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OTC markets and systemic risk

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					FOCUS
No 215 | January 2011
The monthly newsletter of regulated exchanges,
with key market figures




OTC markets
and systemic risk
OTC derivatives,           Central counter party         Lighting the lamp    OTC solutions
systemic risk and          clearing – the future of      by Stewart Macbeth   in an exchange
market structure           processing OTC transactions                        environment
by Romain Devai            by Marcus Zickwolff                                by Richard G. DuFour
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                                        Istanbul Stock Exchange
Athens Exchange                                             Johannesburg Stock Exchange
Australian Securities Exchange                              Korea Exchange
Bermuda Stock Exchange                                      London Stock Exchange Group
BM&FBOVESPA                                                 Malta Stock Exchange
BME Spanish Exchanges                                       Moscow Interbank Currency Exchange
Bolsa de Comercio de Buenos Aires                           NASDAQ OMX Group
Bolsa de Comercio de Santiago                               National Stock Exchange of India
Bolsa de Valores de Colombia                                NYSE Euronext
Bolsa de Valores de Lima                                    Osaka Securities Exchange
Bolsa Mexicana de Valores                                   Oslo Børs
Bombay Stock Exchange                                       Philippine Stock Exchange
Bourse de Casablanca                                        Saudi Stock Exchange (Tadawul)
Bourse de Luxembourg                                        Shanghai Stock Exchange
Bursa Malaysia                                              Shenzhen Stock Exchange
Chicago Board Options Exchange                              Singapore Exchange
CME Group                                                   SIX Swiss Exchange
Colombo Stock Exchange                                      Stock Exchange of Mauritius
Cyprus Stock Exchange                                       Stock Exchange of Tehran
Deutsche Börse                                              Stock Exchange of Thailand
The Egyptian Exchange                                       Taiwan Stock Exchange
Hong Kong Exchanges and Clearing                            Tel-Aviv Stock Exchange
Indonesia Stock Exchange                                    TMX Group
IntercontinentalExchange                                    Tokyo Stock Exchange Group
International Securities Exchange                           Warsaw Stock Exchange
Irish Stock Exchange                                        Wiener Börse




Every effort has been made to ensure that the information in this document is accurate at the time of printing, but
the Secretariat cannot accept any responsibility for errors or omissions.

WFE commissions articles on capital markets policy and practices for publication in its monthly review, “Focus,”
and for website posting. The views of the authors do not necessarily reflect those of this Federation or its member
exchanges. For reproduction or citation, please contact the Secretariat.
                                                                  Focus | January 2011 1




Contents

2    OTC markets and systemic risk
     by Peter Clifford
3    OTC derivatives, systemic risk and market structure
     by Romain Devai
6    Central counter party clearing - The future of processing OTC transactions
     by Marcus Zickwolff
9    Lighting the lamp, or how regulators can help themselves monitor global
     OTC derivatives markets by Stewart Macbeth
11   OTC solutions in an exchange environment
     by Richard G. DuFour
13   Federation news
     13   Letter from WFE Chairman Ronald Arculli
     14   WFE welcomes new staff member

15   News (A-Z)
     15   Corporate news
     15   Indices
     16   Inter-market links
     17   IT
     18   New products
     20   Post trade
     20   Regulation
     21   Other

22   WFE market statistics
97   Calendar of events
2 Focus | January 2011




OTC markets and systemic risk

                                                                          These developments also represent innovative solutions tailored to
                         Peter Clifford                                   the needs of market participants using OTC markets, and leveraging
                         Deputy Secretary General,                        on the benefits of the exchange environment (price transparency
                         WFE                                              and discovery, central counterparty clearing) to mitigate systemic
                                                                          risk.

                                                                          The FLEX options contracts created by CBOE; Eurex’s wholesale
                                                                          facilities for derivatives clearing and the DTCC’s derivative
                                                                          depository are part of a roadmap to safer markets. The evolution of
One of the reasons that investors look to exchanges is that the           all these products highlights a strong level of cooperation between
products listed and traded there are done in a way that was easily        exchanges, regulators and market participants that bodes well for
comparable.                                                               the future.

Exchanges standardize the rules for raising equity capital and trading    It will take a concerted effort to shift the current market practices
stocks, and they standardize the characteristics of their futures         to less risky solutions. The comparing of industry data from the
contracts and options. This makes it easier to assess the performance     exchange traded derivatives and the OTC world highlights the need
and returns, and it promotes liquidity and transparency. The              to enact the reforms.
downside is that standardization might restrict the possibility for a
                                                                          While exchanges, clearinghouses and repositories are seeing high
corporation to find a suitable product to protect itself from risk. And
                                                                          growth in these risk-hedging products, the overall impact in the OTC
so, the over-the-counter derivatives (OTCD) market found its calling.
                                                                          space has yet to achieve its potential.
As the OTCD world developed into an enormous, opaque and highly
                                                                          A recent report by the Tabb Group points to potential savings if
leveraged market, exchanges and clearinghouses answered the calls
                                                                          clearinghouses and transparent trading solutions are used, and also
of their clients to find more flexible ways to trade in an exchange
                                                                          highlights the amount of systemic risk still in the system.
environment or though a central-counterpart clearing arrangement.
                                                                          Romain Devai, Research and Projects Manager at WFE, starts this
In this edition of Focus, we look at three of the many solutions that
                                                                          edition of Focus with a review of that study that you may also find
are in use today to lessen the systemic risk from OTC derivatives.
                                                                          on the WFE website.
These initiatives come from exchanges, clearinghouses and central
repositories and are just a sample of the work underway.
                                                                                                                                          Focus | January 2011 3




OTC derivatives, systemic risk and
market structure
                                                                                        the OTCD model towards the ETD one as “given its standards, fault
                             Romain Devai                                               tolerance and capacity, the ETD market is currently the best model
                             Research and Projects Manager,                             we have for operational integrity.”1
                             WFE                                                        Here is a short review of the main findings of this study.

                                                                                        OTC derivatives, systemic risk and market structure

                                                                                        The mere size of the OTCD market (around an astonishing USD
                                                                                        600 trillion of notional value outstanding for the last four years), its
With the passage of legislation in the United States to transform                       global dimension, and its lack of adequate collateral have, as a result,
Over-the-Counter (OTC) derivatives market, and similar measures                         created significant systemic risk to the overall financial system.
in the works in Europe, the leaders of exchange industry sought the
                                                                                        One of the main finding from the study is that:
most up-to-date information on one of largest and most opaque
parts of modern finance.                                                                “Despite strong growth in the use of collateral agreements and
                                                                                        proportion of collateralized transactions, TABB Group estimates that
Reform of these non-regulated markets and products has been a                           the total collateral commitment in OTCDs today is too low.”
priority for the G20 governments and regulators. They have been
                                                                                        The study goes further and estimates that:
seen as a central cause and accelerator of the crisis that brought
down financial institutions.                                                            “The additional collateral required in OTCD markets could be about
                                                                                        USD 2 trillion, globally.”
The solution to reduce systemic risk is recognized in the exchange
traded and centrally-cleared markets for derivatives. In order to                       This figure is not trivial by any standards, and it will take time and
understand how feasible this process could be, an in-depth review                       important market structure modifications to allocate the necessary
of most asset classes and products was needed using data from the                       collateral. Nevertheless a progressive transition is the most likely,
Bank for International Settlements (BIS), the International Swaps                       starting with the most standardized and liquid products.
and Derivatives Association (ISDA) and the World Federation of
                                                                                        “TABB Group estimates that the near term collateral impact of
Exchanges (WFE).
                                                                                        moving additional standardized OTCD interest rate and credit
The result of this review is The Global Risk Transfer Market:                           exposures to CCPs is approximately USD 240 billion.”
Developments in OTC and Exchange-Traded Derivatives, by the
                                                                                        It is very important to underline that this missing collateral is an
Tabb Group which has the great merit of providing a clear picture of
                                                                                        actual very tangible risk to the financial system, and should therefore
derivatives markets, some of their weaknesses and ways to improve
                                                                                        not been seen as an unnecessary additional burden that will need to
their overall security.
                                                                                        be borne by market participants and/or end-users ultimately.
The title of the study recalls why the derivatives instruments have                     Also, it is very important to stress that:
become so important as they perform a key economic and financial
                                                                                        “The cost of collateral is a capital efficiency issue; it should be
feature: risk transfer enables hedging but also investing and trading.
                                                                                        categorized as an opportunity cost, not a sunk cost.”
It also highlights the fact that derivatives have reached a prominent
position in financial markets, and have spread all over to reach a                      In addition to this major risk, the current OTC derivatives structure is
global dimension.                                                                       not efficient. It is largely based on a “bilateral paradigm” where:
                                                                                        “The primary implicit cost is the bid-ask spread (BAS) which
Eventually, the title also emphasizes the different natures between
                                                                                        currently dominates the pricing structure since price transparency
OTC derivatives (OTCD) and exchange-traded derivatives (ETD)
                                                                                        and access are low. As long as a small group of dealers control
as well as their possible convergence towards a similar model.
                                                                                        OTCD markets, the BAS will remain wide.”
This dynamic does not mean an unrealistic transfer of the all OTC
instruments to the ETD environment but rather a convergence of




1
 All quotes are from the Tabb study. The emphasizes, if any, are ours. The complete study is available on the WFE website:
http://www.world-exchanges.org/files/statistics/excel/V08-030%20Global%20Risk%20Transfer%20Market.pdf
4 Focus | January 2011




In order to address these two issues, the study proposes common          As the section on transaction cost analysis concludes:
sense solutions:                                                         “The ETD side of the Global Risk Transfer Market provides a clear
•	 In order to minimize systemic and counterparty risks: “central        roadmap for how to best accomplish the goals of systemic and
    counterparty clearing (CCP) for standardized instruments, and        counterparty risk mitigation.”
    margin requirements for all transactions (both standardized and
    exotic, cleared and bilateral).”
•	 And in order to improve price transparency: “increase multilateral
   price discovery through exchange-like mechanisms, or swap
   execution facilities (SEFs).”

Expected benefits of moving to the ETD paradigm
Whereas standardization is deemed as a key prerequisite for
implementing the objectives of clearing and transparency, the study
estimates that:
“Over 90% of OTCD exposures are sufficiently standardized to be
applicable to both SEFs and CCPs.”
The study includes a survey of key market participants showing that:
“Nearly all market players believe that bid-ask spreads will tighten
and per-trade commissions will shrink following OTCD reform.”
This sentiment is backed by Tabb Group:
“While not all OTCD products will enjoy the full extent of ETD
costs efficiencies over the longer term –particularly due to the
ongoing utility of certain exotic trade structures –the OTCD market
will enjoy material cost decreases (on an average trade cost basis)
principally due to the high proportion of standard products like         Source: TABB Group Study
Interest Rate swaps, Foreign Exchange swaps, and Credit Default
swaps.”                                                                  Clearing
Comparing OTCD and ETD cost structures is not straightforward as         As emphasized above, clearing is an essential part for building a safer
the OTCD market is mostly a “bilateral paradigm” with important          market, and this could be achieved on a large scale.
implicit cost (bid-ask spread) whereas the ETD market is more
straightforward to apprehend through its more explicit costs.            “TABB Group estimates that as much as 90% of total OTC interest
                                                                         rates derivatives –all but the most exotic –will ultimately be
The study proposes such a comparison on several products and also        centrally cleared.”
highlight that another expected benefit from the ETD structure is
to increase trading volume which would be a key driver for cost          It is nonetheless important to avoid a one size fits all approach, or
reduction.                                                               impose mandatory clearing on all products. Clearinghouses should
                                                                         be responsible to choose what they clear.
“Greater volume will yield lower trading costs; High notional and
high turnover OTCD products (like IR swaps, FX swaps, and CDS            “Clearinghouses must have control over what they clear to ensure
indices) have the greatest potential to approach ETD pricing, or up to   that new systemic risk is not created. If products cannot be valued,
89% savings, at the limit.”                                              then margin (a key risk management tool) cannot be accurately
                                                                         calculated, and therefore, the product cannot be cleared.”
In order to reach this benefit, the market structure has to become
more open and transparent as Tabb Group notes that liquidity “is
dependent, in large part, on access”.
                                                                                                                        Focus | January 2011 5




Another important aspect of clearing is that it provides a more level     The work to reduce systemic risk, and thus avoid another financial
playing field between market participants, thus favoring a more open      meltdown, is now underway. Exchanges are prepared not only to
and transparent market structure.                                         analyze the past, but shape the future.

“An anonymous clearing environment allows for anonymous trading,          As the new WFE Chairman Ronald Arculli, the Chairman of HKEx,
opening up the space to all that have the capital to support OTCD         said: “The WFE will continue to press for the much-needed reforms
strategies, whereas in the previous, bilateral world dealers could (and   in the OTC derivatives market which the G20 governments have
did) decide to trade only among themselves.”                              set an achievable timetable for central clearing in 2012. We look
                                                                          forward to further progress, and we will be examining results
Conclusion for exchanges                                                  through our meetings and conferences in 2011.”
The study provides an extraordinary rich content. It provides
useful insights about market sizing, market participants, regulatory      About Romain Devai
evolutions, products specificities. This short summary is really meant
to be a short introduction to reading the full Tabb study which           Romain started his career in 1995 at the Paris Stock Exchange
contains very detailed data, facts and analysis.                          for the “Nouveau Marché”, the newly created market segment
                                                                          designed for high-growth potential companies. He then joined
The study then goes well beyond the particular prism of exchanges,        GL Trade in London in 1998, where he was account manager for
but since this summary was prepared for Focus, we wanted to               major financial institutions active in cash and derivatives trading.
highlight a few conclusions for exchanges.                                In 2000 he became project manager for SelfTrade, a leading on-
                                                                          line European broker. Prior to joining WFE, Romain was senior
A first conclusion relates to the geographic balance in derivatives       consultant at CSC (Computer Sciences Corporation). He joined
and the potential growth of the Asia Pacific (APAC) region (a trend       the Federation in 2004 as Research and Projects Manager. Romain
already well established in cash equities). The study emphasized the      graduated from Sciences Po.
North Atlantic weight in the OTCD...

“Europe remains the epicenter of OTCD dealing due to London’s
dominance in dealing interest rate dealing. However, it is slowly
ceding its dominance as US and APAC activity grows.”
... And the potential for the Asia Pacific region:
“With at least 32% of global GDP in 2009, TABB Group expects
APAC derivative markets to grow significantly in the future. The
main argument against this expectation is whether risk transfer in
APAC-centric interest rate derivatives is being conducted in other
regions, thereby decoupling risk transfer from geography. Though
likely, it should be combated by APAC dealers and exchanges.”

Overall, the OTCD will likely converge to the ETD paradigm, but this
convergence will not be a mere transfer of activity from one to the
other. Exchanges have to remain highly innovative to offer specific
solutions for OTCD.

“Exchanges have opportunity in nearly every aspect of the OTC
derivative market, however, they must not assume that these
products will fit nicely into their existing models and instead create
new paradigms suited to OTC derivative trading.”
6 Focus | January 2011




Central counter party clearing
The future of processing OTC transactions

                                                                                     will have significant impact on the future market structure for
                              Marcus Zickwolff                                       trading and clearing of derivatives. In the near future, efficiency and
                              EUREX GROUP                                            protection will play an even more important role under these new
                              Executive Director and Head of Trading                 regimes for participants of financial markets.
                              & Clearing System Design                               Eurex‘ s wholesale facilities for OTC derivatives clearing

                                                                                     Today, Eurex Clearing is the leading European clearinghouse
                                                                                     processing transactions across a growing range of asset classes and
                                                                                     products including securities, derivatives and energy. A significant
The global derivatives market is a main pillar of the international
                                                                                     business is cleared in futures and options on Euro-denominated
financial system and economy. As an indispensable tool for risk
                                                                                     interest rate, equity and equity index products. Products cleared
management and investment purposes, derivatives are used by more
                                                                                     are not only traded on-exchange, but also bilaterally agreed and
than 94 percent of the world’s largest companies.1 They contribute
                                                                                     registered for clearing via our wholesale facilities.
to improving operational, information, price, valuation and allocation
efficiency, thus substantially increasing the efficiency of financial                Eurex wholesale trade entry facilities enable participants to enter
and commodity markets.2                                                              bilaterally agreed transaction into the Eurex® system for clearing
                                                                                     and risk management. With these facilities one can benefit from the
Derivatives help lower the cost of capital and enable firms to
                                                                                     flexibility of customized trading and the advantages of standardized
effectively invest and channel their resources. These factors are
                                                                                     clearing and settlement.
an important driver of economic growth.3 Europe – as the most
important region in the global derivatives market – stands to benefit                The following provides a brief overview of the wholesale facilities
immensely from the positive impact of derivatives.4                                  available:

Derivatives are traded in one of two ways: either over-the-counter or                 Wholesale facility        Description
on regulated markets, i.e. on exchanges. Exchange-traded derivatives
                                                                                      Multilateral Trade        The new facility for entry of Block Trades with
are fully standardized whereas most OTC derivatives are customized                    Registration              multiple buyers or sellers
contracts between two trading parties.                                                Block Trade               The purchase or sale of a listed Eurex contract
                                                                                                                through which as well Vola Strategy Trades can
The OTC segment accounts for 90 percent of the market in terms of                                               be entered.
notional amount outstanding.                                                          Trade Entry Service       This is an e-mail based service for users to send
                                                                                                                e-mail to Eurex Market Supervision to enter a
Here, the market volume is split equally between bilateral trading                                              bilaterally agreed transaction into the system on
among market participants and multilateral trading, i.e. trading                                                behalf of a trader.
                                                                                      Flexible Options Trade    The purchase or sale of traditional style options
across a number of different market participants on organized
                                                                                                                (cash or share settled) or futures style options
marketplaces) such as interdealer-brokers or electronic crossing                                                with criteria set by the trader.
networks.                                                                             Flexible Futures Trade    The purchase or sale of a future with criteria set
                                                                                                                by you.
Approximately one-third of the market’s notional is cleared via                       Vola Trade                The purchase or sale of a future as delta-weighted
central counterparties (CCPs), which consolidate and manage risks.                                              hedge to an existing option position on the same
Exchange-traded derivatives are always cleared centrally with CCPs,                                             underlying instrument.
thus ensuring the full collateralization of open risk positions and                   Exchange for Physicals    The simultaneous trading of an equity index future
                                                                                      – Equity Index Futures    and qualifying cash equities
guaranteeing the fulfillment of contracts. For OTC derivatives that                   (EFPI Trade)
are not CCP-cleared, risks are partially mitigated through bilateral                  Exchange for Physicals    The simultaneous trading of a fixed income and a
collateralization, i.e. the pledging of assets to secure fulfillment of a             – Fixed Income Futures    qualifying bond
transaction.                                                                          (EFP Trade)
                                                                                      Exchange for Swaps        The simultaneous trading of a future and an
Regulatory initiatives like the European Market Infrastructure                        (EFS Trade)               interest rate swap, swaption (denominated in the
Regulation (EMIR), Dodd-Frank Act, Basel III or the MIFID review                                                future’s currency) or Eurex future.




1
    See ISDA 2009b. 2 See Tobin 1984, Bienert 1996, and Mayhew 2000. 3 See Carmichael/Pomerleano 2002, Levine 1997, Domowitz/Steil 2002.
4
    Europe accounts for approximately 45 percent of the global derivatives market in terms of notional outstanding
                                                                                                                            Focus | January 2011 7




The importance of offering trade entry facilities for bilaterally agreed   Flexible Contracts
transactions is confirmed by its steady and increasing usage:
                                                                           The Flexible Contracts facilities support off-exchange trading of
•	 In 2010, Eurex Clearing cleared a total volume of about 1.9 billion     tailor-made futures and options contracts. This allows traders to
   contracts - thereof 0.7 billion via our wholesale facilities.           customize their trades to meet their individual needs. Eurex products
•	 The Single Stock Futures wholesale segment saw the strongest            across various asset classes are offered via the Flexible Contracts
   volume increase where the total volume rose by 55 percent to            facility. The minimum trading size for Flexible Contracts is identical
   more than 133 million traded contracts (year-to-date, May 2009          to the Block Trade size of the respective product.
   versus 2010).
                                                                           Flexible Futures
•	 May 2010 was a record volume month with almost 130 million
   contracts traded using the Eurex Wholesale Trading facilities.          Market participants can design Flexible Futures by selecting:

Development wholesale trading volume (in million                           Flexible maturity
contracts)
                                                                           Participants of a Flexible Futures trade can create their own maturity
                                                                           date for the transaction. Individual maturity dates can be as early
                                                                           as the next exchange day or as far out as the maturity date for the
                                                                           most distant respective standard futures listed on Eurex.

                                                                           Settlement type

                                                                           Similar to the Flexible Options facility for individual equities, Flexible
                                                                           Futures give Members, in most cases, the ability to negotiate the
                                                                           terms of settlement for Single Stock Futures (cash settlement or
                                                                           physical delivery).

                                                                           Flexible Options

                                                                           Market participants can design Flexible Options by selecting:

                                                                           Exercise price

                                                                           The exercise price can be freely defined between the highest exercise
                                                                           price of the regular option series and the lowest exercise price of
                                                                           an option (e.g. LEPOs); maximum exercise prices are limited to 2.5
                                                                           times of the highest available standard expiries in the respective
                                                                           product.
Core functionalities
                                                                           Expiration date
Below, two functionalities are described allowing for more flexibility
in trading at more safety thus novating exchange-look alikes and           The expiration date can be any exchange day (with some special
customized contracts with Eurex Clearing, Europe’s leading clearing        Eurex defined exceptions) starting from the next exchange day
house.                                                                     until the longest currently active standard expiration date of the
                                                                           respective product.
Block Trade facility
                                                                           Exercise style
The Block Trade facility supports the bilateral, off-exchange trading
of standard Eurex products. Buyers and sellers can enter the trades        American-style (exercise on any exchange day during the lifetime of
into the Eurex System, for which they previously arranged the price        the option) or European-style (exercise only on the Last Trading Day
and quantity with each other.                                              of the option) can be specified.
8 Focus | January 2011




Settlement type                                                                  The safest market is where every participant can see what is
                                                                                 happening with their position – or what is about to happen – so they
The settlement type of Flexible Options contracts is arbitrary. For              can assess their risk and organize their information.
Flexible Options trades (equity and ETF options) at time of conclusion
Eurex Members can choose to settle their trades either with cash or              This demand has been a driving force behind Eurex Clearing’s
with the physical settlement type available for the product.                     product innovations. At the same time, customers need to see and
                                                                                 assess the information flow within the environment as a whole so
The block and flexible contracts facilities are available for a broad            they can assess the integrity of each participant – and react quickly.
range of products. Amongst other they include:
                                                                                 The future of OTC clearing
•	   Fixed Income Derivatives
•	   Equity and Index Futures and Options                                        Capital efficiency is a major value that Eurex Clearing can deliver,
•	   Dividend Futures                                                            but operational efficiency is also an important consideration. With
•	   Exchange Traded Funds derivatives                                           broad product coverage Eurex Clearing allows one-stop shopping for
•	   Commodity Derivatives                                                       financial product focused market participants.
Eurex Clearing’s underlying equities currently include a wide range
from the following countries: Austria, Belgium, Great Britain,                   We are aware that the regulatory changes will also cause significant
Netherlands, Finland, France, Germany, Italy, Russia, Spain, Sweden              changes in the processes of our members; in order to support the
and Switzerland.                                                                 transition we will connect into existing OTC infrastructures like
                                                                                 execution venues, affirmation/confirmation platforms or trade
Risk management                                                                  repositories and leverage our existing Eurex Clearing infrastructure.

In light of the financial market turmoil, politicians, regulators, market        Besides capital and operational efficiency, client protection is an
participants and many others recognize the growing importance                    important topic for clients of clearing members. Eurex Clearing will
of central counterparties (CCP) in reducing systemic risk. Central               offer a consistent set of client segregation options across all markets
clearing services are the most effective way to mitigate existing                to address the different profiles and needs of our clients.
counterparty risk in OTC derivatives and to improve market
transparency. At Eurex Clearing, we believe that strengthening                   Eurex Clearing is absolutely committed to create market driven
financial market integrity for the European market is of common                  solution addressing the needs of the industry and the requirements
interest to all stakeholders because this will also contribute to                of supervisory authorities and regulators.
improved market stability on a global scale.                                     For further information please contact Marcus Zickwolff, Eurex
                                                                                 Group, Head of Trading and Clearing System Design at +49-69-
 1. Reduced systemic 2. Increased                 3. Efficiency gains            2111-5847 E-Mail Marcus.Zickwolff@eurexclearing.com or visit
 risk                transparency                                                www.eurexclearing.com
 •	 CCP takes over         •	 Awareness of         •	 Full automation and
    counterparty risk         concentration risk      straight-through
    through trade novation •	 Independent             processing reduces         About Marcus Zickwolff
 •	 CCP enforces              position valuation of manual errors
    strict risk control       neutral institution  •	 Efficient use and          Marcus Zickwolff is responsible for the design and implementation
    and adequate           •	 Early warning           management of collateral   management of the Eurex® system for trading and clearing of
    collateralization of      function by daily    •	 Increased capital          derivatives as well as of the CCP system for clearing of securities
    open positions            mark-to-market          efficiency by reduced      and the central Risk Engine system. Having joined the IT Section
 •	 Automatic multilateral                            balance sheet exposure     of Deutsche Terminbörse (DTB) in 1992, he worked since 1997
    netting reduces gross
    risk exposure
                                                                                 with Deutsche Börse AG as Head of the Xetra® Market & Product
                                                                                 Development Dept. From 2003 Marcus led the groupwide System
Eurex Clearing has valuable experience in supporting the idea of                 Design Dept within the Eurex Group. He is Secretary of EACH (the
transparency and safety by providing a complete range of advanced                European Association of Central Counterparty Clearing Houses)
risk management and clearing services to Eurex, the Frankfurt Stock              and Chairman of the Executive Committee of CCP12 (the Global
                                                                                 Association of Central Counterparties).
Exchange (including the Xetra® cash market), Eurex Bonds, Eurex
Repo, the European Energy Exchange and other securities exchanges.
                                                                                                                        Focus | January 2011 9




Lighting the lamp
or how regulators can help themselves monitor global OTC
derivatives markets
                                                                         As an organization that provides CCP services in cash markets
                         Stewart Macbeth                                 for equities and fixed income securities, DTCC understands and
                         Managing Director and General                   recognizes the value a CCP can bring to the derivatives markets.
                         Manager,                                        A CCP can collect margin and provide a trade guarantee, thereby
                         DTCC DerivSERV LLC and Trade                    reducing market exposure. But even if there are as many as five
                         Information Warehouse                           CCPs that will clear CDS transactions, these CCPs are by themselves
                                                                         not a panacea, since trading data will be collected across multiple
                                                                         jurisdictions and geographic regions. Essentially, a CCP does not
                                                                         eliminate the need to retain the full details on all underlying
Synopsis:                                                                trading positions as a way to ensure transparency and support
                                                                         regulatory oversight. Likewise, as an organization that since 2006
As US and European policymakers push ahead to complete                   has provided a centralized data repository for credit default swaps
drafting new rules to govern global securities market, the need          executed throughout the world, and currently services some 1,800
for transparency and risk mitigation in global over-the-counter          global dealers, asset managers and other market participants on an
derivatives markets remains a critical focus. Although much of their     at-cost basis, DTCC has experienced and recognizes the degree of
initial focus was on requiring OTC derivative trades to be cleared       transparency and accountability that such a repository can deliver.
through a central counterparty (CCP), policymakers and regulators
are now examining other steps that are equally critical to helping       We know from our own experience that, in order to protect the
mitigate risk, enhance transparency and ensure that regulators have      safety and soundness of markets, it is necessary for regulators to
access to crucial market data. One of the most effective proposals       have timely information about the market-wide exposure of the
under consideration is to require the reporting of all OTC derivatives   major market participants. Without a place where data on global
trades to a central repository where all underlying position data        trades can be centrally sourced, in other words, without a unified
(and possibly transaction data) can be held, with unfettered access      repository, it will be very difficult for regulators to glean all the
provided to all regulators globally. This paper explores the value of    information they need to make a knowledgeable assessment of
such a premise—particularly in terms of the powerful tool that a         market conditions and risk exposure in a reasonable amount of time.
global repository provides for regulators—as well as the severe data
fragmentation problems that are likely to hinder effective regulation    Why is this so important?
if the result of policy decisions on both sides of the Atlantic is a
                                                                         Because if the world has five or six clearinghouses for cleared OTC
reporting system that is not unified.
                                                                         trades, and multiple trade repositories for non-cleared OTC trades,
In the United States, regulatory agencies are racing to meet a mid-      and each of them reports independently to regulators, the result
July 2011 deadline for creating new regulations that will carry out      will be information so fragmented that no single entity will have
the intent of the Dodd-Frank law which the US Congress passed            an overview of the entire market. As a result, regulators, investors
in July 2010. The new law, which Congress wrote in response to           and the general public will not be able to see the market picture as
the mortgage meltdown in the United States as well as the global         a whole, a situation that could prove dangerous at a time of market
financial crisis, is the most ambitious remaking of US financial         stress. Instead, there will be increasing uncertainty and instability
services rules and regulations in almost three quarters of a century.    in the markets—adding to the stress—because of the lack of
Meanwhile, policy makers in Europe are likewise trying to address        transparency. Regulators in turn will find it extremely difficult to
the underlying and contributing factors that led to the collapse of      meet their own mandate to protect investors and the integrity of
Lehman Brothers as well as and concerns about OTC derivatives. The       the markets from systemic risks.
European Markets Infrastructure (EMIR) legislation, first released in
                                                                         We have had some experience with this kind of situation. At the
September 2010, is expected to be decided upon in 2011 following         height of the Lehman Brothers crisis in 2008, our Trade Information
further discussion by the European Parliament. There is a consensus      Warehouse held nearly 90% of the information on credit default
that financial markets, which have become increasingly global in         swap (CDS) trading positions. Although market speculation put
recent decades, need new rules to ensure transparency and reduce         the CDS risk exposure from underlying bonds written on Lehman
systemic risk. Included in that consensus is the mandate that all        Brothers at $400 billion, we were able to alert regulators and tell
over-the-counter (OTC) derivative trades be registered in a regulated    the market publicly and quickly that the true exposure was closer
repository and in certain cases guaranteed by or cleared through a       to a net notional value of about $6 billion. The actual value that
regulated central counterparty.                                          eventually changed hands was $5.2 billion. Since November 2008,
                                                                         we’ve been publishing aggregate OTC derivatives data for the public
                                                                         on a weekly basis.
10 Focus | January 2011




Under a scenario where there’s no requirement for trades to be             •	 Provide market participants and regulators with a global view of
reported into a central trade repository, there is obvious potential          risk.
for a market participant to exploit the situation by hiding a large,       •	 Avoid unnecessary complexity, increased risk and the costs of
systemically risky position. All this participant would have to do is         duplicated investment.
split his position across several clearinghouses and trade repositories,   •	 Satisfy regional supervisory policy and legislation.
making effective use of the fragmentation, inefficiency and delay to
                                                                           In our judgment, the necessary level of oversight can be achieved
hide the size and risk of the aggregate position.
                                                                           by global co-operation among regulators from all continents and
The need for a global solution                                             through appropriate reciprocity arrangements to guarantee access
                                                                           to data in designated repositories for each asset class. The effort
Because OTC derivatives are traded globally, it’s critical to have a       by the OTC Derivatives Regulators Forum in June 2010 to devise
trade information warehouse that functions globally, especially one        a framework on the global sharing of data is a significant step
unbiased as to how and where a trade has been executed or whether          in that direction. The forum is a group of some 50 international
or how it has been cleared. Some market observers argue that having        financial regulators who have direct authority or interest in the OTC
multiple repositories on a regional basis would allow competition          derivatives market and its infrastructure, and their cooperation on
and provide legal certainty and protection to relevant parties. But        issues worldwide is important.
the global nature of the markets, coupled with the technical nature
of the products, can lead to significant risks and complexities if data    As policy makers in both Washington, DC, and Brussels work to
are fragmented. In a multi-repository environment, determining             finish their sweeping regulatory overhaul, we will continue to call
which contracts are registered in which repository or repositories         on our experience in the CDS market to promote the benefits
is difficult. For example, a situation in which a French dealer enters     of maintaining data in a central location and avoiding the risks
into a transaction with a US counterparty on a CDS with a Japanese         of fragmentation. We believe this is the best way to gather the
underlying security leaves questions on which repository, in which         material needed to illuminate what many have regarded as a
country, should hold the contract. This is one reason no reliable          murky and opaque market. A data warehouse can provide the lamp
method for classifying contracts as relevant to any particular             regulators need to shine light on these markets.
jurisdiction has yet been devised.
                                                                           About Stewart Macbeth
At the same time, because OTC transactions are regulated
regionally or locally, regulators need to know they will have access       Stewart Macbeth is a managing director and general manager of
to the information they require, no matter where it is physically          DTCC’s Trade Information Warehouse (TIW). Based in London,
stored. Meeting that need is a major reason why DTCC launched              he is responsible for the production operations and business
a European subsidiary called DTCC Derivatives Repository Ltd,              development of the TIW services.
which is regulated by the UK Financial Services Authority. Our new
European Repository maintains global credit default swap data              Prior to joining DTCC in 2009, Macbeth was a Managing Director
identical to that maintained in our New-York-based Warehouse               at UBS, most recently serving as the head of Operations Risk and
Trust Company LLC. It also operates our recently launched Equity           Business Architecture globally. Prior positions include the global
Derivatives Reporting Repository. We’ve made clear to regulatory           head of OTC Derivatives Operations from 2002 to 2005.
agencies which function outside the United States that the data we
                                                                           He previously ran UBS’s fixed income derivatives operations
collect from across the globe will be available to any of them with
                                                                           globally from 1996 through 2002. During that time, he established
a legitimate interest. Having this repository regulated within the
                                                                           credit derivatives support activities along with the design and
European Union should ensure that this will be the case.
                                                                           implementation of settlement and confirmation applications.
Based on our experience to date, our hope at DTCC is that regulators       Prior to UBS, Macbeth worked at Swiss Bank Corporation in the
and policy makers across the globe recognize the value that a
                                                                           Derivatives Product Control area where he was responsible for
centralized and global model for trade repositories can have in
                                                                           establishing a joint function with Operations covering exotic rates
terms of effective risk mitigation and greater transparency. Over
                                                                           derivatives operations and P&L. Previously, Macbeth qualified as a
the long-term, DTCC envisages a “global solution” that takes into
                                                                           Chartered Accountant (ICAEW) at KPMG working in their Financial
account the international nature of trading in OTC derivatives but
                                                                           Services practice.
also encompass a “regional approach” which respects the critical
importance of oversight by regulators who must safeguard the               Macbeth has a Bachelor’s degree in Mathematics from Nottingham
integrity and soundness of their respective home markets. Such a           University and a Master’s degree from the University of London.
system should:
                                                                                                                       Focus | January 2011 11




OTC solutions in an exchange
environment
                                                                          In 2010, trading volume in CBOE equity and index FLEX options
                         Richard G. DuFour                                reached a record 10.9 million contracts, up over 200 percent from
                         Executive Vice President,                        2009 and a whopping increase of more than 1000 percent from
                         Chicago Board Options Exchange                   2008. In addition, CBOE’s market share of all U.S. FLEX options
                         (CBOE)                                           trading doubled from 32 percent in 2009 to 64 percent in 2010.

                                                                          Like many new concepts in the financial world, successes in FLEX
                                                                          trading at CBOE did not happen overnight. It took a great deal
                                                                          of work with regulators and ongoing education with potential
The 2008 financial crisis post mortems agree that growth of the           customers to bring the benefits of these new tools to light, a process
OTC markets and the increased complexity of new instruments               which continues today.
outstripped the industry’s capacity to manage them. Weaknesses
                                                                          In fairness, however, it was the events of 2008 that had the greatest
in the OTC markets became evident all too rapidly during the crisis
                                                                          impact on increasing activity in CBOE FLEX contracts. While none
as the value of assets traded became difficult to assess, banks lost
                                                                          of us would want a return to a crisis period like that one, it did
confidence in each other, and illiquidity spread.
                                                                          nonetheless draw attention to the need for a more robust means of
The silver lining in the dark cloud – if there was one – is that the      managing risk within an organized and regulated framework. FLEX
meltdown highlighted the benefits of regulated exchanges. The             options trading, as a result, provided one good solution.
looming question now is whether the proven successes of regulated
                                                                          Other events, taken together, also have added to an increase in
exchanges combined with a history of effective counterparty
                                                                          trading volume over the last couple of years.
clearing will be enough to move OTC trades onto exchanges and/or
prescribe clearing arrangements.                                          In the early years of FLEX trading, volume gained only modest
                                                                          traction, in part due to restrictions imposed by the Securities
When the Dodd-Frank bill was signed into law in June 2010, it
                                                                          and Exchange Commission (SEC), which limited the scope of
generally boded well for exchange trading and centralized clearing
                                                                          customization that FLEX contracts could pass on to users. A long-
for more standard OTC products. However, trading of derivatives is
                                                                          standing barrier to institutional use of these products involved the
just one of many parts of the bill. With new faces on the Hill and
                                                                          SEC’s imposition of blackout dates for FLEX options on expiration
the formidable task of determining how various pieces of the bill will
                                                                          Friday and the two business days before and after. The blackout
be implemented, it may be some time before the specifics emerge.
                                                                          dates coincided with active trading periods for institutions wanting
Currently, attention is focused on the much larger risks of interest
                                                                          to hedge exposures on or close to an exchange expiration date. In
rate swaps and credit default swaps, with equity derivatives, at least
                                                                          2009, the SEC, by then more familiar with how FLEX contracts had
for the time being, on the backburner.
                                                                          performed – and perhaps more inclined to consider the benefits of
Whatever the outcome, long before the 2008 financial crisis ensued        bringing OTC trades onto regulated exchanges – allowed CBOE to
there have been efforts to bring exchange-traded and clearing             remove blackout date restrictions.
benefits to the OTC table. As institutional use of options started
                                                                          Another previous SEC hurdle, which limited the length of contract
to blossom in the late 1980s and early 1990s, the Chicago Board
                                                                          maturity dates to a maximum of five years for equity FLEX contracts
Options Exchange (CBOE) recognized the need of some participants
                                                                          and ten years for index FLEX contracts, was removed last year when
for flexibility in the terms of equity and index options contracts. As
                                                                          the SEC approved the expansion of the maturity date to 15 years.
a result, in 1993 the CBOE created FLEX® options contracts in an
effort to attract OTC business to the exchange world.                     Finally, last year the SEC instituted a pilot program that lifted
                                                                          contract-size restrictions for FLEX contracts. Previously large
With FLEX contracts, users could modify certain exchange-traded
                                                                          contract size requirements – originally mandated by the SEC to
options specifications – contract size, expiration date and exercise
                                                                          assure that FLEX contracts would be used by institutions, not small
style – yielding contracts with characteristics similar to those in the
                                                                          individual investors -- proved too large for institutions such as
OTC market. In addition to customization, FLEX contracts added the
                                                                          insurance companies. Comment letters to the SEC from insurers
benefits of price discovery, price transparency and the safeguards of
                                                                          with more modest contract size needs likely was a factor in the SEC
counterparty clearing not found in the OTC market.
                                                                          approving the change.
12 Focus | January 2011




Thus, the easing of these regulatory restrictions played a significant   About Richard G. DuFour
role in opening the door to a wider audience of users for FLEX.
                                                                         Richard G. DuFour is an Executive Vice President of the Chicago
In addition to the events of 2008 and changes in regulation,             Board Options Exchange. His current responsibilities include
technology also has played a part in pushing FLEX volume higher.         strategic planning, research, product development, international
Prior to 2007, transacting FLEX trades was a manual process              relations and the joint venture for trading single stock futures. In
transacted on CBOE’s trading floor. Prompted by the need to              previous positions at the CBOE he spearheaded the planning and
streamline access in an electronic world, CBOE introduced CFLEX®,        development of a new trading facility (1980-1984), established
still the first and only U.S. Internet-based execution platform for      The Options Institute (1985) and was responsible for the
electronic trading of FLEX options. With fast, anonymous order           Exchange’s marketing and public relations activities (1987-1989).
handling for OTC participants, CFLEX has substantially enhanced
institutional investor access to FLEX products.                          Prior to joining the CBOE in 1980, Mr. DuFour spent ten years
                                                                         in management consulting where he conducted and supervised
We could not be more pleased that regulatory changes and CBOE’s          a wide range of assignments. Areas in which he has conducted
technological efforts have made CBOE’s FLEX products more                studies include strategy development, organizational analysis,
practical and convenient for institutions than ever before. Although     financial feasibility, mergers, facilities planning and management
CBOE has experienced tremendous volume growth in FLEX options            information systems. During the period 1976-1980 he was
over the past two years, only a fraction of OTC market participants      responsible for a $125 million expansion program at Rush-
have made the transition into FLEX. CBOE intends to continue to          Presbyterian-St. Luke’s Medical Center, a major university medical
work with OTC market participants and regulators to modify our           center in Chicago.
FLEX offering so that more institutions can benefit from centralized
clearing, price discovery and transparency.                              Mr. DuFour holds a bachelor’s degree from Notre Dame University
                                                                         and an MBA from the University of Michigan. He did post-
                                                                         graduate work at the University of Michigan in the Center for Far
                                                                         East Asian Studies. While affiliated with Rush Medical Center he
                                                                         held an appointment as an assistant professor in Health Systems
                                                                         Management and authored a number of articles on the future of
                                                                         the health care industry.

                                                                         Mr. DuFour serves on the boards of OneChicago and of the Lincoln
                                                                         Park Renewal Corporation. He also serves as Secretary of the
                                                                         International Options Markets Association and is on the Working
                                                                         Committee of the World Federation of Exchanges. He is a member
                                                                         of the Economic Club of Chicago.
                                                                                                                    Focus | January 2011 13




Federation news
Letter from WFE Chairman Ronald Arculli




                        Dear Colleagues,



                        I currently have the honor and privilege of serving as chairman of the World Federation of Exchanges (WFE),
                        as from the Federation’s 50th General Assembly in October 2010. I also would like to take this opportunity to
                        thank our former chairman, William J. Brodsky for the leadership he provided us for the last two hectic years.

 It is important to note that WFE member exchanges play major roles in the economies and societies where they operate. A few
 members now span several jurisdictions and time zones. Capital raising and secondary-market pricing remain the key function for
 the securities and securities options segments; standardized contracts for financial and raw materials products on futures markets
 provide essential pricing indicators for the world’s economy. All function in a well supervised environment, providing transparency and
 certainty of execution.

 At the WFE, we have responded to the real need for regulated exchanges to be able to speak with one voice on issues of mutual
 concern, and be heard before policy makers decide how to adapt regulation for the world’s financial markets in the wake of the
 economic crisis triggered by the collapse of Lehman Brothers, and the credit markets before that.

