tallinn, Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members 30 Focus | May 2010

Equity - Investment flows - New companies listed

2010 April Exchange Number of new companies listed through an IPO Number of other companies listed during the month

Domestic Foreign Total Domestic Foreign Total Americas BM&FBOVESPA 3 0 3 0 0 0 Lima SE 0 0 0 1 0 1 Mexican Exchange 0 0 0 0 0 0 NASDAQ OMX 8 0 8 0 0 0 NYSE Euronext (US) 5 0 5 1 2 3 Santiago SE 0 0 0 0 0 0 TSX Group 14 0 14 0 0 0 Asia - Pacific Australian SE 5 0 5 1 0 1 Bombay SE 12 0 12 0 0 0 Bursa Malaysia 6 0 6 51 0 51 Colombo SE 1 0 1 0 0 0 Hong Kong Exchanges 3 0 3 0 0 0 Indonesia SE 0 0 0 0 0 0 Korea Exchange 1 2 3 0 0 0 National Stock Exchange India 5 0 5 7 0 7 Osaka SE 2 0 2 0 0 0 Philippine SE 0 0 0 0 0 0 Shanghai SE 1 0 1 0 0 0 Shenzhen SE 29 0 29 0 0 0 Singapore Exchange 3 3 6 0 0 0 Taiwan SE Corp 0 0 0 0 0 0 The Stock Exchange of Thailand 0 0 0 0 0 0 Tokyo SE 0 0 0 0 0 0 Europe - Africa - Middle East Amman SE 0 0 0 0 0 0 Athens Exchange 0 0 0 0 0 0 BME Spanish Exchanges 1 0 1 2 0 0 Borsa Italiana 0 0 0 0 0 0 Deutsche Börse 0 0 0 0 0 0 Egyptian Exchange 0 0 0 0 0 0 Irish SE 0 0 0 0 0 0 Istanbul SE 2 0 2 0 0 0 Johannesburg SE 0 0 0 1 1 2 London SE 10 1 11 4 3 7 Luxembourg SE 0 4 0 0 0 0 MICEX 0 0 0 0 0 0 NASDAQ OMX Nordic Exchange 1 0 1 0 0 0 NYSE Euronext (Europe) 3 0 0 0 0 0 Oslo Børs 0 0 0 0 0 0 Saudi Stock Market - Tadawul 0 0 0 0 0 0 Tel-Aviv SE 0 0 0 0 0 0 Warsaw SE 7 0 7 0 0 0 Wiener Börse 0 0 0 0 2 2

Notes: JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two exchanges since March 2010 NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, NA: Not available Tallinn, Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members Focus | May 2010 31

Year-to-date

Exchange Number of new companies listed through an IPO Number of other companies listed during the month

Domestic Foreign Total Domestic Foreign Total Americas BM&FBOVESPA 6 0 6 1 0 1 Lima SE 0 0 0 1 0 1 Mexican Exchange 0 1 1 0 0 0 NASDAQ OMX 23 0 23 0 0 0 NYSE Euronext (US) 19 3 22 11 6 17 Santiago SE 0 0 0 1 0 1 TSX Group 81 0 81 0 0 0 Asia - Pacific Australian SE 18 3 21 1 0 1 Bombay SE 44 0 44 0 0 0 Bursa Malaysia 9 0 9 94 0 94 Colombo SE 3 0 3 0 0 0 Hong Kong Exchanges 15 1 16 0 0 0 Indonesia SE 4 0 4 0 0 0 Korea Exchange 17 4 21 0 0 0 National Stock Exchange India 23 0 23 14 0 14 Osaka SE 5 0 5 0 0 0 Philippine SE 0 0 0 2 0 2 Shanghai SE 11 0 11 0 0 0 Shenzhen SE 110 0 110 0 0 0 Singapore Exchange 7 4 12 0 0 0 Taiwan SE Corp 2 0 2 0 0 0 The Stock Exchange of Thailand 1 0 1 0 0 0 Tokyo SE 4 0 4 2 0 2 Europe - Africa - Middle East Amman SE 1 0 1 0 0 0 Athens Exchange 1 0 1 0 0 0 BME Spanish Exchanges 3 0 3 10 0 10 Borsa Italiana 3 0 3 0 0 0 Deutsche Börse 5 1 6 0 0 0 Egyptian Exchange 0 0 0 3 0 3 Irish SE 0 0 0 0 0 0 Istanbul SE 3 0 3 0 0 0 Johannesburg SE 0 0 0 2 1 3 London SE 28 2 30 16 3 19 Luxembourg SE 0 15 11 0 2 2 MICEX 0 0 0 1 0 1 NASDAQ OMX Nordic Exchange 5 0 5 2 0 2 NYSE Euronext (Europe) 8 2 7 5 0 5 Oslo Børs 3 1 4 0 0 0 Saudi Stock Market - Tadawul 4 0 4 0 0 0 Tel-Aviv SE 5 0 5 1 0 1 Warsaw SE 22 0 22 0 0 0 Wiener Börse 0 0 0 0 4 4 32 Focus | May 2010

Equity - Investment flows - Capital raised by shares issues (USD millions)

2010 April Exchange According to the operation According to the status of the company

Newly issued shares Shares already Newly listed Companies already (Capital increase) issued Total companies (IPO) listed Total Americas BM&FBOVESPA 3 827.6 183.9 4 011.6 344.5 3 667.1 4 011.6 Lima SE 70.6 0.0 70.6 0.0 70.6 70.6 Mexican Exchange 0.0 0.0 0.0 0.0 0.0 0.0 NASDAQ OMX 0.0 0.0 0.0 519.6 0.0 519.6 NYSE Euronext (US) 0.0 0.0 0.0 964.4 10 051.6 11 016.1 Santiago SE 623.3 0.0 623.3 0.0 623.3 623.3 Asia - Pacific Australian SE 0.0 0.0 5 595.4 2 285.3 3 310.1 5 595.4 Bursa Malaysia 29.9 376.7 406.6 29.9 406.6 436.6 Colombo SE 10.4 0.0 10.4 10.4 0.0 10.4 Hong Kong Exchanges 1 756.9 0.0 1 756.9 373.3 1 383.6 1 756.9 Indonesia SE 399.8 0.0 399.8 0.0 399.8 399.8 Korea Exchange 0.0 0.0 0.0 44.8 0.0 44.8 National Stock Exchange India 0.0 0.0 0.0 188.4 2 266.4 2 454.8 Osaka SE 0.0 0.0 0.0 5.0 0.0 5.0 Philippine SE 19.6 0.0 19.6 0.0 19.6 19.6 Shanghai SE 0.0 0.0 0.0 248.1 318.7 566.7 Shenzhen SE 0.0 0.0 0.0 4 665.3 1 294.5 5 959.7 Singapore Exchange 612.1 13.4 625.5 0.0 0.0 625.5 Taiwan SE Corp 81.0 0.0 81.0 0.0 81.0 81.0 The Stock Exchange of Thailand 2.9 0.0 2.9 0.0 2.9 2.9 Tokyo SE 0.0 0.0 0.0 0.0 0.0 0.0 Europe - Africa - Middle East Amman SE 9.3 0.0 9.3 0.0 9.3 9.3 Athens Exchange 0.0 0.0 0.0 0.0 0.0 0.0 BME Spanish Exchanges 2 576.8 46.5 0.0 7 129.4 1 365.5 0.0 Borsa Italiana 0.0 0.0 0.0 0.0 0.0 0.0 Budapest SE 4.0 0.0 4.0 0.0 4.0 4.0 Cyprus SE 0.0 0.0 0.0 0.0 0.0 0.0 Egyptian Exchange 201.5 4.7 206.2 0.0 206.2 206.2 Irish SE 941.4 0.0 0.0 0.0 941.4 0.0 Istanbul SE 449.1 62.0 511.1 62.0 449.1 511.1 Johannesburg SE 133.7 248.1 381.9 2.6 0.0 2.6 London SE 0.0 0.0 0.0 1 074.1 886.1 1 960.1 Malta SE 0.0 1.3 0.0 0.0 1.3 0.0 NASDAQ OMX Nordic Exchange 1 103.6 1.3 0.0 0.0 1 103.6 0.0 Oslo Børs 1 920.9 0.0 1 920.9 0.0 1 920.9 1 920.9 Saudi Stock Market - Tadawul 0.0 0.0 0.0 0.0 26.7 26.7 Tehran SE 0.0 0.0 0.0 0.0 0.0 0.0 Tel-Aviv SE 158.7 0.0 158.7 0.0 158.7 158.7 Warsaw SE 158.9 18.5 177.5 29.1 148.3 177.5 Wiener Börse 16.0 0.0 16.0 0.0 16.0 16.0

