Confidential matter. No part of it may be circulated, quoted, or reproduced for distribution without prior written approval. This material was used during an oral presentation; it is not a complete record of the discussion.

Exchange Highlights (as of 16:30 GMT time – market close in London)E

RD

esk

Exc

hang

e S

ecto

r R

evie

wW

eek

endi

ng M

ay 2

1st

2010

1

This week:

The sector was down 600 bps, underperforming global equities by 100 bps. Interdealer brokers were down 600 bps. YTD the sector is underperforming global equities by 325 bps.

The US Senate approved the Wall Street reform bill which calls for exchange trading and central clearing of OTC derivatives, with exemptions for non-financial firms using the contracts for hedging purposes (but the Senate bill offers fewer exemptions than the House bill). Banks will be forced to spin off their derivatives desks and their proprietary trading desks and abstain from sponsoring hedge funds or private equity funds (with the details left for regulators to define) (see page 7).

CBOE members approved the restructuring plan, preparing for a $292 mn IPO, which would value CBOE at $2.57 bn, having $25 as the lower price of the IPO range (with 11.7 mn shares being offered). The company will begin charging access fees and plans to charge $7,500 per month to market makers and floor brokers. CBOE expects to sell no fewer than 1,025 trading permits upon restructuring, a high figure compared with ISE’s less than 200 members electronically trading similar options volumes. SEC proposed caps on option trading fees would also cost CBOE between $14 mn to $24 mn in revenues (see page 8).

Senator Max Baucus (Chairman of the Senate Finance Committee) and Representative Sander Levin (Chairman of the House Ways and Means Committee) introduced a bill being discussed today that plans to tax carried interest (currently taxed at the 15% capital gains tax which will increase to 20% in 2011) as ordinary income. Carried interest would be taxed at 50/50 split rate between ordinary income and capital gains (about a 30% rate) for the first two years after enactment and the split would change to 75/25 after two years (increasing the rate by 35%), which would result in a 157% tax rate increase from current levels.

Germany’s BaFin banned until March 31, 2011 naked short sales of the largest financial firms’ stocks (including Deutsche Boerse), eurozonesovereign bonds and prohibited trading CDS on European sovereign debt not used for hedging default risks. BaFin said CDS spikes were threatening “the stability of the financial system as a whole” and feared write-downs of €800 bn (twice the country’s financial system reserves) after an RBC report accused German banks of not disclosing their €45 bn exposure to Greek debt. The ban sparked a capital flight into Switzerland (BNP Paribas said €9.5 bn flowed into Swiss franc accounts during the first hours after the announcement, forcing the Swiss Central Bank to offset the hold down the franc). German banks have second lowest risk –weighted capital ratios in the world (after Japan) and the banking system has a leverage ratio of over 50x.

The following companies reported 1Q10 earnings:-LSE FY10 GBp59.6 -19% Y/Y-PSE PHP8.58 +6 Y/Y-EXAE €0.15 +69 Y/Y-ICAP FY10 GBp35.1 +1 Y/Y-MF $-0.78 -6% Y/Y

Global Exchange Index (as of Thursday closing)

The sector was down 6% over the past week, underper forming global equities by 100 bps. Interdealer brokers were down 600bps.

2

-5%

-6%

-4%

-2%

0%

-6%

1000

1050

1100

1150

1200

1250

1300

5/14

5/17

5/18

5/19

5/20

MSCI World Index ERDXT Index ERDBT Index

Weekly Returns

-9%

0%

-2%

-10%

-9%

-4%

-1%

-2%

-8%

-12%

-6%

-1%

-1%

-5%

-11%

-1%

-10%

-6%

-3%

-5%

-12%

-4%ASX

BM&F Bovespa

BME Spanish Exchanges

BMV

Bursa Malaysia

CME Group

Climate Exchange

Deutsche Börse

Dubai Financial Market

Hellenic Exchanges

Hong Kong Exchanges & Clearing

IMAREX NOS ASA

Intercontinental Exchange

JSE Securities Exchange

LSE Group

Nasdaq OMX

NZX Group

NYSE Euronext

Osaka Securities Exchange

Philippine Stock Exchange

Singapore Exchange

TMX Group

ERDXT -8%

YTD Returns

-9%

-31%

-14%

-9%

-25%

2%

-18%

-8%

-8%

8%

9%

-2%

-14%

-12%

17%

-10%

-10%

23%

-20%

-13%

-9%

-9%

ASX

BM&F Bovespa

BME Spanish Exchanges

BMV

Bursa Malaysia

CME Group

Climate Exchange

Deutsche Börse

Dubai Financial Market

Hellenic Exchanges

Hong Kong Exchanges & Clearing

IMAREX NOS ASA

Intercontinental Exchange

JSE Securities Exchange

LSE Group

Nasdaq OMX

NZX Group

NYSE Euronext

Osaka Securities Exchange

Philippine Stock Exchange

Singapore Exchange

TMX Group

ERDXT -12%

Stock Performance (as of Thursday closing)

NYX, BME, EXAE ICE and DB1 were the worst performers this week. YTD the sector is down -12%, with NZX, EXAE, TMX and BME underperformin g the group and BMV, CLE, JSE, NYX and OSE outperforming their peers.

3

Exchanges P/Es Relative to their Domestic Index P/E sAsian exchanges continue to trade at a premium to t heir domestic index P/Es

As of 16:30 GMT time

4

P/E ‘11 Premium Expected Earnings Growth ‘10-‘11

Australian Securities Exchange

BM&F Bovespa

BME Spanish Exchanges

BMV

Bursa Malaysia

CME Group

Climate Exchange

Deutsche Börse

Dubai Financial Market

Hellenic Exchanges

Hong Kong Exchanges & Clearing

IMAREX NOS ASA

Intercontinental Exchange

JSE Securities Exchange

LSE Group

Nasdaq OMX

New Zealand Exchange

NYSE Euronext

Singapore Exchange

TMX Group

Osaka Securities Exchange

Australian Securities Exchange

BM&F Bovespa

BME Spanish Exchanges

BMV

Bursa Malaysia

CME Group

Climate Exchange

Deutsche Börse

Dubai Financial Market

Hellenic Exchanges

Hong Kong Exchanges & Clearing

IMAREX NOS ASA

Intercontinental Exchange

JSE Securities Exchange

LSE Group

Nasdaq OMX

New Zealand Exchange

NYSE Euronext

Singapore Exchange

TMX Group

Osaka Securities Exchange

10%

22%

0%

20%

17%

15%

82%

30%

39%

8%

17%

67%

15%

19%

12%

16%

19%

19%

-24%

20%

8%

Average growth 18.6%

32%

47%

28%

44%

74%

40%

188%

13%

247%

18%

84%

41%

40%

28%

5%

-20%

12%

-2%

14%

56%

-21%

Sector weighted average 45%

Short Interest

Short interest as % of float Change from previous month

Ratios as of

5

0.76%

4.02%

2.05%

3.15%

0.04%

2.50%

29.21%

3.72%

3.75%

1.82%

May 20

May 20

Apr 15

Apr 30

May 20

Apr 15

Apr 30

Apr 15

Apr 15

Apr 30

BM&F Bovespa

CETIP

CME Group

Climate Exchange

Hong Kong Exchanges & Clearing

Intercontinental Exchange

LSE Group

Nasdaq OMX

NYSE Euronext

TMX Group

BM&F Bovespa

CETIP

CME Group

Climate Exchange

Hong Kong Exchanges & Clearing

Intercontinental Exchange

LSE Group

Nasdaq OMX

NYSE Euronext

TMX Group

1.9%

-11.4%

-25.2%

92.7%

-13.0%

0.4%

5.9%

50.3%

-10.6%

-89.4%

Earnings Shares Last Y/Y

Ticker Date Outstanding Price in Local in US$ P/E, '10 P/E , '11 11 10 11 10 11 10 11

Exchanges

ASX ASX.AU Thursday, Aug 19 173.6 31.5 5,468 4,536 16.1x 14.6x 10% 1.96 2.16 1.74 1.66 -11.2% -23.0%

BM&F Bovespa BVMF3.BZ Friday, Aug 13 2,044.0 10.9 22,321 12,015.03 15.9x 13.0x 22% 0.69 0.84 0.83 1.03 21.0% 22.2%

BME Spanish Exchanges BME.SM Friday, Jul 30 83.6 18.2 1,522 1,916.25 10.5x 10.5x 0% 1.73 1.74 1.68 1.58 -2.9% -9.0%

BMV BOLSAA.MM Thursday, Jul 22 593.0 19.7 11,694 898.90 20.6x 17.2x 20% 0.95 1.14 1.11 1.37 16.0% 19.4%