 In 2010, the WFE board of directors set three priorities:

 •	 supporting reform in the regulation of over-the-counter (OTC) derivatives markets, which were a contributing factor in the recent
    financial crisis;
 •	 continuing to press for international cooperation and coordination among regulators and exchanges on intermarket mechanisms;
    and
 •	 examining the structure of fixed-income markets, in order to evaluate how the transposition of exchange expertise in equities
    pricing transparency, post-trade, risk management, and investor protection could help these markets recover from the drop in
    liquidity that they have experienced since the credit crisis now three years ago.

 We think we have made progress in all three areas and will continue working on these issues.

 In May 2010, we published analysis of a fixed-income survey conducted by the Johannesburg Stock Exchange on behalf of the
 Federation. The survey found that, by and large, bond turnover volumes increased across exchanges in 2009. It also found that the
 financial crisis appears to have had an impact on the trading volumes in fixed-income derivatives markets. In addition, the survey
 found that, generally, exchanges appear keen to encourage OTC traders of bonds and derivatives to move their trading to exchanges.

 In June 2010, the Federation became an affiliate member of IOSCO. The membership was sought for three reasons: to affirm our
 support of IOSCO’s Principle of Regulation; to salute the collaborative spirit we see IOSCO extending to exchanges and clearing
 houses; and to underscore our commitment to working with IOSCO to reform global capital markets and assure implementation of
 IOSCO Principles around the world.

 In November 2010, the Federation submitted a public comment letter to US Treasury Secretary Timothy Geithner urging the Treasury
 Department not to exempt OTC foreign exchange (FX) swaps and FX forwards from mandatory clearing and execution requirements
 that are imposed on other standardized derivatives products under the recently enacted Dodd-Frank Act.

 In addition, WFE commissioned a study on OTC derivatives to provide a detailed and unprecedented comparative analysis of OTC and
 exchange-traded derivative markets with a focus on market size, trade costs and the anticipated impacts of current regulatory reforms.
14 Focus | January 2011




    The report, “The Global Risk Transfer Market: Developments in OTC and Exchange-Traded Derivatives,” is the work of the TABB Group,
    a financial markets research and advisory firm. The report is available on the WFE website.

    It is important, especially now, for the Federation to speak publicly regarding key issues of mutual interest amongst exchanges, and
    which concern evolving global financial markets. We will continue contributing to the discussion of financial market regulations
    and reform, and further expand our cooperation with IOSCO. It would be helpful to keep the Secretariat informed of any potential
    developments be it regulatory or otherwise in your market as early “warning” will allow us time to respond should the need arise.

    I look forward to working with all of you and I am sure I can count on your support as the Federation moves forward.

    With best wishes,




    Ronald Arculli
    WFE Chairman
    Chairman of Hong Kong Exchanges and Clearing




WFE welcomes new staff member
WFE Office is pleased to announce the appointment of Grégoire             In 2008 he was Scientific Adviser at the Centre d’Analyse
Naacke as a new staff member of the Federation. As an economist,          Stratégique, an organization working directly under the direction
Grégoire will strengthen the research initiatives undertaken by           of the French Prime Minister and whose objective is to assist the
the Secretariat. His past experience and knowledge of cash and            government in defining and implementing its economic, social,
derivatives markets will allow WFE to launch new initiatives to           environmental and cultural policies.
better serve members and the public.
                                                                          Graduate in Money, Banking and Finance from University Paris 1
Grégoire previously worked (from 2002 to 2010) as a consultant for        Panthéon Sorbonne, his thesis specialized on the “Impact of stock
IEM Finance and as an Economist at the European Savings Institute         markets on households’ wealth”. He is presently preparing the CIIA
(OEE). IEM Finance is an independent consulting firm specialized          (Certified International Investment Analyst).
on financial markets organization and savings markets created by
Didier Davydoff (former Director at Paris Stock Exchange) in which
Grégoire was notably responsible the for the Stock Indices business.
The OEE (European Savings Institute) is a non for profit organization
presided by Jacques de Larosière aiming at promoting research on
savings-related topics in Europe.
                                                                                                                       Focus | January 2011 15




News (A-Z)

Corporate news                                                          Indices
DTCC plans to separate role of Chairman and CEO                         BM&FBOVESPA launches corporate governance trade index

The Depository Trust & Clearing Corporation is planning to adopt an     On 3 January 2011, BM&FBOVESPA began the real time calculation
enhanced corporate governance model that is better aligned with         and publication of the Corporate Governance Trade Index (IGCT). It
widely accepted global standards, creating a Chairman of the Board      calculates the daily performance of shares issued by companies that
role that is separate from the Chief Executive Officer position.        have voluntarily adopted differentiated corporate governance
                                                                        standards and which meet the inclusion standards that have been
Hellenic Exchanges Group unveils new organizational                     established by the index’s methodology. The new index is different
structure                                                               from the Corporate Governance Index (IGC) in that it considers
                                                                        liquidity as an inclusion criterion.
The Hellenic Exchanges Group unveiled a new organizational
structure which went into effect on 1 January 2011. Mr. Dimitris        Bombay Stock Exchange launches Shariah-compliant index
Karaiskakis assumes the post of Chief Operations Officer, a newly
created position, and who reports to the Chief Executive Officer. Mr.   The Bombay Stock Exchange, in cooperation with Taqwaa Advisory
Nikolaos Porfyris assumes the post of Deputy Chief Operations           and Shariah Investment Solutions (TASIS) launched the BSE TASIS
Officer.                                                                Shariah 50 Index on 27 December 2010. The index is the first
                                                                        Shariah index created in India utilizing the strict guidelines and local
NASDAQ OMX acquires Zoomvision Mamato                                   expertise of a domestic, India-based Shariah advisory board. The
                                                                        index consists of the 50 largest and most liquid Shariah compliant
The NASDAQ OMX Group has agreed to acquire Stockholm-based
                                                                        stocks within the BSE 500.
Zoomvision Mamato (ZVM), a company that provides live
webcasting services, primarily for investor relations professionals.    Casablanca Stock Exchange and FTSE launch new index
ZVM will become part of NASDAQ OMX’s Global Corporate
Solutions division which provides a range of tools and services that    The Casablanca Stock Exchange and the FTSE Group announced the
help public and private companies minimize risk, maximize               creation of a new family of indices, the FTSE CSE Morocco Index
efficiency, and increase transparency.                                  Series. These new real time indices will enhance the visibility of
                                                                        Morocco across the international investment community at a time
Shanghai Stock Exchange announces strategic plan                        when investors are increasingly seeking investment opportunities in
                                                                        emerging markets. The indices will provide domestic investors with
The Shanghai Stock Exchange’s Vice President unveiled the “SSE
                                                                        new and innovative investment options in Moroccan equities. The
Strategic Plan (2011-2020)”. The SSE’s strategic goals are to build
                                                                        index series currently consists of two indices: the FTSE CSE Morocco
itself into a world-class bourse with improved market, sound legal
                                                                        15 index, including the top 15 stocks trading at the Casablanca Stock
system, state-of-the-art technology, and efficient operation. To
                                                                        Exchange; and the FTSE CSE Morocco All-Liquid index which
achieve this, the SSE will work on five aspects: (1) fuel the
                                                                        captures the performance of all liquid stocks.
construction of an International Board by accelerating the return of
red-chip companies to the A-stock; (2) speed up the system building     Oslo Børs changes rules for OBX index and launches OBX
of bond market in line with the requirements of the national “12th      International index
Five-year” Plan; (3) boost the development of index products by
perfecting index series and setting up a blue-chip market index         From 23 December 2010, Oslo Børs applied a new weighting rule for
system; (4) enrich single-market ETF varieties by introducing           the OBX index. The total weight of all companies registered outside
cross-market ETFs based on the SSE and the Shenzhen Stock               the EEA area will be capped at 10% of the index which consists of
Exchange as well as cross-border ETF products; and (5) go into          the 25 most widely traded shares listed on Oslo Børs. This change
agreements with overseas index agencies with a view to forming an       has been made to avoid the adverse impact caused by the fact that
authorized index pattern with a global coverage and a complete          investments made by Norwegian companies in derivative products
layout.                                                                 based on the OBX index fall under a different tax regime if the total
                                                                        weighting in the index of companies from outside the EEA area
                                                                        exceeds 10%. In parallel with this change, Oslo Børs launched a new
                                                                        index, OBXI (OBX International).
16 Focus | January 2011




SIX Swiss Exchange launches new sector indices for Swiss                 Budapest Stock Exchange and Wiener Börse provide capital
bonds                                                                    market know-how to Macedonian Stock Exchange

On 3 January 2011, SIX Swiss Exchange added 180 new indices to           The Budapest Stock Exchange and Wiener Börse jointly with the
the SBI index family. A number of SBI sector indices have been           Hungarian International Training Center for Bankers and the
launched based on the ICB fixed-income classification benchmark,         Viennese consulting company Capital Market Experts, will set up a
which classifies issuers according to their economic activity. A model   capital market training center at the Macedonian Stock Exchange. In
for guarantee types and collateral was also launched and developed       the future, employees of the Macedonian Exchange and market
by SIX Swiss Exchange in partnership with the Swiss Bond                 participants will benefit from the Austrian and Hungarian experts
Commission. It allows individual issues to be allocated to sub-indices   who will teach European practices for financial instruments and
based on bond-specific guarantees and collateral.                        securities trading.

TMX Group launches two new indices                                       Eurex plans to expand cooperation with European Energy
                                                                         Exchange
TMX Group, in cooperation with Standard & Poor’s, launched the
S&P/TSX Equity Income index and the S&P/TSX Composite Dividend           Eurex intends to intensify its cooperation with the European Energy
index, providing Canadian investors with two new innovative ways of      Exchange (EEX). The objective is to further strengthen Leipzig as a
measuring higher yielding stocks. The S&P/TSX Equity Income index is     European center of expertise for energy and emissions products. In
a strategy index focused on dividend income and comprised of 50 to       line with this, Eurex and Landesbank Baden-Württemberg (LBBW)
75 stocks selected from the S&P/TSX Composite index. The S&P/TSX         concluded an agreement that will allow Eurex to acquire LBBW’s
Composite Dividend index aims to provide a broad-based benchmark         stake in EEX. Eurex currently holds a 35.2% stake in EEX.
of Canadian dividend-paying stocks. The index includes all stocks in
the S&P/TSX Composite with positive annual dividend yields.              Osaka Securities Exchange allows Tokyo Commodity
                                                                         Exchange to set up backup center within OSE’s backup
Warsaw Stock Exchange introduces dividend index                          facility

At the start of January 2011, the Warsaw Stock Exchange published        The Osaka Securities Exchange and Tokyo Commodity Exchange
a new index, the WIGdiv which is comprised of 30 stocks with the         agreed that TOCOM will use a part of the backup facility which OSE
highest dividend yields participating in the following indices: WIG20,   has established for its next generation derivatives trading system
mWIG40, and sWIG80. In addition, companies included in the               named J-GATE in case of emergencies.
WIGdiv must pay dividends regularly (at least three times in the past
5 financial years). WIGdiv will be a total return index including        TAIFEX partners with Multi Commodity Exchange
dividends and subscription rights.
                                                                         The Taiwan Futures Exchange and Multi Commodity Exchange of
                                                                         India have signed a Memorandum of Understanding to share
Inter-market links                                                       information and best practices pertaining to product development,
                                                                         business and marketing initiatives, as well as technology and any
BM&FBOVESPA and Bolsa de Comercio de Santiago sign
                                                                         area of mutual interest of derivatives markets in Taiwan and India.
strategic joint operating agreement
                                                                         Tehran Stock Exchange signs MoU with Damascus
On 13 December 2010, BM&FBOVESPA and the Bolsa de Comercio
                                                                         Securities Exchange
de Santiago signed a strategic joint operating agreement which will
enable connectivity between the two exchanges, in particular order       A Memorandum of Understanding was signed between the Tehran
routing and the distribution of market data. It also includes other      Stock Exchange and Damascus Securities Exchange on 7 December
initiatives, such as the development of the Chilean derivatives market   2010. The agreement aims at strengthening and widening the
at Santiago Stock Exchange, the establishment of joint initiatives       cooperation between the two organizations, especially in the areas
related to settlement, clearing and central counterparty, and access     of technology, the launch of new products, reporting and
to the BM&FBOVESPA/CME trading platform for markets                      information dissemination procedures, market making, exchange of
administered by the Chilean stock exchange. The agreement and the
                                                                         information and/or experts. It also intends to spread awareness of
implementation of the system are subject to regulatory authorization
                                                                         the legal infrastructure available in both markets, as well as
and other approvals. The settlement and clearing of orders executed
                                                                         investment opportunities. The MoU will ensure a periodic exchange
through the system will be carried out in accordance to the laws and
                                                                         of information and encourage collaboration between brokers in both
regulation in force in the market where the transaction is performed.
                                                                         markets.
                                                                                                                         Focus | January 2011 17




Tokyo Stock Exchange Group and Hanoi Stock Exchange                       NYSE Euronext US options’ migration to the Universal Trading
sign MoU                                                                  Platform will deliver a range of customer benefits, including the
                                                                          ability to quickly launch new trading applications that support
On 13 December 2010, the Tokyo Stock Exchange Group and the               distinct market structures and faster time to market for new
Hanoi Stock Exchange signed a Memorandum of Understanding to              functionality improvements. Upon completion of the capacity
further develop the collaborative ties between the two exchanges          upgrade, both exchanges will be capable of processing 1 million
and contribute to the further development of both securities              orders and 8.4 million quotes per second with sub millisecond
markets. In particular, this MoU will promote cooperation in the area     average acknowledgment times, up from 500,000 orders and 4.2
of information technology and trading systems through the                 million quotes previously.
exchange of IT personnel and information, thereby providing a better
investment environment to the investors in both Japan and Vietnam.        Philippine Stock Exchange invests in new market
                                                                          surveillance system
IT
                                                                          The Philippine Stock Exchange is acquiring a new surveillance system
International Securities Exchange launches sweep and                      which will enhance its capability to monitor stock trading activities
cross functionality                                                       and strengthen market integrity. The sophisticated, fully automated
                                                                          new surveillance system known as “EXTURE”, was developed by the
The International Securities Exchange has launched sweep and cross
                                                                          Korea Exchange. The new system is expected to be operational by
functionality for its proprietary front-end trading system, called
                                                                          the first quarter of 2012.
PrecISE Trade. With the efficiency of a single click, traders who enter
large crossing orders are now able to sweep the entire options            SIX Swiss Exchange launches improved version of its
market to execute against the top of book liquidity at other              trading platform
exchanges and then cross the remainder of the order at ISE. The
sweep orders will be sent to ISE’s Away Market Routing partner and        SIX Swiss Exchange successfully launched a new version of its
when sweep executions are completed, a cross will be submitted at         SWXess trading platform on 13 December 2010. The new version of
ISE for the remaining contracts.                                          the trading platform considerably shortens the time between two
                                                                          order entries and so facilitates significantly higher transaction rates.
Korea Exchange upgrades market surveillance system                        At the same time, delivery of trade confirmations to participants is
                                                                          optimized, thereby relieving their data lines. These measures have
To prevent new types of unfair trading practices, the Korea Exchange
                                                                          greatly increased data throughput and brought about a reduction in
upgraded its market surveillance system on 3 January 2011. Major
                                                                          latency under one millisecond, depending on the participant’s
features include: 1) improved unfair trading detection model; 2)
                                                                          location.
automation of analysis of the accounts suspicious of being involved
in unfair trading; and 3) adoption of various analytical tools such as    TMX Group introduces automated Jitney Service
the visual analysis system which the surveillance officers may utilize
in identifying abnormal trading patterns.                                 TMX Group announced that Toronto Stock Exchange and TSX
                                                                          Venture Exchange now offer Smart Order Router (SOR) Automated
NYSE Euronext US options exchanges upgrade trading                        Jitney service to subscribers through its existing Smart Order Router
platform capacity                                                         trading solution. The SOR Automated Jitney service uses leading-
                                                                          edge routing algorithms to automatically execute orders at the best
NYSE Euronext’s options exchanges, NYSE Arca and NYSE Amex
                                                                          price across all Canadian marketplaces, eliminating the need for
Options, have completed the first phase of a significant technology
                                                                          multiple marketplace memberships.
upgrade program that will double capacity for both exchanges. In an
ongoing effort to meet expanding industry volumes and quote
traffic, the initial phase of the capacity expansion program was
completed in the fourth quarter of 2010. The final phases of the
program are anticipated to finish in the second quarter of 2011,
following the first quarter 2011 migration of NYSE Euronext’s US
options exchanges to its Liquidity Center in Mahwah, New Jersey.
18 Focus | January 2011




New products                                                                CBOE applies VIX methodology to individual equity
                                                                            options
Eurex launches equity options with weekly expirations
                                                                            On 7 January 2011, the Chicago Board Options Exchange started to
On 24 January 2011, Eurex will introduce equity options with weekly         apply for the first time its Volatility Index (VIX) methodology to
expiration dates. This is the first time that weekly options on             options on individual stocks. In a first stage, only five most heavily
individual stocks will be available on Eurex. The Eurex Weekly Equity       traded stock options are concerned (Apple, Amazon, IBM, Google,
Options will be listed as separate contracts and will initially comprise    and Goldman Sachs). The new benchmarks are designed to measure
derivatives based on shares of Daimler, Deutsche Bank, Deutsche             the expected volatility of the respective individual equities. CBOE
Telekom and Nokia. Weekly options have been available on indices            may expand the list of individual equities on which volatility values
(the EURO STOXX 50 and DAX) since April 2006.                               would be calculated in the future, depending on demand.

Istanbul Stock Exchange and Athens Exchange trade new                       Eurex introduces new pricing model
ETF based on GT-30 index
                                                                            Effective 1 February 2011, Eurex will introduce a new pricing model.
A new ETF based on the GT-30 index started trading on the Istanbul          The goal is to further increase the attractiveness of the Eurex
Stock Exchange. The GT-30 index, whose return will be tracked by            marketplace by offering incentives for market quality and volume
the new ETF, is comprised of 30 largest stocks in terms of market           contribution as well as fee reductions in a number of key products.
capitalization from the Istanbul Stock Exchange and Athens                  The enhancement of order book trading shall support market
Exchange (15 from each stock exchange), with a cap of 4 banks from          transparency and price discovery.
each country. At the same time as the launch of the new ETF in
Istanbul, another ETF based on the GT-30 index started trading on
                                                                            Istanbul Stock Exchange launched new markets and
the Athens Exchange.
                                                                            arrangements in bond market and in foreign securities
                                                                            market
NYSE Euronext Lisbon lists ETF covering Iberian region
                                                                            On 17 December 2010, the Istanbul Stock Exchange has launched
NYSE Euronext Lisbon listed its first ETF based on the NYSE Euronext        new sub-markets and a series of new arrangements for the ISE Bonds
Iberian index, called the ESAF ETF. The new product offers both retail      and Bills Market as well as for the ISE Foreign Securities Market.
and institutional investors an economical, flexible, secured and            Within this framework, a new repo market called “Repo Market for
transparent exposure to the returns of 30 Portuguese and Spanish            Specified Securities” opened, in addition to the Repo/Reverse Repo
Blue Chip companies.                                                        Market that has been in operation for several years. Along with
                                                                            government debt securities, ISE-listed private sector borrowing
Tokyo Stock Exchange introduces new conditional orders                      instruments are now subject to repo transactions on the Repo
                                                                            Market for Specified Securities. The risk management system that
On 24 January 2011, the Tokyo Stock Exchange will introduce new
                                                                            has so far been used in the ISE Bonds and Bills Market sub-markets
conditional orders (IOC orders) in cash market auction trading for
                                                                            based on fixed rate collateralization is converted into a dynamic risk
equities, corporate bonds, etc. IOC orders are orders with the
                                                                            management system based on daily evaluation. The above
condition to immediately execute all or part of the quantity of the
                                                                            arrangements are aimed at operating the ISE Bonds and Bills Market
order at a specified or better price and the remaining unexecuted
                                                                            more efficiently and at lower costs. In addition, the exchange
quantity of such order will become void.
                                                                            launched the Eurobond Negotiated (Neg) Deals Platform in the ISE
                                                                            Foreign Securities Market. As a result of the amendments on the ISE
New services                                                                Eurobonds Markets settlement and custody principles, the
                                                                            settlement period is changed to T+1, and the settlement of the
Bucharest Stock Exchange adopts Bloomberg identifiers
                                                                            trades realized on the ISE will be done by Euroclear Bank through the
The Bucharest Stock Exchange implemented Bloomberg’s Global                 ISE Settlement and Custody Bank (Takasbank).
Identifiers (BBGID) as the financial instrument identifier associated
with all securities listed on the Exchange. Financial instrument
identifiers are critical to researching and trading securities, assessing
risk, managing portfolios, and managing settlement and clearing.
They also are key for a wide array of essential functions for financial
market players and institutions, both in the front and back offices.
                                                                                                                         Focus | January 2011 19




Istanbul Stock Exchange sets up automatic circuit breakers                  RTS Standard Market modifies its trading fees
system
                                                                            On 11 January 2011, fees on trades executed in the trading mode
In order to enhance its market surveillance strategy, the Istanbul          with settlements on T+4 on the RTS Standard market have been
Stock Exchange introduced on 10 January 2011 the “ISE Automatic             decreased by the amount of the fee on clearing services which is to
Circuit Breaker System”, enabling the fully automated suspension on         be introduced simultaneously.
a stock basis. In a first stage, in case of an abnormal price or quantity
movement in a certain stock, the system will automatically suspend          Scoach launches trading with secured certificates from
the trading of that specific stock for 15 minutes. In a second stage,       Switzerland
in the case the first circuit breaker remains ineffective, the system
                                                                            Collateral secured certificates from Switzerland are now also
will automatically apply a circuit breaker which will be effective until
                                                                            tradable on Scoach, the joint venture of SIX Group and Deutsche
the end of the day, and as a new precaution, the relevant stock will
                                                                            Börse for structured products. The collateral deposited for these
be subject to gross settlement on the following trading day.
                                                                            collateral secured instruments (COSI) minimizes counterparty risk
Istanbul Stock Exchange reduces initial listing fees                        for structured products.

The Istanbul Stock Exchange has decided to apply a discount on its          Singapore Exchange proposes admission of remote trading
listing fee tariff in order to accelerate the efforts within the            members
framework of its initial public offering campaign to encourage public
offerings to reach the European Union’s minimum free float rate of          The Singapore Exchange proposes to expand membership on its
25%, and to facilitate reaching the target of allowing companies to         securities market to foreign brokers based abroad. These brokers,
go public and increasing the free float rate of traded companies. As a      regarded as remote trading members, will observe their home rules
result, a discount of 25% will be applied on the initial listing fees for   and deal only for foreign investors. The proposal will expand the pool
the companies applying for initial listing/trading on the ISE National      of international participation.
Market or the Second National Market, and whose free float rate is
                                                                            Stock Exchange of Thailand allows short selling on SET100
minimum 25% or whose market capitalization is at least TRL 100 m.
                                                                            index stocks
Such discount will be valid until the end of 2011 and shall not hold
for annual listing fees.                                                    From 1 January 2011 onwards, the Stock Exchange of Thailand
                                                                            allowed securities in the SET100 index to be sold short. This should
NASDAQ OMX Baltic Exchanges introduce trading and
                                                                            provide investors with a better tool to manage their risks from stock
settlement in euro
                                                                            price movement. Previously, short-selling could be done only with
As of 3 January 2011, trading and settlement on NASDAQ OMX                  the securities in the SET50 Index.
Tallinn and NASDAQ OMX Vilnius stock markets is available in euro.
This move will greatly improve the efficiency of the Baltic market
                                                                            Stock Exchange of Thailand’s Settrade service allows
and is intended to capture larger flows of portfolio investments to         derivatives trading via iPhone
the region. Furthermore, the common currency reduces transaction            Thai investors can now trade Thai derivatives through iPhones, using
costs, allow for smoother management of cross-border portfolios, as         the Settrade Streaming application of the Stock Exchange of
well as diminish trading-related risk.
                                                                            Thailand’s subsidiary Settrade.com. This will offer investors more
NYSE Euronext joins Correlix RaceTeam latency                               convenience to trade equities and derivatives in Thai markets and
transparency solution                                                       promote market liquidity. Internet trading has been growing steadily,
                                                                            especially in derivatives during the past 11 months.
NYSE Euronext is joining the Correlix RaceTeam latency
measurement service, which is used for monitoring, measuring and            Tokyo Stock Exchange begins calculating and publishing
analyzing order and market data flows in real time. This service will       indicative net asset value for ETFs
be rolled out starting early this year in NYSE Euronext’s new
                                                                            To increase ETF liquidity as part of its efforts, the Tokyo Stock
Liquidity Center in Mahwah, New Jersey to provide additional
                                                                            Exchange will begin calculating and publishing real time net asset
latency performance insight into all US-based markets, including
                                                                            value per share for ETFs from March 2011. It is an indicator of the
NYSE Classic, NYSE Arca Equities, NYSE Arca Options and NYSE
                                                                            fair value of ETF assets in the same way as the constant value of
Amex Options. It will enable NYSE Euronext and its customers to
                                                                            investment trust funds. Investors will be able to compare ETF market
monitor and manage their low latency trading infrastructures for
                                                                            prices with indicative net asset value during auction trading hours.
order execution and market data.
20 Focus | January 2011




Warsaw Stock Exchange unveils changes in trading                          International Securities Exchange launches post trade
sessions timetable and trading statistics presentation                    allocation functionality for stock leg of complex options
                                                                          orders
As of the beginning of 2011, trading in the continuous trading
system at the Warsaw Stock Exchange will start at 8:00 with the           The International Securities Exchange is now using ConvergEx Group
pre-opening session, open at 9:00 and end at 17:35 with the               technology to implement post-trade allocation functionality for the
post-auction trading session. The main change is the extension of         stock leg of tied-to-stock options orders. The new functionality can
the continuous trading phase which ends at 17:20, 70 minutes after        be applied to orders that are entered into ISE’s complex order book
the previous end time. The procedure of calculation and publication       through proprietary, FIX or PrecISE (ISE’s trading system)
of the value of trading in financial instruments listed on WSE will       connections. Once a tied-to-stock options order has been executed,
also change. According to the new rules, this value will be presented     members will be able to change clearing instructions in PrecISE or
as the value to one party of a transaction (i.e. the transaction value)   split the stock component among multiple parties for clearing. ISE
whereas the values of the buy and the sell transaction are now            plans to roll out this new post trade allocation functionality as part
added up.                                                                 of the exchange’s upcoming migration to its new options trading
                                                                          system. ISE already supports fully-electronic post trade allocation for
Post trade                                                                the options legs of all order types through all connections.

BME and Clearstream create OTC derivatives trade                          Regulation
repository
                                                                          New European financial supervisory authorities went live
BME, the Spanish Exchanges, and Clearstream have announced the
start of operations of the trade repository REGIS-TR that is jointly      On 1 January 2011, the European Securities and Markets Authority,
owned by the two market organizations. The trade repository is the        the European Banking Authority, and the European Insurance and
answer to demands from the regulators for more transparency in the        Occupational Pensions Authority will overlook the financial markets
OTC derivatives market. The start of operations of REGIS-TR takes         of EU member states with more coordination and more strictly than
place one year after the initiative was announced in November 2009        before. This follows a decision of the Council of the European Union
and follows a testing period. To operate the trade repository, BME        in November 2010. The reform also involved a reorganization of
and Clearstream have created a new company that will be                   macro and micro-prudential supervisory authorities. The European
headquartered in Luxembourg.                                              Banking Authority, the European Insurance and Occupational
                                                                          Pensions Authority and the European Securities and Markets
CME Group uses Calypso Technology’s solution for OTC                      Authority will replace the previous EU committees responsible for
derivatives central counterparty clearing                                 financial market services, having had only consultative competences.
The CME Group will use Calypso Technology, a global application           On 13 January 2011, the European Securities and Markets Authority
software provider of an integrated trading, risk and processing           selected Steven Maijoor as the first Chair of ESMA. The objectives of
platform, to support OTC derivatives processing for clearing interest     ESMA are to draft a “single European rule book” for all market
rate swaps. This is linked to the launch on 18 October 2010 of its        participants doing business in the EU, to help improve the quality
OTC interest-rate swaps clearing solution. CME Group has also             and consistency of supervision and to wield direct supervisory
implemented the Calypso system’s limits functionality, which              powers over certain pan-European market participants, such as
enables the clearing members to control and manage intra-day risk.        rating agencies. ESMA would also have the power to take specific
                                                                          measures in an emergency situation.
DTCC launches new OTC equity derivatives matching and
netting service

The Depository Trust & Clearing Corporation has launched a new
automated, global OTC equity derivatives cash flow matching and
netting service, with all of the 14 major dealers live on the platform.
                                                                                                                        Focus | January 2011 21




Irish Stock Exchange publishes additional new rules in
relation to corporate governance
                                                                         Other
                                                                         Stock Exchange of Thailand boosts financial skill for youth
The Irish Stock Exchange has published new listing rules which
require Irish listed companies to comply or explain against additional   The Stock Exchange of Thailand and Bangkok Metropolitan
corporate governance provisions which arise from the                     Administration have signed a Memorandum of Understanding to
recommendations contained in the report on compliance with the           increase the personal financial skills of over 270,000 students in all
combined code on Corporate Governance by Irish listed companies.         436 BMA-supervised schools. This program was conceived through
These rules supplement the existing provisions which require Irish       the shared determination of SET and BMA to instill a culture of
listed companies to comply or explain against the requirements of        savings and financial discipline in Thai youth.
the UK Corporate Governance Code. The new rules are effective
immediately.

Korea Exchange requires voluntarily disclosure of
management information on green business

The government of Korea has identified the low-carbon green
industries as the new growth engine and has been providing an
active policy support for the development of green technologies and
industrial infrastructure. In support of such government efforts, the
Korea Exchange has amended the KOSPI Market Disclosure
Regulation, requiring the listed companies to voluntary disclose the
management information on green business. The amended
regulations are effective on 1 January 2011.

Osaka Securities Exchange revises futures and options
trading rules

From the viewpoint of further improving the international
competitiveness of the Osaka Securities Exchange markets, the
Exchange will revise futures and options trading rules in order to
increase liquidity of its markets and improve the convenience for
investors at the same time as the launch of a new derivatives trading
system (J-GATE) on 14 February 2011, which is equipped with the
standard trading functions and the highest level of order processing
performance in the world. In addition, OSE will revise the fee
schedule for futures and options trading, in order to avoid the fee
level fluctuation risks, etc.

Shenzhen Stock Exchange revises guidelines for SME Board
sponsors

The Shenzhen Stock Exchange released the “Guidelines for SME
Board Sponsoring Work” which was recently revised. The guidelines
take the further step to clearly specify the rights and obligations of
sponsoring institutions and sponsoring representatives in respect of
sustained supervision and guiding.
WFE market statistics
                                                                                                                   Focus | January 2011 23




Contents

24 Key market figures December 2010                               72 Fixed income
                                                                  72      Number of bonds listed
26 Equity                                                         74      Total value of bond trading
26      Domestic market capitalization                            76      Value of bond trading
28      Number of listed companies                                        76 Split by sectors
30      Total value of share trading                                      78 Electronic order book trades
        30 Electronic order book value                                    79 Negotiated deals
        32 Electronic order book (current month&YTD)              80      Total number of trades in bonds
        34 Negotiated deals                                               82 Electronic order book trades
        36 Reported trades                                                84 Negotiated deals
38      Total number of trades in shares                          86      Investment flows
        38 Electronic order book trades                                   86 Capital raised by bonds issuance
        40 Negotiated deals
        42 Reported trades                                        88 Derivatives
44      Investment funds                                          88      Single stock, stock index, bond options
        44 Number of investment funds                                     and futures
        46 Total turnover                                                 88 Stock options and single stock futures
        48 Number of trades                                               90 Stock index options and futures
50      Share turnover velocity                                           92 Bond options and futures
52      Investment flows                                          94      ETFs options and futures
        52 New companies listed
        54 Capital raised by shares issues                        96 Other key financial information
56      Securitized derivatives                                   96      Short term interest rates
        56 Number of securitized derivatives                      96      Government bond rates
        58 Total turnover
        60 Number of trades
62      ETFs
        62 Number of ETFs
        64 Total turnover
        66 Number of trades
68      Broad stock index performance
70      Blue chip index performance




                                             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).

                                             Following the recommendation of the WFE Statistics Advisory Group, the WFE Working
Powered by IFS – the LiquidMetrix provider   Committee decided that the “total traded value” table, which mixed various kinds of trading
www.if5.com                                  activity should be deleted.
24 Focus | January 2011




Key market figures December 2010

 Market capitalization (month-on-month)                                   December 2010 (USD bn)           % change / month-on month
 Americas                                                                          22 173                               4.4%
 Asia - Pacific                                                                    17 435                               5.4%
 Europe - Africa - Middle East                                                     15 277                               9.3%
 Total WFE                                                                         54 884                               6.0%
 Market capitalization (year-on-year)                                     December 2010 (USD bn)             % change / year-on-year
 Americas                                                                          22 173                             17.1%
 Asia - Pacific *                                                                  17 435                             19.5%
 Europe - Africa - Middle East                                                     15 277                               7.4%
 Total WFE                                                                         54 884                             14.9%
 Share turnover value (month-on-month) - Electronic order book            December 2010 (USD bn)           % change / month-on month
 Americas                                                                           2 254                            -13.9%
 Asia - Pacific                                                                     1 689                            -25.3%
 Europe - Africa - Middle East                                                        810                            -15.1%
 Total WFE                                                                          4 753                            -18.5%
 Share turnover value (year-to-date) - Electronic order book               Jan-Dec 2010 (USD bn)             % change / year-on-year
 Americas                                                                          32 903                              -0.8%
 Asia - Pacific *                                                                  18 911                               5.1%
 Europe - Africa - Middle East                                                     11 277                               4.0%
 Total WFE                                                                         63 090                               1.8%
 Number of share trades (month-on-month) - Electronic order book        December 2010 (thousands)          % change / month-on month
 Americas                                                                         258 300                            -15.6%
 Asia - Pacific                                                                   600 448                            -22.5%
 Europe - Africa - Middle East                                                     74 080                              -9.2%
 Total WFE                                                                        932 827                            -19.7%
 Number of share trades (year-on-year) - Electronic order book           Jan-Dec 2010 (thousands)            % change / year-on-year
 Americas                                                                       4 090 162                            -22.3%
 Asia - Pacific *                                                               6 982 031                              -2.2%
 Europe - Africa - Middle East                                                    942 771                               3.3%
 Total WFE                                                                     12 014 964                             -9.8%
 Total number of companies listed (year-on-year)                               December 2010                 % change / year-on-year
 Americas                                                                          10 360                              -0.3%
 Asia - Pacific *                                                                  21 397                               3.2%
 Europe - Africa - Middle East                                                     13 754                              -2.1%
 Total WFE                                                                         45 511                               0.7%
 Investment flows (month-on-month)                                             December 2010                     November 2010
 Number of new companies listed                                                       277                                240
 of which number of IPOs                                                              219                                176
 IPOs (value in USD bn)                                                               33.7                               66.0
 Investment flows (year-on-year)                                                Jan-Dec 2010                      Jan-Dec 2009
 Number of new companies listed                                                     2 339                              1 062
 of which number of IPOs                                                            1 783                                774
 IPOs (value in USD bn)                                                              296.2                             132.6
 Derivative markets YTD number of contracts traded                              Jan-Dec 2010                 % change / Jan-Dec 2009
 Stock options                                                              3 631 758 302                              -0.1%
 Single stock futures                                                         786 014 934                             22.8%
 Stock index options                                                        5 027 813 199                             21.0%
 Stock index futures                                                        1 880 659 638                               3.3%
 Bond options                                                                 254 534 664                               9.4%
 Bond futures                                                               1 029 469 038                             24.3%
 Index performance **                                              Dec 2010 / Nov 2010 in local currency   Dec 2010 / Nov 2010 in USD
 Americas                                                                            6.2%                               6.5%
 Asia - Pacific                                                                      2.6%                               5.0%
 Europe - Africa - Middle East                                                       5.8%                               8.9%
 Total WFE                                                                           5.1%                               6.8%
 Index performance **                                              Dec 2010 / Dec 2009 in local currency   Dec 2010 / Dec 2009 in USD
 Americas                                                                           12.8%                             13.7%
 Asia - Pacific                                                                      5.5%                             12.8%
 Europe - Africa - Middle East                                                       8.3%                               6.0%
 Total WFE                                                                           9.3%                             11.0%

* New Zealand Exchange data was removed from 2009 totals
** Regional indexes are weighted by market capitalization
                                                                                                                                                       Focus | January 2011 25




Evolution of monthly domestic market capitalization in 2009 & 2010 (USD billions)
60 000

55 000

50 000

45 000

40 000

35 000

30 000

25 000

20 000

15 000

10 000

 5 000

    0
             Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10


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


Evolution of monthly domestic & foreign share trading value in 2009 & 2010 - Electronic order book (USD billions)
7 000
6 500
6 000
5 500
5 000
4 500
4 000
3 500
3 000
2 500
2 000
1 500
1 000
 500
    0
             Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10


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


Evolution of monthly domestic & foreign number of equity share trades in 2009 & 2010 - Electronic order book
1 300 000

1 200 000

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
             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


   Americas              Asia - Pacific        Europe - Africa - Middle East            WFE Total
26 Focus | January 2011


Equity - Domestic market capitalization (USD millions)

(Market value excludes investment funds)
                                                                                                               2010
 Exchange
                                                        January                  February                 March                       April                      May                        June
 Americas
 Bermuda SE                                            1 355.8                    1 221.7               1 426.4                   1 475.0                    1 921.3                    1 439.7
 BM&FBOVESPA                                       1 227 025.7                1 252 410.6           1 318 057.9               1 312 423.9                1 177 772.2                1 151 144.6
 Buenos Aires SE                                      45 739.7                   44 211.0              45 925.8                  47 081.8                   41 211.2                   42 685.7
 Colombia SE                                         144 453.2                  149 307.0             155 905.7                 156 963.2                  152 167.9                  158 662.1
 Lima SE                                              70 430.7                   67 888.8              70 349.3                  74 218.2                   71 095.5                   69 463.3
 Mexican Exchange                                    336 674.0                  356 535.7             386 251.8                 385 274.7                  358 211.1                  350 386.3
 NASDAQ OMX                                        3 077 668.0                3 204 180.9           3 500 875.4               3 592 698.6                3 298 365.7                3 165 217.8
 NYSE Euronext (US)                               12 224 900.6               11 722 365.8          12 423 557.3              12 954 861.5               12 250 430.8               11 793 163.3
 Santiago SE                                         232 909.6                  235 894.8             237 755.7                 246 076.7                  238 784.4                  239 600.4
 TSX Group                                         1 624 217.1                1 710 325.7           1 817 263.1               1 858 777.7                1 727 970.5                1 634 732.7
 Asia - Pacific
 Australian SE                                      1 177 504.0               1 196 535.3           1 292 529.6                1 301 522.9               1 082 064.9                1 058 967.0
 Bombay SE                                          1 283 157.9               1 280 449.8           1 373 016.4                1 416 072.1               1 313 422.0                1 376 332.9
 Bursa Malaysia                                       290 934.7                 295 538.6             322 267.4                  335 800.1                 312 288.5                  319 678.4
 Colombo SE                                            10 215.8                  10 704.2              10 616.8                   11 964.5                  12 128.2                   13 241.6
 Hong Kong Exchanges                                2 148 075.4               2 216 075.2           2 325 349.1                2 329 065.6               2 152 799.0                2 199 901.0
 Indonesia SE                                         224 889.0                 221 877.9             248 703.1                  268 756.5                 249 343.8                  264 862.2
 Korea Exchange                                       801 030.0                 801 268.7             876 130.2                  921 382.8                 822 301.0                  836 187.3
 National Stock Exchange India                      1 252 537.3               1 248 304.0           1 338 495.0                1 379 138.3               1 279 538.1                1 341 185.4
 Osaka SE                                             247 042.4                 247 028.1             262 001.2                  269 699.4                 246 469.8                  249 363.2
 Philippine SE                                         84 501.7                  87 228.3              92 409.4                   97 057.6                  95 601.1                  102 101.9
 Shanghai SE                                        2 481 554.8               2 561 568.0           2 630 840.9                2 430 126.5               2 196 446.5                2 050 695.9
 Shenzhen SE                                          834 224.4                 904 546.9             957 734.6                  909 050.6                 873 888.9                  826 862.3
 Singapore Exchange                                   463 036.3                 462 680.0             491 641.3                  521 553.4                 491 222.8                  507 972.7
 Taiwan SE Corp.                                      618 118.9                 598 564.6             644 612.9                  660 288.7                 597 210.1                  590 060.4
 The Stock Exchange of Thailand                       168 689.0                 176 368.4             196 722.4                  190 572.9                 187 226.5                  199 720.9
 Tokyo SE Group                                     3 382 763.6               3 422 640.8           3 534 685.4                3 595 859.6               3 318 236.3                3 277 303.4
 Europe - Africa - Middle East
 Amman SE                                              31 330.9                  30 598.1              30 650.2                   31 296.7                  29 558.8                   29 348.3
 Athens Exchange                                      101 437.3                  94 869.0             100 490.9                   89 439.9                  69 728.7                   64 080.9
 BME Spanish Exchanges                              1 243 207.4               1 201 481.5           1 260 873.5                1 224 105.7               1 037 617.4                1 018 473.7
 Budapest SE                                           29 989.3                  28 806.1              32 989.4                   32 550.8                  25 944.1                   23 895.5
 Cyprus SE                                              9 364.9                   8 627.6               8 974.3                    8 189.3                   6 753.8                    6 213.9
 Deutsche Börse                                     1 199 460.2               1 172 478.9           1 273 405.0                1 257 931.7               1 124 965.4                1 106 338.1
 Egyptian Exchange                                     83 832.2                  83 257.9              83 785.9                   86 624.6                  75 258.0                   72 076.9
 Irish SE                                              59 339.1                  56 533.4              61 869.3                   66 139.6                  55 435.6                   54 633.0
 Istanbul SE                                          246 639.8                 225 355.5             254 935.6                  273 377.3                 237 596.8                  245 057.8
 Johannesburg SE                                      756 885.6                 746 612.0             749 033.1                  744 222.9                 675 849.5                  666 099.2
 Ljubljana SE                                          11 821.5                  11 179.3              11 302.5                   10 925.4                   9 335.1                    9 237.0
 London SE Group                                    3 275 161.7               3 205 338.6           3 401 951.9                3 345 017.2               2 936 397.0                2 888 377.4
 Luxembourg SE                                         92 859.9                  93 372.0             104 904.5                   96 262.1                  79 392.5                   77 712.3
 Malta SE                                               4 403.7                   4 075.9               3 967.7                    3 850.5                   3 536.8                    3 413.4
 Mauritius SE                                           6 937.1                   6 489.6               6 529.8                    6 735.8                   5 940.3                    6 350.2
 MICEX                                                746 080.1                 728 505.4             813 411.0                  822 275.9                 710 378.9                  681 672.7
 NASDAQ OMX Nordic Exchange                           843 697.3                 824 259.8             882 950.9                  892 417.2                 766 156.3                  772 874.6
 NYSE Euronext (Europe)                             2 709 181.4               2 629 507.4           2 793 198.9                2 711 821.6               2 326 158.3                2 294 915.5
 Oslo Børs                                            216 554.6                 209 315.5             222 990.7                  220 596.1                 181 577.1                  174 581.9
 Saudi Stock Market - Tadawul                         331 206.3                 339 233.4             358 613.5                  360 706.6                 319 425.5                  319 543.2
 SIX Swiss Exchange                                 1 036 284.8               1 046 656.7           1 105 737.3                1 075 045.4                 950 902.1                  989 936.3
 Tehran SE                                             61 637.4                  63 151.5              68 144.6                   73 557.6                  70 694.6                   71 312.6
 Tel-Aviv SE                                          193 685.4                 199 051.2             213 849.2                  199 902.3                 176 302.2                  176 684.5
 Warsaw SE                                            151 441.2                 146 865.0             162 080.1                  159 551.1                 145 145.5                  138 171.9
 Wiener Börse                                         109 395.3                 105 282.2             112 768.7                  111 564.4                  94 392.0                   89 930.2