Notes: JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two exchanges since March 2010 Singapore Exchange: Capital raised on SGX Main Board & SGX Sesdaq NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, NA: Not available Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members Focus | May 2010 33

Year-to-date

According to the operation According to the status of the company

Newly issued shares Shares already Newly listed Companies already (Capital increase) issued Total companies (IPO) listed Total

12 789.8 570.4 13 360.3 3 636.2 9 724.0 13 360.2 93.9 0.0 93.9 0.0 93.9 93.9 0.0 204.2 204.2 0.0 0.0 0.0 0.0 0.0 0.0 2 013.8 0.0 2 013.8 0.0 0.0 0.0 4 380.0 30 137.2 34 517.2 1 137.7 0.0 1 137.7 0.0 1 137.7 1 137.7

0.0 0.0 12 136.3 3 485.1 8 651.2 12 136.3 299.5 3 111.5 3 411.0 299.5 3 141.4 3 440.9 14.9 82.3 97.2 14.9 75.9 90.8 12 857.5 121.1 12 978.6 4 747.0 8 231.6 12 978.6 1 993.9 0.0 1 993.9 287.2 1 706.7 1 993.9 0.0 0.0 0.0 2 266.7 0.0 2 266.7 0.0 0.0 0.0 1 944.7 10 956.9 12 901.6 0.0 0.0 0.0 199.3 0.0 199.3 390.4 0.0 390.4 0.0 390.4 390.4 0.0 0.0 0.0 8 940.2 7 519.1 16 459.4 0.0 0.0 0.0 13 289.1 3 690.3 16 979.5 984.2 59.2 1 043.3 0.0 0.0 1 043.3 717.3 0.0 717.3 21.3 696.1 717.3 215.0 68.9 284.0 141.9 142.1 284.0 13 399.3 0.0 13 399.3 207.4 13 191.9 13 399.3

53.9 0.0 53.9 4.2 12.9 17.1 2 114.4 0.0 2 114.4 0.4 2 114.0 2 114.4 2 787.7 116.9 281.3 7 306.6 1 469.6 281.3 8 022.8 8.7 8 031.4 22.1 8 009.4 8 031.4 11.7 0.0 11.7 0.0 11.7 11.7 0.0 0.5 0.5 0.0 0.5 0.5 1 085.3 88.2 1 173.5 0.0 1 173.5 1 173.5 1 062.5 0.0 121.2 0.0 1 062.5 121.2 640.4 491.8 1 132.1 491.8 640.4 1 132.1 2 420.9 660.4 3 081.3 2.6 2 699.4 2 702.0 0.0 0.0 0.0 3 951.5 4 395.9 8 347.5 0.0 2.6 1.3 0.0 2.6 1.3 2 396.8 31.4 1 323.3 114.7 2 312.2 1 323.3 2 568.0 54.3 2 622.3 95.2 2 568.0 2 663.2 0.0 0.0 0.0 210.2 26.7 236.8 0.0 0.3 0.3 0.0 0.3 0.3 738.1 0.0 738.1 99.8 638.3 738.1 6 358.8 21.1 6 379.9 63.1 6 316.8 6 379.9 16.0 0.0 16.0 0.0 16.0 16.0 34 Focus | May 2010

