and statistics The World Federation of Exchanges - Annual ... · Annual report and statistics 2008 2008 General assembly and annual meeting 2008 General assembly and annual meeting

Tel +33 (0) 1 58 62 54 00 Fax +33 (0) 1 58 62 50 48www.world-exchanges.org [email protected]

Annual report and statistics

2008

Amman Stock ExchangeAthens ExchangeAustralian Securities ExchangeBermuda Stock ExchangeBM&FBOVESPABME Spanish ExchangesBolsa de Comercio de Buenos AiresBolsa de Comercio de SantiagoBolsa de Valores de ColombiaBolsa de Valores de LimaBolsa Mexicana de ValoresBombay Stock ExchangeBourse de LuxembourgBursa MalaysiaChicago Board Options ExchangeCME GroupColombo Stock ExchangeCyprus Stock ExchangeDeutsche BörseHong Kong Exchanges and ClearingIndonesia Stock ExchangeIntercontinentalExchange International Securities Exchange Irish Stock ExchangeIstanbul Stock ExchangeJSE LimitedKorea ExchangeLondon Stock Exchange GroupMalta Stock ExchangeNASDAQ OMXNational Stock Exchange of IndiaNew Zealand ExchangeNYSE Euronext (New York)NYSE Euronext (Paris)Osaka Securities ExchangeOslo BørsPhilippine Stock ExchangeShanghai Stock ExchangeShenzhen Stock ExchangeSingapore ExchangeSIX Swiss ExchangeStock Exchange of MauritiusStock Exchange of TehranStock Exchange of ThailandTaiwan Stock Exchange Tel-Aviv Stock ExchangeThe Egyptian ExchangeTMX GroupTokyo Stock Exchange GroupWarsaw Stock ExchangeWiener Börse

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The significance of exchanges The regulated exchange environment provides for transparent price discovery, with visibility of the bid and offer prices shown in the central order book. It also provides for certainty of outcome, as trades are processed through exchange-operated or closely related after-trade service providers, very often with central party clearinghouse guarantees. The transaction and counterparty risk is then transferred to the exchange or clearer.

The robustness of this model has proven its worth by providing liquidity to users of capital markets, including on days when OTC and interbank market segments have seized up. Since August 2007, exchanges have remained the major providers of liquidity to the markets, along with central banks.

WFE member exchanges are key national economic actors in their countries, with a few members now spanning several jurisdictions and time zones. Capital raising and secondary-market pricing remain the key function for the securities and securities option segments; standardized contracts for financial and raw material products on futures markets provide essential pricing indicators for the world’s economy, going well beyond the individual corporation.

Our mission The WFE promotes regulated exchanges in four ways.

n Quality We promote market standards and reliable statistics.

n Advocacy We work with policy makers, regulators and government organizations for fair, transparent and efficient markets.

n Networking We bring together exchange experts to improve markets.

n Development We help newer, smaller exchanges to meet WFE standards.

1Annual report and statistics 2008

4 Letterfromthechairman 6 Boardofdirectors 7 2008Generalassemblyandannualmeeting 16 Workingcommittee 18 Highlightsfromtheworkingcommittee 19 HighlightsfromtheHongKong“townhall”meeting 21 HighlightsfromWFEdevelopingmarketsforum 25 HighlightsfromWFEworkshoponmarketstructureandstatistics 36 2008Markethighlights 52 Survey:2007costandrevenue 58 IOMA/IOCA 59 2008IOMA/IOCAannualmeeting 65 2007IOMAderivativesmarketsurvey 70 Affiliatesandcorrespondents 71 Representationoftheexchangeindustry 74 WFEauditedfinancialstatements2008

2008 market statistics

84 Equitymarkets106 Fixedincome116 Derivatives125 Indicators132 Alternative&SME142 Othermarkets150 Foreignexchangerates152 Statisticsdefinitionsandexamples

Everyefforthasbeenmadetoensurethattheinformationinthispublicationisaccurateatthetimeofprinting,butthesecretariatcannotacceptresponsibilityforerrorsoromissions.

Contents

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Annual report and statistics 2008

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TheWorldFederationofExchanges


TheWorldFederationofExchanges(WFE)isthetradeassociationofpubliclyregulatedstock,futuresandoptionsexchanges.Itsmembershipcomprisestheworld’sleadingbourses.MembershipinWFEisconsideredbysomegovernmentsandnationalassociationsofassetmanagersascriteriaforpreferentialinvestmentpolicyandtaxationforthesemarkets.

TheWFEisacentralreferencepointforthesecuritiesindustry,andforexchangesthemselves.Weoffermemberguidanceintheirbusinessstrategies,andintheimprovementandharmonizationoftheirmanagementpractices.

Member exchanges

AmmanStockExchangeAthensExchangeAustralianSecuritiesExchangeBermudaStockExchangeBM&FBOVESPABMESpanishExchangesBolsadeComerciodeBuenosAiresBolsadeComerciodeSantiagoBolsadeValoresdeColombiaBolsadeValoresdeLimaBolsaMexicanadeValoresBombayStockExchangeBoursedeLuxembourgBursaMalaysiaChicagoBoardOptionsExchangeCMEGroupColomboStockExchangeCyprusStockExchangeDeutscheBörseHongKongExchangesandClearingIndonesiaStockExchangeIntercontinentalExchangeInternationalSecuritiesExchangeIrishStockExchangeIstanbulStockExchangeJSELimited

KoreaExchangeLondonStockExchangeGroupMaltaStockExchangeNASDAQOMXNationalStockExchangeofIndiaNewZealandExchangeNYSEEuronext(NewYork)NYSEEuronext(Paris)OsakaSecuritiesExchangeOsloBørsPhilippineStockExchangeShanghaiStockExchangeShenzhenStockExchangeSingaporeExchangeSIXSwissExchangeStockExchangeofMauritiusStockExchangeofTehranStockExchangeofThailandTaiwanStockExchangeTel-AvivStockExchangeTheEgyptianExchangeTMXGroupTokyoStockExchangeGroupWarsawStockExchangeWienerBörse

The World Federation of Exchanges

World Federation of ExchangesPhone+33(0)158625400-Fax+33(0)158625048Home page:www.world-exchanges.orgE-mail:[email protected]


Letterfromthechairman

Withtheworld’sfinancialsystemunderunprecedentedstresssinceAugust2007,itisimportanttoemphasizetheuniquepositionofregulatedexchanges.

Exchangeoperationswerenotconnectedtothecausesofthecurrentfinancialdifficulties;onthecontrary,theliquidityprovidedbydailytradinghasmadeagenuinecontributiontotheworldeconomy.Butexchanges’businessenvironmentshavecertainlybeenadverselyaffected.Despitethat,WFEexchangeleadersexpecttobepartofthesolutiontocapitalmarketsproblems.

Tosetthecontext,itisimportanttokeepinmindthat:

n Exchangeshavestayedopeneachdayfortrading, withfewexceptions,pausingonlywhenpublicly established“circuit-breaker”dailytradinglimits havebeenbreached.n Regulatedexchangeshavebeentheonly significantprivatesectoractorswhosemarket operationshavebeenasourceofliquidity. Exchangesdothiswithoutalenderoflastresort asback-up.

n Thedeleveragingphenomenonofthepastyearis leavingthecapitalmarketsenvironment considerablyreducedinscale.Thereisalreadyfar lesscapitaltoputthroughexchange-operated markets;andwithlesstradingtogenerate participantinterest,itwouldbehardtoimagine thatmarketdepthwillnotbeaffected.n 45,000companieshaveissuedstockonthe memberexchanges’markets.TheWFEBoard believesthatexchangesmayhaveanevenmore criticalroletoplaygoingforwardinproviding financingtotheseenterprisesinthefaceof continuedreductionsinbankfinancing;itis certainlyabusinessdevelopmentareathat memberswouldwishtobeexploring.

Despitethesesuccesses,itisimportanttobeawareofthethreatsfacingregulatedexchangeswhichcouldcometohampertheirongoingwork.

Fragmentationofpricediscoveryisoccurringinmanyjurisdictions,asaresultofregulatorychoicesmadeinrecentyears.Thereareimplicationsfordepthofmarket,transparencyofpriceformation,clarityofmarketdata,complexityoforderexecution,andpossiblyalsovolatility.

WFEispubliclyontherecordasbeinginfavorofcompetition,andmembershaveindeedbeenvigorouscompetitorsamongstthemselvesforyears.Equallyandfirmly,theWFEBoardrejectsthefalse“competition”ofnon-exchangeenterprisescomingintothisbusiness;wearenotworkingonalevelplayingfield.Inrecentyears,andnowattheworstpossibletimefortransparentpricingofmuchoftheworld’sbusinesses,exchangeshavebeensubjectto–andtornbetween–theconflictingregulatoryobjectivesofcapitalmarketsandcompetitionauthorities.

Letter from the chairman

Massimo Capuano2008 WFE ChairmanDeputy Chief Executive of the London Stock Exchange Group


Letterfromthechairman

Next,onOTCtrading.Repeatedlyforthelasteightyears,WFEhaswrittenandspokenwithpublicpolicyorganizationsonthedisruptiveeffectsonthepublic,regulatedmarketsoftheselesstransparentsegmentsofthecapitalmarketsbusiness.BeginninginDecember2000,theWFEBoardhighlightedtheproblemofmarketsurveillancedisruptionscausedbyunreportedOTCtransactionsinletterstotheBaselCommitteeandtheIOSCOTechnicalCommittee.WealsofoundcomplexOTCtransactionsdifficulttoevaluate,andhighlightedthatissuetotheBaselCommitteeinitsbankingsupervisoryrole;andtoIFACandIASonthevaluationquestion.

Inrelationtomarketriskmanagement,Iemphasizethevaluetothemarketwhenexchangesprovideasafe,neutralandindependentplatformformarketparticipants.Exchangesguaranteeingtradesinsomeform,andnotablysettingupcentralcounter-partyfacilities(“CCPs”)whichexplicitlyguaranteetrades,arethemajorbusinessadvancesofthisdecade.MostCCPsareexchange-owned.ThistiesinwellwiththeBaselIIcapitalrequirements,asintermediariesneedtokeeplesscapitalonhandwhentradingagainstaCCPthanagainstacommercialcounterparty.IamconfidentthatwheretheseOTCinstrumentscanbeevaluatedandorganizedforon-exchangetradingand/orclearing,WFEmemberswouldwanttodotheirpartinbringingthemintotheirenvironment.

Thereareriskstodaytotheprovenexchangemodelwhichrequiretheattentionofourclientsaswellasglobalpolicy-makers.Agreatdealofassetpricingoccursonexchangesaroundtheworld,andthatinformationhasvaluetotheworld’seconomy.Goingforward,thisFederationisparticularlyvigilanttoassurethatthepublicregulatedmarketscontinuetobeabletofulfilltheiressentialeconomicrole,onewhichnootheractorisabletoreplicate.Exchanges’abilitytomaintaintradingthesepast20monthshasnotbeenaccidental:thereissomethingdistinctiveinthemixofelementsthatcombineeachdayintheregulatedexchangeenvironment,andsoprovideforliquiditythroughtransparentpricediscovery,andcertaintyofoutcomeinorderexecution.

Massimo CapuanoApril 2009


Boardofdirectors

Board of directorsJanuary2009

*ServesasFederationTreasurer

Officers:

ChairmanChicagoBoardOptionsExchange.....................................William J. Brodsky, Chairman & Chief Executive Officer

Vice ChairmanHongKongExchangesandClearing..................................Paul Chow, Chief Executive

Working Committee ChairmanIstanbulStockExchange........................................................Hüseyin Erkan, Chairman & Chief Executive Officer

Directors:

AmericasBM&FBOVESPA.........................................................................Gilberto Mifano, Chief Executive OfficerBolsaMexicanadeValores....................................................Guillermo Prieto Treviño, Chairman of the BoardNASDAQOMX..........................................................................Magnus Böcker, PresidentTMXGroup..................................................................................Thomas Kloet, Chief Executing Officer

Asia-PacificKoreaExchange......................................................................... Jung-hwan Lee, Chairman & Chief Executive OfficerNationalStockExchangeofIndia......................................Ravi Narain, Managing Director and Chief Executive OfficerTokyoStockExchange............................................................Atsushi Saito, President & Chief Executive OfficerShanghaiStockExchange......................................................Geng Liang, Chairman of the Board of Governors

Europe-Africa-Middle EastJSELimited..................................................................................Russell M. Loubser, Chief Executive OfficerNYSEEuronext......................................................................... Jean-François Théodore, Deputy Chief Executive Officer*LondonStockExchangeGroup............................................Massimo Capuano, Deputy Chief Executive OfficerTheEgyptianExchange..........................................................Maged Shawky, Chairman

At largeNYSEEuronext..........................................................................Duncan Niederauer, Chief Executive OfficerBMESpanishExchanges.........................................................Antonio J. Zoido, Chairman

MembersoftheBoardareelectedtotwo-yearrenewabletermsbytheGeneralAssembly.TheBoardmeetsthreetimesperyear,inaccordancewiththeWFEStatutes.


2008Generalassemblyandannualmeeting

2008 General assembly and annual meetingHostedbyBorsaItaliana,12-14October2008

Keynote speaker: Fulvio Conti, Chief Executive Officer, ENEL

Mr.ContiintroducedENEL,whichhasbeenapubliclistedcompanysince1999,andisItaly’slargestenergycompany.Asthedemandforenergyhasbeengrowingatafastpace(forexample,everysingleweekthereisanewpowerplantinIndiaalone),theenvironmentalchallengethisrepresentshastobetakenintoaccount.Theproductionofenergyresourcesisstillveryconcentrated,as65%ofprovedoilreservesareintheMiddleEast,andmostofthemostreadilyrecoverablegasreservesarelocatedinRussia.InorderforENELtoaddresstheseissues,thekeysforsuccessare:- Scale,whichimpliesconsequentinvestmentand allowsforgeo-diversity- Integrationofproductionanddistribution- Partnershipsbetweenproducingandconsuming countries–forinstance,itmaybeagreeablethat RussianorMiddleEasterncountries’producers becomedistributorsinEurope,iftherewere reciprocity- Homogeneityintheregulatoryframework

Mr.Contistressedthatthecurrentfinancialturmoilwillleadtore-focusingonfundamentalslikeindustryandenergy.

Market trends 2008: energy, inflation, volatility and the credit crisis

n Moderator:WilliamJ.Brodsky,WFEViceChairman andChairmanandChiefExecutiveOfficer, ChicagoBoardOptionsExchangen Speakers:WalterLukken,ActingChairmanofthe UnitedStatesCFTCn HughFreedberg,IOMAChairmanandGroup ExecutiveVicePresidentandHeadofGlobal Derivatives,NYSEEuronextn RaviNarain,ManagingDirectorandChief ExecutiveOfficer,NationalStockExchange ofIndian DavidPeniket,President,ICEFutures,London

Mr.Brodskyintroducedthepanelbyinformingparticipantsthatinviewofmarketconditions,thepanelistshaddecidedtofocusmainlyonthecurrentfinancialcrisis.

Mr.Narainwasoftheviewthattheimpactofthe2007-2008financialcrisiswasgoingtobeverysubstantial.ThecreditcrisishaspointedouttheopacityofOTCmarkets,butawrongconclusionthatcouldbedrawnwouldbethatcreditderivativesarebadinessence.Thiswouldbeafurtherseriousmistake.

BorsaItalianabuilding



Mr.Freedberghighlightedtheneedforacentral,transparentpricediscoverymechanismandwithitanassociatedreliableclearingsystem.Asanexampleofhowthisallshouldworkproperly,LCH.ClearnetwasabletomanagetheLehmanbankruptcyandclearitspositionssuccessfully.

Mr.LukkenmentionedtheUnitedStates’workinggroupthathadbeenlookingintorumorsofoilpricespeculationinrecentmonths.Preliminaryevidenceshowedthatspeculationinfluencedpricesintheveryshortterm,butthattherewaslessevidenceforthisinthelongerterm.Henotedthatclearingsystemshadbeenabletocopewiththefinancialturmoil,andthattheCFTChasaninformationsharingagreementwithICEEuropegivenitsresponsibilityforthegroup’soversight.Itisimportantforthepublicauthoritiestoseethatbroadpicture.

Mr.Peniketthoughtthatanothercrisis,theEnroncase,shouldalreadyhavetaughtsimilarlessonsabouttheneedfortransparentmarkets,clearingmechanisms,andregulatorychange.MuchofICE’ssuccessthisdecademaybeattributedtothefactthatitprovidedaregulated-exchangeresponsetothiscommercialneed.Onthelatterpointofregulation,theevidentchallengeisthatsomeofthelatestchanges,likeSOXandfair-valueaccountingrules,maywellbecontributingfactorsinthecurrentcrisis.

Mr.BrodskyemphasizedtheabsenceofregulationforOTCderivativesintheUS.Mr.NarainraisedtheissueofpossibleregulatoryarbitrageifthesameassetclassesareavailableOTCandon-exchange.Mr.FreedbergnotedthatintheUK,theFSAhasanoverviewofOTCpositions,butataveryhighlevel,hencetheroomhewouldperceiveformoreon-exchangesolutions.Mr.LukkenacknowledgedthebenefitsofclearingappliedtoOTCthatmitigatecounterpartyriskandrelatedriskmanagementissues.

Fromtheaudience,Mr.KrellraisedthequestionofwhichinstitutionmightserveastheappropriateregulatorintheUS,theSECortheCFTC.Mr.BrodskynotedthatbecausetheSECandCFTCwereunabletoagreeonwhichinstitutionwouldbeincharge,theoutcomehadbeennoregulationforOTCproducts.

Keynote speaker: Sergio Marchionne, Chief Executive Officer, Fiat Group

Mr.Marchionnecommentedontheongoingfinancialcrisis,notingthatbubbleswerepartofthecreativedestructionprocessdescribedbySchumpeter,and

adding,too,thattodayglobalizationhasperhapsbroughtmoreinterdependencethaneverbefore.ThecrisisoftheUShousingmarketshasledtobanksbeingshakenallovertheworld.Becausethesubprimeinstrumentswerecreatedsomewhereundertheradarscreenofpublic,regulatedmarkets,itisclearthattherewasnotenoughoversight;hencetheneedforfurtherconsumerprotectionintheUS.

Throughsecuritization,investmentbankshavepackagedanyandallkindsofdebtintoassetsthatcouldbetraded.Asaresult,andwiththeadditionofcreditratings,moneymarketfundswereexposedtosubprimerisks.Borrowingshort-termandlendinglong-termdoesnotworkanymoreforbanks,sotherewasamassivemovementintothecreationofotherkindsofbusinesses.Thebankingindustry’sriskmanagementtoolsdidnotpreventthecrisis,becausetherewasnoprecedent,nodatatoforeseethiscrisis:predictabilityisnotanoutcomeofcreativedestruction.

AstheautoindustryisdecliningintheUS,theFiatgrouphasbeenlookingfordiversificationintermsofproductsandgeographicalcoverage.Mr.Marchionneconcludedbystressingthevitalneedfortheindustryheworksintohavethebackingofasoundandsolidfinancialsystem.

Industry trends: fragmenting markets: cost or opportunity?

n Moderator:ClaraFurse,ChiefExecutive,London StockExchangeGroupn Speakers:GregTanzer,SecretaryGeneral,IOSCO AtsushiSaito,PresidentandChiefExecutive Officer,TokyoStockExchangen Jean-FrançoisThéodore,DeputyChiefExecutive Officer,NYSEEuronextn SergioErmotti,DeputyChiefExecutiveOfficer, Unicredit

Ms.Furseintroducedthetopic,notingthatfragmentationshouldbedistinguishedfromcompetition.Everyoneisinfavorofcompetition,whereasfragmentationmeansthatthemarketincurscertaincoststhatshouldbetakenintoaccounttounderstandtheoverallpicture.Competitionbetweenintermediariesishealthyforthepurposeofpriceformation;competitionbetweentradingplatformsisalsoimportantforthispurpose,butinactualityturnsouttobeofsecondaryimportance.Aboveall,competitionneedstobenefitinvestors.



Mr.Théodoreunderscoredthesignificanceofthequestionbeingaskedtothepanelists,theapparentparadoxoffragmentationandconsolidation,whicharetakingplacesimultaneouslyintheindustry.IntheMiFIDandRegNMScontexts,fragmentationhasbeenconsideredasasmalltokenofcompetition.Themostimportantpoint,though,istoassesswhethertherehavebeenrealbenefitsfortheend-users.Systemshavebeenmodernized;latencyisnowmeasuredinmicrosecondsandnotmilliseconds.Explicitcostshavedecreased.Butwhataboutimplicitcosts,marketimpact,andmarketdata?Competitorsofexchangesarenotplacedunderthesameregulatoryoversight,andtheimpactsoffragmentationonthepricediscoverymechanismarestillunclear.Duringthesedifficulttimesoffinancialcrisis,itisimportanttostressthegreatsocialvalueofatransparentandefficientmarkettoanyeconomicsystem.

Mr.Saitoremindeddelegatesthatthemostimportantfunctionofanexchangeistoensureanorderlymarket,onewhereparticipantshaveequalaccess.Onecanwonderwhetherallactorswouldbereadytojoinwithexchangesinpayingthecostsforensuringtheoperationofafairmarket.AsOTCmarkets’dysfunctionshavenowemergedinthecurrentfinancialturmoil,thereisaneedforgreatertransparencyinallcapitalmarketssegments.MTFsareattractingsomeorderflow,buttodosotheyarefreeridingonexchangesbyusingexchange-establishedpriceswithoutbearingthecostsofensuringafair,transparentandorderlytradingenvironment.ThisstrikesMr.Saitoasbeingwrong.

Mr.Tanzeraffirmedthatregulatorsdoseethesocialvalueofregulatedexchanges,andhethenbrieflyintroducedIOSCO’s30PrinciplesofRegulation.Efficient,competitivemarketsallowforinnovationandlowercosts,andonthistheme,asoftoday,itwouldbetooearlytoassesstheeffectsandvalueofMiFID.AsregardsilliquidOTCinstruments,IOSCOislookingatwaysofassuringpost-tradetransparencyforcomplexstructuredproducts.Itisalsoinvestigatingissuessuchasshort-sellinganddarkpools.Onequestionhehasbeenaskinghimselfconcernsthepositionofexchangescaughtuncomfortablybetweentheconflictinggoalsofcompetitionandcapitalmarketauthorities.

Mr.Ermottistressedthatfragmentationhasinevitablecosts,suchasconnectivity,butthatoverallitbringslowercostsandsuchinnovationsasdarkpools.AlevelplayingfieldisneededwithintheEuropeanUnion,becauseMiFIDimplementationstillhasdifferent

meaningfromonecountrytothenext.Regardingclearingandsettlement,inhisviewthisfunctionshouldbeconsideredasautilitythatdoesnotaimatmaximizingprofits;competitionandinnovationshouldberestrictedtotradeorderexecutionandotherexchangeservices.Thefactthatmarketshavebeenupandrunningmoreorlessnormallythispastyearhasbeenveryimportant,becausetheyhavebeenabletoserveasaliquidityprovideroflastresort.

Onthetopicofdarkpools,Ms.Fursenotedthattheirlackoftransparencywasdesignedtopreventanyinformationleakageorpossiblefront-runningofinstitutionalclientorders.Transparencyisveryimportant,butitisobviousthatdarkpoolsprovidetheopacitysoughtbysomemarketparticipants.Mr.Théodorenotedfurtherthatalgorithmictradinghasdramaticallyreducedordersize,makingitharderforinstitutionalclientstoworkordersofsize;darkpoolsoperatedwithintheexchangeenvironmentandwithcounterpartiesvisibletotheexchangefeaturelesstransparencyasameansofworkingblocktrades.Ifbecauseofordersizedarkpoolsaregoingtofindtheirplacetoday,theyshouldbeorganizedinsuchawayastoassuretheirinteractionwithcentralorderbooks.ForMr.Saito,thesignofefficientmarketsishighliquidity,andhethereforewouldstatehispreferenceforlightpools.

Industry associations: their future role

n Moderator:GuillermoPrietoTrevino,Chairmanof theBoard,BolsaMexicanadeValoresn Speakers:ThomasGira,ExecutiveVicePresident, OfficeofMarketRegulation,FINRAandChairman ofInter-MarketSurveillanceGroupn RoryCunningham,DirectorofStrategyand Development,LCHClearnet,andViceChairmanof CCP12n RichardKetchum,ChiefExecutiveOfficerofNYSE RegulationandChairmanoftheWFERegulation Committeen SpyrosCapralos,ChairmanofAthensExchangeand PresidentofFESE

Mr.GirapresentedtheInter-MarketSurveillanceGroup(ISG),whichwasestablishedintheearly1980s.Itincludesexchanges,marketcenters,andmarketregulators,includingself-regulatoryorganizations.ISGhastwoprimarypurposes:information-sharingontransactionswhichmayhavebeensuspect,andregulatorycoordination.



addscomplexityforeachexchange’smarketsurveillanceteam,whichneedstohaveclearsupervisoryresponsibility.

Toconclude,Mr.Ketchumnotedthatgiventhescopeofthepresentfinancialandeconomiccrisis,thenearfuturemustbeusedasagoodopportunitytomakepositiveregulatorychanges.

Mr.CapralosintroducedtheworkdonebytheFederationofEuropeanSecuritiesExchanges(FESE).FESEhas23fullmembersfrom30countries,representing42exchanges.ThemainareasofinterestforFESEarepresentlyMiFIDimplementation,statisticsmethodology,andthequestionssurroundingpost-tradeservices.Addressingthecurrentcrisis,henotedthatexchangeshavecontinuedtoprovideliquiditytomarkets.HealsonotedthatexchangesareabletosomeextenttoprovideforCCPbenefitstocertainOTCproducts.FESEwillhelpwithsuchinitiativessuchasbroadeningtheuseofcentralizedOTCclearing.

Mr.PrietoTrevinoconcludedthepanelbyhighlightingagain,regardlessofthecrisis,theimportanceandvalueofregulatedmarketscomparedtoOTC.Inthistimeoftesting,onlytheregulatedexchangemodelhascontinuedtofunction,andthatcannotbeanaccident.

Developing markets 2008: briefing on Brazil and Russia as case studies

n Moderator:GilbertoMifano,ChiefExecutive Officer,BM&FBOVESPAn Speakers:SergioWeguelin,Commissioner,Brazilian ComissaodeValoresMobiliariosn AlexanderSinenko,DeputyHeadofthe FederalFinancialMarketsServiceoftheRussian Federationn AlexeiTimofeev,Chairman,NAUFORn GianlucaSalsecci,HeadofInternationalEconomic Research,IntesaSanpaolo

Mr.Mifanointroducedthetopicandthepanelists,andgaveabriefoverviewofthesignificantcontributionofemergingeconomiestotheworld’seconomyinrecentyears.Infact,theyhavebeenpushingtheworldeconomy’sgrowthrateatleastsincethemid-1990s,andtheyaretodaydrivingabout50%ofworldGDP.BRICcountrieshavebeenoutperformingthedevelopedcountriesforsometenyears.

TheinitialfocusofISGwasontheUSmarkets,butovertime,giventhegrowthofcross-bordertradingandinternationalproducts,themembershipofISGhasgrownto38participantsworldwide(now16fromtheUS,and22non-US).

InJune2008,theISGagreement,whichallmembersmustsignandadhereto,wasmodernizedtoreflecttheinternationalmembership.Allmembershaveequalrightsandobligationsintheirparticipation,whateverthejurisdiction.

FromtheWFEperspective,theworkofISGprovidesasubstantialprivate-sectorparalleltoIOSCO’smultilateralmemorandumofunderstanding,whichprovidesforgreaterinformationsharingamongregulatoryagencies.

Afterexplainingthebenefitsofmembership,Mr.GiraprovidedaconcreteexampleonhowISGhashelpedtounveilinsidertradingrings.

Mr.CunninghampresentedCCP12,whichaimstofostercollaborationamongcentralcounterparties,toencouragetheircontinuedstrivingtowardseverbetterpractice,andtoengagewithregulatorsandpublicauthorities,includingcentralbanks,toensureappropriateregulatoryregimes.AnothertaskithasassumedistoeducatemarketstakeholdersabouttheroleandvalueofCCPs,thebenefitstheyprovidetotheglobalfinancialsystem.CCP12currentlyhasmorethan20members,soparticipationhasoutgrownthenetwork’sname.

ThemostrecentCCP12conferenceinApril2008focusedontheenhancementandevolutionofriskmanagementstrategiesandpractices,legal/regulatoryissuesandtrendsfosteringdialogueamongCCPs.Delegatesalsoworkedonquestionsofbusinessdevelopment.

Mr.KetchumpresentedtheworkdonebytheWFERegulationCommittee,concentratingfirstonthematterofregulators’mutualrecognitionofoneanother’sauthoritywhenmarketoperationsextendacrossnationalboundaries.Hethenaddressedtheissueofshort-selling,notingthatithadmanyaspectstoit,withinthesamemarketplaceandevenmoresoacrossmany:shoulditapplytoallstocks,onlycertainstocks,and“naked”short-sellingonly?Thedisclosureofinstitutions’positionswouldbepartofthebroaderefforttoprovideformorereportingonshortpositions.Onthematterofdirectmarketaccess,thisclearly



alwaysvisibleatfirstglance.Businessesandconsumersnowhavelong-termperspectivesfortheirdecision-making,areestablished,rationalrisk-returnprofile,andanewabilitytofocusonportfoliodiversification.Theregulatorychangeshavealsofavoredpositiveinnovationsforthefundindustryleadingtoabetterknowledgeofinvestors,andbetterexpertiseonthepartoffundsmanagersthemselves.Theallocationofassetstodayismorebalanced,butinhisviewstillneedstobemoredirectedtowardsequityinvestment.

Mr.Weguelinconcludedbystressinghowbetterregulationhelpedcapitalmarketsdevelopment,andhowitwillbeimportanttomanagementofthecurrentcrisis.

Mr.SinenkogaveanupdateonthedevelopmentofRussiancapitalmarketsthesepastseveralyears.TheFederalFinancialMarketsService(FFMS)istheRussiannationalgovernmentalauthoritythatissuesregulatoryactswithregardtothenationalsecuritiesindustry.ItsactionsaredirectedtowardsprovidingtheframeworkforestablishingavitalRussianregulatedmarketplace,onesufficientlyvigorousastomakeMoscowasignificantnewfinancialcenterontheglobalscene.

ThefundamentallawfortheRussiansecuritiesmarketisFederalSecuritiesMarketLaw.ThisLawsetsalegalframeworkfortheregulatorysystem,definesthepowersoftheFFMSandSROs,andestablishestherequirementsforspecifickindsofsecuritiesbusinesses.FFMSisresponsiblefortheregulationofassetmanagementcompanies,investmentfunds,andothercollectiveinvestmentschemes.Itisalsoresponsibleforsettingstandardsforsecuritiesissuanceandthegovernanceofpublicenterprises.

Inthiscontext,exchangeshavetakentheirproperplaceasacrucialmeansoffinancingtheeconomy.BreakingdownWFEmembersbetweenthoseoperatinginhighincomeeconomiesandthoseoperatinginlow-middleincomeeconomies,in2006theemergingmarketsrepresentedonly13%oftotalnewcapitalraisedininitialandsecondaryofferings.In2007,theirshareraisedtoalmost30%.Mostimportantly,emergingmarketsexchangeshavejoinedtheranksofthetop10amongston-exchangecapitalraisingactivity.In2006,nonewasinthetop10,whiletherewerefourin2007.

Onepurposeofthispanelwastolookmorespecificallyattwoemergingeconomygiants,BrazilandRussia,inordertocompareandcontrastdifferenteconomicandfinancialmodels.

Mr.WeguelinbeganhispresentationwitharemindertotheaudienceofthemanyconstraintsunderwhichtheBraziliancapitalmarketsusedtooperate,andwhichimpingedontheireffectiveness:highinflation,highinterestrates,andhighregulatoryuncertainty.Afterconcertedpublicandprivate-sectorworkasamatterofnationalsocialinterest,theenvironmentforsavingshasimprovedconsiderably.Securitiesofferingshaveincreasedsignificantlysince2005.Theinvestmentfundsindustryhasalsodevelopedsignificantly.Assetsundermanagementhavealsoincreasedsharplysince2005,andtheynowareequaltomorethan40%ofBrazil’sGDP.Thecapitalmarketenvironmenthasbeenimpactedbyimportantreformsdealingwithoperationalissues,legalcertainty,andriskmanagement.Morethansimplybetterfunctioningofthemarketsthemselves,therehavebeenpositivesocialandcommercialeffects,someofthemnot

12



TheStateregulatormaybesupportiveofconsolidation,thoughithasindicatedthatitwouldleavethistotheorganizationsinvolved.Therewouldbetwopossiblestepsforthenearfuture:fullconsolidationofthesetwoexchangegroups,orperhapsconsolidationofthesettlementanddepositoryinfrastructure.

Mr.Salseccinotedtheimportantimbalancebetweenemergingcountries,whichhavesignificantexcesssavings,anddevelopedcountries,whichareimportingsavings.Thegaprepresents800billionUSD,andhalfofitcomesfromAsia;theUSaloneabsorbsabouthalfofthisamount.

EmergingcountriesaccountforlessthanhalfoftheglobaleconomyintermsofGDP,butonly20%intermsofglobalcapitalmarketswhenmeasuredbyequitymarketcapitalization.Therearenumerousindicationsthatcapitalmarketsinemergingcountrieswillcontributemoreinfuturetotheeconomicdevelopmentoftheirsocieties.

Regardingthecurrentcrisis,Mr.Salseccinotedthatregulatedexchangescouldwellbepartofthesolutionsthatwillbeneededtoovercomethecurrentfinancialcrisis,astheirmaincharacteristicsaretoensuregreatertransparencyinmarketpricing,andopennessinthedegreeofinformationdisclosureoninstrumentstraded.Bothcompaniesandinvestorscanbenefitgreatlyfrompubliclistingprocesses,andthestandardizationbyexchangesoffinancialproducts.

