Focus2011 07

FOCUS
No 221 | July 2011 The monthly newsletter of regulated exchanges, with key market figures
Evolution of screen-based trading

The long, promising evolution of screen-based trading by Michael Gorham OTC trading and broker/dealer crossing networks in European equity markets by Peter Gomber and Axel Pierron WFE market highlights for first half-year 2011 June 2011 WFE market statistics
Member exchanges
The WFE is the association of 52 regulated exchanges around the world, which develops and promotes standards in markets. Its membership includes:
Amman Stock Exchange Athens Exchange Australian Securities Exchange Bermuda Stock Exchange BM&FBOVESPA BME Spanish Exchanges Bolsa de Comercio de Buenos Aires Bolsa de Comercio de Santiago Bolsa de Valores de Colombia Bolsa de Valores de Lima Bolsa Mexicana de Valores Bombay Stock Exchange Bourse de Casablanca Bourse de Luxembourg Bursa Malaysia Chicago Board Options Exchange CME Group Colombo Stock Exchange Cyprus Stock Exchange Deutsche Brse The Egyptian Exchange Hong Kong Exchanges and Clearing Indonesia Stock Exchange IntercontinentalExchange International Securities Exchange Irish Stock Exchange Istanbul Stock Exchange Johannesburg Stock Exchange Korea Exchange London Stock Exchange Group Malta Stock Exchange Moscow Interbank Currency Exchange NASDAQ OMX Group National Stock Exchange of India NYSE Euronext Osaka Securities Exchange Oslo Brs Philippine Stock Exchange Saudi Stock Exchange (Tadawul) Shanghai Stock Exchange Shenzhen Stock Exchange Singapore Exchange SIX Swiss Exchange Stock Exchange of Mauritius Stock Exchange of Tehran Stock Exchange of Thailand Taiwan Stock Exchange Tel-Aviv Stock Exchange TMX Group Tokyo Stock Exchange Group Warsaw Stock Exchange Wiener Brse
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Focus | July 2011 1
Contents
3 11 14 The long, promising evolution of screen-based trading by Michael Gorham OTC trading and broker/dealer crossing networks in European equity markets, by Peter Gomber and Axel Pierron Federation news
14 15 16 2011 Annual meeting program, Johannesburg and Kapama Game Reserve WFE has 2 new affiliates, and 3 correspondents Market highlights for first half-year 2011
31
News
31 31 31 32 33 33 34 36 36 37 Corporate news Exchange consolidation news Indices Inter-market links IT New products New services Post trade Regulation Other
38 76
WFE market statistics Calendar of events
2 Focus | July 2011
The evolution of screen-based trading

Peter Clifford
Deputy Secretary General, WFE
options markets and later in the worlds stock exchanges. The WFE will publish the second part of this paper in a future edition, as well as insights into HFT, algo trading and direct market access. In November 2011, the WFE will hold an exchange technology workshop at MIT where we will have a chance to study some of these topics. This briefing for exchange managers is organized every two years on campus at MIT to look at the current state of the markets and anticipate the next steps in their evolution. Attendance is free for WFE members, affiliates and correspondents, and open by invitation to selected guests. Among the topics on this years agenda: IT security for exchanges: the new hacking threat Artificial intelligence application in finance HFT: what is the limit? The impact of HFT on: - Surveillance - Risk management - Capacity Regulation and technology: the challenges of co-location, DMA, HFT Exchanges data centers Turning exchanges into IT provider what new services can exchanges offer? Next trends in hardware and software for exchanges IT strategies for smaller exchanges
The technology used by exchanges, always a crucial element in competition between market participants as well as between competing venues, has become a subject of discussion among regulators and policy makers around the globe. From the current consultation on technology by the International Securities Commissioners Organization (IOSCO) to the proposed controls on direct market access (DMA) and high frequency traders (HFT), suspicions about the benefits for the marketplace of new technology and defenses of those innovations are daily features in the marketplace dialogues. As Professor Michael Gorham points out in this months Focus, the evolution of technology in financial markets has always been a mix of what the market participants will stand and what regulators will allow. In part one of a two-part history, he traces the rise in onscreen trading that occurred first in the exchange-traded futures and
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The long, promising evolution of screen-based tradingi

Michael Gorham
Industry Professor of Finance Stuart School of Business Illinois Institute of Technology
fine as long as it was confined to a supporting role at the existing, floor-based, member-owned exchanges. The story of electronic trading told here is separated into three sections. First we look at the evolution of electronic trading by focusing on the pioneers and the problems they were trying to solve by creating fully automated exchanges. We contrast the new fully automated exchanges with the existing exchanges which resisted changes that might prove unpopular with their member-owners and made very limited use of the new technology. Second, we look at the changes wrought by electronic trading, including the increase in transparency, the precipitous decline in the cost of trading, the proliferation of new order types, the drivers behind and issues involved with customers having direct access to exchange matching engines, and the merger and acquisition frenzy driven by electronic trading. Third and finally, we present a brief assessment on where we currently stand in this transition to screens and the value of the major changes that have flowed from this transition.
1. In the beginning
As exchanges were created, they adopted the technology of the time. Early on, the technology available was relatively primitive. The first stock exchange began in Amsterdam in 1603. And the earliest modern futures exchanges began in the 1860s. In those years, the human voice was the main mechanism for executing a trade. Pen and paper were the tools used to record trades. And chalk and chalk boards were the basic technology to display quotes. Of course, as technology developed, it was embraced by the exchanges, though only up to the point that it did not interfere with a members attempt to make a living in his occupation. For remember that exchanges were generally member-owned associations, and their major purpose was to ensure and support the ability of members to conduct their business of broking trades. So, technology was embraced in the pursuit of communicating prices and transactions to the rest of the world. When the ticker tape was developed in 1867, it was quickly adopted by exchanges first in the US, and then later in Europe. Likewise when technology made it possible to display clear, readable, and easily updatable prices to large numbers of members on the trading floors, electronic wallboards quickly pushed the chalkboards aside. But exchange members jealously guarded the honey pot of trading, that process where traders yell their bids, offers, and acceptances of deals. Exchange members stood at the center of every trade and received a commission for their role in representing outsiders who wished to have their orders executed. They were not keen to give this role up to machines. They would gladly cede to machines the role of bringing orders to the trading floor, of confirming executions, and of disseminating market data to the public. So technology was
2. The screen-based pioneers

Most of the early efforts to create fully electronic exchanges took place in derivatives during the 1980s. With a single notable exception, which we will explore shortly, stock exchanges did not show up in full electronic clothing until the very end of that decade. So we will look at the derivatives exchanges first, and then examine the stock exchanges. However, the first fully electronic financial marketplace was created for trading neither equities nor derivatives. As best we can tell, the first fully electronic market was the New York Stock Exchanges Automated Bond System (ABS), which after several years of development went live in 1977. The NYSE noted at the time of the launch that trading in corporate bonds has traditionally been a tedious, time consuming and mostly manual operation that involved nine different steps and hour-long searches through cabinet files for possible matches on bonds, prices, quantities.ii ABS simplified bond trading by listing bonds with bids and offers, allowing remote access to the system and suggesting matches. The suggested matches did not become binding, however, until a printed version was circulated on the floor of the bond room and approved by the relevant brokers.
ii
Thanks to Stuart School of Business graduate students Madhursh Rai and Rajeev Ranjan for research assistance in preparing this chapter. William Batten, Chairman NYSE, The ABCs of ABS, Draft, November 22, 1977, p. 2. Thanks to Larry Harris for pointing out that ABS apparently was first
and supplying the above reference and one other, available at: http://c0403731. cdn.cloudfiles.rackspacecloud.com/collection/papers/1970/1977_1122_ ABSNYSE.pdf and http://c0403731.cdn.cloudfiles.rackspacecloud.com/ collection/papers/1970/1976_0201_CentralProgress.pdf
4 Focus | July 2011
Table 6.1: First 20 derivatives exchanges to become fully electronic

Fully electronic 1 Oct 1984 2 Jan 1985 3 Jun 1985 4 Apr 1988 5 Jun 1988 6 Jan 1990 7 1990 8 Aug 1990 9 Apr 1991 10 May 1993 11 1997 12 Dec 1997 13 Jun 1998 14 Sep 1998 15 Nov 1998 16 Jan 1999 17 Feb 1999 18 1999 19 Jul 1999 20 Jul 1999 Partially electronic Never Never Never Never Never Never Oct 1987 Never N/A Never 1990 N/A Apr 1998 Never N/A 1982 1998 Never Oct 1998 Never Exchange Intex NZ Futures and Options Exchange OM Tokyo Grain Exchange SOFFEX DTB Australian Stock Exchange SAFEX Tokyo Commodity Exchange Zhengzhou Commodity Exchange BOVESPA Wiener Brse AG MATIF Eurex Budapest Stock Exchange Tokyo Stock Exchange Oslo Brs Shanghai Futures Exchange Osaka Securities Exchange Taiwan Futures Exchange
launched in New Zealand by a group of wool traders; the third in Sweden by a guy who loved options; the fourth and ninth in Tokyo; the fifth and sixth in Europe; the seventh and eighth in Australia and South Africa; and the tenth in China. Every one of these, except for the two Japanese exchanges, was created from scratch.
The first, failed and forgotten pioneer INTEXiii

The first electronic derivatives exchange, called INTEX, is one that no one remembers. It was launched over a quarter century ago and it failed, and only historians remember failures. But it is an interesting case study because it is essentially a story of how a small group of people who believed that screens were better than floors worked hard to create the first electronic derivatives exchange, in a jurisdiction where they could gain quick regulatory approval, but were beaten back by entrenched floor-based interests on the mainland. In the early 1980s, a retired Merrill Lynch futures broker named Eugene Grummer had grown tired of what he felt were abuses on the trading floors in Chicago and New York,iv and he felt that the time was right for an electronic solution to the problem. A venture like this needed capital and Grummer teamed up with a Texas oilman named Wallace Sparkman. He also needed someone with significant market experience to run the company, and he selected Junius Peake, a former partner in a major securities firm. The group actually wanted to start the exchange in the United States. However after informal meetings with the CFTC staff, they realized that there would be huge delays in approval because of anticipated serious pushback by the big floor-based exchanges. So they began to put down roots in Bermuda. While this may seem like a strange choice, Grummer and Peake had already decided on the London Commodity Clearing House (LCCH) to clear the new exchanges trades and LCCH already had a presence in Bermuda. Also, the British territory was sufficiently close to the US to make it easy for the US-based officers of the exchange to travel there. Building an electronic exchange in the early 1980s was not easy. This venture was complicated by the fact that the customers of the new exchange were almost 800 miles away in New York City and could be connected only by transatlantic cable. INTEX tried to create the perfect system for the time and attempted to incorporate all the suggestions that were given by potential participants. Launch dates were announced a number of times, but had to be canceled continually because the technology was not quite ready. At the
Source: Mondo Visione, exchange websites, emails from exchanges, assorted news clips.
Derivatives pioneers
It should be no surprise then that the earliest electronic exchanges were generally not conversions of older floor-based exchanges, but were rather de novo events, creations of brand-new exchanges. On the derivatives side of the business, most of the new electronic exchanges were successful. In fact, of the first ten screen-based derivative exchanges, created during the pioneering period from 1984 to 1993, all but two got traction. In fact, these eight, either in their original form or after one or more mergers, have become highly successful. The first attempt was actually a North American exchange camouflaged as a Bermuda exchange. The second was
iii
iv
Unless otherwise indicated, details in this section are taken from Patrick Catania, Electronic Trading: A Brief History, in Patrick L. Young (editor), An Intangible Commodity: Defining the Future of Derivatives, Kent, England, erivatives.com Publishing, 2004, p. 51-55, and from discussions with Patrick Catania, who was an employee of INTEX during the period referenced. Its difficult to imagine today when we can see all or much of the limit order book, but in the floor-based world, the most a customer off the floor would
know was the price of the last transaction and possibly a recent bid and ask. By the time a market order reached the floor, it often would be executed at a worse price than indicated by the prices that had just been reported from the floor, and customers often felt they were being cheated. And because of the lack of an accurate trail, it was easier for brokers to front run customer orders. To make matters worse, when things got very busy, a fast market was declared and brokers were not held to all of the normal requirements of performance.
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time of the exchanges opening in October 1984, less than half of the memberships and terminals had been sold. In addition, INTEX made the strategic mistake of choosing gold futures as its first new product. It was a mistake because the conventional wisdom is that new products do best in a bull market when there is a strong inclination to buy. Gold had been in a long bear market for almost five years and continued in that same trend for another six months. But the biggest factor in the failure of INTEX was the pressure exerted by the big floor-based exchanges in United States on their member firms. Members of floor-based exchanges were understandably afraid of the rise of electronic trading and the fact that this could very likely put them out of business. So the Chicago exchanges did everything they could to discourage brokerage firms from doing business at the new electronic INTEX. This included suggestions that firms could lose prime booth space on the Chicago exchange floors, should they be sending any trades to INTEX. On opening day, 25 October 1984, the exchange saw only 142 gold contracts trade and it never got any better.v This first attempt to create an electronic derivatives exchange was a failure, and the floorbased exchanges could breathe a little easier, at least for a while.
Options and northern lights

Electronically traded options were the original foundation for the Swedish OM exchange that opened its doors in 1985 as the worlds third screen-based derivatives exchange. Unlike the first two, OM was successful out of the gate. The force behind OM was a Swedish entrepreneur named Olaf Stenhammer, who first learned options as a broker in New Jersey shortly after the founding of the Chicago Board Options Exchange in 1973. When he returned to Sweden, he got involved in other ventures, but he couldnt get options out of his head and he began designing a system for the electronic trading of options by small retail customers. A very effective marketer, he signed up Swedens largest bank, Enskilda, and its biggest industrial conglomerate, the Wallenberg Group, as his major backers. The exchange made a splash and was profitable from the very first year, a rare event.vi Within two years the exchange was trading 30,000 contracts per day. As might be expected, the success created competitors and OM was in fact faced with a serious competitor during its second year of business. Luckily for OM, the competitor was a floor-based options exchange, and OM was so far ahead, and its transparency and cost advantages were so great, that the new competitor could never gain traction and quickly disappeared. Not only was OM one of the very early pioneers in screen-based trading, in 1987 it became the worlds first publicly listed exchange; and after a long string of mergers, in 2007 it became half of the giant, trans-Atlantic exchange Nasdaq OMX.
Screens solve the location problem down under

New Zealand is a short story. It is a story of seven wool traders spread over four different wool trading centers in New Zealand, who wanted to create a local futures market in New Zealand wool, but found themselves quibbling about which city would host the new exchange. Each trader, of course, wanted the new exchange to be in his city. They then did two smart things. First they decided to make the exchange screen-based so that no one would have any particular advantage and they all would be equally happy or unhappy. Second, they recruited ten financial institutions to join them in the project. The two groups pooled their funds, intelligence, and energy to create the worlds second screen-based derivatives exchange. On January 20, 1985, the New Zealand Futures Exchange opened its doors with government bond, commercial paper and US dollar futures, followed a few months later by wool futures. The exchange got off to a slow start 200 contracts represented a big trading day in the early years. But they kept at it, later added options and merged with the much larger Sydney Futures Exchange in 1991, which itself merged with the Australian Stock Exchange in 2006. The lesson from the New Zealand wool traders was that an electronic exchange solved the where-to-locate problem; and with adequate backing (from the bankers) and product diversification (including both commodity and financial products), the effort became the first successful electronic derivatives exchange.
The pivotal event in the battle between screens and floors

The defining event in the transition from floors to screens took place in Europe and involved a battle between a floor-based Goliath and a tiny screen-based upstart. The London International Financial Futures Exchange (LIFFE) was the largest derivatives exchange in Europe ever since its creation in 1982, which was consistent with Londons position as the worlds most prominent financial center. In 1988, LIFFE listed futures on Europes leading sovereign debt instrument, the German government bond, or Bund. Traditionally, exchanges listed derivatives chiefly on their own countrys assets (stock indexes, government debt and agricultural commodities). But Germany had not yet started a derivatives exchange to list the German products. This was due to German law that viewed futures as gambling and futures contracts as non-enforceable. So LIFFE decided to list Bund futures, a smart move as trading in the product grew rapidly and by the early 1990s the Bund had become LIFFEs most actively traded product.
Electronic Exchange for Futures, Intex, Opens in Slow Trading, Wall Street Journal, 26 October 1984, p. 1.
vi
With options listed on only six Swedish stocks, the exchange made a pre-tax profit of $24.4 million on revenue of $121.8 million, Wall Street Journal, November 18, 1988.
6 Focus | July 2011
About the same time that LIFFE was launching Bund futures, a group of German banks began discussing the creation of a German derivatives exchange along with the change required in German law. They hired Jorg Franke, the head of the Berlin Stock Exchange, to set one up. Just like the wool traders in New Zealand, the banks sponsoring the exchange were spread around the country, in this case in Berlin, Hamburg, Stuttgart, Munich and Hanover, and each wanted the exchange to be in its city. As in New Zealand, they solved the problem by locating the exchange in cyberspace. And to speed up time to market, instead of building a new electronic matching engine from scratch, they bought one from their neighboring Swiss Options and Financial Futures Exchange (SOFFEX). In its first year (1990), the Deutsche Terminbrse (DTB) listed three products futures on the German stock index (DAX), the German equivalent of Eurodollars (FIBOR), and LIFFEs crown jewel, the German Bund. In the futures markets, once an exchange has attracted a reasonable number of buyers, built solid trading volumes and established good liquidity in a product, it has been virtually impossible for another exchange to successfully list the same product. This principle of liquidity-driven monopoly ensured that each exchange generally held a portfolio of monopoly products. So when DTB listed the product in which LIFFE had already built one of the most active markets in the world, seasoned observers expected the DTB to fail, just like virtually all other exchanges that had gone after a liquid market at another exchange. After all, here was the newest and smallest exchange in Europe trying to compete with Europes biggest and oldest financial derivatives exchange.
But there was an interesting difference in this contest. The little German challenger was a screen-based exchange, while the exchange being attacked was floor-based. This meant that DTB was more transparent and cheaper than LIFFE, but it was also quickly building an international following by pursuing the establishment of remote memberships and terminals in Paris, London and the US. In its first year, thanks in part to its banker owners that directed their trades to the new exchange, DTB traded 5 million German Bund contracts, and it continued growing almost every year thereafter. But LIFFE continued to grow just as rapidly and maintained a 2/3rds market share. Then things started to look up for DTB. In 1996, the CFTC gave it permission to place terminals in the US market. In 1997 and 1998, DTB cut fees and made its terminals free for foreign participants. With growing participation from traders in Chicago, London and Paris, DTB volume began to soar at the expense of LIFFE. By the end of 1998, volume at LIFFE had fallen virtually to zero and DTB had traded over 140 million contracts for the year almost five times the level of two years earlier. It took eight years to do it, but a brand new electronic exchange had captured 100% of the market share of Europes biggest contract at Europes biggest floorbased exchange. Never again would the floor-based exchanges of the world be able to sleep peacefully. And to further underline the importance of the victory of the electronic exchange, in that same year, 1998, the German DTB merged with the Swiss SOFFEX to form Eurex, creating the largest derivatives exchange in the world. For over a century, the floor-based Chicago Board of Trade had been the worlds largest derivatives exchange. It was now clear that the future belonged to screens.
The dangerous phase between floor and screen Figure 6.1 German government bond volume at LIFFE and DTB
160 140
120 100 80 60 40 20 0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 LIFFE DTB/Eurex Source: FIA, Volume Reports, 1988-99
What DTBs capture of all of LIFFEs Bund volume points out is that the transitional phase is especially dangerous for floor-based exchanges. This lesson was brought home again in 2006, when a large US exchange almost had its cornerstone product stolen by a new all-electronic exchange. While the New York Mercantile Exchange (NYMEX) did have an electronic platform, it was not robust and the exchange was not pushing it. In fact, in 2005 and 2006, the exchange was still pursuing a floor-based expansion strategy in Europe, Asia and the Middle East at the behest of its member-owners. It actually set up floor-based subsidiaries in Dublin and London and was planning to do the same in Singapore and Dubai. Meanwhile, the Intercontinental Exchange (ICE) had established liquid OTC and exchange-traded markets on a solid electronic platform. In February 2006, ICE listed a clone of NYMEXs benchmark West Texas Intermediate (WTI) crude oil contract. Within a few months, ICE went from zero to a 30% market share. It then launched clones of NYMEXs gasoline and heating oil contracts. What was playing out was a repeat of the DTB-LIFFE story. There
Contracts in millions
Focus | July 2011 7
were two important differences. First, its not clear that ICE really wanted NYMEXs crude oil contract to disappear. NYMEXs WTI contract was a traditional physically delivered contract, where anyone left with a position after the close of trading at the expiration of the contract either delivered or received actual crude oil. The ICE product, by contrast, was cash settled (often referred to as financially settled) based on the NYMEX price. If the NYMEX contract vanished, the ICE contract would lose its settlement mechanism. More importantly, NYMEX saw the folly of its floorbased orientation and quickly made a deal to use CMEs battletested GLOBEX electronic platform. So the CME saved NYMEX from possible extinction at an undisclosed cost. Two years later, the CME bought NYMEX.
was absolutely no overlap between Chicago or New York trading hours and Japanese trading hours. And there was only a very slight overlap between the opening on European exchanges and the closing times on Tokyo exchanges. While some products were protected by exclusive licensing agreements, like the S&P 500 and all other branded stock indexes, most futures products were generic and could be started by any exchange at any time. For example, the contracts based on interest rate products, currencies, and physical commodities had absolutely no intellectual property protection. In the United States, exchanges feared that the Japanese and others in the Asian time zone would establish their own versions of all of the big blockbuster contracts that the Japanese were trading in Chicago and in New York. Of course, there were also low-tech approaches to protecting Western markets. For example, the Chicago Board of Trade was sufficiently committed to floor trading that it decided in 1987 to extend its hours into the Japanese trading day by having an evening session staffed with members making markets on the trading floor. This approach did not last long. The New York Cotton Exchange also had a floor-based evening session beginning in 1992 that actually went on for 15 years, but again the volumes were never very large. The other approach, most successfully pursued by the Chicago Mercantile Exchange, but also by the Chicago Board of Trade, NYMEX, and the London International Financial Futures Exchange (LIFFE) was to set up screen-based systems for trading products after the trading floors closed in the afternoon. LIFFE was first, launching its Automated Pit Trading (APT) system in 1989. The system catered to pit traders and was sufficiently non-robust that LIFFE did not call on it when faced with the 1997-98 DTB attack described earlier. The most strategically important of these systems was the CMEs GLOBEX. It wasnt an easy thing for any of these exchanges to sell electronic trading to their member-owners. Leo Melamed, long-time CME leader, was Chairman of the Strategic Planning Committee that came up with GLOBEX. He needed to convince CME members that after-hours electronic trading was in their interest.vii So he and then chairman Jack Sandner tried to reduce fear by promising members that GLOBEX would never be open during regular daytime trading hours unless the members ever voted to do so. They also created a financial incentive by committing to give 70% of GLOBEX profits to the members. Finally, to convince members that the project had a high probability of success, they chose to partner with then technology pioneer Reuters Holdings PLC. The plan was unveiled to members in the fall of 1987. A few weeks later, the members approved the plan with a landslide vote, though the system would not actually light up until five years later, in June of 1992.
Baby steps Floor-based exchanges try after hours electronic trading

While new exchanges were being created in an electronic format, existing floor-based exchanges took a much more cautious route. Several futures exchanges established electronic systems, but exclusively for after-hours trading, so as not to intrude on or compete with the regular trading hours of their members. Securities exchanges often would allow electronic trading only in lightly traded issues, again so as not to seriously impinge on the business of their members. This approach allowed the exchanges to take small steps toward competing electronically, while preserving for the exchange members exclusive rights to trade during regular daytime trading hours or in the most liquid markets. Leaders of futures exchanges knew they must recognize the technological revolution that was engulfing the world, but they also knew that their members would have their heads if they began to shift their floors to screens. So they adopted electronic trading in a very limited way to solve a very different problem. The problem, especially in the US, had to do with the rise of Japan as a trading power. The Japanese, and to a lesser extent other Asian countries, had jumped into derivatives with both feet. Many Japanese brokerage firms decided to become members of US derivatives exchanges, so many in fact that the CME hired away a Northwestern University professor of Japanese to act as a full-time liaison with these Japanese firms. At the same time that Japanese trading was growing rapidly on US derivatives exchanges, it was also growing rapidly at home in Japan. What US exchanges worried about was whether the Japanese would soon list on their own exchanges the same products they were now supporting on the US and European exchanges. And the US exchanges realized that they were not exactly being customer friendly by requiring the Japanese wishing to trade on the Chicago exchanges to stay up all night to do so. There
vii
This section draws upon Leo Melameds recollections in Leo Melamed, Escape to the Futures, John Wiley and Sons, 1996, p. 336-339.
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The approaches to creating a screen-based system took two major paths. One was to focus on making floor-trading members happy by creating a screen that resembled as much as possible the traditional trading floor. The other approach was to create trading screens that would appeal most to outside traders who had no particular familiarity with, and certainly no deep love of, the traditional trading floor. The lets appeal to the floor trader path to electronic trading was pursued by both the Chicago Board of Trade and the London International Financial Futures Exchange. The Chicago Board of Trade unveiled its floor-trader-friendly Aurora system at the annual Futures Industry Association Conference in Boca Raton Florida in March 1989. Aurora had a beautiful, colorful screen, and was much more interesting than the CME GLOBEX screen. It was a collaboration between Apple Computer Inc., which supplied the colorful Macintosh icons; Texas Instruments, which supplied the artificial intelligence; and Tandem Computer, which supplied the raw processing power. Pit traders loved Aurora. The rest of the world was not so crazy about it, and the product never came to market. The CBOT spent several years pretending to join the CME and Reuters in their GLOBEX system, but ultimately, in 1994, it broke ranks and returned to developing its own pit-trader-friendly, proprietary system renamed Project A. While Project A did have some advantages over its predecessor Aurora, it never really caught on, and the CBOT abandoned the system for a more robust and battletested system created by Eurex of Frankfurt. That relationship lasted only a few years before the CBOT switched from Eurexs system to LIFFEs system, and then finally to CMEs GLOBEX after the 2007 merger of the two giant Chicago exchanges. One thing that the CBOTs continuous swapping of trading platform partners points out is just how modular exchanges have become in the electronic age. In the floor-based days, exchanges were generally self-contained, having pretty much all functions in house trading floor operations, product development, marketing, legal, regulatory and often clearing and settlement (in the case of futures exchanges). Today, exchanges can and do outsource many, and in some cases all, of these functions. This is especially true with trading platforms and related technology. The Swedish exchange OM, one of the early pioneers in electronic trading, was also early in leasing its trading platform to other exchanges. Today, in the form of NASDAQ OMX, it has leased technology to support trading and clearing in more than 50 countries. The London based LIFFE, now part of NYSE Euronext, created a widely respected trading platform called LIFFE CONNECT in 1998, which it has leased out to exchanges in the US, Canada, and Japan and which is used for all the European derivatives exchanges that have become part of the Euronext half of NYSE Euronext.
Automating the worlds stock exchanges