 Total                                            46 505 904.4               46 241 292.2         49 074 036.4               49 523 032.6               45 136 552.5              44 211 314.8




Notes:
JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two
exchanges since March 2010                                                                        Singapore Exchange: market capitalization includes domestic listings and a substantial
Johannesburg SE: figures include the market capitalization of all listed companies, but exclude   number of foreign listings, defined as companies whose principal place of business is outside of
listed warrants, convertibles and investment funds                                                Singapore. Inactive secondary foreign listings are excluded.
Korea Exchange: includes Kosdaq market data                                                       TSX Group: also includes TSX Venture market cap
Mauritius SE: From Aug. 2006, data includes Development & Enterprise Market                       Total excludes Osaka and National Stock Exchange of India to avoid double counting with
NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm,                Tokyo and Bombay SE respectively
Tallinn, Riga and Vilnius Stock Exchanges                                                         Source: World Federation of Exchanges members
                                                                                            Focus | January 2011 27




                                        2010                                                % change /     % change /
                                                                                                Dec 09         Dec 09
        July        August     September           October      November       December       (in USD)   (in local cur)


     1 651.2        1 669.0        1 688.8          1 671.6        1 587.5        1 535.0       12.9%          12.9%
 1 301 751.7    1 278 128.8    1 467 134.3      1 503 587.4    1 447 045.2    1 545 565.7       15.6%          10.1%
    44 762.7       46 227.4       48 543.3         53 630.4       56 493.9       63 909.8       39.7%          46.0%
   178 212.0      192 566.6      209 316.2        226 168.6      196 350.0      208 501.7       48.4%          39.5%
    69 930.3       73 850.2       84 872.4         91 366.9       93 698.8      103 347.5       44.2%          40.1%
   366 943.3      350 658.9      388 570.8        419 585.3      430 773.9      454 345.2       29.1%          21.9%
 3 294 927.9    3 085 793.4    3 480 718.2      3 653 047.9    3 649 044.0    3 889 369.9       20.1%          20.1%
11 669 767.5   11 924 977.2   12 277 829.6     12 825 643.1   13 040 033.0   13 394 081.8       13.2%          13.2%
   270 042.4      290 846.4      320 219.1        323 633.9      326 019.7      341 798.9       48.1%          36.7%
 1 768 359.4    1 719 717.9    1 867 609.0      1 963 166.8    2 002 393.9    2 170 432.7       29.4%          22.7%

 1 184 959.7    1 157 870.0    1 318 559.3      1 340 888.1    1 308 583.5    1 454 490.6       15.3%           1.1%
 1 402 698.4    1 394 988.6    1 585 803.3      1 626 773.4    1 540 338.9    1 631 829.5       24.9%          20.0%
   339 104.7      353 264.2      368 023.8        382 352.8      386 026.2      408 689.1       41.3%          27.3%
    15 005.1       16 521.0       20 623.1         19 786.0       19 142.5       19 923.9      108.7%         102.4%
 2 338 757.9    2 304 263.2    2 535 956.4      2 679 387.6    2 695 931.6    2 711 316.2       17.6%          17.9%
   283 830.2      284 612.1      327 103.9        344 995.3      339 164.0      360 388.1       67.7%          60.8%
   894 043.6      872 753.5      987 651.7      1 013 333.4      991 654.5    1 091 911.5       30.8%          27.5%
 1 366 257.9    1 359 144.9    1 548 577.6      1 588 090.9    1 502 650.5    1 596 625.3       30.4%          25.3%
   249 129.3      245 667.5      243 857.4        248 122.7      251 636.8      271 817.0       96.5%          71.2%
   105 977.4      110 379.8      130 085.5        142 520.5      140 898.4      157 320.5       82.2%          72.7%
 2 381 800.8    2 400 345.4    2 468 793.1      2 803 493.1    2 680 723.4    2 716 470.2        0.4%          -3.1%
   952 842.1    1 053 563.0    1 099 182.2      1 246 000.0    1 283 812.1    1 311 370.1       51.0%          45.8%
   552 309.9      551 451.1      597 332.3        628 621.5      610 794.1      647 226.4       34.5%          22.7%
   627 805.0      618 327.9      686 618.8        708 893.2      724 558.4      818 490.5       24.2%          13.2%
   215 254.9      236 861.0      261 122.0        267 667.4      271 236.7      277 731.7       57.0%          41.9%
 3 378 688.7    3 309 808.8    3 423 744.6      3 469 039.6    3 541 793.5    3 827 774.2       15.8%           0.9%

    29 056.1       28 458.3       29 363.7         29 894.4       29 940.8       30 864.4        -3.0%         -3.0%
    79 020.8       71 565.1       73 025.4         77 257.8       65 860.7       67 586.4       -40.0%        -35.8%
 1 144 926.0    1 088 264.6    1 205 620.1      1 247 177.5    1 077 030.3    1 171 625.0       -18.3%        -12.7%
    26 944.4       26 195.6       30 199.3         31 108.1       25 439.9       27 708.4        -7.8%          1.6%
     7 794.9        7 314.8        8 114.0          8 520.1        6 864.4        6 834.3       -33.5%        -28.8%
 1 203 688.1    1 136 936.6    1 292 630.3      1 392 727.8    1 320 260.8    1 429 719.1        10.6%         18.3%
    74 499.9       75 599.6       78 773.6         78 521.5       82 704.0       84 276.8        -7.6%         -2.2%
    59 717.7       54 020.4       57 692.5         59 027.8       53 764.5       60 368.3        -1.5%          5.3%
   276 477.3      275 991.9      319 124.8        345 366.9      304 173.4      307 052.0        31.2%         34.7%
   746 355.6      718 096.4      748 113.3        840 490.2      821 096.8      925 007.2        15.8%          4.0%
     9 262.3        9 052.2        9 692.1          9 987.6        9 067.5        9 383.5       -22.7%        -17.4%
 3 248 334.5    3 151 336.6    3 467 570.2      3 597 617.7    3 353 840.2    3 613 064.0         4.6%         11.9%
    83 440.4       79 965.7       89 164.8         89 297.2       85 993.8      101 128.5        -3.7%          3.0%
     3 803.5        3 638.2        3 820.0          3 872.6        3 728.8        4 193.5         2.8%          9.9%
     6 979.2        6 872.3        7 151.1          7 590.3        7 416.6        7 752.8        17.8%         17.0%
   746 350.6      721 570.2      768 226.7        800 833.7      816 329.9      949 148.9        28.9%         29.8%
   860 035.8      816 557.8      961 740.5        981 976.5      937 726.0    1 042 153.7        27.5%         36.4%
 2 553 637.3    2 411 386.6    2 839 828.0      2 988 977.1    2 695 282.5    2 930 072.4         2.1%          9.2%
   199 261.3      189 545.4      215 585.7        262 551.2      245 683.9      295 288.3        30.0%         30.8%
   328 657.2      321 039.3      336 436.5        337 970.1      337 939.4      353 409.6        10.9%         10.9%
 1 024 255.9    1 050 301.4    1 115 854.1      1 139 602.6    1 121 597.4    1 229 356.5        15.5%          4.1%
    74 255.9       84 434.8       85 947.9         81 506.4       83 360.4       86 641.5        46.4%         53.0%
   182 405.5      185 270.7      206 930.1        216 010.2      207 798.7      227 614.0        20.6%         12.8%
   163 141.4      158 590.8      183 584.2        190 382.5      174 049.5      190 231.7        26.0%         30.1%
   102 853.3       97 732.4      110 196.8        118 424.5      108 881.5      126 032.0        10.5%         18.2%

46 874 581.7   46 399 183.0   50 201 487.3     52 671 945.8   51 753 929.4   54 884 333.3
28 Focus | January 2011


Equity - Number of listed companies


                                                                                                                            2010


 Exchange                                  January                        February                        March                              April                          May                            June

                                           Domestic   Foreign             Domestic   Foreign             Domestic     Foreign              Domestic   Foreign             Domestic   Foreign             Domestic   Foreign
                                   Total                          Total                          Total                             Total                          Total                          Total
                                               co’s      co’s                 co’s      co’s                 co’s        co’s                  co’s      co’s                 co’s      co’s                 co’s      co’s
 Americas
 Bermuda SE                         46          16        30       46          16        30       45          15          30         46          15       31       46          15        31       46          15        31
 BM&FBOVESPA                       385         376         9      378         369         9      376         367           9        378        369         9      376         367         9      374         365         9
 Buenos Aires SE                   106         101         5      106         101         5      105         100           5        105        100         5      105         100         5      105         100         5
 Colombia SE                        85          84         1       85          84         1       85          84           1         85          84        1       84          83         1       84          83         1
 Lima SE                           241         196        45      242         197        45      241         197          44        242        198        44      243         198        45      244         198        46
 Mexican Exchange                  406         125      281       407         125      282       406         125        281         412        126      286       414         127      287       414         127      287
 NASDAQ OMX                       2 843      2 564      279      2 837      2 560      277      2 823      2 549        274        2 833      2 556     277      2 831      2 552      279      2 831      2 554      277
 NYSE Euronext (US)               2 328      1 830      498      2 318      1 819      499      2 323      1 823        500        2 326      1 824     502      2 326      1 827      499      2 321      1 825      496
 Santiago SE                       237         233         4      236         232         4      235         231           4        233        229         4      233         229         4      233         229         4
 TSX Group                        3 726      3 651        75     3 741      3 664        77     3 724      3 649          75       3 683      3 605       78     3 700      3 622        78     3 692      3 613        79
 Asia - Pacific
 Australian SE                    1 965      1 881        84     1 961      1 877        84     1 961      1 876          85       1 964      1 881       83     1 969      1 887        82     1 975      1 893        82
 Bombay SE                        4 962      4 962         0     4 970      4 970         0     4 975      4 975           0       4 977      4 977        0     4 978      4 978         0     4 986      4 986         0
 Bursa Malaysia                    956         949         7      957         950         7      960         951           9        958        951         7      960         953         7      961         954         7
 Colombo SE                        231         231         0      231         231         0      232         232           0        233        233         0      234         234         0      235         235         0
 Hong Kong Exchanges              1 321      1 309        12     1 326      1 314        12     1 332      1 320          12       1 334      1 322       12     1 338      1 324        14     1 344      1 330        14
 Indonesia SE                      398         398         0      400         400         0      401         401           0        401        401         0      401         401         0      402         402         0
 Korea Exchange                   1 794      1 784        10     1 798      1 787        11     1 799      1 787          12       1 775      1 761       14     1 762      1 748        14     1 768      1 754        14
 National Stock Exchange
                                  1 457      1 457         0     1 461      1 461         0     1 470      1 470           0       1 478      1 478        0     1 484      1 484         0     1 490      1 489         1
 India
 Osaka SE                         1 317      1 316         1     1 315      1 312         1     1 307      1 306           1       1 302      1 301        1     1 300      1 299         1     1 295      1 294         1
 Philippine SE                     249         247         2      250         248         2      250         248           2        250        248         2      250         248         2      250         248         2
 Shanghai SE                       873         873         0      874         874         0      878         878           0        879        879         0      879         879         0      879         879         0
 Shenzhen SE                       881         881         0      901         901         0      929         929           0        958        958         0      984         984         0     1 012      1 012         0
 Singapore Exchange                774         461      313       777         462      315       774         462        312         777        463      314       779         465      314       775         460      315
 Taiwan SE Corp                    755         741        14      757         741        16      759         741          18        758        740        18      759         741        18      759         741        18
 The Stock Exchange of
                                   535         535         0      535         535         0      535         535           0        535        535         0      537         537         0      537         537         0
 Thailand
 Tokyo SE Group                   2 329      2 314        15     2 326      2 311        15     2 314      2 300          14       2 313      2 300       13     2 313      2 300        13     2 315      2 302        13
 Europe - Africa - Middle East
 Amman SE                          272         272         0      272         272         0      273         273           0        273        273         0      275         275         0      275         275         0
 Athens Exchange                   287         284         3      286         283         3      286         283           3        286        283         3      286         283         3      287         284         3
 BME Spanish Exchanges            3 452      3 415        37     3 435      3 398        37     3 426      3 389          37       3 414      3 377       37     3 409      3 372        37     3 404      3 367        37
 Budapest SE                        46          42         4       46          42         4       46          42           4         46          42        4       46          42         4       46          42         4
 Cyprus SE                         116         116         0      116         116         0      115         115           0        115        115         0      114         114         0      114         114         0
 Deutsche Börse                    775         698        77      777         699        78      781         704          77        778        702        76      779         702        77      776         699        77
 Egyptian Exchange                 237         236         1      233         232         1      229         228           1        228        227         1      229         228         1      225         224         1
 Irish SE                           63          54         9       63          54         9       63          54           9         63          54        9       63          54         9       63          54         9
 Istanbul SE                       316         316         0      317         317         0      317         317           0        319        319         0      322         322         0      325         325         0
 Johannesburg SE                   397         352        45      395         351        44      394         350          44        395        350        45      395         349        46      397         351        46
 Ljubljana SE                       76          76         0       76          76         0       76          76           0         76          76        0       76          76         0       76          76         0
 London SE Group                  3 066      2 454      612      3 054      2 443      611      3 046      2 440        606        3 043      2 435     608      3 038      2 432      606      3 022      2 422      600
 Luxembourg SE                     271          30      241       273          30      243       274          30        244         278          30     248       282          30      252       284          30      254
 Malta SE                           20          20         0       20          20         0       20          20           0         20          20        0       20          20         0       20          20         0
 Mauritius SE                       63          62         1       63          62         1       63          62           1         63          62        1       63          62         1       64          63         1
 MICEX                             235         235         0      235         235         0      236         236           0        238        238         0      239         239         0      237         237         0
 NASDAQ OMX Nordic
                                   788         764        24      787         763        24      790         766          24        787        763        24      785         761        24      787         763        24
 Exchange
 NYSE Euronext (Europe)           1 155        986      169      1 158        988      170      1 162        991        171        1 158       988      170      1 156        987      169      1 156        988      168
 Oslo Børs                         234         188        46      234         188        46      236         189          47        234        187        47      235         188        47      240         193        47
 Saudi Stock Market - Tadawul      135         135         0      139         139         0      139         139           0        139        139         0      140         140         0      143         143         0
 SIX Swiss Exchange                317         256        61      314         255        59      312         255          57        314        257        57      308         253        55      307         251        56
 Tehran SE                         364         364         0      364         364         0      364         364           0        364        364         0      365         365         0      365         365         0
 Tel-Aviv SE                       610         597        13      610         597        13      614         601          13        611        598        13      609         595        14      610         596        14
 Warsaw SE                         489         473        16      491         475        16      498         482          16        504        489        15      508         494        14      519         505        14
 Wiener Börse                      115          97        18      113          95        18      114          95          19        114          93       21      113          92        21      112          92        20


 Total                           45 099                         45 106                         45 113                           45 095                          45 140                         45 181




Notes:
Deutsche Börse: Excluding the market segment “Freiverkehr” (unofficial regulated                                    NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm,
market)                                                                                                             Tallinn, Riga and Vilnius Stock Exchanges
JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two                                   Singapore Exchange: Main Board & Sesdaq
exchanges since March 2010                                                                                          Tehran SE: Some 90 companies have been relegated to the “Unofficial Board” which is a
Korea Exchange: includes Kosdaq market data                                                                         “Temporary Board”
Lima SE: Includes 26 foreign companies with shares negotiated under a special modality                              TSX Group: includes companies listed on TSX Venture
                                                                                                                                                                     Focus | January 2011 29




                                                                                         2010

          July                           August                        September                         October                       November                       December

         Domestic     Foreign            Domestic   Foreign             Domestic   Foreign               Domestic   Foreign            Domestic   Foreign              Domestic   Foreign   % change
 Total                           Total                         Total                             Total                         Total                         Total
             co’s        co’s                co’s      co’s                 co’s      co’s                   co’s      co’s                co’s      co’s                  co’s      co’s    / Dec 09


   45            14       31       45         14        31       45          14        31          45         14        31       45         14        31       45           14        31      -2.2%
  374        365           9      375        366         9      377         368         9         379        370         9      379        371         8      381          373         8      -3.4%
  105        100           5      105        100         5      105         100         5         106        101         5      106        101         5      106          101         5       0.0%
   84            82        2       84         82         2       84          82         2          86         84         2       86         84         2       86           84         2      -1.2%
  245        198          47      246        198        48      246         198        48         249        200        49      247        198        49      248          199        49       2.9%
  421        129        292       421        129      292       423         128      295          423        129      294       427        130      297       427          130      297        5.2%
 2 807     2 528        279      2 803     2 522      281      2 805       2 524     281         2 798      2 511     287      2 800      2 505     295      2 778       2 480      298       -2.6%
 2 326     1 827        499      2 304     1 803      501      2 314       1 812     502         2 305      1 798     507      2 318      1 806     512      2 317       1 804      513       -0.4%
  233        229           4      233        229         4      231         227         4         230        226         4      231        227         4      231          227         4      -2.1%
 3 675     3 599          76     3 680     3 601        79     3 689       3 609       80        3 694      3 613       81     3 712      3 627       85     3 741       3 654        87       1.1%


 1 981     1 899          82     1 969     1 886        83     1 966       1 883       83        1 971      1 889       82     1 977      1 895       82     1 999       1 913        86       1.7%
 4 990     4 990           0     4 996     4 996         0     4 997       4 997        0        5 019      5 019        0     5 022      5 022        0     5 034       5 034         0       1.6%
  961        954           7      962        955         7      957         951         6         960        954         6      960        953         7      956          948         8      -0.3%
  235        235           0      237        237         0      237         237         0         239        239         0      240        240         0      241          241         0       4.3%
 1 352     1 338          14     1 356     1 342        14     1 365       1 351       14        1 385      1 369       16     1 397      1 381       16     1 413       1 396        17       7.1%
  408        408           0      409        409         0      409         409         0         412        412         0      417        417         0      420          420         0       5.5%
 1 770     1 755          15     1 776     1 761        15     1 784       1 768       16        1 786      1 770       16     1 792      1 775       17     1 798       1 781        17       0.6%
 1 497     1 496           1     1 504     1 503         1     1 512       1 511        1        1 530      1 529        1     1 536      1 535        1     1 552       1 551         1       6.8%
 1 289     1 288           1     1 281     1 280         1     1 277       1 276        1        1 277      1 276        1     1 274      1 273        1     1 273       1 272         1     194.7%
  250        248           2      250        248         2      250         248         2         251        249         2      252        250         2      253          251         2       2.0%
  881        881           0      884        884         0      885         885         0         888        888         0      890        890         0      894          894         0       2.8%
 1 035     1 035           0     1 063     1 063         0     1 091       1 091        0        1 109      1 109        0     1 136      1 136        0     1 169       1 169         0      40.8%
  779        464        315       777        462      315       773         458      315          777        461      316       784        466      318       778          461      317        0.7%
  761        743          18      762        744        18      764         744        20         767        743        24      772        747        25      784          752        32       3.8%
  538        538           0      538        538         0      538         538         0         539        539         0      541        541         0      541          541         0       1.1%
 2 310     2 298          12     2 307     2 295        12     2 294       2 282       12        2 295      2 283       12     2 291      2 279       12     2 292       2 280        12      -1.8%


  275        275           0      275        275         0      275         275         0         276        276         0      277        277         0      277          277         0       1.8%
  287        284           3      287        284         3      286         283         3         283        280         3      283        280         3      280          277         3      -2.8%
 3 392     3 355          37     3 383     3 346        37     3 372       3 335       37        3 365      3 328       37     3 354      3 317       37     3 345       3 310        35      -3.7%
   47            43        4       47         43         4       48          44         4          49         45         4       51         47         4       52           48         4      13.0%
    0             0        0      114        114         0      114         114         0         114        114         0      111        111         0      110          110         0      -4.4%
  772        697          75      768        694        74      764         692        72         762        689        73      765        690        75      765          690        75      -2.3%
  227        226           1      225        224         1      229         228         1         229        228         1      229        228         1      228          227         1     -27.2%
   63            54        9       63         54         9       62          53         9          62         53         9       60         51         9       59           50         9      -7.8%
  330        330           0      330        330         0      331         331         0         332        332         0      335        335         0      339          338         1       7.6%
  398        351          47      399        352        47      398         351        47         397        350        47      398        352        46      397          352        45      -0.3%
   76            76        0       74         74         0       73          73         0          73         73         0       73         73         0       72           72         0      -5.3%
 3 008     2 410         598     2 992     2 395       597     2 978       2 382      596        2 972      2 377      595     2 972      2 372      600     2 966       2 362       604       -4.0%
  285            30      255      290         30       260      291          30       261         293         30       263      293         30       263      289           29       260       8.7%
   20            20        0       20         20         0       20          20         0          20         20         0       20         20         0       21           21         0       5.0%
   63            62        1       63         62         1       63          62         1          63         62         1       63         62         1       63           62         1      -3.1%
  239        239           0      239        239         0      244         244         0         244        244         0      248        248         0      245          245         0       4.7%
  784        760          24      783        760        23      778         754        24         777        753        24      778        752        26      754          752         2      -5.4%
 1 153       988        165      1 152       990      162      1 149        991      158         1 146       989      157      1 142       990      152      1 135         983      152       -2.2%
  241        194          47      238        192        46      239         193        46         241        195        46      239        194        45      239          195        44       0.4%
  143        143           0      145        145         0      145         145         0         146        146         0      146        146         0      146          146         0       8.2%
  306        251          55      307        251        56      300         244        56         298        244        54      299        246        53      296          246        50      -6.9%
  365        365           0      366        366         0      366         366         0         368        368         0      368        368         0      369          369         0       1.4%
  611        598          13      612        598        14      612         597        15         611        596        15      612        597        15      613          596        17      -1.5%
  532        518          14      539        525        14      547         533        14         559        545        14      570        554        16      584          569        15      20.2%
  112            92       20      113         92        21      112          91        21         111         90        21      110         89        21      110           89        21      -4.4%


45 081                          45 191                        45 214                            45 311                        45 428                        45 511
30 Focus | January 2011


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


                                                                       2010
 Exchange
                                     January      February        March             April         May           June
 Americas
 Bermuda SE                               3.6           3.5           6.0            39.2           6.0           1.5
 BM&FBOVESPA                         65 906.5      62 406.1      78 014.1        75 625.1      78 975.4      64 458.3
 Buenos Aires SE                        259.0         253.9         243.8           285.8         252.1         219.1
 Colombia SE                          1 394.6       1 596.4       1 727.7         2 022.0       2 037.2       1 724.5
 Lima SE                                215.7         158.9         243.2           361.6         191.6         166.7
 Mexican Exchange                    10 116.4       8 187.7      10 541.9        11 025.3      10 900.5       9 167.1
 NASDAQ OMX                       1 093 838.3   1 052 512.6   1 096 893.0     1 155 971.4   1 532 788.1   1 186 365.6
 NYSE Euronext (US)               1 321 166.0   1 353 067.8   1 425 988.3     1 568 520.8   2 069 632.7   1 757 625.7
 Santiago SE                          3 852.7       2 643.1       4 098.1         3 416.8       3 680.6       3 116.5
 TSX Group                           97 666.8      89 323.5     125 099.5       122 048.0     127 652.9     111 409.9
 Asia - Pacific
 Australian SE                      67 013.6      83 097.9      96 929.6        88 552.2     107 002.6      78 050.9
 Bombay SE                          25 126.8      17 720.3      22 004.9        21 085.2      18 647.9      19 814.3
 Bursa Malaysia                      9 388.5       5 526.4      10 322.3         9 150.7       8 370.7       6 421.0
 Colombo SE                            242.3         247.6         286.9           234.0         302.8         468.7
 Hong Kong Exchanges               145 418.4      85 942.2     129 232.9       125 698.0     118 458.0      93 200.5
 Indonesia SE                        7 630.1       5 431.9       8 478.6         9 644.7       9 229.6       6 887.2
 Korea Exchange                    160 280.7     102 563.7     125 960.5       145 752.1     130 811.9     114 072.0
 National Stock Exchange India      73 163.0      53 061.0      63 603.4        62 168.9      61 161.3      61 309.1
 Osaka SE                           14 849.3      12 331.3      18 233.0        18 552.3      16 512.9      17 195.2
 Philippine SE                       1 172.0       1 096.5       1 569.6         1 665.3       1 493.8       1 550.9
 Shanghai SE                       424 898.8     208 931.6     369 533.0       420 201.1     272 551.5     190 755.8
 Shenzhen SE                       275 032.7     146 559.7     275 457.7       338 770.6     207 703.0     181 755.9
 Singapore Exchange                 26 917.5      16 754.9      21 453.1        25 347.1      24 376.1      18 220.7
 Taiwan SE Corp                     93 720.4      40 613.9      73 170.7        81 942.9      62 183.4      52 071.7
 The Stock Exchange of Thailand     10 989.8       8 275.8      16 406.5        13 394.4      11 354.5      14 336.3
 Tokyo SE Group                    332 345.1     284 320.2     307 113.3       360 559.2     349 560.3     319 904.5
 Europe - Africa - Middle East
 Amman SE                              679.1         593.3       1 140.3         1 528.5         771.0         639.1
 Athens Exchange                     5 635.8       4 991.2       4 843.3         5 866.2       3 661.7       2 547.0
 BME Spanish Exchanges             120 298.7     103 478.1      88 037.3       132 066.5     143 516.6      97 754.9
 Budapest SE                         2 364.2       1 878.2       3 405.1         2 411.7       3 048.1       2 638.9
 Cyprus SE                              97.6          74.8          70.5            75.3          51.4          43.0
 Deutsche Börse                    142 417.5     136 317.0     144 691.7       163 022.2     196 042.7     132 757.3
 Egyptian Exchange                   4 935.0       3 738.8       4 019.4         4 731.9       3 337.7       2 818.8
 Irish SE                              719.2         688.9         885.8           863.6         863.9         963.5
 Istanbul SE                        39 638.2      36 677.0      36 704.8        38 016.0      33 467.5      25 321.2
 Johannesburg SE                    24 991.5      25 257.9      31 322.9        23 567.5      33 469.6      27 154.2
 Ljubljana SE                           38.8          40.8          60.4            37.0          36.0          34.9
 London SE Group                   223 342.6     231 845.0     242 653.6       232 914.5     313 515.3     254 717.1
 Luxembourg SE                          15.0          22.0          29.3            21.6          17.3          16.3
 Malta SE                                6.6           3.7           3.9             4.0           3.8           2.8
 Mauritius SE                           23.8          32.6          56.7            32.9          40.5          22.6
 MICEX                              26 208.3      33 968.2      41 983.2        40 072.7      39 176.8      34 628.5
 NASDAQ OMX Nordic Exchange         63 339.4      64 244.0      67 144.8        72 923.4      73 483.6      56 815.0
 NYSE Euronext (Europe)            164 511.5     173 395.2     176 006.8       185 144.3     228 079.8     172 655.6
 Oslo Børs                          26 460.9      25 387.4      21 863.0        24 269.5      23 045.9      19 636.7
 Saudi Stock Market - Tadawul       17 506.6      14 244.6      18 643.5        23 240.0      26 768.5      20 695.4
 SIX Swiss Exchange                 72 100.1      72 904.7      72 442.4        70 020.2      69 551.9      59 309.9
 Tehran SE                             629.8       1 034.1         512.3         1 342.8       2 856.5       2 343.6
 Tel-Aviv SE                         8 983.6       6 701.9       9 104.0         6 428.6      13 276.6       9 411.3
 Warsaw SE                           5 092.1       4 541.2       6 261.0         5 260.8       6 833.0       4 779.3
 Wiener Börse                        4 477.7       4 136.2       4 979.8         5 252.6       4 742.5       3 616.9

 Total                            5 217 122.2   4 588 825.1   5 259 477.3     5 701 149.0   6 445 495.4   5 241 593.2
                                                                                                      Focus | January 2011 31




                                      2010                                                            % change /     % change /
                                                                                                      Jan/Dec 09      Jan/Dec 09
       July       August    September           October     November      December     Year-to-date      (in USD)   (in local cur)


        1.3           2.8           2.3              1.9           2.1          41.1          111.1      121.2%         121.2%
   61 263.6      67 240.6      79 542.0         87 961.9      70 427.9      76 991.6      868 813.0       34.8%          23.0%
      183.3         369.6         269.3            428.6         570.0         470.3        3 804.8       27.5%          33.3%
    2 380.4       2 207.8       3 128.7          3 486.3       3 443.6       3 119.9       28 269.0       47.5%          31.9%
      161.1         652.1         372.4          1 257.3         443.4         787.9        5 012.1       26.3%          19.9%
    9 715.4       8 911.8       8 116.9         11 702.1      10 492.8      10 241.3      119 119.4       40.3%          31.3%
1 051 604.5     939 084.0     888 951.0        928 242.2     953 957.0     778 990.3   12 659 197.9       -7.0%          -7.0%
1 476 910.1   1 387 236.7   1 354 752.7      1 399 088.7   1 438 939.6   1 242 671.2   17 795 600.2        1.6%           1.6%
    3 953.2       5 035.0       4 838.3          5 738.1       4 756.0       8 689.9       53 818.2       56.8%          44.4%
   92 589.7      96 305.5     131 127.1        110 066.0     133 932.1     131 732.4    1 368 953.6        9.9%           0.4%

  77 458.5      90 887.0      97 137.9         94 212.2     101 103.1      81 204.1     1 062 649.5       33.1%          18.0%
  20 001.3      23 314.5      23 296.1         26 405.3      23 066.7      18 212.4       258 695.6       -2.0%          -7.0%
   8 099.7       9 401.5      10 163.4         11 662.9      12 251.2      11 533.5       112 291.7       39.9%          27.7%
     491.8         480.6         778.6            807.4         279.2         389.1         5 008.9      303.7%         296.2%
  91 945.4     106 850.5     130 855.6        174 035.9     178 852.5     115 942.8     1 496 432.5        5.7%           5.9%
   7 118.7       7 666.4       9 357.5         11 317.3      12 372.3       8 708.2       103 842.5       29.5%          16.4%
 129 634.1     117 976.6     123 529.3        152 463.2     159 917.0     144 286.2     1 607 247.3        2.4%          -5.6%
  61 361.9      66 126.9      73 151.2         80 880.4      79 102.2      65 927.8       801 017.2        1.2%          -4.0%
  13 420.9      12 796.1      13 397.8         12 412.4      12 862.5      16 230.3       178 794.0       30.7%          21.7%
   1 529.8       1 811.8       2 931.2          2 462.1       2 395.6       2 099.3        21 778.0       57.1%          47.3%
 257 827.1     362 953.3     350 611.8        551 424.2     685 570.5     400 935.0     4 496 193.5      -11.1%         -12.2%
 223 203.3     331 516.9     307 852.0        388 478.0     547 983.3     348 216.1     3 572 529.1       28.9%          27.3%
  21 612.9      22 986.4      26 902.4         33 831.1      29 644.4      21 260.6       289 307.2       17.1%           9.9%
  70 134.7      85 279.2      84 718.3         78 247.4      76 328.5     104 650.5       903 061.7       -0.2%          -4.7%
  18 100.0      22 649.0      28 159.8         21 627.2      29 464.6      19 328.2       214 086.0       72.5%          58.8%
 282 383.5     289 537.6     289 854.6        330 632.4     311 205.1     330 536.5     3 787 952.3        2.3%          -4.8%

     582.0         610.4         691.4            510.5         377.2         475.3         8 598.1      -33.3%          -33.3%
   2 807.7       2 125.9       3 057.3          3 395.7       2 607.1       1 721.9        43 260.8      -33.8%          -29.4%
 127 713.0      67 756.8      86 132.7        149 229.8     149 161.1      95 764.2     1 360 909.6        8.1%           14.9%
   1 836.1       1 583.4       1 873.4          2 094.2       1 967.4       1 176.1        26 276.9        1.3%            7.2%
      60.6          36.3          76.0             75.3          46.1          30.1           736.9      -57.6%          -54.9%
 120 098.4     110 148.1     138 442.2        116 726.9     123 277.0     104 555.4     1 628 496.4        7.4%           14.1%
   2 143.3       2 178.2       2 563.7          2 857.9       2 513.3       2 559.3        38 397.4      -47.9%          -47.0%
     698.1         529.1         680.4            577.9         791.7         631.5         8 893.6      -12.4%           -6.4%
  26 321.3      22 583.2      32 710.7         39 824.7      33 317.6      46 886.9       411 469.2       34.9%           32.6%
  27 032.5      27 557.8      29 202.3         30 459.4      30 266.7      29 742.7       340 025.1       25.3%           11.9%
      23.3          29.1          40.4             39.5          37.1          61.1           478.2      -53.2%          -49.9%
 212 188.6     185 014.0     227 094.9        207 394.0     228 560.3     182 084.8     2 741 324.6        0.9%            7.3%
      14.4           9.3          17.1             19.0          19.4          15.4           216.0      -27.1%          -23.7%
       2.9           3.2           2.6              3.7           5.1           5.7            48.0       35.1%           42.4%
      21.1          17.2          30.7             35.1          28.4          18.5           360.1       10.4%            7.2%
  32 003.6      27 352.7      29 034.4         35 230.6      32 549.2      35 869.7       408 078.0       -8.1%          -10.2%
  53 071.1      52 618.2      64 246.3         69 403.8      57 245.8      55 743.4       750 278.7        7.7%           13.8%
 158 370.2     133 413.8     165 851.2        158 411.4     164 846.4     137 390.7     2 018 076.7        4.3%           10.8%
  15 769.7      18 358.2      20 632.1         24 077.4      24 453.4      19 078.7       263 032.9       14.0%           11.8%
  14 529.4      11 865.6       8 566.7         15 270.9      12 497.3      17 383.3       201 211.8      -40.0%          -40.0%
  61 405.0      55 307.9      68 303.9         61 932.1      67 428.8      57 653.8       788 360.8        6.6%            2.5%
   1 122.6       2 182.2       2 564.7          1 617.4         621.8         607.2        17 435.1        2.6%            4.5%
   6 182.8       7 487.3       6 716.6          9 552.1       9 328.5       9 520.8       102 694.3       32.6%           27.2%
   5 013.4       4 525.2       6 991.2          6 820.0       7 283.7       5 829.8        69 230.7       26.7%           25.2%
   3 379.1       2 756.9       3 058.2          3 562.8       3 930.6       4 732.5        48 625.6       -5.3%            1.0%

4 855 476.2   4 795 330.4   4 942 379.2      5 457 994.4   5 832 524.3   4 752 735.3   63 090 102.0
32 Focus | January 2011


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

                                                                                                                   December 2010
 Exchange
                                                                                                Total                               Domestic                                  Foreign
 Americas
 Bermuda SE                                                                                      41.1                                    41.0                                     0.1
 BM&FBOVESPA                                                                                 76 991.6                                76 365.1                                   626.5
 Buenos Aires SE                                                                                470.3                                   381.2                                    89.2
 Colombia SE                                                                                  3 119.9                                 2 387.9                                   732.0
 Lima SE                                                                                        787.9                                   674.9                                   112.9
 Mexican Exchange                                                                            10 241.3                                 9 029.6                                 1 211.7
 NASDAQ OMX                                                                                 778 990.3                               697 290.8                                81 699.5
 NYSE Euronext (US)                                                                       1 242 671.2                             1 117 013.6                               125 657.7
 Santiago SE                                                                                  8 689.9                                 8 689.3                                     0.6
 TSX Group                                                                                  131 732.4                               129 846.6                                 1 885.7
 Asia - Pacific
 Australian SE                                                                              81 204.1                                 77 904.2                                 3 299.8
 Bombay SE                                                                                  18 212.4                                 18 212.4                                     0.0
 Bursa Malaysia                                                                             11 533.5                                 11 429.2                                   104.2
 Colombo SE                                                                                    389.1                                    389.1                                     0.0
 Hong Kong Exchanges                                                                       115 942.8                                115 174.9                                   767.9
 Indonesia SE                                                                                8 708.2                                  8 708.2                                     0.0
 Korea Exchange                                                                            144 286.2                                143 111.3                                 1 174.9
 National Stock Exchange India                                                              65 927.8                                 65 927.8                                     0.0
 Osaka SE                                                                                   16 230.3                                 16 227.7                                     2.7
 Philippine SE                                                                               2 099.3                                  2 099.0                                     0.3
 Shanghai SE                                                                               400 935.0                                400 935.0                                     0.0
 Shenzhen SE                                                                               348 216.1                                348 216.1                                     0.0
 Singapore Exchange                                                                         21 260.6                                 21 260.6                                     0.0
 Taiwan SE Corp                                                                            104 650.5                                103 822.6                                   827.9
 The Stock Exchange of Thailand                                                             19 328.2                                 19 328.2                                     0.0
 Tokyo SE Group                                                                            330 536.5                                330 482.9                                    53.6
 Europe - Africa - Middle East
 Amman SE                                                                                      475.3                                    475.3                                     0.0
 Athens Exchange                                                                             1 721.9                                  1 606.1                                   115.8
 BME Spanish Exchanges                                                                      95 764.2                                 95 186.2                                   578.0
 Budapest SE                                                                                 1 176.1                                  1 173.8                                     2.3
 Cyprus SE                                                                                      30.1                                     30.1                                     0.0
 Deutsche Börse                                                                            104 555.4                                100 597.1                                 3 958.3
 Egyptian Exchange                                                                           2 559.4                                  2 559.4                                     0.0
 Irish SE                                                                                      631.5                                    617.0                                    14.5
 Istanbul SE                                                                                46 886.9                                 46 621.2                                   265.8
 Johannesburg SE                                                                            29 742.7                                 23 751.4                                 5 991.4
 Ljubljana SE                                                                                   61.1                                     61.1                                     0.0
 London SE Group                                                                           182 084.8                                157 897.8                                24 187.0
 Luxembourg SE                                                                                  15.4                                     13.1                                     2.3
 Malta SE                                                                                        5.7                                      5.7                                     0.0
 Mauritius SE                                                                                   18.5                                     18.5                                     0.0
 MICEX                                                                                      35 869.7                                 35 861.9                                     7.8
 NASDAQ OMX Nordic Exchange                                                                 55 743.4                                 50 984.0                                 4 759.3
 NYSE Euronext (Europe)                                                                    137 390.7                                136 872.8                                   517.8
 Oslo Børs                                                                                  19 078.7                                 14 933.1                                 4 145.6
 Saudi Stock Market - Tadawul                                                               17 383.3                                 17 383.3                                     0.0
 SIX Swiss Exchange                                                                         57 653.8                                 57 425.4                                   228.4
 Tehran SE                                                                                     607.2                                    607.2                                     0.0
 Tel-Aviv SE                                                                                 9 520.8                                  9 520.8                                     0.0
 Warsaw SE                                                                                   5 829.8                                  5 680.4                                   149.4
 Wiener Börse                                                                                4 732.5                                  4 706.6                                    25.9




Special Note:                                                                               Notes:
As of January 2010, the share trading value and the number of trades in equity shares       JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two
experienced some changes in their presentation.                                             exchanges since March 2010
                                                                                            Korea Exchange: includes Kosdaq market data
Share trading value and equity trades are now presented in three categories (electronic     Mauritius SE: From Aug. 2006, data includes Development & Enterprise Market
order book, negotiated deals and reported trades).                                          NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm,
                                                                                            Tallinn, Riga and Vilnius Stock Exchanges
Following the recommendation of the WFE Statistics Advisory Group, the WFE Working          Singapore Exchange: Main Board, Sesdaq & Clob International
Committee decided that the “total traded value” table, which mixed various kinds of         SIX Swiss Exchange: turnover includes also shares traded on Virt-x
trading activity should be deleted.                                                         Due to different reporting rules & calculation methods, turnover figures are not entirely
                                                                                            comparable
                                                                                            NA: Not available
                                                                                            Source: World Federation of Exchanges members
                                                              Focus | January 2011 33




                                Year-to-date
  Trading days
December 2010           Total                    Domestic                     Foreign


           20           111.1                         104.5                        6.6
           21       868 813.0                     859 258.9                    9 554.1
           20         3 804.8                       2 566.7                    1 238.1
           21        28 269.0                      23 021.2                    5 247.9
           22         5 012.1                       3 986.1                    1 026.0
           23       119 119.5                     108 586.9                   10 532.6
           22    12 659 197.9                  11 480 746.6                1 178 451.4
           22    17 795 600.2                  16 059 488.7                1 736 111.5
           21        53 818.2                      53 793.3                       24.9
           21     1 368 953.6                   1 351 052.4                   17 901.3

           21     1 062 649.5                   1 013 594.6                  49 055.0
           22       258 695.6                     258 695.6                       0.0
           21       112 291.7                     110 700.7                   1 591.0
           22         5 009.0                       5 009.0                       0.0
           22     1 496 432.5                   1 488 664.1                   7 768.4
           20       103 842.5                     103 842.5                       0.0
           22     1 607 247.3                   1 596 274.8                  10 972.4
           22       801 017.2                     801 017.2                       0.0
           21       178 794.0                     178 762.3                      31.7
           20        21 778.0                      21 775.0                       3.1
           23     4 496 193.5                   4 496 193.5                       0.0
           23     3 572 529.1                   3 572 529.1                       0.0
           23       289 307.2                     289 307.2                       0.0
           23       903 061.7                     894 685.5                   8 376.2
           20       214 086.0                     214 086.0                       0.0
           21     3 787 952.3                   3 787 240.5                     711.8

           20         8 598.1                       8 598.1                       0.0
           20        43 260.8                      40 234.5                   3 026.3
           21     1 360 909.6                   1 351 791.0                   9 118.6
           22        26 276.9                      26 229.3                      47.6
           22           736.9                         736.9                       0.0
           21     1 628 496.4                   1 467 487.0                 161 009.4
           21        38 397.4                      38 397.4                       0.0
           21         8 893.6                       8 708.1                     185.5
           23       411 469.2                     411 203.4                     265.8
           21       340 025.1                     251 365.5                  88 659.6
           20           478.2                         478.2                       0.0
           21     2 741 324.6                   2 476 347.8                 264 976.9
           23           216.0                         175.6                      40.3
           19            48.0                          48.0                       0.0
           23           360.1                         357.0                       3.2
           22       408 078.1                     408 070.3                       7.8
           21       750 278.7                     696 627.7                  53 651.0
           23     2 018 076.7                   2 010 283.4                   7 793.4
           21       263 032.9                     203 632.8                  59 400.0
           21       201 211.8                     201 211.8                       0.0
           21       788 360.8                     785 234.9                   3 125.9
           20        17 435.1                      17 435.1                       0.0
           22       102 694.3                     102 694.3                       0.0
           22        69 230.7                      67 837.3                   1 393.4
           20        48 625.6                      48 084.4                     541.3
34 Focus | January 2011