Building liquidity through innovation

n Moderator:StevenSchoenfeld,ChiefInvestment Officer,GlobalQuantitativeManagement, NorthernTrustn Speakers:RobertShakotko,ManagingDirector, Standard&Poor’sn MeyerS.Frucher,ViceChairman,NASDAQOMXn ChrisBroad,ChiefOperatingOfficer,FTSE

Mr.Schoenfeldintroducedthepanelbycitingseveralverysignificantfiguresforthefinancialservicessector:morethanUSD7trillionintotalassetsareheldinindexproducts,and10-15%oftotalassetsarebenchmarkedinsomemanner.

FFMSconductsinspectionstoverifycompliancewithregulation.Ithastheauthoritytopunishthosecaughtviolatingrulesandregulation;todoso,itmayimposefinesand/orsuspendorrevokelicenses.Forthepurposeofmoreefficientactionintheareaofmarketsurveillance,thisworkissplitbetweenFFMSandtheexchanges.ThemaintaskofFFMSasthegovernmentauthorityistoanalyzetheinformationsubmittedbytheexchanges,thefront-lineregulators,andtotakeactioninsuspiciouscases.

Mr.TimofeevcontinuedthebriefingonRussia’scapitalmarkets,focusingonthetwoexchanges,MICEXandRTS.

MICEXispartlystate-owned,itoperatestheleadingspotmarket,andistheexclusiveorganizeroftradingingovernmentbondsandforeignexchange,thefieldinwhichitsworkbegan.RTSisprivatelyownedmainlybythebankandbrokeragecommunity,anditisthebiggestderivativesmarketinthecountry;RTSoperationssupportsettlementinUSDaswellasroubles.Bothexchangegroupsareverticallyintegratedstructuresthatincludetradeandpost-tradeinstitutions,thoughitisinthepost-tradeareathatsomeevolutionistobeexpected.

MICEX’scashequitysegmentisanorder-drivenmarketoperatingwithT+0,with100%advancedepositofcashandsecurities.RTShasadvancedfurtherontherouteofdemutualizationthanMICEX.Asapubliccompany,itssecuritiesaretradedonthemarketitoperates.

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Beingincludedinanindexaffectsthepricesofsecurities,as,forexample,companiesrecentlyincludedintheS&P500Indexhaveseentheirsharepricesincreasefrom3to8%.

S&Pmaintainsasophisticatedplatformforthe500indices.Thedailyindicescanbecalculatedinrealtime,orattheendoftheday.TheindicesareS&Pproperty,andarelicensedtousers.Overtime,S&Phasdevelopedcloserelationshipswithexchanges,andtheyhavecreatedindicesinpartnership.

Mr.Broadbeganhispresentationfocusingonthequestionofcountryclassification,whichhasbeendevelopedasaframeworktogiveinvestorsaccesstomarketsforaneverexpandingassetallocation.Thisisdifferentfromindustryclassifications,totheextentthatitmonitorshowcapitalcanbemovedinandoutacrossborder,ifthereareseparatetreatmentsforlocalversusforeigninvestors,andotherdistinctions.FTSEclassifiescountriesasdeveloped,emergingandfrontier.Thevarious,extensivecriteriausedaredefinedinconjunctionwithassetmanagers.Sectorclassificationsarenowmuchmoregranular,astheyincludealargerangeofsubsectors.

Mr.FrucherpresentedNASDAQOMXinthelightofitssponsorshipofoneoftheworld’smostsuccessfulETFs,theQQQ.NASDAQOMXyearsagomadethecorporatedecisiontostayinchargeofallofitsindexcalculations.Thisfocusonthetechnologyrequiredisclearlygoingtoremaincentral,aspriortothemergerofNASDAQwithOMX,thelatterexchangegrouphaddevelopedaverysuccessfulITdivisionservicingexchangesandthecapitalmarketsmorebroadly.

Intermsofcountryclassification,KoreaandIsraelrecentlymovedfromemergingtodevelopedcountrycategory.Anothercategory,“frontier”markets,usuallydescribesdevelopingeconomieswithunderdevelopedequitymarkets.Frontiermarketshaveexperiencedstronggrowthinthelastfewyears,significantlyoutpacingbothdevelopedandemergingmarkets.Inadditiontotheintrinsicvalueofcatchingayoung,growingcompanyatanearlystageofitscommercialdevelopment,theinterestininvestinginemergingmarketsisthattheyhavelowercorrelationtodevelopedmarkets;includingtheirsecuritiesinadiversifiedportfoliocanloweroverallrisk.

Mr.SchoenfeldthendescribedthespectaculardevelopmentofETFssince1993.TheirassetsareexpectedtogrowtoUSD2trillionby2011.Moreandmoreequitytradingisdoneviatheseproducts;forexample,over30%ofS&P500valuetradedisnowtradedinETFformat.Mr.Schoenfeldconcludedbypointingoutthetransformingbenefitsofindexproductsforexchanges,astheyhaveincreasedvolumesandliquidityconsiderably.

Mr.Shakotkounderlinedthepointthatindiceshavenowbecometheanchorsforaverylargerangeofinvestmentproducts.Standard&Poor’smonitorsabout20,000companiescoveringaround85countries.Tofulfillitsmission,ithasovertimedevelopedsetsofcountryandindustryclassifications.Indexmanagementsupposesintensiveeditorialwork,asindexcompositionisupdatedperiodically;theeditorialsideisstrictlyseparatedfromthecommercialmanagementofthefirm.

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TheexistenceofaglobalconsensusofregulatorystandardssuchastheBaselframework,theIAASBauditstandards,andtheIOSCOPrinciplesofregulation,areanecessarypreconditiontopolicy-makershavingconfidencethattheinstitutionstheyaresupportingarewellregulatedandwillrespondinanappropriateway.Thedevelopmentofgloballyagreedstandardsfordisclosure,transparencyandconsistentfinancialreportingstandardsareallpartofthegloballandscape,anditisthesewhichwillmakethecurrentproposedsolutionstothecrisispossible.Inrelationtothesecuritiesmarkets,IOSCO(thoughits30PrinciplesforSecuritiesRegulationanditsMMOU)isakeyorganizationtofacilitatethecooperativeenvironmentneededforeffectivesolutions.Ontheshort-sellingissue,therehavebeenawidevarietyofresponsesfromonejurisdictiontoanother,andIOSCOplanstoupdatesomepreviousworkdoneinthisarea.

Ms.Diplocknotedthatexchangeshaveoperatednormallyduringthecrisis,providingliquidity,andthatclearingandsettlementhasalsofunctionedwelldespitestressandhighvolumes.Asthecrisishashighlighted,unregulatedmarketshavebeenattheoriginoftheproblemsexperienced,betheycreditdefaultswaps,otherOTCcontracts,hedgefunds…ThismakesitlikelythatIOSCO,withitsexperienceinregulatedmarkets,isprobablytheappropriatevenuetoassesshowtoremedytheproblemswhichhavearisenintheseunregulatedmarkets.

Mr.Bollon,asarepresentativeofthebuy-sidesegmentofthefinancialservicesindustry,stronglyemphasizedthebenefitsofliquidityforhiscolleagues,butalsothefactthatitcomeswithacost.Thereisofcourseagreatneedforwellfunctioningpublicmarkets,andalsoabalancebetweenthesell-sideandthebuy-sideintermsoftheregulationandbusinessconstraintstowhicheachissubject.Inretrospect,itisclearthatthebuy-sidealsoneedstoconductmoreduediligencereviewsonitsown,becauseitreliedtoomuchonratingagencyreviews,justasitusedtorelytoomuchonauditorsinthepreviouscrisis.Mr.Bollonalsopointedouttheneedforlong-terminvestmentsavings:whenthebuy-side’sclientsaretooshort-termintheirgoals,thebuy-sideshiftsinthatdirection,too.

Mr.Schoenfeldaskedtheparticipantswhethertherecouldbeadownsideforstockswhicharenotpartofanindex,ortothemarketsmoregenerally.Mr.Fruchersuggestedthattherewereprobablytoomanyindices,whichcouldcreatesomeconfusion.Mr.Broadagreedthattherewerequitepossiblytoomanyproducts.Mr.Shakotkothoughtthatforsomesmallerexchanges,itcouldbedifficulttopromotetheirsmallandmidcapindicesinadditiontotheirmainindex.

Askedaboutthecooperationwithexchanges,Messrs.ShakotkoandBroadagreedthatexchanges’mainindiceshavebecomeveryimportantandsymbolic–almostlikeanationalflag.Andasithasbecomemoreandmorecomplextoprovideextensiveandappropriateservicesinthisareatoindexusers,itcanmakesenseforexchangestopartnerwithadedicatedprovider.Mr.Schoenfeldagreedthatpromotinganindexabroadrequiresextensivemarketing,andthatapartnershipwithaspecializedfirmwhichbenefitsfromeconomiesofscalecouldmakesense.

Risk management and post-trade services

n Moderator:PaulChow,ChiefExecutive,HongKong ExchangesandClearingn Speakers:JaneDiplock,Chairperson,IOSCO ExecutiveCommitteen PierreBollon,ChiefExecutive,Association FrançaisedelaGestionFinancière(AFG)n SimonThomas,ChiefExecutiveOfficerandChief RatingOfficer,ThomasMurrayn JohnMcPartland,FinancialMarketsAdvisortothe Bank,FederalReserveBankofChicago

Mr.Chowintroducedthetopicofriskmanagementinaperiodoffinancialcrisis,notingthatinAsia-Pacificmostexchangeorganizationsarestructuredinaverticallyintegratedmodel.

Ms.Diplockemphasizedthatthelatestdevelopmentsinthefinancialcrisishaveputtheunderlyingfoundationsoftheentirefinancialsystematsevererisk.ThecrisisstartedintheUS,butishasspreadthroughouttheworld.Globalizationmeansthereisaneedforglobalsolutions.

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Mr.McPartlandoutlinedthevaluepropositionofclearing,withitsbenefitsincludinganonymoustrading,multilateralnetting,andcounterpartyriskmanagement.Healsomentioneditsmanyunintendedconsequences,oneofwhichismoralhazard.

Hethenmadeafewpredictionsaboutwhatfuturetrendscouldbe.Onemightbedisintermediation;directclearingofmarketparticipantscouldfollowdirectmarketaccess.

InMr.McPartland’sview,organizedmarkets–especiallyequitymarkets–couldwellbifurcatetheirproductofferingsintolistedsecuritiesandnew,cashsettledproductstargetingday-tradersandotherhighvolumeparticipantswhosimplywanttotradethepriceoftheunderlyingsecurityorinstrument.Theseproductswilllikelyhavelimitedtailrisk,ashorttimehorizon,andwillbecash-settled.

EquityandequityoptionsmarketswilldisseminatetheVolumeWeightedAveragePrice(VWAP)asan“economicsettlementprice”ratherthanthepriceofthesecuritythatexistedonlyinthelastminuteoftrading,becauseinhisopinionitiscomingtobeabetterindicatoroftrueeconomicvalueofthesecurityaswellasabettersettlementpriceforUSoptionsexpiration.

Mr.Thomaspointedoutthatthecurrentcrisishadmuchofitsorigininthemoneymarkets,nottheequitymarkets.Thebanonshort-sellinginSeptemberandtherelatedwithdrawalfromstocklendingbyinstitutionalinvestorshasrequiredlenders(inmanyinstances,globalcustodians)toliquidatemoneymarketholdingstorepaycollateral.Asaconsequence,onefoundthatmanyofwhatwassupposedtobethemostliquidsecuritiesportfolioshad“toxic”instrumentsinthem,includingmoneymarketfunds.Asthesediscoveriescametobedisclosedanduncertaintyrose,liquiditywassharplyreduced.Mark-to-marketwrite-downsofsecuritiesthatnobodywantedtobuyanymorefurtherreducedliquidity.Inhisopinion,goingforwardmanypensionfundmanagerswillnolongertrusttheirbankstothesamedegree,andtheymayseekalternativemutualsolutionsatanationallevel.

Mr.ThomaspointedouthowMTFsareputtingpressureonexchanges,andbysodoingCSDsarebecominglessdependentontheirhome-countryexchangesfortheirbusiness.Atthesametime,someexchangesarelookingtore-acquireCSDstosecuretheirpositionsinthemarketplace,manageoverallriskbetterbyhavingamoreextensiveview,andalsointroduceacomplementaryrevenuestreamfortheirconsolidatedtopline.Intra-daycreditbetweenglobalanddomesticbankswillhavetoberepriced.ChargesleviedbyCSDsforsafekeepingandassetservicingareverylikelytoincrease,ifCSDsadapttheirriskminimizationmodelstotoday’slesscertainmarketconditions.Fundswillendupbearingthesecosts,inhisopinion.


Workingcommittee

Working committeeMarch2009

Chairman

IstanbulStockExchange.........................................Mr.HüseyinErkan,Chairman&ChiefExecutiveOfficer

Members

AmmanStockExchange.........................................Mr.SamiHattab,Head,ResearchDepartmentAthensExchange........................................................Mr.GkikasManalis,GeneralDirector,FinancialMarketsAustralianSecuritiesExchange.............................Mr.MalcolmStarr,GeneralManager,Regulatory&PublicPolicyBermudaStockExchange.......................................Mr.GregoryA.Wojciechowski,President&ChiefExecutiveOfficerBM&FBOVESPA..........................................................Ms.LucyPamboukdjian,InternationalBusinessManagerBMESpanishExchanges..........................................Mr.RamonAdarraga,DirectorofInternationalAffairsBolsadeComerciodeBuenosAires....................Ms.IreneWasilevsky,HeadofResearch&DevelopmentBolsadeComerciodeSantiago............................Mr.GonzaloUgarteEncinas,Planning&DevelopmentManagerBolsadeValoresdeColombia...............................Ms.MonicaVergara,LegalManagerforSpecialProjectsBolsadeValoresdeLima.........................................Mr.FedericoOviedo,GeneralManagerBolsaMexicanadeValores.....................................Mr.PedroZorrillaVelasco,ChiefOperatingOfficerBombayStockExchange.........................................Mr.SanjaySaksena,SeniorGeneralManagerBoursedeLuxembourg............................................Mr.MichelMaquil,President&ChiefExecutiveOfficerBursaMalaysia............................................................Dr.JothimaniK.Muniandy,Head,MarketIntelligence,Global Market&StrategyChicagoBoardOptionsExchange.......................Mr.RichardG.DuFour,ExecutiveVicePresidentCMEGroup...................................................................Mr.RichardLamm,ManagingDirector,ChiefRegulatoryCounsel, LegalDepartmentColomboStockExchange.......................................Mrs.SurekhaSellahewa,ChiefExecutiveOfficerCyprusStockExchange............................................Mr.NondasMetaxas,DirectorGeneral-CEODeutscheBörse...........................................................Dr.StefanMai,HeadofMarketPolicyTheEgyptianExchange...........................................Dr.ShahiraAbdelShahid,AdvisortotheChairmanHongKongExchangesandClearing...................Mr.HenryLaw,Head,CorporateCommunicationsIndonesiaStockExchange......................................Ms.ValentinaSimon,InternationalRelations


Workingcommittee

IntercontinentalExchange-ICE............................Ms.JenniferGrigas,MarketingCommunicationsInternationalSecuritiesExchange-ISE.............Mr.ThomasBendixen,CorporateInitiativesOfficerIrishStockExchange.................................................Mrs.DeirdreSomers,ChiefExecutiveIstanbulStockExchange.........................................Mr.ArilSeren,SeniorViceChairmanJSELimited...................................................................Ms.NickyNewton-King,DeputyChiefExecutiveKoreaExchange..........................................................Mr.YoungWonChung,Director,InternationalRelationsLondonStockExchangeGroup.............................Mrs.AntonellaAmadei,HeadofInternationalRelations, StrategyDivisionMaltaStockExchange..............................................Mr.JosephZammitTabona,ChairmanNASDAQOMXGroup..............................................Ms.AdenaFriedman,ExecutiveVicePresident,CorporateStrategy andGlobalDataProductsNationalStockExchangeofIndia.......................Ms.ChitraRamkrishna,DeputyManagingDirectorNewZealandExchange.........................................Mr.MarkWeldon,ChiefExecutiveOfficerNYSEEuronext...........................................................Mr.JeffreyH.Eubank,VicePresident,GlobalAffairsNYSEEuronext...........................................................Mr.RobertThys,Director,InternationalAffairs,CorporateStrategyOsakaSecuritiesExchange....................................Mr.MikioHinoide,ExecutiveOfficer,BusinessDevelopmentOsloBørs......................................................................Mr.AndersBrodin,DeputyCEOPhilippineStockExchange......................................Mr.FranciscoEd.Lim,President&CEOShanghaiStockExchange.......................................Ms.ChianQ.Li,SeniorManager,GlobalBusinessDevelopmentShenzhenStockExchange......................................Ms.JaneWu,DeputyDirector,StrategyandInternationalRelationsSingaporeExchange..................................................Mr.WaiKwongSeck,SeniorExecutiveVicePresidentSIXSwissExchange...................................................Dr.WernerVogt,HeadMediaRelationsStockExchangeofMauritius.................................Mr.SunilBenimadhu,ChiefExecutiveStockExchangeofTehran.......................................Mr.HasanGhalibafAsl,ManagingDirectorStockExchangeofThailand...................................Mr.SantiKiranand,SeniorVicePresidentTaiwanStockExchange-TWSE...........................Mr.LawrenceShan,SeniorVicePresident, InternationalAffairsDepartmentTel-AvivStockExchange.........................................Mrs.EsterLevanon,ChiefExecutiveOfficerTMXGroup...................................................................Mr.RichardNadeau,SeniorVicePresident,TorontoStockExchangeTokyoStockExchangeGroup................................Mr.ShunzoKayanuma,Director,CorporateCommunicationsWarsawStockExchange.........................................Mr.LudwikSobolewski,PresidentandCEOWienerBörse...............................................................Dr.MichaelBuhl,JointChiefExecutiveOfficer

Theworkingcommitteehandlesthebusinesspolicyquestions,andoverseesallWFEprojects.Opentoallmembers,theworkingcommitteevalidatestherecommendationsoftheregulationcommittee,statisticsadvisorygroup,andcommunicationstaskforce.Itisauniqueplatformfordebatesontheissuesaffectingthisindustry.

Themainprojectsin2008supervisedbytheworkingcommitteewere:

n Communicationsstrategyimplementation• Emphasizingexchangeindustrycommunications - upgradingtheWFEbrand - revampingwebsite,andinternettools - enhancingWFEpublications• Enhancingtheresearchfunction: - strengtheningtheroleofWFEasareference pointfornewsandontheexchange industry - launchingofanannualinternationalprize supportingtheresearchonexchangeindustry issues - proactiveroleinpromotingequitycultureto retailinvestorsandSMEswithevents,adhoc studiesandanalysis

n SurveyonexchangemarketingbyTel-AvivStock Exchangen Surveyoncircuitbreakers

Amongthetopicsdiscussedbytheworkingcommitteewere:n Fragmentationn Thenewregulatoryenvironment:MiFIDand RegNMSn Environmental,socialandgovernance(ESG) investingthemes

18

Highlightsfromtheworkingcommittee


Highlights from the working committee

n Developingafter-tradeservices/threatsto exchanges’positionsinafter-tradeservicesn Directmarketaccessn Circuitbreakers

TheworkingcommitteeorganizedatownhallmeetinginHongKongon26March2008.Thetownhallmeetingwasdesignedtostrengthenlinksbetweentheoperatorsofregulatedexchangesandthewiderfinancialcommunity.

Regulation committee

Giventheimportanceofregulatoryissues,theRegulationCommitteebecameastandingcommitteeofWFE.In2008,thecommitteemettwiceandtheWFEwrotethreepositionpapers:n LettertoUSSecuritiesandExchangeCommission (SEC)onrule15-aandmutualrecognition, 16June2008n Openlettertoglobalfinancialpolicy-makers, 23October2008n LettertoFinancialStabilityForum(FSF), 17December2008

TheselettersareavailableontheWFEwebsiteatwww.world-exchanges.org

Statistics advisory group

ThegroupmeetsonceayearanddiscussesallissuesrelatedtothemonthlyandannualmarketdatapublishedbyWFE.

TheworkingcommitteeinNewYorkapprovedthebelowrecommendationsfromthegroup:n tointroduceanewdistinctionbetweencompanies admittedtolistingandcompaniesadmittedto tradingn toamendthedefinitionfor“turnovervelocity calculation”n tointroduceadividendindexn tostudytheintroductionofthenumberof registeredoffersn toexcludetheratiobetweengrossfixedcapital formation&investmentflows–capitalraisedand commodityprices(oil,gold)fromtheWFE statisticsreportn torenewthemarketcapitalizationsegmentation study

Theworkingcommittee,26-27June2008,NewYork

19

HighlightsfromtheHongKong“townhall“meeting


Highlights from the Hong Kong “town hall” meetingHostedbyHKEx,26March2008

ThissessionexploredthepotentialfortheAsianmarketsandwhatroletheywouldplayinthecomingyears.ChinaandIndia,aspartoftheBRICcountries,havedrawnmuchglobalattentionaswellasinvestmentsinrecentyears.Thesetwoofthelargestdevelopingmarketshavehelpedpropelglobaleconomicgrowth.

Othersmalleremergingmarkets,suchasVietnam,IndonesiaandCambodia,havealsobeeninthelimelightasrisingstars.Additionally,theSoutheastAsianeconomiesarehometosomeofthelargestIslamicpopulationsintheworld,contributingtoaburgeoningmarketforIslamicinvestmentproducts.

Thetownhallmeetingsaredesignedtocreateaforumforallparticipantstoshareviewsinaninformalsetting.

HostedbyHongKongExchangesandClearing(HKEx),The2008HongKongtownhallmeetingwasaimedtostrengthenlinksbetweentheoperatorsofregulatedexchangesandthewiderfinancialcommunity.In2007,regulatedfinancialmarketsattractedunprecedentedworldwideinterestintermsoftheirinvestmentpotentialandcapitalgrowth.ParticipantsexploredthepotentialformarketsacrossAsia-Pacificandexaminedtheirfuturerole.

Theeventalsodiscussedthewiderdevelopmentoftheexchangesectoranditsownfutureasadistinctinvestablesegmentnowthatthemajorityofexchangeshavebecomepubliclylistedcompanies.Inaddition,themeetinginvitedviewsfromtheaudienceonhowtoimprovethequalityofpublicmarketsinthelightoftheirgrowingimportanceforeffectivecapitalformationandassetpricingaroundtheworld.

Topicsandspeakersincluded:

Asian growth - future directions

n Moderator:Dr.AuKing-Lun,Director,Headof InstitutionalBusiness,AsiaPacificandChairmanof HongKongSecuritiesInstitute,HSBCInvestments (HongKong)Ltdn GeorgeNast,HeadofCorporateandInvestment Banking-AsiaPacific,McKinsey&Companyn DavidLui,ViceChairman,BankofCommunications SchroderFundManagementCo.Ltdn GerryNg,ManagingDirectorandChairmanof HongKongInvestmentFundsAssociation,Baring AssetManagement(Asia)Ltdn JingUlrich,ManagingDirector,Chairman, ChinaEquities,JPMorgan

20

HighlightsfromtheHongKong“townhall“meeting


Market quality - changing the competitive landscape

n Moderator:KeithLui,ExecutiveDirector, HongKongSecuritiesandFuturesCommissionn JagadhariniSampathkumar,VicePresident, NationalStockExchangeofIndian RobertBarnes,ManagingDirector,Market Structures,UBSn AnthonyEspina,ManagingDirector, GoldrideHoldingsLimited

Ascompetitionamongtheglobalfinancialhubsandexchangesintensifies,marketqualitybecomesanincreasinglyimportantdeterminantofsuccess.AnumberofAsianexchangeshaveintroducedmajorreformstotheirgovernance,structureandmarkets.

ThissessionexploredtheperformanceandplansoftheAsianexchanges,aswellasgeneralglobaldevelopmentsandtrendstoboosttheindustry’scompetitiveness,especiallywithaddedcompetitionfromoff-exchangeplatforms.

Exchange industry development

n Moderator:RoyRamos,ManagingDirectorand HeadofAsiaFinancialsResearch,GoldmanSachs (Asia)LLCn PaulChow,ChiefExecutive,HKExn MichaelPeters,ExecutiveBoard,Eurexn JohnGollifer,HeadofInvestorRelations,SGX

Thissessioninterviewedheadsofpubliclylistedexchangestohearabouttheirfuturedevelopments.Whereismarketgrowthcomingfrom–newproducts,newtradingfirms.

Ingeneral,exchangesareinvestinginITdevelopments,andconstantimprovementsintradingsystemshelpthemimprovetheirservices.Exchangesarealsofocusingonimprovingthemarketquality,andenhancingthemarketstructure.

21

HighlightsfromWFEdevelopingmarketsforum


TheChairmanoftheCaldwellInvestmentnotedthatExchangesareteachingusgeography,asthesuccessofBM&FBOVESPAhascreatedalotofattentionforBrazil.WithinfiveyearsitislikelythateveryexchangewillbeaIistedcompanyorpartofaIistedcompany.Thesuccessoflocalmarkets,especiallyinemergingeconomies,meansthatmassiveamountsofcapitalarestayingintheirownmarkets.Toprovidebetterqualitymarketsandensuretheirsuccess,exchangeoperatorsshould“Keepitsimple”.

Derivatives and commodity markets briefing

WFEmembersareexperiencingthegreatestgrowthinrecentyearsinthederivativesandcommoditymarkets.AspecializedWFEnetwork,InternationalOptionsMarketsAssociation(IOMA),linkstheirinterests.

n Moderator:RichardDuFour,ExecutiveVice President,CBOEn ChitraRamkrishna,DeputyManagingDirector, NationalStockExchangeofIndia

Thekeystosuccessforderivativesmarketsinclude:n havinganefficientunderlyingmarketthatneeds tohedgen giventhelargenumberofinstrumentstradedon optionmarkets(200-300kvs3-4konthecash market)marketmakersarerequiredtoprovide liquidityn regulationandenforcementneedrobustsystems inplacen increasinglythepossibilitytoenforcerulesin coordinationwithotherjurisdiction,n robustITn connectivitytomarketusersn education

On25-26February2008,theWFEorganizedthe6thDevelopingMarketsForuminCairo,Egypt.Theforumfulfilledexpectationsofgeneratinggoodsupportfromaroundtheworldfortherapidlydevelopingnationalmarket,lookingintoissuespertinenttodevelopingeconomieseverywhere.The6thforuminCairobroughttogether160delegatesand49exchangeswererepresented.

Regional review

AssessmentofdifferentaspectsofhowcapitalmarketsintheMiddleEastaredeveloping

n Moderator:MagedShawky,Chairman,CASE& PresidentoftheAfricanSecuritiesExchanges Association(ASEA)n ArilSeren,SeniorViceChairman,IstanbulStock Exchange&SecretaryGeneraloftheFederationof EuroAsianStockExchanges(FEAS)n JalilTarif,CEO,AmmanStockExchangen EssaKazim,Chairman,BorseDubai

Therecentrisinglevelsofliquidity,marketvaluations,andindicesarehallmarksofdevelopingmarketspointingtotheirnewlevelofmaturity,andthatofinvestorswhoseetheminanewlight.Theexchangesinemergingmarketsoftenhavegreaterregulatoryresponsibilities,broaderbusinesslines,andarecalledupontosupporttheeconomicdevelopmentoftheirhomecountriestoagreaterdegreethaninothermarkets.Financialeducationispartoftheinstitutionalchallenge,andoneareawheremeetings,suchastheWFEorganizes,canhelp.

Challenges for national and regional exchanges

Whatistheplacefortheseexchanges,whichconstitutethemajorityofWFEmembership,andwhereisit?Howdotheyfitintotheglobaltrendofmergersandacquisitions,andthecreationofmulti-market,mega-exchangeoperators?Howshouldonemaintainindependenceandprosperitydespitethiscompetition?

n Moderator:PoulErikSkaanning-Jorgensen, President,BörsKonsultn PaulChow,ChiefExecutive,HongKongExchanges andClearingn ThomasCaldwell,Chairman,CaldwellFinancialLtd.

Highlights from WFE developing markets forum HostedbytheEgyptianExchange,22-25February2008

22



New products

Thepanelreviewednewproductsandthefirmsthatwereintroducingthem.ThepanelalsodiscussedarangeoffinancialinstrumentsincludingETFs,Sharia-compliantproductssuchasSukuk,andothers.Howcanintermediariesandexchangesimprovecooperationforintroducingnewproducts?

n Moderator:AngusBlair,BeltoneFinancialn DeborahFuhr,ManagingDirector, MorganStanleyLondon,n ArshadIsmail,Director,HeadofSukuk, HSBCAmanahUAEn RosaAnnaGrimaldi,DirectorofBusiness Development,DowJones/Stoxx

ETFsareopen-endedindextrackingfunds,andmanagedbyassetmanagers.Theyareboughtandsoldthroughbrokersandcanbetradedorsettledontheexchangelikeanyotherstock.Theycanbepurchased,clearedandheldinbrokerageorcustodialaccount;theyarelendableandmarginable.

Corporate governance: race to the top

Thepaneladdressedissuesincluding:thecorporategovernanceofexchangeoperatorsandtheirconflictsofinterest;brandingandproductdevelopmentbasedoncorporategovernance;codesforlistedcompaniesandwhetherstateownedenterprises,familyownedcompaniesandotherlistedcompaniesrequiredifferentregimes;corporategovernanceoffunds.Areactionstakenbyexchangestoenhancedisclosureandtransparencypayingoffforlistedcompaniesinbettervaluationsandliquidity?

n Moderator:WilliamFoster,ExecutiveDirector, HawkamahInstituteofDirectors n AshrafGamlEl-Din,ExecutiveDirector,Egyptian InstituteofDirectorsn CristianaPereira,DeputyDirectorforProjectsand InternationalRelations,BM&FBOVESPAn MarkMakepeace,CEO,FTSE

Corporategovernanceisarelativelynewbutgrowingreality.Ithasbecomearegionaltrendasrecentlyweseemorecorporategovernanceconferencesacrossregion.OECDMENACorporateGovernancereforminitiativeisunderwayincludingpolicyadvicetogovernmentstoimproveframeworks,surveys,studies,handbooks.BM&FBOVESPAillustratedthecorporategovernancecodeaswellasthelistingrequirementsintheNovoMercadoandMais.Oneofthechallengesforexchangesistomakecleartheregulationconcerninglistingsegments.Foreignsharesmaybetraded,butnotlistedonexchangesandhenceexemptedfromthefullcorporategovernancedisclosureregimethatdomesticcompaniesface.Thisrepresentsanaddedriskforinvestorsthatneedtobeadequatelysignaled.

DevelopingMarketsForum,25-26February2008,Cairo

23



developmentofadynamicbusinessenvironmentanddemocratizetheMauritiuseconomyto facilitatetheemergenceofanewclassof entrepreneurs.ThisleadstoincreaseintheSMEscapitalrequirementstosupportgrowth.Inordertoattractmoreforeignportfolioflowsinto Mauritiuseconomy,andtoexpandtherangeofinvestibleproductsavailabletolocalinvestors, StockExchangeofMauritiusbuilttheSME markets.

Mr.Stuttardmentionedthat550internationalbusinessesarenowlistedontheAIM.TheAIMmarkethasbeenafavouredvenueforentrepreneurstoraisemoneyforbusinesses.130companieshavegoneontolistonthemainmarketoftheLondonStockExchange.Only3%oflistedcompanieshavefailed,whichisagoodtrackrecordforamarketsegmentwhichspecializesinyoungcompaniesandtherefore riskierstocks.

Environmental, social & governance (ESG) issues: investment trends and opportunities

Companiesandinvestorsareplacinganincreasingemphasisonenvironmental,socialandgovernancefactorsandtheirimpactonlong-termshareholdervalue.Thespotlightofthisglobalshifttowards“sustainableinvestment”isnowturningtotheemergingmarkets.Whatisthelatestanalysisofsustainableinvestmenttrendsinemergingmarkets?Whataretheopportunitiesandchallenges,andhowareemergingmarketexchangesresponding?HowisWFEworkingwithorganisationslikeIFCtosupportemergingmarketexchangesonthisagendabyraisingawareness,buildingcapacityandimprovingmarketefficiency?

Institutional investments

Thepaneldiscussedtheattractiveinvestmenttoolssuchashedgefunds,sovereignfunds,andprivateequity.Whatarethenewtrendsinthedevelopingmarkets?

n Moderator:NigelHolloway,Director,Americas, Industry&ManagementResearch,TheEconomist IntelligenceUnitn PeterDouglas,DirectorandCouncil MemberforSingapore,AIMAn HishamEl-Khazindar,ManagingDirector, CitadelCapitaln DavidGrayson,ManagingDirector, AuerbachGrayson

Hedgefundsrepresentsophisticatedlong-termcapital,oftencontra-cyclical.Theyoftentrademultipleassetsandmarketsandarbitrageactively.Hedgefundscanbehigh-volumetradersandarevaluableliquidityproviders(higherliquiditybreedsmoreliquidity).Theyarenotdifferentfromothertypesofinvestorandhavenopoliticalorstrategicagenda.Aswithallinvestors,hedgefundspreferclearlistingrules,offeringadequateinvestorprotection.

SME markets

Thepanelcoveredthelatestnewsinattractinglistingstotheexchangefromsmallandmediumsizedenterprises.Whattypesofmarketstructurehavebeensuccessful?WhatlevelofregulationisbestforSMEs?

n Moderator:Rong-IWu,Chairman,TaiwanStock ExchangeCorpn SunilBenimadhu,CEO,StockExchangeof Mauritiusn MarcusStuttard,DeputyHeadofAIM, LondonStockExchange

TaiwanStockExchangeCorp,TaiwanFutures Exchange,Gre-TaiSecuritiesMarketandTaiwanDepository&ClearingCorporationtransformedintosubsidiariesofanewholdingcompany throughsharesswap.Secondphasewastointegratebusinessfunctionsofthemarketsandlistthe holdingcompanyonTaiwanStockExchange.