As we have seen, the early pioneers of electronic derivatives trading created brand new exchanges starting in the mid 1980s. It took almost another decade before existing floor-based exchanges began fully converting to screens. Aside from the fact that conversions from floors to screens met stiff resistance from member-owners whose livelihoods were threatened, derivatives trading, especially in financial products, was still in its infancy and many countries did not yet have derivatives exchanges. New Zealand, Sweden, Switzerland, Germany, South Africa and China all had no derivatives exchanges. So during the mid 1980s and early 1990s, all these countries created new derivatives exchanges, and they were all electronic right out of the box. Stock exchanges, on the other hand, were relatively mature institutions, and most countries of any size already had one or more stock exchanges and were not generally building new ones. And given the natural resistance of member-owners, the existing stock exchanges, just like the existing derivatives exchanges, were not likely to quickly convert to screens. Consequently, early electronic activity on the securities side was carried out on an experimental basis, typically only for stocks that were relatively inactive. So in figure 6.2, we see that except for the isolated event of the Cincinnati Stock Exchange becoming electronic in 1980, it was not until 1989 that stock exchanges began to start converting to electronic trading in earnest. Many partial steps were taken toward creating electronic trading platforms even in the 1970s and 1980s. In 1977, the Toronto Stock Exchange became the first exchange to create an electronic matching system.viii NASDAQ, of course, had even earlier in 1971 created an electronic quotation system, whereby dealers could enter and view bids and offers for all NASDAQ stocks. But the matching, the deals, the actual trades, were still done over the phone, to preserve the dealers role and ensure that they were able to earn the bid-ask spread for their market making contribution. Six years after NASDAQ lit up its quotation screens, Toronto lit up CATS (for Computer Assisted Trading System), an electronic limit order book in which brokers could match market orders against the limit orders in the book. But this new system was used only for inactive stocks. This was not threatening to the floor traders who found it much more profitable to focus their attention on the more actively traded issues. Its innovation in electronic matching put the Toronto exchange on the map. As other exchanges explored the possibilities of computerized stock trading and began looking for models and mentors, Toronto became a compulsory stop on their world tours. In 1982, the Tokyo Stock Exchange introduced an automated system
viii
Roger D. Huang and Hans Stoll, The Design of Trading Systems: Lessons from Abroad, Financial Analysts Journal, Vol 48, No 5 (Sep-Oct 1992) pp 49-54.
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Figure 6.2 Comparison of global number of derivatives and stock exchanges becoming fully electronic: 1980-2007
11 10 9 8 7 6 5 4 3 2 1 0 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
Table 6.2: First 20 stock exchanges to become fully electronic

Established Fully Location electronic 1 National Stock 1885 1980 Chicago, United Exchange* States 2 Bolsa Electrnica Nov 1989 Nov 1989 Santiago, Chile de Chile 3 Paris Bourse Jun 1802 1989 Paris, France 4 OMX Nordic Exchange in Helsinki 5 Saudi Stock Exchange (TADAWUL) 6 OMX Nordic Exchange in Stockholm 7 Australian Stock Exchange (ASX) 8 Shanghai Stock Exchange 9 Warsaw Stock Exchange 10 Stock Exchange of Thailand 11 New Zealand Exchange (NZX) 12 Shenzhen Stock Exchange 13 Prague Stock Exchange 14 Vilnius Stock Exchange 15 HKEx 16 National Stock Exchange of India 17 Tehran Stock Exchange 18 Istanbul Stock Exchange 19 Borsa Italiana 20 Indonesia Stock Exchange 1912 Apr 1990 Helsinki, Finland Exchange
1930
Apr 1990
Global No. of Derivative Exchanges Becoming Fully Electronic Global No. of Stock Exchanges Becoming Fully Electronic Source: Mondo Visione, exchange websites, assorted press articles
Riyadh, Saudi Arabia Stockholm, Sweden Australia Shanghai, China Warsaw, Poland Bangkok, Thailand Wellington, New Zealand Shenzhen, China Prague, Czech Republic Vilnius, Lithuania Central, Hong Kong Mumbai, India
1863
1990
modeled on CATS. They altered the name to Computer Assisted Order Routing and Execution System, so CATS became CORES in Japan. One curious thing about the Japanese adaptation of CATS was that even though all the limit orders were placed in an electronic file, trades were actually matched manually by order clerks, called saitori members. It was less efficient, but was a way to preserve jobs, to make Schumpeters creative destruction a little less destructive. Also, while CATS revealed the limit order book to all market participants, Tokyo restricted it to exchange members only. Many exchanges have licensed Torontos CATS the Brussels Bourse, the Paris Bourse and the Madrid Bourse as well as three other stock exchanges in Spain, to name a few. ix Even though the Toronto Stock Exchange was the first to create an electronic matching engine, it took another 20 years before trading became fully electronic in Toronto. As can be seen in the figure 6.2 (and table 6.2), the first fully electronic exchange of any kind was created in 1980 and involved the conversion of the 95-year old Cincinnati Stock Exchange into a fully automated marketplace. But it took almost a decade for the trend to really start. In 1989 there was an electronic exchange created in Chile, and then in each subsequent year, there was at least one and sometimes as many as nine or ten fully electronic stock exchanges lighting up screens. About 80% of these were conversions, like Cincinnati, and the other 20% were brand new ventures, like the Bolsa Electronica de Chile.x The most intensive activity took place between 1995 and 2001. Of the 85xi fully electronic stock exchanges that came on line between 1980 and 2007, most occurred in Europe (33%), the Asia Pacific region (29%) and the Middle East (11%).
ix
1861 Nov 1990 1817 May 1974 1915 Dec 1990 1850s Sep 1992 1891 1992
Oct 1990 Dec 1990 1991 1991 Aug 1992 1992 Apr 1993 Sep 1993 Nov 1993 Jun 1994
1936 Oct 1984 1808 1912
Sep 1994 Nov 1994 1994 May 1995
Tehran, Iran Istanbul, Turkey Milan, Italy Jakarta, Indonesia
xi
Lewis D. Solomon and Louise Corso, The Impact of Technology on the Trading of Securities: The Emerging Global Market and the Implications for Regulation, The John Marshall Law School Review, Vol. 24:299, 1991. Michael Gorham and Nidhi Singh, Electronic Exchanges: The Global Transformation from Pits to Bits, Elsevier, 2009, p. 66. The full 85 are listed in Gorham and Singh, though only the top 20 are displayed in the table here.
* Originally Cincinnati Stock Exchange Source: Mondo Visione, exchange websites, communications with exchanges, assorted news clips.
10 Focus | July 2011
But the question remains: why was the Cincinnati Stock Exchange the first to become fully electronic in 1980 and why did it take almost a decade for another stock exchange to follow its lead?xii Cincinnati converted to screens via a serendipitous combination of desperation and ingenuity. By the 1970s, most of the US regional stock exchanges had disappeared, and those remaining were looking for some way to survive in the shadow of the New York Stock Exchange. At the same time there were broker/dealers who felt squeezed between falling commissions (the SEC eliminated fixed commissions in 1975) and the high costs they faced dealing with the NYSE specialists. The Weeden brothers, Don and Frank, who had their own broker/dealer, approached Cincinnati with an electronic matching system they had developed. If they and others could become specialists on a regional exchange like Cincinnati, they could avoid the NYSE specialists altogether. With revenues and membership values falling, the Cincinnati board felt they had nothing to lose. They began experimenting with the system in 1976 and designing a new exchange. By 1980 the exchange was ready to darken its floors and light up its screens. There were two things that Cincinnati did that helped them to succeed. First they created a system of multiple dealers for each stock, more like NASDAQ than NYSE. Second, they established a rule that allowed the dealers to trade against their own customers if they did so at a price that was better than the best bid or offer. Initially they did well. Tom Peterffy, who started Timber Hill and Interactive Brokers, was making markets in 35 stocks for as many as 3-4,000 shares at a time and was offering better prices than the NYSE. Why did no other exchange follow suit? No member-owned exchange really wanted to convert to screens. And in the United States, there was tremendous resistance in New York to Cincinnatis strategy, especially when Cincinnatis share began to push up to 5%. In fact, the pressure was so great that no other American exchange appeared among the first 20 stock exchanges to become fully screen based. The Asia Pacific region and Europe accounted for 75% of the first 20 and both South America and the Middle East had more electronic stock exchanges than the US by 1995.
This article is a part of the chapter titled Long, promising evolution of screenbased trading published in Regulated Exchanges: Dynamics Agents of Economic Growth in 2010.
About Michael Gorham

Michael Gorham is Industry Professor and Director of the IIT Stuart Center for Financial Markets at the Illinois Institute of Technology. He is also Adjunct Distinguished International Professor of Finance at EGADE, the graduate business school of Monterrey Tec, at the Santa Fe Campus in Mexico City. In addition, he currently serves on the board of directors for the CBOE Futures Exchange in Chicago and, until July 2008, served on the board of the National Commodity and Derivatives Exchange in Mumbai, India. He serves on the business conduct committee of the Chicago Mercantile Exchange, the editorial boards of the GARP Risk Review and of Futures Industry magazine. He is regional director of the Global Association of Risk Professionals for Chicago. Hi is co-author of two books; Indias Financial Markets: An Insiders Guide (July 2008) and Electronic Exchanges: The Global Transformation from Pits to Bits (May 2009), both published by Elsevier. From 2002 to 2004, Mr. Gorham served as the first director of the Commodity Futures Trading Commissions new Division of Market Oversight, a division of 100 economists, lawyers, futures trading specialists and others dedicated to the oversight of the nations 12 futures exchanges. Earlier, Mr. Gorham was an economist at the Federal Reserve Bank of San Francisco and VP of international market development at the Chicago Mercantile Exchange. He has been involved in consulting projects to create a stock index futures market in India, establish a commodities market in the United Arab Emirates, evaluate the feasibility of Parmesan cheese futures in Italy, and to modernize financial markets in Egypt. He also served as Managing Editor of the Journal of Global Financial Markets. He has written for newspapers, journals and magazines in Argentina, China, Japan, Mexico and the U.S. and has given talks on derivatives in 14 countries. After university, he was a Peace Corps volunteer working on an agricultural modernization project in Malawi, Africa. He holds a BA in English literature from the University of Notre Dame, an MS in food and resource economics from the University of Florida and a Ph.D. in agricultural economics from the University of Wisconsin.
xii
This discussion relies on discussions with David Colker, who served in many capacities at the Cincinnati Stock Exchange for two decades, retiring as CEO and president in 2006, and with Gary Lahey, former vice chairman of the CBOE and board member of the Cincinnati Stock Exchange.
Focus | July 2011 11
OTC trading and broker/dealer

crossing networks in European equity markets
Peter Gomber
Chair of e-Finance, University of Frankfurt
Axel Pierron
Senior Vice President Banking, Securities & Investments Celent
In the context of the MiFID Review, the Chair of e-Finance at Goethe University (Prof. Peter Gomber), Frankfurt and Celent (Axel Pierron) jointly published a research report entitled MiFID: Spirit and Reality of a European Financial Markets Directive. The report (available at: http://www.efinance.wiwi.uni-frankfurt.de/eng/index. php?id=newsarchive) analyses the status quo of European equity markets from a legal, economic and business perspective. It draws on a broad range of resources including trading data, interviews, and an analysis of business models. The investigations lead to the following key conclusions specifically concerning OTC trading and the role of Broker/Dealer Crossing Networks in European equity markets: MiFIDs key objectives are market efficiency, market integrity, and fairness. The key idea of MiFID is to establish a comprehensive regulatory regime governing trading in financial instruments irrespective of the trading methods used to conclude those transactions. Recognizing innovations in financial products, services, and specifically new trading methods and new trading technologies alongside regulated markets in the 15 years since the implementation of the original ISD, the Directives aim was to establish a regime that assures the integrity and efficiency of the financial system in general, and high execution quality of investors transactions and the transparency and efficiency of the price discovery process in particular. By defining a new trading venue classification (i.e., regulated markets, multilateral trading facilities, and systematic internalizers) and by enabling these venues to compete on a level playing field in terms of fees, services, and technology, the Directive tries to encourage innovation, reduce explicit and implicit trading costs for investors, and reduce the cost of capital for issuers. However in practice, the OTC side of the market has not been touched by the MiFID regulation. Now three years after the implementation of MiFID, the reality of European markets reveals that the competition between regulated markets and the newly emerged MTFs works in favor of investors and has led to the desired effects in terms of technology and trading model innovations, service competition, significant fee reductions, and improved market quality in terms of reduced spreads and deeper order books. However, there are only a few investment firms that are registered as systematic internalizers, and transactions carried out on an OTC
basis represent a significant (around 40%) and stable part of the overall trading volume in the European equity market. These facts raise some important questions. In reality, trading activity currently reported as OTC activity is very different from the original MiFID intention. MiFID characterizes OTC transactions in Recital 53 as transactions that cumulatively fulfill the requirements of being ad hoc and irregular, carried out with wholesale counterparties, above standard market size, and conducted outside systems used for systematic internalization. The analysis of OTC data in this study reveals that currently the majority of OTC transactions are not larger but smaller than standard market size. Ifas most market participants state the minimization of market impact is the central motivation for OTC trading, one should expect that most OTC trades would face market impact if concluded on the reference market. However, the analysis reveals that most OTC trades would face no market impact. The share of OTC trades that would face no market impact increased from 68% in 2008 to 80% in 2010 for high liquids and from 58% in 2008 to 66% in 2010 for less liquids. A significant share of OTC trades are rather small and would not face market impact, and the structural differences between OTC trading and primary market trades are overestimated in the public discussion. Implementation of trading technologies has reinforced the sensitivity of market data. The fragmentation of venues driven by the opening of venue competition due to MiFID has accelerated the adoption of trading technology from order management systems to algos and SORS. This technologies have changed the way trading is conducted in the European cash equity market. Not only has it driven a decrease of order sizes but it has also made market data, pre- and post-trade, more crucial to market participants, because this information is necessary for this computer-based trading to operate. Therefore, investors are in a situation where they need to capture relevant market data as close to real time as possible, but, at the same time, are looking for opportunities to hide their own trading strategy and pattern. This concern about information leakage is driving an increase of order execution in the dark side of the market, be it through dark pools, crossing networks, or OTC. However, due to technology implementation cost and complex posttrade infrastructure, the vast majority of buy side volume (88%)
is in fact handled by broker/dealers that are de facto in a situation to favor their own dark venues, the crossing networks, or phone brokerage (OTC) at the expense of dark pools. Broker/Dealer Crossing Networks are a positive evolution of the OTC market, but a vast majority of their operations should be regulated. Broker/dealers have developed matching engines to electronify their OTC activities that were mostly conducted over the phone in the past. This is a clear improvement for the industry as whole since it will decrease the likelihood of mismanaged orders, improve the post-trade processing and reporting, etc. However, BDCNs do not provide a unique model of execution. In reality, BDCN operations could qualify for all three venue classifications created by MiFID. Therefore the fact that BDCNs are currently considered OTC transactions is, to a certain extent, a breach of competition since they provide mostly the same services as the regulated venues without the regulatory burden, be it pre-trade transparency or the implementation of waivers for dark pool operations. Reliance on OTC market operations should be closely supervised. The current level of transactions that are conducted OTC pose a real threat to the order-driven model of the European cash equity market. The situation is even more acute with the development of BDCNs that could capture more market share from the regulated trading venues (regulated markets, MTFs, SI). With negotiation happening in the OTC space, the price discovery mechanism happening on the lit market could be severely impacted, pushing the equity market to become a quote-driven market very similar to the structure in place in commoditized OTC asset classes that are the fixed income and spot FX markets. The development of BDCNs creates second class investors. While MiFID has imposed non-discretionary access rules to the various regulated venues, BDCNs are allowed to provide access to selected customers across the various market participant types (traditional buy side, other sell side, hedge funds, etc.). Therefore, access to this liquidity pool is not set on a fair basis, and some market participants that cannot afford or do not wish to become customers of the BDCNs are very likely to become second class investors unable to access the whole liquidity pool available in the market. This situation is even more acute today since numerous BDCNs are becoming linked to one another to create a cloud of crossing networks that will deepen their pool of liquidity and increase the likelihood of execution.
The significant level of OTC activity and the development of BDCNs create some serious market surveillance concerns. Broker/dealers are a very regulated community, and they have to conduct some significant customer activities and order surveillance operations. However, they do not conduct any venue surveillance activity, as regulated trading venues do, and since they do not provide any pre-trade transparency either, the opportunity for an investor to conduct market abuse and market manipulation activities across the various untransparent and unmonitored liquidity pools has increased significantly. This concern should not be minimized because the current fragmented nature of the European regulatory and surveillance infrastructure requires the commitment of every single trading venue operator to minimize opportunities of misconduct and maximize the likelihood of spotting market abuse activity. The key MiFID principle of functional regulation should not be touched. Obviously OTC trades are different from what MiFID envisages them to be, and therefore (i) the extent and profile of OTC reality has to be reflected in depth in a potential MiFID amendment, and (ii) the intention to protect large orders against market impact has to be cross-checked against the reality of trading opportunities provided in public, transparent markets and has to be adequately reflected in new metrics and regulatory parameters. In this discussion, the regulatory handling of BDCNs is a central component. It is undisputed that these crossing networks provide value to customers, and that there is a demand for that service. However, because these execution mechanisms are providing both a multilateral matching of client orders against each other and deal on their own account by executing client orders, they should be classified either as MTFs or as SIs and should fulfill the same regulatory obligations like these MiFID trading venues in terms of transparency, access, and venue surveillance. Given that functional regulation is a key concept of MiFID, the regulatory classification of BDCNs should be based on a functional perspective only. The implementation of a threshold approach for BDCNs currently discussed in the context of the MiFID review would enable these execution venues to leverage their flexibility and adaptability for regulatory arbitrage and would put other MiFID trading venues (e.g., smaller MTFs) that have to fulfill the full range of requirements at a significant competitive disadvantage.
About Peter Gomber

Professor Peter Gomber holds the chair of e-Finance at the Faculty of Economics and Business Administration, University of Frankfurt. He is, in addition, co-chair and member of the board of the E-Finance Lab, a cooperation between the Universities of Frankfurt and Darmstadt and a network of industry partners from financial services. In the E-Finance Lab, he manages the research layer Electronic Financial Markets and Market Infrastructures. He has published numerous articles in international journals and has been awarded the Reuters Innovation Award in 2000, the University Award of Deutsches Aktieninstitut (DAI) in 1999, the IBM SUR Grant in 2007 and several best paper awards at international research conferences. Before assuming his professorship at the University of Frankfurt, Dr. Gomber worked as Director and Head of Market Development Cash Market in the Trading & Clearing Services Division of Deutsche Brse AG. He has been a member of the Exchange Council of the Frankfurt Stock Exchange (FSE) since 2011 and is also a member of the Academic Committee of the Deutsches Aktieninstitut (DAI).
About Axel Pierron

Axel Pierron, based in the firms Paris office, is a Senior Vice President for Celents India research group. Mr. Pierrons expertise lies in electronic bond trading, derivatives and FX markets, market infrastructure, trade finance, and claim management automation. Mr. Pierron is quoted regularly in the media, including the Financial Times, Reuters, Les Echos, Le Monde, CNBC, BBC, Financial News, France 2, Daily Telegraph, and European Banker. He is a frequent speaker on technologys impact on strategy and market organization. Mr. Pierron was a member of the Mission Ecoter within the French Senate and of the Association pour le commerce et les services en ligne (ACSEL). Before joining Celent, Mr. Pierron was an Internet research analyst for BNP Paribas, where he conducted a variety of market research and projects in fields such as e-finance, global B2B operations, knowledge management, and CRM. He was a member of several strategic Internet units within BNP Paribas, including those focused on financial markets. Previously, Mr. Pierron was an internal auditor for Leclerc, the second largest supermarket chain in France. His duties there included management of an EDI implementation project. Mr. Pierron holds an MA in financial markets from the CERAM business school in Nice, France. He is fluent in English and French and proficient in German.
Federation news
2011 Annual meeting program Johannesburg and Kapama Game Reserve
The WFE 51st Annual Meeting will be hosted by Johannesburg Stock Exchange on 12-15 October. The meeting is by invitation only, limited to senior level managers from regulated exchanges and to selected guest speakers that include regulators and market participants. For more information on the meeting, please visit the events website at: https://wfe.jse.co.za/home.aspx.
Wednesday 12 October in Johannesburg

Panel 1 Regulatory winds
What is happening with Dodd-Frank and MiFID II? Where are areas of global convergence and divergence on the industry, from trading through to post-trade? Is the perimeter of regulation being extended, or are the banks succeeding in pushing back? How are exchanges reacting in presenting their case? What are the threats and opportunities for our businesses?
Panel 2 Exchange business models

The push and pull of crises and regulatory change, client demands, technological possibilities, experience gained in operating in the for-profit environment and divergent patterns of economic growth are all simultaneously forcing exchange managers to question how they can best develop sustainable business models for their exchanges. Questions from the past come up in the 2011 context. What do we think about: Horizontal or vertical Where in the value chain should exchanges go to find growth Clients as co-owners or competitors Fee trends For profit or utility Sensitivity to value vs volume
Thursday 13 October in Johannesburg

Panel 3 Interest rate products
The publicly regulated exchange environment has proven its worth. Bonds used to constitute the majority of the exchange listing and trading business. In some jurisdictions, the treasury and corporate bonds are on exchange, so there can be no doubt that the model works. For the last several years, exchanges have made a more concerted effort to regain the business that for the most part worldwide moved OTC: What is the progress? What are exchanges doing Fears/ opportunities for national Treasuries Getting stakeholders on Board
Panel 4 Fragmentation
Fragmentation is one of the hardest challenges this industry faces. Fragmentation has compromised price discovery and transparency and arguably made best execution not only a more tenuous concept but one that is difficult to achieve. Is fragmentation now also affecting primary issuance? Is it reversing or deepening as regulatory reform focuses elsewhere, or gets pushed back? What do investors and issuers say and do? How can exchanges react effectively?
Presentation of the WFE Award for Excellence Panel 5 Innovation in our businesses
Crises and fragmentation aside, this industry moves ahead: what are exchanges doing differently now than five years ago in terms of products, services, and technology? How will the financial market ecosystem evolve and what roles will exchanges play in it? In what new ways should exchanges be looking to work with different client constituencies to extend the reach? How are clients looking at working with exchanges?
Saturday 15 October at Kapama Game Reserve

Panel 6 Exchange mergers and acquisitions
Growing market share, achieving costs synergies, and getting more transactional activity is part of what all exchange operators look for. The last 10-15 years have seen much corporate activity between exchanges with mixed results and to mixed reception. Why have some exchanges looked to crossborder M&A rather than other types of strategic alliances? Why have other exchanges not yet done anything public in this space? Is the cost and effort involved in making a cross-border transaction or relationship work actually worth it? Which are more difficult: the regulatory issues or the exchange as a national asset issues? How difficult is it to actually achieve the planned benefits from these types of transactions? Would you do it again? The Kapama session will be an off-the-record dialogue closed to exchange delegates only.
WFE has 2 new affiliates, and 3 correspondents

The WFE Board of Directors in Chicago, approved the Qatar Exchange and Palestine Exchange as WFE Affiliates, and Hanoi Stock Exchange, Jamaica Stock Exchange et Tokyo Financial Exchange are admitted as Correspondents.
Market highlights for 2011 first half-year

Trading on stock exchanges
In terms of value1 of shares traded, the WFE member exchanges accounted for a total of USD 32.1 tn in the first six months of 2011. (table 2a) Compared with the first six months of 2010, volumes were stable (-0.8%), but this relative stability conceals significant regional differences as the Americas trading decreased by 9.3% whereas Asia-Pacifics volumes rose by 13.8%. The Americas decrease is mostly due to US exchanges (which represent 91% of the regional total value of share trading, and 45% of the WFE total). The combined US figures were down 11.3% in the first half of 2011 compared to the same period in 2010. The value of share trading in most of the other exchanges in the region increased during the same period. In the Asia Pacific region (up 13.8% globally), all the exchanges USD value of share trading increased, except for the two Indian exchanges. The EAME region situation was much more contrasted with significant discrepancies among exchanges. Total value of exchange trading in EAME increased by 3.2%.
A slight decrease in total number of trades led to a larger average value of trade
The total number of trades declined by 5.1% in the first six months of 2011 compared to the first half of 2010. This trend coupled with stable volumes led to a slight increase of the average value of trade2 (USD 9 100).
Average value of trade (weighted by share value trading) (USD thousand)
15.8 14.8
8.1
8.8
8.9
9.1
5.4
5.8
Americas Half year 2010
Asia - Pacific Half year 2011
EAME
WFE
1 Electronic order book share trading value 2 All calculations on average value of trade are weighted by share trading value (in USD)
The size of global markets (the global market capitalization) increased significantly over the past 12 months.
Comparing June 2011 to June 2010, WFE total market capitalization increased by 28% at USD 56.6 tn. The trend was general in all three time zones. Growth in market capitalization can be the result of several factors the good performance of several major indices (especially the US markets in late 2010) raised the value of listed companies (table 3). This rate of increase in market capitalization is much more modest when looking at the first six months of the year (+3.1% - see table 1d). Secondly, a weak US dollar inflated the value of other markets (table 1a).
Strong growth of derivatives markets

The first half of the year saw a net increase in terms of number of contracts traded, +9.8% globally. Interest rate derivatives increased 8.75% following the rising uncertainty about inflation and interest rates policy. Among equity products, stock index options (+23%) increased significantly compared to single stock options (+0.9%). Single stock futures were up 1.1% while stock index futures were down 4%.
Bond trading
Bond trading was significantly up (+60%) on the first six months of the year, reaching USD 16.9 tn.
ETFs
A sharp decrease (-19.6%) of the turnover happened on the first six months (USD 4.5 tn). The decrease is due to the Americas figure (-19.6%) which represent more than 85% of the WFE total turnover.
Rate of growth in capital raised on stock exchanges turns negative

Finally, new capital raised (table 4) is another component for higher market capitalization. The pace of raising capital was slower in the first six months of 2011 versus the same period a year ago. The number of new companies on stock exchanges (IPOs) was 13% higher thanks to exchanges known for listings of small and medium size enterprises (SMEs). TMX Group 148 new listings, Shenzhen Stock Exchange I44 and Warsaw Stock Exchange 101 lead the way.
Securitized derivatives
Volumes on this segment confirmed its growth (+16.4% on the first six months of 2011) reaching USD 581 bn of turnover.
1. Domestic equity market capitalization Regional and total WFE domestic equity market capitalization performances at end-June 2011 compared to end-June 2010
USD billion end-June 2011 22 795 17 384 16 410 56 589 USD billion end-June 2010 18 606 13 624 11 981 44 211 % change in USD 22.5% 27.6% 37.0% 28.0%
Time zone Americas Asia-Pacific Europe Africa Middle East Total WFE
10 largest domestic equity market capitalization at mid-year 2011

% change end-June 2010 (in USD) 16.9% 28.5% 33.3% 11.5% 41.5% 36.7% 23.3% 36.5% 46.6% 34.9% % change end-June 2010 (in local currency) 16.9% 28.5% 12.6% 1.8% 19.6% 30.3% 23.2% 23.9% 23.9% 16.9%
1 2 3 4 5 6 7 8 9 10
Exchange NYSE Euronext (US) NASDAQ OMX (US) London Stock Exchange Group Tokyo Stock Exchange Group NYSE Euronext (Europe) Shanghai Stock Exchange Hong Kong Exchanges TMX Group Deutsche Brse BM&FBOVESPA
USD billion end-June 2011 13 791 4 068 3 849 3 655 3 248 2 804 2 712 2 231 1 622 1 553
USD billion end-June 2010 11 793 3 165 2 888 3 277 2 295 2 051 2 200 1 635 1 106 1 151
Evolution of domestic equity market capitalization by time zones in USD since 2000
65 000 60 000 55 000 50 000 45 000 40 000 36,848 35 000 30,956 30 000 25 000 20 000 15 000 10 000 5 000 0 16,450 9,588 4,918 14,852 11,931 7,775 3,968 4,437 8,691 6,465 6,264 7,535 9,310 15,672 11,133 12,120 11,838 17,920 26,595 22,833 18,180 19,458 16,159 22,653 24,320 22,173 18,615 13,896 9,467 9,221 18,933 17,435 14,625 14,224 15,346 16,410 22,795 17,384 30,627 32,584 40,888 50,650 47,782 56,589 60,855 54,954
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1 half 2011
WFE total
30 956
26 595 Asia - Pacific
22 833
30 627
36 848
40 888
50 650
60 855
32 584
47 782
54 954
56 589
Americas
Europe - Africa - Middle East
WFE Total
Evolution of monthly domestic market capitalization since 2009