Bursa Malaysia BURSA.MK Friday, Jul 16 531.4 7.1 3,746 1,128.78 27.0x 23.0x 17% 0.26 0.31 0.25 0.33 -5.2% 6.8%

Climate Exchange CLE.LN Thursday, Sep 16 47.6 7.4 353 510.77 48.8x 26.8x 82% 0.15 0.28 -- -- -- --

CME Group CME Friday, Jul 23 65.7 315.7 20,847 20,739.56 20.5x 17.9x 15% 15.47 17.75 15.94 19.59 3.0% 10.4%

Deutsche Börse DB1.GR Tuesday, Jul 27 195.0 52.1 10,154 12,785.48 14.4x 11.1x 30% 3.63 4.70 2.96 4.67 -18.3% -0.7%

Dubai Financial Market DFM UH Friday, Jul 16 8,000.0 1.7 13,680 3,725.06 30.0x 21.6x 39% 0.06 0.08 0.05 0.08 -5.0% -2.9%

Hellenic Exchanges EXAE GA Wednesday, Jul 28 65.4 5.1 336 423.08 8.5x 7.8x 8% 0.61 0.66 0.63 0.65 3.7% -0.8%

Hong Kong Exchanges & Clearing 388.HK Wednesday, Aug 11 1,077.6 119.2 128,452 16,462.39 23.4x 20.1x 17% 5.09 5.94 4.64 5.37 -8.7% -9.7%

IMAREX NOS ASA IMAREX NO Thursday, Aug 19 15.1 49.0 739 114.76 20.2x 12.0x 67% 2.43 4.07 1.44 8.78 -40.7% 115.6%

Intercontinental Exchange ICE Wednesday, Aug 04 74.1 114.2 8,441 8,459.60 20.6x 17.9x 15% 5.53 6.36 6.08 7.26 10.0% 14.1%

JSE Securities Exchange JSE.SJ Tuesday, Aug 17 85.1 66.0 5,619 714.67 13.0x 10.9x 19% 5.07 6.06 4.89 6.23 -3.5% 2.8%

LSE Group LSE LN Friday, May 21 271.1 6.4 1,745 2,523.19 9.9x 8.9x 12% 0.65 0.72 0.65 0.65 0.5% -10.4%

Nasdaq OMX NDAQ Friday, Aug 06 208.2 18.7 3,890 3,892.09 9.8x 8.5x 16% 1.90 2.21 1.89 2.13 -0.6% -3.2%

NYSE Euronext NYX Friday, Jul 30 261.0 28.3 7,376 7,378.47 12.4x 10.4x 19% 2.28 2.71 2.12 2.23 -7.0% -17.8%

NZX Group NZX.NZ Thursday, Aug 26 124.5 1.7 205 139.21 16.8x 14.1x 19% 0.10 0.12 -- -- -- --

Osaka Securities Exchange 8697 JP Wednesday, Jul 28 0.3 451.0 121,770 1,353.96 14.3x 18.7x -24% 31.48 24.07 24.12 26.29 -23.4% 9.2%

Philippine Stock Exchange PSE PM Tuesday, Aug 10 30.7 275.0 8,430 181.05 28.1x 14.5x 94% 9.80 19.00 11.23 14.35 14.6% -24.5%

SGX SGX.SP Thursday, Aug 05 1,070.9 7.5 8,032 5,699.43 22.8x 18.9x 20% 0.33 0.40 0.30 0.32 -9.2% -19.4%

TMX Group X.CN Thursday, Jul 29 74.31 27.19 2,021 1,904.59 9.9x 9.2x 8% 2.74 2.96 2.56 2.59 -6.5% -12.2%

Weighted Average 18.5x 15.6x

Market Cap Consensus ERDESK Dif EPSEPS

Comps

The exchange sector weighted average ’11 P/E is 15. 6x

Friday, May 14, 2010

16:30 GMT

6

US Regulation Overhaul

The Senate passed the Wall Street reform bill calli ng for central clearing of OTC derivatives

7

The US Senate approved by 59 to 39 votes the Wall Street reform bill which calls for:

• Exchange trading and central clearing of OTC deriva tives , with exemptions for non-financial firms using the contracts for hedging purposes. This provision is present in the House and Senate bills, but the Senate bill offers fewer exemptions for hedgers.

• Banks who wish to access the Fed’s discount window will be forced to spin off their derivatives desks .

• The creation of the Financial Stability Oversight Council, chaired by the Treasury Secretary to identify systemic risks, prevent “too big to fail” situations and the formation of asset bubbles. Systematically significant companies will be forced to draft a “living will” to ensure an orderly wind down of their operations in case of bankruptcy.

• The government will be able to seize and liquidate failing financial institutions to prevent future bailouts from being funded with taxpayers’ money.

• The Senate bill also mandates that banks spin off their proprietary trading desks and sell their stakes in hedge funds and private equity firms (the Volker rule), but it leaves it up to regulators to draft the details of the proposed rule.

The Senate’s legislation will have to be reconciled with the House bill passed last year before it can be signed by President Obama.

Both the Senate and House bills would benefit derivatives exchanges which could see their volumes soar once OTC derivatives move onto regulated exchanges. The clearing of interest rate swaps alone (with $437 trillion in notional outstanding) could provide clearinghouses with a $1.2 bn p.a. revenue opportunity, potentially increasing CME’s EPS by $3.87.

CBOE’s IPO

Members approved the restructuring plan and the comp any plans offer 11.4% of its shares in a $292 mn IPO

8

CBOE members approved the restructuring plan, preparing for a $292 mn IPO, which would value CBOE at $2.57 bn , having $25 as the low price of the IPO range (with 11.7 mn shares being offered).

With the restructuring and demutualization, the company will begin charging access fees. CBOE released tentative pricing for trading access which will significantly increase the group’s revenues.

The initial permit fees that CBOE currently plans to implement are:

CBOE said it is currently expects to sell no fewer than 1,025 permits upon re structuring . CBOE has 944 memberships currently in use. ISE, handling a similar volume in single stock options and ETF options, currently has less than 200 electronic members and a couple dozen trading firms acting as market makers.

The SEC recently published for comment proposed rule amendments that, if adopted, would place a $0.30 per contract limit on the total access fees that an exchange may charge for the execution of an order against a quote. The SEC estimated in its release, based on December 2009 options trade data available to the SEC, that if the $0.30 fee cap were applied as proposed, the potential reduction in annual revenue to CBOE could be approximately $23.9 million. CBOE estimated it would only reach around $14.2 million.

• $7,500 per month for market maker and floor broker permits, • $2,000 per month for electronic access permits.• Additionally, CBOE intends to initially assess a $3,000 per month surcharge to market makers that trade SPX options. There are 197

members trading SPX options.• CBOE currently plans to discount these permit fees by 20% through the end of 2010.

Exchanges NewsBy company

ASX: Fortis is planning to launch a clearing facility in Australia and has been “working closely” with Chi-X Global according to the Australian Financial Review.

BM&FBOVESPA started trading Hydrous ethanol futures (ETH) and options contracts. The new cash-settled contracts have a size of 30 cubic meters; trade in R$; with expirations at the last business day of each delivery month and have a maximum daily price fluctuation of 6.5%.

Burgundy applied with the Swedish Financial Supervisory Authority for exchange status

Bursa Malaysia’ s FTSE indexes were not disseminated between 11:09 am and 12:16 pm local time. The cause of the problem was not disclosed yet.

Calastone : Redmayne-Bentley connected to Calastone’s independent cross-border transaction network.

CBOE will sell 9.6 million shares in its IPO offering on June 14, Members and brokers will sell 2.1 million shares at a minimum price of $25 per share, or $2.57 billion, according to a recent regulatory filing.

CBOE members will vote today on the restructuring plan to demutualize and go public.

Chi-X Australia appointed Mike Aikins as Chief Technology Officer and Andrew Walton as Business Development Manager. Mr. Aikins was previously Head of Telecommunications, CTO and Lead Architect for the ASX and Mr. Walton has 10 years of project management experience in IT and business development of trading systems, including roles at UBS, BNP Paribas and the ASX,

Citi launched a new collateral management service offering exposure monitoring, margin calling, collateral optimization and rehypothecation. The company appointed Rajen Shah as head of the new service; he previously served as product executive-global custody at JPMorgan.

Clearstream and Luxembourg’s central Bank launched LuxCSD, a new central securities depository service that will provide issuing and central settlement and custody services for securities of all types, incorporated in Luxembourg. The venture will be jointly owned by Clearstream and the BCL and operations are planned to start in the first half of 2011.

Compagnie Financiere Tradition acquired a 45% stake in Finarbit for an undisclosed amount. Tradition's Swiss subsidiary and Finarbit will collaborate on an operational level to further develop both companies' Swiss based operations.

CME will clear 12 new commodity shipping routes as well as backstop ten new Worldscale-based tanker accords.