ThefastgrowthoftheMauritiuseconomyinthelasttwodecadeshascreatedanenabling environmentforthefastexpansionofSMEs,inlinewithGovernment’spolicytofosterthe

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Theimportanceofoptimizingthevaluechainiscriticalforasmallmarket.Thereisaneedforaclusterofcompetencesforamarkettothrive-thebankers,analysts,etc.Thisisalsotrueofafter-tradeservices.Integratedservices,custodyservicesandotheroptionalvalue-addedservicesarenecessaryforawellrunmarketplace.

New challenges in trading systems

n Moderator:EdgarLuczak,SeniorVicePresident, HeadofAdvisory,OMXGroupn KenTregidgo,EVP,GlobalHeadofStrategy& BusinessDevelopment,AtosEuronextMarket Solutions(AEMS)n PaulPickup,StrategicITConsultant, TradingTechnologyLtd

Theregionalandglobalcompetitionisincreasingnoticeably.MiFIDwillopenupEuropeanmarketstosimilarcompetitionasintheUSA,andthatwillleadtoagrowthofelectronictrading,increasedordertotraderatios(10:1Europe,100:1intheUS),andnewentrantsfromotherregions.

StrategicITconsultantforTaiwanSEoutlinedthemajorpointsofasurveycompletedwithWFEmembersonquestionsofconsolidatingtradingengines.Variousfactorswereweighedandthecorporatestrategyoftheexchangesinquestionwastakenintoaccount.Fromthisseriesofcasestudies,anoptimalmodelwasconsideredthatpresentedmostofbenefitsofcombiningsystemswhileavoidingsomeofthecostsandrisksofrunningonesystem.

n Moderator:DanSiddy,Director,Delsusn CeciliaBjerborn,ProgramOfficer,IFCn YusliMohamedYusoff,CEO,BursaMalaysian DanyelleGuyatt,PrincipalinGlobalRI,Mercer

ESGisincreasinganditismoreacceptedamongstinstitutionalinvestments.Duetotheescalatingpollutionlevels,sociallyresponsibleinvestmentsbecomemoreimportantwithinthefirmsaswell.ThisisanopportunityforbusinessesforIFCtocreatenewinvestmentproducts.ESGissueswillbecomeimportantdifferentiatingfactorsinthecompetitionforglobalcapitalbetweenmarketsinthelongerterm.”Thereisgreatopportunityformarketstoleapfroganddifferentiatethemselvesasleadersinthecompetitionforlongterminvestors.BursaMalaysiaisanexample.Coupleoftheopportunitiesthatexchangescandevelopare:- CSRframework(aguidebook)- SRIIndices(plansinthefuture)- lackofinformation(surveywithlistedcompanies)- Standard&Poor’sESGdataintheirresearch(to encouragemorelistedcompaniestosharemore informationwiththeexchanges)- CSRframework-governmentpaysattentionto listingrequirements(voluntaryworkfortelling whattodointermsofESG)Investorrelations.

Post-trade services

TheAnnualWFECostandRevenueSurveyofExchangeshighlightsthatemergingmarketscontinuetobepresentinposttradeservicesevenifexchangesinbiggermarketshavebeenexcludedfromofferingtheseservices.Willpressuretoconformtoone“McMarkets”modeldeterminethefuture,orcanexchangeshangontothesebusinesslines?

n Moderator:SimonThomas,CEO&ChiefRating Officer,ThomasMurrayn NickyNewton-King,DeputyCEO,JSELtd.n JanHellstrøm,CEO,TheNorwegianCentral SecuritiesDepository

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HighlightsfromWFEworkshoponmarketstructureandstatistics


Aonepercentdailypricemove,annualized,translatesintoa250percentchange.Wedonotseeannualswingsofthismagnitudeveryoften.Intheopeningandclosingminutesoftrading,intra-daypricemovementsareevenmoreaccentuated.Howcome?Whatexplainsit?

Reasonnumberonehastodowithpricediscovery.Sharevaluesarenotfoundintheupstairsofficesofthestockanalysts,theyarediscoveredinthemarketplace.Sharepricesdonotfollowrandomwalks,andtheyarenotsimplyanduniquelylinkedto“thefundamentals.”Howcantheybewhen,inthefaceofenormouslycomplexandimpreciseinformation,investorsformdiverseexpectationsoffuturecorporateperformanceandthus,atanycurrentmoment,evaluatesharesdifferently?

Goodpricediscoveryisverydifficulttoachieve,especiallywhensomeinvestorsareinfluencedbywhattheyseeotherinvestorsdoing.Thatiswhenwegetinformationcascadesandherding,thatiswhenamarketcangetintotrouble,andthatiswheninaccuratepricediscoverycancontributemightilytovolatility.

Reasonnumbertwohastodowithliquiditycreation.InresearchdonejointlywithAsaniSarkaroftheFederalReserveBankofNewYork,wehavefoundthatmarketsaregenerallytwo-sided,andthattwo-sidednessholdsunderawiderangeofconditions.Sidednessreferstotheextenttowhichbuyersandsellersarebothactivelypresentinamarket,inroughlyequalproportions,inbriefperiodsoftime(e.g.,fiveminuteintervals).AsaniandIhavefoundthattwo-sidednessholdsforbothNASDAQandNYSE

ChangestomarketstructurebothinNorthAmericaandEuropehavealteredthewaythattradingtakesplaceandthewaythatdataaredisclosedandtradesarereported.TheWFEhasbeenanalyzingmarketfragmentationtoseewhatimpactonqualitymayariseinsuchareasasbestexecution,marketsurveillance.ThismeetingwasopentoWFEmembersandotherexchanges,andbroughttogetheraround120delegates.WewelcomedspeakersfromtheEuropeanCentralBank,theOECD,theBankforInternationalSettlements,theAuthoritédesMarchesFinanciers,CESR,andotherleadingfinancialinstitutions.

Keynote address: markets at risk

RobertA.Schwartz,MarvinM.SpeiserProfessorofFinanceandUniversityDistinguishedProfessor,BaruchCollege/CUNY

Excerptsfromtheaddress:

“Volatilityandriskareofcentralimportancetothoseofusinvolvedinfinance.Butthereisagreatdealaboutthemthatwedonotunderstand.Evenmorecritically,thereisquiteabitaboutvolatilityandriskthatwethinkweunderstandbutdonot.

Ibelievewehavelostsightofthefactthatriskisn’ttheonlycontributortovolatility.Riskhasawelldefinedmeaningtoeconomists:itexistswhenanoutcomecanbedescribedasadrawfromaprobabilitydistributionwithknownparameters.Butalongwithrisk,thereisalsouncertainty.Withuncertainty,wedonotknowtheprobabilitydistribution.Wemightnotevenknowwhatalloftheoutcomesevenare.Dealingwiselywithuncertaintyisahugechallenge.Inmyopinion,wehavenotpaidsufficientformalattentiontouncertaintyasacauseofvolatility.

Highvolatilityhasbeenwithusforoverayearnow.Iamnotreferringtopricefluctuationsoverlengthy,multi-yearperiods.Iamthinkingoftheveryappreciablevolatilitythatweexperience,dayafterday,onanintra-daybasis.Pricechangesofonepercent,twopercentormorearecommon.

Highlights from WFE workshop on market structure and statisticsHostedbyNYSEEuronext,Paris,1-2December2008

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Anotherkeymarketstructurefeatureiscircuitbreakersand,asitiscalledinGermany,volatilityinterruptions.Inmyopinion,volatilityinterruptions,whicharebrief,firm-specifictradinghalts,havesomeverydesirableproperties.

Thereisanothersolutiontotheproblemofextrememarketturbulence.Afterthecrashof’87,Iproposedtheestablishmentofvoluntarystabilizationfundsthatwouldbuyandsellequitysharesaccordingtoastrictandwelldefinedprocedure.Afundcouldbeestablishedbyalistedcompanyitselfandrunbyathirdpartyfiduciary.Sharesofthecompany’sstockwouldbeboughtbythefundinafallingmarketandsoldbythefundinarisingmarketatpre-specifiedpricepoints,inpre-specifiedamountsand,veryimportantly,incallauctiontradingonly.Thisvoluntaryprocedurewoulddisruptherding,bolsterthetwo-sidednessofmarkets,andhelptocontaintheboutsofsharplyaccentuatedvolatilitywhichwecanexperienceatanytime,andthathavebeenwithusinfullforcesinceLaborDay.TheproposalwaspublishedtwentyyearsagointheFall1988issueoftheJournalofPortfolioManagement.Istillbelieveinit.

Thisyearwehavebeenhitbytidalwavesofvolatility.Twostructureshavetobestrengthenedtoaddresstheproblem:marketstructureandregulatorystructure.Atthispoint,regulatorystructuremaywellbethemorechallengingofthetwo.Regulationisindeedneeded,butitmustbeappropriate.Theissues,theconcerns,themarketfailurerealitiesuponwhichregulationsshouldbebasedmustbebetterunderstood.Andthesourcesofgovernmentfailurealsohavetobetakenfullyintoaccount.Excessiveregulationand/orill-structuredregulationcanbeextremelycostlytofinancialmarketsinparticular,andtosocietyoverall.

Hopefully,afterthedusthassettled,bothmarketstructureandregulatorystructurewilloperatemoreeffectively.Inthemeantime,onethingisforsure:thefinancialturbulenceof2008hasgivenusallagreatdealtothinkabout.”

stocks;atmarketopenings,mid-day,andattheclose;ondayswithnewsandondayswhenthereisnomajornews;andforbothlargeordersandsmallorders.

Butmarketsarenotalwaystwo-sided.Attimesliquiditydriesupononesideofthemarketandvolatilityspikes.Informationcascadescantakeover,andamarketcanbecomeone-sided.And,whenpricessuddenlyheadsouth,one-sidednessisaccentuatedasbuyerssimplystandaside.Whowantstostepupandtrytocatchthefallingknife?

Illiquidityisacauseofvolatilityanditscounterpart,liquidity,doesnotjusthappen.Liquiditycreationisaprocess.Thereisagooddealmorethatweneedtolearnaboutthedynamicsofliquiditycreation.Asweallknow,opacityisneededbythebigplayers.Thelargetradersseektheprotectionofopacitybyeitherturningtoadarkpoolor,whengoingtoamoretransparentlimitorderbookmarket,byslicinganddicingtheirorderssoastohidetheminastreamofretailflow.

Opacityisonething,fragmentationisanothermatter.Whetherliquiditypoolsarelightordark,fragmentationcandisruptthenaturaltwo-sidednessofmarkets.Inmyopinion,therealconcernaboutthedarkpoolsoftodayisnotthattheyaredark,butthatconnectivitymaynotbeaviablesubstituteforconsolidation.

Andthenthereisthetemporaldimensionoffragmentation.Ihaveforalongtimebeenaproponentofelectroniccallauctiontradingasanorderconsolidation,pricediscoverymechanism.Callsshouldbeincludedinourpredominantlycontinuoustradingenvironmenttoopenandtoclosemarkets.Acall,byamassingliquidityatspecificpointsintime,candomuchtocontainexcessivevolatility.

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Is there a common meaning that reliably and usefully captures the senses of “trading?” Thefinalinvestorisfacing“exchange-like”tradingand“dealer-like”trading,andthechoicebetweenthetwocreatestheproblemofoverlap.DarrenToulson,theDirectorofIFS,askediftherewasabroadlyhomogeneoussituationwithregardtothissubject.Further,hesaidthatthereweredifferentkindsoffragmentationoccurring:fragmentationonbookliquidity,fragmentationwithinclearinghouses,andfragmentationwithindarkpools.JaneLowe,DirectorofMarketsattheIMA,affirmedthattheUKwasaspecialcase.Thepost-MiFIDeffectwascrucial.Stockexchangesallowfordifferentwaystotrade.Itwouldbemorebeneficialtothebuy-sideifexchangesweretoconsolidatethedata,asthiswouldcreateamoreliquidandtransparentmarket.However,exchangeslosepartoftheirabilitytodothisdueto:- totradingthroughdifferentMTFsandother venues- MiFID- deferredpublicationofsometrades

Fragmentation or competition? FrankHathewayrespondedthattherearemultiplemarketsnow,andmultipleparticipantsinthemarkets.NASDAQOMXhashistoricallyfurtheredfragmentation;themajorityofthebusinessisnowfragmented.Stockexchangesbecamecaptiveofsomeoftheirclients,andignoredthebuy-sidemorethanotherconstituencies.Inretrospect,hewouldthinkthatfurtheringthefragmentationalreadytakingplacewasamistake.

JaneLowe,representingabuy-sideinstitution,thinksthereisafinelinebetweenfragmentationandchoice.Marketcompetitionwouldimplytheavailabilityofdifferenttradingvenuesthatinvestorsbenefitfrom,butitwouldhavetobecompletedbydatapublicationaswell.Therehastobedataandordercompetitionforinvestorstobenefit.Inherview,thebuy-sidelikeschoice,butinEuropeMiFIDhasdeliveredmarketfragmentation,andfailedwhenitcomestocompetitionfororders.

Fragmentation - roundtablen LucaFilippa,Director,Strategy,Research& Development,BorsaItaliana-LondonStock ExchangeGroup,asmoderatorn FrankHatheway,ChiefEconomist,NASDAQOMXn ShunzoKayanuma,Director,Corporate Communications,TokyoStockExchangen DarrenToulson,Director,IntelligentFinancial Systemsn JaneLowe,DirectorofMarkets,Investment ManagementAssociation

LucaFlippalistedtrendsintheexchangeindustry,inordertoseewhatcausesfragmentationinthemarkets.Hedividedthemintotwocategories:

Henotedthattherearethreemaindriverswhichhaveconflictingrolesandeffects:InformationTechnology,Regulation,andGlobalization.Competitionisnolongerlimitedtootherexchanges;therearenewtradingvenues.

Ontheonehand,byfosteringgreaterefficiencyintradingsystemsandreducingcoststooperators,thesedriverspaidtributetothe“positivenetworksexternalities”thatcharacterizetheproductionofliquidity,significantlyincreasingthesizeandroleofexchangesbystrengtheningtheircentralpositioninthefinancialsystem.Ontheotherhand,theycreateatendencyformorehomogeneousmarketmodelsbyfosteringprocedureautomation,loweringbarrierstoentry,andopeningtheexchangeindustrytonewcompetitors,whicharenotnecessarilyorganizedasregulatedmarkets.Hethenaskedthebelowquestionstopanelists:



Liquidity and new trading methodsn PatrickHazart,ProjectManager,NYSEEuronext,as moderatorn OctavioMarenzi,ChiefExecutiveOfficer,Celent

PatrickHazartintroducedthepanelbydistinguishingpre-andpost-tradeliquidity.Thefirstisbasedonquotedspreadanddepth,thesecondoneffectivedepthandspread.Sometimespost-tradeliquiditycanbedeeperthanpre-trade,becauseoftheeffectsofhiddenorders.Anotherveryimportantcriterionistiming;thepossibilityofimmediacyofexecutionhasvalue,too.

Measuringliquidityonacentralizedmarketisrelativelyeasy,butbecomesmuchmorecomplexonafragmentedmarket.Thatappliesbothtopre-tradeliquidity,becauseofthedifficultyofaggregatingdifferentsourcesofinformation,someofthembeingdarkpools;andtoposttradeliquidityduetotheproblemsentailedincollectingalltradingactivityfromallvenues,andtoestablishacommonreliable“timestamp”toaggregateandcomparedatacompiledonaconsistentbasis.

OctavioMarenzipresentedresearchonexecutionqualityintheUS.Thecriteriausedtomeasureexecutionqualityareprice,speed,andfillrates.- Price–averagepriceatwhichorderisexecuted, typicallycomparedtopriceonthereference exchange,ortheconsolidatedtapeatthetimethe orderisreceived.- Speed–elapsedtimebetweenwhenanorderis receivedandisexecuted.Thisisnottobe confusedwithmessagingspeedfromatechnical perspective,butratherfromtheperspectiveof fillingtheorder.- Fillrate–thelikelihoodthataparticularorderwill befilledatanexecutionvenue.Somevenueshave veryhighfillratesbutonlyaverageprices;most venuesthatseektoachievepriceimprovement, suchasmid-pointfills,tendtohavelowerfillrates.

AddinganAsianperspective,ShunzoKayanumaaffirmedthatcompetitionisgood,andthatTokyoStockExchangewouldsupporttheconceptofRegNMS.Asianmarketsworktogetheronhowtodesignthemarketstructuresthatserveinvestorsbetter.DarrenToulsonalsosaidthatcompetitionisagoodthing,butitshouldnotbeforced.

What is the impact of the current situation on different players? IntermsofIT,thedeliverytimedecreased;andelectronic(“blackbox”)systemswerelinkedtomarketindicators.Differentspeedsofmarketsfunctioningmaybetroublesometosomeissuers.Thescaleofbusinesshaschanged,whichisinpartattributabletoexchangescombiningtokeepcostsdown.

JaneLowenotedthattheimpactoftheLehmancollapsewasworthmentioning,perhapsespeciallyinLondon.Theuncertaintyoftrading,price,settlementandcounterpartyriskwereatthetopofthelistofproblemsforinvestors.Buy-sideprofessionalsrecognizethattheygetbetterprotectionwhenactingwithintheexchangeenvironment.ShunzoKayanumapointedoutthattheregulatedmarketsdoaffordsignificantadvantagesforclients,andinhisopiniontheyshouldspendmoreonregulationandtheimprovementsitcanbringtomarketstructures.

Is there any missing link? Do we need further regulatory steps? Do we need more strict enforcement on transparency questions and best execution? Exchangesareheadingintherightdirection.FrankHathewaywouldagreethatmoreregulationwillbeneeded,andMs.Lowewasofthesameopinion.Shewentontoaddthatdataconsolidationshouldbemandatory,thereshouldbeagreaterfocusonthepost-tradeenvironment,moreenforcementontransparencyissues,andmoreimplementationofsmartorder-routingsystems.DarrenToulsonagreedonthislastpoint,too.Qualityindicatorsarebecomingmorecomplex,andthatisonereasonwhyexchangepricesaremoreinteresting.



RichardStevensindicatedthatseveralindicatorscouldbeusedtomeasureexchangetradingvolumesforderivatives:thenumberoflotstraded,thevalueofvolumetraded,theunitsrelevanttotheunderlyingmarket,andthevalueatrisk.Thevalueofvolumetradedcansometimesbemisleading,becausethematurityofthecontractstradedcansubstantiallyinfluencetheresult.Thenumberofunitstradedisprobablythemostrelevant.

PhilippeMesnybeganhispresentationbyexplainingthattheBISisthecentralbankofcentralbanks,andthatitsstatisticswereprimarilydesignedfortheanalyticalneedsofthecentralbankcommunity.

Thestatisticsseriesbegantobecompiledinthe1970safterthefirstoilcrisis,andtheirscopehasbeenwidenedsince,almosteverytimetherehasbeenafurtherfinancialcrisis.TheBISalsotriestokeeptrackoffinancialinnovation.Moststatisticsarecollectedbycentralbanks/monetaryauthorities,thoughdatacollectionisnotcompulsory

Securitized derivatives - ETFsn MarkScully,HeadofInformationTechnology,The IrishStockExchange,asmoderatorn PedroFernandes,HeadofETFsfortheEuropean CashMarkets,NYSEEuronextn GiorgioSaraco,Vice-President,HeadofMarketing &Sales,ScoachSwitzerlandLtd.n MarcBerthoud,VicePresident,DeputyHead InformationProductsDivision,SIXSwissExchangen AliciaSuminski,Warrants&CertificatesProduct Manager,NYSEEuronext

PedroFernandespointedouttheadvantagesofETFs:simplicity,lowmanagementfees(passivemanagement),enhancedbyliquiditythankstoliquidityproviders.AnETFisaninvestmentfundtradedonastockexchange,muchlikestocks,replicatingthemovementsofaspecificindex.Trackingisachievedinmostcasesbytryingtoholdallthesecuritieswhichmakeuptheindex,andinthesameproportions.

On-exchanges and OTC derivatives’ statisticsWhatarethemaindifferencesintermsofmethodology,howtherelativeweightsofon-exchangesandOTCcompare?

n DidierDavydoff,President,IEMFinance,as moderatorn RichardStevens,Director,ResearchandProduct Development,CMEn PhilippeMesny,HeadofInternationalFinancial StatisticsMonetaryandEconomicDepartment, BankforInternationalSettlements

DidierDavydoffreviewedindetailthemainfindingsofthelastIOMAsurvey,whichincludedderivativesstatisticsfromexchanges.Volumeswerestillgrowingsubstantiallyyear-on-year;anewrecordwassetwith15.3billioncontractstradedin2007,up29%comparedto2006,withoptionshavingahighergrowthratethanfutures.Basedontheanswersfrom52exchanges,thestudyconcentratedondetailingtradingvolumes,butitalsoexaminedclearingfigures.WhencomparingIOMAandBISdata,usersofthesestatisticssetsshouldkeepinmindthateachhasaspecificfocus.TheBISmainlyhasarisk-basedapproach,whereasIOMAmainlyhasatradingactivityapproach.Inaddition,theBISusesnotionalamountoutstandingandgrossmarketvalues,whereasIOMAusesopenpositionsinnumberofcontractswhenlookingatoutstandingpositions.



Dark poolsn PeterClifford,DeputySecretaryGeneral,World FederationofExchanges,asmoderatorn YvetteRoozenbeek,HeadofStrategic Development,NYSEEuronextn ThomasAscher,ChiefStrategyOfficer, InternationalSecuritiesExchangeISEn DavidAngel,HeadofBusinessDevelopment,ITG

PeterCliffordmentionedarecentWFEsurveyshowingthat10exchangesalreadyhaveorarepreparingtooperateadarkpool,whileanother15respondentsdonothaveplanstodoso.

YvetteRoozenbeekdefinedadarkpoolas“anon-displayedliquidityvenue,”broadlyspeaking.Thisgenericdefinitionfitsalldarkpools,butoneshouldkeepinmind,too,thattheyoperateaccordingtodifferentmodalities(negotiatedpricevs.mid-point;indicationofinterestvs.firmorders,minimumorderquantities,completelydarkvs.alertmechanism,brokervs.exchange-led).Darkpoolsallhavetwobasicqualitiesincommon:anonymousparticipationandlimitedpre-tradedisclosure,andlargeraveragetransactionsizesthanthelitbooks..

AliciaSuminskifocusedonsecuritizedderivatives(mainlywarrantsandcertificates),whicharecomplexproductsissuedbybanks.Thelistingandtradingoftheseinstrumentsonexchangesofferseveraladvantagesforissuers,notablyaccesstothebroadermarket’sdistributionnetworktoreachmoreinvestors,andliquidityandtransparency.

Intermsofproductsegmentation,investmentproductsofferingcapitalprotectionmustbedistinguishedfromproductswhichuseleveragetoenhancereturns.

MarcBerthoudandGiorgioSaracothenpresented“Scoach,”ajointventurebetweenSIXGroupandDeutscheBörseAGforstructuredproducts.Intermsofproductcategorization,fourmainpillarsorcategoriesweredefined:leverageproducts,participationproducts,yield-enhancementproducts,andcapital-protectionproducts.TheseproductsaremoreflexiblethanETFs,andallowinvestorstogainexposuretoavarietyofunderlyings,suchasindices,equities,baskets,currencies,bonds,commodities…



Getting the global picture of trading volumesn DomingoGarciaCoto,HeadoftheResearch Department,BMESpanishExchanges,as moderatorn AndrewAllwright,BusinessManager,Exchange TradedInstruments,ThomsonReutersn EijaHolttinen,DirectorofMarketsand Intermediaries,CommitteeofEuropeanSecurities Regulators(CESR)n LaurentGrillet-Aubert,SeniorEconomist,Autorité desMarchésFinanciersn LaurentFournier,ManagerMarketResearch, EuropeanCashMarkets,NYSEEuronext

DomingoGarciaCotounderlinedtheimportanceofmethodologywhenlookingattradingvolumes,andtheneedforreliableandcomparabledata.Turnoverdefinitionshaveevolvedthroughtheyears,butthereisnowanewchallenge,especiallyinEurope,whereMiFIDhaschangedmarketstructuredeeply.

EijaHolttinenpresentedCESR(CommitteeofEuropeanSecuritiesRegulators)andCESR’sMiFIDDatabase.TheMiFIDtransactionreportingframework(article25oftheDirective)isanimportanttoolformarketsupervision.ItcoversallfinancialinstrumentsadmittedtotradingonEEAregulatedmarkets.

InvestmentfirmsandcreditinstitutionsreportalltransactionstotheirhomeMemberState’scompetentauthority,andtheirbranchestotheirhostMemberState.CESRmembersexchangetransactionreportsviaTREM(TransactionReportingExchangeMechanism).Thesystemallows:- thecompetentauthorityofthe“mostrelevant marketintermsofliquidity”ofafinancial instrumentreceivesallreportsinthatinstrument.- thecompetentauthorityofthefirm’shome MemberStatereceivesallreportsmadebythe foreignbranchesofthatfirm.

Asmarketsfragment,sodoesliquidity,andthisaddstotheneedforsomekindofdarkaggregator.Inconclusion,moredarkpoolswillinalllikelihoodappear,leadingtosomeconsolidationasafurtherstep.

The comparative weight of derivatives and cash markets and their interactionsn WilliamSpeth,DirectorofResearch,CBOEn PierredeVos,HeadofProduct&Market Development,EquityDerivatives,NYSELiffe

WilliamSpethnotedthatalotofmarketstructurechangesaffectingcashmarketswerealsoimpactingderivativesmarkets,andthatunderextraordinaryconditions,derivativesmarketscouldsometimesdrivecashmarkets.

Programtradinginderivativesisdeveloping,asmarketsarebecomingevermoreelectronic,andliquidityissometimeshidden.Themainissuesraisedbythisdevelopmentare:latency(co-location),anewmarketmodel(maker/takerfeestructure),andlinkingfragmentedmarkets.

Intermsofregulationandclearing,majorevolutionscouldtakeplaceinthenearfuture,andsomeOTCactivitycouldmovetoanexchangeenvironment.IntheUS,cashandderivativesproductsareclearedatseparateclearinghouses(OCC,DTCC,futuresclearinghouses),whichcouldleadtocallsforsomeformofcommonclearingorcross-margining,inordertoincreasethecapitalefficiencyofregulatedmarkets.

PierredeVoscommentedthattheobligationtolocateborrowersbeforeshortsellingincertainjurisdictionshascausedspreadstowiden.AnewbenchmarkbasedonVWAPcalledGWAP(gammaweightedaverageprice)couldemergeforderivatives.



mightwellgiveupbuyingdata,ifthedataarenotreliable.Similarissuesarisewhencountingpartialexecutions(onesingletradeorseveralones?),orwhenthereisdeferredpublication.Forinstance,EuronextlastOctoberhadvolumesofabout300billioneuros,butthatfiguredidnotinclude100additionalbillionofdeferredpublishedtrades.Thereisadifferenceofconsiderablesize.

Forthetimebeing,thereisalackofconsensusabouttradingvolumesdefinitionsinEurope.Electronicorderbookfiguresaresegregatedfrom“other”figures,butthislattercategoryisveryheterogeneous,andsometimesthetwoareaddedup.Inafragmentedenvironment,timestampisakeymeasure,buteventhatbecomesarealissuewhenmicro-secondsarethereference.

Fixed-income market structure

n Marie-HélèneCrétu,NYSEEuronextDirectorof FixedIncome,andCEOofPrimeSourceLtd.,as moderatorn FanyDeclerck,IDEIResearcher,Professorof Finance,ToulouseSchoolofEconomicswillpresent thepaper:Liquidity,Competition&PriceDiscovery intheEuropeanCorporateBondMarket,Bruno BiaisandFanyDeclerck,ToulouseSchoolof Economics.n RafahHanna,ExecutiveDirector,HeadofMTS Data,EuroMTS

FanyDeclerck’spaperfocusedonhowthesecondarymarketsforcorporatebondsworksinEurope.Thestudylookedateuro-denominatedbonds,aswellassterling-denominatedbonds,thelatterusuallyhavinglongermaturities.

Intermsofpre-andpost-tradetransparency,theMiFIDrequirementsonlyapplytosharesadmittedtotradingonaregulatedmarket.Somewaiversonpre-tradetransparencyarepossible,forinstancefordarkpools.Asregardspost-tradetransparency,delaysarepossibleforlargetrades.TheCESRMiFIDdatabaseprovidesthedatanecessaryforthepre-andpost-tradetransparencyregimetowork.Ithastodealwiththedoublecountingissue,asbuyersandsellers.

ThomsonReutershaspublishedEuropeanmarketsharereports.Thesereportshavesomemethodologicalassumptionsinthemthatwouldbeworthunderscoring,as,forinstance,theydonotincludedelayedtrades,andtheymixexecutedtradedatawithreportedtradedata.ThomsonReutersisplanningtointroduceanewmethodologyin2009inordertoaddresssuchlimitations.

LaurentFournierfocusedhispresentationonconcreteexamplesofthechallengeofreportingvolumesinafragmentedenvironment.TherewasacaseofablocktradewhichwasreportedfivetimesonBOAT.Insuchcircumstances,itisimpossibletoassessthesizeoftheOTCmarket.And,intheend,marketparticipants



Anadditionaldistinctionshouldbemadebetweengovernmentandcorporatebonds.Asthefreefloatistypicallysmall,itisdifficulttoshortsell,whichiswhythesell-sideisreluctanttochangeexistingregulationconcerningpost-tradetransparency;theymaynotwantthemarkettoseewhethertheyaresellingshort.

Thepolicydebateismostlycenteredonpost-tradetransparency,asitisgenerallyacceptedthatpre-tradetransparencycouldharmliquidity.TheexampleofTRACEintheUSdemonstrateshowpost-tradereportinghasledtosignificantlyreducedspreads.

Thecurrentcrisishasshownagainthatmarketfailurescanhappen,andithasclearlyaffectedliquidity.Market-makershavefewerresourcesontheirbalancesheetsforpricediscovery,andfordrawingoutmarketinterest.Theresurgenceofagencybusiness,andvoicebrokeringalsoimplylesstransparency.

RafahHannaarguedthatthereisdemandformoretransparency,whichleadstoformsofhighermarketqualityandaccuratepricedissemination.Thelevelsoftransparencydemandedbyregulationneedtobebasedongroundsoffairnessandefficiency;itisnotonlyaquestionofcompetitionissues.

Electronictradinghasbeenapositivedriverfortransparency,aselectronicplatformshavehelpedtoimprovepriceformationforbondstraded,andtoreducetransactioncosts.

Theaveragedailynumberoftradesperbondisthreefortheeurobonds,andtwoforsterling.Theeffectivespreadswerelargerforsterlingbonds.WhencomparedtoUScorporatebonds,whereTRACEallowsforpost-tradetransparency,whichisnotthecaseinEurope,theresultsaresurprising:thespreadsofeuro-denominatedbondsaresmaller.But,actually,whendelvingfurtherintothesubjectbyusinganempiricalapproachthatestimateshowmuchthemid-quoteincreasesafteracustomerpurchase,andbyhowmuchitdecreasesaftercustomersale,theresultsshowthatittakesmorethanaweekforsuchinformationtobeincorporatedintothepriceofbonds.Thisaspectofthepricediscoveryprocessdemonstratesaclearlackoftransparency.

Marie-HélèneCrétunotedthataccordingtoArticle65ofMiFID,theEuropeanCommissionwillhavetoassesswhetheritspre-andpost-tradetransparencyprovisionsshouldbeextendedtoinstrumentsotherthanshares.Thetransparencyquestioninevitablysparksadebateonthetradeoffbetweenliquidity,transparency,andinvestorprotection.Thecurrentcrisis,andtheexistenceoffailuresinsomepartsofthecapitalmarkets,shouldbeanadditionalargumentformoretransparency.

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Benefittingfromreliableandstandardstatisticsisanotherkeytobusinessdevelopment,asexecutionvenuesaremonitoringthesestatisticstobenchmarkthemselvesagainstotheractors.Forbrokers,thesituationisquitedifferentinEuropecomparedtotheUS,wherebrokersmustreporttotheSECandmakepublicbestexecutionstatistics.Thebuy-sidewillalsohavetotakeintoaccountquestionsrelatedtobestexecution,inallitscomplexity.Herethesituationwilldependonthesizeofassetsundermanagement,whichwilldeterminewhichtechnology,research,compliancetheywilluse.

StéphaneJaninexplainedthattheendoftheconcentrationruleintroducedbyMiFIDwastheresultofintenselobbyingbythesell-sideinBrussels.

Inthismodificationofanimportantregulation,thebestexecutionrequirementisnonethelessimplied.ThedefinitionofbestexecutioninMiFIDArticle21isverysubtle,andunfortunatelydifficulttoapplyinpracticebecauseindailymarketrealityitistoobroadandvaguetohaveaclearreading.Thesingleclearelementiswhatwaswrittenforretailclients,whereonlypriceandcostsrelatedtoorderexecutionarethecriteriatotakeintoaccount.

Investmentmanagersareinaquiteuncomfortableposition,astheyareinstitutionalclientswhichdonotbenefitfromthesimplerbestexecutioncriteriaretailsclientshave,andtheyprovidetheservicesofportfoliomanagementbytransmissionoforders.Inthisrespect,theyhavetobesurethattheirservicescomplywithasoftenedversionofbestexecutionvis-à-vistheirownretailclients.Itshouldalsobehighlightedthatasprovidersofcollectiveinvestmentmanagementservices,theyarenotcoveredbyMiFID.

Fromadataperspective,thechallengeistofindtherightbalancebetweenlowlatencyandcost.Fixed-incomemarketsarestillinanearlystageasconcernsalgotradingandco-location;demandforfasterpricinginformationhasdriventheexchangesandvendorstocutlatencyineverypossibleway.AtMTS,vendorsarepluggedintotheplatforminthesamewayasparticipants,thoughtheyhaveobserverstatus.Thathasdramaticallyloweredlatency.