25 60
Total by geographical zone - USD trillion
50 20 40
15
30
20 10 10
5
Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11
Americas
Asia - Pacific
WFE Total
Total WFE - USD trillion
Variations in domestic market capitalization by member during the period end-June 2011 compared to end-June 2010 in USD
% -10 0 10 20 30 40 50 60 70 80
Oslo Brs Colombo SE Philippine SE Shenzhen SE Indonesia SE Warsaw SE MICEX Tehran SE Deutsche Brse Wiener Brse Korea Exchange NYSE Euronext (Europe) Buenos Aires SE Santiago SE The Stock Exchange of Thailand Mauritius SE Bursa Malaysia Shanghai SE TSX Group Australian SE Johannesburg SE Taiwan SE Corp. Budapest SE BM&FBOVESPA Colombia SE NASDAQ OMX Nordic Exchange SIX Swiss Exchange London SE Group BME Spanish Exchanges Singapore Exchange Mexican Exchange NASDAQ OMX Luxembourg SE Irish SE Hong Kong Exchanges Malta SE Lima SE Tel-Aviv SE NYSE Euronext (US) Istanbul SE Tokyo SE Group Bermuda SE National Stock Exchange India Bombay SE Saudi Stock Market - Tadawul Athens Exchange Cyprus SE Osaka SE Ljubljana SE Amman SE Egyptian Exchange
2a. Share trading value Regional and total WFE electronic order book share trading value performances in 1 half of 2011 compared with 1 half of 2010
USD billion Jan-Jun 2011 16 156 9 762 6 264 32 182 USD billion Jan-Jun 2010 17 807 8 580 6 068 32 455 % change in USD -9.3% 13.8% 3.2% -0.8%
Top 10 exchanges by electronic order book value of share trading at mid-year 2011
% change 1st half of 2010 (in USD) -8.1% -15.6% 17.6% 12.7% 8.8% 2.1% 2.7% 30.0% -1.9% 22.5% % change 1st half of 2010 (in local currency) -8.1% -15.6% 12.6% 1.1% 4.2% -6.2% -5.6% 22.2% -9.9% 14.3%
1 2 3 4 5 6 7 8 9 10
Exchange NYSE Euronext (US) NASDAQ OMX (US) Shanghai Stock Exchange Tokyo Stock Exchange Shenzhen Stock Exchange London Stock Exchange Group NYSE Euronext (Europe) Korea Exchange Deutsche Brse TMX Group
USD billion Jan-Jun 2011 8 731 6 008 2 219 2 202 1 551 1 531 1 129 1 014 898 825
USD billion Jan-Jun 2010 9 496 7 118 1 887 1 954 1 425 1 499 1 100 779 915 673
2b. Number of trades in equity shares Top 10 exchanges by electronic order book (EOB) value number of trades in equity shares during January-June 2011
Average value of trades EOB 1st half of 2011 (in thousand) 9.4 7.9 2.9 0.5 2.8 1.9 0.4 12.1 13.4 7.6 Average value of trades EOB 1st half of 2010 (in thousand) 8.7 7.2 2.5 0.5 2.5 1.7 0.4 11.2 13.6 6.8
1 2 3 4 5 6 7 8 9 10
Exchange NYSE Euronext (US) NASDAQ OMX (US) Shanghai Stock Exchange National Stock Exchange India Shenzhen Stock Exchange Korea Exchange Bombay Stock Exchange Tokyo Stock Exchange London Stock Exchange Group TMX Group
USD billion Jan-Jun 2011 931 164 759 872 758 835 705 579 548 838 544 091 208 719 182 618 113 956 108 973
USD billion Jan-Jun 2010 1 091 733 982 169 741 699 746 268 562 374 448 301 268 881 174 058 110 443 98 753
% change 1st half of 2010 (in USD) -14.7% -22.6% 2.3% -5.4% -2.4% 21.4% -22.4% 4.9% 3.2% 10.3%
Compared evolution of electronic order book share trading value by time zone in USD bn in the first half of 2008, 2009, 2010 & 2011
50 000 45 000 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0
47 291
32 455 30 791 27 251
32 182
17 755 17 807
16 156 9 322 7 971 8 580 9 762 10 718 5 065 6 068 6 264
Americas 1 half 2008 1 half 2009 1 half 2010
Asia - Pacific 1 half 2011
WFE Total
Note: NYSE Euronext (US) and NASDAQ OMX (US) started to provide separate electronic order book data for share trading value in 2008 only. Previous years data are not comparable.
Evolution of monthly electronic order book share trading value since 2009
5 7
4 5 3
2 1 1
0
Americas
Asia - Pacific
WFE Total
Variations in electronic order book share trading value by member during the period January/June 2011 compared to January/June 2010 in USD
% -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 70 198.4%
Lima SE Colombo SE Colombia SE Philippine SE Santiago SE Bursa Malaysia The Stock Exchange of Thailand Warsaw SE Ljubljana SE Korea Exchange Saudi Stock Market - Tadawul Malta SE TSX Group Istanbul SE Shanghai SE Australian SE Johannesburg SE Indonesia SE Taiwan SE Corp. Singapore Exchange Tokyo SE Group MICEX BM&FBOVESPA Hong Kong Exchanges Buenos Aires SE SIX Swiss Exchange NASDAQ OMX Nordic Exchange Tehran SE Shenzhen SE Mexican Exchange Osaka SE NYSE Euronext (Europe) London SE Group Oslo Brs Deutsche Brse BME Spanish Exchanges NYSE Euronext (US) Tel-Aviv SE Irish SE National Stock Exchange India Wiener Brse NASDAQ OMX Mauritius SE Luxembourg SE Cyprus SE Bombay SE Athens Exchange Budapest SE Amman SE Egyptian Exchange Bermuda SE
3. Broad equity market index performances among all WFE members Top 10 performing broad market indexes: end-June 2011 v. end-June 2010
% change end-June 2011 /end-June 2010 (in local currency) 68.4% 49.3% 48.0% 35.0% 33.5% 31.5% 30.6% 28.6% 27.3% 27.2%
1 2 3 4 5 6 7 8 9 10
Exchange Tehran Stock Exchange Buenos Aires Stock Exchange Colombo Stock Exchange Lima Stock Exchange Indonesia Stock Exchange NASDAQ OMX US Stock Exchange of Thailand NYSE Euronext (US) MICEX Philippine Stock Exchange
Broad index name TEDPIX Composite index CSE All Share Indice General BVL (IGBVL) JSX Composite Index Composite index SET Index Composite index MICEX index PSE Index (PSEi)
Top 5 performing broad market indexes by time zone: end-June 2011 v. end-June 2010
Americas 1 2 3 4 5 Buenos Aires Stock Exchange Lima Stock Exchange NASDAQ OMX (US) NYSE Euronext (US) Santiago Stock Exchange Asia / Pacific 1 2 3 4 5 Colombo Stock Exchange Indonesia Exchange Stock Exchange of Thailand Philippine Stock Exchange Bursa Malaysia Europe - Africa - Middle East 1 2 3 4 5 Tehran Stock Exchange MICEX Mauritius Stock Exchange Oslo Brs Warsaw Stock Exchange % change Jun 2011 / Jun 2010 49.3% 35.0% 31.5% 28.6% 20.3% % change Jun 2011 / Jun 2010 96.0% 46.1% 40.6% 37.6% 22.0% % change Jun 2011 / Jun 2010 68.4% 27.3% 26.8% 23.4% 22.9%
Index performance by time zones: end-June 2011 compared to end-June 2010

WFE member exchange broad equity market indexes, weighted by market capitalization, gained 19% on average in local currency at end-June 2011 compared to end-June 2010, and 28% on average in US dollar terms during the same period.
Average performance during the 1st half of 2011 (end-June 2011 / end-June 2010) (in local currency) 25.8% 11.8% 17.0% 19.1% Average performance during the 1st half of 2011 (end-June 2011 / end-June 2010) (in USD) 28.7% 20.9% 34.0% 28.2%
Time zone Americas Asia-Pacific Europe/Africa/Middle East WFE Average
Changes in broad indexes (comparison of end-June 2011 with end-June 2010) (in local currency terms)
% -30 -20 -10 0 10 20 30 40 50 60 70
Tehran SE Buenos Aires SE Colombo SE Lima SE Indonesia SE NASDAQ OMX US Thailand SE NYSE Euronext US MICEX Philippine SE Mauritius SE Korea Exchange Oslo Brs Warsaw SE Wiener Brse Bursa Malaysia Shenzhen SE Deutsche Brse London SE Johannesburg SE Santiago SE Taiwan SE TMX Group Mexico SE NYSE Euronext Paris BME Valencia Istanbul SE Shanghai SE BME Bilbao NASDAQ OMX Stockholm Colombia SE Hong Kong Exchanges Singapore Exchange BME Barcelona NYSE Euronext Lisbon NYSE Euronext Amsterdam BME Madrid Saudi Stock Market NASDAQ OMX Iceland Australian SE NASDAQ OMX Helsinki NASDAQ OMX Copenhagen NYSE Euronext Brussels Borsa Italiana Tel-Aviv SE Luxembourg SE Irish SE Bombay SE BM&FBOVESPA National Stock Exchange India SIX Swiss Exchange Tokyo SE Malta SE Osaka SE Bermuda SE Amman SE Budapest SE Athens SE Egyptian Exchange Cyprus SE
4. Investment flows capital raised and secondary market issues by time zone
Total (USD billion) Jan-Jun 2011 125.8 171.1 64.5 361.4 Total (USD billion) Jan-Jun 2010 72.1 150.5 134.2 356.8
% change 74% 14% -52% -1.3%
Note: Out of the 361.4 bn of investment flows, IPOs value amounted approximately to USD 126 bn in the first half of 2011. Data includes SME/Alternative markets
10 largest exchanges by investment flows during the period January-June 2011 v. January-June 2010
1st half of 2011 USD billion 82.3 39.7 38.6 32.9 27.1 26.1 25.6 10.4 9.7 7.9 1st half of 2010 USD billion 52.7 28.3 21.6 14.0 23.7 9.6 15.7 26.9 16.8 2.7
1 2 3 4 5 6 7 8 9 10
Exchange NYSE Euronext (US) Shenzhen Stock Exchange Hong Kong Exchanges BM&FBOVESPA Shanghai Stock Exchange BME Spanish Exchanges Australian Securities Exchange Tokyo Stock Exchange National Stock Exchange India Johannesburg Stock Exchange
% change 56% 40% 79% 135% 14% 172% 63% -61% -42% 193%
Number of new companies listed through an IPO during the period January-June 2011 v. January-June 2010 by time zone
Number of IPOs Jan-Jun 2011 256 440 243 939 Number of IPOs Jan-Jun 2010 225 416 188 829
% change 14% 6% 29% 13%
5. Value of bond trading Regional and total WFE bond trading value performances in 1 half of 2011 compared with 1 half of 2010
USD billion Jan-Jun 2011 656 442 15 806 16 904 USD billion Jan-Jun 2010 628 318 9 618 10 564
% change 4.5% 39.0% 64.3% 60.0%
10 largest exchanges by total value of bonds traded during the period January-June 2011
USD billion Jan-Jun 2011 9 305 2 736 1 454 1 282 527 328 295 292 155 119 USD billion Jan-Jun 2010 4 678 1 934 971 1 088 529 191 247 231 117 96 % change 1st half of 2010 (in USD) 98.9% 41.5% 49.8% 17.8% -0.5% 72.1% 19.4% 26.1% 32.4% 24.1% % change 1st half of 2010 (in local currency) 83.3% 30.5% 36.0% 8.2% -6.2% 61.1% 5.1% 30.0% 24.4% 15.3%
1 2 3 4 5 6 7 8 9 10
Exchange BME Spanish Exchanges London Stock Exchange Group Johannesburg SE NASDAQ OMX Nordic Exchange Colombia Stock Exchange Korea Exchange Oslo Brs Istanbul Stock Exchange MICEX Tel-Aviv Stock Exchange
6. Securitized derivatives - turnover by region at mid-2011

Turnover (USD billion) Jan-Jun 2011 0.8 445 135 581 Turnover (USD billion) Jan-Jun 2011 0.4 394 105 499 % change in USD 100% 12.9% 28.6% 16.4%
Top 5 exchanges by value of securitized derivatives traded in 1st half of 2011

Turnover value 1st half of 2011 USD billion 277 157 47 32 21 Turnover value 1st half of 2010 USD billion 221 158 37 19 18
1 2 3 4 5
Exchange Hong Kong Exchanges Korea Exchange Deutsche Brse SIX Swiss Exchange NYSE Euronext (Europe)
% change 25.3% -0.6% 27.0% 68.4% 16.7%
7. ETFs - turnover by region at mid-2011

Turnover (USD billion) Jan-Jun 2011 3 908 141 457 4 506 Turnover (USD billion) Jan-Jun 2011 4 859 116 373 5 348 % change in USD -19 6% 21.6% 22.5% -15.7%
Top 5 exchanges by value of ETFs traded in 1st half of 2011

Turnover value 1st half of 2011 USD billion 1 982 1 826 150 133 97 Turnover value 1st half of 2010 USD billion 2 272 2 481 121 103 81
1 2 3 4 5
Exchange NYSE Euronext (US) NASDAQ OMX (US) London Stock Exchange Group Deutsche Brse NYSE Euronext (Europe)
% change -12.8% -26.4% 24.0% 29.1% 19.7%
8. Derivatives markets Top 10 exchanges by number of single stock options contracts traded in 1st half of 2011
Number of contracts traded in 1st half of 2011 392 627 912 382 247 493 318 946 827 283 415 271 225 620 595 150 477 581 78 965 239 34 347 079 31 267 063 21 000 201 68 652 205 1 987 567 466 Number of contracts traded in 1st half of 2010 424 157 178 288 561 339 313 882 984 308 629 029 260 368 432 143 320 872 116 245 645 26 768 801 8 219 246 14 135 699 65 365 538 1 969 654 763
1 2 3 4 5 6 7 8 9 10
Exchange BM&FBOVESPA NASDAQ OMX NYSE Euronext (US) Chicago Board Options Exchange International Securities Exchange EUREX NYSE.Liffe Europe Hong Kong Exchanges ASX Derivatives Trading Buenos Aires SE Others Total
% change -7.43% 32.47% 1.61% -8.17% -13.35% 4.99% -32.07% 28.31% 280.41% 48.56% 5.03% 0.91%
Top 10 exchanges by number of single stock futures contracts traded in 1st half of 2011
Number of contracts traded in 1st half of 2011 161 748 306 141 993 019 84 408 994 28 613 669 24 099 383 16 443 265 6 096 072 3 169 005 2 773 107 1 124 939 3 754 388 474 224 147 Number of contracts traded in 1st half of 2010 198 955 076 118 123 693 74 154 839 37 002 890 21 881 547 8 063 445 4 717 865 2 361 583 1 232 819 331 892 2 042 576 468 868 225
1 2 3 4 5 6 7 8 9 10
Exchange NYSE.Liffe Europe EUREX National Stock Exchange India Johannesburg SE Korea Exchange BME Spanish Exchanges MICEX Athens Derivatives Exchange OMX Nordic Exchange ASX Derivatives Trading Others Total
% change -18.70% 20.21% 13.83% -22.67% 10.14% 103.92% 29.21% 34.19% 124.94% 238.95% 83.81% 1.14%
Top 10 exchanges by number of stock index options contracts traded in 1st half of 2011
Number of contracts traded in 1st half of 2011 2 008 082 595 404 017 571 193 556 466 142 892 632 66 341 123 40 252 823 25 769 407 24 653 129 23 320 740 7 507 019 23 487 071 2 959 880 576 Number of contracts traded in 1st half of 2010 1 671 466 852 221 430 570 173 244 615 147 176 493 48 775 481 36 940 451 19 271 547 22 547 926 32 569 057 5 266 522 27 669 387 2 406 358 901
1 2 3 4 5 6 7 8 9 10
Exchange Korea Exchange National Stock Exchange India EUREX Chicago Board Options Exchange TAIFEX Tel-Aviv SE CME Group Osaka SE NYSE.Liffe Europe Hong Kong Exchanges Others Total
% change 20.14% 82.46% 11.72% -2.91% 36.01% 8.97% 33.72% 9.34% -28.40% 42.54% -15.12% 23.00%
Top 10 exchanges by number of stock index futures contracts traded in 1st half of 2011
Number of contracts traded in 1st half of 2011 333 364 339 217 707 075 77 636 696 68 446 563 47 055 755 41 278 694 33 460 617 24 366 051 22 432 423 15 485 823 59 071 530 940 305 566 Number of contracts traded in 1st half of 2010 373 562 635 211 119 321 79 554 314 69 787 170 49 227 075 44 932 497 29 167 486 21 347 771 20 992 391 17 035 309 62 445 679 979 171 648
1 2 3 4 5 6 7 8 9 10
Exchange CME Group EUREX National Stock Exchange India Osaka SE NYSE.Liffe Europe Korea Exchange Singapore Exchange TAIFEX Hong Kong Exchanges OMX Nordic Exchange Others Total
% change -10.76% 3.12% -2.41% -1.92% -4.41% -8.13% 14.72% 14.14% 6.86% -9.10% -5.40% -3.97%
Top 5 exchanges by number of ETF options contracts traded in 1st half of 2011
Number of contracts traded in 1st half of 2011 212 102 292 209 791 457 163 208 467 147 036 507 1 826 270 1 491 448 735 456 441 7 097 434 196 Number of contracts traded in 1st half of 2010 162 529 009 169 427 418 154 857 172 138 312 393 1 081 449 96 083 626 303 524 6 450 357 061
Exchange 1 NASDAQ OMX 2 NYSE Euronext (US) 3 Chicago Board Options Exchange 4 International Securities Exchange 5 Bourse de Montreal Others Total Total equity derivatives
% change 30.50% 23.82% 5.39% 6.31% 68.87% 1452.25% 17.43% 10.03%
Top 5 exchanges by number of interest rate derivatives contracts traded in 1st half of 2011
Number of contracts traded in 1st half of 2011 803 627 687 336 054 956 252 154 556 21 512 254 17 307 249 25 738 028 1 456 394 730 Number of contracts traded in 1st half of 2010 701 053 488 299 752 499 288 885 964 16 635 770 12 573 726 20 347 168 1 339 248 615
1 2 3 4 5
Exchange CME Group EUREX NYSE.Liffe Europe MexDer Korea Exchange Others Total
% change 14.63% 12.11% -12.71% 29.31% 37.65% 26.49% 8.75%
News (A-Z)
Corporate news
Borsa Italianas Board of Directors appoints new Chairman
The Board of Directors of Borsa Italiana appointed Massimo Tononi as Chairman of the company and confirmed Janet Cohen as Vice President and Raffele Jerusalmi as CEO.
Exchange consolidation news

MICEX and RTS Stock Exchange sign merger agreement
MICEX and RTS Stock Exchange have signed a framework agreement to combine the exchange groups which provides procedures for establishing a joint exchange holding. This merger represents the first stage in developing a Russian national exchange. The deal is subject for approval by the Federal Antimonopoly Service and extraordinary general meetings of shareholders of MICEX and RTS scheduled in August 2011.
Deutsche Brse acquires Kingsbury International

Deutsche Brse has acquired the assets of Kingsbury International, a US-based business and economic consulting firm known for creating and releasing the monthly Chicago Business Barometer which publishes the Chicago Purchasing Managers Index. This transaction further enhances Deutsche Brses Market Data & Analytics segment by expanding its global product offering.
NYSE Euronext shareholders approve combination with Deutsche Brse

On 7 July 2011, NYSE Euronexts shareholders approved during a special meeting the adoption of the business combination agreement with Deutsche Brse and related proposals.
Deutsche Brse acquires stake in Digital Vega

Deutsche Brse has acquired a minority stake in Digital Vega, a London-based company which provides electronic FX technology solutions to buy- and sell-side firms. Digital Vega has developed a software solution which broadcasts request for quotes from buy-side asset managers, corporates, hedge funds and regional banks for FX option transactions to sell-side liquidity providers. With this acquisition, Deutsche Brse is increasing its positioning in the provision of pre-trade price transparency in the derivatives area for institutional investors and taking an initial footprint in the FX derivatives space.
TMX Group and London Stock Exchange Group terminate merger agreement
TMX Group has agreed with London Stock Exchange Group to terminate their merger agreement after failing to secure enough support from shareholders.
Indices
ISE launches two indices and ETNs
The International Securities Exchange launched two new indexes, the ISE Oil Futures Spread index and the ISE Natural Gas Futures Spread index. They track continuous exposure to oil futures prices and natural gas futures prices, respectively, using packaged calendar spread strategies. In addition, ISE has partnered with UBS to launch two exchange-traded notes (ETNs) linked to these indexes.
Istanbul Stock Exchange acquires stake in Sarajevo Stock Exchange

The Istanbul Stock Exchange became a shareholder of the Sarajevo Stock Exchange by acquiring 5% of its capital. The ISE Settlement and Custody Bank (Takasbank) and the Central Registry Agency of Turkey also became shareholders of the Sarajevo Stock Exchange with 5% share each.
NYSE Amex Options completes sale of equity stake

NYSE Amex Options has completed its agreement to sell a 52.8% equity interest in the exchange to seven leading order flow providers and market making firms. However, NYSE Euronext will remain the largest single shareholder in the entity. This new partnership is expected to enhance NYSE Amex Options competitiveness by providing a range of benefits to the marketplace through a unique market model that combines an industry-leading trading platform with world leaders in market making, order execution and customer service.
ISE launches cloud computing index fund

The International Securities Exchange announced that First Trust Advisors has launched the First Trust ISE Cloud Computing Index Fund, the first ETF that tracks companies actively involved in the emerging cloud computing industry. The First Trust ISE Cloud Computing Index Fund is based on the ISE Cloud Computing Index, a new benchmark for this growth sector that includes companies that are direct service providers for the cloud, firms that provide goods and services in support of the cloud computing space, and technology conglomerates whose business model uses or supports cloud computing technology.
RTS Stock Exchanges Board of Directors elects chairman

On 4 July 2011, the RTS Board of Directors elected Jacque Der Megredichyan Chairman of the Board of Directors of Open Joint Stock Company Russian Trading System Stock Exchange.
Istanbul Stock Exchange starts calculating dividend indices

The Istanbul Stock Exchange started calculating the ISE Dividend Index and the ISE Dividend 25 Index on 1 July 2011. The ISE Dividend Index is constituted of companies having made profits in the last three annual financial statements, distributed cash dividends for such periods, and made profits in the 12-month period preceding the date of the last financial statement. The ISE Dividend 25 index is composed of 25 companies with highest free float market capitalization selected among the companies ranking in the first 2/3 level of the ISE Dividend index constituents having the highest dividend yield as of the review date.
Inter-market links
BM&FBOVESPA and Colombian Exchange sign MoU
BM&FBOVESPA and the Colombia Stock Exchange signed a Memorandum of Understanding under which the two exchanges will explore alternatives focused on a possible interconnection of their equities, fixed-income and derivatives markets to promote the development of the capital markets.
Hong Kong Exchanges and Dalian Commodity Exchange sign MoU

The Hong Kong Exchanges and Clearing and the Dalian Commodity Exchange signed a Memorandum of Understanding on cooperation and the exchange of information.
RTS Stock Exchange and Moscow School of Management to establish sustainability index
RTS Stock Exchange and the Moscow School of Management SKOLKOVO have started working on a joint project for establishing and calculating the first Russian sustainability index. It will include shares of Russian issuers traded on RTS stock market and selected on the basis of regularly published corporate and social responsibility reports.
Johannesburg Stock Exchange extends licensing agreement with CME Group to include wheat contract
On 5 July 2011, the Johannesburg Stock Exchange introduced a foreign-referenced wheat contract to the portfolio of commodities it offers under licence from the CME Group. The new contract, based on soft red winter wheat of the Chicago Board of Trade, provides local market participants with an alternative product should they see trading opportunities arising on this international benchmark.
Shenzhen Stock Exchange launches sector indices

On 15 June 2011, the Shenzhen Stock Exchange, in cooperation with Shenzhen Securities Information, introduced the SZSE sector index series, including SZSE energy sector index, SZSE raw material sector index, SZSE industrial sector index, SZSE consumer discretionary sector index, SZSE consumer staples sector index, SZSE health care sector index, SZSE financial sector index, SZSE IT sector index, SZSE telecommunication services sector index, and SZSE utilities sector index.
NASDAQ OMX and RTS Stock Exchange announce market data partnership
The NASDAQ OMX Group and RTS Stock Exchange have reached a partnership agreement that will facilitate RTS efforts to more quickly realize and maximize profits for their market data content. NASDAQ OMX will provide RTS with a comprehensive suite of services to ensure compliance with RTS market data policies and best practices. The services will be performed by NASDAQ OMX Global Data Products through its Global Access program. This program allows companies to utilize NASDAQ OMXs data distribution network and its sales, administrative and technical expertise to realize profits from market data content.
Stock Exchange of Thailand launches dividend index

On 4 July 2011, the Stock Exchange of Thailand launched the SET High Dividend 30 index, consisting of 30 listed securities which have consistently paid high dividend. The new index is aimed to be used as a benchmark for investment and will serve as the basis of the issuance of other financial products.
TMX Datalinx sign data distribution agreement with NASDAQ OMX

TMX Datalinx, TMX Groups information services division, has entered into a bi-lateral agreement with NASDAQ OMX Global Data Products to make each marketplaces market data available in their respective co-location facilities. Using TMXnet North America, TMXs low latency network between Canada and the US, TMX and NASDAQ OMXs co-location clients will receive low latency, reliable and cost efficient access to NASDAQ OMX and TMX market data.
IT
Deutsche Brse operates Xetra cash market in new data centre
Deutsche Brse has been operating its Xetra cash market in a new data centre since 4 July 2011, after Deutsche Brse IT successfully migrated the entire Xetra host infrastructure. The Xetra infrastructure is now housed in the International Business Exchange data centre of the international IT company Equinix Inc., a global provider of data centre services. As part of the migration, Deutsche Brse IT replaced all of the host computer hardware and gateways with the latest higher-performance hardware. This means all Xetra clients will benefit from a further reduction of Xetra system latency of up to 40%. The migration of the Xetra cash market enables Deutsche Brse Group to now offer its clients co-location services from a single location for the first time.
SIX Swiss Exchange extends contract with NASDAQ OMX and upgrades to new trading platform
The SIX Swiss Exchange has extended its contract with NASDAQ OMX and will upgrade its existing SWXess equities trading platform with NASDAQ OMXs X-stream INET technology. The system upgrade is scheduled to be in effect in the first quarter of 2012, and will enable significant latency and throughput advantages for SIX Swiss Exchange and its trading members in all asset classes.
Stock Exchange of Thailand to introduce new trading and IT systems