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


                                                                                                             December 2010
 Exchange
                                                                                           Total                              Domestic                                  Foreign
 Americas
 Bermuda SE                                                                                  0.0                                    0.0                                     0.0
 BM&FBOVESPA                                                                                 0.0                                    0.0                                     0.0
 Buenos Aires SE                                                                             0.0                                    0.0                                     0.0
 Colombia SE                                                                                 0.0                                    0.0                                     0.0
 Lima SE                                                                                   108.6                                   99.9                                     8.7
 Mexican Exchange                                                                            0.0                                    0.0                                     0.0
 NASDAQ OMX                                                                          1 166 050.3                            1 043 930.9                               122 119.4
 NYSE Euronext (US)                                                                     83 497.7                               83 496.8                                     0.9
 Santiago SE                                                                                 0.0                                    0.0                                     0.0
 TSX Group                                                                                   0.0                                    0.0                                     0.0
 Asia - Pacific
 Australian SE                                                                         17 453.5                                 16 437.6                                 1 015.9
 Bombay SE                                                                                 27.6                                     27.6                                     0.0
 Bursa Malaysia                                                                         1 255.6                                  1 254.5                                     1.1
 Colombo SE                                                                                 0.0                                      0.0                                     0.0
 Hong Kong Exchanges                                                                    9 874.3                                  9 679.9                                   194.4
 Indonesia SE                                                                           5 335.5                                  5 335.5                                     0.0
 Korea Exchange                                                                         2 290.4                                  2 288.3                                     2.2
 National Stock Exchange India                                                              0.0                                      0.0                                     0.0
 Osaka SE                                                                                 898.5                                    898.5                                     0.0
 Philippine SE                                                                            415.1                                    415.1                                     0.0
 Shanghai SE                                                                            1 095.0                                  1 095.0                                     0.0
 Shenzhen SE                                                                            1 403.5                                  1 403.5                                     0.0
 Singapore Exchange                                                                         0.0                                      0.0                                     0.0
 Taiwan SE Corp                                                                         1 567.3                                  1 567.3                                     0.0
 The Stock Exchange of Thailand                                                         1 674.1                                  1 674.1                                     0.0
 Tokyo SE Group                                                                        38 689.5                                 38 688.9                                     0.5
 Europe - Africa - Middle East
 Amman SE                                                                                  24.9                                     24.9                                    0.0
 Athens Exchange                                                                          132.7                                    131.5                                    1.3
 BME Spanish Exchanges                                                                 21 740.0                                 21 740.0                                    0.0
 Budapest SE                                                                                5.1                                      5.1                                    0.0
 Cyprus SE                                                                                  0.3                                      0.3                                    0.0
 Deutsche Börse                                                                        12 923.0                                  8 243.4                                4 679.6
 Egyptian Exchange                                                                         93.4                                     93.4                                    0.0
 Irish SE                                                                               1 197.2                                  1 180.8                                   16.4
 Istanbul SE                                                                                0.6                                      0.6                                    0.0
 Johannesburg SE                                                                        5 783.2                                  4 744.7                                1 038.6
 Ljubljana SE                                                                               0.0                                      0.0                                    0.0
 London SE Group                                                                       47 299.4                                 26 698.4                               20 601.0
 Luxembourg SE                                                                              0.0                                      0.0                                    0.0
 Malta SE                                                                                   0.0                                      0.0                                    0.0
 Mauritius SE                                                                               0.0                                      0.0                                    0.0
 MICEX                                                                                  3 319.9                                  3 318.2                                    1.7
 NASDAQ OMX Nordic Exchange                                                             5 589.4                                  5 364.4                                  225.0
 NYSE Euronext (Europe)                                                                90 888.1                                 90 861.3                                   26.8
 Oslo Børs                                                                              1 638.6                                  1 307.4                                  331.3
 Saudi Stock Market - Tadawul                                                              51.4                                     51.4                                    0.0
 SIX Swiss Exchange                                                                     1 463.9                                  1 463.9                                    0.0
 Tehran SE                                                                                950.9                                    950.9                                    0.0
 Tel-Aviv SE                                                                            1 226.3                                  1 226.3                                    0.0
 Warsaw SE                                                                                451.9                                    440.1                                   11.9
 Wiener Börse                                                                               0.0                                      0.0                                    0.0




Notes:
JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two     Singapore Exchange: Main Board, Sesdaq & Clob International
exchanges since March 2010                                                            SIX Swiss Exchange: turnover includes also shares traded on Virt-x
Korea Exchange: includes Kosdaq market data                                           Due to different reporting rules & calculation methods, turnover figures are not entirely
NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm,    comparable
Tallinn, Riga and Vilnius Stock Exchanges                                             NA: Not available
Mauritius SE: From Aug. 2006, data includes Development & Enterprise Market           Source: World Federation of Exchanges members
                                                              Focus | January 2011 35




                                Year-to-date
  Trading days
December 2010           Total                    Domestic                     Foreign


           20             0.0                           0.0                       0.0
           21             0.0                           0.0                       0.0
           20             0.0                           0.0                       0.0
           21             0.0                           0.0                       0.0
           22           961.4                         831.7                     129.7
           23             0.0                           0.0                       0.0
           22    16 371 009.9                  14 693 768.7               1 677 241.2
           22     1 127 570.8                   1 127 560.6                      10.2
           21         2 621.9                       2 621.9                       0.0
           21             0.0                           0.0                       0.0

           21      218 007.7                     208 974.7                    9 033.0
           22        2 843.9                       2 843.9                        0.0
           21        9 261.2                       9 217.7                       43.5
           22            0.0                           0.0                        0.0
           22      101 294.7                     100 686.3                      608.4
           20       25 987.2                      25 987.2                        0.0
           22       27 256.8                      27 211.3                       45.5
           22            0.0                           0.0                        0.0
           21        6 108.7                       6 108.7                        0.0
           20        5 198.8                       5 198.8                        0.0
           23        7 106.4                       7 106.4                        0.0
           23        6 361.2                       6 361.2                        0.0
           23            0.0                           0.0                        0.0
           23        7 456.4                       7 456.4                        0.0
           20        6 561.5                       6 561.5                        0.0
           21      329 576.7                     329 571.4                        5.3

           20          849.0                         849.0                        0.0
           20        2 916.8                       2 830.3                       86.5
           21      289 336.3                     289 336.3                        0.0
           22           99.4                          99.4                        0.0
           22          386.7                         386.7                        0.0
           21      247 787.8                     184 979.6                   62 808.1
           21          705.1                         705.1                        0.0
           21       21 090.3                      20 650.6                      439.7
           23            5.8                           5.8                        0.0
           21       75 560.7                      59 707.2                   15 853.6
           20            0.0                           0.0                        0.0
           21      659 583.1                     417 209.5                  242 373.6
           23            0.0                           0.0                        0.0
           19            0.0                           0.0                        0.0
           23            0.0                           0.0                        0.0
           22       30 204.4                      30 202.7                        1.7
           21       58 824.1                      56 119.8                    2 704.3
           23      238 078.9                     237 676.8                      402.1
           21       24 477.4                      19 669.6                    4 807.8
           21        1 222.1                       1 222.1                        0.0
           21       19 988.0                      19 963.6                       24.4
           20        1 701.5                       1 701.5                        0.0
           22        9 606.6                       9 606.6                        0.0
           22        9 897.4                       9 814.3                       83.1
           20            0.0                           0.0                        0.0
36 Focus | January 2011


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


                                                                  December 2010
 Exchange
                                                         Total                Domestic       Foreign
 Americas
 Bermuda SE                                                0.0                         0.0        0.0
 BM&FBOVESPA                                               0.0                         0.0        0.0
 Buenos Aires SE                                           0.0                         0.0        0.0
 Colombia SE                                               0.0                         0.0        0.0
 Lima SE                                                   0.0                         0.0        0.0
 Mexican Exchange                                          0.0                         0.0        0.0
 NASDAQ OMX                                                0.0                         0.0        0.0
 NYSE Euronext (US)                                        0.0                         0.0        0.0
 Santiago SE                                               0.0                         0.0        0.0
 TSX Group                                                 0.0                         0.0        0.0
 Asia - Pacific
 Australian SE                                             0.0                         0.0        0.0
 Bombay SE                                                 0.0                         0.0        0.0
 Bursa Malaysia                                            0.0                         0.0        0.0
 Colombo SE                                                0.0                         0.0        0.0
 Hong Kong Exchanges                                       0.0                         0.0        0.0
 Indonesia SE                                              0.0                         0.0        0.0
 Korea Exchange                                            0.0                         0.0        0.0
 National Stock Exchange India                             0.0                         0.0        0.0
 Osaka SE                                                  0.0                         0.0        0.0
 Philippine SE                                             0.0                         0.0        0.0
 Shanghai SE                                               0.0                         0.0        0.0
 Shenzhen SE                                               0.0                         0.0        0.0
 Singapore Exchange                                        0.0                         0.0        0.0
 Taiwan SE Corp                                            0.0                         0.0        0.0
 The Stock Exchange of Thailand                            0.0                         0.0        0.0
 Tokyo SE Group                                            0.0                         0.0        0.0
 Europe - Africa - Middle East
 Amman SE                                                  0.0                         0.0        0.0
 Athens Exchange                                           0.0                         0.0        0.0
 BME Spanish Exchanges                                     0.0                         0.0        0.0
 Budapest SE                                               0.0                         0.0        0.0
 Cyprus SE                                                 0.0                         0.0        0.0
 Deutsche Börse                                       12 113.0                     6 642.1    5 470.9
 Egyptian Exchange                                       574.3                       574.3        0.0
 Irish SE                                                  0.0                         0.0        0.0
 Istanbul SE                                               0.0                         0.0        0.0
 Johannesburg SE                                           0.0                         0.0        0.0
 Ljubljana SE                                              2.7                         2.7        0.0
 London SE Group                                      21 438.2                     8 082.9   13 355.3
 Luxembourg SE                                             0.0                         0.0        0.0
 Malta SE                                                  0.0                         0.0        0.0
 Mauritius SE                                              0.0                         0.0        0.0
 MICEX                                                   927.4                       927.4        0.0
 NASDAQ OMX Nordic Exchange                            1 376.4                     1 357.7       18.8
 NYSE Euronext (Europe)                              113 264.0                    49 855.1   63 408.9
 Oslo Børs                                                21.2                        19.8        1.4
 Saudi Stock Market - Tadawul                              0.0                         0.0        0.0
 SIX Swiss Exchange                                    3 873.0                     3 865.5        7.5
 Tehran SE                                                 0.0                         0.0        0.0
 Tel-Aviv SE                                               0.0                         0.0        0.0
 Warsaw SE                                                 0.0                         0.0        0.0
 Wiener Börse                                              0.0                         0.0        0.0
                                                          Focus | January 2011 37




                               Year-to-date
  Trading days
December 2010          Total                  Domestic                    Foreign


           20            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0
           20            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           23            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0

           21            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           20            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0
           20            0.0                        0.0                       0.0
           23            0.0                        0.0                       0.0
           23            0.0                        0.0                       0.0
           23            0.0                        0.0                       0.0
           23            0.0                        0.0                       0.0
           20            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0

           20            0.0                        0.0                       0.0
           20            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0
           22            3.9                        3.9                       0.0
           22            0.0                        0.0                       0.0
           21      410 803.9                  303 263.8                 107 540.1
           21        6 501.7                    6 501.7                       0.0
           21            0.0                        0.0                       0.0
           23            0.0                        0.0                       0.0
           21            0.0                        0.0                       0.0
           20          116.9                      116.9                       0.0
           21      541 863.3                  113 122.8                 428 740.5
           23            0.0                        0.0                       0.0
           19            0.0                        0.0                       0.0
           23            0.0                        0.0                       0.0
           22        4 668.9                    4 668.9                       0.0
           21       20 964.6                   20 777.6                     187.0
           23    1 468 143.3                  564 819.3                 903 324.0
           21          227.4                      198.8                      28.6
           21            0.0                        0.0                       0.0
           21       59 632.2                   59 540.6                      91.6
           20            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           22            0.0                        0.0                       0.0
           20            0.0                        0.0                       0.0
38 Focus | January 2011


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

(excludes investment fund trades)
                                                                                                              2010
 Exchange
                                                            January            February              March                 April                  May         June
 Americas
 Bermuda SE                                                     1.5                 1.8                 5.0                  5.8                   5.5         1.7
 BM&FBOVESPA                                                6 627.3             6 049.4             6 941.7              6 372.9               8 282.4     6 792.2
 Buenos Aires SE                                               66.3                54.7                65.0                 73.3                  68.7        52.5
 Colombia SE                                                   37.4                41.8                47.9                 55.8                  54.3        42.2
 Lima SE                                                       22.8                15.7                22.6                 24.4                  20.6        15.2
 Mexican Exchange                                             706.8               565.3               664.4                712.3                 847.9       733.8
 NASDAQ OMX                                               146 416.8           144 944.0           149 540.6            152 434.2             214 541.6   174 292.1
 NYSE Euronext (US)                                       151 554.7           154 525.2           155 445.2            169 416.5             249 773.1   211 018.7
 Santiago SE                                                  113.4                88.4               125.6                 90.0                 104.8       137.6
 TSX Group                                                 14 665.2            13 627.9            16 599.1             15 897.4              20 586.7    17 376.2
 Asia - Pacific
 Australian SE                                              8 857.7            10 459.0            11 302.7              9 579.8              13 780.7    11 737.2
 Bombay SE                                                 52 782.8            39 799.0            43 562.5             45 274.0              43 146.9    44 315.8
 Bursa Malaysia                                             2 200.8             1 003.5             1 802.3              1 687.1               1 367.5     1 120.3
 Colombo SE                                                   183.6               236.9               174.9                210.3                 210.7       308.8
 Hong Kong Exchanges                                       15 263.2             9 868.4            14 278.3             13 918.0              13 560.3    10 747.1
 Indonesia SE                                               1 669.9             1 331.4             2 025.6              2 437.8               2 128.7     1 990.8
 Korea Exchange                                            88 294.5            66 350.3            76 240.3             77 771.3              71 798.4    67 846.4
 National Stock Exchange India                            140 174.4           113 149.8           123 349.4            120 436.6             124 628.9   124 529.5
 Philippine SE                                                169.1               164.4               185.8                166.2                 170.3       170.5
 Shanghai SE                                              159 169.0            83 873.0           148 115.0            158 751.0             109 722.0    82 069.0
 Shenzhen SE                                              107 195.9            59 947.6           108 611.1            124 819.9              84 462.3    77 336.8
 Taiwan SE Corp                                            24 743.4            11 484.4            19 796.5             21 413.3              17 159.6    14 823.3
 The Stock Exchange of Thailand                             2 745.5             2 052.2             3 162.0              2 468.4               2 275.9     3 459.5
 Tokyo SE Group                                            27 285.2            25 419.5            28 779.9             32 021.4              31 256.2    29 296.2
 Europe - Africa - Middle East
 Amman SE                                                     171.4                144.0              235.4                277.9                 177.0       132.3
 Athens Exchange                                              837.6                800.9              730.1                918.4                 769.4       639.0
 BME Spanish Exchanges                                      2 975.8              3 336.8            3 108.9              3 343.4               4 366.7     3 710.9
 Budapest SE                                                  226.4                189.1              271.8                218.3                 293.1       279.9
 Cyprus SE                                                     21.5                 21.1               18.5                 19.1                  17.4        16.2
 Deutsche Börse                                             7 830.3              7 583.7            8 008.9              8 201.5              10 835.4     8 361.9
 Egyptian Exchange                                          1 078.6              1 046.2              960.6              1 001.3                 928.3       738.9
 Irish SE                                                      63.6                 65.8               76.5                 77.2                 102.3        92.8
 Istanbul SE                                                6 902.0              7 174.0            7 418.0              8 075.8               6 599.3     6 270.5
 Johannesburg SE                                            1 769.7              1 808.8            2 098.5              1 915.7               2 476.4     2 073.9
 Ljubljana SE                                                   7.9                  8.3               10.6                  7.4                   8.9         7.5
 London SE Group                                           16 638.0             17 314.0           17 623.0             16 042.0              23 066.0    19 760.0
 Luxembourg SE                                                  1.0                  1.0                1.3                  1.1                   1.0         1.0
 Malta SE                                                       1.4                  0.7                0.7                  0.7                   0.8         0.6
 Mauritius SE                                                   2.6                  4.9                4.6                  5.0                   5.0         4.6
 MICEX                                                      6 722.4              8 720.9           10 356.9              9 673.9              10 421.5     9 697.5
 NASDAQ OMX Nordic Exchange                                 5 199.8              5 580.6            5 683.1              5 906.1               7 205.1     5 787.1
 NYSE Euronext (Europe)                                    13 191.4             13 779.7           14 235.8             15 144.4              20 346.4    16 459.5
 Oslo Børs                                                  1 626.6              1 576.2            1 480.4              1 546.8               1 776.5     1 735.2
 Saudi Stock Market - Tadawul                               1 613.4              2 102.1            1 632.9              1 708.9               2 242.3     2 363.7
 SIX Swiss Exchange                                         2 715.3              2 684.7            2 680.4              2 724.6               3 139.5     2 680.8
 Tehran SE                                                    181.0                137.0              164.0                313.0                 246.0       176.0
 Tel-Aviv SE                                                1 751.5              1 319.7            1 714.1              1 287.4               1 906.0     1 688.0
 Warsaw SE                                                    901.6                894.4            1 329.0                921.7               1 165.6       911.7
 Wiener Börse                                                 402.9                396.7              433.4                448.1                 493.9       386.3

 Total                                                  1 023 780.5           821 745.2           991 120.8          1 035 817.3           1 108 543.3   964 188.8




Notes:
Mauritius SE: From Aug. 2006, data includes Development & Enterprise Market
NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm,         NA: Not available
Tallinn, Riga and Vilnius Stock Exchanges                                                  Source: World Federation of Exchanges members
                                                                                    Focus | January 2011 39




                                  2010
                                                                                                % change / last
     July       August    September         October     November     December    Year-to-date       month


      0.9           1.2          1.2             0.1           0.1         0.5           25.3           244.8%
  6 804.5       7 256.2      7 575.1         8 255.3       7 627.0     7 719.6       86 303.5             1.2%
     48.7          84.8         69.5            89.8         130.6       107.0          910.7           -18.1%
     52.6          50.2         75.6            98.2          85.1        70.7          711.8           -17.0%
     12.8          17.9         31.5            31.3          33.1        33.3          281.3             0.5%
    726.4         755.6        613.1           684.9         677.5       635.2        8 323.3            -6.2%
157 034.9     136 189.8    120 340.5       124 715.3     122 572.6   100 279.7    1 743 302.2           -18.2%
188 624.4     169 293.1    153 888.0       159 363.0     155 845.4   132 238.0    2 050 985.2           -15.2%
    192.0         243.0        212.3           180.9         207.4       187.3        1 882.6            -9.7%
 14 234.0      15 011.9     17 366.1        16 348.7      18 695.1    17 028.2      197 436.6            -8.9%

 10 696.6      11 104.1     12 459.8        12 049.1      12 522.7    10 934.2      135 483.6           -12.7%
 45 260.7      51 734.3     49 414.8        52 704.5      46 681.0    41 042.9      555 719.3           -12.1%
  1 412.7       1 642.8      1 608.2         1 951.6       2 117.8     1 979.4       19 893.9            -6.5%
    381.3         361.4        529.3           305.1         179.3       273.4        3 355.1            52.5%
 10 659.5      11 776.5     13 556.2        16 219.9      17 381.8    13 081.0      160 310.0           -24.7%
  2 107.7       2 145.4      2 253.0         2 837.9       2 717.9     2 170.4       25 816.5           -20.2%
 74 834.7      75 610.1     67 958.1        82 450.7      88 682.9    84 005.4      921 843.2            -5.3%
121 707.7     135 893.1    136 711.1       144 448.7     141 113.9   130 477.6    1 556 620.5            -7.5%
    172.1         226.9        366.2           297.8         307.3       274.3        2 671.0           -10.7%
106 452.0     141 939.0    127 951.0       171 928.0     229 789.0   141 731.0    1 661 489.0           -38.3%
 94 250.1     127 285.0    113 153.0       129 556.5     182 602.7   120 066.7    1 329 287.6           -34.3%
 18 321.6      22 677.6     20 908.4        19 193.9      18 221.9    23 996.2      232 740.0            31.7%
  4 081.8       4 750.6      4 543.0         3 961.6       5 074.7     3 549.3       42 124.4           -30.1%
 26 065.2      26 878.7     24 916.9        28 452.5      27 439.3    26 865.9      334 676.9            -2.1%

    122.5         119.4        145.5           121.2          91.8       141.3       1 879.8             54.0%
    578.3         529.4        591.6           558.8         533.4       389.7       7 876.6            -26.9%
  3 061.3       2 433.0      2 906.9         3 254.8       4 525.4     3 378.0      40 402.1            -25.4%
    192.5         184.0        197.5           210.3         211.9       139.1       2 613.8            -34.4%
     15.5          11.1         17.1            17.4          16.2        10.7         201.8            -33.7%
  7 679.3       7 577.5      8 511.9         8 237.3       9 341.5     7 731.4      99 900.5            -17.2%
    706.9         640.1        717.6           864.0         742.9       747.6      10 173.0              0.6%
     73.1          56.5         67.0            58.7          96.8        69.8         900.0            -27.9%
  5 828.2       5 120.9      5 137.7         6 380.8       5 919.9     9 075.2      79 902.2             53.3%
  1 912.1       2 001.1      2 000.1         1 928.2       2 042.9     1 634.9      23 662.3            -20.0%
      7.7           7.5          9.1             8.5           9.5         9.1         101.9             -4.2%
 17 544.0      15 186.0     16 124.1        16 000.7      18 005.5    14 194.6     207 497.8            -21.2%
      0.8           0.7          0.8             1.1           1.2         1.0          11.9            -14.3%
      0.6           0.5          0.5             0.6           0.9         0.8           8.8            -12.8%
      5.0           4.5          4.7             6.1           4.7         5.6          57.4             19.3%
  8 934.8       8 189.2      8 830.9         9 080.9       8 821.5     9 248.0     108 698.4              4.8%
  5 445.5       5 470.7      5 662.7         5 901.7       5 678.2     5 278.4      68 799.2             -7.0%
 14 965.0      13 428.4     14 708.4        14 474.8      16 159.3    13 478.4     180 371.4            -16.6%
  1 534.9       1 434.2      1 437.1         1 524.9       1 697.4     1 365.1      18 735.5            -19.6%
  1 462.3       1 649.7        875.5         1 362.2       1 048.5     1 474.5      19 536.0             40.6%
  2 673.7       2 512.2      2 657.8         2 574.3       2 822.2     2 238.1      32 103.4            -20.7%
    204.0         379.0        278.0           223.0         203.0       195.0       2 699.0             -3.9%
  1 157.3       1 472.6      1 229.2         1 768.1       1 790.5     1 651.8      18 736.2             -7.7%
    980.3       1 035.3      1 362.2         1 131.8       1 345.2     1 139.9      13 118.7            -15.3%
    352.1         296.9        300.0           351.2         440.3       481.5       4 783.2              9.4%

959 572.4   1 012 669.4   950 275.8      1 052 166.8   1 162 257.0   932 827.0   12 014 964.2
40 Focus | January 2011


Equity - Also on number of trades in shares - Negotiated deals (in thousands)
(excludes investment fund trades)
                                                                                                                  2010
 Exchange
                                                             January             February                   March                  April           May         June
 Americas
 Lima SE                                                          0.9                  0.9                     1.0                  0.9              1.0         0.8
 NASDAQ OMX                                                 124 338.2            116 790.2               147 617.2            157 728.0        191 061.8   164 996.6
 NYSE Euronext (US)                                          10 556.8             10 187.1                12 675.8             12 525.1         15 328.5    13 043.5
 Santiago SE                                                      0.0                  0.0                     0.0                  0.0              0.1         0.0
 Asia - Pacific
 Australian SE                                                   40.0                  32.4                    41.9                24.9            32.5        39.3
 Bombay SE                                                        0.1                   0.0                     0.0                 0.0             0.1         0.4
 Bursa Malaysia                                                   0.9                   0.8                     0.8                 0.9             0.5         0.7
 Hong Kong Exchanges                                            169.1                 124.4                   191.5               222.6           193.3       174.9
 Indonesia SE                                                     6.4                   5.4                     8.0                 8.6             8.5         7.5
 Korea Exchange                                                   1.8                   1.7                     1.8                 2.2             1.8         1.7
 Philippine SE                                                    0.0                   0.0                     0.0                 0.0             0.0         0.0
 Shenzhen SE                                                      0.1                   0.0                     0.1                 0.1             0.1         0.1
 Taiwan SE Corp                                                   0.2                   0.1                     0.2                 0.2             0.1         0.1
 The Stock Exchange of Thailand                                   1.1                   0.8                     1.1                 1.3             0.9         0.8
 Europe - Africa - Middle East
 Amman SE                                                         0.1                    0.1                    0.1                  0.0             0.0         0.0
 Athens Exchange                                                  0.4                    0.3                    0.3                  0.3             0.3         0.2
 BME Spanish Exchanges                                           14.7                   15.7                   16.5                 16.0            19.1        18.7
 Budapest SE                                                      0.0                    0.0                    0.0                  0.0             0.0         0.0
 Cyprus SE                                                        0.0                    0.0                    0.0                  0.0             0.0         0.0
 Deutsche Börse                                               1 440.2                1 109.5                1 532.4              1 531.7         1 728.6     1 163.8
 Egyptian Exchange                                                0.0                    0.0                    0.0                  0.0             0.0         8.3
 Irish SE                                                        12.0                   11.4                   16.8                 15.3            17.6        14.3
 Istanbul SE                                                      0.0                    0.0                   30.8                 34.1            31.3        27.9
 Johannesburg SE                                                  8.2                    7.5                    9.1                  8.4             8.7         7.3
 London SE Group                                                937.0                  636.0                  563.0                480.0           510.0       484.0
 MICEX                                                           21.1                   21.6                   19.5                 13.5             6.8         9.6
 NASDAQ OMX Nordic Exchange                                      86.9                   59.5                   62.6                 66.0            73.8        55.2
 NYSE Euronext (Europe)                                          46.7                   50.4                   65.9                 63.1           104.6       122.0
 Oslo Børs                                                        5.3                    4.1                    4.6                  4.3             5.1         4.1
 Saudi Stock Market - Tadawul                                     0.0                    0.0                    0.0                  0.0             0.0         0.0
 SIX Swiss Exchange                                               0.6                    0.6                    0.7                  1.1             0.5         0.4
 Tehran SE                                                        0.0                    0.0                    0.0                  0.0             0.0         0.0
 Tel-Aviv SE                                                      6.8                    2.4                    5.4                  2.8             8.1         7.9
 Warsaw SE                                                        0.4                    0.3                    0.4                  0.3             0.3         0.4




Notes:
NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm,             NA: Not available
Tallinn, Riga and Vilnius Stock Exchanges                                                      Source: World Federation of Exchanges members
                                                                                 Focus | January 2011 41




                               2010
                                                                                           % change / last
     July   August     September      October    November    December    Year-to-date             month


      0.9        0.9          0.9          1.1         1.0         1.2           11.4              13.6%
107 455.9   84 688.5     85 438.7     95 143.0    95 202.0    92 080.7    1 462 540.7              -3.3%
 12 542.3   12 300.4     11 875.9     13 228.3    13 690.6    12 608.9      150 563.2              -7.9%
      0.0        0.0          0.0          0.0         0.0         0.0            0.1               0.0%

    26.3       59.1         33.7         20.4         30.2       22.9           403.6             -24.2%
     0.1        0.0          0.1          0.4          0.3        0.2             1.6             -40.0%
     0.7        0.6          0.7          0.8          1.2        0.9             9.4             -26.2%
   216.7      218.5        217.6        314.3        388.2      369.4         2 800.5              -4.9%
     8.9        8.5          8.6          9.9         10.7       11.2           102.0               5.6%
     2.0        2.5          2.3          4.2          2.3        2.4            26.8               6.5%
     0.0        0.0          0.1          0.1          0.0        0.0             0.3              33.3%
     0.1        0.1          0.2          0.1          0.4        0.3             1.7             -24.4%
     0.1        0.2          0.1          0.2          0.2        0.2             1.9              -1.3%
     1.0        0.9          1.1          0.9          1.1        1.0            12.0              -6.3%

      0.0        0.0          0.0          0.0         0.0        0.0            0.4              -17.7%
      0.1        0.1          0.2          0.2         0.2        0.1            2.6              -32.9%
     17.2       13.1         14.1         17.1        19.7       16.8          198.5              -14.7%
      0.1        0.0          0.0          0.0         0.0        0.0            0.1              -40.0%
      0.0        0.0          0.0          0.0         0.0        0.0            0.0              -92.3%
  1 059.0    1 125.4      1 252.4      1 328.6     1 650.1      724.9       15 646.5              -56.1%
      0.1        1.2          0.0          0.0         8.1        0.3           18.0              -96.1%
     12.0       10.4         11.7         10.0        16.6        9.5          157.5              -42.4%
     25.4       24.8         25.6         27.4        23.2       29.0          279.5               25.1%
      7.1        7.1          7.6          8.2         8.6        8.5           96.3                -1.0%
    431.0      413.0        567.3        526.8       610.2      573.8        6 732.0                -6.0%
      9.4        8.5          8.6          5.6         7.4        9.4          140.9               26.7%
     43.1       71.7         49.0         52.2        52.6       48.1          720.8                -8.6%
     45.8       58.8         72.0         69.9        78.4      102.2          879.8               30.4%
      2.8        4.2          4.4          5.1         5.0        4.1           53.1              -18.5%
      0.0        0.0          0.0          0.0         0.0        0.0            0.2                 0.0%
      0.4        0.6          0.6          0.5         0.5        0.5            6.9                -4.7%
      0.0        0.0          0.0          0.0       135.0       23.0          158.0              -83.0%
      2.9        4.1          3.8          5.9         4.7        7.3           62.2               54.8%
      0.3        0.3          0.5          0.5         0.4        0.9            5.1              121.1%
42 Focus | January 2011


Equity - Total number of trades in shares - Reported trades (in thousands)

                                                                  2010
 Exchange
                                   January    February       March           April        May        June
Americas
Bermuda SE                              0.0         0.0         0.0            0.0         0.0         0.0
BM&FBOVESPA                             0.0         0.0         0.0            0.0         0.0         0.0
Buenos Aires SE                         0.0         0.0         0.0            0.0         0.0         0.0
Colombia SE                             0.0         0.0         0.0            0.0         0.0         0.0
Lima SE                                 0.0         0.0         0.0            0.0         0.0         0.0
Mexican Exchange                        0.0         0.0         0.0            0.0         0.0         0.0
NASDAQ OMX                              0.0         0.0         0.0            0.0         0.0         0.0
NYSE Euronext (US)                      0.0         0.0         0.0            0.0         0.0         0.0
Santiago SE                             0.0         0.0         0.0            0.0         0.0         0.0
TSX Group                               0.0         0.0         0.0            0.0         0.0         0.0
Asia - Pacific
Australian SE                           0.0         0.0         0.0            0.0         0.0         0.0
Bombay SE                               0.0         0.0         0.0            0.0         0.0         0.0
Bursa Malaysia                          0.0         0.0         0.0            0.0         0.0         0.0
Colombo SE                              0.0         0.0         0.0            0.0         0.0         0.0
Hong Kong Exchanges                     0.0         0.0         0.0            0.0         0.0         0.0
Indonesia SE                            0.0         0.0         0.0            0.0         0.0         0.0
Korea Exchange                          0.0         0.0         0.0            0.0         0.0         0.0
National Stock Exchange India           0.0         0.0         0.0            0.0         0.0         0.0
Osaka SE                                0.0         0.0         0.0            0.0         0.0         0.0
Philippine SE                           0.0         0.0         0.0            0.0         0.0         0.0
Shanghai SE                             0.0         0.0         0.0            0.0         0.0         0.0
Shenzhen SE                             0.0         0.0         0.0            0.0         0.0         0.0
Singapore Exchange                      0.0         0.0         0.0            0.0         0.0         0.0
Taiwan SE Corp                          0.0         0.0         0.0            0.0         0.0         0.0
The Stock Exchange of Thailand          0.0         0.0         0.0            0.0         0.0         0.0
Tokyo SE Group                          0.0         0.0         0.0            0.0         0.0         0.0
Europe - Africa - Middle East
Amman SE                                0.0         0.0         0.0            0.0         0.0         0.0
Athens Exchange                         4.0        30.0        14.0            4.0         4.0        20.0
BME Spanish Exchanges                   0.0         0.0         0.0            0.0         0.0         0.0
Budapest SE                             4.0         0.0         2.0            2.0         2.0         0.0
Cyprus SE                               0.0         0.0         0.0            0.0         0.0         0.0
Deutsche Börse                    175 428.0   155 162.0   212 028.0      188 822.0   217 534.0   130 748.0
Egyptian Exchange                       0.0         0.0         0.0            0.8         1.8         1.0
Irish SE                                0.0         0.0         0.0            0.0         0.0         0.0
Istanbul SE                             0.0         0.0     7 448.8        8 109.9         0.0         0.0
Johannesburg SE                         0.0         0.0         0.0            0.0         0.0         0.0
Ljubljana SE                            6.0        10.0        14.0            4.0        18.0        26.0
London SE Group                       236.0       272.0       248.0          251.0       336.0       260.0
Luxembourg SE                           0.0         0.0         0.0            0.0         0.0         0.0
Malta SE                                0.0         0.0         0.0            0.0         0.0         0.0
Mauritius SE                            0.0         0.0         0.0            0.0         0.0         0.0
MICEX                                   0.6         0.5         0.9            1.0         0.6         1.1
NASDAQ OMX Nordic Exchange        276 810.0   221 822.0   254 062.0      269 058.0   288 430.0   220 550.0
NYSE Euronext (Europe)            125 094.0   139 346.0   102 884.0       41 338.0    46 146.0    46 802.0
Oslo Børs                           2 318.0     1 996.0     2 266.0        1 640.0     1 692.0     1 384.0
Saudi Stock Market - Tadawul            0.0         0.0         0.0            0.0         0.0         0.0
SIX Swiss Exchange                 19 176.0    21 630.0    23 398.0       22 226.0    21 636.0    22 462.0
Tehran SE                               0.0         0.0         0.0            0.0         0.0         0.0
Tel-Aviv SE                             0.0         0.0         0.0            0.0         0.0         0.0
Warsaw SE                               0.0         0.0         0.0            0.0         0.0         0.0
Wiener Börse                            0.0         0.0         0.0            0.0         0.0         0.0
                                                                                            Focus | January 2011 43




                                2010
                                                                             Trading days                  % change /
     July     August    September       October    November    December    December 2010    Year-to-date   last month


      0.0         0.0         0.0            0.0         0.0         0.0              20             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              20             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              23             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%

      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              20             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              20             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              23             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              23             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              23             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              23             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              20             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%

      0.0         0.0         0.0            0.0         0.0         0.0              20             0.0        0.0%
      8.0         4.0        18.0            8.0         0.0        58.0              20           172.0      -49.1%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
      4.0         0.0         0.0            0.0         0.0         0.0              22            14.0     -100.0%
      0.0         0.0         0.0            0.0         0.0         2.0              22             2.0        0.0%
150 188.0    82 404.0   186 034.0       95 094.0   124 110.0   105 800.0              21     1 823 352.0      -93.8%
      0.7         0.7         0.8            1.0         0.8         1.2              21             8.7      -84.8%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              23        15 558.7        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
     16.0       248.0        60.0            8.0         6.0        20.0              20           436.0      -95.2%
    227.0       213.0       223.8          210.1       260.8       229.3              21         2 967.1      -91.6%
      0.0         0.0         0.0            0.0         0.0         0.0              23             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              19             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              23             0.0        0.0%
      1.1         1.0         1.3            1.4         1.0         2.0              22            12.5      -81.1%
177 134.0   288 288.0   220 376.0      217 876.0   217 864.0   204 646.0              21     2 856 916.0      -92.3%
 40 414.0    35 880.0    41 600.0       41 088.0    46 220.0    60 720.0              23       767 532.0      -91.4%
  1 470.0     2 262.0     1 776.0        1 888.0     2 156.0     1 946.0              21        22 794.0      -90.7%
      0.0         0.0         0.0            0.0         0.0         0.0              21             0.0        0.0%
 18 080.0    12 152.0     9 668.0       17 500.0    22 190.0    25 506.0              21       235 624.0      -87.9%
      0.0         0.0         0.0            0.0         0.0         0.0              20             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              22             0.0        0.0%
      0.0         0.0         0.0            0.0         0.0         0.0              20             0.0        0.0%
44 Focus | January 2011


Equity - Investment funds - Number of investment funds

                                                           2010
 Exchange
                                  January   February   March      April   May     June
 Americas
 BM&FBOVESPA                          46         48       47        47      48      47
 Buenos Aires SE                       0          0        5         5       5       5
 Lima SE                               8          8        8         8       8       8
 Mexican Exchange                    573        573      570       565     568     568
 NASDAQ OMX                           18         17       19        19      21      22
 NYSE Euronext (US)                  622        620      480       480     478     480
 Santiago SE                          96         96       95        95      94      99
 TSX Group                           120        118      119       165     165     165
 Asia - Pacific
 Bursa Malaysia                        4          4        4         4       4       4
 Hong Kong Exchanges                   9          9        9        10      10      10
 Korea Exchange                        9          9        9         9       9       9
 National Stock Exchange India       183        191      218       331       0     298
 Osaka SE                              6          6        6         6       6       6
 Shanghai SE                          13         13       13        13      13      13
 Shenzhen SE                          56         57       60        62      64      69
 Taiwan SE Corp                        1          1        1         1       1       1
 The Stock Exchange of Thailand        8          8        8         8       8       8
 Tokyo SE Group                       39         36       37        37      37      36
 Europe - Africa - Middle East
 Athens Exchange                        8          8       8          8       8       8
 BME Spanish Exchanges              3 251      3 236   3 226      3 215   3 209   3 205
 Budapest SE                          104        104     105        101     101     102
 Cyprus SE                             12         12      12         12      12      12
 Deutsche Börse                     2 764      2 752   2 769      2 785   2 768   2 756
 Egyptian Exchange                      3          3       3          3       3       3
 Johannesburg SE                       14         14      13         13      13      12
 Ljubljana SE                           8          8       8          7       7       7
 London SE Group                       26         26      26         26      26      26
 Luxembourg SE                      7 092      7 109   7 165      7 230   7 210   7 229
 Mauritius SE                          24         24      24         24      24      24
 MICEX                                318        321     327        324     325     317
 NASDAQ OMX Nordic Exchange           481        486     466        446     446     452
 NYSE Euronext (Europe)               203        200     201        204     204     192
 SIX Swiss Exchange                    19         20      20         20      20      19
 Tehran SE                             13         13      13         13      13      13
 Warsaw SE                             51         51      51         53      53      54
 Wiener Börse                         267        266     266        264     264     264
                                                     Focus | January 2011 45




                         2010

 July   August   September      October   November                December


  51       51          54           55          57                      63
   5        5           5            5           5                       5
   8        8           7            7           7                       7
 568      572         574          581         585                     597
  22       22          23           23          22                      23
 481      479         479          480         483                     484
 101      103         103          104         109                     114
 161      161         160          154         150                     151

   6        6            6           6           6                       7
  10       10           10          10          10                      10
   9        9            9           8           8                       8
 348      413          476         519         580                     622
   6        6            5           5           5                       5
  13       13           13          13          13                      13
  72       73           77          81          86                      90
   1        1            1           1           1                       1
   8        8            8           8           8                       8
  37       37           36          36          35                      35

    8        7           7            7          7                        7
3 195    3 188       3 177        3 170      3 159                    3 152
   97       98          96           94         90                       87
   12       12          12           12         12                       12
2 804    2 811       2 793        2 799      2 852                    2 833
    3        3           3            3          3                        3
   12       12          12           12         12                       13
    6        6           6            6          6                        5
   26       26          26           26         26                       25
7 272    7 276       7 254        7 303      7 354                    7 445
   25       25          25           24         24                       24
  322      331         344          353        359                      365
  453      454         450          445        443                      441
  191      191         191          190        187                        0
   19       19          19           20         21                       21
   13       13          13           14         14                       14
   55       56          57           57         57                       58
  264      264         263           38         38                       34
46 Focus | January 2011


Equity - Investment funds - Total turnover

                                                             2010
 Exchange
                                  January    February   March         April     May       June
 Americas
 BM&FBOVESPA                          8.2        13.7     323.8        95.7      42.2      36.7
 Buenos Aires SE                      0.2         0.0       0.0         0.1       0.0       0.0
 Colombia SE                          0.0         0.0       0.0         0.0       0.0       0.0
 Lima SE                              0.8         0.7       2.1         2.8       0.6       2.9
 Mexican Exchange                    82.5        78.8      95.3        88.1      89.7      95.2
 NASDAQ OMX                       6 723.3     6 262.3   8 503.5     7 857.2   8 985.9   7 230.5
 NYSE Euronext (US)               3 501.0     3 221.9   3 897.4     3 810.3   4 980.4   3 556.2
 Santiago SE                         55.3         9.9      24.7        47.8      16.1     163.1
 TSX Group                          338.6       328.2     450.5       550.0     512.3     449.5
 Asia - Pacific
 Bursa Malaysia                      38.5        10.2      21.4        18.4      24.4      21.1
 Colombo SE                           0.0         0.0       0.0         0.0       0.0       0.0
 Hong Kong Exchanges                405.5       332.5     468.4       410.1     451.1     550.9
 Indonesia SE                         0.0         0.0       0.0         0.0       0.0       0.0
 Korea Exchange                       4.8         2.6       3.8         4.9       3.4       3.4
 National Stock Exchange India        0.1         0.1      11.2         0.1       0.0       0.2
 Osaka SE                             1.7         1.1       2.3         6.5       2.5       1.6
 Shanghai SE                      1 030.2       423.5     700.6     1 095.2     508.7     314.7
 Shenzhen SE                      2 729.9     1 040.6   1 729.7     2 519.6   1 583.3   1 008.9
 Taiwan SE Corp                       2.9         0.1       0.2         0.3       0.3       0.4
 The Stock Exchange of Thailand       1.5         1.5       1.8         1.6       1.1       0.8
 Tokyo SE Group                   2 063.8     1 860.8   2 173.1     2 516.3   2 164.4   2 218.5
 Europe - Africa - Middle East
 Amman SE                             0.0         0.0       0.0         0.0       0.0       0.0
 Athens Exchange                      3.7         4.0       4.2         6.7       7.3       3.9
 BME Spanish Exchanges                0.0         0.0       0.0         0.0       0.0       0.0
 Budapest SE                          4.0         3.4       5.8         3.0       2.8       2.0
 Cyprus SE                            0.7     1 007.1     612.0         0.5       1.4       0.5
 Deutsche Börse                   1 190.3     1 010.4   1 176.2     1 027.1   1 114.0     686.3
 Egyptian Exchange                    0.0         1.5       0.0         0.0       0.0       0.0
 Istanbul SE                          0.0         0.0       0.0         0.0       0.0       0.0
 Johannesburg SE                    225.1       163.1     189.9       157.9     208.6     138.2
 Ljubljana SE                         3.8         3.3       4.5         2.1       6.1       6.1
 London SE Group                     19.5        17.7      25.7        17.3      16.0      11.0
 Luxembourg SE                        0.1         0.2       0.1         0.1       0.2       0.2
 Mauritius SE                         5.2         4.2      17.7        10.1       2.5       2.8
 MICEX                               41.4        32.8      81.3        62.8      61.0      13.9
 NASDAQ OMX Nordic Exchange       3 473.4     2 313.2   3 030.0     3 084.4   2 818.8   3 107.2
 NYSE Euronext (Europe)           2 136.2     1 469.7   1 954.0     1 893.4   1 628.2   1 649.9
 Saudi Stock Market - Tadawul         0.0         0.0       0.0         0.0       0.0       0.0
 SIX Swiss Exchange                 493.7       476.6     606.5       691.0     377.7     404.8
 Tehran SE                           17.1        12.5      14.0        29.0      16.0      19.3
 Warsaw SE                            2.4         3.2       4.9         3.4       2.5       1.6
 Wiener Börse                         1.0         1.1       0.5         0.7       2.8       1.5
                                                                            Focus | January 2011 47