Equity - Broad stock index performance

2010 Exchange Name of index % Change / % Change/ January February March April last month Apr 09 Americas Americas Bermuda SE BSX Index 2 064.51 1 900.08 1 622.90 1 276.39 -21.4% -39.4% BM&FBOVESPA Ibovespa 65 401.77 66 503.27 70 371.54 67 529.73 -4.0% 42.8% Buenos Aires SE Composite 127 937.15 124 970.09 134 195.35 136 118.24 1.4% 91.1% Colombia SE IGBC 11 551.45 11 724.52 12 118.31 12 512.61 3.3% 50.2% Lima SE Indice General BVL (IGBVL) 14 440.05 14 002.32 15 129.00 15 842.26 4.7% 58.8% Mexican Exchange IPC CompMX index 30 391.61 242.47 255.48 NA - - NASDAQ OMX Composite 2 147.35 2 238.26 2 397.96 2 461.19 2.6% 43.3% NYSE Euronext (US) Composite 6 883.78 7 035.05 7 447.80 7 474.40 0.4% 35.6% Santiago SE IGPA 17 594.65 17 789.25 17 642.67 18 039.09 2.3% 41.2% TSX Group S&P/TSX Composite 11 904.31 11 629.63 12 037.73 12 210.70 1.4% 31.0% Asia - Pacific Australian SE All Ordinary Price 4 596.88 4 651.10 4 893.10 4 833.90 -1.2% 29.1% Bombay SE BSE 500 6 509.90 6 518.38 6 919.55 7 042.68 1.8% 70.1% Bursa Malaysia FBM Emas Index 8 484.00 8 560.20 8 957.24 9 105.25 1.7% 39.2% Colombo SE CSE All Share 3 636.41 3 807.86 3 724.59 4 188.90 12.5% 127.9% Hong Kong Exchanges S&P/HKEX LargeCap Index 23 764.50 24 240.75 24 850.35 24 860.57 0.0% 31.9% Indonesia SE JSX Composite Index 2 610.80 2 549.03 2 777.30 2 971.25 7.0% 72.5% Jasdaq JASDAQ Index 51.52 50.47 NA NA - - Korea Exchange KOSPI 1 602.43 1 594.58 1 692.85 1 741.56 2.9% 27.2% National Stock Exchange India S&P CNX 500 4 156.05 4 127.55 4 313.25 4 368.10 1.3% 64.0% New Zealand Exchange NZX All 3 196.06 3 168.38 3 239.62 3 285.94 1.4% 17.6% Osaka SE 300 Common 1 004.24 985.32 1 088.84 1 081.19 -0.7% 15.3% Philippine SE PSE Index (PSEi) 2 953.19 3 043.75 3 161.80 3 290.09 4.1% 56.4% Shanghai SE SSE Composite Index 2 989.29 3 051.94 3 109.11 2 870.61 -7.7% 15.9% Shenzhen SE SZSE Composite Index 1 120.45 1 172.33 1 211.25 1 112.68 -8.1% 34.2% Singapore Exchange Straits Times Index 2 745.35 2 750.86 2 887.46 2 974.61 3.0% 54.9% Taiwan SE Corp TAIEX 7 640.44 7 436.10 7 920.06 8 004.25 1.1% 33.6% The Stock Exchange of Thailand SET Index 696.55 721.37 787.98 763.51 -3.1% 55.3% Tokyo SE TOPIX 901.12 894.10 978.81 987.04 0.8% 17.8% Europe - Africa - Middle East Amman SE ASE Index 2 525.10 2 470.88 2 517.72 2 575.47 2.3% -5.9% Athens Exchange General Price 2 048.32 1 913.16 2 067.49 1 869.99 -9.6% -9.0% BME Spanish Exchanges Barcelona BCN Global - 100 Index 853.81 803.45 840.04 812.56 -3.3% 19.6% BME Spanish Exchanges Bilbao Indice Bolsa Bilbao 2000 1 780.69 1 687.75 1 782.21 1 715.32 -3.8% 16.8% BME Spanish Exchanges Madrid IGBM Index 1 140.57 1 074.18 1 123.08 1 086.68 -3.2% 16.1% BME Spanish Exchanges Valencia IGBV Index 1 046.83 988.56 1 037.76 1 004.09 -3.2% 21.3% Borsa Italiana Historic MIB 16 797.00 16 207.45 17 589.00 16 829.00 -4.3% 13.5% Budapest SE BUMIX 1 993.15 1 998.16 2 135.77 2 163.56 1.3% 52.0% Cyprus SE CSE General Index 1 495.03 1 398.37 1 493.66 1 370.91 -8.2% 18.9% Deutsche Börse CDAX Price 303.33 302.10 331.65 329.26 -0.7% 26.5% Egyptian Exchange EGX 30 Index 6 756.14 6 632.54 6 806.11 7 451.72 9.5% 43.5% Irish SE ISEQ Overall 2 976.25 2 873.60 3 177.77 3 397.00 6.9% 29.6% Istanbul SE ISE Nat 100 54 650.58 49 705.49 56 538.37 58 958.10 4.3% 86.3% Johannesburg SE FTSE/JSE All Share 26 675.95 26 764.61 28 747.56 28 635.76 -0.4% 38.7% Ljubljana SE SBI 20 4 117.78 3 953.14 3 925.70 3 907.75 -0.5% 7.2% London SE FTSE All Share 2 823.18 2 736.80 2 910.19 2 863.35 -1.6% 31.8% Luxembourg SE Lux General Price 1 101.10 1 127.63 1 277.64 1 193.15 -6.6% 51.3% Malta SE MSE Share Index 3 846.91 3 620.15 3 549.24 3 505.93 -1.2% 23.9% Mauritius SE SEMDEX 1 740.97 1 646.10 1 639.49 1 687.27 2.9% 49.8% MICEX MICEX Index 1 419.42 1 332.64 1 450.15 1 436.04 -1.0% 0.0% NYSE Euronext Amsterdam AAX 510.01 497.58 539.97 542.22 0.4% 43.6% NYSE Euronext Brussels General Price 8 051.90 8 050.22 8 471.40 8 187.62 -3.4% 27.9% NYSE Euronext Lisbon PSI General 2 736.60 2 610.30 2 775.98 2 579.58 -7.1% 11.2% NYSE Euronext Paris SBF 250 2 675.75 2 657.74 2 850.31 2 759.18 -3.2% 23.4% OMX Nordic Exchange Copenhagen OMXC 319.94 319.32 339.98 359.99 5.9% 46.7% OMX Nordic Exchange Helsinki OMXH 6 704.05 6 680.45 7 297.79 6 997.54 -4.1% 24.8% OMX Nordic Exchange Iceland OMXIPI 492.18 532.09 574.26 618.83 7.8% 57.4% OMX Nordic Exchange Stockholm OMXS 301.62 299.65 324.48 332.95 2.6% 40.1% Oslo Børs OSEBXPR 240.52 232.35 249.43 252.03 1.0% 47.1% Saudi Stock Market - Tadawul TASI 6 252.55 6 437.50 6 801.01 6 867.97 1.0% 0.0% SIX Swiss Exchange SMI 6 440.72 6 710.99 6 873.37 6 116.82 -11.0% 17.1% Tehran SE TEDPIX 47 703.00 48 859.00 52 667.00 57 010.00 8.3% 70.0% Tel-Aviv SE General 967.78 1 009.63 1 060.78 1 004.18 -5.3% 43.6% Warsaw SE WIG Total Return 40 058.26 38 708.61 42 446.51 43 295.17 2.0% 49.2% Wiener Börse Wiener Börse Index 915.17 898.13 963.06 993.15 3.1% 39.8%

Notes: NA: Not available Source: World Federation of Exchanges members Focus | May 2010 35