The Stock Exchange of Thailand has signed a formal agreement with Cinnober under which Cinnober will deliver several core systems to SET, replacing its trading, market data and surveillance systems for both the equities and derivatives markets. In the new technology infrastructure, equities and derivatives will be traded on the same platform, based on Cinnobers TRADExpress Trading System. Cinnober will also provide SETs new market data dissemination system, based on TRADExpress Information Manager, as well as the market surveillance system Scila Surveillance. The new systems will start to go live in 2012 for equities, and 2013 for derivatives.
NASDAQ OMX launches bond trading on Genium INET across five Nordic and Baltic markets
The NASDAQ OMX Group has rolled out bond trading on Genium INET for five of its Nordic and Baltic markets. From now on, all NASDAQ OMX Nordic and Baltic fixed-income activities will take place on one unified platform. Bond trading of over 5,000 listed bonds on the fixed-income markets in Denmark, Sweden, Finland, Latvia and Lithuania will join Iceland in trading on INET. Genium INET is a comprehensive multi-asset trading and clearing system.
Taiwan Stock Exchange, TAIFEX, GreTai Securities Market join IT integration project to reduce costs
The Taiwanese regulator has been promoting a project aimed at integrating data transmission as part of its efforts to reduce the operational costs of participants in the securities and futures markets and to enhance the efficiency of information services. The Taiwan Stock Exchange, the Taiwan Futures Exchange, the GreTai Securities Market and the Taiwan Depository and Clearing Corporation took part in the project. It includes the integration of the Financial Information eXchange (FIX) Protocol service. This service will allow the market intermediary to access the aforementioned markets by a single portal.
NYSE Technologies launches risk management service at Singapore Exchange

NYSE Technologies, the global commercial technology unit of NYSE Euronext, announced that it is now live with its comprehensive pre-trade risk management service, Risk Management Gateway (RMG), for customers trading on the Singapore Exchange. The service allows traders to directly access SGXs matching engines. In addition, they will benefit from low-latency market data and order transmissions with full trade anonymity, improved market access and industry-leading performance.
New products
CME Group to launch new Yuan FX futures contracts
CME Group will launch new foreign exchange futures contracts based on the Chinese Yuan. In order to meet growing global customer demand for products denominated in the Chinese currency, these innovative new futures contracts will be quoted in interbank (European) terms, reflecting the number of CNY per US dollar. They will be listed on 22 August 2011 for September 2011 settlement.
RTS Stock Exchange implements new configuration for distributing market data
RTS Stock Exchange implemented a new configuration for distributing market data via the Plaza II protocol. The implementation entails installation of respective distribution packages on client side. The new configuration allows assigning priorities for incoming data flows that will reduce latency spread while receiving trading data.
Eurex expands Italian government bonds derivatives offering

On 19 September 2011, Eurex will launch a new interest rate contract, the Mid-Term Euro BTP Future, based on notional medium term bonds issued by the Republic of Italy. The new contract will complement Eurexs interest rate derivatives offering for all A and AA-rated European government bonds as well as for other interest rate instruments.
Thailand Futures Exchange launches silver futures

On 20 June 2011, the Thailand Futures Exchange began trading silver futures and extended the gold and silver futures trading until 22:30, enabling investors to manage risks.
New services
BME launches new information service
BME, the Spanish Exchanges, through its BME Market Data subsidiary, has launched new standardized end-of-day, historical data products aimed at improving transparency and answering the research and regulatory compliance needs of its clients. The new service provides information on all financial instruments traded on BME markets and includes information on closing prices and volumes, corporate actions, master data of the Spanish markets, including tick data service and positions. It also provides comprehensive information on all BME-managed indices, its constituents and weightings.
London Stock Exchange launches ETF on FTSE Emerging EMEA 40 index

The London Stock Exchange listed a new ETF tracking the FTSE Emerging EMEA 40 index. It offers exposure to the 40 largest and most liquid stocks in the emerging countries of the European, Middle East and African regions.
MICEX launches new instruments on derivatives market

On 5 July 2011, MICEX launched two new products on its derivatives market: futures on 1-month average RUONIA interest rate and futures on 3-month OIS fixing on the basis of RUONIA interest rate. Both contracts are designed on the basis of RUONIA interest rate, calculated by the National Foreign Exchange Association.
Bombay Stock Exchange launches debt rating tracker

The Bombay Stock Exchange introduced a new and innovative service, the BSE debt rating tracker. Through this service, the Exchange will document significant changes in credit ratings during the day for corporate bonds and send the information on a timely basis to its customers.
NYSE Euronext launches GEMS suite of ETFs on NYSE Arca

NYSE Euronext launched a comprehensive suite of investment solutions for sector investing in emerging markets on NYSE Arca, NYSE Euronexts electronic US market. The funds, branded as GEMS (Global Emerging Market Sectors), allow investors to pursue emerging markets sector exposures in a manner similar to what is possible in the US and other developed markets. The funds are all based on the Dow Jones Emerging Market Sector Titans indexes and are composed of leading emerging market companies in each of the 10 industries defined by the Industry Classification Benchmark (ICB).
Bursa Malaysia Derivatives futures contract on composite index to be offered in the US

The Commodity Futures Trading Commissions issued a no-action letter on 28 June 2011, permitting the offer and sale in the US of Bursa Malaysia Derivatives futures contract based on the FTSE Kuala Lumpur composite index.
RTS Stock Exchange and Saint Petersburg Exchange extend range of future products
Within the framework of the joint project between RTS Group and the Saint Petersburg Exchange, trading in new commodity futures contracts on corn, soybeans, gasoil, and cotton will be launched.
CBOE Stock Exchange moves trading systems and simplifies pricing model
On 1 July 2011, the CBOE Stock Exchange moved its trading operations to the East Coast from Chicago and began trading from the Equinix NY4 Internet Business Exchange datacenter in Secaucus, New Jersey. CBSXs move to the NY4 facility will increase execution speed for the majority of CBSXs customers, which are located on the East Coast. In addition, on 1 June 2011, CBSX instituted a simplified pricing model with identical fees for both liquidity makers and liquidity takers trading on CBSX.
Tel-Aviv Stock Exchange launches new products on indices

On 3 July 2011, the Tel-Aviv Stock Exchange issued Exchange Traded Notes (ETNs) on the following share price indices: TA BlueTech-50 index, TA Technology index, Biomed index, TA Oil and Gas index, and TA Communications index.
London Stock Exchange Group launches sponsored access service

The London Stock Exchange Group has launched its new sponsored access service designed to increase connectivity speed to the London Stock Exchange and Turquoise operated order books. The new service allows non-members a direct connection to LSEGs electronic orders books using the trading codes of a sponsoring firm. These sponsored users, as a consequence will be able to execute low latency strategies on the London Stock Exchange as well all pan-European lit and dark order books operated by Turquoise.
Singapore Exchange to launch all day trading

From 1 August 2011, the Singapore Exchanges securities market will trade continuously all day. Market hours will therefore overlap more with those of other Asian exchanges, enabling investors trading pan-Asian securities to respond to regional market movements and news flow. Investors will also face less risk as they will be able to manage their open positions in the securities market non-stop between 9:00 and 17:00 Singapore time.
SIX Swiss Exchange and Liquidnet launch new block equities trading service
SIX Swiss Exchange and Liquidnet have launched a new unique platform for non-displayed equity block trading with the roll-out of approximately 3,000 equities in five European equities markets: Switzerland, UK, France, Germany and the Netherlands, with more equities markets planned to be added over time. The platform allows SIX Swiss Exchange members and Liquidnets buy side members to execute large block trades safely and efficiently via this new liquidity source. Through this new platform, called SIX Swiss Exchange Liquidnet Service (SLS), SIX Swiss Exchange members can now direct executable block orders to Liquidnet. The new arrangement creates a new market structure that combines the latent liquidity in SIX Swiss Exchange with the block liquidity in the institutional market, creating greater efficiency for institutional trading while also providing liquidity and price improvement to both Liquidnet Members and members of SIX Swiss Exchange. Together the two venues marry price discovery, delivered by SIX Swiss Exchange, and quantity discovery, which Liquidnet provides, to create a better market structure.
NYSE BondMatch receives regulatory approval

NYSE BondMatch, NYSE Euronexts new Multilateral Trading Facility (MTF) designed to meet European user needs for transparency, liquidity and effective pre- and post-trade services on the eurodenominated bond market, received regulatory authorization and began trading on 11 July 2011. It will enable professional investors to trade more than 1,800 international corporate, financial and covered bonds on a transparent order book with firm orders. It should also improve liquidity by being open to the buy and the sell sides. It offers compulsory post-trade services with a central counterparty (LCH.Clearnet) for settlement and delivery.
Shanghai Stock Exchange plans to establish blue chip market

The Shanghai Stock Exchange will map out a classified management mechanism for blue chips while building a blue chip market. In line with its blue chip market development, the Exchange will diversify the products of the multi-layer blue chip market, offer more investment products and channel more capital to blue chip companies. Moreover, it will promote companies in terms of corporate governance, adopt a classified supervision mechanism for different blue chips, and a different trading mechanism for grade-A companies.
Stock Exchange of Thailand implements new ceilings and floors for warrant products
On 5 July 2011, the Stock Exchange of Thailand implemented new ceilings and floors for derivative warrants, warrants and transferable subscription rights in order to limit risks, boost trading opportunity and reduce improper orders.
Shanghai Stock Exchange enhances bond market liquidity and prevents market risk
To enhance bond market liquidity and prevent market risk, the Shanghai Stock Exchange will change the separate management over investors balances of bonds listed on both the fixed-income platform and the auction system (including the block trading system) by a centralized management, according to the notice of interoperability in investors bond balances published by the Exchange.
Tehran Stock Exchange launches options market

The Tehran Stock Exchange will introduce equities options contracts at the end of this summer. The Exchange is also making arrangements for the launch of new futures contracts based on TSEs 30 blue-chip portfolio. Besides, the Tehran Stock Exchange filled a request with the Iranian Securities and Exchange Organization for establishing currency futures and gold ETFs markets. The proposal is being inspected by the regulators before ratification.
Singapore Exchange facilitates bond trading

From 8 July 2011, bond trading at Singapore Exchange is facilitated for individual investors with the introduction of market making provided by banks and brokers supporting trading of Singapore government bonds. This is expected to increase liquidity and price transparency.
Post trade
Clearstream enhances proxy voting services
Clearstream has entered into an agreement with Institutional Shareholder Services, a leading provider of end-to-end corporate governance solutions. Through this agreement, it will employ the ISS infrastructure to enhance its proxy voting service for all eligible instruments and Clearstream proxy voting markets, for both its business as International Central Securities Depository and as Central Securities Depository for Germany. The new service will be in place in February 2012.
LCH.Clearnet clears NYSE BondMatch

From 11 July 2011, LCH.Clearnet provides clearing services to NYSE BondMatch, the Multilateral Trading Facility, owned and operated by NYSE Euronext. Introducing clearing to the euro-denominated bonds market will enable participants to mitigate counterparty risk and benefit from STP efficiencies and is in line with regulators demands to bring more OTC products into clearing.
RTS Clearing Center starts to accept foreign currency as collateral

On 20 June 2011, RTS Clearing Center started to accept US dollars as collateral to ensure trades on FORTS, RTS Standard markets and within the RTS Money service.
DTCC unveils plans for new repository project

The Depository Trust & Clearing Corporation Deriv/SERV and EFETnet are collaborating with market participants in the commodities industry to establish a global Commodity Derivatives Trade Repository. The proposed new repository, which will be domiciled in Europe and jointly owned by DTCC and EFETnet, follows EFETnet and DTCC being selected by the International Swaps and Derivatives Associations Commodities Steering Committee to work with the industry on the next stage of development for this new service.
RTS Clearing Center and OJSC RTS launch new service with segregated accounts on FORTS and RTS Standard
RTS Clearing Center and OJSC RTS launch a new service within the FORTS and RTS Standard markets, using segregated accounts. Employing a special scheme of portfolio margining, opportunities to link trading accounts and accounts used for transferring cash funds as well as managing the process of transferring cash funds to the linked accounts will allow investors to reduce operational and infrastructure risks. The implementation of this service represents an important step forward in developing the Russian market as it should attract a wider range of investors to FORTS and RTS Standard (primarily non-residents and institutional investors) and boost securities and derivatives trading volumes growth.
Eurex Clearing to launch central clearing service for OTC securities lending transactions
Eurex Clearing will launch a central counterparty service for the securities lending market based on Eurex Clearings systems and industry risk management standards. The new service will cover European markets for loans in equities, ETFs and fixed-income securities. The phased roll-out will commence in November 2011, the full scope will be available in the course of 2012.
Stock Exchange of Thailand enhances post trade services

The Stock Exchange of Thailand is boosting efficiency of its post-trade services by developing systems and reducing procedures to facilitate members, boost competitiveness and increase capability as part of its goal to become the center of post-trade services in Southeast Asia. Services to be introduced are Corporate Action news and Third Party Clearing services, both of which will boost liquidity and increase business opportunity to members of the Thailand Securities Depository and Thailand Clearing House. These services will be launched in the third quarter of this year.
Hong Kong Exchanges introduces T+2 finality

On 25 July 2011, Hong Kong Exchanges and Clearing introduced a T+2 finality arrangement for money settlement in CCASS, the Central Clearing and Settlement System for the Hong Kong securities market. HKExs T+2 finality arrangement will be supported by a new interbank bulk settlement run in the evening of T+2 that will be introduced by Hong Kong Interbank Clearing.
Regulation
BM&FBOVESPA initiates Market Arbitration Chamber rulebook changes
BM&FBOVESPA has begun the process of changing the Market Arbitration Chamber (CAM) rulebook. The proposed revision has already been put before all of the companies listed on the Novo Mercado and Level 2, which are differentiated corporate governance levels that require, among other things, conflict resolution via CAM. The final adoption should come into effect in the middle of August
ICE Link launches A=C

The IntercontinentalExchange has introduced the Affirmed=Cleared (A=C) interdealer workflow on the ICE Link Platform. ICE Links launch of A=C enables same-day clearing of credit default swap trades, in line with the Dodd-Frank Wall Street Reform Act in the US and the European Market Infrastructure Regulation (EMIR) initiative in Europe.
2011, after approval by the BM&FBOVESPA Board of Directors. CAM was founded in July 2001 as a special environment to resolve corporate, contractual or capital market conflicts, generally among companies listed on the Novo Mercado and Level 2.
Russian government abolishes tax on foreign investors income

The Federal law repealing the tax on foreign investors income from the sale of shares traded in the on-exchange market has been recently signed by Russian President Dmitry Medvedev. The adoption of this law significantly improves the attractiveness of the Russian on-exchange share market for non-resident investors and simplifies the performance of the tax agents duties by Russian brokers with regard to foreign investors. The abolition of the tax applies to legal relations arising from 1 January 2011. However, these changes do not apply to bonds, shares of investment funds and RDRs traded on Russian exchanges.
EU Parliament decides stance on derivatives, short selling, and investor compensation

Three proposals making derivatives trading less fragile, reducing speculative practices linked to short selling and reducing the time for the setting up of investor compensation schemes received Parliaments backing on 5 July 2011 ahead of negotiations with Member States. On the compensation schemes legislation, the EU Parliament voted to add protection to private investors against fraudulent and defaulting investment firms, particularly by adding bad advice as a case for claiming compensation. The report on short selling contains two major innovations. Firstly, it requires traders to settle their uncovered short positions by the end of each trading day. Secondly, it restricts purchases of credit default swap contracts to owners of related government bonds or stakes whose performance is dependent on these bonds. The report on OTC derivatives, central clearing parties and trade repositories aims to bring greater safety, transparency and stability to the OTC derivatives market. Information on OTC derivative contracts would have to be reported to trade repositories and be accessible to supervisory authorities. OTC derivative contracts would need to be cleared through central counterparties, thus reducing counterparty credit risk. A key supervisory role is also envisaged for the new European Securities and Markets Authority (ESMA).
Singapore Exchange improves product disclosure

The Singapore Exchange introduced new product disclosure templates to enhance the readability of term sheets for structured warrants, debentures and funds. A consistent presentation of product features and risks will facilitate a clear comparison of competing product offerings by market participants. These disclosure templates will apply to the term sheets for debentures, exchange traded notes, funds (including collective investment schemes and ETFs), and structured warrants.
Singapore Exchange introduces sustainability reporting guide

The Singapore Exchange introduced a Sustainability Reporting Guide for its listed companies. Within the Guide, the Policy Statement sets out the principles listed companies should follow in extending their reporting beyond financial governance to sustainability aspects.
FSA publishes paper on FCAs approach to regulation

On 27 June 2011, the UK Financial Services Authority published a paper on the regulatory approach of the new Financial Conduct Authority (FCA), which will be one of two regulatory agencies scheduled to replace the FSA in 2013, the other being the Prudential Regulation Authority (PRA). The paper sets out the FSAs initial thinking on how the FCA will approach the delivery of its statutory objectives. It covers the FCAs: scope, and the number of firms it is expected to regulate; objectives and powers, including its approach to its new competition role and how it will coordinate with the PRA and other regulators; regulatory approach, and regulatory activities. It also considers how the FCA will supervise markets and its approach to wholesale business.
Other
BME issues share ownership survey
BME, the Spanish Exchanges, has recently issued its latest report on share ownership structure in Spain. Spanish households continue increasing their participation in the domestic stock market: at the end of 2010, they owned 22.2% of Spanish listed companies. According to the report, non-resident investors still are the main owners of shares in Spanish listed companies with 39.2% of their total value. As regards non-financial firms, their relative position as owners of Spanish listed companies remained stable in 2010, at 26.1%. The financial sector, which comprises banks, saving banks, investment funds and pensions, insurers and non-bank financial advisers continued to reduce its ownership at 12%. The full study can be seen at: http://www.bolsasymercados.es/esp/publicacion/ revistaOnLine/index.htm
WFE market statistics
Contents
40 Summary of key market indicators June 2011 42 Equity
42 44 46 Domestic market capitalization Number of listed companies Value of share trading 46 Electronic order book value 47 Electronic order book (current month&YTD) 48 Negotiated deals 49 Reported trades Number of trades in shares 50 Electronic order book trades 51 Negotiated deals 52 Reported trades Share turnover velocity Investment flows 54 New companies listed 56 Investment flows (value) Broad stock index performance Blue chip index performance 64
60 Fixed income
60 61 Total value of bond trading Value of bond trading 61 Split by sectors 62 Electronic order book trades 63 Negotiated deals Number of trades in bonds 64 Total number of trades in bonds 65 Electronic order book trades 66 Negotiated deals Investment flows - Capital raised by bonds issuance
67
50
68 Derivatives
68 Single stock, stock index, bond options and futures 68 Stock options and single stock futures 70 Stock index options and futures 72 Bond options and futures ETFs options and futures
53 54
58 59
74
Special Note: As of January 2010, the share trading value and the number of trades in equity shares experienced some changes in their presentation. Share trading value and equity trades are now presented in three categories (electronic order book, negotiated deals and reported trades). Powered by IFS the LiquidMetrix provider www.if5.com Following the recommendation of the WFE Statistics Advisory Group, the WFE Working Committee decided that the total traded value table, which mixed various kinds of trading activity should be deleted.
Summary of key market indicators June 2011

Market capitalization (month-on-month) Americas Asia Pacific Europe - Africa - Middle East Total WFE Market capitalization (year-on-year) Americas Asia Pacific Europe - Africa - Middle East Total WFE Share turnover value (month-on-month) Electronic order book Americas Asia Pacific Europe - Africa - Middle East Total WFE Share turnover value (year-on-year) Electronic order book Americas Asia Pacific Europe - Africa - Middle East Total WFE Number of share trades (month-on-month) Electronic order book Americas Asia Pacific Europe Africa Middle East Total WFE Number of share trades (year-on-year) Electronic order book Americas Asia Pacific Europe - Africa - Middle East Total WFE Total number of companies listed (year-on-year) Americas Asia Pacific Europe - Africa - Middle East Total WFE Investment flows (month-on-month) Number of new companies listed of which number of IPOs IPOs (value in USD bn) Investment flows (year-on-year) Number of new companies listed of which number of IPOs IPOs (value in USD bn) Derivative markets YTD number of contracts traded Single stock options Single stock futures Stock index options Stock index futures ETF options Bond options Bond futures Index performance * Americas Asia Pacific Europe Africa Middle East Total WFE
* Regional indexes are weighted by market capitalization
June 2011 (USD bn) 22 795 17 384 16 410 56 590 June 2011 (USD bn) 22 795 17 384 16 410 56 590 June 2011 (USD bn) 2 902 1 402 976 5 279 Jan -Jun 2011 (USD bn) 16 156 9 762 6 264 32 182 June 2011 (thousands) 335 614 486 158 83 794 905 566 Jan -Jun 2011 (thousands) 1 857 176 3 256 888 525 483 5 639 548 June 2011 10 496 21 731 13 777 46 004 June 2011 308 184 19.9 Jan -Jun 2011 1 491 939 125.6 Jan -Jun 2011 1 593 371 407 474 233 890 2 958 040 105 938 296 466 484 990 778 254 689 237 1 197 790 084 Jun 2011 /May 2011 in local currency -2.2% -0.7% -1.8% -1.6%
% change / month-on-month -4.7% 0.0% -1.9% -2.5% % change / year-on-year 22.5% 27.6% 37.0% 28.0% % change / month-on-month 5.3% -1.6% -10.7% 0.1% % change / year-on-year -9.3% 13.8% 3.2% -0.8% % change / month-on-month 4.3% -2.7% -4.4% -0.4% % change / year-on-year -16.3% 0.7% 6.8% -5.1% % change / year-on-year 1.5% 3.6% -0.6% 1.8% May 2011 285 169 29.9 Jan-Jun 2010 1.065 829 128.2 % change / year-on-year -2.2% 1.1% 23.0% -4.2% 11.9% -8.2% 12.8% Jun 2011 /May 2011 in USD -1.9% -0.3% -1.8% -1.4%
Evolution of monthly domestic market capitalization from 2009

25 60
50 20 40
15
30
20 10 10
5
Americas
Asia - Pacific
WFE Total
Evolution of monthly domestic & foreign share trading value in 2009, 2010 & 2011 - Electronic order book
5 7
4 5 3
2 1 1
0
Americas
Asia - Pacific
WFE Total
Evolution of monthly domestic & foreign number of equity share trades in 2009, 2010 & 2011 - Electronic order book
800 700 600 500 400 300 200 100 0
1 300 000 1 200 000
Total by geographical zone - million USD
1 100 000 1 000 000 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0
Americas
Asia - Pacific
WFE Total
Total WFE - million USD
Equity - Domestic market capitalization (USD millions)

(Market value excludes investment funds)
2011 Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse Total January 1 536.8 1 476 950.7 66 431.1 207 151.7 105 071.3 448 635.0 3 952 077.9 14 023 801.9 319 724.7 2 183 135.7 1 420 845.5 1 436 567.0 412 912.9 21 490.9 2 723 751.9 333 084.1 1 122 170.8 1 403 069.2 271 408.4 156 807.9 2 724 037.1 1 233 101.4 646 726.2 836 530.8 254 051.7 3 841 553.9 30 734.5 69 364.1 1 242 436.1 30 653.8 69 884.9 8 262.4 1 474 608.4 69 661.1 61 953.7 282 852.3 841 143.2 9 250.3 3 701 092.3 99 298.4 4 508.7 8 077.1 998 625.1 1 071 813.8 3 091 020.0 295 193.4 340 273.9 1 225 162.5 95 912.1 215 914.2 194 540.5 128 639.9 55 609 025.4 February 1 506.4 1 536 763.2 65 608.7 201 438.1 98 311.2 450 708.5 4 072 019.0 14 460 425.4 311 010.9 2 348 836.4 1 466 220.0 1 401 319.6 405 682.3 23 464.5 2 669 047.6 348 889.5 1 049 730.5 1 368 820.8 279 921.0 150 278.0 2 859 491.6 1 353 450.8 620 372.5 769 166.2 262 953.4 4 019 736.9 29 386.5 77 936.7 1 279 960.8 31 963.0 71 948.8 7 838.0 1 519 200.6 69 257.9 65 104.3 275 602.1 898 407.5 9 053.2 3 857 139.8 102 086.8 4 233.5 8 183.9 1 052 702.8 1 069 762.4 3 188 665.7 320 234.8 318 373.1 1 258 983.4 100 289.2 216 777.1 196 724.5 130 256.2 57 106 503.7 March 1 513.1 1 583 487.4 61 488.4 203 737.3 93 012.9 461 997.9 4 084 034.7 14 810 619.6 318 902.9 2 344 620.3 1 497 218.2 1 533 598.7 426 173.1 21 967.0 2 750 881.0 376 663.9 1 171 197.6 1 502 997.1 261 205.9 159 520.4 2 904 286.0 1 335 802.2 650 047.1 786 128.0 281 974.0 3 634 790.7 28 572.1 78 124.8 1 297 830.7 33 356.5 69 954.5 7 487.8 1 534 295.8 67 367.2 63 791.3 300 668.5 916 824.4 9 337.7 3 786 794.3 101 894.6 4 179.5 8 371.3 1 082 104.9 1 099 912.6 3 214 626.1 328 219.2 351 728.4 1 243 566.2 112 567.1 226 024.0 204 734.9 133 410.2 57 799 406.6
Notes: Johannesburg SE: figures include the market capitalization of all listed companies, but exclude listed warrants, convertibles and investment funds Korea Exchange: includes Kosdaq market data NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges
Singapore Exchange: market capitalization includes domestic listings and a substantial number of foreign listings, defined as companies whose principal place of business is outside of Singapore. Inactive secondary foreign listings are excluded. TSX Group: also includes TSX Venture market cap Total excludes National Stock Exchange of India and Osaka SE to avoid double counting with Bombay SE and Tokyo SE Group respectively Source: World Federation of Exchanges members
2011 April 1 603.2 1 592 096.1 60 881.6 216 588.8 82 820.7 473 031.7 4 195 339.3 14 721 845.3 342 750.3 2 384 469.3 1 559 991.2 1 562 386.0 433 013.8 22 631.1 2 824 554.0 397 651.3 1 242 207.5 1 527 448.7 260 331.2 164 609.6 2 925 747.8 1 305 300.8 680 783.1 837 710.9 298 635.3 3 642 225.4 29 063.0 75 421.9 1 338 937.4 36 620.0 68 884.8 7 690.5 1 693 938.8 65 318.7 73 227.9 328 636.1 956 767.1 9 269.9 4 038 848.7 103 046.5 4 215.0 8 869.3 1 064 529.3 1 162 234.4 3 411 770.0 344 150.4 358 953.6 1 341 846.5 114 410.1 226 779.5 225 902.6 137 070.5 59 195 276.7 May 1 585.5 1 544 806.9 60 100.9 217 678.7 87 190.4 459 985.5 4 146 003.4 14 744 692.0 340 071.9 2 306 647.8 1 481 232.8 1 494 476.3 431 639.8 22 928.1 2 817 075.4 401 360.5 1 204 151.9 1 458 484.3 255 812.3 159 149.2 2 769 067.7 1 215 920.4 672 307.4 835 491.9 290 503.0 3 587 675.6 28 759.5 64 510.6 1 362 954.7 33 669.5 70 379.4 6 540.2 1 610 417.2 69 168.0 69 518.5 286 570.8 921 677.3 9 015.7 3 977 806.4 96 630.5 4 098.6 8 768.0 1 006 315.3 1 097 662.5 3 260 747.6 319 741.5 358 298.7 1 380 372.4 109 690.1 216 788.6 218 652.0 131 647.8 58 012 144.3 June 1 605.0 1 552 777.6 59 875.8 213 706.3 82 485.7 460 422.0 4 067 515.1 13 791 198.2 334 985.9 2 230 777.9 1 443 672.0 1 505 720.4 437 607.9 21 477.2 2 712 128.0 407 914.2 1 199 929.2 1 470 777.5 253 252.8 161 162.0 2 804 002.1 1 283 472.2 669 421.3 802 694.0 279 195.8 3 655 395.7 27 825.8 66 757.3 1 352 414.9 32 416.0 66 999.9 6 334.8 1 622 302.1 67 146.4 69 140.1 283 125.1 907 650.4 8 835.7 3 849 446.7 99 068.0 4 103.1 8 815.1 1 023 084.9 1 033 134.3 3 248 194.9 307 697.4 348 654.7 1 319 613.2 105 494.3 209 208.2 211 207.8 131 815.0 56 589 627.6
% change / Jun 10 (in USD) 11.5% 34.9% 40.3% 34.7% 18.7% 31.4% 28.5% 16.9% 39.8% 36.5% 36.3% 9.4% 36.9% 62.2% 23.3% 54.0% 43.5% 9.7% 1.6% 57.8% 36.7% 55.2% 31.8% 36.0% 39.8% 11.5% -5.2% 4.2% 32.8% 35.7% 1.9% 46.6% -6.8% 26.6% 15.5% 36.3% -4.3% 33.3% 27.5% 20.2% 38.8% 50.1% 33.7% 41.5% 76.2% 9.1% 33.3% 47.9% 18.4% 52.9% 46.6%
% change / Jun 10 (in local cur) 11.5% 16.9% 46.4% 24.5% 15.5% 19.6% 28.5% 16.9% 19.6% 23.9% 7.6% 5.3% 27.7% 56.4% 23.2% 45.7% 25.4% 5.5% -7.3% 47.6% 30.3% 48.0% 15.9% 21.6% 32.6% 1.8% -5.1% -12.0% 12.2% 6.7% -13.9% 23.9% -2.4% 6.9% 18.5% 20.5% -19.2% 12.6% 7.7% 1.6% 22.9% 34.1% 12.9% 19.6% 45.4% 9.1% 4.1% 57.8% 3.8% 24.3% 23.8%
Equity - Number of listed companies