                            2010
                                                                        Trading days
   July   August    September      October    November    December    December 2010    Year-to-date


   32.7     129.7        119.1        43.0         28.4       105.5              21           978.6
    0.0       0.0          0.0         0.2          0.0         0.3              20             0.8
    0.0       0.0          0.0         0.0          0.0         0.0              21             0.0
    2.4       0.7          0.7         0.7          1.1         3.0              22            18.4
   99.0      98.0         95.1       103.4         98.3       113.7              23         1 137.2
6 157.8   6 721.3      7 170.0     7 104.8      8 186.8     8 995.7              22        89 898.9
3 343.4   3 868.5      3 996.6     4 170.2      4 902.9     5 396.7              22        48 645.6
  156.6     131.4         93.8       106.6         93.0       246.5              21         1 144.8
  361.0     363.7        632.2       533.4        540.0       564.3              21         5 623.7

  109.4      52.4        100.1         66.0        62.3        54.6              21           578.6
    0.0       0.0          0.0          0.0         0.0         0.0              22             0.0
  356.3     511.1        553.9        593.3       629.4       482.1              22         5 744.6
    0.0       0.0          0.0          0.0         0.0         0.0              20             0.0
    3.0       5.3          3.7          4.5         4.2         4.8              22            48.3
    0.3       0.4          0.1          0.1         0.5         0.3              22            13.3
    3.8      18.3          0.9          0.3         0.2         0.4              21            39.4
  409.9     531.5        558.2        864.8     1 240.7       763.5              23         8 441.4
1 346.9   2 158.7      1 615.3      4 205.1     5 430.3     3 990.3              23        29 358.6
    0.8       0.5          0.6          0.3         0.3         0.5              23             7.1
    1.9       0.9          1.1          1.5         1.1         0.7              20            15.5
2 111.7   1 819.0      2 013.2      2 975.7     3 870.7     5 070.5              21        30 857.7

    0.0       0.0          0.0          0.0         0.0         0.0              20             0.0
    3.2       4.1          3.4          3.4         5.1         4.3              20            53.2
    0.0       0.0          0.0          0.0         0.0         0.0              21             0.0
    2.0       2.2          1.9          9.0         2.8         8.5              22            47.3
    0.7       0.4          0.0          1.0         1.8         0.6              22         1 626.6
  686.8     665.4        728.5        857.7       887.9       806.4              21        10 836.9
    0.0       0.0          0.0          0.0         0.0         0.0              21             1.5
    0.0       0.0          0.0          0.0         0.0         0.0              23             0.0
  131.1     104.0        142.3        196.1       201.3       134.0              21         1 991.5
    2.4       1.3          2.7          2.1         2.7         4.2              20            41.2
   11.7      10.2         17.8         22.2        26.0        24.2              21           219.2
    0.0       0.0          0.4          0.1         0.3         0.0              23             1.7
   21.4       5.1          5.1          6.0         3.7         4.0              23            87.8
   18.9      90.9        279.2         61.2        31.8       252.6              22         1 027.7
1 760.4   2 433.4      3 552.0      3 572.9     3 046.5     3 385.4              21        35 577.6
1 516.6   1 169.6      2 277.2      1 520.8     1 711.8         0.0              23        18 927.4
    0.0       0.0          0.0          0.0         0.0         0.0              21             0.0
  420.9     278.0        427.2        450.1       548.2       466.3              21         5 640.8
   25.6      39.4         26.3         18.0       144.6        18.4              20           380.1
    1.4       1.5          3.3          3.9         3.9         4.2              22            36.1
    0.9       1.4          1.1          0.0         0.0         0.0              20            11.0
48 Focus | January 2011


Equity - Investment funds - Number of trades (in thousands)

                                                              2010
 Exchange
                                  January   February    March          April     May       June
 Americas
 BM&FBOVESPA                          2.6        5.4      148.7        132.4      53.5      42.7
 Buenos Aires SE                      0.0        0.0        0.0          0.0       0.0       0.0
 Colombia SE                          0.0        0.0        0.0          0.0       0.0       0.0
 Lima SE                              0.0        0.0        0.0          0.0       0.0       0.0
 Mexican Exchange                    55.6       52.9       61.3         56.3      60.0      63.2
 NASDAQ OMX                       1 541.0    1 431.7    1 823.8      1 629.3   2 089.4   1 638.9
 NYSE Euronext (US)                 830.1      865.4      967.0        919.3   1 303.1     964.3
 Santiago SE                          0.1        0.1        0.1          0.1       0.1       0.2
 TSX Group                           75.8       68.5       87.9         94.1     108.7      97.2
 Asia - Pacific
 Bursa Malaysia                       5.2        2.8       4.2          0.4       4.5       2.9
 Colombo SE                           0.0        0.0       0.0          0.0       0.0       0.0
 Hong Kong Exchanges                 62.2       63.1      76.6         76.3      81.1      85.1
 Indonesia SE                         0.0        0.0       0.0          0.0       0.0       0.0
 Korea Exchange                       6.4        2.9       4.8          4.7       5.0       4.7
 National Stock Exchange India        0.4        0.4       0.2          0.2       0.1       0.4
 Shanghai SE                        390.2      206.3     290.4        499.1     255.7     179.5
 Shenzhen SE                      1 072.3      453.3     697.8        916.3     646.8     446.0
 Taiwan SE Corp                       0.3        0.1       0.3          0.2       0.3       0.3
 The Stock Exchange of Thailand       0.5        0.6       0.5          0.3       0.2       0.3
 Europe - Africa - Middle East
 Amman SE                             0.0        0.0       0.0          0.0       0.0       0.0
 Athens Exchange                      1.9        1.8       1.8          3.2       2.4       2.1
 BME Spanish Exchanges                0.0        0.0       0.0          0.0       0.0       0.0
 Budapest SE                          0.8        0.6       0.8          0.8       0.7       0.7
 Cyprus SE                            0.8        0.7       0.6          0.5       0.6       0.6
 Deutsche Börse                      36.0       28.5      33.1         34.0      44.1      26.5
 Egyptian Exchange                    0.0        0.0       0.0          0.0       0.0       1.0
 Istanbul SE                          0.0        0.0       0.0          0.0       0.0       0.0
 Johannesburg SE                     19.4       17.1      18.4         20.7      22.8      15.9
 Ljubljana SE                         1.7        1.9       1.5          1.2       1.3       1.2
 London SE Group                      3.0        3.0       4.0          3.0       3.0       2.0
 Luxembourg SE                        0.0        0.0       0.0          0.0       0.0       0.0
 Mauritius SE                         0.6        1.4       1.1          1.4       1.1       1.0
 MICEX                                1.2        1.2       1.7          1.9       0.9       1.5
 NASDAQ OMX Nordic Exchange         148.8      107.6     141.0        168.4     130.9     134.4
 NYSE Euronext (Europe)              35.1       28.8      34.7         35.0      34.7      31.9
 Saudi Stock Market - Tadawul         0.0        0.0       0.0          0.0       0.0       0.0
 SIX Swiss Exchange                  12.8       13.2      13.1         11.0       9.7      10.5
 Tehran SE                            7.0       10.0      11.0         18.0      14.0      12.0
 Warsaw SE                            1.0        1.2       1.7          1.5       1.4       1.1
 Wiener Börse                         0.1        0.1       0.1          0.1       0.1       0.1
                                                                           Focus | January 2011 49




                            2010
                                                                       Trading days
   July   August    September      October   November    December    December 2010    Year-to-date


   31.2      55.0         29.7        16.4         6.3         8.8              21           532.8
    0.0       0.0          0.0         0.0         0.0         0.0              20             0.0
    0.0       0.0          0.0         0.0         0.0         0.0              21             0.0
    0.0       0.0          0.0         0.0         0.0         0.0              22             0.2
   69.8      65.3         60.2        64.1        61.3        69.5              23           739.4
1 406.5   1 442.5      1 472.7     1 462.8     1 635.8     1 712.3              22        19 286.6
  894.8     987.4      1 002.5       994.7     1 172.3     1 286.9              22        12 187.9
    0.2       0.2          0.2         0.3         0.4         0.4              21             2.5
   38.4      37.1        105.7       106.7       109.6       103.6              21         1 033.3

  13.6       7.2          7.1          6.7         6.7         6.0              21            67.2
   0.0       0.0          0.0          0.0         0.0         0.0              22             0.0
  57.5      73.6         75.7         72.8        86.5        67.5              22           877.9
   0.0       0.0          0.0          0.0         0.0         0.0              20             0.0
   3.5       7.2          6.8          5.4         4.0         4.5              22            60.0
   0.3       0.2          0.2          0.2         0.1         0.2              22             2.7
 210.1     221.9        219.4        332.3       455.2       338.1              23         3 598.2
 535.4     732.6        573.3      1 123.8     1 566.2     1 132.2              23         9 895.9
   0.4       0.3          0.5          0.3         0.2         0.4              23             3.4
   0.5       0.3          0.4          0.4         0.4         0.0              20             4.3

   0.0       0.0          0.0          0.0         0.0        0.0               20             0.0
   1.6       1.2          1.6          1.6         2.4        1.9               20            23.5
   0.0       0.0          0.0          0.0         0.0        0.0               21             0.0
   0.8       0.7          0.7          0.8         0.7        0.5               22             8.7
   0.6       0.5          0.6          0.7         0.5        0.5               22             7.1
  25.2      25.4         27.7         29.8        31.7       32.5               21           374.4
   0.0       0.0          0.0          0.0         0.0        0.0               21             1.0
   0.0       0.0          0.0          0.0         0.0        0.0               23             0.0
  15.7      14.3         17.4         18.1        17.8       13.7               21           211.4
   1.3       1.0          1.4          1.5         1.5        1.8               20            17.3
   3.0       2.0          4.0          4.0         5.0        4.0               21            40.0
   0.0       0.0          0.0          0.0         0.0        0.0               23             0.1
   3.8       1.7          1.1          1.6         1.3        1.5               23            17.6
   1.2       3.6          5.6          6.0         8.2        7.0               22            40.0
  89.1     108.6        170.6        131.0       129.9      143.1               21         1 603.2
  25.9      25.9         27.4         27.5        32.9        0.0               23           339.9
   0.0       0.0          0.0          0.0         0.0        0.0               21             0.0
   9.5       7.8          9.7         13.0        13.1       12.9               21           136.2
  15.0      21.0         16.0         26.0        42.0       19.0               20           211.0
   1.0       0.9          1.3          1.6         1.7        1.8               22            16.2
   0.1       0.1          0.1          0.0         0.0        0.0               20             0.7
50 Focus | January 2011


Equity - Share turnover velocity

                                                                                                             2010
 Exchange
                                                           January              February               March                     April                   May                    June
 Americas
 Bermuda SE                                                  2.2%                   2.3%                4.4%                   31.6%                    3.3%                   1.2%
 BM&FBOVESPA                                                62.7%                  59.2%               69.6%                   68.6%                   79.7%                  66.3%
 Buenos Aires SE                                             3.9%                   2.9%                3.9%                    4.8%                    4.5%                   3.7%
 Colombia SE                                                11.3%                  12.0%               11.5%                   13.7%                   12.4%                  10.2%
 Lima SE                                                     2.5%                   1.9%                2.9%                    3.6%                    2.1%                   1.8%
 Mexican Exchange                                           32.6%                  25.6%               30.2%                   30.5%                   33.5%                  29.2%
 NASDAQ OMX                                                384.0%                 356.5%              337.9%                  350.9%                  510.1%                 407.5%
 NYSE Euronext (US)                                        117.1%                 125.4%              124.7%                  132.1%                  183.3%                 160.8%
 Santiago SE                                                19.9%                  13.4%               20.7%                   16.7%                   18.5%                  15.6%
 TSX Group                                                  71.5%                  62.1%               81.9%                   78.0%                   87.8%                  81.0%
 Asia - Pacific
 Australian SE                                              65.0%                  79.5%               85.5%                   75.3%                  111.0%                  84.2%
 Bombay SE                                                  23.5%                  16.6%               19.2%                   17.9%                   17.0%                  17.3%
 Bursa Malaysia                                             38.1%                  22.1%               37.6%                   32.4%                   31.8%                  23.8%
 Colombo SE                                                 28.5%                  27.8%               32.4%                   23.5%                   30.0%                  42.5%
 Hong Kong Exchanges                                        80.9%                  46.4%               66.6%                   64.7%                   65.4%                  50.5%
 Indonesia SE                                               40.7%                  29.4%               40.9%                   43.1%                   44.4%                  31.2%
 Korea Exchange                                            239.1%                 152.7%              171.7%                  188.6%                  190.3%                 162.8%
 National Stock Exchange India                              70.1%                  51.0%               57.0%                   54.1%                   57.4%                  54.9%
 Osaka SE                                                   72.1%                  59.9%               83.5%                   82.5%                   80.4%                  82.7%
 Philippine SE                                              16.6%                  15.1%               20.4%                   20.6%                   18.7%                  18.2%
 Shanghai SE                                               205.5%                  97.9%              168.6%                  207.5%                  148.9%                 111.6%
 Shenzhen SE                                               395.6%                 194.4%              345.1%                  447.2%                  285.2%                 263.8%
 Singapore Exchange                                         69.8%                  43.5%               52.4%                   58.3%                   59.5%                  43.0%
 Taiwan SE Corp                                            180.4%                  80.9%              135.1%                  147.6%                  124.2%                 105.2%
 The Stock Exchange of Thailand                             78.2%                  56.3%              100.1%                   84.3%                   72.8%                  86.1%
 Tokyo SE Group                                            117.9%                  99.7%              104.2%                  120.3%                  126.4%                 117.1%
 Europe - Africa - Middle East
 Amman SE                                                   26.0%                  23.3%               44.6%                   58.6%                   31.3%                  26.1%
 Athens Exchange                                            61.7%                  58.3%               53.9%                   74.2%                   59.5%                  44.7%
 BME Spanish Exchanges                                     115.2%                 102.5%               83.1%                  128.4%                  164.6%                 114.3%
 Budapest SE                                                94.3%                  78.0%              123.5%                   88.7%                  140.8%                 132.4%
 Cyprus SE                                                  12.5%                  10.4%                9.4%                   11.0%                    9.1%                   8.3%
 Deutsche Börse                                            125.2%                 123.0%              121.7%                  138.8%                  184.9%                 126.6%
 Egyptian Exchange                                          70.6%                  53.9%               57.6%                   65.5%                   53.2%                  46.9%
 Irish SE                                                   14.2%                  14.4%               16.9%                   15.5%                   18.4%                  20.8%
 Istanbul SE                                               192.9%                 195.3%              172.8%                  166.9%                  169.0%                 124.0%
 Johannesburg SE                                            28.2%                  27.9%               36.8%                   26.8%                   59.2%                  33.4%
 Ljubljana SE                                                3.9%                   4.4%                6.4%                    4.1%                    4.6%                   4.5%
 London SE Group                                            74.0%                  79.0%               76.6%                   75.6%                  117.7%                  96.3%
 Luxembourg SE                                               0.2%                   0.2%                0.3%                    0.2%                    0.2%                   0.2%
 Malta SE                                                    1.8%                   1.1%                1.2%                    1.2%                    1.3%                   1.0%
 Mauritius SE                                                4.1%                   6.0%               10.4%                    5.9%                    8.2%                   4.3%
 MICEX                                                      42.2%                  56.0%               61.9%                   58.5%                   66.2%                  61.0%
 NASDAQ OMX Nordic Exchange                                 83.3%                  87.2%               84.6%                   91.3%                  106.5%                  81.7%
 NYSE Euronext (Europe)                                     72.6%                  78.8%               75.3%                   81.5%                  117.3%                  90.0%
 Oslo Børs                                                 114.6%                 116.0%               91.9%                   97.4%                  110.0%                  96.6%
 Saudi Stock Market - Tadawul                               63.4%                  50.4%               62.4%                   77.3%                  100.6%                  77.7%
 SIX Swiss Exchange                                         83.1%                  83.3%               78.3%                   77.8%                   87.3%                  71.7%
 Tehran SE                                                  12.3%                  19.7%                9.0%                   21.9%                   48.5%                  39.4%
 Tel-Aviv SE                                                55.7%                  40.4%               51.1%                   38.6%                   90.4%                  63.9%
 Warsaw SE                                                  38.9%                  35.9%               45.3%                   38.3%                   55.5%                  40.8%
 Wiener Börse                                               48.7%                  46.6%               52.3%                   55.6%                   59.6%                  47.7%




Notes:
JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two
exchanges since March 2010                                                                 Singapore Exchange: ratios are calculated with domestic & foreign market capitalization
Johannesburg SE: ratios are calculated with domestic & foreign market capitalization       Due to different reporting rules & calculation methods, turnover figures are not entirely
NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm,         comparable
Tallinn, Riga and Vilnius Stock Exchanges                                                  Source: World Federation of Exchanges members
                                                      Focus | January 2011 51




                          2010

  July   August   September      October   November                December


  0.7%     1.4%       1.5%         0.8%        1.4%                    32.1%
 56.0%    62.8%      64.8%        69.8%       57.6%                    59.3%
  3.1%     6.3%       4.4%         6.9%        9.9%                     7.2%
 13.5%    11.5%      15.0%        14.5%       14.5%                    13.7%
  1.6%     9.4%       3.8%        15.0%        4.4%                     7.8%
 29.3%    27.8%      22.8%        30.5%       26.8%                    33.0%
348.9%   332.5%     277.4%       283.0%      281.1%                   215.1%
137.2%   125.8%     119.1%       118.2%      118.6%                   100.1%
 17.6%    20.8%      18.1%        21.2%       17.5%                    30.5%
 62.3%    66.3%      82.4%        66.1%       78.6%                    71.8%

 75.0%    90.0%      85.7%        81.8%       89.9%                    64.3%
 17.1%    20.1%      17.6%        19.5%       18.0%                    13.4%
 28.3%    30.9%      32.6%        36.3%       37.8%                    33.6%
 39.3%    34.9%      45.3%        49.0%       17.5%                    23.4%
 47.0%    55.2%      61.6%        77.4%       79.2%                    51.0%
 30.1%    32.3%      34.3%        39.4%       43.8%                    29.0%
173.5%   161.9%     149.4%       178.5%      189.7%                   157.3%
 53.9%    58.4%      56.7%        61.1%       63.2%                    49.6%
 64.6%    62.5%      65.9%        60.0%       61.3%                    71.6%
 17.3%    19.7%      27.0%        20.7%       20.4%                    16.0%
129.9%   181.5%     170.4%       236.0%      306.9%                   177.1%
281.1%   377.6%     336.1%       374.1%      512.2%                   318.6%
 47.0%    50.0%      54.0%        64.6%       58.2%                    39.4%
132.4%   163.7%     146.6%       130.8%      125.1%                   152.2%
100.9%   114.7%     129.4%        97.0%      130.4%                    83.5%
100.3%   104.9%     101.6%       114.4%      105.4%                   103.6%

 24.0%    25.7%      28.3%        20.5%       15.1%                    18.5%
 39.6%    33.5%      46.9%        47.4%       43.9%                    28.5%
133.0%    74.2%      85.3%       143.0%      165.4%                    97.5%
 81.7%    72.4%      74.3%        80.6%       92.7%                    50.8%
  9.3%     6.0%      11.2%        10.6%        8.1%                     5.3%
104.2%   102.0%     115.3%        97.1%      108.1%                    84.4%
 34.5%    34.6%      39.1%        43.7%       36.5%                    36.4%
 13.8%    11.5%      13.7%        11.4%       17.2%                    12.3%
114.2%    98.2%     123.0%       138.4%      131.4%                   182.2%
 29.6%    31.3%      33.8%        30.3%       31.5%                    30.8%
  3.0%     3.9%       5.0%         4.7%        4.9%                     7.8%
 71.6%    64.3%      71.5%        61.5%       73.0%                    52.4%
  0.2%     0.1%       0.2%         0.2%        0.2%                     0.2%
  0.9%     1.1%       0.8%         1.1%        1.6%                     1.6%
  3.6%     3.0%       4.6%         5.5%        4.6%                     2.9%
 51.5%    45.5%      45.4%        52.8%       47.8%                    45.3%
 69.2%    72.2%      74.8%        79.1%       67.8%                    58.7%
 74.1%    66.2%      69.8%        63.4%       73.1%                    56.1%
 74.1%    93.5%      90.7%        85.4%       98.0%                    60.7%
 53.1%    44.4%      30.6%        54.2%       44.4%                    59.0%
 71.7%    63.0%      73.2%        65.0%       71.8%                    56.1%
 18.1%    31.0%      35.8%        23.8%        9.0%                     8.4%
 40.7%    48.5%      39.0%        53.1%       53.9%                    50.2%
 36.3%    33.7%      45.2%        42.4%       49.6%                    35.8%
 39.0%    33.3%      32.7%        35.8%       43.0%                    44.8%
52 Focus | January 2011


Equity - Investment flows - New companies listed


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

                                                                   Domestic           Foreign              Total           Domestic            Foreign             Total
 Americas
 BM&FBOVESPA                                                               1                0                   1                 0                  0                    0
 Buenos Aires SE                                                          96                0                   0               301                  0                    1
 Colombia SE                                                               0                0                   0                 0                  0                    0
 Lima SE                                                                   0                0                   0                 1                  0                    1
 Mexican Exchange                                                          0                0                   0                 0                  0                    0
 NASDAQ OMX                                                                8                0                   8                 0                  0                    0
 NYSE Euronext (US)                                                       11                4                  15                 4                  0                    4
 Santiago SE                                                               1                0                   1                 0                  0                    0
 TSX Group                                                                40                0                  40                 0                  0                    0
 Asia - Pacific
 Australian SE                                                            28                5                  33                 1                  0                 1
 Bombay SE                                                                15                0                  15                 0                  0                 0
 Bursa Malaysia                                                            2                0                   2                 8                  0                 0
 Colombo SE                                                                1                0                   1                 0                  0                 0
 Hong Kong Exchanges                                                      14                0                  14                 6                  1                 7
 Indonesia SE                                                              3                0                   3                 0                  0                 0
 Korea Exchange                                                            9                0                   9                 0                  0                 0
 National Stock Exchange India                                             5                0                   5                11                  0                11
 Osaka SE                                                                  0                0                   0                 0                  0                 0
 Philippine SE                                                             1                0                   1                 0                  0                 0
 Shanghai SE                                                               4                0                   4                 0                  0                 0
 Shenzhen SE                                                               3                0                   3                 0                  0                 0
 Singapore Exchange                                                        1                0                   1                 0                  0                 0
 Taiwan SE Corp.                                                           4                4                   8                 0                  0                 0
 The Stock Exchange of Thailand                                            2                0                   2                 0                  0                 0
 Tokyo SE Group                                                            0                0                   0                 0                  0                 0
 Europe - Africa - Middle East
 Amman SE                                                                  0                0                   0                 0                 0                  0
 Athens Exchange                                                           0                0                   0                 0                 0                  0
 BME Spanish Exchanges                                                     3                0                   3                 5                 0                  5
 Budapest SE                                                               0                0                   0                 1                 0                  1
 Deutsche Börse                                                            3                1                   4                 3                11                 14
 Egyptian Exchange                                                         0                0                   0                 0                 0                  0
 Istanbul SE                                                               2                1                   3                 0                 0                  0
 Johannesburg SE                                                           0                0                   0                 2                 0                  2
 London SE Group                                                          14                6                  20                 3                 2                  5
 Luxembourg SE                                                             0                1                   1                 0                 0                  0
 Malta SE                                                                  1                0                   1                 0                 0                  0
 Mauritius SE                                                              0                0                   0                 0                 0                  0
 MICEX                                                                     0                0                   0                 0                 0                  0
 NASDAQ OMX Nordic Exchange                                                1                0                   1                 0                 0                  0
 NYSE Euronext (Europe)                                                    0                1                   1                 3                 0                  3
 Oslo Børs                                                                 0                0                   0                 1                 0                  1
 Saudi Stock Market - Tadawul                                              0                0                   0                 0                 0                  0
 SIX Swiss Exchange                                                        0                0                   0                 0                 0                  0
 Tehran SE                                                                 0                0                   0                 0                 0                  0
 Tel-Aviv SE                                                               1                1                   2                 1                 1                  2
 Warsaw SE                                                                17                0                  17                 0                 0                  0
 Wiener Börse                                                              0                0                   0                 0                 0                  0




Notes:
JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two
exchanges since March 2010
NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm,      NA: Not available
Tallinn, Riga and Vilnius Stock Exchanges                                               Source: World Federation of Exchanges members
                                                                                                            Focus | January 2011 53




                                                                           Year-to-date

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

                                    Domestic            Foreign             Total         Domestic           Foreign             Total
Americas
BM&FBOVESPA                               11                 0                11                1                 0                  1
Buenos Aires SE                           97                 0                 1              301                 0                  1
Colombia SE                                1                 1                 2                1                 0                  1
Lima SE                                    1                 0                 1                6                 5                 11
Mexican Exchange                           6                18                24                0                 0                  0
NASDAQ OMX                                83                 0                83                0                 0                  0
NYSE Euronext (US)                        64                25                89               36                19                 55
Santiago SE                                1                 0                 1                1                 0                  1
TSX Group                                275                 0               275                0                 0                  0
Asia - Pacific
Australian SE                             95                 9                95                7                  2                 9
Bombay SE                                121                 0               121                0                  0                 0
Bursa Malaysia                            29                 0                29              106                  0                98
Colombo SE                                10                 0                10                0                  0                 0
Hong Kong Exchanges                       91                 3                77               17                  2                19
Indonesia SE                              23                 0                23                0                  0                 0
Korea Exchange                            85                 7                92                0                  0                 0
National Stock Exchange India             62                 1                63               63                  0                63
Osaka SE                                  12                 0                12                0                  0                 0
Philippine SE                              3                 0                 3                2                  0                 2
Shanghai SE                               28                 0                28                0                  0                 0
Shenzhen SE                              291                 0               291                0                  0                 0
Singapore Exchange                        18                13                32                0                  0                 0
Taiwan SE Corp.                           12                20                32                0                  0                 0
The Stock Exchange of Thailand            11                 0                11                0                  0                 0
Tokyo SE Group                             7                 0                 7               13                  0                13
Europe - Africa - Middle East
Amman SE                                   1                 0                 1                3                 0                  3
Athens Exchange                            2                 0                 2                0                 0                  0
BME Spanish Exchanges                     11                 1                12               39                 0                 39
Budapest SE                                0                 0                 0                6                 0                  6
Deutsche Börse                            17                13                30               12                66                 78
Egyptian Exchange                          1                 0                 1               13                 0                 13
Istanbul SE                               18                 1                19                5                 0                  5
Johannesburg SE                            0                 0                 0               11                 3                 14
London SE Group                           72                18                74               51                18                 61
Luxembourg SE                              0                36                36                0                 3                  3
Malta SE                                   1                 0                 1                0                 0                  0
Mauritius SE                               0                 0                 0                1                 0                  1
MICEX                                      6                 0                 6                4                 0                  4
NASDAQ OMX Nordic Exchange                14                 0                14                6                 3                  9
NYSE Euronext (Europe)                    17                 7                24               27                 1                 28
Oslo Børs                                 11                 3                14                3                 2                  5
Saudi Stock Market - Tadawul               9                 0                 9                0                 0                  0
SIX Swiss Exchange                         0                 0                 0                0                 1                  1
Tehran SE                                  1                 0                 1                0                 0                  0
Tel-Aviv SE                               15                 2                17                2                 3                  5
Warsaw SE                                109                 0               109                0                 0                  0
Wiener Börse                               0                 0                 0                1                 6                  7
54 Focus | January 2011


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


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


                                                            New shares        Existing shares                  Total               New co’s            Existing co’s           Total
 Americas
 BM&FBOVESPA                                                     2 980.7                 40.3                3 021.0                   343.0                2 678.1          3 021.0
 Buenos Aires SE                                                     0.0                  0.0                    0.0                     0.3                    0.3              0.5
 Colombia SE                                                         0.0                  0.0                    0.0                     0.0                    0.0              0.0
 Lima SE                                                            20.0                  0.0                   20.0                     0.0                   20.0             20.0
 Mexican Exchange                                                    0.0              6 957.6                6 957.6                     0.0                    0.0              0.0
 NASDAQ OMX                                                          0.0                  0.0                    0.0                   411.3                    0.0            411.3
 NYSE Euronext (US)                                                  0.0                  0.0                    0.0                 3 855.6               23 597.5         27 453.1
 Santiago SE                                                       308.3                  0.0                  308.3                   210.4                  308.3            518.8
 Asia - Pacific
 Australian SE                                                       0.0                    0.0                  0.0                10 851.7                5 934.3         16 786.0
 Bursa Malaysia                                                     24.2                    9.7                 33.9                    24.2                    9.7             33.9
 Colombo SE                                                         22.6                    0.0                 22.6                    22.6                    0.0             22.6
 Hong Kong Exchanges                                            21 706.1                  205.2             21 911.3                 6 032.1               15 879.2         21 911.3
 Indonesia SE                                                    2 679.2                    0.0              2 679.2                   264.9                2 414.2          2 679.2
 Korea Exchange                                                      0.0                    0.0                  0.0                   243.8                    0.0            243.8
 National Stock Exchange India                                       0.0                    0.0                  0.0                   640.3                1 270.3          1 910.6
 Osaka SE                                                            0.0                    0.0                  0.0                     0.0                    0.0              0.0
 Philippine SE                                                       9.3                    0.0                  9.3                     4.4                    4.9              9.3
 Shanghai SE                                                         0.0                    0.0                  0.0                 1 433.1                6 045.5          7 478.6
 Shenzhen SE                                                         0.0                    0.0                  0.0                 4 524.9                4 526.0          9 050.9
 Singapore Exchange                                                203.0                  625.3                828.3                     0.0                    0.0            828.3
 Taiwan SE Corp                                                    538.7                    0.0                538.7                   448.1                   90.5            538.7
 The Stock Exchange of Thailand                                     70.3                   39.7                110.0                     8.9                  101.1            110.0
 Tokyo SE Group                                                      0.0                    0.0                  0.0                     0.0                    0.0              0.0
 Europe - Africa - Middle East
 Amman SE                                                           48.4                  0.0                   48.4                     0.0                   48.4             48.4
 Athens Exchange                                                   183.4                  0.0                  183.4                     0.0                  183.4            183.4
 BME Spanish Exchanges                                           3 158.4                 73.5                3 232.0                    86.1                3 145.9          3 232.0
 Budapest SE                                                         3.0                  2.2                    5.1                     2.2                    3.0              5.1
 Cyprus SE                                                           0.0                  0.0                    0.0                     0.0                    0.0              0.0
 Deutsche Börse                                                     29.0                  0.0                   29.0                    32.4                    0.0             32.4
 Egyptian Exchange                                                  12.4                 50.1                   62.5                     0.0                   62.5             62.5
 Irish SE                                                            1.1                  0.0                    1.1                     0.0                    1.1              1.1
 Istanbul SE                                                       774.4                 41.8                  816.2                   782.4                   33.9            816.2
 Johannesburg SE                                                 3 492.2                176.0                3 668.2                     0.0                    0.0              0.0
 Ljubljana SE                                                        0.0                  0.0                    0.0                     0.0                    0.8              0.8
 London SE Group                                                    47.0                  0.0                   47.0                 1 389.9                2 464.4          3 855.6
 Malta SE                                                           40.7                  0.0                   40.7                    40.7                    0.0             40.7
 Mauritius SE                                                       44.6                  0.0                   44.6                     0.0                    0.0              0.0
 MICEX                                                               0.0                  0.0                    0.0                     0.0                    0.0              0.0
 NASDAQ OMX Nordic Exchange                                          0.0                  0.0                    0.0                     0.0                    0.0              0.0
 NYSE Euronext (Europe)                                              0.0                  0.0                    0.0                     0.0                    0.0              0.0
 Oslo Børs                                                         548.8              1 844.3                2 393.1                 1 894.0                  499.1          2 393.1
 Saudi Stock Market - Tadawul                                        0.0                  0.0                    0.0                     0.0                    0.0              0.0
 Tehran SE                                                           0.0                  0.0                    0.0                     0.0                    0.0              0.0
 Tel-Aviv SE                                                       320.2                  0.0                  320.2                    53.6                  266.6            320.2
 Warsaw SE                                                         327.9                 16.6                  344.5                   125.6                  218.9            344.5
 Wiener Börse                                                       57.3                  0.0                   57.3                     0.0                   57.3             57.3




Notes:
JASDAQ data are integrated in Osaka SE ones to reflect the merger between the two
exchanges since March 2010                                                                        Singapore Exchange: Capital raised on SGX Main Board & SGX Sesdaq
NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn,           NA: Not available
Riga and Vilnius Stock Exchanges                                                                  Source: World Federation of Exchanges members
                                                                                                        Focus | January 2011 55




                                                                   Year-to-date
Exchange                            According to the operation                    According to the status of the company


                                 New shares     Existing shares       Total       New co’s          Existing co’s              Total
Americas
BM&FBOVESPA                        97 670.7            2 845.1    100 515.6        6 075.9              94 440.1           100 515.9
Buenos Aires SE                       109.6               92.4        202.0          109.9                  92.6               202.5
Colombia SE                            67.3                0.0         67.3            0.0                   0.0                 0.0
Lima SE                               439.0                0.0        439.0           96.4                 342.6               439.0
Mexican Exchange                    1 293.3           19 232.9     20 526.2            0.0                   0.0                 0.0
NASDAQ OMX                              0.0                0.0          0.0        8 243.4                   0.0             8 243.4
NYSE Euronext (US)                      0.0                0.0          0.0       33 812.6             174 292.4           208 105.0
Santiago SE                         3 100.6                0.0      3 100.6          210.4               3 100.6             3 311.1
Asia - Pacific
Australian SE                           0.0                0.0     22 967.1       24 293.8              29 465.8            53 759.6
Bursa Malaysia                      6 251.6            3 662.9      9 914.6        6 251.6               3 662.9             9 914.6
Colombo SE                            161.3              181.6        342.9          161.3                 175.2               336.5
Hong Kong Exchanges                86 912.8           22 560.3    109 473.0       57 335.9              52 137.2           109 473.0
Indonesia SE                        8 454.0                0.0      8 454.0        3 291.0               5 163.0             8 454.0
Korea Exchange                          0.0                0.0          0.0        8 499.8                   0.0             8 499.8
National Stock Exchange India           0.0                0.0          0.0        9 445.1              26 463.5            35 908.7
Osaka SE                                0.0                0.0          0.0          320.5                   0.0               320.5
Philippine SE                       1 562.5                0.0      1 562.5          294.1               1 268.3             1 562.5
Shanghai SE                             0.0                0.0          0.0       29 233.6              54 296.1            83 529.7
Shenzhen SE                             0.0                0.0          0.0       44 278.9              16 009.0            60 287.9
Singapore Exchange                  5 406.0            1 501.2      6 924.1            0.0                   0.0             6 924.1
Taiwan SE Corp                      4 532.1                0.0      4 532.1        1 630.3               2 901.9             4 532.1
The Stock Exchange of Thailand      1 778.5              738.1      2 516.6          266.3               2 250.3             2 516.6
Tokyo SE Group                     50 153.8                0.0     50 153.8        7 829.3              42 324.5            50 153.8
Europe - Africa - Middle East
Amman SE                              157.7               55.1        212.8            59.3                109.7               169.0
Athens Exchange                     5 269.6                0.0      5 269.6             0.9              5 268.7             5 269.6
BME Spanish Exchanges              19 922.6           16 706.5     36 629.1        18 078.2             18 551.0            36 629.1
Budapest SE                           319.7               57.5        377.2           326.4                 50.7               377.1
Cyprus SE                               0.0              450.0        450.0             0.0                450.0               450.0
Deutsche Börse                        724.5              110.7        835.2           838.6                  0.0               838.6
Egyptian Exchange                   2 197.7            1 174.8      3 372.5           377.9              2 994.7             3 372.5
Irish SE                            6 221.1              586.3      6 807.4             0.0              6 807.4             6 807.4
Istanbul SE                         2 825.7              656.7      3 482.3         1 879.9              1 602.5             3 482.3
Johannesburg SE                     9 333.4            2 031.5     11 364.9             2.6              2 699.4             2 702.0
Ljubljana SE                            0.0                0.0          0.0             0.0                  0.8                 0.8
London SE Group                     9 423.2            3 252.1     12 675.3        20 107.2             40 616.5            60 726.5
Malta SE                               40.7                3.2         43.9            40.7                  3.3                43.9
Mauritius SE                          121.7                0.0        121.7             0.0                  0.0                 0.0
MICEX                               1 206.0               19.4      1 225.4         1 104.9                120.6             1 225.4
NASDAQ OMX Nordic Exchange          3 866.2              626.7      4 492.9         1 265.8              3 226.8             4 492.6
NYSE Euronext (Europe)             22 337.3           32 498.3     54 835.6           572.6             54 261.8            54 834.3
Oslo Børs                           6 405.2            2 329.6      8 734.8         3 219.2              6 355.4             9 574.5
Saudi Stock Market - Tadawul          847.0                0.0        847.0         1 057.2                 26.7             1 083.8
Tehran SE                               0.4                2.5          2.9             0.4                  2.5                 2.9
Tel-Aviv SE                         3 564.9                0.0      3 564.9           862.1              2 702.8             3 564.9
Warsaw SE                           8 213.2            4 225.7     12 438.9         4 719.1              7 719.8            12 438.9
Wiener Börse                        1 005.3                0.0      1 005.3            24.3                980.9             1 005.3
56 Focus | January 2011


Equity - Securitized derivatives - Number of securitized derivatives

                                                                 2010
 Exchange
                                  January     February       March        April      May      June
 Americas
 Mexican Exchange                     11           13           14          16        16        19
 TSX Group                           142          146          152         156       155       145
 Asia - Pacific
 Australian SE                      2 453        2 458        2 470       2 382     2 586     2 222
 Bursa Malaysia                       159          177          178         194       200       188
 Hong Kong Exchanges                5 069        5 363        5 305       5 401     5 475     5 134
 Korea Exchange                     4 605        4 859        5 095       5 625     6 014     6 148
 Shenzhen SE                            1            0            0           0         0         0
 Singapore Exchange                   311          304          301         251       265       233
 Taiwan SE Corp                     3 972        4 081        3 948       4 022     4 261     4 415
 The Stock Exchange of Thailand         3            3            4           4         3         6
 Europe - Africa - Middle East
 BME Spanish Exchanges              3 399        4 027        2 910       3 441     3 919     3 536
 Deutsche Börse                   399 949      440 040      468 629     448 090   481 691   499 556
 Johannesburg SE                      136          137          136         112        96       108
 London SE Group                    5 060        5 002        5 370       5 595     5 957     5 200
 Luxembourg SE                      7 235        7 394        6 981       7 038     7 138     7 228
 NASDAQ OMX Nordic Exchange         1 983        1 697        2 070       1 905     2 225     2 476
 NYSE Euronext (Europe)            12 666       14 078       13 242      14 309    15 309    13 691
 Oslo Børs                            329          288          303         254       232       285
 SIX Swiss Exchange                25 529       27 464       26 202      28 118    29 481    27 013
 Tel-Aviv SE                          377          381          396         404       403       404
 Warsaw SE                             71           71          111         133       131       134
 Wiener Börse                       4 082        4 041        3 797       4 126     4 431     4 543
                                                        Focus | January 2011 57




                            2010

   July   August    September      October   November                December


    26        27          30           36          39                       43
   134       133         137          136         133                      136

  2 193     2 290       2 254        2 208      2 254                    2 241
    181       180         174          195        198                      203
  4 983     5 197       5 322        5 889      6 228                    6 212
  6 636     7 000       7 614        8 245      8 409                    9 063
      0         0           0            0          0                        0
    219       226         234          259        270                      312
  4 413     4 905       5 180        5 447      5 557                    5 695
      6        14          17           19         31                       48

  3 702     3 589       2 927        3 612      3 732                    3 375
463 469   492 004     528 808      532 068    572 087                  618 362
    102        82          74           81         91                       88
  5 470     5 415       5 373        5 553      5 322                    5 144
  7 371     7 377       7 332        7 350      7 420                    7 581
  2 387     2 525       2 479        2 532      2 797                    3 053
 14 074    15 140      15 483       17 369     19 800                   18 661
    209       213         227          214        230                      257
 28 822    29 970      29 759       31 810     34 531                   30 604
    406       409         410          416        414                      416
    142       140         142          142        147                      148
  4 688     4 748       4 426        5 145      5 289                    5 941
58 Focus | January 2011