Equity - Blue chip index performance

2010 Exchange Name of Index % Change / % Change/ % Volatility January February March April last month Apr 09 Apr 09 Americas BM&FBOVESPA IBrX-50 9 135.62 9 253.32 9 805.65 9 402.58 -4.1% 34.6% 16.2% Buenos Aires SE Burcap Index 8 098.81 7 879.70 8 502.19 8 625.61 1.5% 89.9% 15.8% Colombia SE IGBC 11 551.45 11 724.50 12 118.31 1 467.26 -87.9% -82.4% 12.6% Lima SE Indice Selectivo BVL (ISBVL) 22 707.94 21 937.73 23 048.69 23 560.99 2.2% 42.4% 19.5% Mexican Exchange IPC index 0.00 31 634.54 33 266.43 NA - - - NASDAQ OMX Nasdaq 100 1 741.04 1 818.68 1 958.34 2 000.63 2.2% 43.5% 0.0% NYSE Euronext (US) NYSE US 100 4 959.38 5 056.58 5 318.94 5 340.03 0.4% 29.9% 0.0% Santiago SE IPSA 3 808.96 3 827.44 3 763.12 3 865.45 2.7% 44.7% 8.5% TSX Group S&P/TSX 60 648.53 680.76 706.81 716.05 1.3% 26.7% 0.0% Asia - Pacific Australian SE ASX/S&P 50 4 591.24 4 673.10 4 909.80 4 828.50 -1.7% 26.4% 0.0% Bombay SE SENSEX 16 357.96 16 429.55 17 527.77 17 558.71 0.2% 54.0% 0.9% Bursa Malaysia Kuala Lumpur Composite 1 259.16 1 270.78 1 320.57 1 346.38 2.0% 35.9% 0.0% Colombo SE Milanka Price Index 4 181.79 4 354.73 4 270.73 4 712.40 10.3% 140.1% 2.7% Hong Kong Exchanges Hang Seng Index 20 121.99 20 608.70 21 239.35 21 108.59 -0.6% 36.0% 21.0% Indonesia SE LQ45 Index 510.45 496.03 539.80 573.37 6.2% 67.8% 13.6% Jasdaq J-Stock Index 1 097.32 1 067.07 NA NA - - - Korea Exchange KRX 100 3 392.20 3 363.17 3 553.54 3 660.94 3.0% 29.3% 0.0% National Stock Exchange India S&P CNX Nifty 4 882.05 4 922.30 5 249.10 5 278.00 0.6% 51.9% 0.8% New Zealand Exchange NZX 10 849.89 849.61 862.69 865.30 0.3% 8.8% 8.5% Osaka SE OSE Adjusted 250 Issues 18 118.43 17 864.31 19 735.93 20 098.88 1.8% 21.5% 0.0% Shanghai SE SSE 180 Index 6 935.84 7 081.67 7 276.19 6 673.54 -8.3% 14.7% 1.5% Shenzhen SE SZSE 100 Index 4 240.13 4 388.78 4 409.57 4 009.57 -9.1% 24.1% 15.4% Singapore Exchange Straits Times Index 2 745.35 2 750.86 2 887.46 2 974.61 3.0% 54.9% 0.0% Taiwan SE Corp TSEC Taiwan 50 Index 5 298.36 5 139.65 5 384.87 5 465.07 1.5% 29.2% 17.3% The Stock Exchange of Thailand SET 50 Index 490.77 507.68 558.28 538.93 -3.5% 55.4% 23.8% Tokyo SE TOPIX Core 30 511.86 504.74 553.95 544.89 -1.6% 10.4% 0.0% Europe - Africa - Middle East Athens Exchange FTSE/ASE 20 1 037.14 957.75 1 025.69 922.08 -10.1% -12.2% 46.9% BME Spanish Exchanges IBEX 35 10 947.70 10 333.60 10 871.30 10 492.20 -3.5% 16.1% 22.7% Borsa Italiana S&P/MIB 21 896.00 21 068.32 22 848.00 21 562.00 -5.6% 12.4% 21.0% Budapest SE BUX 21 831.46 21 267.81 24 245.55 24 764.76 2.1% 92.4% 0.0% Cyprus SE FTSE/CySE 20 507.94 475.63 506.67 465.36 -8.2% 17.8% 0.0% Deutsche Börse DAX Performance Index 5 608.79 5 598.46 6 153.55 6 135.70 -0.3% 28.7% 17.5% Egyptian Exchange DJ/CASE Egypt Titans 20 Index 1 423.02 1 404.95 1 442.97 1 579.96 9.5% 50.5% 1.5% Irish SE ISEQ 20 475.15 458.59 509.91 537.07 5.3% 37.9% 0.0% Istanbul SE National 30 68 483.65 61 542.00 70 959.87 73 469.67 3.5% 81.9% 16.8% Johannesburg SE FTSE/JSE Top 40 24 041.26 23 994.59 25 833.44 25 629.93 -0.8% 38.4% 0.0% Ljubljana SE SBI 20 999.76 960.01 965.95 954.01 -1.2% 8.5% 8.4% London SE FTSE 100 5 530.04 5 354.50 5 679.64 5 553.29 -2.2% 30.9% 14.8% Luxembourg SE LuxX 1 363.96 1 404.69 1 542.85 1 466.01 -5.0% 48.6% 23.3% Mauritius SE SEM-7 366.77 342.57 339.17 349.37 3.0% 42.0% 3.0% MICEX MICEX 10 Index 3 309.19 3 092.09 3 456.62 3 411.22 -1.3% 0.0% 0.0% NYSE Euronext Amsterdam AEX 25 327.90 317.74 344.22 345.91 0.5% 43.7% 17.7% NYSE Euronext Brussels BEL 20 2 505.20 2 514.87 2 648.46 2 560.99 -3.3% 31.1% 16.7% NYSE Euronext Lisbon PSI 20 7 927.31 7 559.17 8 102.15 7 408.45 -8.6% 9.7% 21.4% NYSE Euronext Paris CAC 40 3 739.46 3 708.80 3 974.01 3 816.99 -4.0% 20.8% 19.2% OMX Nordic Exchange Copenhagen OMXC20 354.85 354.77 383.04 411.50 7.4% 49.8% 16.0% OMX Nordic Exchange Helsinki OMXH25 2 057.18 2 071.79 2 246.04 2 248.71 0.1% 40.8% 18.0% OMX Nordic Exchange Stockholm OMXS30 953.71 947.39 1 021.08 1 053.88 3.2% 38.0% 16.3% Oslo Børs OBX Index 329.81 317.57 342.61 348.15 1.6% 53.6% 29.2% SIX Swiss Exchange SMI 6 440.72 6 710.99 6 873.37 6 616.82 -3.7% 26.6% 14.9% Tehran SE TSE 50 500.90 523.30 570.40 612.90 7.5% 90.1% 7.5% Tel-Aviv SE TA 25 1 119.73 1 159.61 1 229.07 1 164.23 -5.3% 43.3% 0.0% Warsaw SE WIG 20 2 382.64 2 265.01 2 495.60 2 547.52 2.1% 41.7% 24.0% Wiener Börse ATX (Austrian Traded Index) 2 493.53 2 438.95 2 634.00 2 650.32 0.6% 42.3% 23.8%

Notes: NA: Not available Source: World Federation of Exchanges members 36 Focus | May 2010

Fixed income - Total value of bond trading (USD millions)

2010 % Change / % Change / Exchange Jan/Apr 09 Jan/Apr 09 January February March April Year-to-date (in USD) (in local cur) Americas BM&FBOVESPA 16.7 17.7 10.3 45.1 89.8 0.7 0.3 Buenos Aires SE 1 768.4 1 587.6 2 284.0 2 067.5 7 707.6 0.4 0.5 Colombia SE 79 084.9 85 242.5 91 444.6 90 913.9 346 686.0 0.3 0.0 Lima SE 55.2 75.1 47.6 56.2 234.0 -0.1 -0.2 Mexican Exchange 13.1 10.1 22.1 0.0 45.2 -0.2 -0.3 Santiago SE 13 086.1 12 455.7 16 044.7 13 334.2 54 920.8 -0.2 -0.2 TSX Group 679.3 406.8 522.7 0.0 1 608.8 1.0 0.7 Asia - Pacific Australian SE 29.3 60.7 44.3 48.6 183.0 1.0 0.5 Bombay SE 1 499.8 1 061.1 3 278.4 3 036.4 8 875.7 2.5 2.1 Bursa Malaysia 36.1 21.7 134.5 145.4 337.7 10.0 9.0 Colombo SE 0.1 0.1 0.2 0.0 0.3 -0.3 -0.3 Hong Kong Exchanges 0.0 0.0 0.0 0.1 0.1 -0.7 -0.7 Korea Exchange 20 656.3 26 427.5 34 836.4 36 842.1 118 762.3 -0.1 -0.2 National Stock Exchange India 1 243.0 761.6 1 064.3 1 451.2 4 520.1 -0.9 -0.9 New Zealand Exchange 48.1 88.6 99.9 98.2 334.8 1.1 0.6 Osaka SE 0.0 0.0 0.0 3.9 3.9 0.0 0.0 Shanghai SE 4 592.1 3 687.0 6 670.3 4 603.8 19 553.2 0.0 0.0 Shenzhen SE 1 035.2 915.2 1 145.9 1 136.9 4 233.3 0.1 0.1 Singapore Exchange 447.6 346.8 402.7 381.5 1 578.6 -0.4 -0.4 The Stock Exchange of Thailand 2.6 21.4 16.1 1.7 41.8 13.0 11.9 Tokyo SE 831.3 250.4 622.0 295.0 1 998.8 1.0 0.9 Europe - Africa - Middle East Amman SE 0.0 0.0 0.0 0.0 0.0 -1.0 -1.0 Athens Exchange 3.4 2.9 1.0 2.1 9.4 4.6 4.4 BME Spanish Exchanges 774 503.1 719 809.0 721 139.4 816 015.2 3 031 466.6 0.1 0.1 Borsa Italiana 23 806.8 27 991.7 29 420.2 26 005.7 107 224.4 0.0 0.0 Budapest SE 9.7 34.9 43.4 63.7 151.8 -0.7 -0.8 Cyprus SE 1.0 2.3 7.9 0.0 11.2 2.5 2.4 Deutsche Börse 11 619.5 9 417.7 9 405.0 7 289.7 37 731.9 -0.3 -0.4 Egyptian Exchange 589.4 898.1 818.4 572.4 2 878.3 0.3 0.3 Irish SE 23 405.1 16 781.7 18 771.6 0.0 58 958.4 1.5 1.4 Istanbul SE 38 193.4 36 264.9 46 058.7 36 356.2 156 873.1 0.2 0.1 Johannesburg SE 121 473.4 139 085.5 184 939.7 150 309.1 595 807.7 0.0 0.0 Ljubljana SE 11.8 10.8 26.3 9.3 58.2 -0.4 -0.4 London SE 191 310.9 305 966.3 345 703.9 263 509.8 1 106 490.9 -0.6 -0.6 Luxembourg SE 1.7 34.3 3.9 0.0 39.8 0.8 0.7 Malta SE 48.9 43.1 102.4 0.0 194.3 0.2 0.2 MICEX 16 946.4 21 089.0 25 994.9 20 352.6 84 382.9 0.0 0.0 NASDAQ OMX Nordic Exchange 152 190.5 154 784.1 230 027.6 69 505.4 606 507.7 0.1 0.0 NYSE Euronext (Europe) 5 009.0 2 318.5 4 416.8 2 716.0 14 460.3 0.6 0.5 Oslo Børs 18 569.2 8 889.8 42 409.9 48 718.8 118 587.6 1.1 0.8 Saudi Stock Market - Tadawul 0.7 17.3 79.5 0.3 97.8 0.0 0.0 SIX Swiss Exchange 18 719.1 12 579.8 12 530.0 12 828.0 56 656.9 0.1 0.0 Tehran SE 0.0 0.0 0.0 0.0 0.0 -1.0 -1.0 Tel-Aviv SE 16 775.8 14 464.5 18 368.0 14 308.8 63 917.1 -0.2 -0.3 Warsaw SE 46.8 28.0 45.0 5.0 124.9 -0.2 -0.3 Wiener Börse 81.7 119.1 127.6 110.4 438.7 0.3 0.2