2011 Exchange Total Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse Total 45 373 106 85 246 428 2 771 2 316 231 3 743 2 007 5 047 955 243 1 420 421 1 808 1 558 1 271 253 899 1 195 782 785 541 2 291 277 280 3 319 51 74 110 755 229 59 340 395 71 2 954 288 21 63 250 775 1 133 236 146 293 341 611 596 108 45 595 January Domestic cos 14 365 100 83 199 131 2 472 1 796 227 3 654 1 919 5 047 947 243 1 403 421 1 790 1 557 1 270 251 899 1 195 462 753 541 2 279 277 277 3 284 48 73 110 681 228 50 339 350 71 2 354 30 21 62 249 750 980 195 146 246 341 594 581 89 Foreign cos 31 8 6 2 47 297 299 520 4 89 88 NA 8 NA 17 0 18 1 1 2 NA NA 320 32 NA 12 NA 3 35 3 1 0 74 1 9 1 45 0 600 258 0 1 1 25 153 41 NA 47 0 17 15 19 Total 45 375 106 84 247 426 2 773 2 318 231 3 775 2 015 5 054 954 244 1 421 422 1 812 1 563 1 269 254 901 1 220 781 786 540 2 289 276 279 3 318 52 74 110 755 229 59 343 395 70 2 949 290 21 63 250 774 1 133 237 146 293 341 613 608 108 45 691 February Domestic cos 14 367 100 82 200 131 2 472 1 795 227 3 685 1 925 5 054 946 244 1 404 422 1 794 1 562 1 268 252 901 1 220 463 753 540 2 277 276 276 3 283 49 73 110 681 228 50 342 350 70 2 348 29 21 62 249 749 981 196 146 246 341 596 593 89 Foreign cos 31 8 6 2 47 295 301 523 4 90 90 NA 8 NA 17 0 18 1 1 2 NA NA 318 33 NA 12 0 3 35 3 1 0 74 1 9 1 45 0 601 261 0 1 1 25 152 41 NA 47 0 17 15 19 Total 44 375 106 83 248 431 2 760 2 312 231 3 788 2 018 5 067 953 246 1 426 422 1 810 1 574 1 263 249 905 1 246 782 789 540 2 293 276 278 3 316 52 74 110 756 230 56 343 395 70 2 938 293 21 63 256 770 1 132 239 146 293 341 613 622 108 45 752 March Domestic cos 14 367 100 81 200 132 2 464 1 789 227 3 695 1 927 5 067 945 246 1 409 422 1 792 1 573 1 262 247 905 1 246 463 755 540 2 281 276 275 3 281 49 73 110 682 229 49 342 350 70 2 342 29 21 62 255 745 980 197 146 246 341 595 606 89 Foreign cos 30 8 6 2 48 299 296 523 4 93 91 NA 8 NA 17 0 18 1 1 2 NA NA 319 34 0 12 0 3 35 3 1 0 74 1 7 1 45 0 596 264 0 1 1 25 152 42 NA 47 0 18 16 19
Notes: Deutsche Brse: Excluding the market segment Freiverkehr (unofficial regulated market) Korea Exchange: includes Kosdaq market data Lima SE: Includes 26 foreign companies with shares negotiated under a special modality NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges
Singapore Exchange: Main Board & Sesdaq Tehran SE: Some 90 companies have been relegated to the Unofficial Board which is a Temporary Board TSX Group: includes companies listed on TSX Venture NA: Not available Source: World Federation of Exchanges members
2011 April Total 44 375 106 83 248 438 2 747 2 318 230 3 838 2 023 5 069 955 247 1 430 423 1 795 1 578 1 260 249 906 1 269 781 791 540 2 290 276 278 3 311 52 74 110 757 230 56 345 394 70 2 922 294 21 63 250 767 1 129 239 146 290 341 613 641 108 45 810 Domestic cos 14 367 100 81 200 131 2 448 1 794 226 3 744 1 932 5 069 947 247 1 412 423 1 777 1 577 1 259 247 906 1 269 465 755 540 2 278 276 275 3 276 49 73 110 683 229 49 344 349 70 2 329 29 21 62 249 742 978 197 146 246 341 595 625 88 Foreign cos 30 8 6 2 48 307 299 524 4 94 91 NA 8 NA 18 0 18 1 1 2 NA NA 316 36 0 12 NA 3 35 3 1 0 74 1 7 1 45 0 593 265 0 1 1 25 151 42 NA 44 0 18 16 20 May Total Domestic cos 44 375 106 84 248 440 2 742 2 323 266 3 938 2 029 5 078 953 250 1 437 426 1 793 1 585 1 252 249 912 1 289 776 792 542 2 287 276 276 3 296 52 74 110 753 229 56 349 396 70 2 917 296 21 63 248 772 1 131 240 146 289 342 613 660 108 45 999 14 367 100 82 199 131 2 442 1 800 228 3 844 1 937 5 078 945 250 1 418 426 1 775 1 584 1 251 247 912 1 289 462 755 542 2 275 276 273 3 261 49 73 110 679 228 49 348 350 70 2 324 29 21 62 247 747 980 194 146 245 342 595 642 88 Foreign cos 30 8 6 2 49 309 300 523 38 94 92 NA 8 NA 19 0 18 1 1 2 NA NA 314 37 0 12 NA 3 35 3 1 0 74 1 7 1 46 0 593 267 0 1 1 25 151 46 NA 44 0 18 18 20 June Total Domestic cos 44 377 106 83 250 466 2 724 2 318 266 3 862 2 034 5 085 952 259 1 448 428 1 801 1 599 1 252 249 917 1 312 773 793 544 2 285 250 276 3 288 54 75 108 758 229 57 355 394 71 2 914 297 21 63 245 774 1 133 241 147 289 342 613 675 108 46 004 14 369 100 81 200 130 2 421 1 801 228 3 768 1 941 5 085 944 259 1 425 428 1 782 1 598 1 251 247 917 1 312 461 755 544 2 273 250 273 3 253 51 74 108 682 228 49 354 348 71 2 321 28 21 62 244 748 981 194 147 245 342 595 658 88 Foreign cos 30 8 6 2 50 336 303 517 38 94 93 NA 8 NA 23 0 19 1 1 2 NA NA 312 38 NA 12 NA 3 35 3 1 0 76 1 8 1 46 0 593 269 0 1 1 26 152 47 NA 44 0 18 17 20 % change / Jun 10 -4.3% 0.8% 1.0% -1.2% 2.5% 12.6% -3.8% -0.1% 14.2% 4.6% 3.0% 2.0% -0.9% 10.2% 7.7% 6.5% 1.9% 7.3% -3.3% -0.4% 4.3% 29.6% -0.3% 4.5% 1.3% -1.3% -9.1% -3.8% -3.4% 17.4% -5.3% -2.3% 1.8% -9.5% 9.2% -0.8% -6.6% -3.6% 4.6% 5.0% -1.6% 3.4% -1.7% -2.0% 0.4% 2.8% -5.9% -6.3% 0.5% 30.1% -3.6%
Equity - Value of share trading - Electronic order book value of share trading (USD millions)
2011 January 2.0 73 943.5 358.7 2 328.3 516.5 10 683.9 888 638.0 1 432 437.0 6 665.4 138 502.7 76 103.7 15 186.9 16 941.9 678.6 129 656.2 11 519.9 184 471.1 58 029.2 17 834.4 2 314.8 306 006.8 217 648.4 28 389.0 90 597.9 21 718.1 339 061.8 560.1 2 940.1 129 763.8 1 695.0 500.9 59.6 140 855.9 3 137.9 788.6 47 132.6 28 273.3 46.3 248 416.5 20.9 7.9 39.1 31 039.1 69 502.6 185 069.9 26 334.4 22 334.4 72 962.3 1 278.2 10 375.9 7 241.4 3 840.4 5 104 451.8 February 1.6 84 251.9 330.0 2 766.0 504.2 10 729.8 872 246.6 1 336 692.4 4 048.3 141 974.1 95 237.6 15 182.8 11 601.3 545.9 111 480.5 6 995.0 122 701.9 58 672.0 19 451.2 1 821.7 328 923.6 241 593.1 24 246.0 64 154.3 16 579.5 381 041.5 291.1 3 884.8 88 683.9 1 707.3 352.2 84.5 132 179.0 0.0 777.3 42 462.8 34 159.1 68.8 246 634.0 17.3 8.9 22.7 42 893.5 79 929.8 182 743.1 25 792.9 17 969.8 75 491.8 1 053.0 9 174.9 7 003.9 3 632.9 4 950 792.0 March 3.4 79 795.0 255.3 3 900.5 657.0 10 454.5 1 131 144.5 1 694 478.1 5 069.5 162 406.2 122 520.8 16 110.3 13 139.0 478.4 161 112.6 10 112.3 177 589.8 56 577.6 21 048.9 2 281.0 564 051.3 399 844.8 28 412.5 89 569.7 21 311.7 526 135.7 393.1 3 705.2 109 721.0 1 607.4 336.3 62.9 177 824.9 1 179.1 758.7 45 624.1 38 312.5 74.9 299 392.6 15.1 4.3 25.3 49 638.1 81 475.5 229 140.1 27 136.3 28 866.2 93 544.3 1 464.2 9 303.0 8 445.8 5 540.9 6 512 052.0 April 1.9 77 500.2 249.0 2 328.8 929.9 9 768.1 907 449.5 1 275 509.8 3 664.4 127 083.6 96 931.2 15 671.0 11 817.5 283.0 129 330.4 8 562.4 219 530.2 51 338.8 14 764.2 2 064.7 419 837.3 285 438.2 25 851.4 74 065.3 19 523.7 333 225.6 319.1 2 270.6 116 870.9 2 132.9 302.6 30.7 135 618.2 1 515.6 600.4 46 920.1 25 961.4 31.3 208 698.8 14.8 3.6 22.4 43 965.6 63 283.7 164 842.7 19 065.0 29 778.6 70 642.3 2 253.7 5 903.2 7 108.4 3 084.1 5 063 960.8 May 4.1 81 103.2 200.3 3 297.6 795.6 11 912.0 1 084 585.5 1 440 024.3 5 696.9 126 885.2 108 611.2 13 050.1 10 318.0 452.4 116 770.0 9 863.0 157 178.7 51 552.1 14 494.5 2 432.0 314 379.2 208 880.9 23 682.5 75 855.3 18 217.0 299 201.0 436.9 2 783.9 112 816.5 1 601.1 203.4 30.6 171 494.7 2 051.9 760.8 39 871.7 30 420.4 47.5 273 096.6 10.3 3.9 40.8 36 875.2 74 594.9 190 000.0 22 178.3 33 288.3 79 262.9 1 556.6 7 236.4 8 414.7 3 235.5 5 271 756.6 June 2.3 76 770.3 284.7 2 922.5 587.6 11 375.6 1 123 640.1 1 551 619.6 6 493.8 127 882.0 104 966.4 13 250.8 10 952.3 558.8 126 697.2 7 635.3 152 077.4 49 443.9 17 563.3 2 163.6 286 095.6 197 394.3 22 264.9 70 981.0 15 890.4 323 727.3 350.6 2 440.8 97 612.3 1 428.3 330.0 25.5 139 831.8 2 465.3 686.6 30 479.7 34 623.2 53.5 254 354.1 10.9 3.2 26.2 36 006.6 66 762.2 177 174.1 18 234.0 22 280.7 69 421.1 1 895.3 7 125.3 8 190.2 3 851.2 5 278 904.0 Year-to-date 15.4 473 364.0 1 678.0 17 543.8 3 990.9 64 923.9 6 007 704.2 8 730 761.2 31 638.2 824 733.8 604 370.9 88 451.9 74 770.0 2 997.2 775 046.8 54 687.9 1 013 549.2 325 613.7 105 156.6 13 077.6 2 219 293.8 1 550 799.8 152 846.3 465 223.4 113 240.4 2 202 392.8 2 350.8 18 025.5 655 468.4 10 172.0 2 025.4 293.9 897 804.5 10 349.8 4 372.2 252 491.0 191 750.1 322.3 1 530 592.6 89.3 31.7 176.5 240 418.1 435 548.7 1 128 969.9 138 740.9 154 517.9 461 324.8 9 500.9 49 118.8 46 404.4 23 185.1 32 181 917.2 % change / Jan/Jun 10 (in USD) -74.1% 11.3% 10.8% 67.0% 198.4% 8.3% -15.6% -8.1% 52.0% 22.5% 16.1% -28.9% 52.0% 68.2% 11.0% 15.6% 30.0% -13.0% 6.3% 53.0% 17.6% 8.8% 14.9% 15.2% 51.5% 12.7% -56.1% -34.6% -4.3% -35.4% -28.8% -1.9% -56.1% -12.4% 20.3% 15.7% 30.1% 2.1% -26.5% 27.6% -15.6% 11.3% 9.4% 2.7% -1.4% 27.6% 10.8% 9.0% -8.9% 41.6% -14.8% % change / Jan/Jun 10 (in local cur) -74.1% -0.3% 15.8% 57.5% 192.1% 1.1% -15.6% -8.1% 36.1% 14.3% -2.1% -30.1% 39.8% 62.7% 11.2% 10.1% 22.2% -14.5% -4.8% 45.3% 12.6% 4.2% 3.0% 5.1% 41.5% 1.1% -56.0% -38.8% -12.0% -41.8% -32.9% -9.9% -53.1% -19.4% 24.3% 4.9% 21.0% -6.2% -31.6% 19.9% -22.7% 4.7% 1.0% -5.6% -10.8% 27.6% -8.6% 14.8% -15.3% 29.2% -21.2%
Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse Total
Notes: Korea Exchange: includes Kosdaq market data NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board, Sesdaq & Clob International
Due to different reporting rules & calculation methods, turnover figures are not entirely comparable NA: Not available Source: World Federation of Exchanges members
Equity - Value of share trading - Electronic order book trades (USD millions)
June 2011 Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse Total 2.3 76 770.3 284.7 2 922.5 587.6 11 375.6 1 123 640.1 1 551 619.6 6 493.8 127 882.0 104 966.4 13 250.8 10 952.3 558.8 126 697.2 7 635.3 152 077.4 49 443.9 17 563.3 2 163.6 286 095.6 197 394.3 22 264.9 70 981.0 15 890.4 323 727.3 350.6 2 440.8 97 612.3 1 428.3 330.0 25.5 139 831.8 2 465.3 686.6 30 479.7 34 623.2 53.5 254 354.1 10.9 3.2 26.2 36 006.6 66 762.2 177 174.1 18 234.0 22 280.7 69 421.1 1 895.3 7 125.3 8 190.2 3 851.2 Domestic 1.6 76 406.9 243.3 2 358.7 486.1 10 704.7 1 015 075.4 1 409 716.2 6 493.3 126 664.2 101 617.9 13 250.8 10 930.3 558.8 125 019.0 7 635.3 151 630.5 49 443.9 17 561.2 2 162.9 286 095.6 197 394.3 22 264.9 68 825.2 15 890.4 323 707.9 350.6 2 294.6 97 136.9 1 427.2 329.1 25.5 135 635.5 2 465.3 676.8 30 446.4 23 285.5 53.5 222 779.5 9.2 3.2 26.2 35 987.2 62 382.5 176 620.3 15 062.5 22 280.7 69 164.0 1 895.3 7 125.3 8 070.8 3 812.8 Foreign 0.7 363.4 41.4 563.8 101.6 670.9 108 564.7 141 903.5 0.5 1 217.8 3 348.5 NA 22.0 NA 1 678.2 0.0 446.9 NA 2.1 0.7 NA NA NA 2 155.8 NA 19.4 NA 146.2 475.4 1.2 0.9 0.0 4 196.3 NA 9.7 33.3 11 337.7 0.0 31 574.6 1.7 0.0 0.0 19.4 4 379.7 553.9 3 171.5 NA 257.1 0.0 NA 119.3 38.4 Year-to-date Total 15.4 473 364.0 1 678.0 17 543.8 3 990.9 64 923.9 6 007 704.2 8 730 761.2 31 638.2 824 733.8 604 370.9 88 451.9 74 770.0 2 997.2 775 046.8 54 687.9 1 013 549.2 325 613.7 105 156.6 13 077.6 2 219 293.8 1 550 799.8 152 846.3 465 223.4 113 240.4 2 202 392.8 2 350.8 18 025.5 655 468.4 10 172.0 2 025.4 293.9 897 804.5 10 349.8 4 372.2 252 491.0 191 750.1 322.3 1 530 592.6 89.3 31.7 176.5 240 418.1 435 548.7 1 128 969.9 138 740.9 154 517.9 461 324.8 9 500.9 49 118.8 46 404.4 23 185.1 Domestic 10.9 470 459.2 1 322.2 12 574.0 3 349.2 59 410.9 5 387 546.0 7 836 412.3 31 633.3 813 562.9 578 270.6 88 451.9 74 485.5 2 997.2 770 016.9 54 687.9 1 009 115.9 325 613.7 105 138.9 13 075.7 2 219 293.8 1 550 799.8 152 846.3 452 693.9 113 240.4 2 202 191.0 2 350.8 16 200.5 651 745.1 10 162.4 2 016.1 293.9 867 453.1 10 349.8 4 304.5 252 196.8 133 273.0 322.3 1 327 419.6 74.2 31.7 176.4 240 216.3 405 875.3 1 125 424.5 111 878.8 154 517.9 459 589.2 9 500.9 49 118.8 45 744.4 22 920.6 Foreign 4.6 2 904.8 355.8 4 969.8 641.7 5 513.0 620 158.1 894 348.9 4.9 11 170.9 26 100.2 NA 284.4 NA 5 029.9 0.0 4 433.2 NA 17.7 1.9 NA NA NA 12 529.6 0.0 201.8 0.0 1 825.0 3 723.3 9.6 9.3 0.0 30 351.4 0.0 67.7 294.1 58 477.1 0.0 203 173.1 15.1 0.0 0.0 201.8 29 673.5 3 545.5 26 862.1 NA 1 735.6 0.0 NA 660.0 264.5
Trading days June 2011 21 21 21 20 21 22 22 22 21 22 21 22 22 21 21 20 21 22 22 21 21 21 22 21 22 22 22 21 22 20 22 21 22 22 21 22 21 22 22 19 20 22 21 21 22 20 21 20 19 20 21 19
Equity - Value of share trading - Negotiated deals (USD millions)

June 2011 Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse Total 0.0 0.0 0.0 0.0 64.5 0.0 1 319 356.3 112 923.9 0.2 0.0 17 945.6 23.0 455.7 0.0 8 639.3 2 035.0 954.2 0.0 554.2 151.5 614.5 1 287.2 0.0 1 397.5 949.8 29 519.3 0.0 210.1 24 600.1 0.9 113.9 0.0 5 809.3 3.2 1 315.0 0.4 6 802.6 0.0 57 361.2 0.0 0.0 0.0 3 457.2 4 118.3 29 826.0 1 187.5 246.5 645.5 321.4 1 186.8 1 988.9 0.0 Domestic NA NA 0.0 NA 55.0 NA 1 177 179.0 112 922.6 0.0 NA 17 450.0 23.0 455.2 NA 8 466.3 2 035.0 951.5 NA 554.2 151.5 614.5 1 287.2 NA 1 263.6 949.8 29 519.3 0.0 208.1 24 600.1 0.9 113.9 0.0 5 677.3 3.2 1 282.1 0.4 5 303.9 0.0 30 765.6 0.0 0.0 NA 3 454.8 3 757.9 29 818.8 986.2 246.5 640.5 321.4 1 186.8 1 980.9 0.0 Foreign NA NA 0.0 NA 9.5 NA 142 177.3 1.4 0.2 NA 495.7 NA 0.5 NA 173.1 NA 2.7 NA 0.0 NA NA NA NA 133.9 NA 0.0 NA 2.0 0.0 0.0 NA 0.0 132.1 NA 33.0 NA 1 498.7 0.0 26 595.6 0.0 0.0 NA 2.5 360.4 7.2 201.3 NA 5.0 0.0 NA 7.9 0.0 Year-to-date Total 0.0 0.0 0.0 0.0 515.2 0.0 7 955 052.8 629 478.0 73.1 0.0 106 880.4 381.1 2 643.5 0.0 50 918.7 16 351.6 9 187.6 0.0 3 494.6 2 158.0 5 661.3 4 944.0 0.0 4 300.9 5 398.8 197 108.4 102.2 1 457.7 174 479.3 15.5 909.4 14.4 96 991.6 131.5 8 870.0 2.7 40 210.6 0.0 347 331.1 0.0 0.0 0.0 19 533.2 45 346.2 127 754.1 9 455.7 1 025.2 4 844.2 1 046.5 4 417.8 9 764.6 0.0 Domestic 0.0 0.0 0.0 NA 450.0 NA 7 050 450.3 629 470.7 72.9 NA 101 791.5 381.1 2 633.4 NA 50 478.1 16 351.6 9 182.9 NA 3 494.6 2 158.0 5 661.3 4 944.0 NA 4 086.7 5 398.8 197 108.4 102.2 1 440.1 174 479.3 15.5 909.4 14.4 71 595.9 131.5 8 668.0 2.7 31 814.0 0.0 193 294.2 0.0 0.0 NA 19 479.1 43 389.5 127 639.5 7 000.9 1 025.2 4 829.7 1 046.5 4 417.8 9 732.3 0.0 Foreign 0.0 0.0 0.0 NA 65.2 NA 904 602.5 7.3 0.2 NA 5 088.9 NA 10.0 NA 440.7 NA 4.7 NA 0.0 0.0 NA NA NA 214.2 0.0 0.0 0.0 17.7 0.0 0.0 0.0 0.0 25 395.7 0.0 202.1 NA 8 396.5 0.0 154 036.9 0.0 0.0 NA 54.1 1 956.7 114.6 2 454.7 NA 14.5 0.0 NA 32.3 0.0
Equity - Value of share trading - Reported trades (USD millions)

June 2011 Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse Total 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 750.3 504.8 0.0 0.0 0.0 33.3 100 356.7 0.0 0.0 0.0 205.9 2 012.5 176 237.5 11.0 0.0 5 222.1 0.0 0.0 0.0 0.0 Domestic NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 18 857.5 504.8 0.0 NA NA 33.3 38 996.7 0.0 0.0 NA 205.9 1 989.3 87 871.5 10.4 NA 5 197.1 NA NA 0.0 0.0 Foreign NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 6 892.9 NA 0.0 NA NA 0.0 61 360.0 0.0 0.0 NA NA 23.2 88 366.0 0.6 NA 24.9 NA NA 0.0 0.0 Year-to-date Total 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 303.9 178 896.7 1 311.3 0.0 0.0 0.0 76.5 536 711.5 0.0 0.0 0.0 3 405.9 16 887.2 979 273.0 146.5 0.0 29 163.3 0.0 0.0 0.0 0.0 Domestic 0.0 NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 303.9 127 748.2 1 311.3 0.0 NA NA 76.5 84 140.0 0.0 0.0 NA 3 405.9 16 776.3 405 886.8 135.3 NA 29 074.1 NA NA 0.0 0.0 Foreign 0.0 NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 51 148.5 0.0 0.0 NA NA 0.0 452 571.5 0.0 0.0 NA NA 110.9 573 386.1 11.2 NA 89.2 NA NA 0.0 0.0
Equity - Number of trades in shares - Electronic order book trades (in thousands)
(excludes investment fund trades)
Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Philippine SE Shanghai SE Shenzhen SE Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse Total 2011 January 0.1 7 553.8 104.8 61.1 39.6 745.9 113 753.3 152 921.7 199.9 18 421.3 10 075.6 35 157.8 2 792.7 624.7 13 189.2 2 297.5 100 221.0 118 200.0 392.6 104 965.0 76 268.8 20 313.0 3 697.7 27 557.4 152.9 602.8 4 548.6 170.2 26.9 17.2 9 923.0 774.8 82.4 9 371.6 2 105.0 7.5 19 132.4 1.0 1.0 5.7 7 695.2 6 180.0 17 793.8 1 768.2 1 723.0 2 897.7 335.0 1 936.5 1 222.0 409.3 898 438.0 February 0.1 8 721.1 83.3 67.7 29.7 707.1 110 667.9 143 132.2 163.1 17 847.0 11 069.0 36 799.9 1 970.9 418.4 11 391.7 1 602.7 71 849.6 127 626.5 244.7 110 756.0 80 515.8 14 463.8 2 747.6 28 476.0 91.5 731.4 3 807.0 168.6 20.3 22.0 9 249.4 0.0 81.6 8 477.7 2 243.6 9.4 18 282.2 1.1 0.9 5.2 10 551.2 6 900.8 16 992.5 1 738.5 1 499.6 2 781.2 279.0 1 627.1 1 298.4 392.3 868 604.1 March 0.2 8 437.1 66.5 93.7 39.9 660.6 143 017.2 181 971.3 210.3 21 316.8 15 150.4 36 936.4 2 123.0 335.7 17 148.4 2 199.3 97 595.4 122 400.1 303.6 188 210.0 136 924.7 20 218.2 3 738.4 43 026.2 113.5 568.3 4 549.8 169.4 16.2 16.9 12 046.3 209.0 84.2 10 404.7 2 590.9 10.1 22 152.8 0.9 0.6 4.8 9 140.6 7 421.8 20 493.8 1 881.1 2 360.1 3 287.0 305.0 1 535.9 1 374.3 536.9 1 143 398.4 April 0.3 7 996.0 56.9 49.0 42.6 635.7 108 670.3 134 485.9 154.1 16 526.7 11 115.7 32 697.0 2 063.6 254.4 13 896.7 2 078.7 109 486.7 107 130.3 298.9 140 780.0 99 987.3 16 079.0 3 420.6 29 597.0 120.0 471.2 3 499.3 198.6 18.0 8.6 8 037.0 560.5 75.0 9 920.0 1 733.1 6.3 15 279.4 0.7 0.6 4.2 8 272.7 5 339.4 13 837.2 1 334.0 2 451.6 2 475.4 498.0 916.2 1 212.1 324.8 914 097.4 May 0.1 9 288.7 53.9 85.1 39.8 824.2 138 451.0 155 906.3 197.3 17 064.1 13 602.6 33 627.5 1 647.4 412.2 13 207.1 2 552.8 82 368.6 114 673.9 331.0 112 625.0 79 332.7 16 122.0 3 487.7 25 858.9 151.3 586.2 3 407.3 148.2 15.6 10.0 9 921.2 760.9 85.7 9 229.2 1 966.2 7.0 19 128.4 0.7 0.7 5.7 8 213.9 6 615.9 16 679.7 1 748.6 2 867.1 2 892.1 381.0 1 266.8 1 238.6 356.0 909 444.0 June 0.1 8 615.6 60.2 65.9 33.2 766.5 145 312.3 162 746.7 216.3 17 796.9 12 753.5 33 499.9 1 638.6 485.6 13 822.2 1 965.6 82 569.7 115 548.3 285.0 101 499.0 75 808.4 14 566.2 3 612.9 28 103.0 114.8 544.8 3 484.3 128.8 15.1 9.0 8 984.6 779.2 84.8 7 713.5 2 152.2 6.8 19 980.4 0.7 0.5 4.4 7 861.7 6 572.2 16 029.4 1 619.8 2 041.3 2 613.1 292.0 1 239.3 1 129.1 392.4 905 565.7 Trading days June 11 21 21 21 20 21 22 22 22 21 22 21 22 22 21 21 20 21 22 21 21 21 21 22 22 22 21 22 20 22 21 22 22 21 22 21 22 22 19 20 22 21 21 22 20 21 20 19 20 21 19 Year-todate 0.9 50 612.2 425.6 422.5 224.9 4 339.9 759 872.1 931 164.2 1 141.1 108 972.8 73 766.8 208 718.5 12 236.0 2 531.1 82 655.3 12 696.6 544 090.9 705 579.0 1 855.8 758 835.0 548 837.7 101 762.2 20 704.8 182 618.4 744.1 3 504.8 23 296.3 983.8 112.1 83.7 58 161.5 3 084.4 493.7 55 116.8 12 791.0 47.0 113 955.5 5.1 4.4 30.0 51 735.3 39 030.1 101 826.4 10 090.1 12 942.6 16 946.5 2 090.0 8 521.7 7 474.4 2 411.6 5 639 547.6 % change/ last month -15.3% -7.2% 11.5% -22.6% -16.6% -7.0% 5.0% 4.4% 9.6% 4.3% -6.2% -0.4% -0.5% 17.8% 4.7% -23.0% 0.2% 0.8% -13.9% -9.9% -4.4% -9.7% 3.6% 8.7% -24.1% -7.1% 2.3% -13.1% -3.1% -10.7% -9.4% 2.4% -1.0% -16.4% 9.5% -3.8% 4.5% -0.4% -19.9% -23.5% -4.3% -0.7% -3.9% -7.4% -28.8% -9.6% -23.4% -2.2% -8.8% 10.2%
Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges
NA: Not available Source: World Federation of Exchanges members
Equity - Number of trades in shares - Negotiated deals (in thousands)