Toconclude,RafahHannapointedoutthattransparencycomesatacost,butitisaqualitywhichhasclearbenefits.

Best execution

n FrankHatheway,ChiefEconomist,NASDAQOMX, asmoderatorn ChristopheDacre-Wright,CEO,Transaction AuditingGroup,Inc.(TAG)n StéphaneJanin,HeadofInternationalaffairs Division,AFG

MiFIDispartofacapitalmarketsregulationtrendthatintroducescompetitionbetweenexecutionvenues;thishasbeenthecaseintheUSformorethan10years,anditmaybethecaseinAsiasoon.Competitionamongexecutionvenuesautomaticallytriggersthebestexecutionissue.LookingatmarketmodelsfromtheUSandEurope,amixofthetwomaywellbebeginningtoemerge.

Inthiscontextofcompetition,executionqualitystatisticsareakeytodevelopingtrading.Marketcentersmustcarefullymonitortheirmarketshareandexecutionqualityinordertoreactandidentifynicheactorsandsmallcentersofliquidity.

35



TheOECDmakesuseofWFEmarketstatisticsinsomeofitsresearchandpublications.IntermsofprioritiesfortheOECDinexchanges’workwithmarketstatistics,consistencyindataseriesdefinitionsovertimeisveryimportant,aswellasthenationalcriteriontoaggregatedata,whichhasbecomeanissuewithmultinationalmergers.

PeterNeudorferpresentedtheroleoftheECB’ssecuritiesissuesstatisticsdatabase.Itaimstotracemarkettrendsandexpectations,quantifythedepthandliquidityofcapitalmarkets,andassesstheroleoftheeuroininternationalfinancialmarkets.LikeOECD,thesestatisticsalsohaveanevidentmacroeconomicfocus.TheECBcollectfiguresfromnationalcentralbanks,whichthemselvescollectthesenumbersfromnationalexchanges.

SomeofthestatisticsquestionsECBwouldhavefortheexchangecommunityrelatetomultinationalcompaniesissuingsecuritiessimultaneouslyondifferentexchanges,informationonholdersofdebtandequityinstruments,theclassificationofinstruments,andestablishingseriesformajorcategoriesofstructuredproducts.

AnotherissueinlifewithMiFIDisthatbestexecutionisrequiredforthetradingofallinstruments,buttransparencyisonlyrequiredforequities.Asaresult,itisdifficulttoensurebestexecutionforinstrumentstradedOTCwherethereisnotransparencyrequired.Inaddition,thereisnoagreementamongnationalregulatorsonthedetailsofhowthisallshouldbeworking,whichmakeeachsituationdifferentforEurope’sinstitutionalinvestmentcommunity.

Global statistics - a users’ perspectiven HansChristiansen,SeniorEconomist,Investment Division,DirectorateofFinancialandEnterprise Affairs,OECDn PeterNeudorfer,PrincipalEconomistStatistician, EuropeanCentralBank

HansChristiansennotedthatOECDfocusesonverybroadmacroeconomicsissues,andnotmicrostructurequestionssuchaspricediscovery.

TheOECDandWFEhavebeenincontactregardingexchanges’roleintheconstantworkofimprovingcorporategovernancepracticesofenterprisesissuingsecurities;theWFEGeneralAssemblystronglysupportedtheOECDPrinciplesofCorporateGovernanceinOctober2008.

36

2008Markethighlights


2008 Market highlights

1. Domestic equity market capitalization

Largest domestic equity market capitalizations at year-end 2008 and 2007

ExchangeUSD bn USD bn % change % change

end-2008 end-2007 In USD In local currency

1 NYSEEuronext(US) 9209 15651 -41.2% -41.2%

2 TokyoStockExchangeGroup 3116 4331 -28.1% -41.4%

3 NASDAQOMX(US) 2396 4014 -40.3% -40.3%

4 NYSEEuronext(Europe) 2102 4223 -50.2% -47.8%

5 LondonStockExchange 1868 3852 -51.5% -33.4%

6 ShanghaiStockExchange 1425 3694 -61.4% -64.0%

7 HongKongExchanges 1329 2654 -49.9% -50.2%

8 DeutscheBörse 1111 2105 -47.2% -44.6%

9 TMXGroup 1033 2187 -52.7% -41.8%

10 BMESpanishExchanges 948 1781 -46.8% -44.1%

Recent evolution of domestic equity market capitalization by time zones in USD billion

0

5 000

10 000

15 000

20 000

25 000

2005 2006 2007 200820042003200220012000

Americas Asia-Pacific Europe-Africa-Middle East

16,450

14,852

11,931

15,672

8,691

6,264

12,120

9,310

16,159

11,838

18,615

17,920

18,18019,458

22,65324,320

13,896

9,444

9,211

11,133

7,5356,465

4,437

7,775

3,968

9,588

4,918

WFE total (USD bn)

30956 26595 22833 30627 36848 40888 50650 60854 32551

Notes:From2003,dataofseveralexchangeswereslightlyupdated,modifyingsomewhattheglobaltradingvaluepicture.WFEmembershiphasincreasedovertheperiod,notablywiththeadmissiontomembershipin2002ofShanghaiStockExchange,ShenzhenStockExchange,BombayStockExchangeandNSEofIndia.Historicalserieswerenotadjusted.

37



Zoom on 2008 - Monthly evolution of domestic equity market capitalization by time zones in USD billion

Jan.

Apr. Ju

l.Oct.

Feb.

May

Aug.

Nov.

Mar. Ju

n.Sep.

Dec.


0

5

10

15

25

20

38



Variations in 2008 domestic market capitalization by member - in USD(comparisonofDecember2008withDecember2007)

-70-75-80% -15-40-65 -10-35-60 -5 100 155 20-30-55 -25-50 -20-45

TehranSEAmmanSE

ColombiaSEJasdaq

TokyoSEGroupBermudaSE

BuenosAiresSEOsakaSE

SIXSwissExchangeMaltaSE

SantiagoSEEgyptianExchange

NASDAQOMXMauritiusSE

MexicanExchangeNYSEEuronext(US)

JohannesburgSEBursaMalaysia

Tel-AvivSEColomboSE

LimaSETaiwanSECorp.

BMESpanishExchangesDeutscheBörseAustralianSEThailandSEAmericanSE

NewZealandExchangePhilippineSE

HongKongExchangesNYSEEuronext(Europe)

SingaporeExchangeBorsaItaliana

LondonSETSXGroup

IndonesiaSENASDAQOMXNordicExchange

ShenzhenSEBM&FBOVESPA

WarsawSEKoreaExchange

OsloBørsIstanbulSELjubljanaSE

LuxembourgSEBudapestSEShanghaiSE

NationalStockExchangeIndiaBombaySE

IrishSEAthensExchange

WienerBörseCyprusSE

39



2. Share trading value

Largest exchanges by total value of share trading in 2008 and 2007

ExchangeUSD bn USD bn % change % change

2008 2007 In USD In local currency

1 NASDAQOMX(US) 36446 28116 29.6% 29.6%

2 NYSEEuronext(US) 33639 29114 15.5% 15.5%

3 LondonStockExchange 6272 10334 -39.3% -33.0%

4 TokyoStockExchangeGroup 5607 6413 -12.6% -23.4%

5 DeutscheBörse 4679 4324 8.2% 2.1%

6 NYSEEuronext(Europe) 4411 5640 -21.8% -26.2%

7 ShanghaiStockExchange 2600 4029 -35.5% -41.0%

8 BMESpanishExchanges 2410 2970 -18.8% -23.4%

9 TMXGroup 1716 1635 5.0% 5.6%

10 HongKongExchanges 1630 2134 -23.6% -23.8%

Value of share trading in USD billion

WFE total (USD bn)

56491 41834 33115 33331 42267 54765 70035 112969 113602

Notes:In2007and2008,NASDAQOMXandNYSEEuronext(US)datawereupdated,modifyingsomewhattheglobaltradingvaluepicturefortheseyears

0

15 000

30 000

45 000

60 000

75 000

2005 2006 2007 200820042003200220012000


34,070

23,25319,112 18,262

10,164

4,905

21,797

29,714

16,238

8,813

35,909

21,860

12,266

31,314

21,294

60,361

73,268

23,850

16,48413,580

6,8909,884

4,119

14,450

4,131

17,430

4,991

40



Zoom on 2008 - Monthly evolution of share trading value by time zone in USD billion

Jan.

Apr. Ju

l.Oct.

Feb.

May

Aug.

Nov.

Mar. Ju

n.Sep.

Dec.


0

3000

1500

4500

6000

9000

7500

41



Variations in 2008 value of share trading by member - in USD(comparisonofDecember2008withDecember2007)

-70% -40 -10-60 100 20 30 40 50 60 70 80 90 100-30-50 -20

689.9%LuxembourgSETehranSE

AmmanSEEgyptianExchange

NASDAQOMXSaoPauloSEColombiaSE

NYSEEuonext(US)Tel-AvivSE

DeutscheBörseColomboSEMauritiusSETSXGroupThailandSE

NationalStockExchangeIndiaJakartaSE

JohannesburgSEOsakaSE

BuenosAiresSEAustralianSEBombaySETokyoSE

IstanbulSEAmericanSE

TaiwanSECorp.BMESpanishExchanges

OsloBørsWienerBörse

MaltaSESIXSwissExchange

WarsawSENYSEEuronext(Europe)

MexicanExchangeHongKongExchangesNewZealandExchange

SantiagoSENASDAQOMXNordicExchange

KoreaExchangeSingaporeExchange

AthensExchangeBorsaItalianaShanghaiSEBudapestSEShenzhenSELondonSE

BermudaSEIrishSE

PhilippineSELimaSE

BursaMalaysiaLjubljanaSE

JasdaqCyprusSE

42



3. Broad equity market index performances among WFE members

Top 10 performing broad market indexes, in local currency terms

Broad equity market index performances by time zone

Top 5 performing broad market indexes, in local currency terms

Exchange% change

2008/2007

1 TehranStockExchange 0.0%

2 SantiagoStockExchange -19.6%

3 MexicanExchange -24.2%

4 AmmanStockExchange -24.9%

5 JohannesburgSE -25.7%

6 ColombiaStockExchange -29.3%

7 BermudaStockExchange -30.4%

8 LondonStockExchange -32.8%

9 Jasdaq -33.2%

10 NewZealandExchange -33.7%

Americas% change

2008/2007

1 SantiagoStockExchange -19.6%

2 MexicanExchange -24.2%

3 ColombiaStockExchange -29.3%

4 BermudaStockExchange -30.4%

5 TMXGroup -35.0%

43



Index performance gains by time zones

WFEmemberexchangebroadequitymarketindexes,weightedbymarketcapitalizationrecededby41.9%onaverageinlocalcurrencyin2008comparedto2007,andby43.8%onaverageinUSdollarterms.

Time zoneAverage performance

in 2008in local currency

Average performance in 2008in USD

Americas -39.0% -41.0%

Asia-Pacific -47.9% -45.5%

Europe/Africa/MiddleEast -40.3% -46.5%

WFEAverage -41.9% -43.8%

Asia/Pacific % change

2008/2007

1 Jasdaq -33.2%

2 NewZealandStockExchange -33.7%

3 KoreaExchange -40.7%

4 ColomboStockExchange -40.8%

5 BursaMalaysia -41.6%

Europe/Africa/Middle East% change

2008/2007

1 TehranStockExchange 0.0%

2 AmmanStockExchange -24.9%

3 JohannesburgSE -25.7%

4 LondonStockExchange -32.8%

5 SIXSwissExchange -34.0%

44



Variations in 2008 broad market indexes - in local currency terms(ComparisonofDecember2008withDecember2007)

-70-80% -40 -10-60 100-30-50 -20-75 -45 -15-65 5-5-35-55 -25

TehranSESantiagoSE

MexicanExchangeAmmanSE

JohannesburgSEColombiaSEBermudaSELondonSE

JasdaqNewZealandExchange

SIXSwissExchangeMaltaSE

TSXGroupMauritiusSEBMEValenciaBMEBilbao

NASDAQOMXBMEMadrid

KoreaExchangeColomboSE

NYSEEuronext(US)BM&FBOVESPABursaMalaysiaTokyoSEGroupBMEBarcelonaAmericanSEAustralianSE

NYSEEuronextParisOsakaSE

DeutscheBörseTaiwanSECorp.

Tel-AvivSEHongKongExchanges

ThailandSEPhilippineSEBorsaItaliana

BuenosAiresSENYSEEuronextBrussels

SingaporeExchangeNYSEEuronextLisbon

IndonesiaSEWarsawSE

NYSEEuronextAmsterdamIstanbulSE

NASDAQOMXNordicExchangeBudapestSE

OsloBørsEgyptianExchange


LuxembourgSELimaSE

WienerBörseShenzhenSEShanghaiSE

AthensExchangeIrishSE

LjubljanaSECyprusSE

45



Variations in 2008 broad market indexes - in USD terms(ComparisonofDecember2008withDecember2007)

-70-90 -80% -40 -10-60 100-30-50 -20-65-85 -75 -35 -5-55 5-25-45 -15

TehranSEJasdaq

AmmanSETokyoSEGroup

SIXSwissExchangeBermudaSE

OsakaSEColombiaSESantiagoSE

MaltaSEMexicanExchange

NASDAQOMXBMEValencia

NYSEEuronext(US)AmericanSEBMEBilbaoBMEMadridMauritiusSEColomboSE

BursaMalaysiaBMEBarcelona

Tel-AvivSEJohannesburgSE

NYSEEuronextParisHongKongExchanges

TaiwanSECorp.DeutscheBörse

TSXGroupThailandSE

NewZealandExchangeSingaporeExchange

LondonSEBorsaItaliana

NYSEEuronextBrusselsNYSEEuronextLisbon

BuenosAiresSENYSEEuronextAmsterdam

AustralianSENASDAQOMXNordicExchange

BM&FBOVESPAPhilippineSE

EgyptianExchangeIndonesiaSEBudapestSE

KoreaExchangeShenzhenSEWarsawSE

LuxembourgSELimaSE

WienerBörseShanghaiSEIstanbulSEOsloBørs


AthensExchangeIrishSE

LjubljanaSECyprusSE

46



4. Investment flows - Capital raised by shares (IPOs and secondary market issues)

Largest exchanges by investment flows in 2008 and 2007

ExchangeUSD bn USD bn % change

2008 2007 In USD

1 NYSEEuronext(US) 280 137 104.6%

2 NYSEEuronext(Europe) 196 NA -

3 LondonStockExchange 132 92 43.5%

4 HongKongExchanges 55 76 -27.5%

5 AustralianSecuritiesExchange 52 69 -25.0%

6 BombayStockExchange 41 13 211.5%

7 BMESpanishExchanges 32 117 -72.3%

8 ShanghaiStockExchange 32 90 -64.0%

9 BM&FBOVESPA 26 42 -38.5%

10 NationalStockExchangeofIndia 23 34 -31.8%

Value of investment flows in USD billion

WFE total (USD bn)

893.9 357.5 305.9 346.9 528.6 597.2 723.4 966.3 998.5

0

100

200

300

400

500

2005 2006 2007 200820042003200220012000


398.8

382.7

131.0114.6

119.9

168.7

117.4

129.9 176.7

209.2203.2

246.8

183.4

287.3

321.0

112.3

57.871.4

99.6

142.7 147.2

205.0

335.0 340.0

421.0

339.0

256.5

Notes:For2008,thetotalinvestmentflows-capitalraisedforIPOswasapproximatelyUSD160bnandthetotalofsecondaryequityissuancewasUSD838bn

47



5. Value of bond trading

Largest exchanges by total value of bonds traded, in 2008 in USD terms

Largest growth by total value of bond trading in 2008, in % change in USD terms

ExchangeUSD bn USD bn % change

in USD% change

in local currency2008 2007

1 BMESpanishExchanges 6839 5863 16.7% 10.1%

2 LondonStockExchange 6567 3603 82.3% 101.2%

3 NASDAQOMXNordicExchange 2923 2798 4.5% -1.4%

4 ColombiaStockExchange 466 530 -12.2% -16.0%

5 IstanbulStockExchange 390 467 -16.4% -15.7%

6 KoreaExchange 336 381 -11.8% 5.8%

7 Tel-AvivStockExchange 263 196 34.1% 17.0%

8 BorsaItaliana 258 206 24.3% 18.3%

9 SIXSwissExchange 185 144 28.2% 16.0%

10 DeutscheBörse 182 316 -42.2% -45.5%

Exchange% change

2008/2007

1 MexicanExchange 186.6%

2 CyprusStockExchange 179.8%

3 ShanghaiStockExchange 127.2%

4 AthensExchange 126.2%

5 ShenzhenStockExchange 110.8%

6 BudapestStockExchange 104.3%

7 LondonStockExchange 82.3%

8 WarsawStockExchange 62.1%

9 WienerBörse 49.9%

10 BM&FBOVESPA 47.6%

48



6. Top 5 exchanges by value of securitized derivatives traded in USD terms

7. Top 5 exchanges by value of ETFs traded in USD terms

8. Derivatives markets

Top 5 exchanges by number of single stock options contracts traded in 2008

ExchangeUSD bn

2008USD bn

2007% change

in USD

1 HongKongExchanges 575 611 -5.9%

2 DeutscheBörse 165 440 -62.5%

3 KoreaExchange 86 73 17.8%

4 SIXSwissExchange 56 63 -11.1%

5 NYSEEuronext(Europe) 47 51 -7.8%

ExchangeUSD bn

2008USD bn

2007% change

in USD

1 NYSEEuronext(US) 6822 2710 151.7%

2 NASDAQOMX(US) 1907 NA -

3 AmericanStockExchange 284 271 4.8%

4 DeutscheBörse 206 174 18.4%

5 NYSEEuronext(Europe) 143 120 19.2%

ExchangeNumber of contracts

traded in 2008Number of contracts

traded in 2007% change

1 InternationalSecuritiesExchange 988123128 787940784 25.4%

2 ChicagoBoardOptionsExchange 933855344 713943954 30.8%

3 NASDAQOMXPHLX 537954692 399146840 34.8%

4 NYSEArcaOptions 416938764 335838547 24.1%

5 BM&FBOVESPA 350063630 367305446 -4.7%

49






1 JohannesburgSE 420344791 265040263 58.6%

2 NationalStockExchangeofIndia 225777205 179324970 25.9%

3 Eurex 130210437 52461571 148.2%

4 NYSELiffe(Europeanmarkets) 124468809 75266349 65.4%

5 AustralianSecuritiesExchange 69063608 13196603 423.3%




1 KoreaExchange 2766474404 2708844077 2.1%

2 Eurex 514894678 352971005 45.9%

3 ChicagoBoardOptionsExchange 233465008 207092336 12.7%


5 Taifex 98122308 96863107 1.3%

Top 5 exchanges by number of single stock futures contracts traded in 2008

Top 5 exchanges by number of stock index options contracts traded in 2008




1 CMEGroup 898277566 675179528 33.0%

2 Eurex 511748879 400538510 27.8%


4 OsakaSecuritiesExchange 131028334 79291064 65.2%

5 NYSELiffe(Europeanmarkets) 106099614 93284741 13.7%

Top 5 exchanges by number of stock index futures contracts traded in 2008

50



2008 changes in number of single stock options contracts traded

2008 changes in number of single stock futures contracts traded

AthensDerivativesExchangeBostonOptionsExchange

NASDAQOMXPHLXMEFF

ChicagoBoardOptionsExchangeInternationalSecuritiesExchange

JohannesburgSENYSEArcaOptions

NationalStockExchangeofIndiaOsakaSE

HongKongExchangesBoursedeMontréal

EurexNYSELiffe(Europeanmarkets)

BorsaItalianaBM&FBOVESPA

NYSEAmexOsloBørs

WienerBörseAustralianSE

NASDAQOMXNordicExchangeTAIFEX

TokyoStockExchangeGroupBuenosAiresSEKoreaExchange

-70

-80

-90

-120

-80

-100

%

%

-40

-20

-10

40

-60

-60

90 9510

80

20

100

30

120

40

140

50

160

60

180

70

200

80

220 240 260

0

60

-30

0

-50

-40

-20

20

423.3%AustralianSEWarsawSE

EurexMEFF

NASDAQOMXNordicExchangeNYSELiffe(Europeanmarkets)

JohannesburgSEAthensDerivativesExchange

NationalStockExchangeofIndiaWienerBörseBudapestSE

HongKongExchangesBorsaItaliana

OsloBørsOneChicago

BombayStockExchange

51



2008 changes in number of stock index options contracts traded

2008 changes in number of stock index futures contracts traded

ThailandFuturesExchangeTokyoStockExchangeGroup

NationalStockExchangeofIndiaICEFuturesUS

MEFFBoursedeMontréal

EurexBM&FBOVESPA

InternationalSecuritiesExchangeChicagoBoardOptionsExchange

AustralianSEOsakaSE

CMEGroupNYSELiffe(Europeanmarkets)

KoreaExchangeTAIFEX

NASDAQOMXNordicExchangeBorsaItalianaTel-AvivSEWarsawSE

JohannesburgSEBombayStockExchange

NASDAQOMXPHLXOsloBørs

WienerBörseAthensDerivativesExchange

HongKongExchangesSingaporeExchange

NYSEAmexMexDer

ICEFuturesUSTurkishDerivativesExchange

OsloBørsTAIFEX

ThailandFuturesExchangeWienerBörse

OsakaSETel-AvivSE

SingaporeExchangeNationalStockExchangeofIndia

OneChicagoKoreaExchange

HongKongExchangeCMEGroup

EurexWarsawSE

NASDAQOMXNordicExchangeAustralianSE

BoursedeMontréalBorsaItaliana

TokyoStockExchangeGroupMexDer

NYSELiffe(Europeanmarkets)AthensDerivativesExchange

JohannesburgSEMEFF

BursaMalaysiaBudapestSE

BM&FBOVESPABombayStockExchange

-40

-60

-80

-80

-60%

%

20 100-20 140 160

60

180 200

80

220

100 120 140

120

40

40

-20

0

-40

60

0

80

20

428.4%

6,570.8%


Survey:2007costandrevenue

Survey: 2007 cost and revenue

TheWorldFederationofExchanges’annualmemberCostandRevenueSurvey,begunin1991,providesanoverviewofmemberexpensesandrevenueswhileanalyzingdatatodiscoverlargertrends.Informationis

collectedandorganizedaccordingtoexchangelegalstatus,geography,andsize.

Somekeyobservationsincludedinthefullreportare:

n In very favourable market conditions, gross revenues reached a record USD 22.6 bn, up 54% compared to 2006n Profitability of exchanges reached its highest historical levels: • Netincomewasup94%andreached USD7.8billion • Averagepre-taxearningsmarginwas47% • AverageROEfortheindustryreached21.1%,all corporateformsincludedn 76% of members are for-profit, and 41% are publicly listedn Trading revenues remained the top contributor to revenues (58%), followed by services (26%) n Shanghai and Shenzhen stock exchanges entered the top 10 exchanges by revenues.

Mergersandfinancialconsolidationsmadethe2007analysisverydifficult,andsotheyear-to-yearcomparisonisapproximate.

Member exchanges’ financial figures and market indicators (2003-2007)

2003-2007 Financial figures (USD billion)

2007 cost and revenue key conclusions

2003-2007 Equity market indicators (USD billion)

2003 2004 2005 2006 2007 2006-2007 change

Market capitalization 31326 36863 41410 50791 60874 19.9%

Share trading volume 32968 42266 54765 70035 101189 44.5%

Performance (WFEglobalaverageindex) +38% +15% +10% +23.8% +18.3%

Listed Other Private

8%

21%

41%

16%

14%

Association Demutualized

Legal status of WFE members in 2007

2003 2004 2005 2006 2007 2006-2007 change

Gross revenues 9.57 10.66 11.23 14.62 22.62 54.8%

Operating costs (beforeinterest&taxes) 7.82 7.85 7.67 8.01 10.71 33.6%

Net income 1.75 1.94 2.55 4.06 7.88 94.0%

Equity 13.49 18.46 16.24 19.34 37.34 93.0%



Revenues reached a record USD 22.6 bn, up 54% compared to 2006

Totalrevenuesin2007reachedanewindustryrecordatUSD22.62billion,up54.7%comparedtothepreviousyear.Usingthe2006USDexchangeratefor2007figures,inordertoattenuatethedollarvariation,revenueswereup47%.

Profitability of exchanges reached highest levels

n Net income was up 94% and reached USD 7.8 billion

Listedexchangesaccountedfor73%oftotalnet income.

n Average pre-tax earnings margin was 47%Lookingatthepre-taxearningsmargin(pre-tax earnings/revenues),theindustryaverageincreased from39%to47%in2006.Theincreaseisinline withthefasterprogressionofpre-taxearnings comparedtorevenues,againreflectingthe industry’scoststructureinaperiodofstrong volumegrowth.

n Average ROE for the industry was 21.1%

2006-2007 Net income(USDbillion)

Costs were significantly up by 33% at USD 10.7 bn, compared to 2006

Overallcostswentup33%in2007(27%in constantUSDterms).Thisquiteunusualtrendin anindustrywhosecostsarelargelyfixedcanbe explainedbythesignificantincreaseofcosts reportedbyjustsomeexchanges.Thespecificcase ofNYSEEuronexthasalreadybeenpointedout (2006costsareNYSEonesonly,and2007are thoseofNYSEEuronext).DeutscheBörsehad importantexceptionalexpensesin2007and,asa result,itscostsroseby21%(34%inUSDterms). ShanghaiandShenzhenalsohadveryimportant increasesintheircoststocopewiththeirhuge increasesintradingfigures.Whentakingoutthese fourexchangesfromoursample,totalcostsareup 17%from2006to2007(and“only”11%in constantUSDterms).

2006 2007

0

Association

ormutual

Demutualized

Listed

Other

Private

1

2

3

6

5

4

0

Cashonly

Cashandderivatives

Total

40

20

60

Pre-tax earnings margin (%)

0

Noposttrading

Posttrading

Total

40

20

60

Pre-tax earnings margin (%)



Listed exchanges represented 75% of revenues and costs of the industry


For-profit Non for-profit

For-profit Non for-profit

2%

4%

6%

10%

88%

7%

5%

2%

8%

12%

9%

76%

94%

77%

Association or mutual Demutualized

2007 revenues breakdown

2006 total revenues breakdown

2007 total revenues breakdown

2007 costs breakdown

Review by profit objective

ThenewweightoftheShanghaiandShenzhenexchangesappearsclearlyinthebreakdownbyprofitobjective.Inpastyears,for-profitmembersusedto

representtheoverwhelmingmajorityoftotalrevenues(94%in2006),buttheirsharedroppedto88%duetotheperformanceofthesetwocontinentalChineseexchanges.


Association or mutual Demutualized

55



Review by post trading activity

Whenbreakingdownmembersusingtheconsiderationofwhethertheyprovidepost-tradingservices,theresultsarequiteinteresting.Theyare

morebalancedthanthebroadmembershipbreakdownwhere68%areinsomewaysactiveinpost-trading.Thatislargelyduetothepresenceoftwo“heavyweights”withnopost-tradingactivity:NYSEEuronextandNASDAQ.

Americas Asia - Pacific EAME

Post trading No post trading

Americas Asia - Pacific EAME

Post trading No post trading

36%

28% 21%

44%

42%

52%

36%

56%

37%

48%





Review by regions

TheNYSEEuronextmergerhashadaclearimpactintermsofregionalbalance,astheEAMEregionisnolongerdominatingasitusedto,bothintermsofrevenuesandcosts.Intermsofproportion,membersintheAmericas’totalcostsaremuchhigherthantheir

shareofrevenues(42%comparedto36%),whereasAsiaPacifichasanoppositebias(21%oftotalcostscomparedto28%ofrevenues).

Theseimbalanceswerealreadyremarkeduponinthepreviouscostandrevenuesurvey.

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Cash and derivatives Cash only

Cash and derivatives Cash only

75% 83%

25%

17%

2007 revenues by products traded

2007 costs by products traded

Review by products

While58%ofmembersofferedcashandderivativestrading,theweightoftheseexchangesinthetotalrevenuesandcostsisimpressive:75%,and83%

respectively.Theexplanationisthatsevenoutofthetop10exchangesbyrevenueofferbothcashandderivativestrading.Thosesevenexchangesrepresent74%ofthetotalrevenuesofthese10exchanges,and86%ofthecosts.

Trading (58%) and services (26%) remain the top contributors to total revenues

Allrevenuesstreamsincreasedstronglyin2007.Tradingrevenueshadthehighestgrowth,up68%.Nextweretherevenuesgeneratedbyfinancialincome,up53%althoughoffamuchsmallerbase.Tradingrevenuesrepresentedmorethanhalfofthetotalrevenues(58%)in2007comparedto52%in2006.Servicesandlistingrevenueswerebothup,+38%and+19%respectively,buttheirrelativeshareofthetotaldeclinedfrom28.6%to26%and10%to7.8%from2006to2007.

5%

8%

3%

26%

58%


Trading revenue Services Financial income

Other revenue Listing revenue

57



Dissemination market data IT sales and services Clearing revenue Settlement revenue Other post trading services

17%

25%32%

22%

4%

2007 services revenues breakdown

On services

Post-tradeservicesasawhole(clearing+settlement+otherpost-tradeservices)areactuallythemaincontributortoservicerevenues,representing51%ofthiscategoryworld-wideandmorethan11.5%oftotalrevenues.Altogether,theywereup38%in2007comparedto2006.Thesepost-tradeservicesrevenuesarehighlyconcentrated;DeutscheBörsealoneaccountedfor44%ofthetotalin2007.

Revenuesderivedfrommarketdatastillrepresentalargepartoftheservicescategoryoftotalrevenues(32%);theywereup29%comparedto2006(+24%withouttheforeignexchangeeffect).

On costs

Theweightofthemaincostslinesarecoherentwiththeonesobservedthepreviousyear,withsalariesandbenefitsrepresentingthemajorshareofcostsforexchangesin2007(35%),followedby“other”costs(20%).

Asnotedinprevioussurveys,thisindustryremainsonecharacterizedbyahighleveloffixedcosts.Anunweightedaverageofthepercentageprovidedby29respondentsshowthatfixedcostsrepresented70%oftotalcostsin2007;theotherexchangesdidnotprovidefigures.

(For a copy of the full report, please contact the WFE Secretariat or visit our website www.world-exchanges.org)

8.8%

3.3%

12.8%

11.0%

35.1%

20.3%

8.7%

2007 services revenues breakdown

Depreciation and amortization Marketing Cost of regulation Other costs Salaries and benefits IT Administration

58

2008IOMA/IOCA


IOMA/IOCAInternationalOptionsMarketAssociation/InternationalOptionsClearing

Association

IOMAisanassociationofoptionsmarketsandclearinghousesfromaroundtheworld.Itincludesmostofthemajorexchangestradingoptionsonequities,equityindexes,debtinstruments,currenciesandcommodities.Regulatedfuturesexchangeshavealsobelongedandparticipatedforyears.

TheInternationalOptionsClearingAssociation(IOCA)isnotaseparateorganization;ratheritisasectionwithinIOMAthatconsistsoftheclearinghouseswhicharemembersofIOMA.IOCAholdsitsannualmeetinginconjunctionwiththeIOMAannualmeetingtodiscussissuesrelatedtoclearingandsettlement.

IOMAhasnopermanentstaff.Instead,since2002,theWorldFederationofExchangesactsasthesecretariatforIOMA,conductinganannualsurveyofderivativesmarketsandmaintainingadirectoryofIOMAmembers.Betweenannualmeetings,aBoardofDirectorsconsistingoffivemembersgovernstheassociationbycorrespondence.

MembershipinIOMA/IOCAisopentoofficiallyrecognizedandregulatedderivativesexchangesorclearinghousesthatareactivelyinvolvedinthetradingandclearingofoptionscontracts,includingoptionsonfutures.Newmembersareelectedaspartoftheannualmeeting.MembershipinIOMAisautomaticallyincludedforthoseexchangesthataremembersoftheWFE.

ThecurrentChairmanisHughFreedberg,MemberoftheManagementBoard,NYSELiffe.

Member exchanges

AthensDerivativesExchangesAustralianSecuritiesExchangeBM&FBOVESPABolsadeComerciodeBuenosAiresBolsadeComerciodeSantiagoBombayStockExchangeBorsaItalianaBursaMalaysiaDerivativesBursaMalaysiaDerivativesClearingCanadianDerivativesClearingChicagoBoardOptionsExchangeCMEGroupEurexFrankfurtEurexZürichHongKongExchangesandClearingICEFuturesInternationalSecuritiesExchangeJSEKoreaExchangeLCH.Clearnet

MEFFMercadoMexicanodeDerivados(Mexder)NOSClearingNYSEEuronextNYSELiffeNASDAQOMXGroupNationalStockExchangeofIndiaOsakaSecuritiesExchangeOsloBørsSingaporeExchangeTaiwanFuturesExchangeTel-AvivStockExchangeThailandFuturesExchangeTheClearingCorporationTheOptionsClearingCorporationTMXGroupTokyoStockExchangeWarsawStockExchangeWienerBörseZhengzhouCommodityExchange

59

2008IOMA/IOCAannualmeeting


2008 IOMA/IOCA annual meetingHostedbyBursaMalaysia,12-14May2008

Mr.SolloapresentedtheEuropeanCodeofConductforclearerstotheparticipants.ThisCodeemergedasthepreferredresponsetotheEUCommissioninJuly2006.Itfallsin-betweenself-regulationandsoftlawastheCommissionsteerstheprocess,makessurethatthecontentoftheCodeisacceptablefortheCommission,andtakesintoconsiderationtheconcernsofusers.Iftheprocessisatsomepointjudgednottobesuccessful,theCommissionstillhasthepossibilityofproposinglegislation.