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, TSX Group: Debentures & debt notes Riga and Vilnius Stock Exchanges NA: Not available Singapore Exchange: Main Board, Sesdaq, DBLs Source: World Federation of Exchanges members Focus | May 2010 37

Fixed income - Value of bond trading - Split by sectors (USD millions)

April 2010 Year-to-date Exchange Domestic Domestic Foreign Domestic Domestic Foreign Total private sector public sector sector Total private sector public sector sector Americas BM&FBOVESPA 45.1 41.5 3.6 0.0 89.8 74.6 15.2 0.0 Buenos Aires SE 2 067.5 72.2 1 995.4 0.0 7 707.6 245.5 7 462.1 0.0 Colombia SE 90 913.9 16 960.1 73 865.2 88.6 346 686.0 70 638.4 275 744.7 302.9 Lima SE 56.2 56.2 0.0 0.0 234.0 232.3 1.3 0.5 Santiago SE 13 334.2 4 271.9 9 062.3 0.0 54 920.8 16 957.8 37 963.0 0.0 TSX Group 0.0 0.0 471.9 0.0 1 608.8 0.0 2 080.7 0.0 Asia - Pacific Australian SE 48.6 0.0 0.0 0.0 183.0 0.0 0.0 0.0 Bombay SE 3 036.4 21.4 3 015.0 0.0 8 875.7 150.5 8 725.2 0.0 Bursa Malaysia 145.4 145.4 0.0 0.0 337.7 337.7 0.0 0.0 Colombo SE 0.0 0.0 0.0 0.0 0.3 0.1 0.2 0.0 Hong Kong Exchanges 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Korea Exchange 36 842.1 420.7 36 421.3 0.0 118 762.3 1 764.2 116 998.2 0.0 National Stock Exchange India 1 451.2 229.6 1 221.6 0.0 4 520.1 748.9 3 771.2 0.0 New Zealand Exchange 98.2 94.6 2.5 1.0 334.8 325.2 6.1 3.5 Osaka SE 3.9 0.0 3.9 0.0 3.9 0.0 5.0 0.0 Shanghai SE 4 603.8 2 503.6 2 100.2 0.0 19 553.2 10 079.2 9 474.0 0.0 Shenzhen SE 1 136.9 1 086.4 50.5 0.0 4 233.3 3 811.5 421.7 0.0 Singapore Exchange 381.5 0.0 0.0 0.0 1 578.6 0.0 0.0 0.0 Taiwan SE Corp 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 The Stock Exchange of Thailand 1.7 1.7 0.0 0.0 41.8 41.8 0.0 0.0 Tokyo SE 295.0 295.0 0.0 0.0 1 998.8 1 998.7 0.0 0.0 Europe - Africa - Middle East Amman SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Athens Exchange 2.1 2.1 0.0 0.0 9.4 9.4 0.0 0.0 BME Spanish Exchanges 816 015.2 271 420.0 544 595.1 0.0 3 031 466.6 1 056 672.9 1 974 793.7 0.0 Borsa Italiana 26 005.7 1 187.3 22 636.1 2 182.4 107 224.4 5 124.1 92 677.1 9 423.2 Budapest SE 63.7 0.4 63.3 0.0 151.8 48.3 103.5 0.0 Cyprus SE 0.0 0.0 0.0 0.0 11.2 7.9 3.3 0.0 Deutsche Börse 7 289.7 1.9 4 821.2 2 466.7 37 731.9 4 789.0 22 951.6 9 991.3 Egyptian Exchange 572.4 9.4 563.1 0.0 2 878.3 23.2 2 855.1 0.0 Irish SE 0.0 2.5 0.0 0.0 58 958.4 2.5 58 958.4 0.0 Istanbul SE 36 356.2 31.2 33 251.4 3 073.6 156 873.1 126.6 144 930.5 11 816.0 Johannesburg SE 150 309.1 4 522.5 145 783.3 3.3 595 807.7 18 776.3 577 026.6 4.8 Ljubljana SE 9.3 0.4 8.9 0.0 58.2 24.5 33.7 0.0 London SE 263 509.8 3 162.6 258 523.8 1 823.4 1 106 490.9 9 454.6 1 090 984.1 6 052.1 Luxembourg SE 0.0 1 401.4 0.0 0.0 39.8 1 401.4 0.0 39.8 Malta SE 0.0 0.0 60.8 0.0 194.3 10.8 244.3 0.0 MICEX 20 352.6 13 220.9 7 127.7 4.0 84 382.9 52 642.1 31 638.9 101.8 NASDAQ OMX Nordic Exchange 69 505.4 2.5 69 464.8 38.0 606 507.7 311 450.3 294 835.6 221.7 NYSE Euronext (Europe) 2 716.0 60.8 301.8 2 353.4 14 460.3 60.8 1 387.0 13 012.6 Oslo Børs 48 718.8 3 710.0 44 982.2 26.6 118 587.6 12 480.0 105 805.0 302.6 Saudi Stock Market - Tadawul 0.3 0.3 0.0 0.0 97.8 97.8 0.0 0.0 SIX Swiss Exchange 12 828.0 3 730.6 2 508.0 6 589.4 56 656.9 11 150.9 12 298.8 33 207.2 Tehran SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Tel-Aviv SE 14 308.8 3 027.6 11 281.2 0.0 63 917.1 15 186.6 48 730.5 0.0 Warsaw SE 5.0 5.0 0.0 0.0 124.9 38.1 86.7 0.0 Wiener Börse 110.4 98.4 1.5 10.5 438.7 390.6 7.1 41.0

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, NA: Not available Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members 38 Focus | May 2010

Fixed income - Also on value of bond trading - Electronic order book trades (USD millions)