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

2011 December NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 94.3 0.8 0.0 NA NA 0.0 364.9 0.0 0.0 NA 1.2 135.5 41.2 1.4 NA 23.0 NA NA 0.0 0.0 January NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 92.1 0.0 0.0 NA NA 0.0 276.2 0.0 0.0 NA 1.5 90.1 37.7 1.4 NA 17.9 NA NA 0.0 0.0 March NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 162.0 0.3 0.0 NA NA 0.0 326.2 0.0 0.0 NA 2.4 161.3 51.5 1.2 NA 17.8 NA NA 0.0 0.0 April NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 81.0 0.6 0.0 NA NA 0.0 225.7 0.0 0.0 NA 2.0 62.6 43.7 0.9 NA 13.8 NA NA 0.0 0.0 May NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 104.1 1.1 0.0 NA NA 0.0 216.1 0.0 0.0 NA 1.7 95.6 50.7 1.2 NA 14.4 NA NA 0.0 0.0 June NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 97.2 1.3 0.0 NA NA 0.0 273.5 0.0 0.0 NA 1.0 73.4 49.8 0.6 NA 11.2 NA NA 0.0 0.0 Year-to-date NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.1 0.0 0.0 NA 0.0 630.6 4.1 0.0 NA NA 0.1 1 682.7 0.0 0.0 NA 9.8 618.5 274.5 6.6 NA 98.1 NA NA 0.0 0.0
Exchange Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse
% change / last month -6.6% 22.6% 0.0% 26.5% -42.4% -23.2% -1.8% -45.2% -22.3% -
Equity - Share turnover velocity

2011 January Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse 0.6% 59.5% 5.2% 9.9% 4.8% 24.7% 241.6% 109.3% 25.0% 75.1% 61.9% 12.7% 49.0% 37.9% 56.8% 41.5% 195.6% 49.6% 78.8% 17.7% 134.8% 211.8% 52.7% 126.7% 102.6% 105.9% 21.9% 46.1% 124.5% 66.3% 8.6% 8.7% 109.5% 54.1% 15.0% 199.6% 29.0% 6.0% 70.4% 0.2% 2.1% 5.8% 37.3% 72.0% 71.6% 82.0% 78.8% 71.2% 16.0% 57.7% 43.8% 35.6% February 1.1% 65.4% 4.6% 11.5% 5.0% 26.0% 229.5% 98.3% 15.6% 71.2% 74.6% 13.0% 34.2% 27.9% 49.8% 24.1% 139.6% 51.4% 83.4% 14.5% 138.0% 214.2% 46.9% 97.1% 75.7% 113.7% 11.9% 52.6% 82.6% 64.0% 5.8% 12.9% 99.9% 0.0% 14.0% 184.7% 30.9% 9.1% 65.8% 0.2% 2.5% 3.3% 48.8% 84.0% 68.5% 79.9% 67.7% 71.7% 12.6% 50.8% 42.2% 33.2% March 1.3% 60.1% 3.6% 13.3% 7.2% 24.9% 299.3% 123.0% 19.1% 82.0% 93.9% 12.6% 36.8% 26.1% 69.9% 32.2% 181.0% 45.2% 96.7% 17.2% 233.1% 359.2% 52.5% 133.4% 90.7% 173.7% 16.5% 52.7% 100.9% 57.7% 5.7% 10.1% 134.5% 21.0% 14.0% 181.9% 34.9% 9.6% 82.3% 0.1% 1.2% 3.6% 55.0% 83.1% 85.3% 79.8% 98.5% 89.9% 15.6% 49.4% 48.8% 49.4% April 1.1% 58.1% 3.8% 9.5% 11.6% 23.0% 230.8% 92.3% 12.8% 63.0% 70.7% 12.0% 32.6% 15.0% 54.7% 25.8% 211.4% 40.3% 68.0% 15.0% 172.2% 262.4% 45.6% 103.8% 78.5% 109.8% 13.2% 33.6% 104.3% 69.8% 5.3% 4.8% 93.3% 27.8% 9.7% 171.2% 24.1% 4.1% 52.9% 0.1% 1.0% 3.0% 49.5% 60.6% 57.8% 53.4% 99.6% 62.9% 23.6% 31.2% 37.4% 26.3% May 3.0% 62.6% 3.1% 14.3% 9.2% 28.8% 281.5% 107.0% 20.1% 65.3% 83.6% 10.5% 28.6% 23.7% 49.5% 29.5% 156.3% 42.4% 68.0% 18.3% 136.2% 206.1% 42.3% 105.5% 75.3% 100.1% 18.2% 42.6% 98.7% 57.0% 3.5% 5.6% 124.5% 35.6% 13.0% 166.8% 26.8% 6.3% 71.9% 0.1% 1.1% 5.6% 44.0% 75.9% 69.7% 68.3% 111.5% 68.7% 17.0% 40.1% 45.5% 29.0% June 1.2% 59.0% 4.9% 13.2% 7.1% 27.9% 299.5% 122.7% 23.3% 68.1% 84.5% 10.6% 30.0% 31.2% 55.3% 22.5% 151.6% 40.3% 83.2% 16.1% 122.4% 184.6% 39.9% 102.9% 68.3% 106.3% 15.1% 41.2% 86.2% 52.8% 5.9% 4.8% 100.3% 44.1% 11.7% 129.0% 30.8% 7.3% 69.4% 0.1% 0.9% 3.6% 42.2% 72.5% 65.2% 58.7% 76.7% 62.9% 21.6% 40.9% 45.9% 34.7%
Exchange
Notes: Turnover velocity is calculated using EOB domestic trading value as numerator and domestic market cap as denominator Johannesburg SE: ratios are calculated with domestic & foreign market capitalization NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges
Singapore Exchange: ratios are calculated with domestic & foreign market capitalization Due to different reporting rules & calculation methods, turnover figures are not entirely comparable Source: World Federation of Exchanges members
Equity - Investment flows - New companies listed

2011 June Exchange Number of new companies listed through an IPO Domestic Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse 0 0 0 0 0 5 5 2 35 11 7 3 1 7 2 11 1 3 NA 5 23 NA 1 2 NA 0 0 0 0 1 0 1 0 1 6 0 0 11 0 0 NA NA 2 4 0 NA 0 NA 1 17 0 Foreign 0 0 NA 0 0 NA 1 NA NA NA NA 0 NA 2 0 1 NA 0 NA NA NA 1 1 NA NA 0 0 0 0 0 0 1 0 0 0 0 0 4 2 0 NA NA 1 1 1 NA 0 NA 0 0 0 Total 0 0 0 0 0 5 6 2 35 11 7 3 1 9 2 12 1 3 0 5 23 1 2 2 NA 0 0 0 0 1 0 2 0 1 6 0 0 15 2 0 NA NA 3 5 1 NA 0 0 1 17 0 Number of other companies listed during the month Domestic 0 0 0 1 0 NA 3 2 NA 1 NA 14 8 5 0 NA 15 0 NA NA NA NA NA NA NA 1 0 4 2 0 0 0 1 0 0 1 1 6 0 0 NA NA 0 1 0 NA 0 NA 0 0 0 Foreign 0 0 NA 1 28 NA 0 0 NA 1 NA 0 NA 2 NA NA NA 0 NA NA NA NA NA NA NA 0 0 0 0 0 0 12 0 0 0 0 0 4 1 0 NA NA 0 0 0 NA 0 NA 0 0 0 Total 0 0 0 2 28 0 3 2 9 2 0 14 8 7 0 0 15 0 0 NA NA 0 0 0 NA 1 0 4 2 0 0 12 1 0 0 1 1 10 1 0 NA NA 0 1 0 NA 0 0 0 0 0
Year-to-date Number of new companies listed through an IPO Domestic 9 0 1 0 2 45 31 5 148 58 59 17 6 30 10 30 16 6 1 23 144 5 5 5 4 0 0 1 0 1 0 11 0 1 17 0 0 39 1 0 NA 1 14 10 3 NA 0 NA 7 98 1 Foreign 0 0 NA 0 0 NA 15 NA NA 4 NA 0 NA 4 0 1 NA 0 0 NA NA 5 7 NA NA 0 0 0 0 0 0 7 0 0 0 0 0 9 15 0 NA NA 1 2 1 NA 0 NA 0 3 0 Total 9 0 1 0 2 45 46 5 148 62 59 17 6 34 10 31 16 6 1 23 144 10 12 5 4 0 0 1 0 1 0 18 0 1 17 0 0 48 16 0 0 1 15 12 4 0 0 0 7 101 1 Number of other companies listed during the month Domestic 1 0 1 2 2 NA 18 5 NA 6 NA 65 11 11 0 0 57 0 0 NA NA NA NA 1 12 1 0 33 3 0 0 7 3 0 0 4 1 26 0 0 0 2 0 10 0 NA 0 NA 0 0 0 Foreign 0 0 NA 3 50 NA 8 34 NA 3 NA 0 NA 2 NA 0 NA 0 0 NA NA NA NA NA NA 0 0 1 0 0 0 95 0 0 0 2 0 11 1 0 0 NA 0 2 3 NA 0 NA 1 0 1 Total 1 0 1 5 52 0 26 39 53 9 0 65 11 13 0 0 57 0 0 0 0 0 0 1 12 1 0 34 3 0 0 102 3 0 0 6 1 37 1 0 0 2 0 12 3 0 0 0 1 0 1
Equity - Investment flows - Investment flows (value)

2011 June Exchange Newly issued shares Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse 607.1 0.0 0.0 0.0 NA NA NA 308.0 NA NA NA 624.2 22.0 3 166.3 458.8 NA NA NA NA 1 026.9 2 140.7 321.4 104.3 6.1 NA 0.0 NA NA NA 13.2 NA NA 0.0 NA 67.1 0.0 NA NA NA NA NA NA NA NA NA NA NA NA 74.1 NA NA IPOs Already issued shares 518.8 0.0 NA 0.0 60.6 NA NA NA NA NA NA 30.1 NA 2 992.2 NA NA NA NA NA NA NA NA NA NA NA 0.0 NA NA NA 0.0 NA NA 0.0 NA 1.6 0.0 NA NA NA NA NA NA NA NA NA NA NA NA 0.0 NA NA Total 1 125.9 0.0 0.0 0.0 60.6 671.4 1 540.8 308.0 NA 3 581.0 NA 654.3 22.0 6 158.5 458.8 1 216.0 5.2 16.9 NA 1 026.9 2 140.7 321.4 104.3 6.1 NA 0.0 0.0 88.0 15.1 13.2 0.0 161.8 0.0 0.0 68.7 0.0 14.4 NA 0.0 0.0 NA NA 0.0 0.0 21.9 NA 0.0 0.0 74.1 94.0 0.0 Already listed companies Newly issued shares 2 932.9 0.0 NA 3.6 NA NA NA 539.3 NA NA NA 0.0 NA 3 633.0 0.0 NA NA NA NA 2 757.7 2 032.1 NA NA 7.0 NA 0.0 NA NA NA 0.0 NA NA 6.9 NA 12.8 497.1 NA NA NA NA NA NA NA NA NA NA NA NA 249.2 NA NA Already issued shares 9.9 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 NA NA 0.0 NA NA NA NA NA NA 45.2 NA 427.0 NA 0.0 NA NA NA 0.0 NA NA 86.7 NA 0.0 1 087.9 NA NA NA NA NA NA NA NA NA NA NA NA 0.0 NA NA Grand total Total 2 942.7 0.0 NA 3.6 NA NA 5 856.7 539.3 NA 1 671.2 NA 0.0 0.0 3 633.0 0.0 NA 463.3 NA 0.0 2 757.7 2 032.1 45.2 NA 434.0 0.0 0.0 1 870.4 2 427.6 6.3 0.0 0.0 123.4 93.6 69.4 12.8 1 585.0 0.4 NA 0.0 0.0 NA NA 0.0 0.0 77.6 NA 0.0 1.0 249.2 10.9 1 225.1 4 068.6 0.0 0.0 3.6 60.6 671.4 7 397.5 847.3 NA 5 252.2 NA 654.3 22.0 9 791.5 458.8 1 216.0 468.5 NA 0.0 3 784.7 4 172.9 366.6 104.3 440.0 0.0 0.0 1 870.4 2 515.6 21.4 13.2 0.0 285.2 93.6 69.4 81.5 1 585.0 14.8 NA 0.0 0.0 NA NA 0.0 0.0 99.6 NA 0.0 1.0 323.3 104.8 1 225.1
Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges
Singapore Exchange: Capital raised on SGX Main Board & SGX Sesdaq NA: Not available Source: World Federation of Exchanges members
Year-to-date IPOs Newly issued shares 2 889.3 0.0 21.9 0.0 641.0 NA NA 1 056.3 NA NA NA 785.4 173.8 16 747.1 1 291.0 0.0 NA NA NA 5 089.6 14 445.6 6 698.3 465.1 116.4 91.3 0.0 NA NA NA 13.2 NA NA 0.0 NA 346.3 0.0 NA NA NA NA NA 738.6 NA NA NA 0.0 NA NA 177.5 NA NA Already issued shares 1 300.8 0.0 NA 0.0 1 475.6 NA NA NA NA NA NA 1 105.2 0.0 5 261.9 0.0 0.0 NA NA NA NA 0.0 NA NA 0.0 NA 0.0 NA NA NA 0.0 NA NA 0.0 NA 363.2 0.0 NA NA NA NA NA 543.2 NA NA NA NA NA NA 0.0 NA NA Total 4 190.1 0.0 21.9 0.0 2 116.6 5 940.8 21 885.7 1 056.3 NA 9 245.0 NA 1 890.6 173.8 22 009.0 1 291.0 2 616.7 724.8 40.7 0.0 8 137.6 18 274.0 6 698.3 625.5 116.4 91.3 0.0 0.0 11 723.2 17.1 13.2 0.0 1 753.3 0.0 0.0 709.5 0.0 14.4 NA 0.0 0.0 NA 1 281.8 0.0 0.0 1 040.5 0.0 0.0 0.1 177.5 1 234.2 543.1 Newly issued shares 27 844.7 0.0 NA 186.7 NA NA NA 575.3 NA NA NA 0.0 140.5 16 560.2 2 952.2 0.0 NA NA NA 18 987.5 19 040.9 NA 41.4 1 155.7 10 385.4 31.7 NA NA NA 85.4 NA NA 21.2 NA 1 275.3 5 836.6 NA NA NA NA 18.7 738.6 NA NA NA 688.0 NA NA 953.3 NA NA Already listed companies Already issued shares 902.1 0.0 314.7 0.0 NA NA NA NA NA NA NA 0.0 0.0 NA 0.0 0.0 NA NA NA NA 0.0 874.2 569.2 625.2 NA 0.0 NA NA NA 0.0 NA NA 97.0 NA 19.7 2 088.8 NA NA NA NA NA 3 859.1 NA NA NA NA NA NA 0.0 NA NA Grand total Total 28 746.8 0.0 314.7 186.7 0.0 NA 60 373.3 1 027.8 NA 16 352.9 NA 0.0 140.5 16 560.2 2 952.2 0.0 9 038.8 NA 33.0 18 987.5 21 384.1 874.2 694.8 1 781.0 10 385.4 45.8 3 024.1 14 367.8 27.5 85.4 674.2 1 187.2 180.1 3 644.4 1 295.0 7 925.4 186.5 NA 0.0 3.9 18.7 4 597.7 91.7 0.0 5 608.1 688.0 0.0 3.7 953.3 173.6 1 225.1 32 936.8 0.0 336.6 186.7 2 116.6 5 940.8 82 259.0 2 084.1 NA 25 597.9 NA 1 890.6 314.2 38 569.2 4 243.2 2 616.7 9 763.6 NA 33.0 27 125.1 39 658.1 7 572.4 1 320.3 1 897.4 10 476.7 45.8 3 024.1 26 091.0 44.6 98.5 674.2 2 940.5 180.1 3 644.4 2 004.5 7 925.4 200.9 NA 0.0 3.9 18.7 5 879.5 91.7 0.0 6 648.7 688.0 0.0 3.8 1 130.9 1 407.9 1 768.2
Equity - Broad stock index performance

2011 January Americas Bermuda SE BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Philippine SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Barcelona BME Spanish Exchanges Bilbao BME Spanish Exchanges Madrid BME Spanish Exchanges Valencia Borsa Italiana Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE London SE Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Copenhagen NASDAQ OMX Nordic Helsinki NASDAQ OMX Nordic Iceland NASDAQ OMX Nordic Stockholm NYSE Euronext Amsterdam NYSE Euronext Brussels NYSE Euronext Lisbon NYSE Euronext Paris Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse BSX Index Ibovespa Composite IGBC Indice General BVL (IGBVL) IPC CompMx Composite Composite IGPA S&P/TSX Composite All Ordinary Price BSE 500 FBM Emas Index CSE All Share S&P/HKEX LargeCap Index JSX Composite Index KOSPI S&P CNX 500 300 Common PSE Index (PSEi) SSE Composite Index SZSE Composite Index Straits Times Index TAIEX SET Index TOPIX ASE Index General Price BCN Global - 100 Index Indice Bolsa Bilbao 2000 IGBM Index IGBV Index FTSE Italia MIB Storico BUMIX MASI Float CSE General Index CDAX Price EGX 30 Index ISEQ Overall ISE 100 Index FTSE/JSE All Share FTSE 100 Lux General Price MSE Share Index SEMDEX MICEX Index OMXC OMXH OMXIPI OMXS AAX General Price BVL General SBF 250 OSEBXPR TASI SMI TEDPIX General WIG Total Return SE Price Index 1 145.43 66 574.88 195 789.81 15 077.93 22 887.41 284.58 2 700.08 8 139.16 22 248.93 13 551.99 4 850.00 7 128.29 10 469.17 7 174.87 27 969.05 3 409.17 2 069.73 4 424.60 986.39 3 881.47 2 790.69 1 197.67 3 179.72 9 145.35 964.10 910.08 2 373.78 1 593.30 835.65 1 750.33 1 105.31 1 081.09 17 067.00 1 976.46 12 589.31 1 181.54 375.09 5 646.50 2 852.81 63 278.07 31 398.75 3 044.00 1 155.19 3 865.79 2 024.04 1 723.42 398.64 7 786.88 624.97 364.81 568.04 8 663.54 2 801.23 2 928.35 275.34 6 358.03 6 479.15 85 428.00 1 078.51 47 156.76 1 104.50 February 1 119.38 67 383.22 188 118.06 15 008.36 22 842.96 284.46 2 782.27 8 438.55 21 229.26 14 136.50 4 923.60 6 850.40 10 215.54 7 797.96 27 880.82 3 470.35 1 939.30 4 247.15 1 023.63 3 766.73 2 905.05 1 295.81 3 010.51 8 599.65 987.91 951.27 2 251.73 1 576.86 841.03 1 762.10 1 111.31 1 087.81 17 394.00 1 948.25 12 805.81 1 087.23 384.22 NA 2 976.54 61 283.87 32 272.09 3 139.00 1 179.18 3 602.16 2 026.77 1 777.84 404.61 7 471.45 625.33 358.72 578.84 8 807.31 2 848.14 3 005.88 285.50 5 941.63 6 610.44 88 138.00 1 055.97 47 540.91 1 110.43 March 1 143.46 68 586.70 189 288.65 14 469.66 21 957.49 288.04 2 781.07 8 404.98 21 871.92 14 116.10 4 928.60 7 437.26 10 612.46 7 226.12 28 034.90 3 678.67 2 106.70 4 626.45 929.62 4 055.14 2 928.11 1 253.68 3 105.85 8 683.30 1 047.48 869.38 2 175.59 1 535.19 812.48 1 731.53 1 079.01 1 061.02 17 151.00 1 933.10 12 174.00 980.50 374.45 5 463.72 2 874.71 64 434.51 32 204.06 3 068.00 1 145.58 3 463.78 2 005.55 1 813.59 394.94 7 519.83 626.83 364.33 573.52 8 699.31 2 788.83 2 928.12 284.55 6 562.85 6 357.55 99 532.00 1 054.26 48 729.83 1 107.13 April 1 202.38 66 132.86 188 451.94 14 384.20 19 636.22 284.68 2 873.54 8 671.41 22 784.53 13 994.79 4 899.00 7 427.14 10 576.09 7 356.97 28 237.79 3 819.62 2 192.36 4 615.30 899.57 4 319.51 2 911.51 1 200.62 3 172.73 9 007.87 1 093.56 851.85 2 198.01 1 434.65 836.76 1 777.26 1 109.35 1 091.87 17 630.00 1 917.69 11 551.50 937.29 394.79 5 003.65 3 005.17 69 250.14 32 836.23 3 155.00 1 108.05 3 346.04 2 063.01 1 741.84 393.92 7 518.94 626.76 372.66 569.67 8 907.79 2 774.93 3 015.46 283.35 6 710.56 6 539.70 103 022.00 1 030.13 50 008.98 1 092.09 May 1 157.57 64 620.08 182 577.26 14 550.52 21 566.07 275.93 2 835.30 8 477.28 22 929.02 13 802.88 4 788.90 7 233.85 10 691.17 7 418.07 28 186.80 3 836.97 2 142.47 4 492.90 883.08 4 244.64 2 743.47 1 111.90 3 159.93 8 988.84 1 073.83 838.48 2 159.83 1 309.46 801.61 1 715.87 1 066.37 1 064.96 16 739.00 1 863.67 12 196.70 817.99 377.73 5 523.36 2 969.57 63 046.02 32 565.73 3 161.00 1 072.36 3 350.67 2 079.75 1 666.30 389.72 7 131.87 621.94 366.89 551.67 8 621.12 2 818.97 2 958.83 273.44 6 735.98 6 554.71 102 227.00 1 006.89 50 025.61 1 082.97
Exchange
Name of index
% change/ % change / June last month June 10 1 200.60 62 403.64 184 950.80 14 067.73 18 878.78 281.66 2 773.52 8 319.10 22 642.40 13 300.87 4 659.80 7 265.32 10 842.25 6 825.94 26 685.63 3 888.57 2 100.69 4 522.95 892.06 4 291.21 2 762.08 1 155.89 3 120.44 8 652.59 1 041.48 849.22 2 093.52 1 279.06 788.34 1 693.12 1 049.76 1 050.33 15 926.00 1 811.70 11 510.93 782.20 381.23 5 373.00 2 953.29 63 269.40 31 864.54 3 097.00 1 091.12 3 327.13 2 097.74 1 666.59 367.31 6 716.62 604.95 353.95 536.43 8 307.61 2 773.91 2 940.24 260.44 6 576.00 6 187.07 99 694.00 963.69 48 414.36 1 063.57 3.7% -3.4% 1.3% -3.3% -12.5% 2.1% -2.2% -1.9% -1.3% -3.6% -2.7% 0.4% 1.4% -8.0% -5.3% 1.3% -2.0% 0.7% 1.0% 1.1% 0.7% 4.0% -1.2% -3.7% -3.0% 1.3% -3.1% -2.3% -1.7% -1.3% -1.6% -1.4% -4.9% -2.8% -4.4% 0.9% -2.7% -0.5% 0.4% -2.2% -2.0% 1.7% -0.7% 0.9% 0.0% -5.8% -5.8% -2.7% -3.5% -2.8% -3.6% -1.6% -0.6% -4.8% -2.4% -5.6% -2.5% -4.3% -3.2% -1.8% -2.7% 2.4% 49.3% 13.0% 35.0% 17.7% 31.5% 28.6% 20.1% 17.8% 7.7% 2.4% 22.3% 48.0% 12.5% 33.5% 23.7% 2.3% -1.8% 27.2% 15.2% 22.3% 10.0% 18.1% 30.6% 0.9% -10.9% -10.8% 9.9% 13.2% 9.3% 16.9% 6.1% -5.7% -26.7% 21.8% -10.9% 2.6% 15.4% 21.3% 21.8% 4.4% -1.1% 26.8% 27.3% 6.6% 7.4% 7.9% 13.1% 9.6% 6.6% 9.9% 17.7% 23.4% 7.9% 1.0% 68.4% 5.3% 22.9% 22.5%
Equity - Blue chip index performance