TheEuropeanCodeofConductaddresses:1. transparencyintermsofpricesandservices offered;2. accessandinteroperability;3. unbundlingofservicesandaccountingseparation;4. monitoring.

Itsinitialscopeistocovercashequities.Thetransparencyissuewasalreadyaddressedtoalargeextent.Theinteroperabilityissueislinkedwithcompetitionandfragmentation,inordertoallowforcompetitionasiftherewasoneinfrastructureinplacefortheseservices.

ThecurrentstatusissaidtobeacertaindisappointmentfromtheEUCommission’sperspective,andthepossibilitytoextendittootherassetclassesisindoubt.

WhenMr.Henderaskeddelegateswhattheythoughttheimpactsoftherecentfinancialcrisiswouldbe,theyallagreethatthismomentactuallyrepresentedanopportunitytoextendclearinghousesbusinesstoOTCclearing,oratleastsomepartsofit.Theyalsounderlinedthatthesystemsandprocessesinplaceatclearinghousesworkedwellgiventhecircumstances.Todate,certaintyofoperationshasbeenassured.

Opening sessionn Welcomeremarks-TunMohamedDzaiddin HajiAbdullah,Chairman,BursaMalaysian Welcomeremarks-WilliamJ.Brodsky, Chairman&ChiefExecutiveOfficer,CBOE andIOMAChairmann Financialreport-RichardDuFour,ExecutiveVice President,CBOE,andIOMASecretary/Treasurer

ChairmanTunMohamedDzaiddinHajiAbdullahwelcomedtheparticipantstotheIOMAconferenceinLangkawi.BursaMalaysiahashadagreatsuccesswithitspalmoilfuturescontracts,andwasdesignatedasthe2008exchangeoftheyearintheAsiaPacificregionbyFutures&OptionsWorld(FOW).

IOMAChairmanBrodskywelcomedtheparticipantsintheabsenceofMr.Freedberg,incomingIOMAChairman,andgavethereportfromtheIOMABoardmeeting.Asagreedpreviously,Mr.NarainfromNSEwasnominatedChairman-elect,andMr.AlegriafromMexDer,Secretary.Mr.DuFourcontinuesasTreasurer.

TheBoardrecommendedincludingtwoextramembers:Mr.PreussfromEurexandMr.WoofromKoreanExchange.

TheBoardalsoproposedamotiontoconfirmthatMr.WalinskasfromOCCwillreplaceMr.Hender,whoisretiring,ontheBoardforatwoyeartermrepresentingIOCA.

Last,Mr.BrodskythankedWFEanditsSecretariatforthesmoothandsuccessfulintegrationofIOMAwithinWFE,whichinhisviewisnowcomplete.

Mr.DuFourthengavehisreportonfinances.HeremindedthemembersthataccordingtotheagreementwithWFEconcludedin2002,thetransitionperiodhasended.

Clearing house briefing

n Moderator:GeorgeHender,FormerViceChairman, TheOptionsClearingCorporationn AnneBrown,ChiefRiskOfficer,ASX,and ChairwomanofCCP12n KimTaylor,ManagingDirectorandPresident, ClearingHouseDivision,ChicagoMercantile Exchange(CME)n IgnacioSolloa,DeputyCEO,MEFF(&EACH participant)

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Briefing on technology trendsn LarryTabb,Founder&CEO,TabbGroup,as moderatorandpresentern J.BarryThompson,ChiefExecutiveOfficer, TervelaInc.n PaulPickup,ITStrategist,TaiwanStockExchange Corporation

Mr.Tabbpointedoutthetremendousgrowthofderivativesvolumesthesepast5years.Itistrulystunning.Thisgrowthislikelytocontinue,ashedgefundsandETFsputmoreandmorepressureontraditionalmutualfunds,whicharethemselveslookingforwaystoincreasetheirreturns.Atthesametime,thesubprimecrisisisaffectingbrokers’capitalbase.ThiscontextprovidesopportunitiesforexchangestomakeinroadsintheOTCmarkets.Thisisespeciallytrueregardingpost-tradeprocessing;backloglevelshavedecreased,butremainsignificant.

Mr.Thompsonspokeaboutwhytechnologyiskeyforexchanges,asitpositivelylimitsorenablesessentialbusinessdifferentiators,suchasproducts,price,services,marketdata,executionmodels,regulatoryframework,andtechnologybarriers.

Buttherearesomemythsoutthereabouttechnology.Forinstance,intermsoflatency,predictablelatencyismuchmorevaluedthanthelowestonepossible.Modulararchitectureallowstriplingorquadruplingcapacitywithinayearinsteadofmerelydoublingit.Asaresult,thekeyisnottechnologyperse,butthetechnologyplatformanditsabilitytomeetdisparateneedsintermsofmarketdata(andthepossibilitytofilterit),ordergateways,handleclearingandsettlement,andsoforth.

Risk management and OTC clearingn Moderator:YusliMohamedYusoff,ChiefExecutive Officer,BursaMalaysian MichaelMarch,Director,Corporate Communications,LCH.Clearnetn RobertUrtheil,Partner,HeadofGlobalExchanges, OliverWymanFinancialServices

Mr.UrtheilbeganhispresentationconfirmingthatthecurrentfinancialcrisispotentiallymakesOTCclearingmorerelevantthanever.OTCclearingbringsoperationalefficiencyandcreditriskmitigationthroughanumberofkeyfeatureswhichareinherentinthebusinessmodel:

n counterpartiesknowtheirnetposition;n positionsareindependentlyvaluedand systematicallymargined;n notradediscrepanciesandbacklogsbuildup, valuationdisputesareresolvedandmissedmargin callsandbilateralcreditriskiseliminated.

AsOTCclearingcouldonlyberelevantforrelativelyliquidandstandardizedproducts,themainopportunitieswouldbeamongthefollowinginstrumentclasses:repos,bonds,swaps,FX.Byofferingdailymark-to-marketandahighcredit-rating,CCPssignificantlyreducethecreditriskofmarketparticipants.Positionnettingandcross-marginingprovidefurthercapitalreliefbyreducingcounterpartyexposureandcollateralrequirements.

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optionshavingthestrongergrowthrate.ThecompletepresentationandstudyareavailablefromtheWorldFederationofExchangesSecretariat,anditisalsopostedonwww.world-exchanges.org,andithasbeencirculatedwidelyamongexchanges.

Trends in the exchange sectorn JamesStewart,UBS,asmoderatorn EmmanuelPitsilis,Partner,McKinseyand Companyn UlfCarlsson,GeneralManagerforNorthAsiaand Japan,NASDAQOMX

Mr.Stewartintroducedthepanelreviewingtheongoingconsolidationwithinthesector.Ashighcashflowbusinesses,manyexchangescontinuetoseektodeployfreecashflowthroughgeographicexpansionandbusinesscombinationsacrossassetclasses.Significantly,eightofthe27regulatedexchangespubliclylistedsince2001havebeentargetsofmergersandacquisitiondeals.ListedexchangesrepresentaboutUSD300billioninmarketcapitalization,ofwhicharoundUSD100billionweresubjectofmergers.

Mr.Carlssoncomparedtheexchangesectorwithtelecomsandairlines,whichwentfrommonopoliestocompetitionandglobalization.Afewmegatrendscanbepointedout.Tradingpatternsarechanging(algorithms),exchangeshavebeenturningintofor-profitentities,regulation(suchasMiFIDinEurope)hasbeenprofoundlyaffectingthelandscape,andconsolidationhasstarted.Thesemegatrendsimplynewchallenges.Algotradingchangedthenatureof“fatfinger”errorintoapotentialformillionsoffatfingers.Manyexchangecustomersareglobalandaskingformorestandardizationintermsoftechnology,feesandproductsleadingtoconsolidation.

Mr.Pitsilisunderlinedtheimpressiverecentfinancialperformanceoflistedexchanges,witha39%totalreturntoshareholdersand24%returnoncapital.Thissuccesshaslargelybeendrivenbygrowingvolumes;inhisopinion,thisdynamiccanbeprolongedasexchangesonlycaptureasmallpartofrevenuepoolsalongthevaluechain,especiallyinderivativeswhereexchangesandclearinghousesonlyaccountfor8.7%oftotalrevenuesintheUS,and3.9%inEurope.

Historically,financialcrisesalwayshavetriggerednewregulation.Atthisconjunction,moreregulationcould

Trading

n RickAston,ExecutiveDirector&HeadofETD, UBSSingaporen AzilaA.Aziz,Director,Sales&Dealing,Kenanga DeutscheFutures

Mr.Astonpresentedseveralpointshejudgedtobecrucialforthetradingcommunity.Intermsofpricediscovery,heunderlinedtheimportanceforexchangestohavethebestmarketmechanisms;andforpricefeed,theneedtohaveequallatencyforallmarketparticipantsaswellasthesamemarketdepth(fiveortenlimits).Intermsoforderpriority,amarket-makerschemeandproratasharingareacceptablefornewproductsratherthanthetraditionalFIFO(firstin,firstout).Asregardsmarketaccess,marketparticipantsneedtobemoreincontrol,asautomation(especiallyalgorithms)isincreasing.Mr.Astonnotedthatco-locationwasarrivinginAsiaatSGX.Theregulatoryenvironmentisalsoveryimportant,butomnibusaccountsarenotacceptedinalotofAsianmarketssincethe1997crisis,showingthemovementthatissoimportanttoparticipants.Intermsofrisk,Mr.AstonnotedthatexchangesmostlyuseVaR(valueatrisk)andnotstresstesting,usedbymarketparticipants.Heaskedforconsistentrulesandforalevelplayingfieldbetweenlocalandinternationalplayers,andbetweenretailandinstitutionalinvestors.Ms.Azizbrieflypresentedthecreationofthecrudepalmoilfuturescontractin1980,andthehistoryofBursaMalaysiainderivativestrading.Sixmillionscontractsweretradedin2007,andDMA(directmarketaccess)wasjustintroducedamonthago.Retailparticipantsaccountfor38%ofthevolumes.Theoretically,thefuturesnotionalvaluetradedcouldbeatleastonetimethecashmarketunderlyingvolumes.Sincethisisnotyetthecase,thereisclearlyroomforgrowthforthismarket.

IOMA 2007 surveyn PresentedbyDidierDavydoff,President, IEMFinancen ModeratedbyRomainDevai,WFEResearchand ProjectsManager

Mr.Davydoffreviewedindetailsthemainfindingsofthesurvey.Anewrecordwassetwith15.3billioncontractstraded,up29%comparedtolastyear,with

62



Mr.MarcupresentedBlueNext,whichwascreatedinlate2007.Itcurrentlyhastwostrongshareholders,CaissedesDépôtsandNYSEEuronext.Itcouldopenitscapitaltonewpartners,includingmarketparticipantswhichprovidesupportingliquidity.CarbonmarketshaveemergedbasedonthearchitecturedesignedbytheKyotoAgreements.GHG(greenhousegas)marketsareexpandingglobally,andlinkagesarebeingdevelopedamongsystems.Bluenextistheleaderinspotmarkettrading,andhasjustlaunchedfutures.Mr.Birleybeganhispresentationexplainingtheframeworkbehindcarbontrading.Asacapissetontotalcarbonemissions,CERs(carbonemissionrights)arenowbeingtraded:theyareboughtbythoseneedingmorepermits,andsoldbythosepollutingless.Carbonisthenextassetclassthatcouldhaveanexplosivegrowth.

Currently,theUSAarenotparticipating,butwhentheysetupsimilarmechanisms,thecarbonmarkettherecouldbeworthanestimatedUSD1trillionby2020.TheEuropeanClimateExchange(ECX)isthemostliquidmarketplacefortradingcarbonderivativestoday.ECXcontractsare:- listed&tradedontheICEFuturesEurope electronicplatform,aRecognizedInvestment ExchangeintheUK;- regulatedbytheUKFinancialServicesAuthority;- financiallyguaranteedbyLCH.Clearnet.Mr.RuttenprefacedhisremarksbyexplainingthatMCXisoneofthesevenexchangesownedbyFinancialTechnologies,whichhasalsolaunchedanexchangeinSecondLife.MCXistheleadingcommodityexchangeinIndia,amarketwhereMr.Ruttenseesalotofpossibledevelopmentsforcommodities.Manyrawmaterialsandothergoodsarenotyetstandardizedortraded.Inthecaseofagriculturalproducts,manycannotbehedged,astherearenocontracts,ortheexistingonesdonotmeetinvestors’needs.Assomeexchangeshavetriedandlargelyfailedtolaunchnewcontracts,thekeyforsuccessmaybemoreinnovation,ratherthantheproductitself.

benefitexchangesifmoreproductsenduptradedonthem.Highvolatilitycouldalsofavorexchanges.Fornow,thecrisishasledtosevereliquidityshortages,andcreditdefaultscouldfollow.Alongcrisiswouldeventuallyhaveanimpactonvolumes,andadverselyaffectexchangesrevenues.

Someofthestrategicopportunitiesforexchangesare:- Improveoperationalexcellenceandtrading performance.- Sharebenefitsofvolumegrowthwithusers.- Realizescalebenefitsthroughmergers.- Transferknow-howandcreategrowthoptions throughconsolidationandalliances.- Facilitatenewtradingstylesthroughimproved technologyandtailoredofferings.- Enternewassetclassesandmarkets.- Growinpost-tradeservices–e.g,clearingofown products.- InternalizeOTCderivativevolumesintradingand/ orclearing.

New products

n Moderator:OmarMerican,ChiefOperating Officer,BursaMalaysian PatrickBirley,ChiefExecutiveOfficer,European ClimateExchangen Dr.AznanHasan,ShariahAdvisortoBursa Malaysian LamonRutten,JointManagingDirector, MultiCommodityExchangeofIndian AndreiMarcu,BlueNextChiefExecutiveOfficer, NYSEEuronext

63



Developing derivatives markets in emerging economies

n JorgeAlegria,ChiefExecutiveOfficer,MexDern KesaraManchusree,ManagingDirectorof ThailandFuturesExchangePcl.(TFEX),Stock ExchangeofThailandn RaviNarain,ManagingDirectorandChief ExecutiveOfficer,NationalStockExchangeof India

Mr.AlegriapresentedMexDer,whichiscelebratingits10thanniversarythisyear.PriortothecreationofaderivativesexchangeinMexico,derivativestradingwastakingplaceoutsidethecountry.Thisactuallyhadaneffectontheunderlyinginterestratesandcurrency,becausepositionswerehedged.Asaresult,theMexicangovernmenthasstronglysupportedthecreationofaderivativesmarketinMexico,tobringthisbusinesshomeinordertogrowitandseehowitalignedwithpublicpolicy.

Aseriesofstructuralchangesin2006-2007helpeddevelopingthemarket:- nowithholdingtaxes.- giveups.- omnibusaccounts(theregulatorcanaskwhoare thebeneficiaries,butdoesnotknowbeforehand).- remotemembership.- CFTCno-actionletters(IPCfutures&screens).- FIXaccess.

Oneofthekeysforsuccesshasbeentheclearinghouse,aseveracriticalelementforinstitutionalinvestorsdealinginderivatives.

AstheInternethasdemonstrated,therearepotentiallyalotofnichemarketsfordifferentplayers.Predictionmarketscouldalsobethenextgenerationsuccess.Theseareexchangesinwhichpeoplebuyandselltheirpredictionsaboutthefuture,and,forinstance,theycanbesetupwithincompaniestofacilitatedecision-making.

Dr.HasanexplainedthatprovidedvariousShariahprinciplesarewellobserved,itispossibletoreplicatesomederivativesinstruments;theprocessitselfofhedgingisindeedveryIslamic.Theunderlyingofsuchcontractsisforthetimebeingmostlycommoditiesratherthanfinancials,astheyrepresentmoretangibleassets.Recently,variousIslamicderivativesproductshavebeenproposedandimplemented:IslamicForwardCurrencyContracts,Islamiccalloptions,IslamicProfitRateSwaps.Iftheunderlyingisacceptable,thenderivativesarepotentiallyacceptableaswell.

Asregardsthedebateaboutforwardsandfutures,Malaysianstandardsacceptthemwhentheunderlyingisacceptable,butthatisnotthecaseforinternationalstandards.AsforthecaseofIslamiccarbontrading,thedebateisstillon-going.IslamicfinanceandSRIareactuallyrathersimilar,asthereisascreeningprocesstomakesomeassetclassesorinstrumentseligible.

Observations on the exchange industry by a capital markets essayist

n WolfgangMuenchau,AssociateEditor, “TheFinancialTimes”n ThomasKrantz,WFESecretaryGeneral, asmoderator

Mr.KrantzpresentedMr.Muenchau,whogaveanaddressontheeuro,whichiscelebratingits10thanniversary.Inhisview,themonetarytransformationisunderappreciatedbythebroadpublicandcapitalmarketsprofessionals.

Althoughcriticizedwhenlaunched,theeuroisnowemergingasthenumbertworeservecurrencyintheworld.ThecommoncurrencyintheEurozone(15membersfromtheEU)isalsoastrongdriverforfurtherintegration:asingleintegratedfinancialmarket,asinglebankregulator,Target2Securities(T2S),areallprojectslikelytohappeninthenearfuture.

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ThemainreasonsforthedevelopmentofDMAare:speed/latency(algo-blackboxtrading),controlandinformation,leakage(fearsoffront-running).Typically,somehedgefundscannotbecomemembersofanexchange,butareinterestedinanon-registeredintermediaryaccess.Oneofthemainelementsthatdeterssomefirmsfrombecomingamemberistheclearingobligationsthatcanbeassociatedwithmembership,especiallyonderivativesexchange.Iftradingandclearingmembershipsaredistinctandcanbedissociated,itbecomeseasierforsomeactorstochoosetheirformofinvolvement.

Thehigh-speedrequirementhasaclearissueregardingpre-tradefiltersthatcouldslowdownthetradingprocess.Butwhateverhappens,theintermediaryisresponsibleforwhatisdoneunderitsIDasamemberoftheexchangeandclearinghouse.

Concluding remarks

Mr.Narainwarmlythankedallthespeakersandparticipants,andthehost,BursaMalaysia,foraproductivefewdays.Heannouncedthatthe2009conferencewillbehostedbyEurex,andthenclosedtheconference.

Regulation briefing: best execution and remote membersn RichardDuFour,ExecutiveVicePresident,CBOEn BénédicteDoumayrou,HeadofDepartment, RegulationofIntermediariesandMarket Infrastructures,AutoritédesMarchésFinanciers, Parisn BenothiniBascaran,Head,Participants,Exchange, RegulatoryPolicy&Advisory,BursaMalaysiaMs.Doumayrousetoutthecontextthathasfavoredremoteaccess:consolidation,diversificationofproductrangeandglobalization.

Remotemembersusetrading“screens”or“devices”locatedinaforeignjurisdiction.ThisisveryeasyintheEUundertheMiFIDframework.Ingeneral,mutualrecognitionisused;thisapproachconsistsofassessingtheregulatoryenvironmentinthehomestateoftheremotemember.Inaddition,cooperationandinformationsharingagreementshavebeensignedbetweenregulators.Manyjurisdictionsallowremotemembership,onenotableexceptionistheUSwheretheSECrequiresthefullregistrationasaUSexchangeforanyexchangewantingtoplacescreensintheUS.

Sincetheterm“DMA”coversmanytypologies,IOSCOStandingCommittee2decidedtoinvestigatetheissue.Afirstquestionnairewassent,anotheronewillfollow,andtheresultsofthissurveyshouldbereleasedin2009.Strictlyspeaking,DMAusuallyoffersaccesstoanexchangeusingabroker’ssystem;itisneitheradirectelectronicaccesstotheexchange,norasponsoredaccess,noranon-registrantintermediaryaccesswhereaccesswouldbegrantedoutsidetheintermediarymembership.Whenthelinkbetweentheexchangeandtheclearinghouseisverytight,adirectclearingaccesscanbeincludedaswell.

65

2007IOMAderivativesmarketsurvey


Thepacewasabovetheaveragerecordedforthepastseveralyearsforbothoptionsandfutures;theaccelerationwasevensteeperforoptionsthanforfutures.However,likein2006althoughlessmarkedly,therateofgrowthoffutures(34%)remainedhigherthanthatofoptions(25%)in2007.

Derivatives volume growth rate(%)

TheglobalactivityofderivativesexchangesisheavilyinfluencedbytheweightoftheKoreaExchangeinequityindexoptionstrading.WhenoptionsonKOSPI200tradedontheKoreanmarketareexcludedfromstatistics,thegrowthrateofoptionstradesisequaltothegrowthrateoffuturestrades.

Derivatives volume growth rate(excluding options on KOSPI 200 in Korea)(%)

2007 IOMA derivatives market survey

Options Futures

6 994 8 311

2007 worldwide derivatives volume 15.3 billion contracts traded

OnbehalfofIOMA/IOCA,WFEconductedthissurveywiththeassistanceofDidierDavydoff.ItwaspresentedinMay2008attheoccasionoftheIOMA/IOCAAnnualConference.Excerptsfollow.

Anewhistoricrecordof15.3billionderivativecontractsweretransactedin2007onexchangesworldwide,with6.9billionfuturesand8.3billionoptionstraded.

Thegrowthofderivativesmarketactivityacceleratedmarkedlyin2007,atthefastestrate(29%)since2003(31.6%).

Derivatives volume growth(billioncontracts)

(millioncontracts)

2002 2003 2004

2005 2006 2007

0

Options

Futures

Total

5

10

15

20

2003/02 2004/03 2005/04

2006/05 2007/06

0

Options

Futures

Total

10

20

30

40

Total

Options

Futures

2003/02 2004/03 2005/04

2006/05 2007/06

0

10

20

30

40

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Regardingotherproducts,growthrateswereequalto,orslightlylowerthanlastyear.Commodityproductsremainthemostdynamicsegmentofthemarket,registeringthesharpestgrowth(+37%).

2007andcaughtupwithstockindexoptions. Meanwhile,thelatterarethetypeofderivatives productslistedonthegreatest(andincreasing) numberofexchanges.VolumesintheKorean KOSPI200contractarehuge(2.4billioncontracts traded)andincreasedagainin2007,althoughless rapidlythantherestofthemarket.

Exchange and product trends

In2007,thegrowthrateinthevolumeofequityderivativesmorethandoubledcomparedto2006.Itpickedupat33%,thesamerateasin2003.WhenoptionsonKOSPI200areexcluded,thegrowthrate(+43%)isevenmoresignificant.

The growth of equity products, which account for 64% of global derivative markets for the number of traded contracts, accelerated in 2007 for all types of products.

n Stockoptionsandindexoptionsareincreasingly tradedaroundtheworld.Thegrowthofstock optionstradingvolumemorethandoubledin

Contracts by products group (millioncontracts)

Equity Interest rate Currency Commodity

0

2 000

Equity andinterest rate

Currency and commodity

4 000

0

200

400

600

800

1 000

1 200

1 400

1 600

6 000

8 000

10 000

12 000

200720062005200420032002

2007/2006 volume growth rate

Stock Stock index STIR LTIR Currency Commodities

Options 34.5% 18.4% 21.7% 6.2% 91.4% 21.9%

Futures 117.6% 45.2% 14.7% 20.4% 36.3% 38.7%

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Global equity cash and derivatives volume (inmillions)

Equity derivative contracts traded Equity cash trades

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

11 000

10 000

marketisevenstrongerthanonshorttermproducts:CBOT(nowpartofCMEGroup)andEurexaccountfor92%ofglobaltradingvolume.

Currency derivatives are still a relatively small segment of organized markets. However, the growth rate, which is similar to 2006 (42%), is higher than that of most other products.

The growth rate of commodity derivative markets was lower in 2007 than in 2006,butremainedveryhigh.In2007,theindustrywascharacterizedbyaconsiderableflowofmergers,acquisitionsandcreationofnewexchanges.

Thegrowthofderivativesmarketsignalsageneraltrendintheglobaleconomy,wherefinancialmarketsaremoreandmoreactiveallaroundtheworld.Againin2007,cashmarketsgrewevenmorerapidlythanderivativesmarkets:thenumberoftradesinequitysharesincreased73%in2007,thoughthegrowthinvalueofcashequitiestradedwaslowerthanthat.

n Volumesofstockfuturesmorethandoubledagain in2007.Themostsuccessfulexchangesinthis segmentchallengetraditionalmarketsliketheJSE SouthAfricaandtheNationalStockExchangeof India,whicharerankedfirstinterms,respectively, ofnumberofcontractstradedandnotionalvalue oftrading.Regardingindexfutures,growthhas acceleratedcontinuously:+17%in2005,+32% in2006,+45%in2007.

Short term interest rate products were the only segment of the market that showed lower rates of growth, but the figures were still very impressive. Theconcentrationofthemarketbecamemorepronounced,withonly16exchangeslistingoptionsorfutures,andthetwoleaders,CMEGroupandLiffeaccountingfor71%ofglobaltrading.

Long term interest rate products showed a contrasting picture,wherethegrowthofoptionswasthesmallestofallsegments,whilethegrowthoffuturesacceleratedto20%.Theconcentrationofthe

200720062005200420032002

68



Theratioofopenpositionstoturnoverisstillhigheronstockoptionsthanonotherproducts,butithasdecreasedovertime,andthetrendacceleratedin2007;andalthoughretailtradinghasbeenmoreimportantforthatclassofproductsthanothers,thevelocityoftradinghasbeenrising.

Theconcentrationofderivativesbusinesshasnotchangedmuchinthepastthreeyears.Tradingofequityproductsandcommodityfuturesarestilllessconcentratedinthetopfiveexchangesthaninterestrateandcurrencyproducts.However,thetrendtowardsmoreconcentrationofsinglestocksderivativestradingonthebiggestexchangescontinuedin2007,whiletheconcentrationofindexoptiontradingdecreasedslightly.

Ratio: Open position/total turnover (%)

2004 2005 2006 2007

0

Stockoptions

Stockindexfutures

Stockfutures

Stockindexoptions

STIRoptions

LTIRoptions

Currencyoptions

Commodityoptions

STIRfutures

LTIRfutures

Currencyfutures

Commodityfutures

10

20

30

40

69



Statistics on OTC trades registered by exchanges

ForthefirsttimeinfillingouttheIOMAsurveyquestionnaire,exchangeswererequestedtoprovidestatisticsonOTCtradestheyregisterfortradeconfirmation,administrationandclearing.Fiveexchangesprovidedfigures.Liffereportedbiggestvolumes,relatingtoitsBclearfacilityforequityderivatives.15%ofallLiffestockoptionstradesareregisteredthroughBclear,96%ofindividualstockfutures,5%ofstockindexfuturesand27%ofstockindexoptions.OtherexchangesfromwhichIOMAreceivedstatisticsonregistrationofOTCtradesincludetheHongKongExchanges,MEFF,BM&FandCBOT.

For a copy of the full report, please contact the WFE Secretariat or visit our website www.world-exchanges.org

Data from derivatives clearing houses

Forthefirsttime,anattempttocentralizedatafromclearingorganizationswasaddedtotheannualIOMAderivativesmarketsurvey.

Itisworthdevelopinghereafterthespecificitiesoftheorganizationoftheclearingbusinessanditslinktoexchanges.Therearetwomodelsfortheclearingofderivativestrades:

n Many exchanges own their clearing house, whichdealswithalltradesexecutedontrading facilitiesprovidedbytheexchange.Thisenables theexchangetohaveadirectrelationshipwith clearingcustomers.Insomecases,theclearing housealsoclearsOTCtradesregisteredwiththe exchange.•CMEClearingisaninterestingexamplefollowing themergerwithCBOT:theCMEGroup’sOTC activitiesconsistofclearingservicesforOTC matchingplatformsandcertainCBOTOTC products.TheclearingofOTCproductsis marketedunderthebrandnameofCME Clearing360.Today,theCMEClearingHouse providesclearingservicestoFXMarketSpacespot foreignexchangeproducts,ajointventure betweentheCMEGroupandReuters,andCBOT OTCethanolproducts.

Withrespecttovolumeandopeninterestdata, theFXMarketSpacedataisnotpubliclyavailable. Thisisaresultofthedeterminationofthe managementofFXMarketSpacetokeepwiththe customandpracticeoftheOTCforeignexchange market.

n Many other exchanges do not own their exchange. Inthissecondcase,theclearinghouse isaseparateentity,whichoftenclearstrades originatingfromseveralexchanges(derivativeand cashexchanges).• IntheUS,OCCclearstradesexecutedonCBOE andotherequityandcurrencyderivativesmarkets.• InEurope,LCH.Clearnetclearstradesexecutedon severalderivativesexchanges,includingLiffe,ICE, EDX,theLondonMetalExchange(LME)and Powernext.However,LiffeannouncedinMarch 2008thatitwillclearoperationsdirectlyinthe future,althoughLCH.Clearnetwillcontinueto provideriskmanagementandguaranteefunctions forthemarket.

70

Affiliatesandcorrespondents


Correspondents

Correspondentsarenewermarketsinbothwealthyandemergingeconomies.TheyhaveaccesstoallWFEinformationandcanattendworkshops.

BahrainStockExchangeBakuInterbankCurrencyExchangeBanjaLukaStockExchangeBelgradeStockExchangeBolsadeComerciodeRosarioBolsadeValoresdePanamaBolsaNacionaldeValoresBondExchangeofSouthAfricaBorseDubaiBourseRégionaledesValeursMobilièresBratislavaStockExchangeBulgarianStockExchangeCaymanIslandsStockExchangeChannelIslandsStockExchangeChittagongStockExchangeCNSXMarketsDohaSecuritiesMarketGhanaStockExchangeGreTaiSecuritiesMarketKuwaitStockExchangeLusakaStockExchangeMontenegroStockExchangeMultiCommodityExchangeofIndiaNairobiStockExchangePalestineSecuritiesExchangePFTSStockExchangePortMoresbyStockExchangeZagrebStockExchange

Affiliates

Affiliatesareexchangesthatmayintimebecomecandidatesformembership.SinceOctober2002,IOMA/IOCAderivativeexchangesandclearinghousesthatwerenotalreadyWFEmembersjoinedthiscategoryofprofessionalrelations.AffiliatesareinvitedtoattendFederationevents,includingallworkshopsandtheannualmeeting.

AbuDhabiSecuritiesExchangeBeirutStockExchangeBoursedeCasablancaBucharestStockExchangeTheClearingCorporationKarachiStockExchangeKazakhstanStockExchangeLCH.ClearnetMoscowInterbankCurrencyExchangeMuscatSecuritiesMarketNamibianStockExchangeNationalStockExchangeTheNigerianStockExchangeNOSClearingTheOptionsClearingCorporation“RussianTradingSystem”StockExchangeSaudiStockExchange(Tadawul)TaiwanFuturesExchange(TAIFEX)ZhengzhouCommodityExchange

Affiliates and correspondents

71

Representationoftheexchangeindustry


On19November2008inParis,WFESecretaryGeneralpubliclycommentedonOECDprojectonexchangesincorporategovernance.HealsoattendedtheLatinAmericaCorporateGovernanceRoundTableinMexicoCity.OECDleadersspeakatWFEeventsaswell.

FSF (Financial Stability Forum)

FSFissupportedby30public-sectorentitiesfromaroundtheworld.Asfromlate2007,inordertodevelopitsrelationswithkeyregulatorybodies,WFEcontactedtheFinancialStabilityForumsecretariat.Regularexchangesofviewsoncommonissueshavefollowedintheformofquarterlybriefingintheexchangeenvironment.

WFEChairmanMassimoCapuanowrotealettertoFSFtoreviewdeterioratingmarketconditionsandpolicyproblemson18December2008.ThisletterisavailableonWFEwebsite.

IFAC (International Federation of Accountants)

WFErepresentsexchangesontheInternationalFederationofAccountants’externaladvisorygroup.Thegroup’spurposeistoexpresstheviewpointofusersoffinancialreportingonthestandardsbeingdevelopedforauditandassurancework.Thereviewworkcanbecomeverydetailed,astheinteractionbetweenauditorsandcorporationsisevolvingintoday’sbusinessenvironment.ThegoalpursuedbyWFEandIFACisbetter,clearer,andmoreusablefinancialreporting.

IFC (International Finance Corporation)

WFEworkswithIFConenvironmental,social,andgovernanceissues.In2008,WFEvisitedIFCtoexplorepotentialjointprojects.

TheWorldFederationofExchangesmaintainsworkingrelationswithpublicpolicyandprivatesectorprofessionalbodiesofimportancetothecapitalmarkets.In2008,thisrepresentationofthememberexchanges’businessinterestswaskeyedto:

Global policy setting institutions

IOSCO (International Organisation of Securities Commissions)

ExchangesofinformationareorganizedbetweentheWFEBoardofDirectorsandIOSCO’sTechnicalCommittee,andthetwosecretariats.Thefocusofdiscussionremainedmarketstructureissues,fairness,andtheeconomictrade-offbetweentheburdensofincreasingregulationinrecentyears,andthebenefitsaccruedtousersofpublicmarketsoverthatperiod.WFEhasexpresseditsconcernsaboutmarketfragmentation.

In2008,WFEparticipatedintheindustrydialogueinitiatedbyIOSCO’sTechnicalCommitteeinParis.ItalsorespondedtotheIOSCOShortSellingTaskForcewithapressstatementonshortsellingbansimplementedonmanymarketsasemergencymeasureonSeptember2008.

OECD (Organisation of Economic Cooperation and Development)

WFEshareswiththeOECDitsongoingworkonbusinessstandards,theFederation’smembershipcriteria.AtitsmeetinginMilanonOctober2008,WFEGeneralAssemblyvotedameasureofsupportoftheOECDPrinciplesofCorporateGovernance.WFEbelievesthattheOECDcontinuestomakeanimportantcontributiontothedevelopmentofstandardsofcorporategovernance,particularlywherenationalcodesofpracticehaveyettoemerge.Asmarketsconverge,OECDstandardsprovideausefulbenchmarkforbestpracticeforbluechipstockslistedonexchangesaroundtheworld.WestronglysupporttheworkoftheOECDinthisarea,andwelcometheopportunitytoengagewithOECDinfuturediscussionsonarangeoftopics,includingmarketstatistics,pensionplanning,andinvestoreducation.