CME delayed the launch of CME Clearing Europe and augmented its line up to include energy products and other asset types, including CDS. CME Clearing “revised its plans and proposes to offer clearing services for OTC energy products in the first instance. It intends to introduce clearing services for CDSs at a later stage,” according to a Office of Fair Trading notice to members confirmed by CME.

9

CME sent a letter to clearing members admitting it experienced problems in handling message flow after the May 6 trading session. The post-trade message delays had no impact on trade matching and order routing according to the company.

CME began tracking the spread between its July and September wheat futures contracts as part of the "variable storage rates" (VSR) plan.

DB1: Xetra started trading five new index ETFs issued by ComStage and six ETFs issued by db x-trackers.

DB1 indicated that Germany’s ban on naked short-selling is “not beneficial” and is “inconsistent procedures in European countries regarding short selling bans are not beneficial for the financial center Germany. Outside Germany, naked short selling is still authorized and thus possible. This is opposed to the intended level playing field in Europe,” a company statement read.

DFM: NASDAQ Dubai April equities trading value increased +83% Y/Y to $94 mn while equities volumes declined -15% Y/Y to 168 mn shares.

DFM and ADSX are holding merger talks according to The National. ADSX deputy CEO, Rashed Al Baloushi, said “the exchange has to be big enough to reflect the real economy of the country … I very much wish to see the exchanges come together.”

European Energy Exchange (EEX) admitted GASPOOL Balancing Services as a trading participant.

ELX released a new simplified two-tier fee schedule: $0.35 per contract bundled fee including exchange and clearing and $0.18 per contract for users with ADV above 1,200 contracts.

Hellenic Exchanges reported 1Q10 EPS of €0.15 (+69% Y/Y), on revenues of €19.2 mn (+50% Y/Y) and operating expenses of €5.3 mn (-7% Y/Y). 1Q10 traded value increased +75% Y/Y to €12.2 bn.

Hellenic Exchanges approved a €0.22 dividend relating to 2009 earnings.

HKEx Chairman, Ronald Arculli, said the exchange is not considering a change in its policies regarding short selling following Germany’s move.

ICAP plans to launch a fully electronic, dealer-to-dealer, trading platform for interest rate swaps.

ICAP FY’10 adjusted EPS from continuing operations rose 1% Y/Y to GBp 35.1. Revenues were up 1% Y/Y to GBP 1.605 bn, with voice and electronic broking flat Y/Y at GBP 1,036 mn and GBP 252 mn , respectively, post trade and information up 18% Y/Y to GBP 142 mn and new businesses up 3% to GBP 175 mn. ICAP showed strong numbers in FX, commodities and emerging markets revenues and lower interest rate and equities revenues.

ICE: Cheiron Trading registered with ICE Futures Canada as a Liquidity Provider.

ICE Futures Canada registered Macquarie Commodities Trading as a general trading participant.

JSE April trades on the equities market increased +18.2% Y/Y to 7.6 mn valued at more ZAR219.2 bn.

Exchanges News (cont’)

10

Knight announced a joint marketing alliance with Houlihan Lokey to provide investment banking, capital markets and sales and trading services to their clients. the alliance will focus on equity and fixed-income underwriting.

Citadel and Knight experienced breakdowns during market plunge on May 6, according to WSJ. Citadel ceased taking orders in several securities and Knight experienced delays in less than 1% of the orders handled.

Knight indicated that about 99.6% of orders on May 6 were executed without interruption. Affected trades were from retail brokers; trades from mutual funds and other institutions were not delayed. “We arguably provided more liquidity to our clients than anybody did that day (…) The order routing slowed down when the market was rebounding. When we noticed it, we flipped to a backup system and everything was restored to normal operating procedures,” CEO Thomas Joyce commented. A daily record for US equity volume was set with volume of $71.6 bn and 9.3 mn trades.

London Metal Exchange started cash trading in molybdenum and cobalt contracts. “Initial trading is encouraging and suggests the market is positively engaging with the new contracts,” said Chris Evans, Head of Business Development.

LSE CEO Xavier Rolet said “the biggest challenge -for MiFID II- is transparency and the balance between retail and institutional needs. Without institutional crossing networks some of the latent wholesale liquidity would go unexecuted or be simply more difficult to execute. We should be careful to ensure that the differing needs of wholesale and retail participants are properly recognized.”

LSE will start trading on its new Millennium platform in September and Turquoise may move in August according to the WSJ.

LSE FY10 EPS declined 19% Y/Y to GBp 59.6, in line with consensus estimates. Revenues were down 6% Y/Y to GBP 628 mn, due to 23% lower trading fees, partially offset by 3% higher post trade services and 4% higher information and IT revenues. Analysts were expecting revenues of GBP 620 mn. Expenses increased 5% Y/Y to GBP 350 mn due to higher compensation and amortization costs related to the acquisitions of Turquoise MTF and MilleniumIT.

MasterCard reached a settlement with Heartland Payment Systems in connection with Heartland’s previously announced data security breach. Under the agreement Heartland will fund up to $41.4 mn of “alternative recovery offers” that will be made to eligible MasterCard card issuers to settle their claims.

MasterCard called House and Senate conferees to reject an amendment to the Financial Regulatory Reform Bill proposed by US Senator Richard Durbin (D-Illinois) that would limit interchange fees. VISA said it is disappointed with the proposed amendment, which was “written and backed by lobbyists representing the nation's largest retailers” and “could significantly harm consumers."

MF Global reported GAAP EPS loss of -$0.78 on net revenues of $240.5 mn (-4.2% Q/Q; -6.3% Y/Y) and expenses of $357 mn (+40.1% Q/Q; +2.1% Y/Y) including severance costs and the acceleration of previously granted sign-on bonus and other retention payments of $29.1 mn. The company will review its compensation structure, including the elimination of future service requirements on the majority of previously granted sign-on bonuses and other retention payments which will result in a one-time write-off of upfront compensation expense; a global hiring freeze; set compensation targets; reduce workforce by 10 to 15% in 2Q10 and other indicatives.

Exchanges News (cont’)

11

MGEX will reincorporate as a Delaware non-stock corporation, pending regulatory review.

NASDAQ OMX: GlobeNewswire launched its full-service offering for Search Engine Optimization (SEO) of press releases.

NASDAQ OMX delayed the closure of NEURO to July 1st to complete customer migration to Equiduct.

NASDAQ OMX and SunGard launched SunGard's APT, a new risk analytics for a range of selected NASDAQ OMX indexes that provides risk modeling, reporting, attribution and scenario analysis capabilities.

NASDAQ OMX UK electricity market, N2EX, will charge no annual clearing membership fee and will provide a 50% reduction to the annual trading membership fee for 2010. This will apply to all members joining N2EX before 1 September 2010 as well as to all existing members. The primary objective of N2EX is to open up the UK wholesale markets to a wider spectrum of participants.

NASDAQ OMX Nordic will extend the European harmonized tick sizes to cover all Nordic Large Cap shares traded on NASDAQ OMX Nordic exchanges starting June 7. This aims at minimizing implicit transaction costs and increasing liquidity.

Nomura nominated former LSE CEO Clara Furse and Lord Colin Marshall, former chairman of British Airways to serve as outside directors.

NYX: NYSE Euronext added 93 new eligible stocks to the Deferred Settlement Service “long-only” segment. Effective May 26, all shares traded continuously on NYSE Euronext in Paris with an ADV of more than €100,000 will be eligible.

NYX CEO Duncan Niederauer said circuit breakers “need to be applied to all equity markets, not just some of the markets."

NYX: NYSE Technologies established Knight Capital as a destination on the Secure Financial Transaction Infrastructure network.

NZX 1Q10 profits declined -3% Y/Y to NZ$2.9 mn on a revenue increase of +46 % Y/Y and a more than double of expenses.

NZX announced the resignation of Geoff Brown as Head of Market Products.

NZX appointed Fiona Mackenzie as Head of Markets. Ms. Mackenzie was previously Head of Liquidity and Traded Products

Pink OTC Markets appointed Todd Graber as CFO. Mr. Graber was previously CFO of Quadriserv.

Pink OTC Markets 1Q10 net income increased +62% Y/Y to $0.96 mn or $0.09 per share on revenues of $6.6 mn (+23% Y/Y).

RTS Realtime Systems launched RTD Tango Trader, which “combines the advantages of “point and click” and high-speed algorithmic trading”.

Santiago Stock Exchange certified Fidessa to provide access to the exchange that will allow to route orders electronically via Fidessa’s trading platform or via Fidessa's FIX connectivity.

Exchanges News (cont’)

12

SGX signed a MOU with the Financial Affairs Office of the Chongqing Government in China that aims to promote the listing of Chongqing enterprises on the exchange. The FAO will provide guidance to potential listing aspirants and facilitate regulatory processes and approvals from relevant Chinese authorities.