2011 January 9 283.84 12 012.82 1 762.43 31 199.64 36 982.24 2 281.91 5 728.31 4 673.07 778.65 4 722.40 18 327.76 1 519.94 7 134.27 23 447.34 597.85 4 401.20 5 505.90 18 475.35 6 464.51 4 342.35 3 179.72 6 297.94 668.58 499.12 740.51 10 806.00 22 050.00 22 709.35 399.08 7 077.48 1 234.30 454.96 77 640.95 28 145.34 835.65 5 863.00 1 458.49 387.50 4 036.65 462.11 2 676.66 1 147.22 360.75 2 638.70 7 819.12 4 005.50 393.25 6 479.15 1 253.60 1 292.75 2 704.86 2 885.76 February 9 482.61 12 080.88 1 750.97 30 986.04 37 019.70 2 350.99 5 906.53 4 444.57 813.29 4 802.40 17 823.40 1 491.25 7 140.92 23 338.02 614.02 4 140.42 5 333.25 18 989.01 6 730.26 4 725.40 3 010.51 5 905.31 690.89 528.53 734.35 10 850.80 22 467.00 23 155.50 368.85 7 272.32 NA 472.68 74 652.14 29 077.83 818.83 6 052.00 1 513.07 383.06 4 100.58 473.64 2 601.08 1 128.66 369.13 2 707.09 7 995.16 4 110.35 408.31 6 610.44 1 295.60 1 289.72 2 717.81 2 895.82 March 9 618.80 11 715.46 1 718.45 29 989.71 37 440.51 2 338.99 5 902.84 4 624.47 809.16 4 817.10 19 445.22 1 545.13 6 874.74 23 527.52 659.05 4 513.09 5 833.75 18 156.00 6 791.11 4 593.80 3 105.85 5 980.41 735.98 464.72 706.10 10 576.50 21 727.00 23 059.77 333.62 7 041.31 1 202.99 457.07 78 368.18 29 037.48 832.37 5 909.00 1 466.13 375.68 4 165.58 467.15 2 637.82 1 134.87 365.62 2 662.17 7 753.45 3 989.18 408.49 6 357.55 1 485.30 1 321.18 2 816.96 2 882.18 April 9 223.25 11 616.27 1 700.68 27 346.84 36 962.62 2 404.08 6 061.59 4 822.50 791.93 4 825.60 19 135.96 1 534.95 6 822.77 23 720.81 680.63 4 695.31 5 749.50 17 605.88 6 772.46 4 477.19 3 172.73 6 226.47 770.69 455.85 649.13 10 878.90 22 418.00 24 161.56 319.06 7 514.46 1 107.73 477.07 84 576.28 29 564.28 788.10 6 070.00 1 429.82 387.63 3 944.40 462.81 2 637.40 1 162.84 359.94 2 768.34 7 677.82 4 106.92 413.39 6 539.70 1 545.70 1 314.56 2 913.13 2 846.05 May 8 945.91 11 138.88 1 760.40 29 788.77 35 832.79 2 372.54 5 946.39 4 847.87 789.12 4 690.70 18 503.28 1 558.29 6 853.61 23 684.13 682.25 4 577.09 5 560.15 17 257.82 6 377.67 4 207.03 3 159.93 6 161.32 754.08 449.61 587.26 10 476.00 21 110.00 23 376.19 278.67 7 293.69 1 215.24 474.44 76 628.83 29 274.06 771.99 6 083.00 1 423.62 391.83 3 789.85 456.25 2 522.89 1 151.36 349.44 2 687.71 7 556.86 4 006.94 405.99 6 554.71 1 574.05 1 266.88 2 903.61 2 787.38 June 8 804.21 11 377.87 1 700.43 25 855.19 36 558.07 2 325.07 5 846.42 4 795.28 763.90 4 606.40 18 845.87 1 579.07 6 301.02 22 398.10 690.65 4 460.47 5 647.40 17 416.04 6 407.89 4 353.85 3 120.44 5 865.41 729.78 446.87 575.08 10 359.90 20 187.00 22 693.74 266.17 7 376.24 1 172.44 474.51 76 930.43 28 551.82 742.29 5 946.00 1 406.91 394.68 3 849.50 431.06 2 392.73 1 115.23 339.65 2 572.58 7 323.78 3 982.21 386.66 6 187.07 1 528.40 1 223.91 2 802.01 2 766.73 % % change / last % change volatility month / June 10 June 11 -1.6% 2.1% -3.4% -13.2% 2.0% -2.0% -1.7% -1.1% -3.2% -1.8% 1.9% 1.3% -8.1% -5.4% 1.2% -2.5% 1.6% 0.9% 0.5% 3.5% -1.2% -4.8% -3.2% -0.6% -2.1% -1.1% -4.4% -2.9% -4.5% 1.1% -3.5% 0.0% 0.4% -2.5% -3.8% -2.3% -1.2% 0.7% 1.6% -5.5% -5.2% -3.1% -2.8% -4.3% -3.1% -0.6% -4.8% -5.6% -2.9% -3.4% -3.5% -0.7% 6.2% 45.9% 15.9% 24.7% 17.3% 33.7% 25.8% 18.0% 15.4% 6.4% 6.5% 20.2% 19.4% 11.3% 22.0% 25.8% 6.3% 1.0% 15.0% 29.7% 10.0% 18.9% 33.3% -2.0% -14.8% 11.8% 4.5% 7.8% -26.5% 23.6% -10.1% 4.1% 11.9% 22.6% -15.7% 20.9% 1.6% 18.2% 25.9% 9.7% 14.2% 10.9% 7.2% 7.8% 3.7% 15.7% 29.1% 1.0% 139.6% 15.2% 23.4% 21.4% 11.2% 16.1% 12.3% 39.7% 11.8% 10.7% 1.0% 0.0% 2.7% 16.0% 13.7% 1.0% 1.2% 7.8% 15.5% 19.1% 36.9% 19.5% 19.3% 0.0% 0.0% 16.6% 1.1% 0.0% 23.5% 13.0% 14.6% 14.0% 0.7% 14.7% 17.3% 16.5% 13.3% 14.0% 16.3% 17.0% 0.0% 18.3% 2.9% 10.7% 17.1%
Exchange Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange NASDAQ OMX NYSE Euronext (US) Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Indonesia SE Korea Exchange National Stock Exchange India Osaka SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Athens Exchange BME Spanish Exchanges Borsa Italiana Budapest SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Luxembourg SE Mauritius SE MICEX NASDAQ OMX Nordic Copenhagen NASDAQ OMX Nordic Helsinki NASDAQ OMX Nordic Stockholm NYSE Euronext Amsterdam NYSE Euronext Brussels NYSE Euronext Lisbon NYSE Euronext Paris Oslo Brs SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse
Name of index
IBrX-50 Burcap Index IGBC Indice Selectivo BVL (ISBVL) IPC Nasdaq 100 NYSE US 100 IPSA S&P/TSX 60 ASX/S&P 50 SENSEX Kuala Lumpur Composite Milanka Price Index Hang Seng Index LQ45 Index KOSPI 200 S&P CNX Nifty OSE Adjusted 250 Issues SSE 180 Index SZSE 100 Index Straits Times Index TSEC Taiwan 50 Index SET 50 Index TOPIX Core 30 FTSE/ASE 20 IBEX 35 FTSE MIB BUX FTSE/CySE 20 DAX Performance Index DJ/CASE Egypt Titans 20 Index ISEQ 20 ISE 30 Index FTSE/JSE Top 40 SBI 20 FTSE 100 LuxX SEM-7 MICEX 10 Index OMXC20 OMXH25 OMXS30 AEX 25 BEL 20 PSI 20 CAC 40 OBX Index SMI TSE 50 TA 25 WIG 20 ATX (Austrian Traded Index)
Fixed income - Total value of bond trading (USD millions)

2011 Exchange January Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Shanghai SE Shenzhen SE Singapore Exchange The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tel-Aviv SE Warsaw SE Wiener Brse 7.8 2 107.0 80 608.8 41.6 10.2 14 364.0 683.6 62.9 900.5 17.5 0.0 0.1 47 773.6 9 855.1 0.0 5 324.1 1 189.2 0.0 5.0 365.0 1.7 1 521 379.2 111.5 39.1 1.2 8 084.7 784.8 2 160.8 53 865.2 226 923.8 17.5 409 459.8 0.8 20.0 0.1 13 989.7 180 723.6 1 105.0 35 765.5 4.7 15 632.7 20 068.6 25.3 36.3 February 4.0 2 009.1 86 508.8 74.5 16.1 16 479.7 569.2 69.5 347.6 14.8 9.1 0.0 39 212.2 7 716.3 0.0 4 137.6 936.6 0.0 3.2 282.0 0.9 1 651 638.1 69.8 173.4 1.7 7 682.7 0.0 2 193.4 49 755.7 236 046.9 7.6 459 640.9 2.3 34.6 0.2 23 130.9 171 472.2 1 158.8 34 514.8 7.0 14 613.1 21 073.3 50.7 92.9 March 7.2 2 711.6 101 506.5 45.6 51.5 24 738.8 0.0 65.9 3 032.4 9.1 14.6 0.1 55 192.2 10 461.4 0.0 10 591.6 1 135.2 0.0 0.5 371.0 1.6 1 678 562.5 75.7 239.7 1.8 7 233.6 1 068.5 2 943.5 59 631.6 286 965.3 9.6 490 979.1 2.6 22.4 0.0 31 078.5 336 954.9 1 512.7 63 471.7 4.2 17 633.8 22 806.8 40.3 97.4 April 34.8 2 775.5 86 606.2 26.6 10.8 19 674.5 0.0 56.1 2 170.6 9.1 0.0 0.0 48 293.8 9 099.6 0.0 6 902.8 1 220.8 0.0 1.0 205.5 1.5 1 276 071.2 59.7 83.7 1.2 8 274.8 225.6 3 421.0 48 201.4 171 750.8 5.2 359 698.8 1.9 128.0 0.0 29 061.6 158 982.6 1 083.1 27 165.3 2.9 13 510.1 15 335.4 35.5 98.1 May 10.4 2 949.0 90 997.6 69.3 49.7 18 287.0 0.0 83.4 1 115.4 7.1 0.0 0.0 62 188.6 8 087.5 0.0 7 574.6 858.9 0.0 0.2 103.3 3.5 1 545 054.6 58.9 10.8 7.2 7 687.2 708.2 1 761.8 39 877.4 270 401.8 6.3 483 182.9 6.8 69.3 0.2 24 455.7 193 777.9 1 117.0 55 589.5 2.0 16 812.5 19 402.1 33.3 98.7 June 5.3 2 800.6 80 624.8 49.3 49.0 18 128.0 0.0 98.7 283.7 6.2 0.0 0.0 75 367.4 11 386.1 0.0 7 040.0 591.8 0.0 0.5 184.0 1.1 1 631 967.5 40.6 17.7 0.6 4 792.1 463.3 2 571.4 40 689.9 261 743.9 5.4 533 430.5 13.6 36.5 0.1 33 591.0 240 476.6 1 048.3 78 223.8 16.5 18 590.3 20 342.7 49.6 99.6 Year-to-date 69.5 15 352.8 526 852.7 307.0 187.4 111 672.1 1 252.8 436.5 7 850.1 63.8 23.8 0.3 328 027.7 56 606.1 0.0 41 570.8 5 932.5 0.0 10.4 1 510.7 10.3 9 304 673.2 416.2 564.4 13.6 43 755.1 3 250.4 15 051.9 292 021.3 1 453 832.5 51.6 2 736 392.0 28.0 310.8 0.6 155 307.3 1 282 387.8 7 024.9 294 730.6 37.3 96 792.4 119 028.9 234.6 523.0
% change / Jan / June 10 (in USD) -53.9% 31.4% -0.5% -6.7% 104.1% 34.6% -58.3% 53.8% -37.5% -86.3% 3995.6% 80.7% 72.1% -20.3% -100.0% 28.0% -0.4% -100.0% -79.0% -34.7% -12.4% 98.9% 13.5% -23.3% -18.0% -34.0% -84.9% 26.1% 49.8% -39.5% 41.5% -48.6% -9.2% 32.4% 17.8% -64.6% 19.4% -66.0% 25.5% 24.1% 26.2% -18.6%
% change / Jan / June 10 (in local cur) -59.0% 37.5% -6.2% -8.9% 91.4% 20.2% -60.5% 29.7% -38.4% -87.3% 3873.3% 81.0% 61.1% -21.6% -100.0% 22.5% -4.6% -100.0% -80.3% -41.6% -18.0% 83.3% -0.2% -29.1% -23.7% -29.8% -86.0% 30.0% 36.0% -43.5% 30.5% -52.2% -16.9% 24.4% 8.2% -67.1% 5.1% -66.0% 3.2% 15.3% 16.1% -25.3%
Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board, Sesdaq, DBLs
Fixed income - Value of bond trading - Split by sectors (USD millions)

June 2011 Exchange Total Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse 5.3 2 800.6 80 624.8 49.3 49.0 18 128.0 NA 98.7 283.7 6.2 0.0 0.0 75 367.4 11 386.1 0.0 7 040.0 591.8 NA 0.0 0.5 184.0 0.0 1.1 1 631 967.5 40.6 17.7 0.6 4 792.1 463.3 2 571.4 40 689.9 261 743.9 5.4 533 430.5 13.6 36.5 0.1 33 591.0 240 476.6 1 048.3 78 223.8 16.5 18 590.3 0.0 20 342.7 49.6 99.6 Domestic private sector 1.9 74.7 16 225.8 46.9 NA 7 565.3 NA NA 23.5 6.2 0.0 0.0 516.4 1 696.5 0.0 4 710.1 588.2 NA 0.0 0.5 184.0 0.0 1.1 656 218.6 2.8 17.7 0.6 627.1 3.1 0.0 474.7 8 546.7 1.9 9 857.9 0.0 4.3 0.1 20 129.5 120 231.3 0.0 4 749.2 16.5 4 272.6 0.0 3 668.2 26.9 94.0 Domestic public sector 3.3 2 725.9 64 273.8 2.4 NA 10 562.7 633.8 NA 260.2 0.0 0.0 0.0 74 850.9 9 689.7 0.0 2 329.9 3.6 NA 0.0 0.0 0.0 0.0 0.0 975 748.9 37.8 0.0 0.0 2 876.9 460.2 2 571.4 33 737.6 253 176.7 3.5 511 670.3 0.0 32.1 0.0 13 296.4 120 231.3 158.0 73 461.0 0.0 4 955.1 0.0 16 674.5 22.7 0.6 Foreign sector 0.0 0.0 125.3 0.0 NA 0.0 NA NA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NA NA NA 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 0.0 1 288.1 NA 0.0 6 477.7 20.4 0.0 11 902.3 13.6 0.0 0.0 165.1 14.1 890.2 13.6 0.0 9 362.6 0.0 0.0 0.0 5.0 Trading days June 2011 21 21 20 21 22 21 22 21 22 22 21 21 21 22 22 21 21 22 21 22 22 22 21 22 20 22 21 22 22 21 22 21 22 22 19 20 22 21 21 22 20 21 20 19 20 21 19 Year-to-date Domestic private sector 43.8 454.4 103 443.2 263.1 0.0 47 139.5 0.0 0.0 672.7 63.8 23.6 0.1 2 853.0 7 380.2 0.0 31 814.5 5 826.1 0.0 0.0 10.4 1 510.7 0.0 10.3 4 291 039.4 11.9 423.3 13.6 8 623.5 120.6 0.0 1 621.5 38 757.2 22.4 53 769.5 0.0 22.4 0.6 94 747.3 666 489.3 0.0 34 000.1 37.3 19 231.2 0.0 24 603.7 99.8 492.9 Domestic public sector 25.7 14 898.4 422 852.8 42.0 0.0 64 532.6 3 403.4 0.0 7 177.4 0.0 0.2 0.3 325 174.7 49 225.9 0.0 9 756.3 106.4 0.0 0.0 0.0 0.0 0.0 0.0 5 013 633.9 404.2 29.5 0.0 24 994.1 3 129.8 15 051.9 263 884.5 1 415 053.9 29.2 2 498 899.5 0.0 288.4 0.0 59 895.8 615 541.6 1 057.9 260 526.7 0.0 26 361.7 0.0 94 425.2 134.8 3.9 Foreign sector 0.0 0.0 556.6 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 111.6 0.0 10 137.5 0.0 0.0 26 546.9 21.3 0.0 183 721.7 28.0 0.0 0.0 664.3 357.0 5 967.0 203.8 0.0 51 199.6 0.0 0.0 0.0 26.2
Total 69.5 15 352.8 526 852.7 307.0 187.4 111 672.1 1 252.8 436.5 7 850.1 63.8 23.8 0.3 328 027.7 56 606.1 0.0 41 570.8 5 932.5 0.0 0.0 10.4 1 510.7 0.0 10.3 9 304 673.2 416.2 564.4 13.6 43 755.1 3 250.4 15 051.9 292 021.3 1 453 832.5 51.6 2 736 392.0 28.0 310.8 0.6 155 307.3 1 282 387.8 7 024.9 294 730.6 37.3 96 792.4 0.0 119 028.9 234.6 523.0
Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges Singapore Exchange: Main Board, Sesdaq, DBLs
Fixed income - Value of bond trading - Electronic order book trades (USD millions)
June 2011 Exchange Total Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Santiago SE Asia - Pacific Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Shanghai SE Shenzhen SE The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Istanbul SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tel-Aviv SE Warsaw SE Wiener Brse 5.3 792.4 80 624.8 8.0 7 822.2 23.5 6.2 0.0 0.0 75 367.4 17.0 6 409.4 445.5 0.5 76.3 1.1 15 174.7 40.6 6.1 0.0 1 957.2 21 442.2 5.4 23 073.8 13.6 36.5 0.1 9 414.6 221.0 997.5 1 911.5 16.5 4 335.7 17 549.7 46.2 99.6 Domestic private sector 1.9 32.9 16 225.8 8.0 2 761.4 23.5 6.2 0.0 0.0 516.4 6.1 4 244.2 444.8 0.5 76.3 1.1 23.2 2.8 6.1 0.0 307.8 213.2 1.9 1 976.2 0.0 4.3 0.1 6 165.6 106.9 0.0 0.0 16.5 995.7 3 574.4 23.7 94.0 Domestic public sector 3.3 759.5 64 273.8 0.0 5 060.8 NA 0.0 0.0 0.0 74 850.9 10.9 2 165.2 0.6 NA 0.0 0.0 15 151.5 37.8 NA 0.0 1 218.2 21 227.9 3.5 19 755.0 0.0 32.1 NA 3 233.6 106.9 153.7 1 911.5 NA 806.6 13 975.3 22.5 0.6 Foreign sector NA 0.0 125.3 0.0 NA NA 0.0 NA 0.0 0.0 NA NA NA NA NA 0.0 0.0 0.0 NA 0.0 431.2 1.2 0.0 1 342.6 13.6 0.0 NA 15.4 7.2 843.8 0.0 NA 2 533.4 NA 0.0 5.0 Total 56.3 4 421.2 526 852.7 56.6 50 079.3 672.7 57.0 23.8 0.3 328 027.7 669.4 37 796.6 4 330.4 10.4 922.3 10.3 79 735.3 416.2 328.1 13.1 9 728.0 175 238.0 51.6 136 625.3 28.0 310.8 0.6 48 251.4 2 463.8 6 458.4 9 414.4 37.3 24 787.7 104 668.3 209.1 523.0 Year-to-date Domestic private sector 30.6 183.0 103 443.2 55.9 15 566.2 672.7 57.0 23.6 0.1 2 853.0 73.9 28 544.1 4 298.8 10.4 922.3 10.3 459.4 11.9 236.3 13.1 1 499.5 712.2 22.4 10 245.4 0.0 22.4 0.6 30 768.0 2 144.8 0.0 0.0 37.3 5 094.0 23 695.5 75.0 492.9 Domestic public sector 25.7 4 238.2 422 852.8 0.0 34 513.1 0.0 0.0 0.2 0.3 325 174.7 595.5 9 252.5 31.6 0.0 0.0 0.0 79 275.9 404.2 5.4 0.0 6 716.3 174 452.6 29.2 118 685.4 0.0 288.4 0.0 17 288.5 225.8 1 007.0 9 414.4 0.0 4 952.0 80 972.8 134.1 3.9 Foreign sector 0.0 0.0 556.6 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86.5 0.0 1 512.2 73.3 0.0 7 694.5 28.0 0.0 0.0 194.8 93.2 5 451.4 0.0 0.0 14 741.7 0.0 0.0 26.2
Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges Due to different reporting rules & calculation methods, turnover figures are not entirely comparable
Fixed income - Value of bond trading - Negotiated deals (USD millions)

June 2011 Exchange Total Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE TSX Group Asia - Pacific Australian SE Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Shanghai SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs Saudi Stock Market - Tadawul SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse 0.0 2 008.2 0.0 41.4 0.0 10 305.8 0.0 0.0 260.2 0.0 0.0 0.0 0.0 11 369.2 0.0 630.6 146.3 0.0 0.0 0.0 107.7 0.0 0.0 1 616 792.8 0.0 11.7 0.6 2 834.9 0.0 2 571.4 19 247.8 261 743.9 0.0 510 355.2 0.0 0.0 0.0 24 176.4 240 255.6 50.7 76 312.2 0.0 14 254.6 0.0 2 792.9 3.4 0.0 Domestic private sector 0.0 41.8 NA 38.9 NA 4 803.8 NA NA NA 0.0 NA 0.0 NA 1 690.4 0.0 465.9 143.4 NA 0.0 NA 107.7 0.0 0.0 656 195.4 0.0 11.7 0.6 319.3 NA 0.0 261.5 8 546.7 0.0 7 881.7 0.0 0.0 NA 13 963.9 120 124.4 0.0 4 749.2 NA 3 276.9 NA 93.8 3.2 0.0 Domestic public sector 0.0 1 966.4 NA 2.4 NA 5 502.0 NA NA 260.2 0.0 NA 0.0 NA 9 678.8 0.0 164.7 2.9 NA 0.0 NA NA 0.0 0.0 960 597.4 0.0 NA 0.0 1 658.7 NA 2 571.4 12 509.8 253 176.7 0.0 491 915.3 0.0 0.0 NA 10 062.8 120 124.4 4.3 71 549.4 NA 4 148.5 NA 2 699.2 0.2 0.0 Foreign sector NA 0.0 NA 0.0 NA 0.0 NA NA NA 0.0 NA 0.0 NA NA 0.0 NA NA NA 0.0 NA NA 0.0 0.0 0.0 0.0 NA 0.0 856.9 NA 0.0 6 476.5 20.4 0.0 10 558.2 0.0 0.0 NA 149.6 6.8 46.4 13.6 NA 6 829.2 NA NA 0.0 0.0 Total 13.2 10 931.5 0.0 250.3 0.0 61 592.8 0.0 0.0 7 177.4 6.8 0.0 0.0 0.0 55 936.7 0.0 3 774.2 1 602.1 0.0 0.0 0.0 588.5 0.0 0.0 9 224 937.9 0.0 236.3 0.6 34 027.1 0.0 15 051.9 116 814.8 1 453 832.5 0.0 2 599 765.2 0.0 0.0 0.0 107 055.9 1 279 924.0 566.6 285 316.2 0.0 72 004.7 0.0 14 360.6 25.5 0.0 Year-to-date Domestic private sector 13.2 271.4 0.0 207.2 0.0 31 573.3 0.0 0.0 0.0 6.8 0.0 0.0 0.0 7 306.3 0.0 3 270.4 1 527.3 0.0 0.0 0.0 588.5 0.0 0.0 4 290 579.9 0.0 187.1 0.6 7 123.9 0.0 0.0 909.3 38 757.2 0.0 43 525.6 0.0 0.0 0.0 63 979.2 664 344.5 0.0 34 000.1 0.0 14 137.2 0.0 908.2 24.8 0.0 Domestic public sector 0.0 10 660.2 0.0 42.0 0.0 30 019.5 0.0 0.0 7 177.4 0.0 0.0 0.0 0.0 48 630.4 0.0 503.8 74.8 0.0 0.0 0.0 0.0 0.0 0.0 4 934 358.0 0.0 24.2 0.0 18 277.8 0.0 15 051.9 89 431.9 1 415 053.9 0.0 2 380 216.8 0.0 0.0 0.0 42 607.3 615 315.7 51.0 251 112.3 0.0 21 409.6 0.0 13 452.4 0.7 0.0 Foreign sector 0.0 0.0 0.0 1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25.1 0.0 8 625.3 0.0 0.0 26 473.6 21.3 0.0 176 022.8 0.0 0.0 0.0 469.4 263.8 515.6 203.8 0.0 36 457.9 0.0 0.0 0.0 0.0
Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges Due to different reporting rules & calculation methods, turnover figures are not entirely comparable
Fixed income - Bond trades - Total number of trades in bonds (in thousands)
2011 January 0.3 47.8 90.1 0.1 0.2 25.6 19.7 2.5 8.1 0.0 0.0 163.1 6.9 102.2 74.4 0.0 0.0 0.0 0.2 91.0 0.2 0.0 0.2 131.1 0.3 1.9 65.7 27.0 0.2 400.9 0.0 0.8 1.0 28.2 11.5 56.8 2.2 50.1 0.0 545.5 2.0 1.5 February 0.3 39.7 94.5 0.1 286.0 23.3 17.4 2.7 8.7 0.0 0.0 136.1 7.2 90.3 56.9 0.0 0.0 0.0 0.1 98.2 0.1 0.0 0.2 119.6 0.0 2.1 64.7 28.5 0.2 373.9 0.1 0.9 0.1 35.4 11.9 53.7 2.1 48.2 0.0 451.6 2.3 1.6 March 0.3 51.2 99.1 0.1 310.0 34.4 17.0 86.4 4.7 0.0 0.0 193.3 101.1 252.6 74.6 0.0 0.0 0.0 0.2 114.0 0.1 0.1 0.2 107.4 0.2 2.5 69.4 33.1 0.2 390.9 0.1 0.8 0.0 47.3 11.3 63.3 2.5 50.4 0.0 541.5 2.8 1.8 April 0.3 53.6 80.2 0.1 244.0 26.3 15.6 12.0 3.7 0.0 0.0 183.3 21.5 159.2 59.1 0.0 0.0 0.0 0.2 83.8 0.1 0.0 0.2 94.4 0.2 2.7 57.9 22.0 0.3 306.1 0.1 0.8 0.0 41.7 9.0 52.0 1.5 38.4 0.0 354.8 2.5 1.4 May 0.3 58.1 96.4 0.2 247.0 29.0 16.7 5.2 3.2 0.0 0.0 195.7 10.5 104.3 50.5 0.0 0.0 0.0 0.3 96.3 0.1 0.0 0.5 74.6 0.4 1.9 53.8 31.9 0.3 362.0 0.1 0.6 0.0 32.4 10.5 54.0 2.6 43.6 0.0 522.0 2.4 1.5 June 0.2 47.7 80.9 0.1 247.0 25.4 19.5 5.7 7.3 0.0 0.0 187.4 12.2 90.0 34.2 0.0 0.0 0.0 0.2 139.7 0.1 0.0 0.3 38.5 0.2 2.1 56.5 28.5 0.2 374.7 0.1 0.7 0.0 39.4 8.2 53.8 2.4 44.9 0.0 482.6 2.6 1.6
Exchange Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE TSX Group Asia - Pacific Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Shanghai SE Shenzhen SE Taiwan SE Corp. The Stock Exchange of Thailand Europe - Africa - Middle East Amman SE Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Irish SE Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs SIX Swiss Exchange Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse
Trading days June 2011 22 21 22 22 22 22 21 22 20 19 20 20 22 21 21 21 18 21 22 22 22 22 22 22 22 21 21 20 21 21 22 22 22 20 22 22 21 22 22 21 21 22
Year-to-date 1.6 298.1 541.1 0.7 1 334.2 164.1 105.8 114.5 35.6 0.1 0.0 1 059.0 159.3 798.6 349.7 0.0 0.1 0.0 1.1 623.0 0.8 0.1 1.6 565.6 1.3 13.1 367.9 170.9 1.5 2 208.5 0.3 4.5 1.2 224.4 62.4 333.6 13.3 275.6 0.0 2 898.0 14.5 9.3
% change / last month -22.6% -17.9% -16.1% -20.0% 0.0% -12.2% 17.0% 8.0% 128.7% -4.2% 16.1% -13.7% -32.3% -21.4% 45.1% 9.1% -45.8% -48.4% -52.4% 11.9% 5.1% -10.6% -22.6% 3.5% 14.3% 14.8% -25.0% 21.9% -21.2% -0.4% -10.0% 2.9% -7.5% 8.9% 5.4%
Fixed income - Bond trades - Electronic order book trades (in thousands)
2011 January 0.3 28.9 90.1 0.0 NA 14.0 2.3 8.1 0.0 0.0 163.1 5.7 101.6 74.3 0.0 0.2 1.3 0.2 0.0 0.2 26.1 43.3 0.2 364.7 0.0 0.8 1.0 24.3 11.5 56.7 0.1 43.7 543.3 2.0 1.5 February 0.0 24.8 94.5 0.0 286.0 12.6 2.6 8.7 0.0 0.0 136.1 6.0 89.9 56.9 0.0 0.1 1.6 0.1 0.0 0.2 22.8 40.6 0.2 339.3 0.1 0.9 0.1 30.1 11.9 53.6 0.1 41.8 449.5 2.3 1.6 March 0.0 31.4 99.1 0.0 310.0 22.2 86.0 4.7 0.0 0.0 193.3 99.5 252.0 74.6 0.0 0.2 2.3 0.1 0.0 0.2 20.9 41.6 0.2 349.8 0.1 0.8 0.0 39.8 11.3 63.3 0.1 43.5 539.5 2.8 1.8 April 0.0 33.3 80.2 0.0 244.0 15.3 11.7 3.7 0.0 0.0 183.3 20.3 158.7 59.0 0.0 0.2 1.6 0.1 0.0 0.2 18.7 33.5 0.3 275.8 0.1 0.8 0.0 35.3 9.0 51.9 0.1 33.3 353.2 2.4 1.4 May 0.0 35.5 96.4 0.0 247.0 17.1 5.0 3.2 0.0 0.0 195.7 9.4 103.7 50.4 0.0 0.3 1.9 0.1 0.0 0.5 22.4 28.2 0.3 327.7 0.1 0.6 0.0 26.9 10.5 54.0 0.2 37.2 519.9 2.3 1.5 June 0.2 28.9 80.9 0.0 247.0 14.8 5.2 7.2 0.0 0.0 187.4 10.4 89.5 34.2 0.0 0.2 2.1 0.1 0.0 0.3 30.5 30.8 0.2 336.5 0.1 0.7 0.0 32.2 8.2 53.7 0.2 38.0 480.8 2.5 1.6 Year-to-date 0.6 182.7 541.1 0.1 1 334.0 95.9 112.8 35.6 0.1 0.0 1 059.0 151.2 795.3 349.3 0.1 1.1 10.7 0.8 0.1 1.6 141.5 218.0 1.5 1 993.8 0.3 4.5 1.2 188.6 62.4 333.3 0.8 237.5 2 886.1 14.4 9.3
Exchange Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE Mexican Exchange Santiago SE Asia - Pacific Bombay SE Bursa Malaysia Colombo SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Shanghai SE Shenzhen SE The Stock Exchange of Thailand Europe - Africa - Middle East Athens Exchange BME Spanish Exchanges Budapest SE Casablanca SE Cyprus SE Deutsche Brse Istanbul SE Ljubljana SE London SE Group Luxembourg SE Malta SE Mauritius SE MICEX NASDAQ OMX Nordic Exchange NYSE Euronext (Europe) Oslo Brs SIX Swiss Exchange Tel-Aviv SE Warsaw SE Wiener Brse
% change / last month 1100.0% -18.6% -16.1% 0.0% -13.6% 3.4% 129.1% -4.2% 11.1% -13.7% -32.2% -100.0% -21.4% 10.5% 9.1% -45.8% 36.2% 9.3% -22.6% 2.7% 14.3% 14.8% -25.0% 19.5% -21.2% -0.4% -15.8% 2.1% -7.5% 8.5% 5.4%
Fixed income - Bond trades - Negotiated deals (in thousands)