Representation of the exchange industry

72



Togetherwithenhancingmemberexchanges’jointprograms,theassociationaimstoharmonizestandardsformarketprinciplesintheregion.

FEAS (Federation of Euro-Asian Stock Exchanges)

FEASwasestablishedinMay1995,andcurrentlythereare32membersand7affiliates.MembershipintheFederationisopentostockexchangesinEuropeandAsia.

ThemissionofFEASistocreatefair,efficientandtransparentmarketenvironments,withlittleornobarrierstotrade,betweentheFEASmembersandintheiroperatingregions.HarmonizationofrulesandregulationsandadoptionofnewtechnologyfortradingandsettlementbymembersecuritiesmarketswillfacilitatetheobjectivesofFEASbypromotingthedevelopmentofthemembermarketsandprovidingcross-bordertradingopportunitiesforsecuritiesissuedwithinFEASmembercountries.

FESE (Federation of European Securities Exchanges)

TheFederationofEuropeanSecuritiesExchanges(FESE)isanot-for-profitinternationalassociation(AISBL)representingtheinterestsof23marketoperatorswhichoperateatotalof42exchanges(regulatedmarketsandMTFs)inequities,bonds,andderivatives.FESEmemberscomefromalltheEUMemberStatesandIceland,NorwayandSwitzerland,aswellas7CorrespondingMembersfromEuropeanemergingmarkets

FIAB (Federation of Ibero-American Exchanges)

The19exchangemembersofFIABcovertheSpanishandPortuguesejurisdictions.TheFIABmissionisto:

- Fostercooperationamongitsmembers,inorderto promotethedevelopmentandadvancementof theirsecuritiesmarkets,inthebestinterestsofall marketparticipants;

Regional exchange federations

Asamatterofefficiencyinthetaskofpromotingfinancialexchanges,WFEsharesitsmaterialswithregionalexchangefederations.Severalofthesehavebeenfoundedovertheyearstosuitbusinesspurposesspecifictocertainpartsoftheworld.Thefollowingtextsintroducethembriefly.

AOSEF (Asian and Oceanian Stock Exchanges Federation)

TheAsianandOceanianStockExchangesFederationcurrentlycomprises19stockexchanges.Itoriginatedin1982asaninformalorganizationcalledtheEastAsianStockExchangesConference.

Itsobjectivesaretoexchangeinformationandtopromotemutualassistanceamongitsmemberswithaviewtothedevelopmentofthesecuritiesmarketsofmembercountries.

TheservicesoftheSecretariathavebeenprovidedbytheTokyoStockExchangeGroupsincethebeginning.

ASEA (African Stock Exchanges Association)

ASEAisanon-profitcompanylimitedbyguaranteethatwasfoundedinKenyain1993withNairobiStockExchangeasthefirstmember,whilecurrentlytheassociationcomprises20fullmemberexchangesfromacrossAfrica,accountingfor91%oftheexistingAfricanstockmarkets.

ASEAprovidesaforumformutualcommunication,exchangeofinformation,cooperationandtechnologicalassistanceamongitsmembers,tofacilitatetheprocessoffinancialintegrationwithintheregionfortheeffectivemobilizationofcapitaltoaccelerateeconomicdevelopmentofAfrica.

ASEAsupportsmembersintheestablishmentofstockexchangesandthedevelopmentoffinancialinstruments.Theassociationalsoassistsinpromotingthedevelopmentofstandardsoftrainingandprofessionalismamongstmembersandothermarketplayers,standardsoflisting,tradingandsettlementofsecurities,theproductsandservicesofAfrica’scapitalmarketsaswellastheestablishmentofadatabankandinformationsystem.

73



USAE (Union of Arab Stock Exchanges)

TheUnionofArabStockExchangeswasestablishedin1978inordertoconsolidateanddeveloptiesofcooperationandcoordinationbetweenthejointofArabeconomicinstitutions,andtoencourageArabinvestment.ThemaincenterofUSAEislocatedinBeirut-Lebanonwhereithasbeengrantedallprivilegesandimmunitiesnecessarytoundertakeitsmission.TheguidelinesfortheUnionaretocoordinateactionamongitsmembers,facilitatetheexchangeoftechnicalassistanceintheareasofspecialization,contributetheunificationoflawsandregulationsinthisarea,overcomethedifficultiesoftheArabinvestmentandexpanditsbase,diversifyandpromotetechnicalinvestmentintheArabstockexchanges.

USAEcurrentlycomprises15stockexchanges,1regulator,and5centralclearingcompaniesinadditionto25affiliatedmembersfromdifferentArabcountries.

- Cooperatewithnationalandinternationalentities havinglegislative,regulatory,orotherfunctionsin respectoffinancialandsecuritiesmarketswitha viewtoensuringhomogeneousstandardsand regulationsastosecuritiesissuance,circulation, distribution,andregistration;trading;issuers; brokers;securitiesmarkets;securitiesdepositories andcustodians;aswellasinconnectionwithany fiscalandotherissuesdeemedtoberelevantto marketdevelopment;

- PromoteintegrationoftheFederation’sstock markets,stimulatinginter-activityamongmarket participantsaswellasthefreecirculation,within theirrespectivejurisdictions,ofsecuritiesissuedin anyofitsmembers’homecountries;

- Encouragetheestablishmentofrulesand proceduresensuringsolvency,competence, legitimacy,andfairinformationdisclosuretoall saversinvestingthroughMemberExchanges.

SAFE (South Asian Federation of Exchanges)

SAFEhas23membersintheIndianOceanregion.Itisaforumlaunchedbyboursesandothercapitalmarketinstitutionstopromotethedevelopmentofsecuritiesmarketsinthearea.TheinceptionofSAFEmarkedanimportantmilestoneinthemarchofSouthAsiancapitalmarketstowardsregionalandglobalintegration.

Theimperativesofglobalizationnecessitateincreasinginterdependenceamongnationsintermsofbusiness,politicsandcross-culturalactivities.ThemembersofSAFEhaveagreedtoworktowardscommonstandards,includinginternationalaccountingstandardsandbestbusinesspracticesincapitalmarkets.SAFEwillrepresentitsmembersinrelatedinternationalforums,encouragecross-borderlisting,co-operateinhumanresourcedevelopment,facilitatetechnologytransferamongmembers,andaddressotherissuesofcommoninterest.

74

WFEauditedfinancialstatements2008


WFE audited financial statements 2008

Revenues and expenses - Year ended 31 December 2008(statedinthousandsofeuros)

2008 2007

GENERAL REVENUESMemberdues 3011 2742Affiliate&correspondentfees 73 93Otheroperatingrevenues 9 9

Total general revenues 3 093 2 844

OPERATING EXPENSESSalaries&socialcharges 1467 1398Events 470 427Officecosts 309 304Travel 278 269Publications 177 144Establishingcommunicationpolicy(website) 191Membersdueswrittenoff,anddepreciation 75Post,telephone&internet 47 48Amortization(note4) 26 21Miscellaneous 27 8Retirementcosts(note5) 9 -11

Total operating expenses (3 076) (2 608)

NET OPERATING SURPLUS 17 236

FINANCIAL INCOMENetprofitondisposalofinvestmentsavailableforsale(note2) 349 285Otherfinancialrevenues 12 28

Total financial income 361 313

FINANCIAL CHARGESDepreciationforforeignexchange 8 7

Total financial charges 8 7

NET FINANCIAL INCOME 353 306

EXCEPTIONAL RESULT 0 0

EXCESS OF REVENUE OVER EXPENSES 370 542

75



Balance sheet - 31 December 2008(statedinthousandsofeuros)

2008 2007

ASSETSCash 1 1Bankaccounts 62 49Investmentsavailableforsale(note3) 8281 7397Receivables 21 2Prepaidexpenses 20 18Deferredcharges 0 0

Current assets 8 385 7 467

Netfixedassets(note4) 36 44Loans 6 7Depositsofguarantee 26 26Investmentsheldtomaturity 517

Long term assets 68 594

TOTAL ASSETS 8 453 8 061

LIABILITIESCorporatecreditcards 0 23Accruedpayrollandsocialcharges 453 445Unearneddues 0 0Accruedexpenses 83 55

Current liabilities 536 523

PROVISIONSRetirementprovision(note5) 514 505

Provisions 514 505

MEMBERS’ EQUITYOperationalreserve 915 915Reservefunds 6488 6118

Members’ equity 7 403 7 033

TOTAL LIABILITIES & MEMBERS’ EQUITY 8 453 8 061

EXCESS OF REVENUE OVER EXPENSES 370 542

76



Surplus - Year ended 31 December 2008(statedinthousandsofeuros)

Reserve funds

Operationalreserve Total

31December2007 6118 915 7033

Excessofrevenueoverexpenses 370 370

31 December 2008 6 488 915 7 403

Theoperationalreservewasestablishedintheearly1990stosegregateanamountoffundsfromoperatinglosses.Inthisway,intheeventofanemergencyleadingtotheclosureoftheFederation,somemoneywouldstillbeonhandtomeetmanycurrentbusinessobligationsformembers,includingalastGeneralAssembly,andtowinddowntheSecretariatbypayingfortheredundancycostsofpersonnel.Theseexpenseswouldpartiallybecovered,thoughactualfinalcostsarehardtoestimatebeforehand.

Thereservefundsaretheretainedoperatingsurpluses.

77



Changes in cash resources - Year ended 31 December 2008(Statedinthousandsofeuros)

2008 2007

OPERATIONSExcessofrevenueoverexpenses 370 542Amortization 26 2Retirementprovision 9 -32Allowancefordoubtfulaccounts 16 -3Changesinotherassetsandliabilities 500 124

SOURCES OF CASH 921 633

FINANCING 0 0

INVESTMENTLongterminvestments -518 511

INCREASE IN CASH 921 633Cashposition,beginningofyear 7423 6296

CASH POSITION, END OF YEAR 8 344 7 423

CASH POSITIONCash 1 1Bankaccounts 62 49Corporatecreditcards 0 -23Shortterminvestments 8281 7396

8 344 7 423

78

WFEAuditedfinancialstatements2008


Methods Years

Software Straight-line 1

Officefurniture Straight-line 5or10

Improvementstotheoffice Straight-line 5

Computerequipment Straight-line 3

Officeequipment Straight-line 3or5

Investments available for sale

The“investmentsavailableforsale”arestatedatcost.Thehistoricalcostofinvestmentssoldduringthefinancialyearisaccountedforusingthefirst-in,first-outmethod(FIFO).

TheFederationhasswitcheditsinvestmentvaluationproceduressincetheendof2002toalignthemwithInternationalFinancialReportingStandards(IFRS).Ithasdonesobysellingandrepurchasingthesamepositionsattheendofthefinancialyear.TobefullyinconformitywithIFRS,thebaseisnowcleanfortheyear-on-yearcomparisontobeshownintheDecember2008accountsasIFRSrequires.

Asanexception,theyear-endperiodwasavoided;the“sellingandrepurchasing”ofmoneymarketfundswasrealizedbetweenthe16thand18thofDecember2008.Alatentgainispendingatyear-end,amountingto€8k,gainthatwouldberegisteredasarealizedgainundertheIFRSmethod.

Atyear-end2008,thesefundswereinvestedineurodenominatedshort-termmoneymarketinvestments.DetailedpositionfollowsinthenextNote.

Investments held to maturity

The“investmentsheldtomaturity”aremeasuredatamortisedcostusingtheeffectiveinterestmethod.

Atyear-end2007,thesefundswereinvestedinFrenchTreasurybonds.

Atyear-end2008,nomoreinvestmentispending.

Notes to financial statements 31 December 2008ThesestatementsareestablishedasafreetranslationoftheFrenchstatementsintoEnglishpresentation.Inparticular,theyweresummarisedandnotestofinancialstatementsreducedtomajorpoints.

1. Governing statutes and nature of operations

TheWorldFederationofExchangesisanot-for-profitorganizationincorporatedundertheprovisionsofthe1901FrenchLawonAssociations.ThepurposeoftheFederationistocontributetothedevelopment,supportandpromotionoforganizedandregulatedsecuritiesandderivativesmarkets.

Eightpersonswereemployedduring2008.

2. Accounting policies

Therehavebeennochangesinaccountingpoliciesinthecurrentyear.

ThefinancialstatementshavebeenpreparedinaccordancewithgenerallyacceptedaccountingprinciplesinFrance,inparticularthehistoricalcost.ThereisadifferencebetweentheFrenchGAAPandIFRS(IAS39).

TorealignreportingwithIFRS(IAS39),alltrustfundsweresoldandrepurchasedattheendoftheyearinordertore-establishtheircostbase.Therewasnofiscalimpact,becausetheFederationisatax-freeassociation.

Depreciation

Fixedassetsaredepreciatedovertheirestimatedusefullivesaccordingtothefollowingmethodsandannualrates:

79

WFEAuditedfinancialstatements2008


INVESTMENTS AVAILABLE FOR SALE(Statedinthousandsofeuros)

Quantity Balance sheet (historical cost)

Valuation (quotation)

Potential gain or loss

HSBCTrésorerieEuroFCP3DEC 203.046 4140 4144 4

HSBCEntrepriseFCP3DEC 464.737 4141 4145 4

Investments available for sale 8 281 8 289 8

(Statedinthousandsofeuros) Software Office furniture ImprovementsComputer equipment

Office equipment

Total

Costat31December2007 21 39 48 69 10 187

Additions 13 4 17

Disposals -14 -14

Costat31December2008 21 52 48 59 10 190

Accumulateddepreciationat31December2007

11 31 44 49 8 143

Additions 10 2 2 10 1 26

Disposals -14 -14

Accumulateddepreciationat31December2008

21 33 46 45 9 155

Netbookamountat31December2007

10 8 4 20 2 44

Netbookamountat31December2008

0 19 2 14 1 36

3. InvestmentsTheHSBCpublicfundsareusedtoinvestcashforthecurrentyear’soperatingneedsandapartofthereservesheldbytheFederation.

5. Retirement provisionThisprovisionamountsto€514kasof31December2008andincludes2relateditems.ThefirstisthepensioncommitmentstoapreviousSecretaryGeneral,andthesecondisasumpaidbytheemployerintheeventthatcurrentemployeesarriveattheageofretirementwhilestillonthepayrollofWFE,asisusualunderFrenchlaborlaw.

ThepensioncommitmentsofapreviousSecretaryGeneralrepresent€447k,andhavebeenestimatedaccordingtoherlifeexpectancyandactuarialassumptions.Thepensioncommitmentsofthepresentemployeesstandat€67kandhavebeenvaluedaccordingtotheFrenchLawandtheagreementmadebetweentheFrenchstockbrokingcommunityandemployees,staffturnover,lifeexpectancy,salaryincrease,andactuarialassumptions.

4. Fixed assets

6. IOMA/IOCAWiththeaffiliationformallyestablishedinOctober2003betweenWFEandtheInternationalOptionsMarketsAssociation/InternationalOptionsClearingAssociation,theFederationprovidessecretariatservicestothiscloselyrelatedindustrybody.IOMA/IOCAmembersnotalreadybelongingtoWFEthroughanexistingexchangemembershiphavebecomeaffiliates.

7. Bank deposit blocked in favor of WFE CurrentlegislationdidnotallowtheFederationtoacceptpaymentfor2008duesfromtheTehranStockExchange.ItsdueswerepaidinsteadintoanaccounthereinParisblockedinfavorofWFE.

80

Statutoryauditors’reportonthefinancialstatements


81

Statutoryauditors’reportonthefinancialstatements


2008 market statistics

Equity markets

1.1 Domesticmarketcapitalization.........................841.2 Marketcapitalizationofdomesticshares newlylistedanddelisted.......................................851.3 Numberoflistedcompanies..............................861.4 Numberofnewlylistedand delistedcompanies..................................................871.5 Totalvalueofsharetrading..................................88 Alsoonvalueofsharetrading- Electronicorderbooktrades................................89 Alsoonvalueofsharetrading- Negotiateddeals......................................................901.6 Numberoftradingdays,averagedaily turnover,averageamounttradedperday.......911.7 Totalnumberoftradesinequityshares andnumberofsharestraded...............................92 Numberoftradesinequityshares- Electronicorderbooktrades................................93 Numberoftradesinequityshares- Negotiateddeals......................................................941.8 Turnovervelocityofdomesticshares...............951.9 Marketconcentration-5%most capitalizedandmosttradeddomestic companies...................................................................96 Marketconcentration-10%most capitalizedandmosttradeddomestic companies...................................................................971.10AInvestmentflows-Numberofnew companieslisted.......................................................981.10BInvestmentflows-Newcapitalraised byshares................................................................... 1001.11 Numberofsecuritizedderivatives listedatyear-end,tradingvalueand numberoftrades................................................... 1021.12 NumberofETFslistedatyear-end, tradingvalueandnumberoftrades............... 1031.13 Numberofinvestmentfundslistedat year-end,tradingvalueandnumber oftrades.................................................................... 104

Fixed income

2.1 Valueofbondslisted........................................... 1062.2 Numberofbondissuers..................................... 1072.3 Numberofbondslisted...................................... 1082.4 Numberofnewbondslisted............................ 1092.5 Totalvalueofbondtrading............................... 110 Alsoonvalueofbondtrading- Electronicorderbooktrades............................. 111 Alsoonvalueofbondtrading- Negotiateddeals................................................... 1122.6 Numberoftradesinbonds............................... 1132.7 Investmentflows-Newcapitalraised bybonds................................................................... 114

Derivatives

3.1 Singlestockoptions............................................. 1163.2 Singlestockfutures.............................................. 1173.3 Singleindexoptions............................................ 1183.4 Singleindexfutures.............................................. 1193.5 Shortterminterestrateoptions..................... 1203.6 Shortterminterestratefutures...................... 1203.7 Longterminterestrateoptions....................... 1213.8 Longterminterestratefutures........................ 1213.9 Currencyoptions................................................... 1223.10 Currencyfutures.................................................... 1223.11 Commodityoptions............................................. 1233.12 Commodityfutures.............................................. 123

Indicators

4.1 Broadstockmarketindexes.............................. 1254.2 Bluechipindexes................................................... 1264.3 Averageofpriceearningratios,gross dividendyields,inflationrates, totalmarketreturns............................................. 1284.4 Interestrates........................................................... 1294.5 Stockmarkets’significanceinthenational economy................................................................... 130

Alternative & SME

5.1 Domesticmarketcapitalization...................... 1325.2 Numberofcompanieswith sharestraded........................................................... 1335.3 Numberofnewlylistedcompaniesand delistings.................................................................. 1345.4 Totalvalueofsharetrading............................... 136 Alsoonvalueofsharetrading- Electronicorderbooktrades............................. 137 Alsoonvalueofsharetrading- Negotiateddeals................................................... 1385.5 Investmentflows-Newcapitalraised byshares................................................................... 1395.6 Marketindexes....................................................... 140

Other markets

6.1 Domesticmarketcapitalization...................... 1426.2 Numberoflistedcompanies............................ 1436.3 Numberofnewlylistedcompanies............... 144 Numberofdelistedcompanies........................ 1456.4 Valueofsharetrading......................................... 1466.5 Investmentflows-Newcapitalraised byshares................................................................... 1476.6 Valueofbondtrading.......................................... 1486.7 Broadstockmarketindexes.............................. 149



Exchange End 2008

End2007

% change 2008/2007

(in USD)

% change 2008/2007

(in local currency)

AmericasAmerican SE 132367.2 257797.0 -48.7% -48.7%Bermuda SE 1912.3 2731.1 -30.0% -30.0%BM&FBOVESPA 591965.5 1369711.3 -56.8% -43.7%Buenos Aires SE 39850.4 57070.2 -30.2% -23.3%Colombia SE 87716.2 101956.0 -14.0% -4.8%Lima SE 37876.8 69386.5 -45.4% -42.9%Mexican Exchange 234054.9 397724.6 -41.2% -25.8%NASDAQ OMX 2396344.3 4013650.3 -40.3% -40.3%NYSE Euronext (US) 9208934.1 15650832.5 -41.2% -41.2%Santiago SE 131808.0 212910.2 -38.1% -20.4%TSX Group 1033448.5 2186550.2 -52.7% -41.8%Total region 13896278.3 24320319.8 -42.9%Asia - PacificAustralian SE 683871.6 1298315.0 -47.3% -34.5%Bombay SE 647204.8 1819100.5 -64.4% -56.1%Bursa Malaysia 189086.6 325290.3 -41.9% -39.1%Colombo SE 4285.9 7553.2 -43.3% -40.4%Hong Kong Exchanges 1328768.5 2654416.1 -49.9% -50.2%Indonesia SE 98760.6 211693.0 -53.3% -45.9%Jasdaq 93176.5 120653.8 -22.8% -37.1%Korea Exchange 470797.7 1122606.3 -58.1% -40.8%National Stock Exchange India 600281.6 1660096.9 -63.8% -55.4%New Zealand Exchange 24209.6 47485.6 -49.0% -32.9%Osaka SE 147436.3 212147.4 -30.5% -43.4%Philippine SE 52030.6 102852.7 -49.4% -41.7%Shanghai SE 1425354.0 3694348.0 -61.4% -64.0%Shenzhen SE 353430.0 784518.6 -54.9% -57.9%Singapore Exchange 264974.4 539176.6 -50.9% -50.4%Taiwan SE Corp. 356710.6 663716.0 -46.3% -45.6%Thailand SE 103128.2 197129.4 -47.7% -46.0%Tokyo SE Group 3115803.7 4330921.9 -28.1% -41.4%Total region 1 9 211 593.4 17 919 776.9 -48.6%Europe - Africa - Middle EastAmman SE 35894.7 41216.4 -12.9% -13.0%Athens Exchange 90945.0 264960.8 -65.7% -64.0%BME Spanish Exchanges 948352.3 1781132.7 -46.8% -44.1%Borsa Italiana 522087.8 1072534.7 -51.3% -48.9%Budapest SE 18465.4 46195.6 -60.0% -55.8%Cyprus SE 7987.9 29474.3 -72.9% -71.6%Deutsche Börse 1110579.6 2105197.8 -47.2% -44.6%Egyptian Exchange 85247.2 139273.8 -38.8% -38.9%Irish SE 49489.9 143905.3 -65.6% -63.9%Istanbul SE 118328.7 286571.7 -58.7% -45.8%Johannesburg SE 482700.0 828185.3 -41.7% -20.2%Ljubljana SE 11799.4 28794.0 -59.0% -57.0%London SE 1868153.0 3851705.9 -51.5% -33.4%Luxembourg SE 66614.7 166093.6 -59.9% -57.9%Malta SE 3576.3 5634.5 -36.5% -33.4%Mauritius SE 4662.0 7919.1 -41.1% -33.6%NASDAQ OMX Nordic Exchange 563099.6 1242577.9 -54.7% -52.5%NYSE Euronext (Europe) 2101745.9 4222679.8 -50.2% -47.8%Oslo Børs 145906.3 353353.1 -58.7% -47.7%SIX Swiss Exchange 857306.3 1271047.7 -32.6% -36.2%Tehran SE 48712.7 43885.0 11.0% 17.6%Tel-Aviv SE 134802.4 235056.4 -42.7% -43.9%Warsaw SE 90815.5 211004.0 -57.0% -47.6%Wiener Börse 76288.7 236448.4 -67.7% -66.1%Total region 9 443 561.2 18 614 847.8 -49.3%

WFE total 32 551 432.8 60 854 944.5 -46.5%

Equitymarkets

Equity 1.1

Domestic market capitalization (USDmillions)

Information note:1Asia-PacifictotalregionexcludesOsakaandNSEIndiatoavoiddoublecountingwithTokyoSEandBombaySErespectively DatacombinethemainandAlternative/SMEsmarketcapitalizations. Johannesburg SE:marketcapitalizationincludesalllistedcompanies,comprisingalsoforeigncompanies,andexcludelistedwarrants,convertiblesandinvestmentfundsNYSE Euronext (Europe):Alternextmarketdataarenotincluded

Osaka SE:marketcapitalizationfiguresexcludeissuesinwhichmostvolumestakeplaceinTokyoSingapore Exchange:includedomesticcompanies,foreigncompanieswithaprimarylisting,andforeigncompanieswithasecondarylistingbutwiththemajorityoftheirtradingtakingplaceontheexchange.ForeignlistingsaredefinedascompanieswhoseprincipalbusinessismadeoutsideSingapore.DataexcludeinactivesecondaryforeignlistingsTSX Group:TorontoExchangeonly

Equity 1.2

ExchangeMarket capitalization of new listings Market capitalization of delistings

End 2008 End 2007 End 2008 End 2007

AmericasBermuda SE 0.0 0.0 0.0 0.0BM&FBOVESPA 16261.3 107679.1 20010.8 26517.6Buenos Aires SE 377.7 3458.1 0.3 0.0Colombia SE 3352.4 10239.7 787.5 6008.6Lima SE 205.2 2350.1 149.4 351.1Mexican Exchange 13717.9 4888.2 536.1 34606.3NASDAQ OMX 174590.9 52158.0 R NA NANYSE Euronext (US) 207612.8 244515.0 579126.3 678104.1 RSantiago SE 22.2 1361.0 298.1 152.3TSX Group 11722.4 45109.6 54336.9 229529.5Asia - PacificAustralian SE 1583.0 17470.0 22534.1 84316.6Bombay SE 33029.3 94938.3 6284.7 4305.4Bursa Malaysia 9868.5 2373.2 6306.2 31500.3Colombo SE 40.3 0.0 31.5 14.0Hong Kong Exchanges 28767.2 155199.0 22734.4 4803.1Indonesia SE 10619.9 8996.7 1401.0 1130.2Jasdaq 93176.5 120653.8 10273.1 7664.2Korea Exchange 18746.5 45059.6 14181.6 9939.5National Stock Exchange India 70610.8 107070.8 R 519.2 652.3 RNew Zealand Exchange 602.1 1051.6 137.1 3025.1 ROsaka SE 631.6 3087.0 1347.1 3736.4Philippine SE 2976.2 2856.4 R 0.0 2990.7 RShanghai SE 92118.3 1576735.9 2122.4 6595.3Shenzhen SE NA NA NA NASingapore Exchange 7717.2 18806.0 18194.8 7019.7Taiwan SE Corp. 5019.3 15916.1 3135.6 5941.4Thailand SE 2395.1 7282.1 R 1633.9 4462.7Tokyo SE Group 40106.5 35969.3 68913.2 45920.2Europe - Africa - Middle EastAmman SE 1088.2 980.1 1.4 0.0Athens Exchange 568.2 11832.2 15629.7 6605.3BME Spanish Exchanges 30963.1 124107.9 NA NABorsa Italiana 785.7 36493.4 20284.1 111589.6Budapest SE 38.1 2026.5 8.1 1566.8Cyprus SE 104.5 233.6 786.3 21.5Deutsche Börse 3999.6 27456.0 NA NAEgyptian Exchange 1170.7 3881.6 1337.7 6246.6Irish SE 76.1 6801.2 3262.2 619.0Istanbul SE 10515.6 15422.8 79.1 252.6Johannesburg SE 3979.7 11919.1 4929.2 12744.4Ljubljana SE 2040.8 2745.8 1160.1 209.9London SE 67047.4 144694.6 NA NALuxembourg SE 4419.5 29225.0 2991.4 37.1Malta SE 95.5 44.2 R 0.0 4.4Mauritius SE 46.3 64.9 35.4 NANASDAQ OMX Nordic Exchange 2103.9 11915.2 23129.4 29736.8NYSE Euronext (Europe) 21929.8 65213.5 134914.3 139622.8Oslo Børs 2977.7 17032.5 R 9053.9 10846.6 RSIX Swiss Exchange 3367.9 4453.0 NA NATehran SE 12937.1 2661.3 450.2 5.8Tel-Aviv SE 21.8 5314.1 2509.1 1167.1Warsaw SE 3827.4 11807.7 R 1528.1 2438.2Wiener Börse 740.7 9815.8 34439.6 105.3

Information note:Borsa Italiana:forthemarketcapitalizationofdelistings,2008figuresareatyear-end2007;2007figuresareatyear-end2006Hong Kong Exchanges:includingtransferoflistingfromGEMtoMainBoardNYSE Euronext (Europe):AlternextmarketdataarenotincludedSingapore Exchange:includedomesticcompanies,foreigncompanieswithaprimarylisting,andforeigncompanieswithasecondarylistingbutwiththemajorityoftheir

tradingtakingplaceontheexchange.ForeignlistingsaredefinedascompanieswhoseprincipalbusinessismadeoutsideSingapore.DataexcludeinactivesecondaryforeignlistingsTel-Aviv SE:newlistingsfiguresareatyear-end2008and2007;delistingsfiguresareatyear-end2007and2006TSX Group:TorontoExchangeonly

Market capitalization of domestic shares newly listed and delisted (USDmillions)

R: RevisedNA: Not Available

85

Equitymarkets


86

Equitymarkets


Exchange

2008 2007

Total Domestic companies

Foreigncompanies Total Domestic

companies Foreign

companies

AmericasAmerican SE 486 391 95 599 495 104Bermuda SE 52 16 36 53 16 37BM&FBOVESPA 392 383 9 404 395 9Buenos Aires SE 112 107 5 111 106 5Colombia SE 89 89 0 90 90 0Lima SE 244 201 43 226 188 38Mexican Exchange 373 125 248 367 125 242NASDAQ OMX 2 952 2616 336 3 069 2762 307NYSE Euronext (US) 3 011 2596 415 2 297 1876 421Santiago SE 238 235 3 241 238 3TSX Group 3 841 3755 86 3 951 3881 70Total region 11 790 11 408Asia - PacificAustralian SE 2 009 1924 85 1 998 1913 85Bombay SE 4 921 4921 0 4 887 4887 0Bursa Malaysia 976 972 4 986 983 3Colombo SE 235 235 0 235 235 0Hong Kong Exchanges 1 261 1251 10 1 241 1232 9Indonesia SE 396 396 0 383 383 0Jasdaq 926 926 0 979 979 0Korea Exchange 1 793 1789 4 1 757 1755 2National Stock Exchange India 1 406 1406 0 1 330 1330 0New Zealand Exchange 172 147 25 178 152 26Osaka SE 470 469 1 477 476 1Philippine SE 246 244 2 244 242 2Shanghai SE 864 864 0 860 860 0Shenzhen SE 740 740 0 670 670 0Singapore Exchange 767 455 312 762 472 290Taiwan SE Corp. 722 718 4 703 698 5Thailand SE 525 525 0 523 523 0Tokyo SE Group 2 390 2374 16 2 414 2389 25Total region 20 819 20 627Europe - Africa - Middle EastAmman SE 262 262 0 245 245 0Athens Exchange 285 282 3 283 280 3BME Spanish Exchanges 3 576 3536 40 3 537 3498 39Borsa Italiana 300 294 6 307 301 6Budapest SE 43 40 3 41 39 2Cyprus SE 119 119 0 124 R 124 0Deutsche Börse 832 742 90 866 761 105Egyptian Exchange 373 372 1 435 435 0Irish SE 68 58 10 73 60 13Istanbul SE 317 317 0 319 319 0Johannesburg SE 411 367 44 411 374 37Ljubljana SE 84 84 0 87 87 0London SE 3 096 2415 681 3 307 2588 719Luxembourg SE 262 34 228 261 34 227Malta SE 19 19 0 16 16 0Mauritius SE 68 65 3 70 67 3NASDAQ OMX Nordic Exchange 824 801 23 851 825 26NYSE Euronext (Europe) 1 002 1002 0 1 155 930 225Oslo Børs 259 209 50 248 208 40SIX Swiss Exchange 323 253 70 341 257 84Tehran SE 356 356 0 329 329 0Tel-Aviv SE 642 630 12 657 643 14Warsaw SE 458 432 26 375 352 23Wiener Börse 118 101 17 119 102 17Total region 14 097 14 457

WFE total 46 706 46 492

Equity 1.3

Number of listed companies

Information note:Hong Kong Exchanges:foreigncompaniesarecompaniesincorporatedoverseasandwhichhaveamajorityoftheirbusinessesoutsideHongKongandChinaLima SE:foreigncompaniesinclude26companieswithsharesnegotiatedunderaspecialmodalityNYSE Euronext (Europe):AlternextmarketdataarenotincludedOsaka SE:figuresexcludeissuesinwhichmostvolumestakeplaceinTokyo

Singapore Exchange:includedomesticcompanies,foreigncompanieswithaprimarylisting,andforeigncompanieswithasecondarylistingbutwiththemajorityoftheirtradingtakingplaceontheexchange.ForeignlistingsaredefinedascompanieswhoseprincipalbusinessismadeoutsideSingapore.DataexcludeinactivesecondaryforeignlistingsTSX Group:allgroup