The Stock Exchange of Thailand , the Market for Alternative Investment, the Bond Electronic Exchange and Thailand Futures Exchange will be closed for the rest of week after the main stock exchange building was set on fire by protesters yesterday.

TMX: The Montréal Exchange will start listing serial and quarterly mid-curve options on BAX futures on May 21.

Turquoise announced a new pricing promotion to take effect on 1 June. Clients that increase their passive trading activity versus their Q1 2010 average will qualify for the scheme. The first €2.5 bn per month will receive a rebate of 0.28bps, the following €3.5 bn a 0.48bps rebate, and the following €4 bn a 0.28bps rebate. New members can also qualify for the rebate as long as they exceed a passive value traded of €1 bn. Turquoise's aggressive fee remains at 0.28bps.

VISA deposited $500 mn into the litigation escrow account previously established under the company's retrospective responsibility plan.

List will open a new operating subsidiary in Warsaw and appointed Wojciech Kaszycki to manage it. Mr. Kaszycki was previously a distributor for List in Poland.

Asset Managers

Eaton Vance reported 2Q10 EPS of $0.29 (-22% Q/Q; +38% Y/Y) on revenues of $273 mn (+38% Y/Y). AUM reached $176.2 bn (+9% Q/Q; +39% Y/Y) on net inflows of $5.3 bn.

EFG International CEO, Lukas Ruflin, indicated that the private-banking unit started the year slow, but “from March, the development was as expected,” according to Finanz und Wirtschaft.

Franklin Resources priced $300 mn of 2% Notes due 2013 at 99.823%, $250 mn of 3.125% Notes due 2015 at 99.890% and $350 mn of 4.625% Notes due 2020 at 99.889%. The offering will close May 20 and Banc of America and Morgan Stanley are will act as joint book-runners. The Company will use the net proceeds for general corporate purposes.

Goldman Sachs Asset Management is trying to grow its 401(k) business, offering alternative asset funds and target-date funds providing guaranteed income. GSAM currently has about $840 bn in AUM.

IVZ: Powershares will launch the International Corporate Bond Portfolio ETF.

Janus ’ BoD rejected last year two bids from MassMutual (who manages the Oppenheimer fund family) and Franklin Resources according to the Denver Post. Janus turned down a $13.50 per share bid from BEN (a 50% premium to market prices at the time).

Exchanges News (cont’)

13

Janus plans to add performance fees to eight mutual funds (Forty, Twenty, Global Opportunities, Overseas, Aspen Forty, Aspen, Aspen Global Opportunities, Aspen Overseas and Aspen Twenty). On June 10 shareholders will vote to allow the company charge a fixed 64 bps plus 15 bps based on performance over a 36 month period.

JP Morgan Asset Management launched the Asian Infrastructure & Related Resources Opportunity Fund invest in toll roads and other transportation assets as well as power generation and other infrastructure projects in Asia. The fund raised $858.6 mn in seed money.

Jupiter Asset Management plans a £250 mn IPO on LSE next month, which could potentially value the £20 bn fund manager at as much as £1 bn.

Legg Mason and Grail Advisors will introduce a new actively managed ETF, the Grail Western Asset Enhanced Liquidity ETF that will invest in short-term debt.

UMB Financial : UMB Fund Services acquired the managed account solutions business of JP Morgan Worldwide Securities Services (WWS) for an undisclosed amount. WWS provides back and middle office services for retail managed accounts of asset managers.

Man Group acquired GLG Partners for $1.6 bn. Shareholders will receive $4.50 in cash for each share (a 55% premium to Friday’s close), while GLG partners (holding 50% of the company’s shares) will receive Man Group shares valuing each GLG share at $3.50 (a 20% premium to Friday’s close). GLG had $23.7 bn in AUM at the end of March.

Northern Trust filed with the SEC to launch fixed income ETFs.

SEI’s Global Wealth Services has been selected by PFP Group to administer its discretionary business.

State Street Global Advisors added nine Asian currencies to a program that helps institutional clients control their currency risks. The currencies are those from China, Thailand, Hong Kong, Indonesia, India, the Philippines, Singapore, South Korea and Taiwan.

State Street was appointed by Norges Bank as administrator for its oil fund’s real estate portfolio.

TIAA-CREF appointed Scott Wise as CIO and endowment management head of its newly created endowments and foundations business. Wise previously served as CEO of Rice University’s endowment fund.

Waddell & Reed was pointed out as a key firm selling a large amount of “e-mini” futures contracts during the market plunge on May 6. CFTC Chairman Gary Gensler commented that the company didn’t do anything wrong and only acted as a “bona fide hedger”. WDR accounted for nine percent the e-mine contracts traded during the critical 20 minute window and CME "found no evidence of improper trading activity or erroneous trades by CME Globex customers.“

Discount Brokers

E*TRADE April DARTs increased +11% M/M to 181,556, net new brokerage accounts totaled 17,627 and ending brokerage accounts 2.6 mn (+2% Y/Y). Total customer assets increased +2.3 % M/M (+36% Y/Y) to $162.4 bn on net new assets of $0.2 bn.

Exchanges News (cont’)

14

optionsXpress April retail DARTs increased +13.7% M/M to 33,300, with 3,200 new accounts, client assets increasing +3.9% M/M (+42% Y/Y) to $7.8 bn and margin balances increasing +3.9% M/M to $209 mn.

TD Ameritrade April DARTs increased +15.1% M/M to 426k; total client assets increased +2.6% M/M to $350.5 bn; avg. spread based balances increased 1.3% M/M to $54 bn and avg. fee-based balances increased +4.2% M/M to $64 bn.

By regulatory bodies

Venezuela temporarily halted currency trading while it sets up an electronic platform to eliminate speculation. The Venezuelan government is looking to limit FX fluctuations.

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) will analyze the risks involved in electronic trading and will discuss standardization of electronic trading parameters among exchanges and ATS.

The CFTC’s technology advisory commission will meet on July 14 to discuss issues in high-frequency trading such as equal access to co-location.

The CFTC approved the reestablishment of a Technology Advisory Committee (TAC) that will be charged with keeping the Commission abreast of new technologies to better oversee the derivatives markets. Commissioner Scott O’Malia was appointed as Chairman of TAC for a two-year term. “The market events of May 6th clearly highlight that technology drives the structure and function of the markets … We must develop a deep understanding of technological innovation and what it means for the markets we oversee,” O’Malia said.

US securities exchanges and FINRA will file proposed rules today to pause trading in certain individual stocks if prices move down 10% or more in a five-minute period. The SEC said the circuit breaker would give the markets the opportunity to attract new trading interest in an affected stock, establish a reasonable market price and resume trading in a fair and orderly fashion. Initially, the new rules would be in effect on a pilot basis through Dec. 10, 2010.

FOA CEO Anthony Belchambers said he opposes a global tax on derivatives transactions. German Chancellor Merkel said she would work to build support for a global tax on financial markets."What Germany will have to decide is will we go it alone, and will the Swedish experience have any warnings in doing that," Belchambers said.

German regulator BaFin banned naked short selling of the ten largest financial stocks (including Deutsche Boerse and the largest banks and insurance companies), European sovereign debt and CDS, effective today and programmed to remain in place until March 31, 2011.

The Polish National Depository for Securities appointed KDPW_CLEARPOOL as transaction settlement guarantor.

SEC: Goerge Canellos, of the NY office, plans to scrutinize institutional sales. “The SEC is a little less willing to assume that if the product is sold to institutional investors we should be a little less concerned about it," Canellos said in an interview with Bloomberg Television.

The SEC and a group of US exchanges are considering market-wide circuit breakers for various time frames that will be triggered if the market falls 5%, 10% and 20%.

Exchanges News (cont’)

15

The SEC and CFTC released a joint report with preliminary findings regarding the market events of May 6. The report cites the withdrawal of liquidity by electronic market makers and the use of market orders, including automated stop-loss orders. The report also mentions linkages between the decline in the prices of index ETFs and the E-mini S&P 500 futures, on the one hand, and simultaneous and subsequent waves of selling in individual securities, on the other. In addition, “the liquidity mismatch may have been exacerbated by disparate trading conventions among various exchanges, whereby trading was slowed in one venue, while continuing as normal in another.

A joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues will hold its first meeting on May 24 to discuss the preliminary findings of the market events of May 6. Joseph Stiglitz will be a member of the Joint Committee.

SIFMA CEO Tim Ryan said on the Senate bill on financial regulation that "there are several provisions that would undermine the original goals for reform by creating unintended consequences that could have a negative impact on our economy. Provisions like the so-called Volcker Rule would impose sweeping new restrictions on size and activities that were not a cause of the financial crisis."