2011 January 0.0 19.0 0.1 11.6 0.2 0.0 1.2 0.7 0.1 89.7 0.0 105.0 1.9 22.4 27.0 36.3 3.9 0.1 2.1 6.4 2.2 0.0 February 0.3 14.9 0.1 10.7 0.1 0.0 1.2 0.4 0.1 96.6 0.0 96.8 2.1 24.1 28.5 34.6 5.3 0.1 2.0 6.4 2.2 0.0 March 0.3 19.8 0.1 12.3 0.4 0.0 1.6 0.6 0.1 111.7 0.0 86.5 2.5 27.8 33.1 41.0 7.5 0.1 2.4 7.0 2.0 0.0 April 0.3 20.3 0.1 11.1 0.3 0.0 1.2 0.5 0.1 82.2 0.0 75.7 2.7 24.4 22.0 30.3 6.4 0.0 1.4 5.1 1.6 0.0 May 0.3 22.6 0.2 11.9 0.2 0.0 1.1 0.7 0.1 94.4 0.0 52.2 1.9 25.6 31.9 34.3 5.4 0.1 2.4 6.4 2.1 0.0 June 0.0 18.8 0.1 10.6 0.5 0.0 1.8 0.6 0.0 137.6 0.0 7.9 2.1 25.7 28.5 38.2 7.3 0.1 2.2 6.9 1.8 0.0 Year-to-date 1.1 115.4 0.6 68.1 1.6 0.0 8.1 3.4 0.4 612.3 0.0 424.1 13.1 149.9 170.9 214.7 35.9 0.4 12.5 38.1 11.9 0.1
Exchange Americas BM&FBOVESPA Buenos Aires SE Lima SE Santiago SE Asia - Pacific Bombay SE Bursa Malaysia National Stock Exchange India Shanghai SE Shenzhen SE Europe - Africa - Middle East BME Spanish Exchanges Casablanca SE Deutsche Brse Irish SE Istanbul SE Johannesburg SE London SE Group MICEX NYSE Euronext (Europe) Oslo Brs SIX Swiss Exchange Tel-Aviv SE Warsaw SE
% change / last month -100.0% -16.8% -26.7% -10.3% 119.0% 0.0% 57.0% -12.3% -33.3% 45.8% -84.8% 11.9% 0.5% -10.6% 11.5% 33.9% 40.0% -9.1% 7.3% -15.6% 100.0%
Fixed income - Investment flows - Capital raised by bonds issuance (USD millions)
2011 January 179.3 NA 0.0 179.4 426.6 1 146.8 2 218.0 44 368.0 10 162.4 0.0 0.0 9 669.7 2 583.0 64.7 4 254.9 141.1 1 788.0 1.5 659.4 62 641.6 1 280.4 18 202.0 1 398.2 2 056.5 56 063.9 147 397.9 170.3 1 533.5 4 305.6 7 289.1 4 747.5 2 862.8 12 069.2 399 861.3 February 542.8 1 570.8 0.0 0.0 243.2 1 613.3 233.6 34 611.6 11 610.7 0.0 0.0 608.2 2 353.2 1 078.2 1 898.0 418.5 1 790.3 0.0 0.0 45 879.4 0.0 10 366.0 2 032.8 19.1 66 317.7 136 989.5 279.7 10 120.9 24 028.6 3 809.3 12 309.3 2 280.2 7 789.1 380 793.6 March 975.2 1 865.7 1 335.8 35.0 513.0 1 666.9 751.8 44 634.8 16 148.1 299.2 122.2 5 631.8 1 360.2 1 616.8 10 371.6 562.5 965.9 11.7 383.1 39 127.1 64.4 3 285.9 3 303.8 2 131.4 137 881.4 142 245.9 355.5 22 878.3 3 221.4 21 871.1 9 213.5 2 404.3 6 218.1 483 453.5 April 0.0 2 371.3 0.0 221.8 258.0 1 880.9 3 683.9 50 369.9 20 520.3 61.6 770.3 15 221.3 0.0 502.5 2 531.4 787.7 2 390.5 0.0 324.6 68 643.4 0.0 6 144.2 2 059.2 0.0 72 639.5 96 385.6 157.3 9 102.9 3 272.6 2 893.2 6 468.5 2 744.4 8 519.9 380 926.7 May 513.7 1 173.2 1 105.6 60.2 273.0 1 374.8 1 526.8 49 978.8 18 415.5 0.0 154.3 17 380.3 1 046.9 1 165.7 3 877.4 828.2 2 079.3 0.0 287.5 52 697.5 0.0 7 981.4 2 525.6 21.6 79 307.1 121 364.3 350.9 4 813.2 2 977.3 5 894.5 5 960.4 2 048.8 5 413.1 392 596.8 June 0.0 1 363.4 0.1 20.7 680.8 338.6 396.1 45 609.2 22 260.7 0.0 618.8 6.1 0.0 520.1 0.0 148.3 3 152.5 11.1 1 397.3 51 496.5 0.0 4 692.0 2 104.9 62.6 66 679.7 113 511.4 43.0 9 738.6 NA 27 229.8 8 623.5 2 650.4 5 380.6 368 736.9 Year-to-date 2 211.0 8 344.4 2 441.5 517.0 2 394.5 8 021.3 8 810.2 269 572.3 99 117.6 360.8 1 665.6 48 517.4 7 343.3 4 948.0 22 933.3 2 886.2 12 166.5 24.4 3 052.0 320 485.6 1 344.8 50 671.4 13 424.5 4 291.1 478 889.2 757 894.6 1 356.7 58 187.4 37 805.4 68 987.0 47 322.6 14 990.9 45 390.0 2 406 368.8
Exchange Americas BM&FBOVESPA Buenos Aires SE Colombia SE Lima SE TSX Group Asia - Pacific Bombay SE Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Shenzhen SE Singapore Exchange Taiwan SE Corp. The Stock Exchange of Thailand Tokyo SE Group Europe - Africa - Middle East Amman SE Budapest SE Casablanca SE Cyprus SE Deutsche Brse Egyptian Exchange Istanbul SE Johannesburg SE Ljubljana SE London SE Group Luxembourg SE Malta SE MICEX NASDAQ OMX Nordic Exchange Oslo Brs SIX Swiss Exchange Tel-Aviv SE Wiener Brse Total
Derivatives - Single stock, stock index, bond options and futures Stock options and single stock futures
June 2011 Derivative exchange Number of contracts traded Americas BM&FBOVESPA Buenos Aires SE Chicago Board Options Exchange Colombia SE International Securities Exchange MexDer NASDAQ OMX PHLX Asia - Pacific ASX Derivatives Trading Bombay SE Bursa Malaysia Derivatives Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE TAIFEX Thailand Futures Exchange Tokyo SE Group Europe - Africa - Middle East Athens Derivatives Exchange BME Spanish Exchanges Budapest SE EUREX Johannesburg SE MICEX NYSE.Liffe Europe OMX Nordic Exchange Oslo Brs Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse 53 193 830 4 747 272 38 571 838 NA 32 927 824 48 240 46 968 554 14 425 778 1 929 0 6 583 133 0 2 604 328 73 002 10 787 NA 19 080 4 528 2 559 166 0 22 034 624 812 909 NA 12 879 687 2 253 596 976 334 NA 63 551 0 34 095 Stock options Notional turnover 103 702.8 NA NA NA NA 16.4 NA 35 784.8 13.0 0.0 18 275.9 0.0 14 704.7 NA 22.5 NA NA 6.1 4 208.1 0.0 88 371.8 39.2 NA 46 511.5 4 407.4 882.8 NA 283.3 0.0 129.3 Open interest 11 831 562 NA 199 974 021 NA NA 138 070 NA 13 149 241 NA 0 5 551 873 0 71 554 130 267 2 948 NA 22 815 4 931 9 798 872 0 51 035 684 1 596 976 NA 31 693 830 3 655 948 584 925 NA NA 0 100 969 Number of contracts traded NA 0 NA 704 NA 4 750 NA 946 109 2 0 39 607 4 664 937 12 993 351 NA 238 604 157 627 NA 832 606 5 659 271 75 863 11 887 346 8 727 553 586 398 25 701 856 359 482 147 414 1 191 NA 57 639 0 Single stock futures Notional turnover NA 0.0 NA 3.0 NA 0.7 NA 886.5 0.0 0.0 151.5 2 995.3 72 187.2 NA 542.8 NA NA 424.7 8 667.8 485.6 43 322.4 4 455.2 399.4 94 834.0 325.2 133.3 4.7 NA 261.5 0.0 Open interest NA 0 NA 200 NA 5 829 NA 741 778 NA 0 19 267 457 580 1 080 354 NA 31 677 37 088 NA 325 844 2 152 442 34 350 3 994 003 4 003 243 4 266 4 244 688 576 659 243 437 4 390 NA 9 196 125
Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges only; derivatives are not traded on other OMX Exchanges NA: Not available Source: World Federation of Exchanges members
Year-to-date Stock options Trading days June 2011 21 21 22 20 22 22 22 21 22 22 21 21 22 22 21 22 22 21 22 20 22 21 21 22 21 20 19 20 21 19 Number of contracts traded 392 627 912 21 000 201 283 415 271 NA 225 620 595 122 332 319 980 463 31 267 063 12 086 0 34 347 079 0 15 804 732 884 864 67 264 NA 414 236 29 200 14 536 513 0 150 477 581 4 641 736 NA 78 965 239 15 975 550 2 383 583 NA 542 573 0 255 334 Notional turnover 875 549.2 NA NA NA NA 37.8 NA 202 389.6 83.7 0.0 100 232.2 0.0 96 987.2 NA 154.2 NA NA 33.8 25 904.3 0.0 556 658.4 215.5 NA 306 162.8 32 667.3 2 447.1 NA 2 930.7 0.0 779.9 Single stock futures Number of contracts traded NA 0 NA 19 312 NA 22 541 NA 1 124 939 84 0 210 695 24 099 383 84 408 994 NA 888 709 851 765 NA 3 169 005 16 443 265 417 090 141 993 019 28 613 669 6 096 072 161 748 306 2 773 107 988 839 9 743 NA 351 733 3 620 Notional turnover NA 0.0 NA 44.7 NA 5.0 NA 3 310.3 0.7 0.0 841.6 15 448.2 486 508.0 NA 2 169.9 NA NA 1 953.5 26 718.8 2 567.6 756 243.6 15 417.4 4 111.7 702 650.7 3 065.7 1 069.5 36.2 NA 1 520.2 26.0
Derivatives - Single stock, stock index, bond options and futures Stock index options and futures
June 2011 Derivative exchange Number of contracts traded Americas BM&FBOVESPA Buenos Aires SE CBOE Future Exchange Chicago Board Options Exchange CME Group Colombia SE International Securities Exchange MexDer NASDAQ OMX PHLX Asia - Pacific ASX Derivatives Trading ASX SFE Derivatives Trading Bombay SE Bursa Malaysia Derivatives Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Singapore Exchange TAIFEX Thailand Futures Exchange Tokyo SE Group Europe - Africa - Middle East Athens Derivatives Exchange BME Spanish Exchanges Budapest SE EUREX Johannesburg SE MICEX NYSE.Liffe Europe OMX Nordic Exchange Oslo Brs Tel-Aviv SE Warsaw SE Wiener Brse 45 930 0 NA 28 631 968 5 247 670 NA 896 013 3 562 575 653 893 350 44 517 0 0 1 542 965 315 803 945 64 833 325 3 232 156 147 272 10 848 555 15 185 1 830 29 480 193 594 0 34 408 435 523 230 NA 4 065 546 1 049 841 74 966 7 618 069 93 754 1 422 Stock index options Notional turnover 18 271.3 0.0 NA NA 528 518.0 NA NA 107.4 NA 44 544.6 5 424.2 0.0 0.0 185 830.1 8 090 597.0 399 210.4 NA NA 165 515.3 NA NA 125.9 2 907.9 0.0 1 413 645.2 511.0 NA 279 730.3 18 092.8 67.8 272 460.5 936.6 1.1 Open interest 46 002 0 NA 20 132 248 1 961 642 NA NA 6 627 NA 430 362 72 573 NA 0 399 318 3 953 592 1 623 471 2 032 487 264 131 1 249 017 1 329 1 360 9 272 629 526 0 42 039 594 772 836 NA 4 935 783 712 697 38 703 NA 85 222 3 936 Number of contracts traded 1 715 319 0 1 223 534 NA 71 833 158 130 NA 224 203 NA 35 735 1 207 690 487 172 464 4 076 305 7 394 496 10 313 335 10 346 082 5 813 712 4 514 746 355 127 2 010 895 334 145 741 316 102 717 47 877 145 2 508 124 111 952 9 675 315 2 635 867 617 747 1 705 1 079 577 70 036 Stock index futures Notional turnover 69 156.3 0.0 NA NA 4 762 894.0 3.2 NA 6 741.4 NA 433.8 147 075.5 3.0 4 458.2 393 204.6 947 928.7 59 320.6 317 299.8 NA 194 494.1 NA 194 215.6 1 358.0 74 364.2 130.4 2 685 442.8 76 353.9 659.5 757 545.3 45 318.0 558.6 60.5 11 234.4 5 327.9 Open interest 229 404 0 220 078 NA 3 332 634 92 NA 79 925 NA 19 782 206 603 NA 23 372 223 408 92 143 501 945 704 243 783 666 117 783 25 192 414 814 29 251 63 693 168 857 3 227 933 515 109 1 397 1 532 730 520 243 140 993 NA 99 497 35 193
Year-to-date Stock index options Trading days June 2011 21 21 22 22 22 20 22 22 22 21 22 22 22 21 21 22 22 NA 21 22 22 21 22 20 22 21 21 22 21 20 20 21 19 Number of contracts traded 194 723 0 64 142 892 632 25 769 407 NA 4 723 578 34 166 2 329 920 3 929 245 196 182 3 348 0 7 507 019 2008 082 595 404 017 571 24 653 129 712 213 66 341 123 60 452 15 974 206 767 989 414 0 193 556 466 1 859 967 NA 23 320 740 5 549 542 289 516 40 252 823 534 715 16 814 Notional turnover 78 933.0 0.0 NA NA 3 058 995.0 NA NA 1 056.4 NA 197 367.1 24 263.1 22.4 0.0 952 655.0 50 414 373.3 2 530 168.3 NA NA 999 814.5 NA NA 1 028.5 14 980.3 0.0 7 991 293.2 2 041.0 NA 1 637 925.4 96 890.2 306.9 1 473 171.1 5 113.0 12.2 Stock index futures Number of contracts traded 9 391 284 0 5 690 901 NA 333 364 339 180 NA 597 759 NA 128 940 5 380 831 5 269 1 155 558 22 432 423 41 278 694 77 636 696 68 446 563 33 460 617 24 366 051 1 616 564 7 979 646 1 373 558 4 479 104 817 760 217 707 075 7 732 642 1 659 216 47 055 755 15 485 823 2 604 698 11 631 6 281 941 154 948 Notional turnover 387 457.1 0.0 NA NA 22 323 037.0 4.4 NA 18 305.2 NA 2 134.0 663 967.5 32.0 29 033.0 2 302 643.8 5 163 114.5 453 374.5 1 942 482.3 NA 1 059 892.4 NA 808 018.4 6 458.1 456 726.4 1 023.4 12 957 853.9 247 165.9 10 021.7 3 609 851.7 274 700.9 2 773.8 421.7 63 017.5 11 071.7
Derivatives - Single stock, stock index, bond options and futures Bond options and futures
June 2011 Derivative exchange Number of contracts traded Americas BM&FBOVESPA Buenos Aires SE CBOE Future Exchange Chicago Board Options Exchange CME Group Colombia SE International Securities Exchange MexDer NASDAQ OMX PHLX Asia - Pacific ASX Derivatives Trading ASX SFE Derivatives Trading Bombay SE Bursa Malaysia Derivatives Hong Kong Exchanges Korea Exchange National Stock Exchange India Osaka SE Singapore Exchange TAIFEX Thailand Futures Exchange Tokyo SE Group Europe - Africa - Middle East Athens Derivatives Exchange BME Spanish Exchanges Budapest SE EUREX Johannesburg SE London SE Group MICEX NYSE.Liffe Europe OMX Nordic Exchange Oslo Brs Tehran SE Tel-Aviv SE Warsaw SE Wiener Brse NA 279 940 NA NA 26 326 444 NA NA NA NA NA NA NA 0 NA 0 NA NA NA NA NA NA NA 0 0 7 814 162 0 NA NA 10 437 535 98 050 0 NA NA 0 0 Bond options Notional turnover NA NA NA NA 19 990 024.0 NA NA NA NA NA NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 0.0 1 324 247.4 0.0 NA NA 22 412 198.1 15 542.6 0.0 NA NA 0.0 0.0 Open interest NA NA NA NA 24 486 440 NA NA NA NA NA NA NA 0 NA 0 NA NA NA NA NA NA NA 0 0 2 019 120 11 720 NA NA 218 639 617 655 550 0 NA NA 0 0 Number of contracts traded 2 469 0 NA NA 128 912 888 23 650 NA 5 957 620 NA NA NA NA 0 NA 4 065 608 0 NA 106 261 0 75 762 483 NA 0 0 64 304 462 20 227 NA 11 500 28 736 601 2 162 439 0 NA NA 0 0 Bond futures Notional turnover 273.0 0.0 NA NA 76 429 342.0 3 538.6 NA 52 077.0 NA NA NA NA 0.0 NA 395 322.3 0.0 NA NA 0.0 NA NA NA 0.0 0.0 10 470 653.6 398.7 NA 41.8 9 999 357.7 342 782.9 0.0 NA NA 0.0 0.0 Open interest 2 368 0 NA NA 15 813 809 1 175 NA 25 962 077 NA NA NA NA 0 NA 186 511 0 NA 23 870 0 49 70 599 NA 0 0 3 097 784 92 059 NA 5 507 NA 1 740 391 0 NA NA 0 0
Year-to-date Bond options Trading days June 2011 21 21 22 22 22 20 22 22 22 21 22 22 22 21 21 22 22 NA 21 22 22 21 22 20 22 21 22 21 22 21 20 19 20 21 19 Number of contracts traded NA 1 819 097 NA NA 135 405 596 NA NA NA NA NA NA NA 0 NA 0 NA NA NA NA NA NA NA 0 0 40 235 582 11 782 NA NA 76 473 780 743 400 0 NA NA 0 0 Notional turnover NA NA NA NA 109 795 400.0 NA NA NA NA NA NA NA 0.0 NA 0.0 NA NA NA NA NA NA NA 0.0 0.0 6 712 602.0 3.8 NA NA 176 780 738.9 118 957.9 0.0 NA NA 0.0 0.0 Bond futures Number of contracts traded 20 186 0 NA NA 668 222 091 121 555 NA 21 512 254 NA NA NA NA 0 NA 17 307 249 47 NA 366 958 0 140 3 452 924 NA 0 0 295 819 374 227 059 NA 48 823 175 680 776 15 010 648 0 NA NA 0 0 Notional turnover 2 379.2 0.0 NA NA 388 434 557.0 17 766.8 NA 186 705.9 NA NA NA NA 0.0 NA 1 638 421.8 0.2 NA NA 0.0 NA NA NA 0.0 0.0 48 680 236.4 3 992.6 NA 178.3 57 462 112.6 2 393 740.0 0.0 NA NA 0.0 0.0
Derivatives - ETFs options and futures
June 2011 Derivative exchange Number of contracts traded Americas BM&FBOVESPA Chicago Board Options Exchange International Securities Exchange MexDer NASDAQ OMX PHLX Asia - Pacific Hong Kong Exchanges Korea Exchange Osaka SE Tokyo SE Group Europe - Africa - Middle East Johannesburg SE 171 447 32 150 542 27 035 454 0 36 458 935 71 237 0 2 861 0 0 ETF options Notional turnover 67.0 NA NA 0.0 NA 509.4 0.0 NA NA 0.0 Open interest 114 847 79 932 907 NA 0 NA 70 155 0 2 681 0 0 Number of contracts traded NA NA NA 0 NA NA 0 NA NA 141 533 ETF futures Notional turnover NA NA NA 0.0 NA NA 0.0 NA NA 32.0 Open interest NA NA NA 0 NA NA 0 NA NA 20 161
Notes: NA: Not available Source: World Federation of Exchanges members
Year-to-date ETF options Trading days June 2011 21 22 22 22 22 21 21 22 22 21 Number of contracts traded 1 069 672 163 208 467 147 036 507 0 173 254 356 411 738 0 10 038 0 0 Notional turnover 419.3 NA NA 0.0 NA 2 699.2 0.0 NA NA 0.0 ETF futures Number of contracts traded NA NA NA 389 NA NA 0 NA NA 523 059 Notional turnover NA NA NA 0.3 NA NA 0.0 NA NA 86.3
Calendar of events
Meeting September 2011 ICGN Annual Meeting FIAB General Assembly and Annual Meeting FEAS 17th General Assembly October 2011 Intermarket Surveillance Group (ISG) Meeting 5-7 October WFE Board of Directors Meeting WFE Working Committee Meeting WFE General Assembly and Annual Meeting November 2011 Exchange Technology Workshop at MIT December 2011 Regulation Task Force meeting 1-2 December Hosted by Singapore Exchange Contact the Secretariat 21-23 November Hosted by MIT Contact the Secretariat 11 October 11 October 12-13 October Vancouver Hosted by the Johannesburg Stock Exchange Hosted by the Johannesburg Stock Exchange Hosted by the Johannesburg Stock Exchange https://www.isgportal.org Contact the Secretariat Contact the Secretariat Contact the Secretariat 12-14 September 18-20 September 28-30 September Paris Punta Cana Almaty www.icgn.org http://www.fiabnet.org/es/index.asp www.feas.org Date Place Details
tel. + 33 (0) 1 58 62 54 00 fax. + 33 (0) 1 58 62 50 48 editor. Lorenzo Gallai www.world-exchanges.org email. secretariat@world-exchanges.org To receive a free copy by email subscribe to www.world-exchanges.org

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FOCUS

Evolution of screen-based trading

Focus | July 2011 1

WFE market statistics Calendar of events

2 Focus | July 2011

The evolution of screen-based trading

Focus | July 2011 3

The long, promising evolution of screen-based tradingi

2. The screen-based pioneers

4 Focus | July 2011

Table 6.1: First 20 derivatives exchanges to become fully electronic

The first, failed and forgotten pioneer INTEXiii

Focus | July 2011 5

Options and northern lights

Screens solve the location problem down under

The pivotal event in the battle between screens and floors

6 Focus | July 2011

Focus | July 2011 7

Baby steps Floor-based exchanges try after hours electronic trading

8 Focus | July 2011

Automating the worlds stock exchanges

Focus | July 2011 9

Table 6.2: First 20 stock exchanges to become fully electronic

1936 Oct 1984 1808 1912

Sep 1994 Nov 1994 1994 May 1995

Tehran, Iran Istanbul, Turkey Milan, Italy Jakarta, Indonesia

10 Focus | July 2011

About Michael Gorham

Focus | July 2011 11

OTC trading and broker/dealer

12 Focus | July 2011

Focus | July 2011 13

About Peter Gomber

About Axel Pierron

14 Focus | July 2011

2011 Annual meeting program Johannesburg and Kapama Game Reserve

Wednesday 12 October in Johannesburg

Panel 2 Exchange business models

Thursday 13 October in Johannesburg

Focus | July 2011 15

Saturday 15 October at Kapama Game Reserve

WFE has 2 new affiliates, and 3 correspondents

16 Focus | July 2011

Market highlights for 2011 first half-year

Average value of trade (weighted by share value trading) (USD thousand)

Americas Half year 2010

Asia - Pacific Half year 2011

Focus | July 2011 17

Strong growth of derivatives markets

Rate of growth in capital raised on stock exchanges turns negative

18 Focus | July 2011

10 largest domestic equity market capitalization at mid-year 2011

Focus | July 2011 19

26 595 Asia - Pacific

Europe - Africa - Middle East

Evolution of monthly domestic market capitalization since 2009

Total by geographical zone - USD trillion

Europe - Africa - Middle East

Total WFE - USD trillion

20 Focus | July 2011

Focus | July 2011 21

22 Focus | July 2011