Note: excludinginvestmentfunds

87

Equitymarkets


Equity 1.4

Exchange

Newly listed companies Delistings

2008 2007 2008 2007

Total Domestic cies

Foreigncies Total Domestic

ciesForeign

cies Total Domestic cies

Foreign cies Total Domestic

ciesForeign

cies

AmericasBermuda SE 3 0 3 6 0 6 4 0 4 7 0 7BM&FBOVESPA 11 11 0 70 64 6 23 23 0 16 16 0Buenos Aires SE 2 2 0 5 5 0 1 1 0 0 0 0Colombia SE 5 5 0 7 7 0 6 6 0 10 10 0Lima SE 23 17 6 14 R 8 6 5 4 1 11 10 1Mexican Exchange 43 4 39 63 4 59 37 4 33 32 12 20NASDAQ OMX 177 162 15 290 R 258 32 289 262 27 348 303 45NYSE Euronext (US) 74 57 17 126 84 42 139 118 21 232 R 160 72Santiago SE 1 1 0 6 4 2 4 4 0 11 10 1TSX Group 359 343 16 408 381 27 296 290 6 249 239 10Asia - PacificAustralian SE 77 72 5 292 276 16 65 60 5 104 93 11Bombay SE 69 69 0 123 R 123 0 50 50 0 45 R 45 0Bursa Malaysia 23 23 0 26 R 26 0 33 33 0 61 61 0Colombo SE 2 2 0 0 0 0 2 2 0 2 2 0Hong Kong Exchanges 49 49 0 84 82 2 29 29 0 16 16 0Indonesia SE 19 19 0 22 22 0 6 6 0 8 8 0Jasdaq 19 19 0 53 R 53 0 72 72 0 46 46 0Korea Exchange 63 61 2 98 96 2 29 29 0 27 27 0National Stock Exchange India 96 96 0 214 R 214 0 2 2 0 7 7 0New Zealand Exchange 3 3 0 13 R 11 2 7 6 1 14 7 7Osaka SE 10 10 0 28 28 0 18 18 0 16 16 0Philippine SE 2 2 0 11 11 0 0 0 0 6 6 0Shanghai SE 6 6 0 25 25 0 2 2 0 7 7 0Shenzhen SE 71 71 0 101 101 0 0 0 0 3 3 0Singapore Exchange 43 15 28 76 20 56 28 20 8 18 10 8Taiwan SE Corp. 31 31 0 30 30 0 12 11 1 20 20 0Thailand SE 12 12 0 13 13 0 10 10 0 8 8 0Tokyo SE Group 54 54 0 68 65 3 79 70 9 70 67 3Europe - Africa - Middle EastAmman SE 18 18 0 18 18 0 1 1 0 0 0 0Athens Exchange 10 10 0 4 3 1 11 11 0 21 21 0BME Spanish Exchanges 143 142 1 192 191 1 NA NA NA NA NA NABorsa Italiana 9 9 0 33 33 0 16 16 0 16 16 0Budapest SE 4 3 1 3 1 2 2 2 0 4 4 0Cyprus SE 2 2 0 4 4 0 9 9 0 4 R 4 0Deutsche Börse 189 43 146 209 94 115 64 42 22 40 R NA NAEgyptian Exchange 24 23 1 20 20 0 83 83 0 180 180 0Irish SE 4 2 2 9 9 0 8 3 5 4 4 0Istanbul SE 2 2 0 9 9 0 4 4 0 6 6 0Johannesburg SE 20 13 7 62 54 8 19 19 0 40 39 1Ljubljana SE 7 7 0 4 4 0 10 10 0 17 17 0London SE 185 143 42 411 270 141 405 318 87 372 R 289 83Luxembourg SE 22 2 20 19 R 1 18 21 3 18 18 R 3 15Malta SE 3 3 0 2 2 0 0 0 0 1 1 0Mauritius SE 2 2 0 7 6 1 4 4 0 0 0 0NASDAQ OMX Nordic Exch. 31 31 0 94 90 4 62 58 4 33 33 0NYSE Euronext (Europe) 36 24 12 92 R 81 11 66 55 11 100 R 57 43Oslo Børs 15 10 5 58 R 44 14 15 11 4 25 R 21 4SIX Swiss Exchange 7 7 0 10 8 2 NA NA NA NA NA NATehran SE 6 6 0 9 9 0 74 74 0 7 7 0Tel-Aviv SE 3 3 0 64 61 3 19 17 2 16 16 0Warsaw SE 93 89 4 105 93 12 10 9 1 14 13 1Wiener Börse 4 2 2 9 7 2 5 3 2 5 2 3

Information note:Hong Kong Exchanges:includingtransferoflistingfromGEMtoMainBoard.ForeigncompaniesarecompaniesincorporatedoverseasandwhichhaveamajorityoftheirbusinessesoutsideHongKongandChinaNYSE Euronext (Europe):AlternextmarketdataarenotincludedSingapore Exchange:includedomesticcompanies,foreigncompanieswithaprimarylisting,andforeigncompanieswithasecondarylistingbutwiththemajorityoftheir

tradingtakingplaceontheexchange.ForeignlistingsaredefinedascompanieswhoseprincipalbusinessismadeoutsideSingapore.DataexcludeinactivesecondaryforeignlistingsTSX Group: allgroup

Number of newly listed and delisted companies

R: RevisedNA: Not AvailableNote: excludinginvestmentfunds

88

Equitymarkets


Exchange

2008 2007 % change 08/07

(in USD)

% change 08/07

(in local currency)

Total Domestic cies

Foreigncies Total Domestic

ciesForeign

cies

AmericasAmerican SE 561 602.5 NA NA 670 191.0 NA NA -16.2% -16.2%Bermuda SE 102.7 98.9 3.8 170.5 165.8 4.7 -39.8% -39.8%BM&FBOVESPA 724 199.2 721371.0 2828.2 597 924.2 595426.8 2497.4 21.1% 15.0%Buenos Aires SE 6 616.7 3627.1 2989.6 7 381.2 4895.5 2485.7 -10.4% -8.5%Colombia SE 20 273.6 20273.6 0.0 16 775.5 16775.5 0.0 20.9% 15.6%Lima SE 6 328.9 5122.6 1206.4 11 237.9 vv655.8 1582.1 -43.7% -47.1%Mexican Exchange 110 473.9 104269.8 6204.0 143 945.4 129508.0 14437.3 -23.3% -21.3%NASDAQ OMX 36 446 548.5 33095965.8 3350582.7 28 116 428.2 R 25593757.6 2522670.6 29.6% 29.6%NYSE Euonext (US) 33 638 937.0 30918277.3 2720659.7 29 113 786.7 R 26625025.3 2488761.4 15.5% 15.5%Santiago SE 36 196.2 36196.1 0.1 47 996.6 47985.8 10.8 -24.6% -23.1%TSX Group 1 716 228.0 1704145.1 12082.9 1 634 869.6 1616270.8 18598.9 5.0% 5.6%Total region 73 267 507.2 60 360 706.9 21.4%Asia - PacificAustralian SE 1 213 239.6 1166744.3 46495.3 1 371 744.9 1314750.6 56994.3 -11.6% -10.7%Bombay SE 301 648.3 301648.3 0.0 343 775.8 343775.8 0.0 -12.3% -6.4%Bursa Malaysia 93 783.9 92796.0 987.9 169 072.2 166530.2 2542.0 -44.5% -46.0%Colombo SE 1 016.1 1016.1 0.0 949.8 949.8 0.0 7.0% 5.2%Hong Kong Exchanges 1 629 782.3 1628727.8 1054.4 2 133 643.0 2129790.1 3852.9 -23.6% -23.8%Indonesia SE 109 431.6 109431.6 0.0 114 631.1 114631.1 0.0 -4.5% 1.4%Jasdaq 44 951.5 44951.5 0.0 95 615.8 95615.8 0.0 -53.0% -58.8%Korea Exchange 1 432 479.9 1431551.0 929.0 2 005 640.8 2005341.7 299.0 -28.6% -14.3%National Stock Exchange India 725 398.7 725398.7 0.0 751 333.0 751333.0 0.0 -3.5% 3.0%New Zealand Exchange 18 081.1 15936.0 2145.1 23 951.8 21653.8 2298.0 -24.5% -20.3%Osaka SE 235 619.1 235615.6 3.5 257 655.2 257640.2 14.9 -8.6% -19.9%Philippine SE 17 089.8 17084.3 5.5 29 172.0 29156.8 15.1 -41.4% -42.9%Shanghai SE 2 600 208.6 2600208.6 0.0 4 028 590.3 4028590.3 0.0 -35.5% -41.0%Shenzhen SE 1 248 721.8 1248721.8 0.0 2 046 013.8 2046013.8 0.0 -39.0% -44.2%Singapore Exchange 259 885.0 NA NA 381 288.7 NA NA -31.8% -35.8%Taiwan SE Corp. 829 612.2 828704.3 907.9 1 010 039.5 1007237.4 2802.1 -17.9% -21.1%Thailand SE 115 980.1 115980.1 0.0 117 893.2 117893.2 0.0 -1.6% -4.1%Tokyo SE Group 5 607 321.9 5606633.8 688.1 6 412 700.8 6409945.8 2755.0 -12.6% -23.4%Total region 16 484 251.4 21 293 711.6 -22.6%Europe - Africa - Middle EastAmman SE 28 690.1 28690.1 0.0 17 427.1 17427.1 0.0 64.6% 64.5%Athens Exchange 113 666.0 103494.9 10171.1 168 318.2 153839.6 14478.6 -32.5% -36.2%BME Spanish Exchanges 2 410 721.2 2405457.8 5263.4 2 969 519.1 2956580.6 12938.5 -18.8% -23.4%Borsa Italiana 1 499 456.5 1447696.7 51759.8 2 311 194.0 2222680.1 88513.9 -35.1% -38.7%Budapest SE 30 705.7 30674.2 31.6 47 586.5 47570.5 16.0 -35.5% -39.2%Cyprus SE 2 055.2 2055.2 0.0 5 109.9 5109.9 0.0 -59.8% -62.0%Deutsche Börse 4 678 829.0 4189639.2 489189.9 4 324 928.4 3980758.2 344170.2 8.2% 2.1%Egyptian Exchange 93 475.7 93475.7 0.0 60 196.4 60196.4 0.0 55.3% 50.1%Irish SE 81 916.5 80982.1 934.3 136 936.2 136796.5 139.6 -40.2% -43.5%Istanbul SE 247 893.1 247893.1 0.0 294 295.0 294295.0 0.0 -15.8% -15.0%Johannesburg SE 395 235.2 287444.3 107790.9 423 384.9 314449.6 108935.3 -6.6% 9.6%Ljubljana SE 2 337.8 2337.8 0.0 4 252.2 4252.2 0.0 -45.0% -48.1%London SE 6 271 520.6 4375012.3 1896508.3 10 333 685.9 6056519.8 4277166.1 -39.3% -33.0%Luxembourg SE 1 910.1 1872.5 37.6 241.8 229.6 12.2 689.9% 645.7%Malta SE 71.2 71.2 0.0 89.0 89.0 0.0 -20.0% -24.5%Mauritius SE 396.6 387.3 9.3 374.8 374.8 0.1 5.8% -2.2%NASDAQ OMX Nordic Exch. 1 338 181.1 1261733.0 76448.1 1 818 207.6 1734356.3 83851.3 -26.4% -30.5%NYSE Euronext (Europe) 4 411 248.7 4396617.3 14631.4 5 639 760.7 5612624.7 27136.0 -21.8% -26.2%Oslo Børs 442 641.3 366998.8 75642.5 548 106.9 475418.2 72688.8 -19.2% -21.2%SIX Swiss Exchange 1 500 366.5 1340815.2 159551.3 1 883 261.9 1716728.7 166533.2 -20.3% -27.9%Tehran SE 15 243.6 15243.6 0.0 8 189.0 8189.0 0.0 86.1% 90.2%Tel-Aviv SE 110 135.7 110135.7 0.0 100 960.4 100960.4 0.0 9.1% -4.9%Warsaw SE 69 499.1 66949.2 2549.9 87 962.2 84668.3 3293.9 -21.0% -30.3%Wiener Börse 104 687.6 102622.3 2065.3 129 974.0 121500.0 8473.9 -19.5% -24.0%Total region 23 850 884.2 31 313 961.9 -23.8%

WFE total 113 602 642.7 112 968 380.4 0.6%

Equity 1.5

Total value of share trading (USDmillions)

Information note:NYSE Euronext (Europe):AlternextmarketdataarenotincludedOsaka SE:figuresexcludetheissuesinwhichmostvolumestakeplaceinTokyo

NA: Not Available R: Revised Notes: Thesale&purchaseofasharearecountedasonetransaction

TotalsincludeinvestmentfundsFiguresconvertedwithyear-averageexchangerates

89

Equitymarkets


Exchange

2008 2007 % change 08/07Total Domestic

cies Foreign


Foreigncies

AmericasBermuda SE 76.0 72.2 3.8 170.5 165.8 4.7 -55.4%BM&FBOVESPA 724 199.2 721371.0 2828.2 597 924.2 595426.8 2497.4 21.1%Buenos Aires SE 6 616.7 3627.1 2989.6 7 381.2 4895.5 2485.7 -10.4%Colombia SE 20 273.6 20273.6 0.0 16 775.5 16775.5 0.0 20.9%Lima SE 5 045.7 3932.3 1113.4 9 281.8 7730.5 1551.4 -45.6%Mexican Exchange 110 473.9 104269.8 6204.0 143 945.4 129508.0 14437.3 -23.3%NASDAQ OMX 23 842 547.2 21753851.6 2088695.6 17 048 445.9 15557359.0 1491086.9 39.9%NYSE Euonext (US) 27 650 639.7 24930041.7 2720598.0 NA NA NA -Santiago SE 34 745.0 34744.9 0.1 43 101.6 43090.8 10.8 -19.4%Asia - PacificAustralian SE 1 029 511.0 990980.2 38530.8 1 138 224.8 NA NA -9.6%Bombay SE 248 626.0 248626.0 0.0 NA NA NA -Bursa Malaysia 86 655.9 85672.0 983.9 157 178.4 154640.5 2537.8 -44.9%Colombo SE 1 016.1 1016.1 0.0 949.8 949.8 0.0 7.0%Hong Kong Exchanges 1 562 704.8 1561768.1 936.8 2 018 548.4 2014824.5 3723.9 -22.6%Indonesia SE 84 989.3 84989.3 0.0 97 311.0 97311.0 0.0 -12.7%Jasdaq 43 109.4 43109.4 0.0 93 805.2 93805.2 0.0 -54.0%Korea Exchange 1 409 970.5 1409041.5 929.0 1 933 814.7 1933515.6 299.0 -27.1%National Stock Exchange India 725 398.7 725398.7 0.0 751 333.0 751333.0 0.0 -3.5%New Zealand Exchange 4 181.2 3935.5 245.7 6 095.1 5698.9 396.1 -31.4%Osaka SE 232 194.2 232190.7 3.5 254 757.3 254742.4 14.9 -8.9%Philippine SE 13 163.0 13157.5 5.5 24 249.9 24234.7 15.1 -45.7%Shanghai SE 2 597 539.8 2597539.8 0.0 4 028 590.3 4028590.3 0.0 -35.5%Shenzhen SE 1 248 721.8 1248721.8 0.0 2 046 013.8 2046013.8 0.0 -39.0%Taiwan SE Corp. 824 950.7 824044.1 906.7 1 006 868.2 1004066.1 2802.1 -18.1%Thailand SE 110 372.0 110372.0 0.0 110 765.2 110765.2 0.0 -0.4%Tokyo SE Group 5 263 227.9 5262541.6 686.3 6 017 165.6 6014410.5 2755.0 -12.5%Europe - Africa - Middle EastAmman SE 27 177.7 27177.7 0.0 15 156.6 15156.6 0.0 79.3%Athens Exchange 94 386.6 85595.1 8791.5 130 465.2 121523.7 8941.5 -27.7%BME Spanish Exchanges 1 811 316.0 1806052.6 5263.4 2 291 334.4 2278395.8 12938.5 -20.9%Borsa Italiana 1 499 456.5 1447696.7 51759.8 2 165 926.7 2082683.8 83242.9 -30.8%Budapest SE 30 635.9 30604.3 31.6 47 302.4 47286.4 16.0 -35.2%Cyprus SE 1 876.4 1876.4 0.0 4 646.7 4646.7 0.0 -59.6%Deutsche Börse 3 193 651.2 3043419.2 150232.0 3 360 431.4 3254836.7 105594.7 -5.0%Irish SE 18 672.7 18365.0 307.7 23 218.6 23203.0 15.5 -19.6%Istanbul SE 247 884.6 247884.6 0.0 294 280.7 294280.7 0.0 -15.8%Johannesburg SE 321 703.2 229550.0 92153.2 342 073.0 250446.5 91626.5 -6.0%Ljubljana SE 1 414.1 1414.1 0.0 2 763.0 2763.0 0.0 -48.8%London SE 3 738 914.8 3426182.6 312732.1 4 311 470.3 3977654.0 333816.3 -13.3%Luxembourg SE 1 910.1 1872.5 37.6 241.8 229.6 12.2 689.9%Malta SE 71.2 71.2 0.0 89.0 89.0 0.0 -20.0%Mauritius SE 396.6 387.3 9.3 374.8 374.8 0.1 5.8%NASDAQ OMX Nordic Exch. 192 376.2 1120298.2 72078.0 1 425 776.8 1351702.8 74074.1 -16.4%NYSE Euronext (Europe) 3 797 238.0 3785201.6 12036.4 4 542 862.1 4522028.8 20833.2 -16.4%Oslo Børs 396 138.4 328744.2 67394.2 440 582.4 379887.2 60695.1 -10.1%SIX Swiss Exchange 1 402 388.1 1321626.9 80761.2 1 387 140.8 1259262.9 127877.8 1.1%Tel-Aviv SE 101 458.3 101458.3 0.0 93 729.0 93729.0 0.0 8.2%Warsaw SE 66 393.4 63920.8 2472.7 84 214.0 81185.6 3028.4 -21.2%Wiener Börse 104 687.6 102622.3 2065.3 129 974.0 121500.0 8473.9 -19.5%

Also on value of share trading - Electronic order book trades (USDmillions)

NA: Not Available Notes:Thesale&purchaseofasharearecountedasonetransaction


90

Equitymarkets


NA: Not AvailableNotes: Thesale&purchaseofasharearecountedasonetransaction


Exchange

2008 2007 % change 08/07Total Domestic

cies Foreign


Foreigncies

AmericasLima SE 1 283.3 1190.3 93.0 1 956.1 1925.3 30.8 -34.4%NASDAQ OMX 12 604 001.2 11342114.2 1261887.1 11 067 982.3 10036398.6 1031583.7 13.9%NYSE Euonext (US) 5 988 297.3 5988235.6 61.7 NA NA NA -Santiago SE 1 451.2 1451.2 0.0 4 895.0 4895.0 0.0 -70.4%Asia - PacificAustralian SE 183 728.6 NA NA 233 520.3 NA NA -21.3%Bombay SE 2 026.7 2026.7 0.0 NA NA NA -Bursa Malaysia 7 128.0 7124.1 4.0 11 893.5 11889.4 4.1 -40.1%Hong Kong Exchanges 67 077.5 66959.8 117.7 115 094.6 114965.6 129.0 -41.7%Indonesia SE 24 442.3 24442.3 0.0 17 320.0 17320.0 0.0 41.1%Jasdaq 1 842.1 1842.1 0.0 1 810.6 1810.6 0.0 1.7%Korea Exchange 22 509.5 22509.5 0.0 71 826.1 71826.1 0.0 -68.7%New Zealand Exchange 13 899.9 12000.5 1899.4 17 856.7 15954.8 1901.9 -22.2%Osaka SE 3 424.9 3424.9 0.0 2 897.9 2897.9 0.0 18.2%Philippine SE 3 926.8 3926.8 0.0 4 922.1 4922.1 0.0 -20.2%Shanghai SE 2 668.7 2668.7 0.0 NA NA NA -Taiwan SE Corp. 5 136.0 5134.7 1.2 3 171.3 3171.3 0.0 62.0%Thailand SE 5 608.1 5608.1 0.0 7 128.0 7128.0 0.0 -21.3%Tokyo SE Group 344 094.0 344092.2 1.8 395 535.3 395535.3 0.0 -13.0%Europe - Africa - Middle EastAmman SE 1 512.3 1512.3 0.0 2 270.5 2270.5 0.0 -33.4%Athens Exchange 19 279.4 17899.8 1379.6 37 852.6 32315.7 5536.9 -49.1%BME Spanish Exchanges 599 405.2 599405.2 0.0 678 184.5 678184.5 0.0 -11.6%Borsa Italiana NA NA NA NA NA NA -Budapest SE 69.8 69.8 0.0 284.1 284.1 0.0 -75.4%Cyprus SE 178.8 178.8 0.0 462.9 462.9 0.0 -61.4%Deutsche Börse 1 485 177.9 1146220.0 338957.9 964 497.5 725921.7 238575.8 54.0%Irish SE 63 243.8 62617.1 626.6 113 717.6 113593.5 124.1 -44.4%Istanbul SE 8.5 8.5 0.0 14.2 14.2 0.0 -40.3%Johannesburg SE 73 532.0 57894.3 15637.7 81 311.9 64003.1 17308.8 -9.6%Ljubljana SE 923.7 923.7 0.0 1 489.4 1489.4 0.0 -38.0%London SE 2 532 605.9 948829.7 1583776.2 6 022 215.6 2078865.8 3943349.8 -57.9%NASDAQ OMX Nordic Exchange 145 805.0 141434.8 4370.2 392 431.0 382653.6 9777.4 -62.8%NYSE Euronext (Europe) 614 010.7 611415.7 2594.9 1 096 898.6 1090595.8 6302.8 -44.0%Oslo Børs 46 502.9 38254.6 8248.3 107 524.6 95530.9 11993.7 -56.8%SIX Swiss Exchange 97 978.4 19188.3 78790.1 496 121.2 445211.5 50909.6 -80.3%Tel-Aviv SE 8 677.3 8677.3 0.0 7 231.4 7231.4 0.0 20.0%Warsaw SE 3 105.7 3028.5 77.2 3 748.2 3482.7 265.6 -17.1%

Also on value of share trading - Negotiated deals (USDmillions)

91

Equitymarkets


ExchangeNumber of trading days Average daily turnover

(USD millions)Average value of trades

(USD thousands)

2008 2007 2008 2007 2008 2007

AmericasAmerican SE 253 251 2219.8 2670.1 NA 14.4Bermuda SE 251 251 0.4 0.7 29.3 56.8BM&FBOVESPA 249 245 2908.4 2440.5 14.8 21.2Buenos Aires SE 247 247 26.8 29.9 7.0 7.5Colombia SE 246 244 82.4 68.8 34.7 32.3Lima SE 248 250 25.5 45.0 17.7 20.5Mexican Exchange 252 251 438.4 573.5 24.2 34.8NASDAQ OMX 253 251 144057.5 112017.6 9.6 13.7NYSE Euronext (US) 253 251 132960.2 115991.2 8.3 13.0Santiago SE 250 247 144.8 194.3 41.6 49.8TSX Group 251 252 6837.6 6487.6 9.2 12.8Asia - PacificAustralian SE 254 253 4776.5 5421.9 11.4 20.8Bombay SE 246 251 1226.2 1369.6 0.5 0.7Bursa Malaysia 245 248 382.8 681.7 6.9 4.6Colombo SE 238 241 4.3 3.9 1.3 1.1Hong Kong Exchanges 245 246 6652.2 8673.3 14.6 18.0Indonesia SE 240 246 456.0 466.0 8.2 9.7Jasdaq 245 245 183.5 390.3 NA NAKorea Exchange 248 243 5776.1 8253.7 2.2 3.3National Stock Exchange India 246 249 2948.8 3017.4 0.5 0.7New Zealand Exchange 252 251 71.8 95.4 32.9 41.9Osaka SE 245 245 961.7 1051.7 NA NAPhilippine SE 246 244 69.5 119.6 12.1 11.1Shanghai SE 244 242 10656.6 16647.1 2.0 2.5Shenzhen SE 246 242 5076.1 8454.6 1.9 2.5Singapore Exchange 252 251 1031.3 1519.1 NA NATaiwan SE Corp. 249 247 3333.7 4089.2 4.1 4.7Thailand SE 247 245 469.6 481.2 3.9 4.7Tokyo SE Group 245 245 22887.0 26174.3 NA NAEurope - Africa - Middle EastAmman SE 246 247 117.1 70.6 7.6 5.0Athens Exchange 247 252 460.2 667.9 12.1 14.5BME Spanish Exchanges 254 254 9491.0 11691.0 64.5 85.2Borsa Italiana 253 252 5926.7 9171.4 21.6 31.9Budapest SE 251 245 122.3 194.2 16.2 29.3Cyprus SE 244 248 8.4 20.6 5.0 7.9Deutsche Börse 254 252 18420.6 17162.4 33.0 29.8Egyptian Exchange 244 244 383.1 246.7 6.9 6.7Irish SE 254 254 322.5 539.1 64.8 158.7Istanbul SE 251 252 987.6 1167.8 5.4 6.1Johannesburg SE 251 250 1574.6 1693.5 22.7 36.7Ljubljana SE 250 246 9.4 17.3 10.6 18.9London SE 254 254 24691.0 40683.8 31.1 64.2Luxembourg SE 253 249 7.5 1.0 82.8 19.0Malta SE 248 246 0.3 0.4 8.2 8.8Mauritius SE 248 250 1.6 1.5 6.5 7.7NASDAQ OMX Nordic Exchange 254 253 5268.4 7186.6 24.1 38.4NYSE Euronext (Europe) 256 256 17231.4 22030.3 23.0 36.3Oslo Børs 252 250 1756.5 2192.4 26.1 45.3SIX Swiss Exchange 251 249 5977.6 7563.3 35.7 58.8Tehran SE 242 238 63.0 34.4 7.7 4.7Tel-Aviv SE 245 245 449.5 412.1 10.0 8.0Warsaw SE 251 249 276.9 353.3 7.1 5.8Wiener Börse 250 247 418.8 526.2 16.9 23.3

Equity 1.6

Number of trading days, average daily turnover, average value of trade

Information note:NYSE Euronext (Europe):AlternextmarketdataarenotincludedOsaka SE:figuresexcludetheissuesinwhichmostvolumestakeplaceinTokyo

NA: Not AvailableNote: Thesale&purchaseofasharearecountedasonetransaction

92

Equitymarkets


Exchange

Total number of tradesin equity shares(in thousands)

Number of shares traded(in millions)

2008 Total 2007 Total 2008 Total 2007 Total

AmericasBermuda SE 3.5 3.0 7.4 6.4BM&FBOVESPA 49082.0 28227.2 4222314.2 5621379.6Buenos Aires SE 940.3 980.6 4487.0 5221.8Colombia SE 584.0 519.1 2681489.3 370005.4Lima SE 356.9 550.6 3555.8 5705.9Mexican Exchange 4569.4 3562.1 53316.6 41374.0NASDAQ OMX 3779392.1 2058455.0 R 2208924.2 1515900.7 RNYSE Euronext (US) 4050573.3 2234159.9 R 802026.5 698657.8Santiago SE 869.4 996.0 NA NATSX Group 186512.5 127253.3 152490.7 149256.4Asia - PacificAustralian SE 106198.4 65933.0 386033.9 470320.3Bombay SE 565604.8 480270.3 80462.9 91571.8Bursa Malaysia 13612.5 36981.6 NA NAColombo SE 776.2 876.9 3189.1 2952.3 RHong Kong Exchanges 111934.0 118842.3 2245148.7 4699586.8Indonesia SE 13417.2 11861.1 787845.8 1039542.5Jasdaq NA NA NA NAKorea Exchange 641753.5 605798.7 212946.5 240224.9National Stock Exchange India 1368050.4 1052318.5 142191.3 137573.8New Zealand Exchange 548.9 577.3 9437.8 9432.2Osaka SE NA NA 10285.4 9459.8Philippine SE 1408.0 2634.7 373007.3 1157830.0Shanghai SE 1278881.1 1617332.4 1620724.0 2432538.1Shenzhen SE 658047.4 840257.9 781979.4 1207836.8Singapore Exchange NA NA 260654.7 574108.7Taiwan SE Corp. 200975.9 213203.3 783176.2 898238.4Thailand SE 30069.0 25203.5 747616.9 472644.7 RTokyo SE Group NA NA 555296.2 562222.5Europe - Africa - Middle EastAmman SE 3780.9 3457.9 5442.3 4479.4Athens Exchange 9390.2 11616.0 9533.8 11646.3BME Spanish Exchanges 37363.8 34862.6 119701.2 110723.4Borsa Italiana 69293.6 72568.7 248296.4 256428.3Budapest SE 1893.1 1629.4 1675.8 1838.8Cyprus SE 414.6 729.5 1708.1 3950.4Deutsche Börse 141892.3 145019.5 139451.4 164033.8Egyptian Exchange 13456.6 9014.8 21850.8 11353.6 RIrish SE 1263.4 862.9 10777.1 11152.7Istanbul SE 46037.0 48538.4 114307.7 116344.6Johannesburg SE 17399.0 11553.8 82580.6 70787.1Ljubljana SE 220.2 238.4 19.3 49.8 RLondon SE 201778.9 160989.6 832581.4 1019906.4Luxembourg SE 23.1 14.6 113.6 5.4Malta SE 8.7 10.1 22.0 18.2Mauritius SE 61.0 53.6 156.2 196.0NASDAQ OMX Nordic Exchange 55543.3 48505.4 159561.6 212576.4NYSE Euronext (Europe) 191760.2 155036.4 142360.2 148139.0Oslo Børs 16949.2 12108.6 61726.1 68544.7SIX Swiss Exchange 42029.8 32057.6 31576.5 29119.8Tehran SE 1978.6 1763.3 47954.0 25247.6Tel-Aviv SE 10977.9 12616.8 34646.6 41230.8Warsaw SE 9839.8 15206.8 21382.9 23618.5 RWiener Börse 6205.0 5576.6 3890.5 3637.9

Total number of trades in equity shares and number of shares traded

NA: Not Available R: RevisedNote: Thesale&purchaseofasharearecountedasonetransaction

Information note:Lima SE:numberoftradesincludesADRsNYSE Euronext (Europe):AlternextmarketdataarenotincludedOsaka SE:figuresexcludetheissuesinwhichmostvolumestakeplaceinTokyo

Equity 1.7

93

Equitymarkets


Exchange

Number of tradesin equity shares

2008 Total 2007 Total

AmericasBermuda SE 3.5 3.0BM&FBOVESPA 49082.0 28316.4Buenos Aires SE 940.3 980.6Colombia SE 584.0 519.1Lima SE 344.0 535.0Mexican Exchange 4569.4 3562.1NASDAQ OMX 3051907.3 1774320.1NYSE Euronext (US) 3190182.0 NASantiago SE 869.2 995.9Asia - PacificAustralian SE 105935.8 65748.2Bursa Malaysia 13600.4 36960.9Colombo SE 776.2 876.9Hong Kong Exchanges 111322.1 NAIndonesia SE 13332.0 11770.7Korea Exchange 236273.6 NANational Stock Exchange India 1368050.4 1052318.5New Zealand Exchange 453.2 478.2Philippine SE 1407.8 2634.5Shanghai SE 1278880.9 1617332.4Shenzhen SE 658047.4 840257.9Taiwan SE Corp. 200974.6 213203.0Thailand SE 30051.7 25184.9Europe - Africa - Middle EastAmman SE 3780.3 3457.2Athens Exchange 9390.2 11616.0BME Spanish Exchanges 37156.2 34637.2Borsa Italiana 69293.6 72500.3Budapest SE 1893.0 1624.4Cyprus SE 414.4 729.0Deutsche Börse 118036.4 86880.7Irish SE 998.1 609.4Istanbul SE 45616.4 48082.0Johannesburg SE 17303.9 11462.4Ljubljana SE 219.4 237.5London SE 194313.1 138833.6Luxembourg SE 23.1 14.6Malta SE 8.7 10.1Mauritius SE 61.0 53.6NASDAQ OMX Nordic Exchange 53354.9 46087.7NYSE Euronext (Europe) 191045.7 154277.4Oslo Børs 16872.2 11916.7SIX Swiss Exchange 41849.4 30348.0Tel-Aviv SE 10940.8 12590.8Warsaw SE 9836.8 15203.9Wiener Börse 6205.0 5576.6

Number of trades in equity shares - Electronic order book trades (inthousands)


94

Equitymarkets


Exchange

Number of tradesin equity shares

2008 Total 2007 Total

AmericasLima SE 12.9 15.6NASDAQ OMX 727484.9 284134.9NYSE Euronext (US) 860391.3 NASantiago SE 0.2 0.1Asia - PacificAustralian SE 262.6 184.8Bursa Malaysia 12.0 21.7Hong Kong Exchanges 611.9 NAIndonesia SE 85.2 90.4Korea Exchange 6.5 NANew Zealand Exchange 95.7 99.1Philippine SE 0.2 0.2Taiwan SE Corp. 1.3 0.3Thailand SE 17.3 18.7Europe - Africa - Middle EastAmman SE 0.6 0.7BME Spanish Exchanges 207.7 225.4Borsa Italiana NA NABudapest SE 0.1 0.1Cyprus SE 0.1 0.5Deutsche Börse 23855.9 58138.8Irish SE 265.3 253.5Istanbul SE 420.6 456.4Johannesburg SE 95.1 91.5Ljubljana SE 0.8 0.9London SE 7465.8 22156.0NASDAQ OMX Nordic Exchange 2188.4 2417.7NYSE Euronext (Europe) 714.5 759.0Oslo Børs 77.1 191.8SIX Swiss Exchange 180.4 1709.7Tel-Aviv SE 37.1 26.0Warsaw SE 3.0 3.0

Number of trades in equity shares - Negotiated deals (inthousands)


95

Equitymarkets


Exchange 2008 2007

AmericasBermuda SE 4.0% 5.8%BM&FBOVESPA 66.7% 57.1%Buenos Aires SE 7.0% 8.9%Colombia SE 19.3% 24.6%Lima SE 9.3% 16.6%Mexican Exchange 29.9% 29.8%NASDAQ OMX 1026.5% 625.2%NYSE Euronext (US) 240.2% 166.9%Santiago SE 19.9% 22.5%TSX Group 103.8% 83.7%Asia - PacificAustralian SE 113.0% 101.6%Bombay SE 29.0% 29.4%Bursa Malaysia 36.0% 57.1%Colombo SE 13.9% 12.3%Hong Kong Exchanges 86.0% 94.1%Indonesia SE 65.8% 66.5%Jasdaq 43.6% 60.1%Korea Exchange 196.3% 192.6%National Stock Exchange India 75.7% 67.7%New Zealand Exchange 45.5% 45.2%Osaka SE 134.1% 127.6%Philippine SE 24.2% 33.0%Shanghai SE 118.2% 211.0%Shenzhen SE 235.9% 389.2%Singapore Exchange 63.7% 77.6%Taiwan SE Corp. 145.5% 153.3%Thailand SE 74.5% 66.6%Tokyo SE Group 151.2% 138.4%Europe - Africa - Middle EastAmman SE 59.1% 42.3%Athens Exchange 61.2% 64.0%BME Spanish Exchanges 171.4% 191.9%Borsa Italiana 182.3% 204.1%Budapest SE 94.5% 104.0%Cyprus SE 13.5% 22.0%Deutsche Börse 264.0% 208.4%Egyptian Exchange 66.4% 53.6%Irish SE 81.3% 84.0%Istanbul SE 135.1% 129.7%Johannesburg SE 63.1% 52.5%Ljubljana SE 11.9% 18.5%London SE 152.7% 154.2%Luxembourg SE 2.3% 0.2%Malta SE 1.5% 1.8%Mauritius SE 5.5% 6.3%NASDAQ OMX Nordic Exchange 138.0% 137.0%NYSE Euronext (Europe) 141.8% 136.9%Oslo Børs 143.2% 145.4%SIX Swiss Exchange 121.8% 133.9%Tehran SE 26.5% 19.7%Tel-Aviv SE 55.0% 49.6%Warsaw SE 43.6% 43.4%Wiener Börse 65.7% 55.6%