United Nations Framework Convention on Climate Change (UNFCCC) appointed Christiana Figueres as Executive Secretary. Ms Figueres was previously Vice Chair of the Carbon Rating Agency and a member of the CRA rating committee.

Senate Banking Commission Chairman Chris Dodd and Agriculture Committee Chairman Blanche Lincoln “told the Financial Times there was room to negotiate on a proposal that would force banks to spin off their swaps desks.

US Senator Chris Dodd (D -Conn) filed an amendment to the OTC derivatives bill to ban certain "naked" CDS trading. Under the terms of the amendment, the government will have the ability to waive the restrictions in part or in whole. By a vote of 57 to 38, the Senate rejected a stricter version of the proposal introduced by Democratic Senator Byron Dorgan

US Senate Democrats intend to vote on the OTC derivative bill as early as this Wednesday.

US Senator Chris Dodd withdrew an proposed amendment to spin off banks’ derivatives trading desks.

The US Senate approved the the Financial Regulatory Reform Bill in a 59-to-39 vote. The bill will be reconciled with the one passed by the House of Representatives last December, before being sent to the President.

Exchanges News (cont’)

16

39%

96%

44%

-29%

62%

-47%

69%

-15%

39%41%

26%23%

20%

52%

11%

-12%

41%40%

-3%

13%

31%

2%

-11%

-37%

8%

40%

-17%

31%

80%

92%

-13%

66%

1%

61%

43%

54%

70%

83%

97%

73%

92%

-14%

3%

57%

26%

51%47%

-16%

11%8%

-1%

23%

47%

-13%

Bovespa Cash

BM&F Der

Cash

Derivatives

Cash

Derivatives

IR

Equity Index

Energy

Others

Cash Xetra + Frank

Derivatives

Cash

Derivatives

Cash

Derivatives

Futures

OTC

UK Cash

BI Cash

Cash

Derivatives

Tape A

Tape B

Tape C

MXX

X

BV

MF3

BM

EB

MV

CM

E Group

DB

1N

XT

HK

ExIC

ELS

ES

GX

US

EquitiesTM

X

Monthly V

olume T

rackerY

/Y volum

e growth

Apr ‘10

May ‘10

17

68%66%

22%

-30%

90%

-35%

33%

-20%

6%

42%

16%

0%

14%

26%

44%

7%

26%21%

2%

40%

61%

17%

-31%

-44%

-7%

24%

-16%

31%

78%

64%

-45%

71%

-43%

42%

5%

39%37%

56%54%

44%

67%

-4%-3%

40%

18%13%

33%

2%1%

2%

-21%

11%

36%

-15%

Bovespa Cash

BM&F Der

Cash

Derivatives

Cash

Derivatives

IR

Equity Index

Energy

Others

Cash Xetra + Frank

Derivatives

Cash

Derivatives

Cash

Derivatives

Futures

OTC

UK Cash

BI Cash

Cash

Derivatives

Tape A

Tape B

Tape C

MXX

X

BV

MF3

BM

EB

MV

CM

E Group

DB

1N

XT

HK

ExIC

ELS

ES

GX

US

EquitiesTM

X

Quarterly V

olume T

rackerY

/Y volum

e growth

1Q10

2Q10

18

US Volume Tracker

19

ELX PureTrading

1/1/2010IR Equity Index Energy Others Futures OTC ($) CBOE AMEX PHLX NYSE NSDQ ISE BOX BATS MXX TSX (# shares)

ADV MONTHLY DATA

Jan 09 3,576,917 2,985,284 1,510,109 1,330,291 976,898 1,000,000 5,331,924,462 2,035,550,932 2,051,407,553 4,177,219 762,338 1,958,621 1,336,039 281,835 3,661,412 713,214 114,984 434,564,507 15,268,324

Feb 09 4,143,017 3,436,479 1,621,188 1,516,096 979,342 1,085,198 6,256,867,338 2,379,490,820 2,301,352,859 4,245,944 764,127 2,178,324 1,429,791 329,661 3,815,226 735,702 132,611 502,501,703 11,777,868

Mar 09 3,825,490 4,125,537 1,452,256 1,384,412 1,036,678 1,203,700 7,320,300,965 2,644,121,961 2,339,665,342 4,949,489 740,113 2,576,361 1,834,348 435,275 4,399,859 793,536 139,965 516,330,933 9,017,936

Apr 09 3,320,850 3,044,584 1,317,530 1,416,057 983,928 1,000,000 6,503,179,806 2,370,286,139 2,346,485,683 5,008,128 869,290 2,613,153 1,625,355 441,536 4,179,382 717,712 120,795 508,423,866 10,710,986

May 09 4,722,620 2,995,755 1,407,337 1,480,610 973,267 1,322,364 6,445,327,934 2,407,099,877 2,414,928,904 4,958,531 760,106 2,661,121 1,791,548 512,808 4,429,486 626,351 142,117 573,115,273 8,813,820

Jun 09 5,106,545 2,925,564 1,459,708 1,815,292 1,086,460 993,505 5,188,881,057 1,994,149,396 2,460,732,575 4,206,187 1,036,065 2,480,864 1,733,423 460,674 3,907,663 523,126 137,968 493,485,663 10,921,427

Jul 09 4,168,417 2,531,840 1,420,784 1,554,557 980,501 1,110,364 5,039,679,305 1,555,455,868 2,197,080,040 4,323,023 1,008,789 2,103,585 1,445,905 346,781 4,119,252 551,399 41,211 110,225 397,291,518 9,646,229

Aug 09 4,737,560 2,451,736 1,468,915 1,534,448 1,008,765 1,197,817 5,847,112,600 1,496,998,643 2,148,179,414 4,423,396 830,466 2,117,497 1,489,374 442,632 3,731,127 597,396 34,639 134,832 430,346,817 5,130,970

Sep 09 4,372,575 2,990,343 1,563,956 1,620,864 1,135,470 1,448,469 5,642,614,406 1,540,458,938 2,410,852,087 4,709,413 1,236,416 2,597,141 1,772,553 501,753 3,726,595 447,075 39,044 150,791 522,056,954 9,433,857

Oct 09 4,471,974 2,824,174 1,662,543 1,766,447 1,074,944 1,436,125 5,341,624,112 1,624,096,460 2,338,439,952 4,627,733 1,331,983 2,369,461 1,862,508 462,638 3,965,698 399,657 50,481 170,835 483,376,158 13,780,276

Nov 09 4,785,787 2,478,665 1,513,741 2,016,086 1,032,009 1,176,757 4,212,607,142 1,410,495,914 1,888,443,955 4,302,858 1,226,988 2,384,749 1,863,189 396,720 3,137,101 258,349 44,224 155,431 418,945,535 11,344,571

Dec 09 3,885,575 2,236,532 1,447,511 1,621,357 986,615 1,288,920 4,392,056,245 1,191,012,450 1,831,020,077 4,177,130 1,223,555 2,840,253 1,880,205 336,389 2,720,192 230,617 36,464 139,942 308,728,837 13,005,805

Jan 10 4,760,569 2,860,805 1,646,376 1,945,142 1,169,829 1,425,000 5,107,166,726 1,580,900,100 2,443,677,820 4,850,553 1,948,102 2,816,123 2,285,878 423,918 3,749,219 324,181 50,954 145,094 438,046,140 14,923,315

Feb 10 5,670,674 2,955,716 1,705,962 2,182,470 1,323,948 1,381,431 4,675,978,740 1,612,174,242 2,255,441,901 4,160,411 1,443,553 2,352,467 1,914,884 351,452 3,114,177 262,931 77 58,155 167,586 375,025,849 8,731,347

Mar 10 4,961,426 2,661,528 1,497,015 1,892,578 1,285,944 1,223,819 4,259,215,808 1,145,402,351 2,096,648,507 4,540,511 1,586,553 3,636,003 1,983,336 265,497 2,963,883 279,611 5,689 55,165 168,153 410,955,443 11,016,496

Apr 10 5,604,908 2,589,618 1,831,158 1,995,822 1,391,433 1,400,000 5,760,387,847 1,492,266,579 2,524,299,657 5,213,081 1,806,826 3,653,197 2,202,873 407,994 3,250,972 375,412 34,000 61,627 169,651 421,835,411 7,244,576

MTD ADV 7,615,170 4,293,917 2,168,514 2,514,421 1,525,236 1,671,724 6,931,340,411 2,390,822,387 2,964,065,002 6,814,065 1,895,043 3,977,789 2,850,580 756,781 4,105,192 380,035 64,182 63,882 208,791 501,425,768 9,128,910

M Y/Y 61% 43% 54% 70% 57% 26% 8% -1% 23% 37% 149% 49% 59% 48% -7% -39% 47% -13% 4%M Days 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10