April 2010 Year-to-date Exchange Domestic Domestic Foreign Domestic Domestic Foreign Total private sector public sector sector Total private sector public sector sector Americas BM&FBOVESPA 45.1 41.5 3.6 0.0 83.2 68.0 15.2 0.0 Buenos Aires SE 628.4 16.1 612.3 0.0 2 297.6 72.6 2 225.0 0.0 Colombia SE 90 913.9 16 960.1 73 865.2 88.6 346 686.0 70 638.4 275 744.7 302.9 Lima SE 15.6 15.6 0.0 0.0 73.0 73.0 0.0 0.0 Santiago SE 6 943.0 1 622.0 5 321.0 0.0 30 712.1 5 824.1 24 887.9 0.0 Asia - Pacific Bombay SE 21.4 21.4 0.0 0.0 150.5 150.5 0.0 0.0 Bursa Malaysia 120.3 120.3 0.0 0.0 295.9 295.9 0.0 0.0 Colombo SE 0.0 0.0 0.0 0.0 0.3 0.1 0.2 0.0 Korea Exchange 36 842.1 420.7 36 421.3 0.0 118 762.3 1 764.2 116 998.2 0.0 National Stock Exchange India 57.5 57.5 0.0 0.0 87.9 87.9 0.0 0.0 New Zealand Exchange 42.3 41.6 0.0 0.7 143.5 141.4 0.0 2.1 Osaka SE 3.9 3.9 0.0 0.0 5.0 5.0 0.0 0.0 Shanghai SE 4 235.2 2 144.5 2 090.6 0.0 18 018.6 8 567.4 9 451.3 0.0 Shenzhen SE 778.3 727.8 50.5 0.0 3 109.6 2 687.9 421.7 0.0 The Stock Exchange of Thailand 0.0 0.0 0.0 0.0 38.0 38.0 0.0 0.0 Tokyo SE 236.6 236.6 0.0 0.0 1 697.5 1 697.5 0.0 0.0 Europe - Africa - Middle East Athens Exchange 2.1 2.1 0.0 0.0 9.4 9.4 0.0 0.0 BME Spanish Exchanges 22 306.9 26.6 22 280.3 0.0 95 923.6 136.4 95 787.2 0.0 Borsa Italiana 26 005.9 1 187.3 22 636.6 2 181.9 107 225.2 5 124.2 92 677.9 9 423.1 Budapest SE 63.7 0.4 63.3 0.0 111.1 7.6 103.5 0.0 Cyprus SE 98.4 98.4 0.0 0.0 104.5 104.3 0.2 0.0 Deutsche Börse 1 740.3 1.9 1 471.6 266.9 7 714.6 685.9 6 039.7 988.9 Irish SE 2.5 2.5 0.0 0.0 2.5 2.5 0.0 0.0 Istanbul SE 22 363.1 7.4 22 188.0 167.7 106 915.2 52.7 106 617.8 244.7 Ljubljana SE 9.3 0.4 8.9 0.0 58.2 24.5 33.7 0.0 Luxembourg SE 228.7 223.0 0.0 5.7 268.5 223.0 0.0 45.6 Malta SE 60.8 0.0 60.8 0.0 255.1 10.8 244.3 0.0 MICEX 5 926.0 3 690.5 2 231.5 3.9 24 658.6 14 191.7 10 450.5 16.4 NASDAQ OMX Nordic Exchange 52.5 2.5 28.2 21.8 3 323.1 2 463.9 791.9 67.3 NYSE Euronext (Europe) 1 363.8 60.8 289.9 1 013.2 9 180.1 60.8 1 234.4 7 885.0 Oslo Børs 677.8 0.0 677.8 0.0 1 575.6 0.0 1 575.6 0.0 Saudi Stock Market - Tadawul 0.3 0.3 0.0 0.0 97.8 97.8 0.0 0.0 SIX Swiss Exchange 2 443.3 0.0 468.2 1 975.1 13 902.4 1 727.8 2 586.9 9 587.8 Tel-Aviv SE 12 702.9 2 891.5 9 811.4 0.0 58 420.3 14 247.2 44 173.2 0.0 Warsaw SE 1.3 1.3 0.0 0.0 117.6 31.3 86.4 0.0 Wiener Börse 110.4 98.4 1.5 10.5 438.7 390.6 7.1 41.0

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, NA: Not available Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members Focus | May 2010 39

Fixed income - Also on value of bond trading - Negotiated deals (USD millions)

April 2010 Year-to-date Exchange Domestic Domestic Foreign Domestic Domestic Foreign Total private sector public sector sector Total private sector public sector sector Americas BM&FBOVESPA 0.0 0.0 0.0 0.0 74.6 6.6 0.0 0.0 Buenos Aires SE 1 439.1 56.1 1 383.1 0.0 5 482.5 172.9 5 237.1 0.0 Colombia SE 0.0 0.0 0.0 0.0 70 638.4 0.0 0.0 0.0 Lima SE 40.5 40.5 0.0 0.0 234.0 159.3 1.3 0.5 Santiago SE 6 391.2 2 649.9 3 741.3 0.0 30 032.8 11 133.6 13 075.0 0.0 Asia - Pacific Bombay SE 3 015.0 0.0 3 015.0 0.0 8 875.7 0.0 8 725.2 0.0 Bursa Malaysia 25.1 25.1 0.0 0.0 337.7 41.7 0.0 0.0 Colombo SE 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Korea Exchange 0.0 0.0 0.0 0.0 1 764.2 0.0 0.0 0.0 National Stock Exchange India 1 393.7 172.1 1 221.6 0.0 4 520.1 661.0 3 771.2 0.0 New Zealand Exchange 55.9 53.1 2.5 0.3 332.7 183.8 6.1 1.4 Shanghai SE 368.6 359.1 9.6 0.0 10 101.9 1 511.8 22.8 0.0 Shenzhen SE 358.6 358.6 0.0 0.0 3 811.6 1 123.7 0.0 0.0 The Stock Exchange of Thailand 1.7 1.7 0.0 0.0 41.8 3.8 0.0 0.0 Tokyo SE 58.4 58.4 0.0 0.0 1 998.7 301.3 0.0 0.0 Europe - Africa - Middle East Athens Exchange 0.0 0.0 0.0 0.0 9.4 0.0 0.0 0.0 BME Spanish Exchanges 793 708.3 271 393.4 522 314.9 0.0 2 935 679.4 1 056 536.5 1 879 006.5 0.0 Borsa Italiana 0.0 0.0 0.0 0.0 5 124.1 0.0 0.0 0.0 Budapest SE 0.0 0.0 0.0 0.0 48.3 40.7 0.0 0.0 Cyprus SE 0.0 0.0 0.0 0.0 11.0 2.0 3.1 0.0 Deutsche Börse 5 549.4 0.0 3 349.6 2 199.8 30 703.3 4 103.0 16 911.9 9 002.5 Egyptian Exchange 0.0 0.0 0.0 0.0 23.3 0.0 0.0 0.0 Irish SE 17 739.3 0.0 17 739.3 0.0 76 700.2 0.0 76 697.7 0.0 Istanbul SE 13 993.0 23.8 11 063.4 2 905.9 50 010.5 74.0 38 312.6 11 571.3 Johannesburg SE 150 309.1 4 522.5 145 783.3 3.3 595 807.7 18 776.3 577 026.6 4.8 Ljubljana SE 0.0 0.0 0.0 0.0 24.5 0.0 0.0 0.0 London SE 263 509.8 3 162.6 258 523.8 1 823.4 1 106 490.9 9 454.6 1 090 984.2 6 052.1 Luxembourg SE 1 178.4 1 178.4 0.0 0.0 1 401.4 1 178.4 0.0 0.0 Malta SE 0.0 0.0 0.0 0.0 10.8 0.0 0.0 0.0 MICEX 14 426.6 9 530.4 4 896.2 0.0 73 916.0 38 450.4 21 188.4 85.4 NASDAQ OMX Nordic Exchange 69 452.9 0.0 69 436.6 16.2 605 648.4 308 986.4 294 043.7 154.4 NYSE Euronext (Europe) 1 352.2 0.0 12.0 1 340.3 5 340.9 0.0 152.6 5 127.6 Oslo Børs 48 041.0 3 710.0 44 304.4 26.6 117 012.0 12 480.1 104 229.4 302.6 Saudi Stock Market - Tadawul 0.0 0.0 0.0 0.0 97.8 0.0 0.0 0.0 SIX Swiss Exchange 10 384.7 3 730.6 2 039.8 4 614.3 44 482.3 9 423.2 9 711.9 23 619.4 Tel-Aviv SE 1 606.0 136.1 1 469.8 0.0 19 743.9 939.4 4 557.3 0.0 Warsaw SE 3.7 3.7 0.0 0.0 38.5 6.9 0.3 0.0 Wiener Börse 0.0 0.0 0.0 0.0 390.6 0.0 0.0 0.0