Equity - Securitized derivatives - Total turnover

                                                              2010
 Exchange
                                  January    February    March          April      May        June
 Americas
 Mexican Exchange                      2.9        3.5       20.8         11.9       14.7        9.1
 TSX Group                            73.0       47.4       76.8         69.0       62.1       58.3
 Asia - Pacific
 Australian SE                       205.3      431.2      422.6        368.5      636.6      268.3
 Bursa Malaysia                       54.9       24.6       65.8        133.4       53.6       20.5
 Hong Kong Exchanges              40 381.8   35 941.9   36 825.0     30 690.2   39 668.3   37 339.0
 Korea Exchange                   24 196.2   21 833.3   28 951.4     28 485.1   25 968.7   28 465.3
 Shenzhen SE                       7 051.5    1 573.0        0.0          0.0        0.0        0.0
 Singapore Exchange                  387.5      327.7      373.5        327.3      358.0      327.3
 Taiwan SE Corp                      403.1      159.4      332.8        427.9      327.7      312.1
 The Stock Exchange of Thailand        1.9        0.9        2.2          2.8        2.5        2.9
 Europe - Africa - Middle East
 BME Spanish Exchanges               135.8      167.5      155.6        158.0      284.5      187.3
 Deutsche Börse                    6 127.9    5 736.8    5 223.3      6 144.5    7 943.2    5 795.2
 Johannesburg SE                      23.6       27.0       18.5         18.2       26.8       17.8
 London SE Group                   1 455.2    1 776.7    2 028.4      2 213.8    1 440.5    2 112.9
 Luxembourg SE                         0.0        0.0        0.0          0.0        0.0        0.0
 NASDAQ OMX Nordic Exchange          193.2      469.6      164.3        185.1      253.6      130.3
 NYSE Euronext (Europe)            2 682.4    3 194.6    2 641.4      2 735.0    3 463.8    2 882.2
 Oslo Børs                            30.3       15.1       13.3         17.7       26.7       39.0
 SIX Swiss Exchange                3 062.2    2 973.6    3 317.8      3 435.7    3 269.0    2 560.5
 Tel-Aviv SE                       3 313.7    2 207.8    2 914.5      2 452.1    3 783.7    2 685.6
 Warsaw SE                             3.9        8.9        5.9          3.6       11.6       11.5
 Wiener Börse                         22.4       18.6       41.1         26.7       29.6       25.1
                                                                              Focus | January 2011 59




                              2010
                                                                          Trading days
    July    August    September      October    November    December    December 2010    Year-to-date


    56.0       29.1        33.5         88.9        13.4        26.8               23           310.8
    53.3       40.9       128.7        141.5       152.2       182.5               21         1 085.7

   268.8      271.2        308.9        236.2       234.1       254.2              21         3 905.9
    29.9       58.9        131.7        120.4        84.5       273.0              21         1 051.2
40 558.6   44 882.0     45 880.9     57 973.1    77 017.1    46 771.7              22       533 929.6
32 942.7   32 934.0     31 809.2     38 591.5    32 102.7    28 066.6              22       354 346.8
     0.0        0.0          0.0          0.0         0.0         0.0              23         8 624.4
   594.8      316.5        277.3        391.0       447.9       354.4              23         4 483.3
   469.1      662.9        784.6        772.7       789.2     1 165.3              23         6 606.8
     5.4       14.8        588.8        576.4       387.3       186.0              20         1 771.8

   172.3      167.1        183.1        182.8       165.1       157.0              21         2 116.2
 5 336.8    6 380.5      7 324.6      9 818.8     8 280.8     5 538.8              21        79 651.1
    19.4       12.3         10.6         12.2        15.9        10.2              21           212.5
 1 555.5    1 821.3      1 859.4      1 571.9     1 653.2     1 478.4              21        20 967.3
     0.0        0.0          0.0          0.0         0.0         0.0              23             0.0
   179.8      144.4        148.8        178.2       135.1       125.6              21         2 307.9
 2 729.3    2 761.8      2 806.8      2 940.9     3 314.2     2 620.1              23        34 772.6
    40.5       67.8        121.5         52.0        83.7        48.9              21           556.5
 2 603.0    2 721.2      3 219.0      3 429.8     4 114.7     3 359.3              21        38 065.8
 2 028.8    2 433.1      1 793.3      2 701.8     2 848.5     3 301.1              22        32 464.0
    10.1        8.3          9.5          5.8         5.2         8.9              22            93.2
    18.3       23.9         34.8         63.5        44.3        47.9              20           396.3
60 Focus | January 2011


Equity - Securitized derivatives - Number of trades (in thousands)

                                                               2010
 Exchange
                                  January   February      March         April     May       June
 Americas
 Mexican Exchange                     0.1        0.0         0.1         0.1       0.1       0.1
 TSX Group                           36.3       24.3        35.3        25.0      22.8      17.0
 Asia - Pacific
 Australian SE                       26.0       34.0         29.4        24.0      45.0      32.1
 Bursa Malaysia                      30.2       14.7         39.2        63.9      36.8      15.7
 Hong Kong Exchanges              2 088.4    1 750.8      1 959.6     1 654.0   2 201.2   2 027.5
 Korea Exchange                   6 242.9    5 629.8      5 422.2     5 938.6   7 477.0   7 035.5
 Shenzhen SE                          1.5        0.5          0.0         0.0       0.0       0.0
 Taiwan SE Corp                     492.8      274.4        445.7       506.8     455.3     433.4
 The Stock Exchange of Thailand       3.0        2.8          2.8         6.2       5.7       4.9
 Europe - Africa - Middle East
 BME Spanish Exchanges                0.0        0.0         0.0         0.0       0.0       0.0
 Deutsche Börse                     435.1      420.1       387.3       409.6     579.2     424.6
 Johannesburg SE                      8.8        9.5         7.7         6.6      10.5       7.5
 London SE Group                    119.0      137.0       130.0       129.0     172.0     139.0
 Luxembourg SE                        0.0        0.0         0.0         0.0       0.0       0.0
 NASDAQ OMX Nordic Exchange          41.0       93.6        37.5        42.9      54.1      35.4
 NYSE Euronext (Europe)             365.4      355.6       336.8       357.7     506.2     402.1
 Oslo Børs                            3.0        3.3         2.3         2.2       3.9       6.1
 SIX Swiss Exchange                 125.9      126.9       123.1       134.8     147.1     103.9
 Tel-Aviv SE                        263.9      179.3       210.4       185.3     339.0     226.5
 Warsaw SE                            1.4        2.2         1.5         1.1       2.4       1.4
 Wiener Börse                         1.9        2.1         2.3         2.6       3.7       2.5
                                                                           Focus | January 2011 61




                            2010
                                                                       Trading days
   July   August    September      October   November    December    December 2010    Year-to-date


   0.6       0.4          0.3          1.0        0.2         0.3               23            3.0
  15.8      16.1         25.6         27.3       38.0        35.8               21          319.2

   28.6      30.6         25.9        21.7        23.4        17.0              21           337.7
   17.6      38.8         81.5        71.0        49.8       134.7              21           593.8
2 027.2   2 417.1      2 190.7     2 960.5     3 559.0     2 570.7              22        27 406.5
7 632.2   7 736.1      5 499.7     7 201.3     8 763.0     7 382.5              22        81 960.6
    0.0       0.0          0.0         0.0         0.0         0.0              23             2.0
  552.5     687.3        727.6       732.2       779.3     1 027.8              23         7 115.0
    5.0       5.5        128.5       145.4       338.8         0.2              20           648.8

   0.0       0.0          0.0          0.0        0.0         0.0               21             0.0
 397.5     439.6        417.5        437.8      519.2       401.0               21         5 268.4
   7.7       5.9          5.0          5.0        5.8         3.7               21            83.7
 115.0     106.0        124.0        109.0      138.0       104.0               21         1 522.0
   0.0       0.0          0.0          0.0        0.0         0.0               23             0.0
  38.0      39.8         42.9         46.1       39.6        27.8               21           538.8
 342.7     371.1        384.9        380.3      467.2       346.1               23         4 616.1
   5.3       4.9          4.0          3.2        3.9         3.4               21            45.4
  97.6     107.5        101.1        109.6      125.7        92.8               21         1 396.0
 175.0     185.8        130.0        199.2      218.8       215.6               22         2 528.8
   1.7       2.8          2.4          2.2        2.1         2.5               22            23.5
   1.8       2.1          2.1          3.0        3.0         3.8               20            30.7
62 Focus | January 2011


Equity - ETFs - Number of ETFs

                                                           2010
 Exchange
                                  January   February   March      April    May    June
 Americas
 BM&FBOVESPA                            4          7       7          7       7       7
 Lima SE                                4          4       4          4       4       4
 Mexican Exchange                     247        256     273        284     289     299
 NASDAQ OMX                            52         57      59         71      71      71
 NYSE Euronext (US)                 1 067      1 079   1 080      1 085   1 085   1 088
 Santiago SE                           25         25      25         25      25      50
 TSX Group                            149        157     157        160     168     171
 Asia - Pacific
 Australian SE                        25         25       27        31      32      32
 Bombay SE                            18         19       21        21      21      21
 Bursa Malaysia                        3          3        3         3       3       3
 Hong Kong Exchanges                  44         50       61        61      62      62
 Indonesia SE                          2          2        2         2       2       2
 Korea Exchange                       52         54       55        57      57      58
 National Stock Exchange India        16         17       19        19      19      19
 Osaka SE                             12         14       11        11      11      11
 Shanghai SE                           5          5        6         6       7       8
 Shenzhen SE                           2          3        3         3       3       3
 Singapore Exchange                   49         53       57        62      67      74
 Taiwan SE Corp                       14         14       14        14      14      14
 The Stock Exchange of Thailand        3          3        3         3       3       3
 Tokyo SE Group                       71         72       86        86      88      88
 Europe - Africa - Middle East
 Athens Exchange                       2          2        2         2       2        2
 BME Spanish Exchanges                32         32       32        32      32       32
 Budapest SE                           1          1        1         1       1        1
 Deutsche Börse                      555        574      641       651     670      674
 Irish SE                             14         14       14        14      14       14
 Istanbul SE                          10          9        9         9       9        9
 Johannesburg SE                      24         24       25        25      25       25
 Ljubljana SE                          3          3        3         3       3        3
 London SE Group                     798        802      861       929     949    1 001
 NASDAQ OMX Nordic Exchange           13         13       14        34      45       49
 NYSE Euronext (Europe)              514        517      525       529     529      541
 Oslo Børs                             6          6        6         6       6        6
 SIX Swiss Exchange                  315        315      315       331     346      350
 Wiener Börse                         22         22       22        22      22       22
                                                     Focus | January 2011 63




                         2010

 July   August   September      October   November                December


    7        7           7            7          7                        7
    4        4           4            4          4                        3
  299      314         314          319        322                      333
   71       71          78           79         80                       80
1 100    1 107       1 116        1 111      1 127                    1 126
   50       50          50           50         50                       50
  175      177         177          179        181                      207

  32       32          33           34          34                      40
  21       23          24           24          24                      24
   5        5           5            5           5                       6
  65       65          66           66          67                      69
   2        2           2            2           2                       2
  59       60          61           61          63                      64
  20       21          22           23          24                      24
  11       13          13           13          13                      15
   8        9           9           10          12                      12
   3        3           3            3           3                       3
  74       74          76           76          77                      77
  14       14          14           14          14                      15
   3        3           3            3           4                       4
  93       93          93           96          97                      97

    2        2           2            2          2                        2
   43       43          43           44         65                       65
    1        1           1            1          1                        1
  682      680         719          739        754                      760
   14       14          14           14         14                       14
   10       11          11           11         12                       12
   25       25          25           27         27                       27
    3        1           1            1          1                        1
1 028    1 100       1 207        1 232      1 261                    1 273
   49       49          63           64         64                       64
  535      533         551          564        573                      561
    6        6           6            6          6                        6
  370      383         415          462        482                      497
   22       22          22           22         22                       22
64 Focus | January 2011


Equity - ETFs - Total turnover

                                                                 2010
 Exchange
                                   January    February       March          April       May         June
 Americas
 BM&FBOVESPA                          225.6       246.5       326.4         382.2       336.6       286.0
 Lima SE                                0.2         0.1         0.3           0.0         0.1         0.0
 Mexican Exchange                   5 350.1     6 926.7     9 392.4       5 870.1     7 245.7     7 558.2
 NASDAQ OMX                       110 636.9    87 038.5    79 882.0      88 141.8    83 044.2    98 876.6
 NYSE Euronext (US)               308 565.0   331 068.6   320 413.9     350 093.4   551 699.4   410 387.5
 Santiago SE                            2.8         0.5         0.4           0.3         5.8         0.4
 TSX Group                          9 309.3     7 955.4     9 258.4      11 826.2    13 610.3     9 528.7
 Asia - Pacific
 Australian SE                        349.2       351.6       326.6         339.0       551.2       542.6
 Bombay SE                             12.8        13.5        10.3           8.6        20.9        14.1
 Bursa Malaysia                         0.9         3.5         1.4           0.2         0.5         1.4
 Hong Kong Exchanges                6 298.1     3 575.5     4 106.4       5 517.2     7 194.3     4 789.1
 Indonesia SE                           0.1         0.0         0.0           0.1         0.0         0.1
 Korea Exchange                     1 547.3     1 526.8     1 875.9       2 545.3     2 174.5     1 745.7
 National Stock Exchange India        125.5       101.1       126.6         113.9       199.6       133.2
 Osaka SE                           1 894.5     1 416.1     1 529.9       2 024.8     2 112.2     1 562.6
 Shanghai SE                        8 105.2     3 042.8     4 212.5       5 187.8     6 223.2     3 792.0
 Shenzhen SE                        2 294.9     1 270.8     1 562.7       1 936.2     3 055.0     2 037.6
 Singapore Exchange                   245.7       153.0       231.7         354.3       681.6       338.5
 Taiwan SE Corp                       627.0       361.3       496.2         421.1       567.5       326.0
 The Stock Exchange of Thailand         9.5         6.0        15.0          10.6         8.4         8.8
 Tokyo SE Group                     2 036.2     1 589.2     2 078.6       2 123.6     2 291.6     1 538.4
 Europe - Africa - Middle East
 Athens Exchange                        8.2         3.6        14.5          14.2         5.5         7.9
 BME Spanish Exchanges                505.2     1 269.8       516.1         950.8     1 533.7       918.7
 Budapest SE                            0.6         0.1         0.5           0.5         0.3         0.3
 Deutsche Börse                         0.0    19 940.8    17 473.1      19 680.9    27 580.6    18 155.9
 Irish SE                               1.5         2.4         1.6           2.2        24.3         1.6
 Istanbul SE                          956.5       910.2       856.0         885.6       790.9       663.2
 Johannesburg SE                      244.9       241.1       416.4         287.4       617.0       510.0
 Ljubljana SE                           0.0         0.0         0.0           0.0         0.0         0.0
 London SE Group                   20 087.6    20 940.2    16 441.1      18 193.1    25 828.2    19 450.0
 NASDAQ OMX Nordic Exchange         1 150.4     2 665.3     1 496.6       1 737.9     3 115.2     1 992.0
 NYSE Euronext (Europe)            11 292.6    12 910.8    10 741.5      12 269.6    20 641.7    12 818.5
 Oslo Børs                          1 554.4     1 704.5     1 273.8       1 510.3     1 980.6     1 525.3
 SIX Swiss Exchange                 5 169.6     5 204.2     5 279.3       4 760.8     7 451.5     6 061.7
 Wiener Börse                           8.1         5.9        11.4           4.6         7.4         7.5
                                                                                 Focus | January 2011 65




                                2010
                                                                             Trading days
     July     August    September       October    November    December    December 2010    Year-to-date


    318.5       341.0        381.3         386.0       385.2       384.5              21         3 999.7
      0.0         0.0          0.0           0.0         0.0         0.0              22             0.8
  6 047.1     6 693.5      7 636.3       6 383.0     6 320.0     4 436.1              23        79 859.2
 82 936.2    70 989.5     79 568.5      82 761.8    87 616.0    59 327.0              22     1 010 819.2
342 259.7   324 163.5    313 267.9     322 271.1   340 932.1   249 364.8              22     4 164 486.8
      2.0         0.9         22.0           9.9         7.7         3.7              21            56.4
  7 492.1     7 771.5     10 484.2       8 015.2     9 954.9     8 985.3              21       114 191.6

    428.2       463.4        589.0        537.3        497.1       495.6              21         5 470.6
     20.0        15.2         22.7         30.3         35.4        20.5              22           224.1
      5.8         4.9         33.4         16.3         12.1         7.9              21            88.4
  6 225.4     5 744.5      5 680.1     10 997.8     11 154.1     6 529.0              22        77 811.4
      0.0         0.0          0.0          0.1          0.1         0.1              20             0.6
  1 956.8     1 861.2      1 648.3      2 124.4      2 788.4     2 074.2              22        23 868.8
    156.5       144.0        204.2        221.0        188.0       162.4              22         1 875.8
  1 276.9     1 889.5      1 899.2      1 933.2      2 200.7     1 889.0              21        21 628.5
  4 202.1     4 396.5      2 823.9      7 458.7      8 188.4     4 563.1              23        62 196.2
  2 295.5     3 222.3      2 472.5      3 924.3      5 920.4     3 386.6              23        33 378.9
    476.0       339.7        363.1        736.5        843.8       608.5              23         5 372.3
    513.1       629.3        446.7        636.5        558.8       799.4              23         6 382.9
      8.5         9.2         11.1          7.6         14.5         9.1              20           118.1
  1 467.7     1 295.2      1 828.9      2 811.2      3 099.9     2 780.4              21        24 940.9

      2.6         0.3          1.4           3.8         6.1         2.0              20            70.1
    372.4       349.4        253.5         531.0       347.9       244.2              21         7 792.6
      0.3         0.1          0.0           0.1         0.1         0.3              22             3.2
 17 343.3    15 999.8     16 369.6      16 611.0    19 342.5    16 275.2              21       204 772.5
      2.0         1.5          2.1           1.5         2.3         0.9              21            43.9
    750.1       617.9        667.8         900.8       707.8       633.5              23         9 340.3
    244.6       366.9        291.9         214.1       534.7       508.5              21         4 477.4
      0.0         0.0          0.0           0.0         0.0         0.0              20             0.1
 17 432.3    16 415.9     18 684.0      20 701.9    27 728.5    21 207.4              21       243 110.1
  1 500.0     1 622.1      1 933.0       2 002.9     1 874.9     1 540.0              21        22 630.4
 12 268.1    10 422.0     12 214.3      11 370.4    15 567.6    12 295.4              23       154 812.5
  1 008.3     1 601.2      1 342.5       1 334.4     1 367.0       980.5              21        17 182.9
  5 042.0     4 364.9      5 335.0       6 329.7     6 716.3     6 787.1              21        68 502.0
      3.6         1.5          7.3           3.8         6.1         8.2              20            75.2
66 Focus | January 2011


Equity - ETFs - Number of trades (in thousands)

                                                              2010
 Exchange
                                  January    February    March          April      May        June
 Americas
 BM&FBOVESPA                           7.1        9.8       12.4         14.0       16.0       12.1
 Lima SE                               0.0        0.0        0.0          0.0        0.0        0.0
 Mexican Exchange                     20.3       20.7       22.8         17.4       27.7       23.9
 NASDAQ OMX                        3 349.0    2 917.0    2 679.0      2 823.0    5 419.0    3 771.0
 NYSE Euronext (US)               17 068.7   18 474.7   16 534.0     17 340.6   31 761.8   24 568.9
 Santiago SE                           0.0        0.0        0.0          0.0        0.0        0.0
 TSX Group                           935.1      844.7      834.5        898.1    1 180.6      910.6
 Asia - Pacific
 Bombay SE                           14.7        12.5      13.3         10.4       40.7       18.7
 Bursa Malaysia                     390.0       206.0     653.0         49.0        0.1      406.0
 Hong Kong Exchanges                230.7       126.0     126.3        196.3      254.6      170.2
 Indonesia SE                         0.1         0.0       0.0          0.1        0.1        0.1
 Korea Exchange                     501.2       484.6     496.8        642.3      815.4      703.0
 National Stock Exchange India      110.0        96.8     102.2         73.9      261.5      122.5
 Shanghai SE                        914.0       403.0     512.0        641.0      669.0      420.0
 Shenzhen SE                        267.9       151.2     210.2        240.7      274.8      193.3
 Taiwan SE Corp                      83.0        51.2      59.1         60.9       89.8       66.9
 The Stock Exchange of Thailand       7.7         5.8       8.2          7.9        6.8        5.8
 Europe - Africa - Middle East
 Athens Exchange                      0.3         0.2       0.2          0.3        0.2        0.3
 BME Spanish Exchanges                0.0         0.0       0.0          0.0        0.0        0.0
 Budapest SE                          0.1         0.0       0.1          0.1        0.1        0.0
 Deutsche Börse                       0.0       156.9     159.4        170.8      247.8      153.7
 Irish SE                             0.1         0.1       0.1          0.1        0.1        0.1
 Istanbul SE                         19.1        19.2      16.9         49.6       17.0       17.0
 Johannesburg SE                      5.5         5.5       5.9          5.3        8.8        6.5
 Ljubljana SE                         0.0         0.0       0.0          0.0        0.0        0.0
 London SE Group                    373.0       342.0     366.0        393.0      491.0      378.0
 NASDAQ OMX Nordic Exchange          35.6        75.1      32.8         36.2       97.5       63.6
 NYSE Euronext (Europe)             174.0       171.9     162.5        182.9      297.3      203.7
 Oslo Børs                           45.9        57.9      40.4         35.2       67.2       56.0
 SIX Swiss Exchange                  50.6        49.2      56.1         54.9       79.8       58.0
 Wiener Börse                         0.2         0.1       0.1          0.2        0.2        0.2
                                                                              Focus | January 2011 67




                              2010
                                                                          Trading days
    July    August    September      October    November    December    December 2010    Year-to-date


    10.9       17.3         23.4         17.9        25.6        30.1              21           196.6
     0.0        0.0          0.0          0.0         0.0         0.0              22             0.0
    20.5       22.7         26.3         23.1        29.2        21.1              23           275.8
 3 479.0    2 655.0      2 571.0      2 879.0     2 540.0     1 862.0              22        36 944.0
20 599.5   18 202.4     16 484.2     17 091.0    17 483.9    12 561.5              22       228 171.0
     0.0        0.0          0.1          0.2         0.2         0.1              21             0.6
   781.6      773.8        858.9        687.1       799.1       656.0              21        10 160.2

   21.7       18.7          26.2         29.6       37.1        25.0               22           268.5
  760.0      719.0       1 960.0      1 138.0      697.0       757.0               21         7 735.1
  201.4      170.3         157.0        271.6      307.9       183.7               22         2 396.0
    0.0        0.0           0.1          0.2        0.2         0.3               20             1.1
  712.2      724.5         540.8        739.8      890.7       763.2               22         8 014.4
  133.9      125.1         151.6        161.6      204.4       148.7               22         1 692.1
  507.0      480.0         721.0        659.0      661.0       390.0               23         6 977.0
  223.6      279.9         190.7        239.6      387.5       284.8               23         2 944.0
   92.5       69.1          53.9         87.1       83.4        95.4               23           892.5
    4.7        4.6           5.7          4.0        6.5         4.0               20            71.5

    0.2        0.1          0.1          0.1         0.4         0.1               20             2.5
    0.0        0.0          0.0          0.0         0.0         0.0               21             0.0
    0.0        0.0          0.0          0.0         0.0         0.0               22             0.6
  145.3      151.2        141.4        166.9       188.0       169.3               21         1 850.5
    0.1        0.1          0.1          0.1         0.1         0.0               21             0.9
   17.0       17.0         17.0         18.0        17.0        17.0               23           241.9
    6.6        6.8          5.6          6.2         7.5         5.1               21            75.3
    0.0        0.0          0.0          0.0         0.0         0.0               20             0.0
  334.0      331.0        362.0        360.0       457.0       375.0               21         4 562.0
   51.6       52.7         54.5         52.2        54.2        36.8               21           642.7
  177.4      170.0        185.6        177.0       212.7       167.9               23         2 282.9
   38.4       56.4         48.1         41.6        47.3        30.9               21           565.3
   49.0       44.9         51.9         60.6        75.4        66.3               21           696.6
    0.1        0.1          0.1          0.2         0.2         0.3               20             2.0
68 Focus | January 2011


Equity - Broad stock index performance


                                                                                            2010
 Exchange                            Name of index
                                                                    January     February           March        April         May
 Americas
 Bermuda SE                          BSX Index                      2 064.51     1 900.08     1 622.90       1 276.39     1 363.67
 BM&FBOVESPA                         Ibovespa                      65 401.77    66 503.27    70 371.54      67 529.73    63 046.51
 Buenos Aires SE                     Composite                    127 937.15   124 970.09   134 195.35     136 118.24   124 539.47
 Colombia SE                         IGBC                          11 551.45    11 724.52    12 118.31      12 512.61    12 236.19
 Lima SE                             Indice General BVL (IGBVL)    14 440.05    14 002.32    15 129.00      15 842.26    14 487.31
 Mexican Exchange                    IPC CompMx                       233.42       242.47       255.48         250.94       245.93
 NASDAQ OMX                          Composite                      2 147.35     2 238.26     2 397.96       2 461.19     2 257.04
 NYSE Euronext (US)                  Composite                      6 883.78     7 035.05     7 447.80       7 474.40     6 791.57
 Santiago SE                         IGPA                          17 594.65    17 789.25    17 642.67      18 039.09    18 130.71
 TSX Group                           S&P/TSX Composite             11 904.31    11 629.63    12 037.73      12 210.70    11 762.99
 Asia - Pacific
 Australian SE                       All Ordinary Price             4 596.88     4 651.10     4 893.10       4 833.90     4 453.60
 Bombay SE                           BSE 500                        6 509.90     6 518.38     6 919.55       7 042.68     6 782.37
 Bursa Malaysia                      FBM Emas Index                 8 484.00     8 560.20     8 957.24       9 105.25     8 645.86
 Colombo SE                          CSE All Share                  3 636.41     3 807.86     3 724.59       4 188.90     4 237.16
 Hong Kong Exchanges                 S&P/HKEX LargeCap Index       23 764.50    24 240.75    24 850.35      24 860.57    23 277.99
 Indonesia SE                        JSX Composite Index            2 610.80     2 549.03     2 777.30       2 971.25     2 796.96
 Korea Exchange                      KOSPI                          1 602.43     1 594.58     1 692.85       1 741.56     1 641.25
 National Stock Exchange India       S&P CNX 500                    4 156.05     4 127.55     4 313.25       4 368.10     4 226.60
 Osaka SE                            300 Common                     1 004.24       985.32     1 088.84       1 081.19       965.67
 Philippine SE                       PSE Index (PSEi)               2 953.19     3 043.75     3 161.80       3 290.09     3 272.73
 Shanghai SE                         SSE Composite Index            2 989.29     3 051.94     3 109.11       2 870.61     2 592.15
 Shenzhen SE                         SZSE Composite Index           1 120.45     1 172.33     1 211.25       1 112.68     1 033.50
 Singapore Exchange                  Straits Times Index            2 745.35     2 750.86     2 887.46       2 974.61     2 752.60
 Taiwan SE Corp                      TAIEX                          7 640.44     7 436.10     7 920.06       8 004.25     7 373.98
 The Stock Exchange of Thailand      SET Index                        696.55       721.37       787.98         763.51       750.43
 Tokyo SE Group                      TOPIX                            901.12       894.10       978.81         987.04       880.46
 Europe - Africa - Middle East
 Amman SE                            ASE Index                      2 525.10     2 470.88     2 517.72       2 575.47     2 401.57
 Athens Exchange                     General Price                  2 048.32     1 913.16     2 067.49       1 869.99     1 550.78
 BME Spanish Exchanges Barcelona     BCN Global - 100 Index           853.81       803.45       840.04         812.56       720.51
 BME Spanish Exchanges Bilbao        Indice Bolsa Bilbao 2000       1 780.69     1 687.75     1 782.21       1 715.32     1 523.91
 BME Spanish Exchanges Madrid        IGBM Index                     1 140.57     1 074.18     1 123.08       1 086.68       966.64
 BME Spanish Exchanges Valencia      IGBV Index                     1 046.83       988.56     1 037.76       1 004.09       904.54
 Borsa Italiana                      Historic MIB                  16 796.98    16 207.45    17 589.00      16 829.00    15 236.00
 Budapest SE                         BUMIX                          1 993.15     1 998.16     2 135.77       2 163.56     2 020.47
 Cyprus SE                           CSE General Index              1 495.03     1 398.37     1 493.66       1 370.91     1 190.87
 Deutsche Börse                      CDAX Price                       303.33       302.10       331.65         329.26       313.44
 Egyptian Exchange                   EGX 30 Index                   6 756.14     6 632.54     6 806.11       7 451.72     6 549.02
 Irish SE                            ISEQ Overall                   2 976.25     2 873.60     3 177.77       3 397.00     2 947.70
 Istanbul SE                         ISE 100 Index                 54 650.58    49 705.49    56 538.37      58 958.10    54 384.94
 Johannesburg SE                     FTSE/JSE All Share            26 675.95    26 764.61    28 747.56      28 635.76    27 145.36
 London SE                           FTSE 100                       2 660.49     2 736.80     2 910.19       2 863.35     2 673.17
 Luxembourg SE                       Lux General Price              1 101.10     1 127.63     1 277.64       1 193.15     1 066.38
 Malta SE                            MSE Share Index                3 846.91     3 620.15     3 549.24       3 505.93     3 484.29
 Mauritius SE                        SEMDEX                         1 740.97     1 646.10     1 639.49       1 687.27     1 609.97
 MICEX                               MICEX Index                    1 419.42     1 332.64     1 450.15       1 436.04     1 332.62
 NASDAQ OMX Nordic Copenhagen        OMXC                             319.94       319.32       339.98         359.99       341.97
 NASDAQ OMX Nordic Helsinki          OMXH                           6 704.05     6 680.45     7 297.79       6 997.54     6 490.40
 NASDAQ OMX Nordic Iceland           OMXIPI                           492.18       532.09       574.26         618.83       543.84
 NASDAQ OMX Nordic Stockholm         OMXS                             301.62       299.65       324.48         332.95       308.41
 NYSE Euronext Amsterdam             AAX                              510.01       497.58       539.97         542.22       499.66
 NYSE Euronext Brussels              General Price                  8 051.90     8 050.22     8 471.40       8 187.62     7 969.95
 NYSE Euronext Lisbon                BVL General                    2 736.60     2 610.30     2 775.98       2 579.58     2 509.41
 NYSE Euronext Paris                 SBF 250                        2 675.75     2 657.74     2 850.31       2 759.18     2 545.12
 Oslo Børs                           OSEBXPR                          240.52       232.35       249.43         252.03       222.46
 Saudi Stock Market - Tadawul        TASI                           6 252.55     6 437.50     6 801.01       6 867.97     6 120.52
 SIX Swiss Exchange                  SMI                            6 440.72     6 710.99     6 873.37       6 616.82     6 312.60
 Tehran SE                           TEDPIX                        47 703.00    48 859.00    52 667.00      57 010.00    57 115.00
 Tel-Aviv SE                         General                          967.78     1 009.63     1 060.78       1 004.18       922.18
 Warsaw SE                           WIG Total Return              40 058.26    38 708.61    42 446.51      43 295.17    41 530.09
 Wiener Börse                        SE Price Index                   915.17       898.13       963.06         993.15       908.75




Source: World Federation of Exchanges members
                                                                                           Focus | January 2011 69




                                       2010
                                                                                            % change/    % change/
     June          July      August    September      October    November     December      last month      Dec 09

  1 233.65     1 244.25     1 259.39     1 275.70     1 260.94     1 188.89     1 142.49        -3.9%      -44.9%
 60 935.90    60 515.00    65 145.45    69 429.78    70 673.30    67 705.40    69 304.81         2.4%        1.0%
123 883.53   135 444.78   129 923.55   145 193.03   158 855.16   169 624.83   188 392.43        11.1%       48.8%
 12 449.90    13 283.28    14 105.47    14 710.97    15 899.57    14 935.58    15 496.77         3.8%       33.6%
 13 985.01    14 275.38    15 153.33    17 867.36    19 220.93    20 854.50    23 374.57        12.1%       65.0%
    239.35       247.86       244.37       256.92       273.57       282.89       296.07         4.7%       20.8%
  2 109.24     2 254.70     2 114.03     2 368.62     2 507.41     2 498.23     2 652.87         6.2%       16.9%
  6 469.65     6 998.99     6 704.15     7 281.07     7 513.35     7 430.94     7 964.02         7.2%       10.8%
 18 848.07    20 296.63    21 239.70    22 355.94    22 874.62    22 927.69    22 979.22         0.2%       38.2%
 11 294.42    11 713.43    11 913.86    12 368.65    12 676.24    12 952.88    13 443.22         3.8%       14.5%

  4 324.80     4 507.40     4 438.80     4 636.90     4 733.40     4 676.40     4 846.90         3.7%       -0.7%
  7 092.20     7 205.22     7 289.74     7 984.45     8 036.88     7 722.05     7 961.06         3.1%       16.4%
  8 863.39     9 212.77     9 482.65     9 811.64    10 171.86    10 073.34    10 374.98         3.0%       22.0%
  4 612.46     5 161.18     5 658.01     6 997.22     6 678.05     6 434.85     6 635.87         3.1%       96.0%
 23 718.78    24 624.43    24 084.86    26 266.05    27 243.82    27 339.35    27 392.78         0.2%        7.2%
  2 913.68     3 069.28     3 081.88     3 501.30     3 635.32     3 531.21     3 703.51         4.9%       46.1%
  1 698.29     1 759.33     1 742.75     1 872.81     1 882.95     1 904.63     2 051.00         7.7%       21.9%
  4 420.70     4 475.15     4 537.25     4 925.15     4 972.95     4 781.40     4 940.15         3.3%       14.1%
    908.81       925.62       881.22       907.26       884.11       942.95       981.06         4.0%       -2.7%
  3 372.71     3 426.95     3 566.23     4 100.07     4 268.74     3 953.70     4 201.14         6.3%       37.6%
  2 398.37     2 637.50     2 638.80     2 655.66     2 978.84     2 820.18     2 808.08        -0.4%      -14.3%
    945.29     1 075.45     1 166.50     1 169.02     1 303.85     1 307.83     1 290.87        -1.3%        7.5%
  2 835.51     2 987.70     2 950.33     3 097.63     3 142.62     3 144.70     3 190.04         1.4%       10.1%
  7 329.37     7 760.63     7 616.28     8 237.78     8 287.09     8 372.48     8 972.50         7.2%        9.6%
    797.31       855.83       913.19       975.30       984.46     1 005.12     1 032.76         2.8%       40.6%
    841.42       849.50       804.67       829.51       810.91       860.94       898.80         4.4%       -1.0%

  2 348.56     2 334.77     2 249.00     2 306.46     2 335.61     2 354.60     2 373.58         0.8%       -6.3%
  1 434.22     1 681.98     1 555.41     1 471.04     1 547.43     1 419.67     1 413.94        -0.4%      -35.6%
    717.20       816.35       787.86       807.47       831.99       700.40       751.32         7.3%      -19.7%
  1 496.20     1 676.74     1 628.86     1 687.30     1 723.94     1 506.68     1 615.18         7.2%      -15.9%
    960.79     1 088.62     1 052.73     1 085.03     1 111.28       944.91     1 003.73         6.2%      -19.2%
    898.69     1 023.60       996.16     1 028.86     1 064.71       914.70       976.93         6.8%      -14.2%
 15 009.00    16 076.00    15 174.00    15 944.00    16 656.00    15 183.00    16 121.00         6.2%       -8.7%
  1 920.34     2 027.96     2 000.44     2 145.18     2 117.74     1 883.09     1 929.42         2.5%       -3.1%
  1 066.92     1 317.99     1 269.46     1 246.79     1 308.81     1 108.66     1 055.21        -4.8%      -33.9%
    313.07       322.99       312.12       329.00       348.85       353.66       368.72         4.3%       15.1%
  6 033.09     6 316.52     6 407.93     6 634.27     6 670.34     6 704.83     7 142.14         6.5%       15.0%
  2 878.67     2 915.36     2 703.86     2 676.18     2 684.25     2 646.00     2 885.10         9.0%       -3.0%
 54 839.46    59 867.00    59 973.00    65 774.00    68 760.00    65 350.85    66 004.48         1.0%       25.0%
 26 258.82    28 355.21    27 253.87    29 456.04    30 430.90    30 266.40    32 118.89         6.1%       16.1%
  2 543.47     2 715.36     2 783.03     2 868.00     2 936.00     2 861.61     3 063.00         7.0%       11.0%
  1 045.60     1 055.57     1 036.91     1 076.40     1 058.87     1 088.72     1 241.90        14.1%        2.9%
  3 365.10     3 533.22     3 458.83     3 386.85     3 374.27     3 468.80     3 781.24         9.0%        9.3%
  1 654.16     1 716.06     1 719.67     1 760.87     1 861.86     1 906.79     1 967.45         3.2%       18.5%
  1 309.31     1 397.12     1 368.90     1 440.30     1 523.39     1 565.52     1 687.99         7.8%       23.2%
    344.41       356.28       343.41       361.09       369.00       370.50       395.20         6.7%       31.2%
  6 251.04     6 637.69     6 527.67     7 095.68     7 227.84     7 071.95     7 661.90         8.3%       18.7%
    560.60       580.79       582.22       572.13       583.16       576.17       569.19        -1.2%       14.7%
    312.96       327.09       316.16       342.83       343.17       348.04       368.54         5.9%       23.1%
    489.66       509.24       491.13       520.28       527.15       515.53       557.94         8.2%        7.1%
  7 794.08     8 187.48     8 058.25     8 478.66     8 855.21     8 250.52     8 552.46         3.7%        4.4%
  2 524.31     2 624.19     2 626.15     2 655.61     2 852.69     2 591.84     2 721.99         5.0%       -6.2%
  2 498.74     2 641.13     2 538.24     2 705.10     2 796.15     2 649.77     2 800.66         5.7%        0.4%
    211.04       230.52       226.65       244.60       259.47       253.91       281.41        10.8%       14.2%
  6 093.76     6 283.73     6 106.42     6 392.39     6 353.88     6 318.50     6 620.75         4.8%        8.2%
  6 128.06     6 200.78     6 180.89     6 296.33     6 472.23     6 312.43     6 436.04         2.0%       -1.7%
 59 207.00    64 448.00    73 055.00    75 965.00    73 279.00    74 221.00    76 713.00         3.4%       68.2%
    915.05       927.52       951.70     1 013.58     1 055.50     1 027.12     1 081.81         5.3%       12.6%
 39 392.47    42 464.68    42 215.66    45 236.72    46 229.60    45 361.07    47 489.91         4.7%       18.8%
    867.91       935.40       912.37       959.19     1 004.24       981.41     1 104.39        12.5%       19.2%
70 Focus | January 2011


Equity - Blue chip index performance


                                                                                                       2010
 Exchange                        Name of index
                                                                  January            February                 March          April       May
Americas
BM&FBOVESPA                      IBrX-50                          9 135.62            9 253.32            9 805.65        9 402.58    8 795.55
Buenos Aires SE                  Burcap Index                     8 098.81            7 879.70            8 502.19        8 625.61    7 826.63
Colombia SE                      IGBC                            11 551.45           11 724.50           12 118.31        1 467.26    1 444.54
Lima SE                          Indice Selectivo BVL (ISBVL)    22 707.94           21 937.73           23 048.69       23 560.99   21 598.86
Mexican Exchange                 IPC                             30 391.61           31 634.54           33 266.43       32 687.32   32 038.53
NASDAQ OMX                       Nasdaq 100                       1 741.04            1 818.68            1 958.34        2 000.63    1 852.39
NYSE Euronext (US)               NYSE US 100                      4 959.38            5 056.58            5 318.94        5 340.03    4 882.38
Santiago SE                      IPSA                             3 808.96            3 827.44            3 763.12        3 865.45    3 886.86
TSX Group                        S&P/TSX 60                         648.53              680.76              706.81          716.05      691.63
Asia - Pacific
Australian SE                    ASX/S&P 50                       4 591.24            4 673.10            4 909.80        4 828.50    4 444.00
Bombay SE                        SENSEX                          16 357.96           16 429.55           17 527.77       17 558.71   16 944.63
Bursa Malaysia                   Kuala Lumpur Composite           1 259.16            1 270.78            1 320.57        1 346.38    1 285.01
Colombo SE                       Milanka Price Index              4 181.79            4 354.73            4 270.73        4 712.40    4 757.40
Hong Kong Exchanges              Hang Seng Index                 20 121.99           20 608.70           21 239.35       21 108.59   19 765.19
Indonesia SE                     LQ45 Index                         510.45              496.03              539.80          573.37      543.59
Korea Exchange                   KOSPI 200                        3 392.20            3 363.17            3 553.54        3 660.94    3 445.68
National Stock Exchange India    S&P CNX Nifty                    4 882.05            4 922.30            5 249.10        5 278.00    5 086.30
Osaka SE                         OSE Adjusted 250 Issues         18 118.43           17 864.31           19 735.93       20 098.88   17 906.14
Shanghai SE                      SSE 180 Index                    6 935.84            7 081.67            7 276.19        6 673.54    5 993.66
Shenzhen SE                      SZSE 100 Index                   4 240.13            4 388.78            4 409.57        4 009.57    3 682.46
Singapore Exchange               Straits Times Index              2 745.35            2 750.86            2 887.46        2 974.61    2 752.60
Taiwan SE Corp                   TSEC Taiwan 50 Index             5 298.36            5 139.65            5 384.87        5 465.07    5 015.79
The Stock Exchange of Thailand   SET 50 Index                       490.77              507.68              558.28          538.93      524.14
Tokyo SE Group                   TOPIX Core 30                      511.86              504.74              553.95          544.89      484.68
Europe - Africa - Middle East
Athens Exchange                  FTSE/ASE 20                      1 037.14              957.75            1 025.69          922.08      744.88
BME Spanish Exchanges            IBEX 35                         10 947.70           10 333.60           10 871.30       10 492.20    9 359.40
Borsa Italiana                   S&P/MIB                         21 896.29           21 068.32           22 848.00       21 562.00   19 544.00
Budapest SE                      BUX                             21 831.46           21 267.81           24 245.55       24 764.76   22 103.42
Cyprus SE                        FTSE/CySE 20                       507.94              475.63              506.67          465.36      404.38
Deutsche Börse                   DAX Performance Index            5 608.79            5 598.46            6 153.55        6 135.70    5 964.33
Egyptian Exchange                DJ/CASE Egypt Titans 20 Index    1 423.02            1 404.95            1 442.97        1 579.96    1 405.14
Irish SE                         ISEQ 20                            475.15              458.59              509.91          537.07      468.25
Istanbul SE                      ISE 30 Index                    68 483.65           61 542.00           70 959.87       73 469.67   68 175.89
Johannesburg SE                  FTSE/JSE Top 40                 24 041.26           23 994.59           25 833.44       25 629.93   24 157.99
Ljubljana SE                     SBI 20                             999.76              960.01              965.95          954.01      882.66
London SE                        FTSE 100                         5 188.52            5 354.50            5 679.64        5 553.29    5 188.43
Luxembourg SE                    LuxX                             1 363.96            1 404.69            1 542.85        1 466.01    1 388.12
Mauritius SE                     SEM-7                              366.77              342.57              339.17          349.37      326.63
MICEX                            MICEX 10 Index                   3 309.19            3 092.09            3 456.62        3 411.22    3 191.19
NASDAQ OMX Nordic Copenhagen     OMXC20                             354.85              354.77              383.04          411.50      388.69
NASDAQ OMX Nordic Helsinki       OMXH25                           2 057.18            2 071.79            2 246.04        2 248.71    2 100.78
NASDAQ OMX Nordic Stockholm      OMXS30                             953.71              947.39            1 021.08        1 053.88      980.63
NYSE Euronext Amsterdam          AEX 25                             327.90              317.74              344.22          345.91      320.70
NYSE Euronext Brussels           BEL 20                           2 505.20            2 514.87            2 648.46        2 560.99    2 453.37
NYSE Euronext Lisbon             PSI 20                           7 927.31            7 559.17            8 102.15        7 408.45    7 072.01
NYSE Euronext Paris              CAC 40                           3 739.46            3 708.80            3 974.01        3 816.99    3 507.56
Oslo Børs                        OBX Index                          329.81              317.57              342.61          348.15      313.20
SIX Swiss Exchange               SMI                              6 440.72            6 710.99            6 873.37        6 616.82    6 312.60
Tehran SE                        TSE 50                             500.90              523.30              570.40          612.90      613.30
Tel-Aviv SE                      TA 25                            1 119.73            1 159.61            1 229.07        1 164.23    1 082.74
Warsaw SE                        WIG 20                           2 382.64            2 265.01            2 495.60        2 547.52    2 433.81
Wiener Börse                     ATX (Austrian Traded Index)      2 493.53            2 438.95            2 634.00        2 650.32    2 422.63




