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2011 NYSE Euronext All Rights Reserved

Customer ChallengesTodays brokers, traders and researchers

require a detailed and granular view into the

market in order to validate best execution,

develop proftable trading strategies and

perorm in-depth research regarding the

aggregate marketplace.

Veriying Best Execution

The SEC mandates that brokers and

dealers execute trades at the best possible

price or their clients. It is essential that

brokers and dealers are able to veriy

that their submitted orders were, in act,

executed at the best price at any given

time within the market.

Developing Proftable Trading Strategies

Traders require a detailed and granular

view into market activity across the entireNMS in order to develop proftable trading

strategies. They must also be able to

backtest these strategies to confrm

their viability.

Market Research

Given the ast pace o todays U.S.

equities market and ever-increasing

trading volumes, it is essential that

researchers have access to a detailed and

comprehensive history o market activity.

This comprehensive and granular history

is necessary in order to develop theses

and draw solid conclusions.

Solution BeneftsProvides complete visibility into trade and

quote activity or all U.S. equities across t

entire NMS or any given day.

Comprehensive Trade and Quote ReportDaily TAQ provides clients with

comprehensive trade and quote reports

all NMS participants. Additionally, Daily

TAQ provides a report o the consolidate

NBBO or all U.S. equities across the

NMS.

Market Analytics and

Comprehensive History

Enables clients to perorm complex

market analytics by providing a

comprehensive dataset o all trades and

quotes reported to, and consolidated by

both NMS securities industry processors(SIPs). This dataset also allows clients

to easily backtest trading strategies and

veriy their proftability and viability with

the U.S. equities market.

Granular Data

Provides researchers and academics the

most detailed history o all U.S. market

history available. All trades and quotes a

time stamped at millisecond granularity

allowing or an incredibly detailed view

into the U.S. market.

The NYSE Technologies Daily Trades and Quotes (TAQ) product isdesigned to provide clients with consolidated trade and quote data

across the entire National Market System (NMS) and as printed to

Tapes A, B, and C. This comprehensive dataset allows clients to gain

visibility into the U.S. equities market by providing complete quote and

trade reports, as well as a report o the consolidated NBBO.

FAST FACTSWhat is it?

Daily TAQ is a historical data product,

delivered nightly, that oers complete trade

and quote data o all activity within the U.S.

National Market System.

All timestamps are provided at millisecond

granularity.

Who is it or?

Daily TAQ is ideal or traders, broker/dealers

and researchers seeking a complete daily

record o activity across the entire U.S.

equities market.

What does it provide?

Daily TAQ provides complete level 1 trade

and quote data or Tapes A, B, and C.

PRODUCT DESCRIPTION

Daily TAQ

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Daily TAQ Datasets Complete NMS Trade Reports

Daily report o all trades across the NMS

Complete NMS Quote Reports

Daily report o all quotes across the NMS

Consolidated NBBO Reports

Daily report o the consolidated NBBO or all U.S. equities

NMS Participants

New York Stock

ExchangeNASDAQ OMX BX

National Stock

ExchangeFINRA

NYSE Arca Direct Edge A Direct Edge XChicago Stock

Exchange

NYSE AmexInternational Securities

ExchangeNASDAQ OMX

Consolidated Tape

System

CBOE Stock Exchange NASDAQ OMX PSXBATS

Y-Exchange Inc.

BATS

Exchange Inc.

Key Features o Daily TAQ

Complete NMS trade and quote reports

Consolidated NBBO report

Timestamped at millisecond granularity*

Data available rom 1993 to present

*NMS SIPs began timestamping with millisecond granularity in 2003

About NYSE TechnologiesNYSE Technologies provides comprehensiv

transaction, data and inrastructure

services and managed solutions or buy-sid

sell-side and exchange communities that

require next-generation perormance and

expertise or mission critical and value-

added client services.

Find Out More

About Wharton Data Research Services

(WRDS)

Wharton Research Data Services (WRDS)

is the leading, comprehensive, Internet-based data research service used by

academic, government, non-proft

institutions, and corporate frms. WRDS

manages the data and delivers it in a

seamless, unifed, and consistent orm.

WRDS provides the user with one location

to access over 200 terabytes o data acros

multiple disciplines including Finance,

Marketing, and Economics.

Find out moreCall: 877 438 9737

Email: wrds@wharton.upenn.edu

or Visit:

http://wrds-web.wharton.upenn.edu/wrds/about

Copyright 2011 NYSE Technologies Inc. All rights reserved. All third party trademarks are owned by their respective owners and are used with permission. This announcement may contain orward-looking statements regarding NYSE Euronext an

afliates. Such statements are based upon the current belies and expectations o management and are subject to signifcant risks and uncertainties. Actual results may dier rom those set orth in the orward-lo oking statements

PRODUCT DESCRIPTION

Daily TAQ