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, NA: Not available Riga and Vilnius Stock Exchanges Source: World Federation of Exchanges members 40 Focus | May 2010

Derivatives - Single stock, stock index, bond options and futures Stock options and single stock futures

April 2010 Stock options Single stock futures Derivative exchange Number of Notional Open Number of Notional Open contracts traded turnover interest contracts traded turnover interest Americas BM&FBOVESPA 73 019 970 180 191 10 562 859 0 0 0 Bourse de Montreal 1 468 805 0 1 657 346 0 0 0 Buenos Aires SE 2 884 388 0 0 0 0 0 Chicago Board Options Exchange 87 326 376 0 251 838 150 0 0 0 International Securities Exchange 67 932 094 0 0 0 0 0 MexDer 86 298 24 131 997 0 0 0 NASDAQ OMX PHLX 53 853 505 15 516 0 0 0 0 Asia - Pacific ASX Derivatives Trading 1 309 450 22 984 1 454 086 91 586 1 513 76 969 Bombay SE 0 0 0 0 0 0 Bursa Malaysia Derivatives 0 0 0 0 0 0 Hong Kong Exchanges 3 739 552 9 858 4 839 980 12 280 40 8 245 Korea Exchange 0 0 0 3 757 290 1 745 431 663 National Stock Exchange India 1 949 864 17 297 111 181 11 418 975 92 391 1 150 901 Osaka SE 5 030 0 11 326 0 0 0 TAIFEX 1 787 5 744 47 984 122 5 667 Thailand Futures Exchange 0 0 0 44 711 30 9 402 Tokyo SE Group 47 096 0 72 849 0 0 0 Europe - Africa - Middle East Athens Derivatives Exchange 19 237 25 13 951 364 332 380 224 943 BME Spanish Exchanges 2 075 571 3 470 11 334 217 773 883 1 066 881 571 Borsa Italiana 1 616 784 6 219 44 806 1 227 602 3 823 0 Budapest SE 0 0 0 98 216 663 27 027 EUREX 3 010 438 5 004 4 017 374 188 160 235 257 990 Johannesburg SE 427 033 28 2 444 618 2 580 220 1 909 7 141 350 MICEX 0 0 0 603 548 305 19 970 OMX Nordic Exchange 3 010 438 5 004 4 017 374 188 160 235 257 990 NYSE Liffe Europe 15 956 279 54 737 40 162 201 51 746 950 238 815 24 985 627 Oslo Børs 323 832 235 477 218 158 486 115 178 818 Tel-Aviv SE 28 097 127 0 0 0 0 Warsaw SE 0 0 0 20 681 36 7 834 Wiener Börse 36 871 131 0 0 0 0

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges only; derivatives are not traded on other OMX Exchanges NA: Not available Focus | May 2010 41

Year-to-date Stock options Single stock futures Number of Notional Number of Notional contracts traded turnover contracts traded turnover

273 579 895 628 295 0 0 5 728 564 0 0 0 9 641 351 0 0 0 296 918 905 0 0 0 263 991 035 0 0 0 372 021 101 0 0 180 120 868 52 619 0 0

5 169 414 90 564 208 050 3 068 0 0 1 0 0 0 0 0 16 271 325 41 451 50 146 184 2 420 1 13 230 741 6 008 6 004 788 48 845 46 112 068 355 753 29 465 0 0 0 12 548 35 69 141 163 0 0 121 167 95 179 438 0 0 0

59 120 90 1 560 950 1 765 11 897 177 20 944 4 910 191 7 522 7 081 138 27 340 1 372 737 4 439 0 0 379 635 2 365 88 859 084 250 079 20 214 660 68 234 4 609 798 209 19 615 500 11 196 0 0 1 719 805 862 11 062 011 18 299 797 129 866 82 072 231 150 918 99 398 086 309 764 1 263 895 966 528 127 404 282 298 1 256 0 0 0 0 109 439 158 153 798 503 950 7 42 Focus | May 2010

Derivatives - Single stock, stock index, bond options and futures Stock index options and futures

April 2010 Stock index options Stock index futures Derivative exchange Number of Number of Notional contracts traded Notional turnover Open interest contracts traded turnover Open interest Americas BM&FBOVESPA 19 238 7 700 21 742 1 556 020 62 973 119 297 Bourse de Montreal 4 155 294 10 250 294 538 41 757 138 830 Buenos Aires SE 0 0 0 0 0 0 Chicago Board Options Exchange 24 057 839 0 21 772 418 0 0 0 CME Group 3 100 220 415 177 1 539 916 53 871 366 3 190 141 3 588 453 International Securities Exchange 1 225 316 0 0 0 0 0 MexDer 10 967 299 9 372 55 645 1 526 77 437 NASDAQ OMX PHLX 380 184 404 0 0 0 0 Asia - Pacific ASX Derivatives Trading 367 075 16 598 376 339 15 317 404 24 974 ASX SFE Derivatives Trading 28 506 3 276 79 102 510 268 58 413 213 487 Bombay SE 0 0 0 54 0 0 Bursa Malaysia Derivatives 0 0 0 141 538 2 971 18 885 Hong Kong Exchanges 846 597 99 741 415 885 3 116 228 295 325 181 204 Korea Exchange 255 412 545 5 416 469 5 915 303 7 595 245 778 492 106 091 National Stock Exchange India 34 076 343 204 119 1 868 769 10 785 388 63 024 618 687 Osaka SE 3 686 800 0 1 841 929 11 135 292 306 399 793 124 Singapore Exchange 16 264 0 38 279 4 631 687 0 587 006 TAIFEX 8 143 119 103 692 765 715 3 334 215 124 917 87 962 Thailand Futures Exchange 9 327 1 5 220 250 947 4 158 21 293 Tokyo SE Group 32 806 0 13 962 1 138 108 102 379 435 694 Europe - Africa - Middle East Athens Derivatives Exchange 85 054 551 23 371 321 616 1 956 37 846 BME Spanish Exchanges 234 728 3 275 1 198 449 995 214 93 049 64 169 Borsa Italiana 250 824 18 645 4 191 244 0 0 2 149 Budapest SE 0 0 0 324 667 405 20 485 EUREX 1 080 255 15 624 932 468 2 627 519 37 627 631 600 Johannesburg SE 272 732 195 1 277 154 714 075 20 147 450 010 MICEX 0 0 0 506 267 2 536 6 372 OMX Nordic Exchange 1 080 255 15 624 932 468 2 627 519 37 627 631 600 NYSE Liffe Europe 4 724 148 308 381 6 754 289 7 172 046 490 290 1 716 896 Oslo Børs 41 934 30 34 565 678 303 492 219 276 Tel-Aviv SE 5 420 835 155 477 0 3 724 119 0 Warsaw SE 51 680 424 74 098 1 061 030 9 148 119 101 Wiener Börse 3 084 138 0 7 321 432 0