Notes:
NA: Not available                                                        Source: World Federation of Exchanges members
                                                                                        Focus | January 2011 71




                                                                                   % change                       %
                                    2010
                                                                                       / last % change    volatility
    June         July     August    September     October    November     December   month     / Dec 09     Dec 10


 8 293.40    9 252.00    8 883.22     9 520.77    9 643.36     9 287.99    9 634.08     3.7%      0.8%      12.7%
 7 799.42    8 602.15    8 258.42     9 275.91   10 224.57    10 781.40   11 857.45    10.0%     47.6%      24.8%
 1 466.78    1 571.62    1 664.18     1 769.50    1 901.83     1 779.94    1 823.70     2.5%    -84.3%      13.1%
20 741.15   21 452.78   22 807.56    26 055.67   28 031.77    28 989.81   32 050.41    10.6%     42.9%      16.5%
31 156.97   32 308.73   31 679.85    33 330.34   36 568.22    36 817.32   38 550.79     4.7%     20.0%      14.5%
 1 739.14    1 864.00    1 767.43     1 998.04    2 124.45     2 117.33    2 217.86     4.8%     19.2%         NA
 4 646.38    4 962.19    4 752.67     5 102.24    5 243.80     5 237.23    5 599.23     6.9%      9.9%         NA
 4 065.26    4 364.15    4 525.01     4 795.38    4 912.53     4 956.96    4 927.53    -0.6%     37.6%       7.8%
   662.06      685.03      694.05       715.07      728.09       741.34      768.65     3.7%     10.9%         NA

 4 328.90    4 517.50    4 406.70     4 571.90    4 647.50    4 555.60     4 693.30     3.0%     -3.8%         NA
17 700.90   17 868.29   17 971.12    20 069.12   20 032.34   19 521.25    20 509.09     5.1%     17.4%       0.9%
 1 314.02    1 360.92    1 422.49     1 463.50    1 505.66    1 485.23     1 518.91     2.3%     19.3%         NA
 5 278.35    5 854.73    5 889.16     7 552.70    7 241.77    6 988.54     7 061.46     1.0%     83.4%       1.4%
20 128.99   21 029.81   20 536.49    22 358.17   23 096.32   23 007.99    23 035.45     0.1%      5.3%      15.2%
   566.10      589.93      581.31       651.93      673.42      638.08       661.38     3.7%     32.7%      13.0%
 3 545.95    3 702.42    3 664.14     3 925.70    3 923.25    4 030.42     4 386.97     8.9%     22.6%         NA
 5 312.50    5 367.60    5 402.40     6 029.95    6 017.70    5 862.70     6 134.50     4.6%     18.0%       0.9%
17 250.34   17 404.48   16 409.75    17 071.84   16 405.75   17 435.96    18 205.32     4.4%      0.1%         NA
 5 574.23    6 175.08    6 131.26     6 150.93    7 075.84    6 532.94     6 517.60    -0.2%    -16.0%       1.5%
 3 358.12    3 873.96    4 103.10     4 179.17    4 827.44    4 529.26     4 545.75     0.4%     -3.3%       9.5%
 2 835.51    2 987.70    2 950.33     3 097.63    3 142.62    3 144.70     3 190.04     1.4%     10.1%         NA
 4 931.05    5 231.82    5 128.22     5 536.45    5 580.96    5 653.95     6 116.61     8.2%      8.8%      12.7%
   547.46      583.83      622.67       674.42      677.52      698.46       720.19     3.1%     38.3%      15.2%
   456.10      464.87      444.67       451.82      444.28      474.78       494.18     4.1%     -4.2%         NA

   674.76      826.85      757.57       707.05      747.98      671.33       663.10    -1.2%    -41.1%      31.5%
 9 263.40   10 499.80   10 187.00    10 514.50   10 812.90    9 267.20     9 859.10     6.4%    -17.4%      20.9%
19 312.00   21 022.00   19 735.00    20 505.00   21 451.00   19 106.00    20 173.00     5.6%    -13.2%      19.0%
21 050.43   22 265.63   22 561.54    23 239.93   23 146.69   20 639.64    21 327.07     3.3%       0.5%        NA
   362.24      446.65      430.24       422.22      443.07      375.63       357.45    -4.8%    -34.2%         NA
 5 965.52    6 147.97    5 925.22     6 229.02    6 601.37    6 688.49     6 914.19     3.4%     16.1%      14.9%
 1 303.55    1 356.43    1 380.37     1 425.33    1 429.91    1 446.76     1 532.78     6.0%     16.6%       0.6%
   455.97      474.20      448.17       440.83      441.95      427.12       462.86     8.4%     -1.0%         NA
68 770.59   75 995.00   75 932.00    83 689.00   87 117.00   82 310.39    81 338.13    -1.2%     21.4%      20.6%
23 294.83   25 224.60   24 127.05    26 154.31   27 053.68   26 844.52    28 639.40     6.7%     14.6%         NA
   880.02      813.48      818.46       830.94      865.40      842.76       850.35     0.9%    -13.5%      14.3%
 4 916.87    5 258.02    5 396.48     5 549.00    5 675.00    5 528.27     5 900.00     6.7%       9.0%     15.0%
 1 384.13    1 457.26    1 407.04     1 445.12    1 444.38    1 421.22     1 542.12     8.5%     12.4%      21.5%
   333.78      340.49      336.21       338.33      354.57      362.88       373.22     2.9%       3.5%      2.9%
 3 057.69    3 347.18    3 252.34     3 391.94    3 633.40    3 756.58     3 931.78     4.7%     25.4%         NA
   393.02      410.83      396.38       416.96      424.20      424.77       457.58     7.7%     35.9%      15.6%
 2 094.53    2 231.87    2 209.93     2 414.67    2 450.09    2 430.28     2 628.48     8.2%     29.3%      17.3%
 1 005.93    1 047.26    1 011.70     1 087.71    1 089.32    1 107.05     1 155.57     4.4%     21.4%      15.9%
   316.81      330.64      316.47       334.39      337.23      327.41       354.57     8.3%       5.7%     15.7%
 2 386.53    2 517.30    2 457.46     2 589.73    2 679.07    2 506.13     2 578.60     2.9%       2.7%     15.6%
 7 065.65    7 371.79    7 394.15     7 507.57    8 082.76    7 322.89     7 588.31     3.6%    -10.3%      14.3%
 3 442.89    3 643.14    3 490.79     3 715.18    3 833.50    3 610.44     3 804.78     5.4%      -3.3%     18.2%
   299.43      327.73      322.09       349.95      371.22      361.25       400.40    10.8%     18.0%         NA
 6 128.06    6 200.78    6 180.89     6 296.33    6 472.23    6 312.43     6 436.04     2.0%     -1.7%      12.6%
   638.00      718.10      810.60       840.80      811.30      806.30       845.70     4.9%     79.6%       4.9%
 1 062.45    1 118.59    1 134.98     1 225.92    1 273.98    1 246.45     1 326.44     6.4%     15.8%         NA
 2 271.03    2 474.67    2 431.11     2 615.22    2 651.27    2 611.60     2 744.17     5.1%     14.9%      11.0%
 2 278.80    2 483.86    2 402.02     2 541.63    2 668.07    2 607.50     2 904.47    11.4%     16.4%      17.7%
72 Focus | January 2011


Fixed income - Number of bonds listed


                                                                              2010

 Exchange                                          January                                            October
                                             Domestic        Domestic                           Domestic        Domestic
                                   Total private sector   public sector   Foreign     Total private sector   public sector   Foreign
 Americas
 BM&FBOVESPA                         305           285             20          0        288           267             21          0
 Buenos Aires SE                   1 216           967            249          0      1 237           937            300          0
 Colombia SE                         561           336            215         10        600           376            215          9
 Lima SE                             562           525             33          4        602           570             30          2
 Mexican Exchange                    244             0              0          0        243             0              0          0
 TSX Group                           180             0            180          0        196             0            196          0
 Asia - Pacific
 Bombay SE                         1 232         1 232               0         0      1 539         1 539               0         0
 Bursa Malaysia                       37            37               0         0         36            36               0         0
 Colombo SE                          191            59             132         0        187            61             126         0
 Hong Kong Exchanges                 158             0               0         0        163             0               0         0
 Korea Exchange                    9 485         4 872           4 611         2      9 465         4 697           4 766         2
 National Stock Exchange India     4 109         1 225           2 883         1      4 354         1 368           2 985         1
 Osaka SE                            296             6             290         0        303             6             297         0
 Shanghai SE                         356           199             157         0        435           246             189         0
 Shenzhen SE                         221            65             156         0        257            70             187         0
 Singapore Exchange                  981             0               0         0      1 070             0               0         0
 Taiwan SE Corp                       93             0              93         0         94             0              94         0
 The Stock Exchange of Thailand      711           125             586         0        676           110             566         0
 Tokyo SE Group                      328            38             290         0        336            39             297         0
 Europe - Africa - Middle East
 Amman SE                             96             4              92         0        114             2             112         0
 Athens Exchange                     112            71              40         1        101            52              48         1
 BME Spanish Exchanges             4 233         3 706             481        46      4 294         3 807             458        29
 Budapest SE                         106            82              24         0        107            85              22         0
 Cyprus SE                            57            13              44         0         59            17              42         0
 Deutsche Börse                   25 973        11 772           1 754    12 447     25 146        11 593           1 133    12 420
 Egyptian Exchange                   156            11             145         0        156            14             142         0
 Irish SE                         24 125         6 590              37    17 498     22 889         5 838              33    17 018
 Istanbul SE                         317             2             290        25        426            12             389        25
 Johannesburg SE                   1 085           914             161        10      1 032           838             167        27
 Ljubljana SE                         86            56              28         2         84            56              26         2
 London SE Group                  16 174         9 539             226     6 409     17 112        10 153             233     6 726
 Luxembourg SE                    30 622             0               1    30 621     29 707             0               2    29 705
 Malta SE                            103            39              64         0        115            43              72         0
 Mauritius SE                          1             0               1         0          1             0               1         0
 MICEX                               748           592             142        14        762           615             134        13
 NASDAQ OMX Nordic Exchange        5 208         4 522             378       308      5 036         4 460             272       304
 NYSE Euronext (Europe)            3 785             0             428     3 357      4 029             0             450     3 579
 Oslo Børs                         1 072           942              82        48      1 076           961              74        41
 Saudi Stock Market - Tadawul          6             6               0         0          7             7               0         0
 SIX Swiss Exchange                1 335           355             103       877      1 415           388             104       923
 Tel-Aviv SE                         638           602              36         0        686           653              33         0
 Warsaw SE                            82            40              39         3        150           108              39         3
 Wiener Börse                      3 668         2 933             164       571      3 657         2 978             160       519
                                                                                                   Focus | January 2011 73




                                                2010
                  November                                               December
       Domestic private   Domestic public                     Domestic private   Domestic public                % change/
 Total           sector            sector   Foreign     Total           sector            sector    Foreign        Dec 09

   282             261                21         0        287             263                24          0         -2.7%
 1 248             940               308         0      1 286             979               307          0          4.5%
   604             380               215         9        610             386               215          9          8.7%
   606             573                31         2        606             573                31          2          8.0%
   246               0                 0         0        247               0                 0          0          1.2%
   198               0               198         0        196               0               196          0         10.1%

 1 576           1 576                 0         0      1 626           1 626                 0          0          31.7%
    36              36                 0         0         36              36                 0          0         -12.2%
   185              60               125         0        186              60               126          0          -3.1%
   167               0                 0         0        169               0                 0          0           7.6%
 9 493           4 741             4 750         2      9 528           4 940             4 586          2           0.0%
 4 366           1 361             3 004         1      4 380           1 365             3 014          1           8.4%
   303               6               297         0        301               5               296          0           2.0%
   447             254               193         0        472             273               199          0          34.1%
   267              75               192         0        273              75               198          0          21.9%
 1 094               0                 0         0      1 084               0                 0          0           6.2%
    95               0                95         0         94               0                94          0           1.1%
   672             106               566         0        673             110               563          0          -5.3%
   336              39               297         0        335              39               296          0           1.8%

   121               2               119         0        122               2               120          0         37.1%
   107              54                52         1        104              52                51          1         -8.8%
 4 311           3 808               474        29      4 255           3 807               419         29         -7.1%
   110              87                23         0        107              85                22          0          0.0%
    58              16                42         0         58              17                41          0          5.5%
25 060          11 495             1 138    12 427     24 839          11 370             1 133     12 336         -4.5%
   155              14               141         0        157              15               142          0          1.3%
22 737           5 765                33    16 939     22 480           5 702                33     16 745         -7.5%
   439              12               402        25        434              11               398         25         37.3%
 1 038             841               169        28      1 062             864               168         30          0.0%
    83              55                26         2         80              53                25          2         -5.9%
17 149          10 176               233     6 740     17 256          10 289               233      6 734          6.8%
29 650               0                 2    29 648     29 566               0                 2     29 564         -4.0%
   112              44                68         0        103              43                60          0          1.0%
     1               0                 1         0          1               0                 1          0          0.0%
   779             633               132        14        788             643               130         15          6.9%
 5 020           4 442               266       312      5 062           4 472               266        324         -3.7%
 4 285               0               449     3 836      3 957               0               448      3 509          4.5%
 1 094             982                73        39      1 154           1 044                71         39          8.9%
     7               7                 0         0          7               7                 0          0         75.0%
 1 429             398               103       928      1 425             397               103        925          5.6%
   696             663                33         0        698             665                33          0         10.4%
   149             108                38         3        137              94                40          3         67.1%
 3 659           2 989               161       509      3 657           3 000               163        494          0.6%
74 Focus | January 2011


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


                                                                                                                 2010
 Exchange
                                                                 January              February             March                 April            May        June
 Americas
 BM&FBOVESPA                                                         16.7                 17.7               10.3                 45.1            45.0        15.9
 Buenos Aires SE                                                  1 768.4              1 587.6            2 284.0              2 067.5         1 775.5     2 198.7
 Colombia SE                                                     79 084.9             85 242.5           91 444.6             90 913.9        95 047.1    87 612.7
 Lima SE                                                             55.2                 75.1               47.6                 56.2            56.4        38.5
 Mexican Exchange                                                    13.1                 10.1               22.1                 27.3            11.4         7.8
 Santiago SE                                                     13 086.1             12 455.7           16 044.7             13 334.2        15 270.6    12 769.9
 TSX Group                                                          679.3                406.8              522.7                471.9           473.1       452.4
 Asia - Pacific
 Australian SE                                                       29.3                 60.7               44.3                 48.6            45.5        55.4
 Bombay SE                                                        1 499.8              1 061.1            3 278.4              3 036.4         2 600.3     1 074.3
 Bursa Malaysia                                                      36.1                 21.7              134.5                145.4            90.0        39.0
 Colombo SE                                                           0.1                  0.1                0.2                  0.0             0.0         0.3
 Hong Kong Exchanges                                                  0.0                  0.0                0.0                  0.1             0.0         0.1
 Korea Exchange                                                  20 656.3             26 427.5           34 836.4             36 842.1        32 660.8    39 211.4
 National Stock Exchange India                                   12 361.1              7 554.8           10 499.9             13 994.4        15 805.2    10 809.7
 Osaka SE                                                             0.3                  0.7                1.1                  3.9             1.2         0.4
 Shanghai SE                                                      4 592.1              3 687.0            6 670.3              4 603.8         5 029.6     7 899.3
 Shenzhen SE                                                      1 035.2                915.2            1 145.9              1 136.9           938.4       783.2
 Singapore Exchange                                                 447.6                346.8              402.7                381.5           388.1       352.8
 The Stock Exchange of Thailand                                       2.6                 21.4               16.1                  1.7             4.0         3.7
 Tokyo SE Group                                                     831.3                250.4              622.0                295.0           182.8       131.3
 Europe - Africa - Middle East
 Amman SE                                                            0.0                   0.0                0.0                 0.0              0.0         0.0
 Athens Exchange                                                     3.4                   2.9                1.0                 2.2              1.6         0.6
 BME Spanish Exchanges                                         774 503.1             719 809.0          721 139.4           816 015.2        866 992.6   742 892.0
 Budapest SE                                                         9.7                  34.9               43.4                63.8            114.3       100.6
 Cyprus SE                                                           1.0                   2.3                7.9                 1.9              3.2         1.5
 Deutsche Börse                                                 11 619.5               9 417.7            9 405.0             8 689.3          7 303.8     6 948.6
 Egyptian Exchange                                                 589.4                 898.1              818.4               572.4            936.3     1 109.9
 Irish SE                                                       23 405.1              16 781.7           18 771.6            17 739.3         15 558.3     7 233.0
 Istanbul SE                                                    38 193.4              36 264.9           46 058.7            36 356.2         36 807.4    37 824.5
 Johannesburg SE                                               121 473.4             139 085.5          184 939.7           150 309.1        181 907.9   192 839.0
 Ljubljana SE                                                       11.8                  10.8               26.3                10.0             10.4        15.9
 London SE Group                                               306 164.0             335 413.5          371 447.9           287 731.7        309 586.5   323 879.2
 Luxembourg SE                                                       1.7                  34.3                3.9                 5.7              7.0         2.0
 Malta SE                                                           48.9                  43.1              102.4                63.2             55.8        28.8
 Mauritius SE                                                        0.0                   0.0                0.0                 0.0              0.0         0.0
 MICEX                                                          16 946.4              21 089.0           25 994.9            21 622.5         14 330.9    17 293.9
 NASDAQ OMX Nordic Exchange                                    152 190.5             154 784.1          230 027.6           151 824.2        193 342.0   206 061.4
 NYSE Euronext (Europe)                                          5 009.0               2 318.5            4 416.8             2 655.2          1 348.5     4 082.6
 Oslo Børs                                                      18 569.2               8 889.8           42 409.9            48 718.8         49 832.8    78 353.9
 Saudi Stock Market - Tadawul                                        0.7                  17.3               79.5                 0.3             12.2         0.0
 SIX Swiss Exchange                                             12 881.8              12 579.8           12 530.0            11 032.0         12 988.8    15 122.6
 Tehran SE                                                           0.0                   0.0                0.0                 0.0              0.0         0.0
 Tel-Aviv SE                                                    16 775.8              14 464.5           18 368.0            14 308.8         15 794.6    16 199.7
 Warsaw SE                                                          46.8                  28.0               45.0                 5.0             44.2        16.8
 Wiener Börse                                                       81.7                 119.1              127.6               110.4            100.9       102.9




Notes:
NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn,      TSX Group: Debentures & debt notes
Riga and Vilnius Stock Exchanges                                                             NA: Not available
Singapore Exchange: Main Board, Sesdaq, DBLs                                                 Source: World Federation of Exchanges members
                                                                                                   Focus | January 2011 75




                                2010                                                            % change /       % change /
                                                                                                Jan/Dec 09       Jan/Dec 09
     July     August    September        October     November       December     Year-to-date      (in USD)    (in local cur)


     12.0        11.4         22.9            9.7          14.4          28.2           249.5       26.1%            13.3%
  2 206.1     2 741.2      3 059.3        2 938.9       2 730.9       2 397.5        27 755.9       30.2%            35.8%
 92 466.0   101 081.1    113 795.4      103 175.2     100 727.2      97 578.2     1 138 168.9       18.8%             4.8%
     38.6        35.9         58.0           63.6          40.4          69.9           635.3      -38.8%           -42.1%
      4.1         7.3          8.6            7.8           9.7          11.0           140.3      -56.4%           -59.2%
 12 968.4    16 323.4     15 882.1       14 987.4      16 911.5      18 147.0       178 181.1       -5.2%           -13.0%
    406.2       428.4        434.6          250.6         591.2         534.7         5 652.0       17.6%            10.2%

     48.2        69.7         50.2           48.0          53.7          48.1          601.7        15.7%            3.4%
  1 095.6     1 649.0      1 321.1        1 386.5         938.1       2 714.7       21 655.4       101.8%           90.5%
     32.7        16.0         15.8           12.0           7.3           8.0          558.5        42.9%           33.6%
      0.1         0.1          0.0            0.0           0.1           0.2            1.0       -41.3%          -42.4%
      0.0         0.0          0.0            0.0           0.0           0.0            0.2       -60.3%          -60.2%
 28 487.3    44 063.7     81 714.4       62 136.5      51 279.7      47 627.6      505 943.8        25.5%           14.7%
 10 167.8     9 595.2     10 063.9       10 339.8       7 093.5       7 601.0      125 886.3         8.1%            2.1%
      0.4         5.3          0.2            0.2           0.2           0.0           13.8         0.0%            0.0%
  6 128.9     5 341.4      8 554.6        7 853.8       6 801.7       9 046.6       76 209.0        34.3%           32.6%
    960.6     1 083.4      1 364.4        1 249.9       1 897.5       1 354.6       13 865.4        20.9%           19.4%
    319.7       351.9        308.5          435.4         494.5         387.4        4 616.9       -40.9%          -44.9%
      1.5         1.5          3.7            2.0           5.2           1.3           64.6     1 374.7%        1 257.0%
    150.5       365.8        302.3          289.1         563.9         189.1        4 173.6       -17.6%          -22.8%

      0.0         0.0          0.0             0.0           0.0           0.2            0.2      -94.5%          -94.5%
      1.6         1.2          1.6             0.8           3.3           0.6           20.7      -24.7%          -17.8%
672 687.6   845 611.3    942 896.9     1 095 780.4   1 248 022.7   1 388 093.6   10 834 443.8       24.9%           31.8%
    152.5       188.0         84.9           186.3          68.0          64.2        1 110.5      -21.7%          -19.9%
      1.5         1.7          5.2             4.3           4.4           3.4           38.3       63.5%           76.1%
  6 787.0     7 387.3      6 166.4        14 127.9      14 003.3       8 767.5      110 623.1      -24.4%          -21.1%
  1 074.0       726.0      1 094.5         1 122.1       1 501.7         751.6       11 194.4       53.2%           56.4%
  8 824.2     8 907.1     13 772.0         7 833.2       8 270.7       3 377.6      150 474.0       14.7%           22.8%
 37 757.7    36 638.9     33 268.7        41 374.9      33 872.0      31 526.4      445 943.5       11.1%            8.0%
224 552.2   224 784.8    244 378.9       255 933.9     259 900.0     140 853.4    2 320 957.9        0.0%            0.0%
     15.1        16.7         12.2             5.3           2.7           5.9          143.2      -33.3%          -30.4%
309 359.0   272 628.4    378 767.2       420 358.3     464 661.5     248 949.6    4 028 946.9      -26.5%          -21.7%
      1.8         3.8          1.8             3.8           6.4           1.2           73.3       -7.7%           -3.3%
     51.5        54.2         66.1            65.9          31.4          23.6          634.8      -14.6%           -9.2%
      0.0         0.0          0.0             0.0           0.0           0.0            0.0     -100.0%         -100.0%
 15 912.1    15 889.6     17 251.4        17 828.1      17 307.6      31 264.9      232 731.4      949.0%           88.2%
109 197.8   170 289.0    301 061.0       216 794.6     269 370.5     471 123.0    2 626 065.7        8.5%           15.7%
  1 053.9     1 187.1      1 369.3         1 323.1       1 299.1       1 210.1       27 273.2      -58.9%          -55.8%
 35 980.8    42 755.9     74 955.3        42 020.3      42 840.6      68 742.5      554 069.9      143.7%          140.2%
      5.3         0.0          0.0             0.0           0.4           0.0          115.7    1 482.2%        1 482.2%
 11 747.9    13 229.2     13 918.6        12 608.3      12 558.1      15 878.7      157 075.8       -0.6%           -5.2%
      0.0         0.0          0.0             0.0           0.0           0.0            0.0     -100.0%         -100.0%
 14 542.3    18 029.7     14 436.4        19 171.7      20 560.2      20 243.7      202 895.4      -17.4%          -21.6%
    113.3        39.2         42.3             0.0          37.9          72.8          491.4      -63.7%          -62.4%
    116.3        94.6        119.7           117.3         102.2         223.0        1 415.7        3.4%           10.0%
76 Focus | January 2011


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


                                                                                                                      December 2010
 Exchange                                                                                                              Domestic                      Domestic
                                                                                          Total                    private sector                 public sector   Foreign sector
 Americas
 BM&FBOVESPA                                                                             28.2                               23.7                           4.5              0.0
 Buenos Aires SE                                                                      2 397.5                               93.2                       2 304.3              0.0
 Colombia SE                                                                         97 578.2                           24 516.0                      72 882.6            179.6
 Lima SE                                                                                 69.9                               52.7                           0.0             17.3
 Mexican Exchange                                                                        11.0                                0.0                           0.0              0.0
 Santiago SE                                                                         18 147.0                            9 049.1                       9 097.9              0.0
 TSX Group                                                                              534.7                                0.0                         534.7              0.0
 Asia - Pacific
 Australian SE                                                                           48.1                                0.0                           0.0               0.0
 Bombay SE                                                                            2 714.7                               10.5                       2 704.1               0.0
 Bursa Malaysia                                                                           8.0                                8.0                           0.0               0.0
 Colombo SE                                                                               0.2                                0.1                           0.1               0.0
 Hong Kong Exchanges                                                                      0.0                                0.0                           0.0               0.0
 Korea Exchange                                                                      47 627.6                              390.4                      47 237.2               0.0
 National Stock Exchange India                                                        7 601.0                              725.7                       6 875.3               0.0
 Osaka SE                                                                                 0.0                                0.0                           0.0               0.0
 Shanghai SE                                                                          9 046.6                            7 781.9                       1 264.7               0.0
 Shenzhen SE                                                                          1 354.6                            1 282.0                          72.6               0.0
 Singapore Exchange                                                                     387.4                                0.0                           0.0               0.0
 Taiwan SE Corp                                                                           0.0                                0.0                           0.0               0.0
 The Stock Exchange of Thailand                                                           1.3                                1.3                           0.0               0.0
 Tokyo SE Group                                                                         189.1                              189.1                           0.0               0.0
 Europe - Africa - Middle East
 Amman SE                                                                                 0.2                                0.1                           0.1              0.0
 Athens Exchange                                                                          0.6                                0.6                           0.0              0.0
 BME Spanish Exchanges                                                            1 388 093.6                          774 431.2                     613 662.5              0.0
 Budapest SE                                                                             64.2                                0.7                          63.5              0.0
 Cyprus SE                                                                                3.4                                3.4                           0.0              0.0
 Deutsche Börse                                                                       8 767.5                            2 451.6                       2 854.8          3 461.1
 Egyptian Exchange                                                                      751.6                               20.7                         730.9              0.0
 Irish SE                                                                             3 377.6                                0.0                       3 377.6              0.0
 Istanbul SE                                                                         31 526.4                              149.7                      28 942.8          2 433.9
 Johannesburg SE                                                                    140 853.4                            4 552.7                     136 300.7              0.0
 Ljubljana SE                                                                             5.9                                1.2                           4.7              0.0
 London SE Group                                                                    248 949.6                            4 828.3                     235 754.0          8 367.3
 Luxembourg SE                                                                            1.2                                0.0                           0.0              1.2
 Malta SE                                                                                23.6                                4.4                          19.2              0.0
 Mauritius SE                                                                             0.0                                0.0                           0.0              0.0
 MICEX                                                                               31 264.9                           14 562.3                      16 700.3              2.3
 NASDAQ OMX Nordic Exchange                                                         471 123.0                          376 436.7                      94 575.9            110.4
 NYSE Euronext (Europe)                                                               1 210.1                                0.0                         276.4            933.7
 Oslo Børs                                                                           68 742.5                            4 050.0                      64 628.1             64.4
 SIX Swiss Exchange                                                                  15 878.7                            3 446.8                       3 975.2          8 456.7
 Tehran SE                                                                                0.0                                0.0                           0.0              0.0
 Tel-Aviv SE                                                                         20 243.7                            4 532.3                      15 711.4              0.0
 Warsaw SE                                                                               72.8                               44.9                          28.0              0.0
 Wiener Börse                                                                           223.0                              208.4                           1.3             13.3




Notes:
NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn,           NA: Not available
Riga and Vilnius Stock Exchanges                                                                  Source: World Federation of Exchanges members
                                                                  Focus | January 2011 77




                                   Year-to-date

  Trading days                      Domestic         Domestic
December 2010           Total   private sector    public sector             Foreign sector


           21           249.5           199.0             50.5                        0.0
           20        27 755.9           742.4         27 013.4                        0.0
           21     1 138 168.9       243 606.0        893 106.4                    1 456.5
           22           635.3           603.8              7.1                       24.4
           23           140.3             0.0              0.0                        0.0
           21       178 181.1        64 781.0        113 400.1                        0.0
           21         5 652.0             0.0          5 652.0                        0.0

           21           601.7             0.0              0.0                         0.0
           22        21 655.4           264.9         21 390.4                         0.0
           21           558.5           558.5              0.0                         0.0
           22             1.0             0.6              0.4                         0.0
           22             0.2             0.0              0.0                         0.0
           22       505 943.8         4 319.6        501 624.2                         0.0
           22       125 886.3        15 826.7        110 059.6                         0.0
           21            13.8            13.5              0.4                         0.0
           23        76 209.0        52 607.4         23 601.6                         0.0
           23        13 865.4        12 808.0          1 057.5                         0.0
           23         4 616.9             0.0              0.0                         0.0
           23             0.0             0.0              0.0                         0.0
           20            64.6            64.6              0.0                         0.0
           21         4 173.6         4 173.6              0.0                         0.0

           20             0.2             0.1              0.1                        0.0
           20            20.7            20.7              0.0                        0.0
           21    10 834 443.8     4 839 394.9      5 995 048.9                        0.0
           22         1 110.5            61.2          1 049.3                        0.0
           22            38.3            31.7              6.6                        0.0
           21       110 623.1        20 875.6         62 272.9                   27 474.6
           21        11 194.4            98.7         11 095.7                        0.0
           21       150 474.0             0.0        150 474.0                        0.0
           23       445 943.5           861.9        409 399.5                   35 682.1
           21     2 320 957.9        61 677.2      2 259 266.6                       14.1
           20           143.2            66.7             76.5                        0.0
           21     4 028 946.9        61 088.5      3 879 212.2                   88 647.5
           23            73.3             0.0              0.0                       73.3
           19           634.8            60.5            574.3                        0.0
           23             0.0             0.0              0.0                        0.0
           22       232 731.4       146 475.2         85 591.9                      664.3
           21     2 626 065.7     1 584 306.7      1 039 938.1                    1 820.9
           23        27 273.2             0.0          4 048.7                   23 224.6
           21       554 069.9        40 630.8        512 873.7                      565.4
           21       157 075.8        33 989.2         41 866.3                   81 220.3
           20             0.0             0.0              0.0                        0.0
           22       202 895.4        46 124.0        156 771.3                        0.0
           22           491.4           143.2            348.2                        0.0
           20         1 415.7         1 284.2             15.9                      115.6
78 Focus | January 2011


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


                                                                 December 2010                                                        Year-to-date
 Exchange                                                    Domestic          Domestic          Foreign                          Domestic        Domestic      Foreign
                                                Total    private sector     public sector         sector             Total    private sector   public sector     sector
 Americas
 BM&FBOVESPA                                     9.9                5.4               4.5            0.0            198.3             147.8            50.5         0.0
 Buenos Aires SE                               682.0               29.9             652.0            0.0          8 369.4             238.3         8 131.1         0.0
 Colombia SE                                97 578.2           24 516.0          72 882.6          179.6      1 138 168.9         243 606.0       893 106.4     1 456.5
 Lima SE                                        15.6                8.9               0.0            6.7            193.0             186.2             0.0         6.8
 Santiago SE                                 8 757.6            2 843.8           5 913.8            0.0         99 033.8          26 625.5        72 408.3         0.0
 Asia - Pacific
 Bombay SE                                      10.5               10.5               0.0             0.0           264.9             264.9             0.0         0.0
 Bursa Malaysia                                  8.0                8.0               0.0             0.0           479.4             479.4             0.0         0.0
 Colombo SE                                      0.2                0.1               0.1             0.0             1.0               0.6             0.4         0.0
 Korea Exchange                             47 627.6              390.4          47 237.2             0.0       505 943.8           4 319.6       501 624.2         0.0
 National Stock Exchange India                   5.8                3.1               2.7             0.0           165.5             144.1            21.4         0.0
 Osaka SE                                        0.0                0.0               0.0             0.0            13.8              13.8             0.0         0.0
 Shanghai SE                                 7 179.7            5 914.9           1 264.7             0.0        67 501.8          44 018.0        23 483.8         0.0
 Shenzhen SE                                 1 086.5            1 018.3              68.2             0.0        10 127.3           9 280.6           846.6         0.0
 The Stock Exchange of Thailand                  1.3                1.3               0.0             0.0            60.9              60.9             0.0         0.0
 Tokyo SE Group                                154.3              154.3               0.0             0.0         3 154.7           3 154.7             0.0         0.0
 Europe - Africa - Middle East
 Amman SE                                        0.2                0.1               0.1            0.0              0.2               0.1             0.1         0.0
 Athens Exchange                                 0.6                0.6               0.0            0.0             20.7              20.7             0.0         0.0
 BME Spanish Exchanges                       6 738.7               60.4           6 678.3            0.0        312 231.2             579.5       311 651.6         0.0
 Budapest SE                                    64.2                0.7              63.5            0.0          1 069.8              20.5         1 049.3         0.0
 Cyprus SE                                       3.0                3.0               0.0            0.0             23.6              22.9             0.7         0.0
 Deutsche Börse                              1 255.4              163.8             896.6          195.1         24 375.0           2 737.9        19 052.8     2 584.4
 Istanbul SE                                29 042.4               71.1          28 929.9           41.4        294 416.0             228.2       293 797.4       390.3
 Ljubljana SE                                    5.9                1.2               4.7            0.0            143.2              66.7            76.5         0.0
 London SE Group                            19 856.5            1 517.3          17 118.3        1 220.8        305 131.9          15 711.7       267 462.9    21 957.2
 Luxembourg SE                                   1.2                0.0               0.0            1.2             73.3               0.0             0.0        73.3
 Malta SE                                       23.6                4.4              19.2            0.0            634.8              60.5           574.3         0.0
 MICEX                                       8 995.9            5 147.5           3 846.1            2.3         72 793.2          44 067.2        28 631.8        94.2
 NASDAQ OMX Nordic Exchange                    608.1              554.7              26.3           27.1          8 782.8           7 547.8         1 025.4       209.7
 NYSE Euronext (Europe)                      1 088.0                0.0             230.7          857.3         18 598.7               0.0         3 626.3    14 972.5
 Oslo Børs                                   1 801.4                0.0           1 801.4            0.0         15 617.2             954.3        14 662.9         0.0
 Saudi Stock Market - Tadawul                    0.0                0.0               0.0            0.0            115.7             115.7             0.0         0.0
 SIX Swiss Exchange                          3 994.2              873.2             865.4        2 255.7         42 283.7           8 803.4         8 370.1    25 110.3
 Tel-Aviv SE                                18 391.1            4 368.8          14 022.3            0.0        182 942.7          43 975.3       138 967.4         0.0
 Warsaw SE                                      72.6               44.8              27.8            0.0            395.8             105.5           290.3         0.0
 Wiener Börse                                  223.0              208.4               1.3           13.3          1 415.7           1 284.2            15.9       115.6




Notes:
NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn,     NA: Not available
Riga and Vilnius Stock Exchanges                                                            Source: World Federation of Exchanges members
                                                                                                                                                 Focus | January 2011 79


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


                                                                 December 2010                                                        Year-to-date
 Exchange                                                    Domestic          Domestic          Foreign                          Domestic        Domestic       Foreign
                                                Total    private sector     public sector         sector             Total    private sector   public sector      sector
 Americas
 BM&FBOVESPA                                    18.3               18.3               0.0            0.0             51.2              51.2               0.0        0.0
 Buenos Aires SE                             1 715.5               63.2           1 652.3            0.0         19 386.5             504.2          18 882.3        0.0
 Colombia SE                                     0.0                0.0               0.0            0.0              0.0               0.0               0.0        0.0
 Lima SE                                        54.3               43.8               0.0           10.5            442.3             417.6               7.1       17.6
 Santiago SE                                 9 389.4            6 205.3           3 184.1            0.0         79 147.3          38 155.5          40 991.8        0.0
 Asia - Pacific
 Bombay SE                                   2 704.1                0.0           2 704.1             0.0        21 390.4               0.0        21 390.4          0.0
 Bursa Malaysia                                  0.0                0.0               0.0             0.0            79.1              79.1             0.0          0.0
 Colombo SE                                      0.0                0.0               0.0             0.0             0.0               0.0             0.0          0.0
 Korea Exchange                                  0.0                0.0               0.0             0.0             0.0               0.0             0.0          0.0
 National Stock Exchange India               7 595.2              722.6           6 872.6             0.0       125 720.8          15 682.6       110 038.3          0.0
 Osaka SE                                        0.0                0.0               0.0             0.0             0.0               0.0             0.0          0.0
 Shanghai SE                                 1 867.0            1 867.0               0.0             0.0         8 707.2           8 589.4           117.8          0.0
 Shenzhen SE                                   268.1              263.7               4.4             0.0         3 738.2           3 527.3           210.8          0.0
 The Stock Exchange of Thailand                  0.0                0.0               0.0             0.0             3.8               3.8             0.0          0.0
 Tokyo SE Group                                 34.8               34.8               0.0             0.0         1 018.9           1 018.9             0.0          0.0
 Europe - Africa - Middle East
 Amman SE                                        0.0               0.0                0.0            0.0              0.0               0.0             0.0          0.0
 Athens Exchange                                 0.0               0.0                0.0            0.0              0.0               0.0             0.0          0.0
 BME Spanish Exchanges                   1 381 355.0         774 370.8          606 984.2            0.0     10 522 212.6       4 838 815.4     5 683 397.2          0.0
 Budapest SE                                     0.0               0.0                0.0            0.0             40.7              40.7             0.0          0.0
 Cyprus SE                                       0.4               0.4                0.0            0.0             14.7               8.8             5.9          0.0
 Deutsche Börse                              7 512.1           2 287.8            1 958.3        3 266.0         86 248.1          18 137.7        43 220.1     24 890.3
 Egyptian Exchange                               0.0               0.0                0.0            0.0              0.0               0.0             0.0          0.0
 Irish SE                                    3 377.6               0.0            3 377.6            0.0        150 474.0               0.0       150 474.0          0.0
 Istanbul SE                                 2 484.0              78.6               12.9        2 392.5        151 527.5             633.7       115 602.1     35 291.8
 Johannesburg SE                           140 853.4           4 552.7          136 300.7            0.0      2 320 957.9          61 677.2     2 259 266.6         14.1
 Ljubljana SE                                    0.0               0.0                0.0            0.0              0.0               0.0             0.0          0.0
 London SE Group                           229 094.5           3 312.3          218 635.6        7 146.5      3 723 813.9          45 378.3     3 611 747.8     66 687.8
 Malta SE                                        0.0               0.0                0.0            0.0              0.0               0.0             0.0          0.0
 MICEX                                      22 269.0           9 414.8           12 854.2            0.0        159 938.2         102 408.0        56 960.1        570.1
 NASDAQ OMX Nordic Exchange                470 514.9         375 881.9           94 549.6           83.3      2 617 282.9       1 576 759.0     1 038 912.8      1 611.2
 NYSE Euronext (Europe)                        122.1               0.0               45.6           76.5          8 674.5               0.0           422.4      8 252.1
 Oslo Børs                                  66 941.2           4 050.0           62 826.8           64.5        538 452.7          39 676.5       498 210.7        565.5
 Saudi Stock Market - Tadawul                    0.0               0.0                0.0            0.0              0.0               0.0             0.0          0.0
 SIX Swiss Exchange                         11 884.5           2 573.6            3 109.8        6 201.1        114 792.1          25 185.9        33 496.3     56 110.0
 Tel-Aviv SE                                 1 852.6             163.5            1 689.1            0.0         19 952.7           2 148.8        17 803.9          0.0
 Warsaw SE                                       0.2               0.1                0.2            0.0             95.7              37.7            57.9          0.0
 Wiener Börse                                    0.0               0.0                0.0            0.0              0.0               0.0             0.0          0.0




Notes:
NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn,     NA: Not available
Riga and Vilnius Stock Exchanges                                                            Source: World Federation of Exchanges members
80 Focus | January 2011


Fixed income - Total number of trades in bonds (in thousands)