ADV QUARTERLY DATA

1Q09 3,842,892 3,537,059 1,523,842 1,407,684 998,549 1,100,003 6,337,140,818 2,362,164,383 2,233,221,195 4,477,149 754,880 2,249,845 1,544,958 352,070 3,975,646 749,187 129,250 484,397,864 11,980,788.71

2Q09 4,389,432 2,987,520 1,395,690 1,575,965 1,015,675 1,100,070 6,025,852,665 2,250,623,701 2,408,109,430 4,712,340 892,867 2,582,185 1,715,853 470,845 4,163,894 620,758 133,561 523,744,305 10,182,198.41

3Q09 4,422,156 2,656,002 1,483,555 1,569,715 1,041,150 1,250,000 5,502,456,435 1,531,353,723 2,251,178,475 4,482,742 1,024,967 2,270,098 1,567,350 429,082 3,863,058 532,260 38,047 131,903 449,373,742 8,117,761.29

4Q09 4,368,466 2,514,201 1,542,125 1,794,584 1,031,177 1,304,471 4,655,472,582 1,408,504,773 2,021,314,518 4,372,402 1,262,454 2,538,475 1,868,893 398,671 3,280,865 298,011 43,707 155,154 403,683,510 12,710,217.46

1Q10 5,119,777 2,815,230 1,608,619 1,999,245 1,255,273 1,335,574 4,383,752,934 1,327,326,304 2,077,888,445 4,518,689 1,654,625 2,980,840 2,056,249 341,614 3,255,308 288,298 5,455 54,729 160,541 408,683,695 11,576,472.58

QTD ADV 6,233,114 3,122,211 1,939,982 2,157,884 1,420,310 1,302,816 6,138,114,481 1,782,123,291 2,666,159,446 5,729,527 1,835,282 3,757,904 2,411,810 520,506 3,526,526 376,903 43,736 62,378 182,277 447,509,720 7,852,426

Q Y/Y 42% 5% 39% 37% 40% 18% 2% -21% 11% 22% 106% 46% 41% 11% -15% -39% 36% -15% -23%Q Days 32 32 31 32 10 10 31 31 31 31 31 31 31 31 31 31 31 30 31 31 31

ADV ANNUAL DATA

2007 10,609,584 946,819 759,689 822,600 3,399,048,541 586,318,937 2,174,446,160 3,747,376 954,000 1,620,394 1,335,126 3,196,885 515,391 169,612 381,382,690 494,067

2008 6,084,876 3,662,623 1,444,226 1,701,013 922,349 1,133,378 5,075,975,013 1,488,487,511 2,282,986,448 4,716,818 819,309 2,163,858 1,647,979 162,600 3,982,852 706,129 150,756 433,773,702 4,501,437

2009 4,260,121 2,916,140 1,486,216 1,589,166 1,021,916 1,190,042 5,616,431,768 1,879,212,526 2,226,870,565 4,511,316 985,780 2,410,870 1,674,868 413,216 3,819,801 548,396 41,016 137,451 465,223,767 10,753,329

YTD ADV 5,502,861 2,920,858 1,720,274 2,053,830 1,314,604 1,346,256 5,153,513,873 1,546,287,920 2,393,012,317 4,926,689 1,715,499 3,242,677 2,176,058 401,893 3,346,697 318,154 22,728 57,279 167,786 421,625,703 10,335,124

A Y/Y 29% 0% 16% 29% 29% 13% -8% -18% 7% 9% 74% 35% 30% -3% -12% -42% 40% 22% -9% -4%

A Days 93 93 92 93 94 92 92 92 92 92 92 92 92 92 92 92 34 90 93 93 93

NYSE NASDAQ ARCA BATS Direct Edge AMEX Other Blocks BEX CBOE AMEX PHLX NYSE NSDQ ISE BOX BATS ELX CBOT

Mkt Share 34.0% 14.3% 13.0% 8.4% 10.2% 0.0% 2.2% 14.1% 3.8% 33.0% 9.1% 19.0% 13.6% 3.6% 19.6% 1.8% 0.3% 3.5% 96.5%MS M/M (bp) ↑ 280 ↑ 30 ↑ 40 ↑ 120 ↑ 0 ↑ 0 ↓ 10 ↓ 440 ↓ 20 ↑ 200 ↓ 150 ↓ 250 ↑ 60 ↑ 120 ↑ 50 ↓ 40 ↑ 10 ↑ 50 ↓ 50

NYSE NASDAQ ARCA BATS Direct Edge AMEX Other Blocks BEX TSX Alpha Chi-X Canada PureTrading MatchNow

Mkt Share 0.0% 32.9% 22.3% 17.4% 9.6% 0.8% 2.9% 10.5% 3.6% 72.8% 20.1% 5.4% 0.9% 0.8%MS M/M (bp) ↑ 0 ↑ 1,250 ↓ 920 ↑ 110 ↓ 20 ↓ 40 ↑ 0 ↓ 380 ↑ 0 ↓ 60 ↓ 130 ↑ 170 ↑ 10 ↑ 10

NYSE NASDAQ ARCA BATS Direct Edge AMEX Other Blocks BEX

Mkt Share 0.0% 41.0% 12.5% 13.2% 12.6% 0.0% 3.2% 14.8% 2.7%MS M/M (bp) ↑ 0 ↑ 180 ↑ 100 ↑ 250 ↑ 20 ↑ 0 ↑ 10 ↓ 450 ↓ 110

ICETape A Tape B Tape C

US Options

Tape C

TMX

Tape A US Options ELX vs. CBOT

Tape B Canadian ATS

CME Group

European Volume Tracker

20

LSE Borsa Italiana Hellenic MICEX

Xetra + Frankfurt (€) Xetra (€) Frankfurt (€) Derivatives Market Cash Market (€)Cash Market (trades

double counted)Derivatives Cash Market (£) Cash Market (€) Cash Market (€) Derivatives Cash Market (€) Cash Market (NOK) Derivatives Cash Market (RUB)

Xetra + Frank Cash market (€) Xetra Cash market (€) Frankfurt floor Cash market (€) Derivatives Market Cash market (€) Cash market (trades double counted) Derivatives Cash market (£) Cash market (€) Cash market (€) Derivatives Cash market (€) Cashmarket (NOK) Derivatives

ADV MONTHLY DATA

Jan 09 4,289,235,451 4,011,485,814 277,749,637 6,875,452 5,908,498,613 1,328,372 3,905,572 4,703,130,000 1,773,156,766 3,121,379,983 400,961 122,652,966 5,739,630,085 55,217 22,550,250,000

Feb 09 4,171,918,349 3,862,455,656 309,462,693 6,862,896 5,542,829,031 1,318,667 3,522,745 4,444,375,000 1,833,367,986 2,809,885,643 269,691 105,697,518 5,078,888,563 52,643 33,038,473,684

Mar 09 4,590,261,874 4,264,516,273 325,745,601 7,832,362 5,780,864,431 1,466,260 4,080,426 5,378,268,182 2,057,107,480 2,665,027,508 477,319 118,679,850 4,830,092,357 54,390 46,954,619,048

Apr 09 5,000,000,500 4,673,994,473 326,006,027 7,610,520 6,310,311,717 1,581,589 4,479,767 5,000,540,000 2,945,195,108 3,317,133,189 289,062 204,217,541 5,510,541,517 63,951 49,296,666,667

May 09 4,816,984,013 4,487,352,880 329,631,133 7,424,565 6,118,877,018 1,473,095 5,537,848 5,025,073,684 3,702,023,823 3,729,560,615 324,722 260,271,269 8,625,772,956 66,947 67,095,789,474

Jun 09 3,998,305,707 3,715,498,022 282,807,685 6,658,834 5,436,122,620 1,317,824 4,526,012 4,923,959,091 2,529,237,906 3,171,293,363 614,885 219,590,814 6,990,002,590 54,907 74,607,000,000

Jul 09 3,929,441,827 3,654,057,050 275,384,777 5,389,712 4,937,100,158 1,183,484 3,549,924 4,055,172,727 2,034,267,973 3,875,568,872 460,859 174,137,359 3,847,169,575 45,744 59,984,545,455

Aug 09 4,165,837,249 3,862,187,566 303,649,683 5,385,880 5,540,084,875 1,302,030 3,501,175 4,121,100,000 2,613,823,179 2,611,256,517 259,586 198,435,299 5,297,169,428 51,094 65,073,500,000

Sep 09 4,882,661,923 4,562,629,778 320,032,145 6,930,671 6,770,887,276 1,472,702 4,355,319 4,530,500,000 3,813,218,183 2,822,331,807 343,749 249,065,315 6,501,796,059 53,013 74,844,285,714

Oct 09 5,252,170,357 4,910,102,934 342,067,423 6,437,685 7,364,075,768 1,579,007 3,871,489 5,026,940,909 3,272,814,263 3,992,200,755 262,439 298,714,509 7,904,197,210 55,810 84,568,571,429