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges only; derivatives are not traded on other OMX Exchanges NA: Not available Focus | May 2010 43

Year-to-date Stock index options Stock index futures

Number of trading days Number of Number of Notional March 2010 contracts traded Notional turnover contracts traded turnover

20 80 119 30 122 5 998 050 228 992 21 19 781 1 352 1 224 855 165 635 20 0 0 0 0 21 91 728 158 0 0 0 22 11 232 880 1 451 591 217 467 756 12 424 627 21 4 411 406 0 0 0 20 24 098 632 351 405 9 164 21 1 095 985 1 022 0 0

19 1 428 936 61 768 112 743 2 020 0 109 721 11 924 2 784 023 302 222 0 4 804 28 3 868 22 22 0 0 573 163 11 268 19 3 325 094 386 798 13 513 534 1 261 841 22 1 033 281 393 19 992 559 28 267 600 2 719 774 20 128 329 606 726 407 47 276 324 258 403 21 13 291 414 0 43 159 182 1 248 478 0 81 182 0 18 143 735 0 21 30 742 357 376 858 13 368 142 480 609 0 44 650 4 850 819 13 538 21 65 870 0 5 247 112 476 651

20 210 490 1 442 1 159 569 7 800 20 1 040 520 15 107 3 334 504 320 889 20 1 048 493 78 992 1 731 210 190 231 22 0 0 1 282 394 1 515 20 95 162 838 3 647 099 108 523 696 5 766 681 19 1 848 762 1 927 4 914 725 128 188 22 0 0 1 479 361 7 085 20 5 211 973 71 345 10 368 031 141 215 20 20 727 407 954 429 28 377 462 1 437 324 19 204 238 156 2 805 099 2 136 17 20 897 935 640 442 9 672 335 20 239 723 1 870 4 827 401 39 993 20 12 976 722 80 274 4 884 44 Focus | May 2010

Derivatives - Single stock, stock index, bond options and futures Bond options and futures

April 2010 Bond options Bond futures Derivative exchange Number of Number of contracts Notional Open contracts Notional Open traded turnover interest traded turnover interest Americas BM&FBOVESPA 0 0 0 807 95 765 Bourse de Montreal 0 0 0 423 956 41 856 167 092 Buenos Aires SE 65 949 0 0 0 0 0 CME Group 1 328 148 132 815 349 275 6 345 738 634 574 835 617 MexDer 0 0 0 1 460 993 12 059 30 213 417 Asia - Pacific Bursa Malaysia Derivatives 0 0 0 0 0 0 Hong Kong Exchanges 0 0 0 0 0 0 Korea Exchange 0 0 0 2 149 984 215 080 221 636 National Stock Exchange India 0 0 0 407 2 838 Singapore Exchange 0 0 0 41 697 0 17 402 TAIFEX 0 0 0 0 0 0 Tokyo SE Group 0 0 0 540 816 0 82 429 Europe - Africa - Middle East EUREX 6 281 710 985 970 1 712 972 42 510 281 6 682 257 3 821 959 Johannesburg SE 18 780 8 17 990 65 005 970 42 753 MICEX 0 0 0 0 0 0 OMX Nordic Exchange 175 000 24 215 896 200 1 551 807 214 626 1 588 052 NYSE Liffe Europe 14 794 268 35 198 669 37 615 277 30 818 872 9 722 371 0

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges only; derivatives are not traded on other OMX Exchanges NA: Not available Focus | May 2010 45

Year-to-date Bond options Bond futures Derivative exchange Number of Number of contracts Notional contracts Notional traded turnover traded turnover Americas BM&FBOVESPA 0 0 5 317 607 Bourse de Montreal 0 0 1 829 632 176 149 Buenos Aires SE 67 029 0 0 0 CME Group 4 704 064 470 407 24 779 924 2 468 389 MexDer 0 0 9 406 502 76 260 Asia - Pacific Bursa Malaysia Derivatives 0 0 0 0 Hong Kong Exchanges 0 0 0 0 Korea Exchange 0 0 8 007 210 777 744 National Stock Exchange India 0 0 16 075 65 Singapore Exchange 0 0 221 200 0 TAIFEX 0 0 0 0 Tokyo SE Group 0 0 2 306 264 0 Europe - Africa - Middle East EUREX 21 866 426 3 467 653 172 549 461 27 603 705 Johannesburg SE 27 190 9 223 447 3 146 MICEX 0 0 0 0 OMX Nordic Exchange 750 900 103 624 6 951 909 963 998 NYSE Liffe Europe 75 989 024 134 281 413 118 291 681 65 954 569 46 Focus | May 2010

Derivatives - ETFs options and futures

April 2010 ETF options ETF futures Derivative exchange Number of Number of contracts Notional Open contracts Notional Open traded turnover interest traded turnover interest Americas BM&FBOVESPA 2 070 7 6 569 0 0 0 Bourse de Montreal 183 768 1 302 552 677 0 0 0 MexDer 0 0 0 0 0 0 Asia - Pacific ASX Derivatives Trading 0 0 5 0 0 0 Hong Kong Exchanges 4 561 6 10 833 0 0 0 Europe - Africa - Middle East Johannesburg SE 382 0 5 216 9 380 4 74 189 Focus | May 2010 47

Year-to-date ETF options ETF futures Derivative exchange Number of Number of contracts Notional contracts Notional traded turnover traded turnover Americas BM&FBOVESPA 13 965 50 0 0 Bourse de Montreal 183 768 1 302 0 0 MexDer 1 080 0 0 0 Asia - Pacific ASX Derivatives Trading 15 1 0 0 Hong Kong Exchanges 30 734 41 0 0 Europe - Africa - Middle East Johannesburg SE 382 0 9 380 4 48 Focus | May 2010

Calendar of events

Month Meeting Details Date from Date to Place

WFE Board of Directors May 2010 Contact the Secretariat 24 May 24 May Hosted by HKEX Meeting

June 2010 IOSCO Annual Conference www.iosco2010.com 9 June 10 June Montreal

Regulation Task Force Contact the Secretariat 9 June 9 June Montreal Meeting WFE Working Committee Hosted by July 2010 Contact the Secretariat 1 July 2 July Meeting BM&FBOVESPA Chief Regulatory Officers Hosted by London Stock September 2010 Contact the secretariat 13 September 14 September Conference Exchange Group Regulation Task Force Hosted by London Stock Contact the Secretariat 15 September 15 September Meeting Exchange Group

October 2010 ISG Meeting www.isgportal.net 6 October 8 October London

WFE Board of Directors Hosted by Contact the Secretariat 10 October 10 October Meeting NYSE Euronext WFE Working Committee Hosted by Contact the Secretariat 10 October 10 October Meeting NYSE Euronext WFE General Assembly and Hosted by Contact the Secretariat 11 October 12 October Annual Meeting NYSE Euronext Union of Arab Stock www.arabstockexchanges.org 27 October 28 October Beirut Exchanges Conference

CCP12 Meeting Contact the Secretariat 29 October 29 October Amsterdam

IFIE / IOSCO Global Investor November 2010 www.ifie.org/2010conference 8 November 9 November Cairo Education Conference World Congress of www.ifac.org 8 November 11 November Kuala Lumpur Accountants (IFAC) tel. + 33 (0) 1 58 62 54 00 fax. + 33 (0) 1 58 62 50 48 editor. Lorenzo Gallai www.world-exchanges.org email. [email protected] To receive a free copy by email subscribe to www.world-exchanges.org