                                                                2010
 Exchange
                                   January    February      March      April    May    June
Americas
BM&FBOVESPA                            0.2         0.2        0.2        0.2     0.3     0.3
Buenos Aires SE                       46.4        38.4       59.5       56.5    56.5    52.5
Colombia SE                           99.2       113.7      120.4      118.4   126.9   119.9
Lima SE                                0.1         0.1        0.1        0.1     0.1     0.1
Mexican Exchange                       0.2         0.1        0.2        0.2     0.2     0.2
Santiago SE                           31.8        28.3       37.0       32.0    30.2    27.4
TSX Group                             23.0        16.8       19.8       18.2    16.0    15.5
Asia - Pacific
Bombay SE                             19.7        15.9       21.4       17.7     2.8     2.4
Bursa Malaysia                        13.6         7.9       28.9       26.7    19.7    12.2
Colombo SE                             0.0         0.0        0.0        0.0     0.0     0.0
Hong Kong Exchanges                    0.0         0.0        0.0        0.0     0.0     0.0
Korea Exchange                       272.2       491.5      502.0      435.7   356.0   550.0
National Stock Exchange India          9.0         8.0       13.7        9.2     9.0    13.3
Shanghai SE                          112.6        91.5      104.3       96.9   100.5   118.4
Shenzhen SE                           70.5        56.8       64.0       63.1    78.8    47.1
Taiwan SE Corp                         0.0         0.0        0.0        0.0     0.0     0.0
The Stock Exchange of Thailand         0.0         0.2        0.2        0.0     0.0     0.0
Tokyo SE Group                         0.0         0.0        0.0        0.0     0.0     0.0
Europe - Africa - Middle East
Amman SE                               0.0         0.0        0.0        0.0     0.0     0.0
Athens Exchange                        0.3         0.2        0.1        0.1     0.1     0.1
BME Spanish Exchanges                 71.9        83.9       84.6       82.1    86.0    82.6
Budapest SE                            0.1         0.1        0.1        0.1     0.2     0.1
Cyprus SE                              0.1         0.2        0.2        0.2     0.2     0.3
Deutsche Börse                       131.8       112.0      132.8      143.5   153.9   106.5
Egyptian Exchange                      0.2         0.1        0.2        0.2     0.1     0.1
Irish SE                               5.6         5.0        5.5        5.8     5.0     3.2
Istanbul SE                           65.7        61.2       70.7       57.2    61.1    60.6
Johannesburg SE                       20.4        26.0       29.0       22.5    30.2    26.0
Ljubljana SE                           0.5         0.4        0.3        0.4     0.5     0.3
London SE Group                      313.0       342.0      392.0      345.0   413.0   382.0
Luxembourg SE                          0.0         0.0        0.1        0.1     0.1     0.0
Malta SE                               0.6         0.5        0.6        0.6     1.0     0.6
Mauritius SE                           0.0         0.0        0.0        0.0     0.0     0.0
MICEX                                 29.3        34.8       43.4       36.4    28.0    33.1
NASDAQ OMX Nordic Exchange            15.6        15.6       17.4       16.0    14.0    12.4
NYSE Euronext (Europe)                63.7        59.8       77.1       64.2    62.8    65.8
Oslo Børs                              1.5         1.2        1.6        2.0     2.0     2.6
SIX Swiss Exchange                    43.7        42.5       48.7       41.0    44.4    50.3
Tehran SE                              0.0         0.0        0.0        0.0     0.0     0.0
Tel-Aviv SE                          487.1       451.4      519.7      405.5   487.0   474.0
Warsaw SE                              1.9         1.8        2.3        0.0     1.9     1.5
Wiener Börse                           1.7         2.0        2.5        2.0     2.2     2.2
                                                                                       Focus | January 2011 81




                         2010
                                                                   Trading days                     % change/
 July   August   September      October   November    December   December 2010    Year-to-date      last month


  0.3      0.2         0.2          0.2        0.2         0.3              20             2.9          31.8%
 58.1     66.7        60.0         65.6       54.0        48.7              21           662.9          -9.9%
121.6    127.2       141.9        126.2      125.6       117.0              20         1 458.1          -6.9%
  0.1      0.1         0.1          0.1        0.1         0.1              21             1.3          11.1%
  0.1      0.2         0.2          0.2        0.2         0.2              20             2.3          -9.5%
 29.7     36.2        29.3         27.6       30.5        28.3              20           368.2          -7.0%
 15.6     19.0        20.0         20.6       22.3        16.5              22           223.3         -25.7%

  2.4      2.6         3.0          2.9        4.7         2.9              21            98.3         -38.9%
  7.5      6.8         4.6          6.2        4.8         5.1              20           143.9           7.1%
  0.0      0.0         0.0          0.0        0.0         0.0              19             0.1           0.0%
  0.0      0.0         0.0          0.0        0.0         0.0              22             0.0           0.0%
221.2    371.6       652.9        464.3      445.7       164.9              22         4 928.0         -63.0%
  9.0      8.8         9.1          7.3       10.7         7.1              21           114.1         -33.6%
135.9    103.3       148.8        128.4      133.8       110.2              22         1 384.6         -17.7%
 50.0     70.5        59.1         63.1       92.2        72.2              22           787.4         -21.7%
  0.0      0.0         0.0          0.0        0.0         0.0              22             0.0           0.0%
  0.0      0.0         0.0          0.0        0.1         0.0              22             0.6         -60.0%
  0.0      0.0         0.0          0.0        0.0         0.0              20             0.0           0.0%

  0.0      0.0         0.0          0.0         0.0        0.0              17             0.0           0.0%
  0.1      0.1         0.2          0.1         0.1        0.1              22             1.4         -25.0%
 70.1     78.7        72.3         83.3        92.7       88.0              22           976.2          -5.1%
  0.1      0.2         0.1          0.2         0.2        0.2              21             1.7         -30.4%
  0.3      0.1         0.2          0.2         0.2        0.1              22             2.2         -22.2%
105.3     97.0        97.8        155.5       168.8      102.6              22         1 507.5         -39.3%
  0.2      0.2         0.1          0.2         0.2        0.2              19             2.1          15.8%
  3.6      4.6         5.4          3.6         6.2        2.6              22            56.2         -58.0%
 51.1     49.2        43.7         45.8        44.1       53.0              18           663.1          20.2%
 31.0     35.0        33.0         28.4        30.9       18.9              22           331.4         -38.8%
  0.3      0.3         0.2          0.2         0.2        0.2              21             3.8           0.0%
298.0    294.0       326.9        348.0       519.3      375.5              22         4 348.7         -27.7%
  0.0      0.0         0.0          0.1         0.1        0.0              21             0.5         -20.0%
  1.4      1.2         1.2          1.5         1.0        0.7              22            10.9         -34.0%
  0.0      0.0         0.0          0.0         0.0        0.0              20             0.0           0.0%
 32.6     32.0        33.7         35.0        32.7       45.2              21           416.1          38.1%
  7.2      9.2        15.8         14.9        14.6       14.5              22           167.2          -1.1%
 51.1     48.7        61.9         56.6        64.8       65.3              22           741.5           0.8%
  1.6      2.0         2.7          2.2         2.5        2.3              22            24.0          -6.5%
 41.1     39.1        39.0         39.0        45.6       46.3              22           520.9           1.6%
  0.0      0.0         0.0          0.0         0.0        0.0              21             0.0           0.0%
460.1    539.4       392.0        547.8       576.8      553.7              22         5 894.7          -4.0%
  2.1      2.1         2.0          0.0         2.2        2.2              20            19.9           0.0%
  2.2      1.9         2.2          1.9         2.0        3.6              21            26.3          76.6%
82 Focus | January 2011


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


                                                                 2010
 Exchange
                                    January    February      March       April      May    June
 Americas
 BM&FBOVESPA                            0.2         0.2        0.2         0.2       0.3     0.3
 Buenos Aires SE                       29.0        23.9       37.6        36.6      38.2    33.0
 Colombia SE                           99.2       113.7      120.4       118.4     126.9   119.9
 Lima SE                                0.0         0.0        0.0         0.0       0.0     0.0
 Santiago SE                           15.6        16.8       23.0        16.3      16.8    16.6
 Asia - Pacific
 Bombay SE                             19.4        15.7       21.0        17.2       2.3     2.1
 Bursa Malaysia                        13.6         7.9       28.9        26.6      19.7    12.1
 Colombo SE                             0.0         0.0        0.0         0.0       0.0     0.0
 Korea Exchange                       272.2       491.5      502.0       435.7     356.0   550.0
 National Stock Exchange India          7.0         6.6       12.1         7.3       6.4    11.3
 Shanghai SE                          110.8        89.9      102.1        95.4      99.3   117.6
 Shenzhen SE                           70.4        56.8       63.9        63.0      78.8    47.0
 The Stock Exchange of Thailand         0.0         0.2        0.2         0.0       0.0     0.0
 Europe - Africa - Middle East
 Athens Exchange                        0.3         0.2        0.1         0.1       0.1     0.1
 BME Spanish Exchanges                  1.5         1.6        1.8         2.0       1.4     1.4
 Budapest SE                            0.1         0.1        0.1         0.1       0.2     0.1
 Cyprus SE                              0.1         0.2        0.2         0.2       0.2     0.3
 Deutsche Börse                        24.8        21.5       24.2        26.5      28.4    18.7
 Istanbul SE                           35.4        36.5       44.0        33.0      35.6    36.1
 Ljubljana SE                           0.5         0.4        0.3         0.4       0.5     0.3
 London SE Group                      284.0       315.0      359.0       318.0     382.0   351.0
 Luxembourg SE                          0.0         0.0        0.1         0.1       0.1     0.0
 Malta SE                               0.6         0.5        0.6         0.6       1.0     0.6
 MICEX                                 25.3        29.3       36.4        30.9      23.9    28.2
 NASDAQ OMX Nordic Exchange            15.6        15.6       17.4        16.0      14.0    12.4
 NYSE Euronext (Europe)                63.6        59.6       77.0        64.1      62.6    65.5
 Oslo Børs                              0.1         0.1        0.1         0.1       0.2     0.2
 SIX Swiss Exchange                    38.4        37.1       42.4        35.9      38.9    44.0
 Tel-Aviv SE                          484.2       449.3      517.3       403.5     484.9   471.8
 Warsaw SE                              1.9         1.8        2.3         0.0       1.9     1.5
 Wiener Börse                           1.7         2.0        2.5         2.0       2.2     2.2
                                                                      Focus | January 2011 83




                         2010
                                                                                % change/last
 July   August   September      October   November   December   Year-to-date          month


  0.3      0.2         0.2          0.2        0.2        0.3           2.9            31.8%
 37.5     43.6        37.5         42.4       32.1       28.6         419.9           -10.9%
121.6    127.2       141.9        126.2      125.6      117.0       1 458.1            -6.8%
  0.0      0.0         0.0          0.0        0.0        0.0           0.2             0.0%
 18.4     22.6        17.3         16.3       19.2       15.7         214.4           -18.1%

  2.2      2.4         2.8          2.7        4.5        2.6          95.0           -43.6%
  7.5      6.8         4.6          6.2        4.8        5.1         143.8             7.1%
  0.0      0.0         0.0          0.0        0.0        0.0           0.1             0.0%
221.2    371.6       652.9        464.3      445.7      164.9       4 928.0           -63.0%
  7.4      6.8         7.0          5.8        9.5        5.5          92.7           -41.8%
135.1    102.4       147.5        127.1      132.5      109.2       1 368.9           -17.6%
 50.0     70.4        59.0         63.1       92.0       72.1         786.4           -21.6%
  0.0      0.0         0.0          0.0        0.1        0.0           0.6           -60.0%

  0.1      0.1         0.2          0.1        0.1        0.1           1.4           -25.0%
  1.5      1.2         1.4          2.0        1.9        0.9          18.6           -53.6%
  0.1      0.2         0.1          0.2        0.2        0.2           1.7           -30.4%
  0.3      0.1         0.2          0.2        0.2        0.1           2.2           -22.2%
 17.8     16.9        16.9         27.4       33.6       19.1         275.9           -43.3%
 30.0     30.1        26.3         28.3       22.6       28.7         386.6            27.3%
  0.3      0.3         0.2          0.2        0.2        0.2           3.8             0.0%
269.0    268.0       293.7        314.7      477.0      347.3       3 978.7           -27.2%
  0.0      0.0         0.0          0.1        0.1        0.0           0.5           -20.0%
  1.4      1.2         1.2          1.5        1.0        0.7          10.9           -34.0%
 27.9     27.6        29.1         29.9       27.8       39.9         356.1            43.5%
  7.2      9.2        15.8         14.9       14.6       14.5         167.2            -1.1%
 51.0     48.5        61.8         56.5       64.7       65.1         739.9             0.6%
  0.1      0.1         0.4          0.2        0.4        0.2           1.9           -45.7%
 35.7     33.9        34.2         34.0       40.2       40.3         454.9             0.3%
457.9    537.3       389.7        545.8      574.9      551.1       5 867.6            -4.1%
  2.1      2.1         2.0          0.0        2.2        2.2          19.9             0.0%
  2.2      1.9         2.2          1.9        2.0        3.6          26.3            76.6%
84 Focus | January 2011


Fixed income - Also on bond trades - Negotiated deals (USD millions)


                                                                2010
 Exchange
                                   January    February      March      April    May    June
 Americas
 BM&FBOVESPA                           0.0         0.0        0.0        0.0     0.0    0.0
 Buenos Aires SE                      17.4        14.5       21.9       19.9    18.3   19.6
 Lima SE                               0.1         0.1        0.1        0.1     0.1    0.1
 Santiago SE                          16.2        11.5       14.0       15.8    13.5   10.8
 Asia - Pacific
 Bombay SE                             0.3         0.2        0.4        0.5     0.5    0.2
 Bursa Malaysia                        0.0         0.0        0.0        0.0     0.0    0.0
 National Stock Exchange India         2.0         1.5        1.6        1.9     2.6    2.0
 Shanghai SE                           1.9         1.7        2.2        1.4     1.2    0.8
 Shenzhen SE                           0.1         0.1        0.1        0.1     0.1    0.1
 Europe - Africa - Middle East
 BME Spanish Exchanges                70.4        82.3       82.8       80.1    84.6   81.2
 Budapest SE                           0.0         0.0        0.0        0.0     0.0    0.0
 Cyprus SE                             0.0         0.0        0.0        0.0     0.0    0.0
 Deutsche Börse                      107.0        90.5      108.6      117.0   125.5   87.8
 Irish SE                              5.6         5.0        5.5        5.8     5.0    3.2
 Istanbul SE                          30.3        24.7       26.7       24.1    25.5   24.5
 Johannesburg SE                      20.4        26.0       29.0       22.5    30.2   26.0
 London SE Group                      28.0        28.0       33.0       27.0    31.0   30.0
 MICEX                                 4.0         5.5        7.0        5.5     4.1    4.8
 NYSE Euronext (Europe)                0.1         0.2        0.1        0.1     0.2    0.2
 Oslo Børs                             1.5         1.2        1.5        1.9     1.8    2.3
 SIX Swiss Exchange                    5.3         5.4        6.3        5.1     5.6    6.3
 Tel-Aviv SE                           2.9         2.1        2.4        2.1     2.2    2.2
 Warsaw SE                             0.0         0.0        0.0        0.0     0.0    0.0
                                                                     Focus | January 2011 85




                        2010
                                                                               % change/last
July   August   September      October   November   December   Year-to-date          month


 0.0      0.0         0.0          0.0        0.0        0.0           0.0             0.0%
20.6     23.1        22.6         23.2       21.9       20.1         243.0            -8.4%
 0.1      0.1         0.1          0.1        0.1        0.1           1.1             0.0%
11.3     13.6        11.9         11.3       11.3       12.6         153.8            11.7%

 0.2      0.2         0.2          0.2        0.2        0.3           3.3            88.2%
 0.0      0.0         0.0          0.0        0.0        0.0           0.1             0.0%
 1.6      2.0         2.1          1.5        1.2        1.6          21.4            31.1%
 0.7      0.9         1.4          1.3        1.3        1.0          15.8           -28.4%
 0.1      0.1         0.1          0.1        0.2        0.1           1.1           -53.3%

68.6     77.6        70.9         81.3       90.8       87.1         957.6            -4.0%
 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%
87.6     80.1        80.9        128.1      135.2       83.5       1 231.7           -38.3%
 3.6      4.6         5.4          3.6        6.2        2.6          56.2           -58.0%
21.1     19.1        17.3         17.5       21.6       24.3         276.5            12.8%
31.0     35.0        33.0         28.4       30.9       18.9         331.4           -38.8%
29.0     27.0        33.2         33.2       42.3       28.2         370.0           -33.2%
 4.7      4.4         4.6          5.1        5.0        5.3          60.1             7.9%
 0.2      0.1         0.1          0.1        0.1        0.2           1.6           144.4%
 1.5      1.9         2.3          2.0        2.1        2.1          22.0             1.0%
 5.4      5.2         4.8          5.1        5.5        6.1          65.9            11.0%
 2.2      2.1         2.3          2.0        2.0        2.7          27.1            34.3%
 0.0      0.0         0.0          0.0        0.0        0.0           0.0             0.0%
86 Focus | January 2011


Fixed Income - Investment flows - Capital raised by bonds issuance


                                                                  2010
 Exchange
                                    January    February      March           April        May         June
 Americas
 BM&FBOVESPA                          668.7       210.6     1 802.2           10.2     2 626.4         6.9
 Colombia SE                            0.0     1 075.3       832.6          446.7       251.4       156.5
 Lima SE                              155.4        49.9        11.0          213.9        70.1        63.2
 TSX Group                            288.6        87.4       730.8          430.7       371.6       189.4
 Asia - Pacific
 Bombay SE                            934.6     3 285.8     1 503.2        1 310.5       828.7     1 027.7
 Bursa Malaysia                         0.0         0.0        34.3            0.0         0.0         0.0
 Hong Kong Exchanges                  317.4     2 335.4     1 339.6        1 432.1       539.6     1 645.4
 Korea Exchange                    65 763.7    43 441.4    57 525.2       48 958.2    41 412.9    47 157.6
 National Stock Exchange India     13 011.1         0.0    13 549.7       19 084.3    16 594.3     9 430.1
 Osaka SE                               6.6        13.5       915.0            0.0         0.0         0.0
 Shenzhen SE                            0.0         0.0       332.6          146.5       146.5        95.9
 Singapore Exchange                 4 485.7     5 056.7     9 695.3        8 550.8     4 384.3       498.1
 Taiwan SE Corp                     2 191.2     2 494.3     1 259.5            0.0         0.0       329.9
 The Stock Exchange of Thailand     3 343.9     1 370.2     4 384.5        2 253.1     1 245.8     1 049.7
 Tokyo SE Group                     5 791.2     1 800.5     7 830.7        8 200.5     4 064.4    10 885.7
 Europe - Africa - Middle East
 Amman SE                             744.0       282.4       352.9          701.5       469.8       519.6
 Budapest SE                        1 291.8     1 550.7     1 892.7        1 454.0     1 287.2     1 277.0
 Cyprus SE                            856.2         6.8        94.7          355.0       530.1       308.2
 Deutsche Börse                    75 654.7    42 074.4    50 256.6       64 261.4    37 533.3    49 295.2
 Egyptian Exchange                    549.3     1 184.0     1 453.0        1 619.0     1 236.6     1 228.9
 Irish SE                           9 611.5     2 453.6     2 029.8        1 994.4     2 200.0     1 837.3
 Istanbul SE                            0.0    13 160.8         0.0       12 102.5     5 014.9     6 694.6
 Ljubljana SE                       2 096.6         0.0     1 388.4           16.6        32.5        85.7
 London SE Group                   65 243.0    63 819.7   101 074.5      116 571.4    47 284.6    80 986.2
 Luxembourg SE                    145 505.8    86 408.3   182 020.7      120 461.9    46 137.4    95 541.9
 Malta SE                             125.5       175.2       511.0          277.1       176.9       374.0
 MICEX                              6 718.9     3 218.1    15 174.9        7 558.4       521.8    22 156.8
 NASDAQ OMX Nordic Exchange         1 599.7     3 348.7     3 068.2        3 160.5     5 908.3     7 080.1
 Oslo Børs                          4 361.7     2 521.6    20 531.9            0.0         0.0    28 354.3
 Saudi Stock Market - Tadawul         193.3         0.0         0.0            0.0     1 866.6         0.0
 SIX Swiss Exchange                 2 436.8     9 227.5    11 051.7        8 061.7     6 245.7     7 414.9
 Tel-Aviv SE                        1 796.9     2 526.7     2 010.7        2 325.9     1 630.7     2 211.3
 Wiener Börse                      11 814.3     4 415.5     7 480.3        6 750.4     4 030.5     7 853.5

 Total                            427 558.1   297 594.7   502 138.0      438 709.2   234 642.9   385 755.5
                                                                      Focus | January 2011 87




                                2010

     July     August    September       October    November    December          Year-to-date


    226.8     3 243.8         0.0          299.0       174.4     1 219.9             10 488.9
    404.4       209.4       167.9        1 343.0     2 213.0     1 824.0              8 924.2
    165.0        90.1        50.5           47.9     1 017.2        69.3              2 003.6
    427.9        70.3       236.5          284.8       850.2       309.6              4 277.7

  1 237.2       657.7      1 444.0       1 420.0       946.0     1 121.1             15 716.3
      0.0         0.0          0.0           0.0         0.0         0.0                 34.3
      0.0       735.0      1 971.8       2 454.5     3 681.0     1 609.6             18 061.5
 41 292.8    40 836.6     39 217.9      28 008.7    31 342.4    32 897.5            517 854.9
 11 306.4    12 265.1      8 103.2      11 946.7    10 510.6    10 151.4            135 952.9
     28.8         1.2      1 201.8          68.1        23.9       484.5              2 743.4
      0.0       293.8         94.2           0.0       826.9       151.8              2 088.0
 11 186.4     7 826.5     14 702.3      16 036.1    12 315.0     2 394.0             97 131.2
  1 248.3     1 248.7      1 280.3           0.0       285.4     1 028.9             11 366.6
  1 033.3     2 855.4      2 107.2       2 108.1     1 346.7     3 909.9             27 007.9
  6 237.0     2 965.3     12 708.9       5 834.9     3 523.9         0.0             69 843.1

    763.6       509.3        526.6         253.6     1 246.4       423.6              6 793.2
  1 620.8     1 794.2      2 044.0       1 991.1     1 415.5     1 462.6             19 081.6
    325.7        57.2          0.0           0.0         0.0       189.6              2 723.4
 48 267.3    35 281.6     51 406.3      32 779.2    43 034.0    18 583.8            548 427.7
  1 052.4       876.3      2 624.8       1 212.2     1 222.1     1 464.3             15 722.9
  2 329.3     2 019.6      2 047.8           0.0         0.0         0.0             26 523.4
     14.7    13 169.6          8.7       4 406.8    11 677.5         0.0             66 250.1
     80.0         0.0          0.0           0.0        89.8        40.2              3 830.0
 68 228.3    50 282.5     84 695.5     116 903.4    52 556.6    82 424.2            930 069.9
109 369.7    62 391.5    133 130.8      90 590.7    98 093.6    46 899.7          1 216 551.9
    229.0       353.7         29.5          20.7       273.9        44.8              2 591.1
  5 958.5     3 510.5     29 874.4       8 546.4     5 243.7     4 026.1            112 508.4
  8 508.6       621.3      7 973.0       2 179.7     2 202.4     2 100.6             47 751.1
      0.0     2 219.0     25 042.0       2 596.4     4 237.5    24 898.8            114 763.2
      0.0         0.0          0.0           0.0         0.0         0.0              2 059.9
  5 383.3     5 925.0      8 046.6       8 404.2     6 473.9     5 994.3             84 665.7
  2 467.7     1 523.3      2 957.6       1 899.2     2 493.6     2 886.1             26 729.5
  3 939.8     2 287.1      8 633.0       4 670.7     4 471.7     3 651.1             69 997.9

333 333.2   256 120.6   442 327.3      346 305.9   303 788.7   252 261.3          4 220 535.2
88 Focus | January 2011


Derivatives - Single stock, stock index, bond options and futures
Stock options and single stock futures
                                                                                                   December 2010
                                                                           Stock options                                        Single stock futures
 Derivative exchange
                                                          Number of                 Notional         Open         Number of              Notional          Open
                                                     contracts traded               turnover      interest   contracts traded            turnover       interest
 Americas
 BM&FBOVESPA                                              51 615 801                 111 006     7 826 064                 0                     0            0
 Bourse de Montreal                                        2 126 072                  16 509     2 955 676                 0                     0            0
 Buenos Aires SE                                           4 239 411                       0             0                 0                     0            0
 CBOE Future Exchange                                              0                       0             0                 0                     0      142 759
 Chicago Board Options Exchange                           47 562 728                       0   209 185 157                 0                     0            0
 International Securities Exchange                        55 291 160                       0             0                 0                     0            0
 MexDer                                                          550                       0        58 648             3 170                     1        3 170
 NASDAQ OMX PHLX                                          55 130 505                  22 097             0                 0                     0            0
 Asia - Pacific
 ASX Derivatives Trading                                    1 045 643                 24 811     1 122 647             56 897                  678        58 988
 Bombay SE                                                          0                      0             0                  0                    0             0
 Bursa Malaysia Derivatives                                         0                      0             0                  0                    0             0
 Hong Kong Exchanges                                        5 481 533                 14 964     5 298 564             29 948                  108        11 514
 Korea Exchange                                                     0                      0             0          3 826 540                2 213       481 203
 National Stock Exchange India                              2 741 412                 18 426        88 678         15 409 764               96 756     1 300 580
 Osaka SE                                                      72 657                      0       174 017                  0                    0             0
 TAIFEX                                                        10 158                     22         2 629             78 794                  236        11 026
 Thailand Futures Exchange                                          0                      0             0           130 802                     0        35 356
 Tokyo SE Group                                                56 371                      0      299 216                   0                    0             0
 Europe - Africa - Middle East
 Athens Derivatives Exchange                                    3 101                      5         2 149            601 598                  377       247 139
 BME Spanish Exchanges                                      4 370 220                  6 252     8 553 069          3 586 513                5 311     1 679 496
 Budapest SE                                                        0                      0             0            101 573                  629        35 138
 EUREX                                                     20 066 305                 62 930    44 583 802          5 512 450               15 737     2 513 096
 Johannesburg SE                                              819 084                     20     2 889 449         11 101 862                5 366     7 025 696
 MICEX                                                              0                      0             0          1 468 913                  882       133 415
 OMX Nordic Exchange                                        2 764 403                  5 248     4 290 992            470 548                  431       353 291
 NYSE Liffe Europe                                         12 841 041                 45 131    26 993 759         16 883 479               41 276     4 078 631
 Oslo Børs                                                    369 240                    316       552 111            124 771                  107       301 502
 Tehran SE                                                          0                      0             0                600            1 511 995           752
 Tel-Aviv SE                                                   71 680                    389             0                  0                    0             0
 Warsaw SE                                                          0                      0             0             39 345                  118         7 735
 Wiener Börse                                                  41 423                    127        77 337              3 245                   22         3 235




Notes:
NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges
only; derivatives are not traded on other OMX Exchanges
NA: Not available
                                                                                              Focus | January 2011 89




                                                           Year-to-date
                                       Stock options                             Single stock futures

                                  Number of            Notional                Number of                    Notional
Trading days December 2010   contracts traded          turnover           contracts traded                  turnover

                       21       802 229 293            1 728 620                        0                          0
                       21        19 665 934              135 192                        0                          0
                       20        42 993 383                    0                        0                          0
                       22                 0                    0                        0                          0
                       22       806 988 765                    0                        0                          0
                       22       733 607 965                    0                        0                          0
                       23           618 790                  155                   12 044                          3
                       22       554 084 235             181 835                         0                          0

                       21         15 455 208            292 597                   543 676                       6 637
                        0                  0                  0                         1                           0
                       21                  0                  0                         0                           0
                       21         60 656 402            162 421                   239 259                         907
                       22             11 602                  1                44 711 133                      19 035
                       22         28 363 426            207 011               175 674 069                   1 211 511
                       21            380 760                  0                         0                           0
                       23             70 272                147                   724 375                       1 846
                        0                  0                  0                  969 353                          313
                       21           834 820                   0                         0                           0

                       20            105 359                156                 4 701 785                       4 119
                       21         37 607 374             61 031                19 684 108                      29 723
                       22                  0                  0                 1 033 190                       5 988
                       21        283 339 061            804 689               150 748 431                     378 538
                       21         12 358 594                543                78 756 323                      38 186
                       22                  0                  0                12 634 797                       6 185
                       21         32 721 486             54 808                 2 459 997                       2 523
                       23        194 714 042            525 024               291 272 890                     922 010
                       21          3 504 368              2 535                 1 466 739                       1 049
                       20                  0                  0                     2 373                   5 242 048
                       22            977 947              4 445                         0                           0
                       22                  0                  0                  375 496                          702
                       20           469 216               1 391                     4 895                          33
90 Focus | January 2011


Derivatives - Single stock, stock index, bond options and futures
Stock index options and futures
                                                                                                    December 2010
                                                                         Stock index options                                      Stock index futures
 Derivative exchange
                                                           Number of                                                Number of             Notional
                                                      contracts traded    Notional turnover    Open interest   contracts traded           turnover      Open interest
 Americas
 BM&FBOVESPA                                                    28 320               11 808           20 075         1 241 180              51 683            160 534
 Bourse de Montreal                                              5 734                  445           16 320           444 196              68 983            116 355
 Buenos Aires SE                                                     0                    0                0                 0                   0                  0
 CBOE Future Exchange                                                0                    0                0           556 312                   0                  0
 Chicago Board Options Exchange                             19 539 761                    0       17 094 958                 0                   0                  0
 CME Group                                                   2 983 146              373 718        1 326 516        44 234 036           2 913 060          3 425 574
 International Securities Exchange                             715 105                    0                0                 0                   0                  0
 MexDer                                                          9 782                  296           13 549          181 086                5 559             90 197
 NASDAQ OMX PHLX                                              212 709                   210                0                 0                   0                  0
 Asia - Pacific
 ASX Derivatives Trading                                       391 202               18 710          286 382            48 432                 519            25 160
 ASX SFE Derivatives Trading                                    34 256                4 162           50 888           949 215             115 568           199 842
 Bombay SE                                                           0                    0                0               435                   3                 0
 Bursa Malaysia Derivatives                                          0                    0                0           162 482               3 986            21 837
 Hong Kong Exchanges                                         1 120 385              140 464          298 137         3 377 983             343 340           192 776
 Korea Exchange                                            236 467 426               21 326        4 095 555         5 917 951             684 910           105 097
 National Stock Exchange India                              50 684 431              339 770        1 833 549        11 406 712              72 189           501 667
 Osaka SE                                                    3 129 214                    0        1 762 719         9 596 454             327 337           736 393
 Singapore Exchange                                            136 404                    0          190 954         4 632 726                   0           671 576
 TAIFEX                                                          8 219              122 571        1 157 266         3 328 176             146 726           120 356
 Thailand Futures Exchange                                       6 318                    0              797           193 561                   0            25 553
 Tokyo SE Group                                                  4 666                    0            9 677         1 786 557             183 283           420 956
 Europe - Africa - Middle East
 Athens Derivatives Exchange                                    24 294                  119            7 925           211 768               1 001             28 603
 BME Spanish Exchanges                                         420 626                5 563          544 420           685 398              63 656             51 344
 Budapest SE                                                         0                    0                0           187 630                 196             62 027
 EUREX                                                      24 018 188              928 689       38 728 839        32 095 616           1 810 337          2 946 592
 Johannesburg SE                                               308 533                  334          965 681         2 020 441              63 868            433 474
 MICEX                                                               0                    0                0           399 569               2 184             33 020
 OMX Nordic Exchange                                           768 556               13 175          713 649         2 211 720              37 043            522 755
 NYSE.Liffe Europe                                           3 187 768              208 312        4 766 181         7 704 204             577 452          1 587 197
 Oslo Børs                                                      59 038                   51           43 173           499 462                 428            148 874
 Tel-Aviv SE                                                 5 741 679              211 320                0               425                  16                  0
 Warsaw SE                                                      69 300                  616           56 864          995 188                9 205           114 820
 Wiener Börse                                                    3 195                    2            4 312            81 351               5 854             41 589




Notes:
NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges
only; derivatives are not traded on other OMX Exchanges
NA: Not available
                                                                                                          Focus | January 2011 91




                                                                      Year-to-date
                                    Stock index options                                     Stock index futures

                                  Number of                                               Number of                     Notional
Trading days December 2010   contracts traded             Notional turnover          contracts traded                   turnover


                       21            281 815                       108 181                18 039 345                      693 539
                       21             77 820                         5 341                 4 070 604                      557 817
                       20                  0                             0                         0                            0
                       22                  0                             0                 1 307 879                            0
                       22        270 006 239                             0                         0                            0
                       22         40 297 218                     4 905 564               695 147 655                   39 783 292
                       22         11 865 818                             0                         0                            0
                       23            147 411                         3 791                 1 321 686                       34 953
                       22          3 257 622                         3 814                         0                            0

                       21          5 274 603                       223 060                   370 800                       6 225
                        0            382 378                        40 298                 9 936 165                   1 056 729
                        0              4 804                            28                     5 035                          29
                       21                  0                             0                 1 994 907                      42 773
                       21         11 922 207                     1 423 999                42 753 763                   4 103 642
                       22      3 525 898 562                    14 792 467                86 762 976                   8 568 581
                       22        529 773 463                     3 225 940               156 351 505                     890 627
                       21         43 791 011                             0               147 597 639                   3 994 307
                        0            632 983                             0                59 230 325                           0
                       23         88 906 477                     1 221 192                41 728 751                   1 533 532
                        0           107 317                              8                 2 471 302                      31 511
                       21           120 040                              0                15 900 256                   1 484 362

                       20            610 076                         3 432                 2 965 284                       16 507
                       21          3 072 418                        40 925                 9 860 262                      886 473
                       22                  0                             0                 3 635 407                        3 954
                       21        342 919 472                    12 412 042               407 772 104                   21 050 635
                       21          5 325 232                         5 538                16 621 801                      455 538
                       22                  0                             0                 6 237 229                       29 355
                       21         13 759 381                       195 937                32 424 236                      847 218
                       23         57 433 095                     3 148 453                94 268 808                    5 781 483
                       21            743 726                           505                 8 016 450                        5 609
                       22         70 457 066                     2 204 583                    21 599                          948
                       22           711 352                          5 631                13 514 631                     111 043
                       20             33 593                           734                   331 234                       20 282
92 Focus | January 2011


Derivatives - Single stock, stock index, bond options and futures
Bond options and futures
                                                                                                   December 2010
                                                                          Bond options                                          Bond futures
Derivative exchange
                                                         Number of                  Notional         Open         Number of           Notional         Open
                                                    contracts traded                turnover      interest   contracts traded         turnover      interest
 Americas
 BM&FBOVESPA                                                       0                      0             0               1 565              102      351 536
 Bourse de Montreal                                                0                      0             0             493 613           49 716      156 470
 Buenos Aires SE                                             258 998                      0             0                   0                0            0
 CBOE Future Exchange                                              0                      0             0                   0                0            0
 Chicago Board Options Exchange                                    0                      0             0                   0                0            0
 CME Group                                                   808 699                 80 870       259 675           6 364 636          636 464      844 476
 International Securities Exchange                                 0                      0             0                   0                0            0
 MexDer                                                            0                      0             0           2 762 611           24 666   24 192 737
 NASDAQ OMX PHLX                                                   0                      0             0                   0                0            0
 Asia - Pacific
 ASX Derivatives Trading                                           0                      0             0                   0                0           0
 Bursa Malaysia Derivatives                                        0                      0             0                   0                0           0
 Hong Kong Exchanges                                               0                      0             0                   0                0           0
 Korea Exchange                                                    0                      0             0           1 440 686          142 851           0
 National Stock Exchange India                                     0                      0             0                 442                2           1
 Osaka SE                                                          0                      0             0                   0                0           0
 Singapore Exchange                                                0                      0             0              90 352                0      11 473
 TAIFEX                                                            0                      0             0                   0                0           0
 Thailand Futures Exchange                                         0                      0             0                   6                0           6
 Tokyo SE Group                                                    0                      0             0            848 260                 0      49 335
 Europe - Africa - Middle East
 Athens Derivatives Exchange                                       0                   0                0                   0                0            0
 BME Spanish Exchanges                                             0                   0                0                   0                0            0
 Budapest SE                                                       0                   0                0                   0                0            0
 EUREX                                                     4 442 170             881 086        1 693 601          35 196 603        5 628 020    2 678 822
 Johannesburg SE                                                   0                   0            9 500               7 700              132       80 379
 MICEX                                                             0                   0                0                   0                0            0
 OMX Nordic Exchange                                         260 000              38 748          400 200           2 135 253          318 215    1 771 377
 NYSE Liffe Europe                                         7 297 095          19 899 096       25 630 523          20 767 388        6 634 310            0
 Oslo Børs                                                         0                   0                0                   0                0            0
 Tehran SE                                                         0                   0                0                   0                0            0
 Tel-Aviv SE                                                       0                   0                0                   0                0            0
 Warsaw SE                                                         0                   0                0                   0                0            0
 Wiener Börse                                                      0                   0                0                   0                0            0




Notes:
NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges
only; derivatives are not traded on other OMX Exchanges
NA: Not available
                                                                                                   Focus | January 2011 93




                                                                Year-to-date
                                         Bond options                                    Bond futures

                                  Number of                Notional                 Number of                     Notional
Trading days December 2010   contracts traded              turnover            contracts traded                   turnover


                       21                  0                      0                     15 633                       1 378
                       21                  0                 12 256                  6 405 757                   1 224 049
                       20          1 580 090                      0                          0                           0
                       22                  0                      0                          0                           0
                       22                  0                      0                          0                           0
                       22         14 687 616              1 468 762                 91 124 942                   9 102 891
                       22                  0                      0                          0                           0
                       23                  0                      0                34 794 783                     283 951
                       22                  0                      0                          0                           0

                       21                  0                     0                           0                           0
                       21                  0                     0                           0                           0
                       21                  0                     0                           0                           0
                       22                  0                     0                  27 078 212                   2 604 045
                       22                  0                     0                      18 974                          76
                       21                  0                     0                           0                           0
                        0                  0                     0                     741 764                           0
                       23                  0                     0                           0                           0
                        0                  0                     0                          41                           0
                       21                  0                     0                   8 021 458                           0

                       20                 0                       0                         0                           0
                       21                 0                       0                         0                           0
                       22                 0                       0                         0                           0
                       21        65 188 754              10 940 525               509 621 447                  81 106 858
                       21            81 142                      32                   583 580                       8 644
                       22                 0                       0                         0                           0
                       21         2 043 400                 290 828                25 570 442                   3 566 812
                       23       170 953 662             346 878 536               325 492 005                 131 212 894
                       21                 0                       0                         0                           0
                       20                 0                       0                         0                           0
                       22                 0                       0                         0                           0
                       22                 0                       0                         0                           0
                       20                 0                       0                         0                           0
94 Focus | January 2011


Derivatives - ETFs options and futures


                                                                      December 2010
                                               ETF options                                           ETF futures
Derivative exchange
                                  Number of
                                   contracts       Notional            Open    Number of contracts         Notional        Open
                                     traded        turnover         interest               traded          turnover     interest
 Americas
 BM&FBOVESPA                         263 013             72         263 968                     0                  0          0
 Bourse de Montreal                  406 724          3 158         638 865                     0                  0          0
 Buenos Aires SE                           0              0               0                     0                  0          0
 Chicago Board Options Exchange   19 306 979              0      68 155 598                     0                  0          0
 MexDer                                   10              0              10                    10                  0         10
 NASDAQ OMX PHLX                  41 184 454              0          19 717                     0                  0          0
 Asia - Pacific
 Bursa Malaysia Derivatives                0              0              0                      0                  0          0
 Hong Kong Exchanges                  70 582            528         82 651                      0                  0          0
 Korea Exchange                            0              0              0                      0                  0          0
 Osaka SE                              4 080              0          5 930                      0                  0          0
 Tokyo SE Group                            0              0              0                      0                  0          0
 Europe - Africa - Middle East
 Johannesburg SE                          0                  0        2 568               119 120                  24   53 793
                                                                                               Focus | January 2011 95




                                                                        Year-to-date
                                                       ETF options                           ETF futures
Derivative exchange
                                                  Number of                            Number of
                                   Trading days    contracts         Notional           contracts             Notional
                                 December 2010       traded          turnover             traded              turnover
Americas
BM&FBOVESPA                                 21       959 093             445                   0                    0
Bourse de Montreal                          21     2 712 164          18 752                   0                    0
Buenos Aires SE                             20             0               0                   0                    0
Chicago Board Options Exchange              22    42 104 314               0                   0                    0
MexDer                                      23         1 090               0                  10                    0
NASDAQ OMX PHLX                             22    41 184 454               0                   0                    0
Asia - Pacific
Bursa Malaysia Derivatives                  21            0                0                   0                    0
Hong Kong Exchanges                         21      486 738            3 353                   0                    0
Korea Exchange                              22            0                0                   0                    0
Osaka SE                                    21       11 090                0                   0                    0
Tokyo SE Group                              21          121                0                   0                    0
Europe - Africa - Middle East
Johannesburg SE                             21     2 069 539             468           27 484 405                 138
96 Focus | January 2011


Other key financial information - Short term interest rates


                                     Over night                 1-month %                   3-month %                 6-month %                 One-year %
 Libor Market rates
                               End-Dec 10    End-Dec 09    End-Dec 10    End-Dec 09    End-Dec 10   End-Dec 09   End-Dec 10   End-Dec 09   End-Dec 10   End-Dec 09
 US Dollar                          0.25          0.17          0.26           0.23         0.30         0.25         0.46         0.43         0.78         0.98
 Euro                               0.37          0.29          0.71           0.41         0.94         0.66         1.18         0.97         1.47         1.22
 Sterling                           0.57          0.51          0.59           0.52         0.76         0.61         1.05         0.84         1.51         1.25
 Yen                                0.10          0.12          0.13           0.17         0.19         0.28         0.35         0.48         0.57         0.69
 Swiss Franc                        0.10          0.06          0.14           0.11         0.17         0.25         0.24         0.34         0.52         0.64




Other key financial information - Government bond rates


                                      5 years %                   10 years %
 Market rates
                                End-Dec 10    End-Dec 09    End-Dec 10    End-Dec 09
 US Treasury Bonds                    2.01          2.58          3.30          3.78
 German Government Bonds              1.81          2.41          2.94          3.38
 UK Gilts                             2.20          2.87          3.40          4.03
 Japanese Government Bonds            0.41          0.50          1.13          1.34
 Australian Government Bonds          5.40          5.24          5.53          5.66
Calendar of events
      Meeting                             Date                Place                                 Details

March 2011

      36th Annual International Futures                                                             http://www.futuresindustry.org/boca-
                                          15-18 March         Boca Raton
      Industry Conference                                                                           2010.asp

      WFE Working Committee Meeting       20-22 March         Hosted by Bolsa Mexicana de Valores   Contact the Secretariat

      AOSEF General Assembly              30 March            Osaka                                 www.aosef.org

      Intermarket Surveillance Group (ISG)
                                           30 March-1 April   San Diego                             www.isgportal.org
      Meeting

April 2011

      IOSCO Annual Meeting                18-21 April         Cape Town                             www.iosco.org

May 2011

      IOMA/IOCA Annual Meeting            1-4 May             Hosted by the NSE of India            Contact the Secretariat

June 2011

      FESE Annual Convention              16-17 June          Athens                                www.fese.eu

September 2011

      FIAB General Assembly and Annual
                                          18-20 September     Punta Cana                            http://www.fiabnet.org/es/index.asp
      Meeting

October 2011

                                                              Hosted by the Johannesburg Stock
      WFE Board of Directors Meeting      11 October                                                Contact the Secretariat
                                                              Exchange
                                                              Hosted by the Johannesburg Stock
      WFE Working Committee Meeting       11 October                                                Contact the Secretariat
                                                              Exchange
      WFE General Assembly and Annual                         Hosted by the Johannesburg Stock
                                          12-13 October                                             Contact the Secretariat
      Meeting                                                 Exchange

November 2011

      Exchange Technology Workshop at
                                          21-23 November      Hosted by MIT                         Contact the Secretariat
      MIT
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
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