Nov 09 4,593,884,131 4,309,035,210 284,848,921 6,281,376 5,972,214,060 1,319,988 4,305,670 4,449,650,000 3,030,598,673 3,822,390,282 271,120 259,610,976 6,896,546,728 49,876 66,925,263,158

Dec 09 4,058,126,099 3,774,781,352 283,344,746 6,147,037 5,204,911,082 1,123,109 4,177,058 3,791,571,429 1,869,718,703 3,855,868,730 392,916 221,338,446 5,953,599,319 50,714 53,558,069,912

Jan 10 5,317,250,000 4,948,959,573 368,311,829 7,010,924 6,614,900,000 1,382,851 5,065,769 4,862,094,737 2,657,857,979 4,235,998,709 270,183 229,912,055 8,299,100,000 68,135 58,953,266,667

Feb 10 5,137,184,621 4,833,589,703 303,594,918 7,449,076 6,967,720,280 1,439,476 4,899,194 5,118,075,000 2,807,067,605 3,655,913,857 246,472 206,833,636 7,668,101,677 69,413 62,861,526,432

Mar 10 4,796,742,109 4,494,179,428 302,562,681 7,117,055 6,142,830,075 1,290,930 4,635,246 4,881,760,870 2,520,663,461 2,719,938,172 294,343 175,356,143 6,232,181,623 57,025 63,458,691,104

Apr 10 6,302,919,031 5,942,111,392 360,807,639 9,380,745 7,598,479,155 1,578,191 6,790,244 4,871,530,000 3,329,001,548 4,776,208,149 203,970 234,510,074 9,895,033,859 61,339 59,608,536,461

MTD ADV 8,796,293,781 8,370,682,584 425,611,197 14,649,545 10,597,255,497 2,170,540 10,642,481 7,598,812,500 5,441,355,423 7,163,217,643 282,652 180,326,924 9,894,813,668 42,642 71,234,910,431

M Y/Y 83% 87% 29% 97% 73% 47% 92% 51% 47% 92% -13% -31% 15% -36% 6%

M Days 10 10 10 10 9 9 10 8 10 10 10 10 9 9 7

1Q09 4,357,112,264 4,052,534,495 304,577,769 7,205,625 5,747,842,365 1,373,442 3,845,100 4,859,225,806 1,891,428,831 2,863,131,709 385,953 115,676,778 5,212,254,522 54,111 35,260,392,857

2Q09 4,585,522,836 4,273,675,863 311,846,972 7,212,840 5,938,362,457 1,452,997 4,837,493 4,980,562,295 3,041,735,687 3,398,424,679 416,180 228,690,647 7,040,339,481 61,697 63,369,833,333

3Q09 4,322,398,584 4,023,137,972 299,260,612 5,902,146 5,740,221,304 1,317,609 3,802,878 4,239,168,750 2,811,655,306 3,122,208,647 357,781 206,844,507 5,193,408,659 49,869 66,553,333,333

4Q09 4,322,398,584 4,113,335,501 299,260,612 5,638,326 6,198,895,233 1,344,425 4,114,219 4,431,884,127 2,746,648,571 3,892,317,256 306,754 259,887,977 6,949,076,290 52,238 68,158,024,807

1Q10 5,070,066,491 4,746,303,371 323,763,121 7,188,766 6,554,570,611 1,367,269 4,859,269 4,963,077,777 2,655,139,227 3,498,362,369 271,476 202,600,055 7,344,198,757 64,605 62,034,499,624

QTD ADV 7,134,043,948 6,751,635,123 382,408,825 11,137,012 8,529,133,882 1,762,023 8,074,323 5,650,753,571 4,033,119,507 5,571,877,980 230,197 216,449,024 9,894,963,083 55,329 62,414,902,592

Q Y/Y 56% 58% 23% 54% 44% 21% 67% 13% 33% 64% -45% -5% 41% -10% -2%

Q Days 30 30 30 30 29 29 30 28 30 30 30 30 28 28 29

2007 10,296,928,854 9,656,292,490 640,636,364 7,509,336 13,443,481,255 1,268,595 3,721,668 8,529,036,014 6,248,393,254 6,646,340,885 204,979 481,267,381 12,883,200,000 56,256 60,848,812,227

2008 8,904,533,732 8,460,080,915 444,452,568 8,515,741 10,769,223,120 1,547,794 4,099,877 8,239,475,501 4,050,940,370 4,847,797,058 328,412 316,265,772 9,880,487,121 63,506 45,934,345,029

2009 4,484,597,234 4,114,160,643 305,100,064 6,757,550 5,905,397,813 1,371,051 4,143,003 4,622,407,200 2,623,447,792 3,316,383,408 366,367 203,459,818 6,072,943,594 54,317 58,902,197,253

YTD ADV 5,735,865,671 5,393,184,581 342,681,090 8,462,394 7,176,987,294 1,491,702 5,907,656 5,174,670,330 3,099,648,995 4,167,238,373 258,160 207,216,378 8,129,049,319 61,719 62,165,829,220

A Y/Y 28% 31% 12% 25% 22% 9% 43% 12% 18% 26% -30% 2% 34% 14% 6%A Days 93 93 93 93 92 92 92 91 93 93 93 90 91 90 84

Oslo Børs

ADV QUARTERLY DATA

ADV ANNUAL DATA

Deutsche Börse Euronext BME

Asian Volume Tracker

21

PSE DFM JSE Tokyo SE KRX

Cash market (HK$) Derivatives market Cash market (SGD) Derivatives market Options Futures Cash market (RM) Derivatives Cash (Php) Cash market (AED) Cash market (ZAR) Cash market (¥) DerivativesCash market (HK$) Derivatives Market Cash market (SGD) Derivatives market Cash market (RM) Derivatives PSE (php) Cash Market (AED) Cash market (ZAR) Cash market (¥) Cash market (¥)

ADV MONTHLY DATA

Jan 09 47,683,472,656 363,213 1,042,579,977 158,200 64,032 1,308 710,710,789 22,284 1,491,452,392 291,409,786 8,745,164,905 1,591,792,000,000

Feb 09 39,885,345,000 340,898 833,868,497 181,087 76,895 2,531 634,542,167 23,437 1,760,371,093 545,725,972 9,678,877,850 1,484,865,335,000

Mar 09 46,512,715,194 455,950 975,326,926 220,595 81,396 2,812 714,370,429 25,582 2,496,468,821 506,885,072 12,494,836,155 1,514,690,047,619

Apr 09 61,767,796,788 460,522 1,300,510,470 209,520 64,131 1,836 1,233,248,500 32,430 3,633,972,825 632,553,552 10,804,520,800 1,656,155,095,238 445,278

May 09 79,405,217,085 474,736 2,272,915,640 203,965 67,848 2,146 1,836,864,700 32,177 6,937,011,735 708,106,500 11,553,195,900 1,680,600,833,333 437,106

Jun 09 73,144,386,534 416,742 1,638,004,973 228,496 74,665 4,234 1,631,770,909 23,902 2,993,933,641 1,363,636,352 11,790,078,330 1,820,656,000,000 456,270

Jul 09 68,917,457,102 361,129 1,579,263,621 199,519 62,908 1,231 1,443,456,174 23,886 4,282,305,700 444,265,495 10,266,829,713 1,516,078,000,000 383,891

Aug 09 69,901,124,212 379,503 1,887,104,270 211,232 82,139 2,312 1,458,325,750 26,622 4,002,270,780 555,585,366 12,642,937,370 1,539,031,846,128 435,583

Sep 09 60,366,711,730 371,692 1,860,609,232 204,857 83,838 2,815 1,216,047,700 21,541 3,628,356,653 917,964,560 12,147,733,600 1,383,121,210,526 468,894

Oct 09 65,536,517,505 350,642 1,522,997,007 199,334 70,166 971 1,287,949,727 22,499 7,212,653,966 1,194,621,645 13,634,891,688 1,403,428,380,952 458,249

Nov 09 70,367,155,902 391,061 1,412,748,528 212,309 81,504 1,203 1,378,884,000 22,068 6,943,936,885 511,626,908 12,536,000,962 1,286,025,736,842 441,699

Dec 09 59,395,056,289 383,458 1,220,596,226 218,288 74,644 3,206 964,072,762 20,038 3,341,115,163 609,763,586 9,069,538,139 1,343,368,714,286 481,318

Jan 10 77,467,162,166 479,427 1,931,972,949 249,647 75,697 1,982 1,790,859,421 25,921 2,907,497,510 430,224,872 11,407,266,667 1,585,089,684,211 525,160

Feb 10 55,919,860,317 405,378 1,339,270,666 201,652 82,664 2,545 1,245,893,563 22,318 2,743,815,007 244,013,331 9,442,861,670 1,327,968,578,947 486,303

Mar 10 59,264,814,332 372,619 1,334,857,863 206,222 85,698 2,442 1,584,760,391 23,102 5,116,048,011 664,406,746 12,513,952,550 1,303,492,409,091 634,051

Apr 10 68,845,426,319 406,290 1,699,101,631 213,103 93,412 1,171 1,433,191,500 20,631 5,729,602,690 479,632,585 11,595,524,737 1,604,806,150,000 537,854

MTD ADV 68,228,261,051 490,004 1,906,449,373 225,608 102,160 1,368 1,303,371,000 21,042 7,548,006,809 289,445,188 15,789,445,900 1,909,729,857,143 702,953

M Y/Y -14% 3% -16% 11% 51% -36% -29% -35% 9% -59% 37% 14% 61%

M Days 10 10 10 10 10 10 10 10 8 10 10 7 9

ADV QUARTERLY DATA

1Q09 44,654,819,035 389,778 949,894,785 187,255 74,343 2,236 688,397,293 23,836 1,934,819,093 452,504,541 10,350,990,721 1,529,914,921,441

2Q09 71,364,451,871 449,160 1,727,065,748 214,148 68,958 2,753 1,558,870,641 29,420 4,510,972,080 904,406,375 11,382,598,343 1,722,696,786,885 446,497

3Q09 66,341,158,811 370,640 1,767,780,352 205,025 76,004 2,103 1,375,983,508 24,010 3,980,312,208 628,931,937 11,626,534,944 1,483,107,867,237 428,566

4Q09 65,002,093,054 375,575 1,384,594,089 210,067 75,276 1,768 1,208,858,762 21,542 5,901,572,936 776,203,678 11,776,311,535 1,346,184,065,574 459,677

1Q10 64,245,761,618 417,305 1,531,935,439 218,557 81,654 2,334 1,532,374,831 23,881 3,642,768,469 456,192,877 11,233,441,823 1,400,415,666,667 556,962

QTD ADV 68,632,610,709 435,157 1,765,987,999 217,011 96,428 1,239 1,392,622,594 20,759 6,268,389,096 418,281,811 13,041,704,448 1,687,376,892,857 587,384

Q Y/Y -4% -3% 2% 1% 40% -55% -11% -29% 39% -54% 15% -2% 32%

Q Days 29 29 31 32 29 29 32 32 27 31 10 28 30

ADV ANNUAL DATA

2007 87,404,904,612 356,217 2,418,393,820 175,424 96,322 1,658 2,336,275,422 24,910 5,427,285,139 1,504,232,784 11,920,440,000 3,071,726,518,367

2008 71,549,207,895 424,849 1,526,725,972 236,940 78,378 1,581 1,277,890,237 24,926 3,108,338,663 1,235,531,238 12,899,243,431 2,366,746,653,061

2009 62,007,340,929 395,736 1,462,304,318 204,280 73,701 2,208 1,219,918,657 24,738 4,064,174,451 694,030,398 11,286,256,935 1,520,244,444,995 443,919

YTD ADV 65,659,301,880 423,057 1,610,800,976 218,036 86,363 1,985 1,483,231,187 22,783 4,430,454,657 443,821,897 11,790,811,830 1,488,381,287,356 567,453

A Y/Y 6% 7% 10% 7% 17% -10% 22% -8% 9% -36% 4% -2% 28%A Days 90 90 92 95 91 91 91 91 90 95 92 87 87

HKEx Singapore Exchange ASX Bursa Malaysia

LatAm Volume Tracker

22

BVL BVC Rofex MAE MATba

Cash (R$) Equity Der (R$) BM&F Der Cash Market (MXN) MexDer Cash market (PEN) Cash market (COP) Derivatives Cash market (USD) Derivatives

ADV MONTHLY DATA

Jan 09 3,337,850,088 257,805,374 1,361,745 5,277,763,875 262,030 29,845,180 95,131,597,811 140,511 10,728,065,982 747

Feb 09 3,816,956,094 290,683,366 1,260,368 4,970,516,568 254,275 17,794,917 127,702,171,441 148,272 10,638,125,270 529

Mar 09 3,740,018,680 302,790,106 1,749,601 6,029,953,120 193,210 33,308,103 112,861,326,811 230,638 11,326,089,698 630

Apr 09 4,569,117,752 290,481,701 1,554,962 6,449,304,490 187,776 38,746,170 130,224,648,871 187,802 12,357,590,040 1,134

May 09 5,090,666,668 311,031,343 1,463,126 6,849,853,380 197,793 65,911,648 157,830,027,439 171,985 12,242,906,917 657

Jun 09 5,082,892,316 285,565,354 1,878,616 5,628,312,736 299,569 38,745,473 159,675,625,414 251,484 11,531,646,550 690

Jul 09 4,600,525,905 284,658,826 1,383,898 5,413,256,826 155,131 32,832,509 175,475,458,110 231,757 10,676,877,928 677

Aug 09 5,015,885,637 318,017,397 1,376,359 7,835,361,443 205,109 30,831,569 156,436,445,796 169,004 11,103,270,773 544

Sep 09 5,060,126,758 379,689,645 1,500,112 7,791,996,081 146,462 40,891,479 165,266,348,035 193,591 9,770,983,254 535

Oct 09 6,857,128,563 488,462,128 1,650,925 8,744,290,741 145,801 134,056,400 219,574,119,139 204,456 9,628,534,008 1,001

Nov 09 5,964,872,058 500,960,099 1,423,545 7,584,542,468 132,398 33,263,539 243,391,997,942 223,653 8,543,175,157 906

Dec 09 6,253,460,981 399,345,501 1,528,774 8,139,014,336 156,823 75,936,312 269,238,802,924 295,255 8,373,723,935 705

Jan 10 6,311,921,585 452,647,727 1,838,328 10,037,773,895 159,971 30,907,819 145,609,742,446 200,491 11,353,307,635 547

Feb 10 6,098,078,423 458,943,529 2,134,138 10,160,791,205 159,652 22,734,040 154,192,183,178 184,409 15,271,713,932 564

Mar 10 5,929,811,477 540,295,199 3,116,775 11,160,318,790 146,389 30,313,758 150,907,035,597 262,436 8,568,061,752 648

Apr 10 6,366,627,062 521,780,131 3,049,168 10,470,258,015 98,828 51,857,680 197,282,118,128 167,679 10,852,719,414 1,216

MTD ADV 6,660,543,106 551,290,613 2,631,709 11,395,354,230 200,252 31,462,574 222,992,981,122 243,023 9,443,637,495 670

M Y/Y 31% 77% 80% 66% 1% -52% 41% 41% -23% 2%

M Days 10 10 10 10 10 10 9 10 10 10

ADV QUARTERLY DATA

1Q09 3,624,270,041 283,731,078 1,471,713 5,433,799,232 236,634 27,186,777 111,914,151,608 173,542 10,901,609,269 637

2Q09 4,916,990,607 295,526,776 1,636,274 6,287,194,155 230,676 47,652,644 148,915,523,821 205,375 12,026,678,300 822

3Q09 4,887,622,347 326,786,595 1,419,557 6,964,298,692 168,686 34,979,773 166,168,447,703 197,971 10,507,588,714 582

4Q09 6,373,358,143 462,714,276 1,538,205 8,183,159,025 145,605 81,085,417 243,671,342,022 238,990 8,853,401,935 875

1Q10 6,101,293,095 488,134,665 2,449,656 10,314,565,280 154,973 28,096,089 150,334,156,609 232,068 9,347,429,154 589

QTD ADV 6,464,599,076 531,616,958 2,910,015 10,778,623,420 132,636 45,059,311 205,261,351,471 199,421 10,383,025,441 1,034

Q Y/Y 31% 80% 78% 71% -43% -5% 38% -3% -14% 26%

Q Days 30 30 30 30 30 30 29 29 30 30

ADV ANNUAL DATA

2007 4,540,790,337 334,160,561 1,740,429 5,636,549,518 911,719 116,343,604 151,558,590,372 102,518 5,243,214,317 718

2008 5,164,266,261 357,949,807 1,576,775 6,849,034,536 277,664 60,044,306 164,654,018,376 170,449 7,581,838,592 649

2009 4,944,009,017 341,511,901 1,515,167 6,741,440,265 194,852 47,809,231 167,573,373,373 203,518 10,554,511,080 729

YTD ADV 6,222,395,089 502,628,763 2,581,433 3,553,392,336 147,609 33,568,096 168,032,919,398 221,854 9,692,627,916 736

A Y/Y 26% 47% 70% -47% -24% -30% 0% 9% -8% 1%

A Days 90 90 90 30 91 93 90 78 90 91

BVMF3 BMV