Turnover velocity of domestic shares

NA: Not AvailableNote: Turnovervelocityratioshavebeencalculatedwithmonthlymovingaverages

Information note:Johannesburg SE:sharetradingandmarketcapitalizationusedtocomputethevelocityratioincludeallcompaniesNYSE Euronext (Europe):AlternextmarketdataarenotincludedSingapore Exchange:sharetradingandmarketcapitalizationusedtocomputethevelocityratioincludeallcompanies

Equity 1.8

96

Equitymarkets


Exchange

2008 2007

5% market value

5% trading value

Number of companies

5% market value

5% trading value

Number of companies

AmericasBermuda SE 53.4% 77.2% 1 59.4% 85.5% 1BM&FBOVESPA 64.3% 60.6% 19 65.7% 52.5% 20Buenos Aires SE 61.7% 46.9% 5 50.9% 47.3% 5Colombia SE 54.6% 61.8% 4 56.1% 50.1% 5Lima SE 61.2% 47.9% 10 58.8% 50.7% 9Mexican Exchange 54.7% 62.4% 6 56.7% 50.8% 6NASDAQ OMX 69.1% 33.1% 136 66.6% 37.7% 141NYSE Euronext (US) 54.8% 30.3% 95 57.2% 24.7% 94Santiago SE 48.5% 64.6% 12 51.4% 50.2% 12TSX Group 75.3% 86.3% 79 62.1% 71.2% 80Asia - PacificAustralian SE 85.3% 76.4% 96 87.4% 83.9% 96Bombay SE 77.9% 88.6% 246 76.4% 79.9% 244Bursa Malaysia 72.1% 74.6% 49 69.3% 48.9% 49Colombo SE 49.6% 48.0% 12 58.1% 57.5% 12Hong Kong Exchanges 79.5% 80.9% 63 74.4% 70.3% 62Indonesia SE 67.6% 72.8% 21 66.0% 65.8% 20Jasdaq 65.1% 67.5% 46 58.0% 55.9% 48Korea Exchange 63.1% 58.0% 89 81.8% 70.6% 96National Stock Exchange India 74.8% 79.3% 71 68.5% 65.2% 67New Zealand Exchange 46.6% 76.1% 7 43.6% 62.9% 7Osaka SE 77.2% 89.7% 23 77.1% 82.0% 23Philippine SE 60.1% 64.2% 12 55.2% 52.4% 12Shanghai SE 71.3% 74.5% 43 73.6% 47.1% 43Shenzhen SE NA NA 37 38.7% 27.7% 33Singapore Exchange 52.8% 55.3% 23 43.5% 34.4% 24Taiwan SE Corp. 64.8% 51.3% 36 60.6% 39.9% 35Thailand SE 67.1% 66.4% 26 67.2% 57.7% 26Tokyo SE Group 60.3% 66.0% 118 62.1% 61.9% 119Europe - Africa - Middle EastAmman SE 71.9% 61.8% 13 70.9% 51.2% 12Athens Exchange 68.6% 91.5% 15 72.8% 76.3% 15BME Spanish Exchanges NA NA NA NA NA NABorsa Italiana 68.1% 83.1% 15 66.5% 73.8% 15Budapest SE 52.3% 78.8% 2 62.9% 78.0% 2Cyprus SE 67.8% 83.8% 6 82.9% 63.8% 7Deutsche Börse 80.8% 51.1% 39 78.5% 73.1% 38Egyptian Exchange 61.1% 54.6% 19 67.1% 59.3% 22Irish SE 57.7% 45.5% 3 42.8% 44.5% 3Istanbul SE 69.5% 69.8% 16 64.5% 58.0% 16Johannesburg SE 30.4% 66.0% 19 33.8% 63.1% 19Ljubljana SE 43.0% 37.6% 4 52.1% 33.0% 4London SE 88.8% 97.3% 121 86.0% 87.1% 130Luxembourg SE 66.7% 93.1% 2 81.1% 45.4% 2Malta SE 30.7% 17.2% 1 35.3% 12.9% 1Mauritius SE 47.6% 73.6% 5 54.1% 83.1% 5NASDAQ OMX Nordic Exchange 75.2% 78.0% 41 68.5% 76.9% 41NYSE Euronext (Europe) 69.3% 63.3% 44 68.1% 57.8% 47Oslo Børs 66.5% 77.7% 10 73.3% 71.8% 11SIX Swiss Exchange 72.4% 81.6% 14 71.4% 83.6% 14Tehran SE 62.2% 86.6% 18 60.3% 73.1% 16Tel-Aviv SE 63.6% 80.1% 32 58.5% 70.1% 33Warsaw SE 68.2% 77.1% 17 62.6% 55.1% 16Wiener Börse 48.4% 67.1% 6 47.9% 50.6% 5

Equity 1.9

Market concentration - 5% most capitalized and most traded domestic companies

Information note:Deutsche Börse:for2007,marketcapitalizationsofthe5%mostcapitalizedandtop10companiesareonlyfordomesticcompaniesintheregulatedmarket;for2008,theyincludedomesticcompaniesintheregulatedmarketandalternativemarket

NYSE Euronext (Europe):AlternextmarketdataarenotincludedTSX Group:TorontoExchangeonly

NA: Not AvailableNote:Marketconcentrationof5%ofthelargestcompaniesbymarketcapitalization

comparedwithtotaldomesticmarketcapitalizationandtradingvalue

97

Equitymarkets


Exchange

2008 2007

Market cap. of top 10 companies

Turnover value of top 10 companies

Market cap. of top 10 companies

Turnover value of top 10 companies

AmericasBermuda SE 98.2% 92.8% 98.1% 99.0%BM&FBOVESPA 52.5% 49.6% 55.6% 40.6%Buenos Aires SE 74.8% 70.2% 68.2% 68.1%Colombia SE 74.1% 81.2% 73.5% 74.6%Lima SE 61.2% 47.9% 61.3% 52.8%Mexican Exchange 69.5% 72.6% 68.3% 59.3%NASDAQ OMX 33.6% 18.4% 33.1% 19.7%NYSE Euronext (US) 20.1% 27.7% 19.3% 6.3%Santiago SE 44.2% 59.2% 47.6% 46.4%TSX Group 28.9% 36.7% 24.2% 28.0%Asia - PacificAustralian SE 43.9% NA 41.0% 34.7%Bombay SE 16.2% 29.3% 16.9% 19.5%Bursa Malaysia 36.6% 41.6% 37.9% 24.8%Colombo SE 46.2% 45.1% 55.1% 47.3%Hong Kong Exchanges 48.6% 41.4% 42.1% 35.9%Indonesia SE 51.3% 53.9% 48.4% 46.7%Jasdaq 53.6% 47.2% 43.1% 35.1%Korea Exchange 34.2% 23.8% 31.5% 21.4%National Stock Exchange India 34.9% 30.9% 29.4% 24.5%New Zealand Exchange 57.0% 82.3% 49.9% 74.1%Osaka SE 64.7% 80.2% 67.4% 71.1%Philippine SE 55.2% 57.9% 50.7% 47.4%Shanghai SE 49.0% 43.2% 51.6% 23.5%Shenzhen SE 19.2% NA 19.3% 13.1%Singapore Exchange 43.7% 46.7% 32.0% 35.0%Taiwan SE Corp. 38.5% 27.4% 35.8% 21.0%Thailand SE 49.3% 49.6% 49.3% 38.8%Tokyo SE Group 18.3% 19.9% 18.5% 17.2%Europe - Africa - Middle EastAmman SE 69.3% 55.9% 68.5% 48.0%Athens Exchange 57.5% 79.9% 60.9% 66.3%BME Spanish Exchanges 45.4% 57.2% 38.5% 58.6%Borsa Italiana 60.3% 77.5% 59.6% 69.2%Budapest SE 94.8% 98.7% 96.4% 97.8%Cyprus SE 72.1% 90.3% 85.4% 65.9%Deutsche Börse 51.1% 28.7% 44.3% 42.9%Egyptian Exchange 48.7% 41.0% 50.3% 39.6%Irish SE 81.2% 82.8% 77.5% 83.2%Istanbul SE 56.0% 61.9% 52.8% 48.2%Johannesburg SE 22.8% 50.5% 25.2% 47.7%Ljubljana SE 69.7% 51.1% 73.7% 49.9%London SE 46.3% 35.0% 38.2% 29.6%Luxembourg SE 95.2% 99.3% 96.5% 90.0%Malta SE 94.4% 88.9% 97.7% 96.6%Mauritius SE 60.7% 87.7% 69.2% 91.3%NASDAQ OMX Nordic Exchange 43.4% 39.8% 40.8% 43.1%NYSE Euronext (Europe) 37.3% 28.6% 31.1% 25.6%Oslo Børs 66.5% 77.7% 72.0% 70.4%SIX Swiss Exchange 65.9% 75.1% 64.1% 75.0%Tehran SE 47.2% 72.4% 49.3% 64.2%Tel-Aviv SE 50.9% 57.8% 40.5% 45.4%Warsaw SE 58.3% 68.8% 52.8% 47.3%Wiener Börse 63.9% 80.2% 68.2% 73.3%

Market concentration - 10% most capitalized and most traded domestic companies

NA: Not AvailableNote:Marketconcentrationof10largestcompaniesbymarketcapitalization

comparedwithtotaldomesticmarketcapitalizationandtradingvalue

98

Equitymarkets


Exchange

2008

Number of new companies listed through IPOs Number of other new companies listed

Domestic companies

Foreign companies Total Domestic

companiesForeign

companies Total

AmericasBermuda SE 0 0 0 0 3 3BM&FBOVESPA 4 0 4 7 1 8Buenos Aires SE 2 0 2 0 0 0Colombia SE 0 0 0 5 0 5Lima SE 0 0 0 17 6 23Mexican Exchange 2 0 2 2 39 41NASDAQ OMX 12 1 13 150 14 164NYSE Euronext (US) 16 7 23 41 10 51Santiago SE 1 0 1 0 0 0TSX Group 249 0 249 94 16 110Asia - PacificAustralian SE 71 1 72 1 4 5Bombay SE 44 0 44 25 0 25Bursa Malaysia 23 0 23 0 0 0Colombo SE 2 0 2 0 0 0Hong Kong Exchanges 29 0 29 20 0 20Indonesia SE 19 0 19 0 0 0Jasdaq 19 0 19 0 0 0Korea Exchange 42 2 44 19 0 19National Stock Exchange India 35 0 35 61 0 61New Zealand Exchange 1 0 1 2 0 2Osaka SE 9 0 9 1 0 1Philippine SE 2 0 2 0 0 0Shanghai SE 6 0 6 0 0 0Shenzhen SE 71 0 71 0 0 0Singapore Exchange 15 28 43 NA NA NATaiwan SE Corp. 31 0 31 0 0 0Thailand SE 11 0 11 1 0 1Tokyo SE Group 19 0 19 35 0 35Europe - Africa - Middle EastAmman SE 17 0 17 1 0 1Athens Exchange 11 0 11 0 0 0BME Spanish Exchanges 0 0 0 142 1 143Borsa Italiana 7 0 7 2 0 2Budapest SE 1 1 2 2 0 2Cyprus SE 2 0 2 0 0 0Deutsche Börse 3 0 3 40 146 186Egyptian Exchange 0 0 0 23 1 24Irish SE 0 0 0 2 2 4Istanbul SE 2 0 2 0 0 0Johannesburg SE 0 0 0 13 7 20Ljubljana SE 0 0 0 7 0 7London SE 48 25 73 95 17 112Luxembourg SE 3 17 20 0 2 2Malta SE 3 0 3 0 0 0Mauritius SE 0 0 0 2 0 2NASDAQ OMX Nordic Exchange 25 0 25 6 0 6NYSE Euronext (Europe) 8 1 9 16 11 27Oslo Børs 8 2 10 2 3 5SIX Swiss Exchange 3 0 3 4 0 4Tehran SE 6 0 6 0 0 0Tel-Aviv SE 1 0 1 2 0 2Warsaw SE 89 4 93 0 0 0Wiener Börse 0 0 0 2 2 4

Equity 1.10 A

Investment flows - Number of new companies listed

NA: Not Available

99

Equitymarkets


Exchange

2007

Number of new companies listed through IPOs Number of other new companies listed

Domestic companies


companiesForeign

companies Total

AmericasBermuda SE 0 0 0 0 6 6BM&FBOVESPA 58 6 64 12 0 12Buenos Aires SE 5 0 5 0 0 0Colombia SE 1 0 1 6 0 6Lima SE 0 0 0 8 6 14Mexican Exchange 4 0 4 0 59 59NASDAQ OMX 109 23 132 149 9 158NYSE Euronext (US) NA NA NA NA NA NASantiago SE 2 0 2 2 2 4TSX Group 338 0 338 43 27 70Asia - PacificAustralian SE NA NA NA NA NA NABombay SE 103 0 103 20 0 20Bursa Malaysia 26 0 26 0 0 0Colombo SE 0 0 0 0 0 0Hong Kong Exchanges 78 2 80 4 0 4Indonesia SE 22 0 22 0 0 0Jasdaq 49 0 49 4 0 4Korea Exchange 78 2 80 18 0 18National Stock Exchange India 89 0 89 125 0 125New Zealand Exchange 8 0 8 3 2 5Osaka SE 28 0 28 0 0 0Philippine SE 9 0 9 2 0 2Shanghai SE 25 0 25 0 0 0Shenzhen SE 202 0 202 0 0 0Singapore Exchange 20 56 76 NA NA NATaiwan SE Corp. 30 0 30 0 0 0Thailand SE 12 0 12 1 0 1Tokyo SE Group 23 0 23 42 3 45Europe - Africa - Middle EastAmman SE 17 0 17 1 0 1Athens Exchange 3 1 4 0 0 0BME Spanish Exchanges 7 0 7 184 1 185Borsa Italiana 32 0 32 1 0 1Budapest SE 0 2 2 1 0 1Cyprus SE 4 0 4 0 0 0Deutsche Börse 43 3 46 51 112 163Egyptian Exchange 2 0 2 18 0 18Irish SE 4 2 6 3 0 3Istanbul SE 9 0 9 0 0 0Johannesburg SE 0 0 0 54 8 62Ljubljana SE 0 0 0 4 0 4London SE 174 94 268 96 47 143Luxembourg SE 1 10 11 0 8 8Malta SE 2 0 2 0 0 0Mauritius SE 0 0 0 6 1 7NASDAQ OMX Nordic Exchange 73 2 75 17 2 19NYSE Euronext (Europe) 34 1 35 47 10 57Oslo Børs 12 2 14 31 12 43SIX Swiss Exchange 8 2 10 0 0 0Tehran SE 9 0 9 0 0 0Tel-Aviv SE 54 2 56 7 1 8Warsaw SE 93 12 105 0 0 0Wiener Börse 5 2 7 1 0 1

Investment flows - Number of new companies listed

NA: Not Available

100

Equitymarkets


Exchange

2008

According to the operation According to the status of the company

Newly issued shares (capital

increases)

Shares already listed Total

Newly listed companies

(IPO)

Companies already listed Total

AmericasBermuda SE 0.0 0.0 0.0 0.0 0.0 0.0BM&FBOVESPA 24537.2 1198.3 25 735.5 4154.5 21581.1 25 735.5Buenos Aires SE 130.7 290.0 420.7 130.7 290.0 420.7Colombia SE 739.4 NA 739.4 739.4 NA 739.4Lima SE 12.4 757.7 770.1 0.0 770.1 770.1Mexican Exchange NA NA NA 592.1 2068.8 2 660.9NASDAQ OMX NA NA NA 1540.1 7786.1 9 326.2NYSE Euronext (US) 43211.7 237046.5 280 258.2 NA NA 280 258.2Santiago SE 1140.1 0.0 1 140.1 35.7 1104.4 1 140.1TSX Group NA NA NA NA NA NATotal region 321 051.2Asia - PacificAustralian SE NA NA NA 2046.9 49985.4 52 032.3Bombay SE NA NA NA 33453.6 7078.8 40 532.4Bursa Malaysia NA NA NA 390.5 1381.9 1 772.4Colombo SE 42.3 26.6 68.8 42.3 26.6 68.8Hong Kong Exchanges 54897.9 0.0 54 897.9 8477.4 46420.5 54 897.9Indonesia SE 8289.3 0.0 8 289.3 2507.1 5782.3 8 289.3Jasdaq 699.9 124.8 824.7 87.7 737.0 824.7Korea Exchange NA NA NA 1164.7 2883.8 4 048.5National Stock Exchange India NA NA NA 5115.4 17760.7 22 876.1New Zealand Exchange NA NA NA 19.6 708.3 727.9Osaka SE NA NA NA 24.0 NA 24.0Philippine SE 705.8 0.0 705.8 43.6 662.2 705.8Shanghai SE 32309.3 0.0 32 309.3 10589.1 21720.2 32 309.3Shenzhen SE 17808.5 0.0 17 808.5 4342.7 13465.9 17 808.5Singapore Exchange NA NA 3 400.6 1019.8 2380.8 3 400.6Taiwan SE Corp. 606.9 0.0 606.9 606.9 0.0 606.9Thailand SE 2595.7 227.5 2 823.3 2135.1 688.2 2 823.3Tokyo SE Group 13155.0 0.0 13 155.0 305.9 12849.1 13 155.0Total region 256 903.7Europe - Africa - Middle EastAmman SE 508.4 497.1 1 005.4 508.4 497.1 1 005.4Athens Exchange 1076.3 0.0 1 076.3 46.6 1029.8 1 076.3BME Spanish Exchanges 31499.0 879.2 32 378.1 1217.0 31161.1 32 378.1Borsa Italiana 10873.8 3.9 10 877.8 207.7 10670.1 10 877.8Budapest SE 21.8 33.8 55.6 21.8 33.8 55.6Cyprus SE 13.4 203.4 216.8 13.4 203.4 216.8Deutsche Börse NA NA NA 547.8 NA 547.8Egyptian Exchange 2123.8 1444.6 3 568.5 778.9 2789.5 3 568.5Irish SE 649.8 158.8 808.6 0.0 808.6 808.6Istanbul SE 4582.2 1837.0 6 419.2 1817.8 4601.4 6 419.2Johannesburg SE 3988.6 5300.4 9 289.0 0.0 9289.0 9 289.0Ljubljana SE 738.5 2608.7 3 347.2 2608.7 738.5 3 347.2London SE NA NA NA 13454.6 118877.4 132 332.1Luxembourg SE NA NA NA NA NA NAMalta SE 139.9 0.0 139.9 93.2 46.6 139.9Mauritius SE 0.0 27.5 27.5 0.0 27.5 27.5NASDAQ OMX Nordic Exchange 4258.9 0.0 4 258.9 381.7 3877.1 4 258.9NYSE Euronext (Europe) 73100.0 122798.9 195 899.0 6709.6 189189.4 195 899.0Oslo Børs 2581.3 32.4 2 613.7 2522.0 91.6 2 613.7SIX Swiss Exchange NA NA NA NA NA NATehran SE 2400.4 1186.1 3 586.5 2400.4 1186.1 3 586.5Tel-Aviv SE 5264.5 0.0 5 264.5 9.8 5254.7 5 264.5Warsaw SE 2326.6 2338.0 4 664.7 3852.9 811.8 4 664.7Wiener Börse 1950.9 775.1 2 726.1 775.1 1950.9 2 726.1Total region 421 103.1

WFE total 999 058.0

Equity 1.10 B

Investment flows - New capital raised by shares (USDmillions)

Information note:NYSE Euronext (Europe):Alternextmarketdataarenotincluded

NA: Not Available

101

Equitymarkets


Exchange

2007

According to the operation According to the status of the company

Newly issued shares (capital

increases)

Shares already listed Total


(IPO)

Companies already listed Total

AmericasBermuda SE 0.0 0.0 0.0 0.0 0.0 0.0BM&FBOVESPA 27376.0 14477.5 41 853.5 27834.2 14019.3 41 853.5Buenos Aires SE 234.1 1201.8 1 436.0 234.1 1201.8 1 436.0Colombia SE 4445.1 NA 4 445.1 4445.1 NA 4 445.1Lima SE 87.3 106.0 193.3 75.9 117.5 193.3Mexican Exchange NA NA NA 888.0 2810.4 3 698.3NASDAQ OMX NA NA NA 15458.6 24966.6 40 425.2NYSE Euronext (US) NA NA NA 60385.8 76598.4 136 984.2Santiago SE 2219.1 0.0 2 219.1 230.3 1988.9 2 219.2TSX Group NA NA NA 7369.5 48682.8 56 052.3Total region 287 307.1Asia - PacificAustralian SE NA NA NA 16725.5 52563.0 69 288.5Bombay SE NA NA NA 9642.8 3405.8 13 048.6Bursa Malaysia NA NA NA 758.7 2296.3 3 055.1Colombo SE 0.0 403.7 403.7 0.0 403.7 403.7Hong Kong Exchanges 75737.3 0.0 75 737.3 37485.9 38251.4 75 737.3Indonesia SE 5061.1 0.0 5 061.1 1841.2 3219.9 5 061.1Jasdaq NA NA NA NA NA NAKorea Exchange NA NA NA NA NA NANational Stock Exchange India NA NA NA 8697.2 24946.7 33 644.0New Zealand Exchange NA NA NA 299.7 1793.3 2 093.0Osaka SE NA NA NA 179.5 NA 179.5Philippine SE 1952.5 12.2 1 964.7 412.0 1552.7 1 964.7Shanghai SE 89755.9 0.0 89 755.9 57762.2 31998.5 89 760.7Shenzhen SE 16233.4 0.0 16 233.4 5702.8 10530.5 16 233.4Singapore Exchange NA NA 6 667.2 1987.8 4679.3 6 667.2Taiwan SE Corp. 564.3 0.0 564.3 564.3 0.0 564.3Thailand SE 5012.2 399.6 5 411.8 3064.6 2347.2 5 411.8Tokyo SE Group 17789.1 0.0 17 789.1 604.1 17184.9 17 789.1Total region 340 901.8Europe - Africa - Middle EastAmman SE 606.9 643.1 1 250.0 606.9 643.1 1 250.0Athens Exchange 14727.8 41.4 14 769.2 656.7 14112.5 14 769.2BME Spanish Exchanges 54366.6 62403.3 116 769.9 21726.2 95043.7 116 769.9Borsa Italiana 7385.9 4139.0 11 524.9 6041.9 5482.9 11 524.9Budapest SE 9.5 36.7 46.2 9.5 36.7 46.2Cyprus SE 182.7 104.1 286.8 182.7 104.1 286.8Deutsche Börse NA NA NA 10825.6 NA 10 825.6Egyptian Exchange 1931.5 3801.1 5 732.6 866.8 4865.7 5 732.6Irish SE 8615.1 489.7 9 104.7 7099.2 2005.5 9 104.7Istanbul SE 3946.7 3533.4 7 480.1 3372.8 4107.3 7 480.1Johannesburg SE 9862.7 7889.4 17 752.1 0.0 17752.1 17 752.1Ljubljana SE 272.8 3068.8 3 341.7 3068.8 272.8 3 341.7London SE NA NA NA 53847.0 38362.1 92 209.1Luxembourg SE NA NA NA NA NA NAMalta SE 704.3 0.0 704.3 42.6 661.6 704.3Mauritius SE 0.0 44.8 44.8 0.0 44.8 44.8NASDAQ OMX Nordic Exchange 12338.7 639.6 12 978.3 6059.3 6919.0 12 978.3NYSE Euronext (Europe) NA NA NA NA NA NAOslo Børs 8452.9 904.9 9 357.8 2481.7 6876.0 9 357.8SIX Swiss Exchange NA NA NA NA NA NATehran SE NA NA NA NA NA NATel-Aviv SE 4312.3 1583.6 5 895.9 2528.8 3367.1 5 895.9Warsaw SE 7459.8 1044.9 8 504.7 6647.4 1857.2 8 504.7Wiener Börse 9368.0 889.4 10 257.5 2337.1 7920.4 10 257.5Total region 338 836.0

WFE total 967 044.9


Information note:NYSE Euronext (Europe):Alternextmarketdataarenotincluded

NA: Not Available

102

Equitymarkets


Exchange

Number of securities listed at year-end

Trading value (USD millions)

Number of trades (in thousands)

2008 Total 2007 Total 2008 Total 2007 Total 2008 Total 2007 Total

AmericasMexican Exchange 10 11 95.6 247.7 1.1 4.0TSX Group 129 112 992.2 1393.1 185.0 218.9Asia - PacificAustralian SE 3794 4028 6572.7 17428.2 615.3 761.8Bursa Malaysia 48 120 374.3 3842.7 320.4 2277.5Hong Kong Exchanges 4325 4614 574781.3 610830.3 26380.2 30464.9Korea Exchange 2613 1646 85626.3 73039.3 43023.1 17303.1New Zealand Exchange 33 35 30.9 79.5 8.9 12.6Singapore Exchange 365 883 14982.0 19594.6 NA NATaiwan SE Corp. 1714 2085 8752.3 7717.3 27522.4 18737.8Europe - Africa - Middle EastBME Spanish Exchanges 4714 3683 4152.3 6986.7 NA NABorsa Italiana 3192 4408 33201.1 122903.0 2701.0 5020.8Deutsche Börse 415474 250720 164739.4 439595.4 7964.8 27918.0Johannesburg SE 170 355 409.2 390.5 173.8 133.4London SE 1087 631 1156.5 1418.8 109.7 86.3Luxembourg SE 7741 6440 34.0 1.1 2.3 0.03NASDAQ OMX Nordic Exchange 2690 1903 4223.8 3898.7 834.1 698.9NYSE Euronext (Europe) 15243 12622 47164.8 50729.9 4950.9 5132.2Oslo Børs 197 151 186.3 156.2 43.6 17.7SIX Swiss Exchange 21873 19062 55688.7 63208.0 2228.5 2557.4Tel-Aviv SE 333 237 38558.3 25298.0 2183.2 2146.1Warsaw SE 46 12 34.8 4.6 8.3 0.9Wiener Börse 3524 3528 225.0 365.9 19.2 32.4

Equity 1.11

Number of securitized derivatives listed at year-end, trading value and number of trades


Tradingvalueshavebeenconvertedwithyear-averageexchangerates

103

Equitymarkets


Exchange

Number of ETFslisted at year-end




AmericasAmerican SE 356 380 283718.8 270806.8 NA NABM&FBOVESPA 4 1 714.6 559.2 33.4 29.1Lima SE 4 4 11.8 5.2 1.5 0.2Mexican Exchange 159 113 35976.0 23386.9 103.3 70.8NASDAQ OMX 46 NA 1906690.1 NA 49564.5 NANYSE Euronext (US) 1048 261 6821625.3 2710003.2 304534.8 62627.6TSX Group 96 57 141581.8 73693.0 6456.7 1275.1Asia - PacificAustralian SE 19 3 3636.1 1052.3 NA NABombay SE 2 - 10.3 - 3.5 -Bursa Malaysia 3 2 52.9 112.7 5.4 6.3Hong Kong Exchanges 24 17 56678.1 20582.0 2147.7 716.9Indonesia SE 2 - 10.4 - 10.3 -Korea Exchange 37 21 21839.0 14150.3 3532.1 1629.2National Stock Exchange India 14 11 934.6 376.8 858.8 210.0New Zealand Exchange 6 6 96.8 74.3 4.6 5.9Osaka SE 10 5 24688.5 20323.7 NA NAShanghai SE 3 3 39540.3 15797.7 9010.7 4208.9Shenzhen SE 2 2 7809.3 4575.2 3183.0 1692.0Singapore Exchange 24 17 1997.4 746.4 0.0 NATaiwan SE Corp. 11 7 7363.2 3821.6 1190.9 354.6Thailand SE 2 1 364.4 193.5 148.9 77.9Tokyo SE Group 58 13 23591.7 22390.8 NA NAEurope - Africa - Middle EastAthens SE 1 - 89.2 - 2.3 -BME Spanish Exchanges 30 21 10109.0 5627.5 NA NABorsa Italiana 326 208 70077.8 49969.8 1416.1 1339.0Budapest SE 1 1 12.6 44.6 0.8 2.6Deutsche Börse 408 279 205880.3 173518.3 1608.4 834.8Irish SE 14 1 162.2 417.8 2.5 3.3Istanbul SE 9 8 6971.1 5418.5 330.2 258.4Johannesburg SE 21 13 3473.3 2107.2 82.6 44.4Ljubljana SE 3 1 0.5 1.7 0.3 0.5London SE 305 NA 101170.0 NA 719.9 NANASDAQ OMX Nordic Exchange 9 10 29785.5 17278.7 916.9 288.1NYSE Euronext (Europe) 396 228 143131.7 119741.4 1183.2 781.8Oslo Børs 6 2 10103.4 809.3 573.3 2.4SIX Swiss Exchange 150 125 33711.0 19995.3 272.7 158.5Wiener Börse 22 22 358.4 683.2 3.1 2.9

Equity 1.12

Number of ETFs listed at year-end, trading value and number of trades

-: Not Applicable NA: Not AvailableNote: Thesale&purchaseofasharearecountedasonetransaction

Tradingvalueshavebeenconvertedwithyear-averageexchangerates

104

Equitymarkets


Exchange

Number of investment funds listed at year-end



2008 Total 2007 Total 2008 Total 2007 Total 2008 Total 2007 TotalAmericasBermuda SE 366 363 NA NA NA NABM&FBOVESPA 57 54 107.7 71.2 14.0 7.0Buenos Aires SE 5 9 1.2 1.3 0.02 0.05Lima SE 9 10 28.7 28.5 0.3 0.3Mexican Exchange 616 522 1006.5 806.2 596.5 478.3NASDAQ OMX 20 19 63230.0 63229.0 14762.2 9298.9NYSE Euronext (US) 640 NA 65187.6 NA 15250.7 NASantiago SE 93 84 1203.0 1628.8 1.0 1.0TSX Group 172 NA 15229.5 NA 1810.8 NAAsia - PacificBursa Malaysia 4 4 66.8 190.3 176.5 NAHong Kong Exchanges 9 9 6854.8 8206.2 863.6 791.3Korea Exchange 10 10 131.7 353.0 104.0 242.0National Stock Exchange India 8 12 65.4 65.3 85.3 76.7New Zealand Exchange 20 20 153.0 209.2 10.2 14.6Osaka SE 6 3 5.8 11.9 NA NAShanghai SE 13 14 13874.9 40894.8 7343.0 18019.0Shenzhen SE 48 48 30759.7 57003.8 17762.0 12077.0Taiwan SE Corp. 1 1 28.1 25.2 12.4 6.9Thailand SE 8 7 22.1 18.8 7.1 7.7Tokyo SE Group 40 41 38839.6 63419.5 NA NAEurope - Africa - Middle EastAthens SE 7 10 159.9 105.6 26.3 76.8BME Spanish Exchanges 3360 3289 NA NA NA NABorsa Italiana 27 29 379.0 152.3 43.7 110.7Budapest SE 128 88 73.0 58.4 7.7 4.6Cyprus SE 15 17 37.1 35.1 12.0 14.0Deutsche Börse 3056 3250 71323.0 89882.4 2355.0 3178.0Egyptian Exchange 3 3 4.7 1.0 0.0 0.0Johannesburg SE 14 11 1509.1 335.6 84.1 18.8Ljubljana SE 8 9 207.3 NA 28.8 45.3Luxembourg SE 8133 7372 32.2 37.1 0.5 1.3Mauritius SE 24 24 53.3 38.7 15.0 19.9NASDAQ OMX Nordic Exchange 478 489 38136.5 NA 1306.3 1511.6NYSE Euronext (Europe) 206 NA 23744.9 NA 432.7 NASIX Swiss Exchange 20 18 3625.1 3044.2 78.0 86.3Tehran SE 13 NA 95.7 NA 138.0 144.0Warsaw SE 47 37 140.4 NA 25.9 34.5Wiener Börse 196 400 174.8 91.3 3.7 1.3

Equity 1.13

Number of investment funds listed at year-end, trading value and number of trades

NA: Not AvailableNotes: Thesale&purchaseofasharearecountedasonetransactionTradingvalueshavebeenconvertedwithyear-averageexchangerates

106

Fixedincome


Exchange

2008 2007

TotalDomestic

private sector

Domesticpublic sector

Foreign TotalDomestic

private sector


Foreign

AmericasBermuda SE 400.0 275.0 0.0 125.0 400.0 275.0 0.0 125.0BM&FBOVESPA 55391.3 52017.8 3373.5 0.0 65 487.2 58359.9 7127.3 0.0Buenos Aires SE 102785.0 3439.7 99345.2 0.0 100 812.4 4228.0 96584.5 0.0Colombia SE 414300.3 93556.5 320283.1 460.7 545 109.3 87952.9 456556.9 599.6Lima SE 12294.1 6290.9 5505.5 497.8 11 624.5 4816.9 6463.0 344.6Mexican Exchange 45048.9 NA NA NA 55 230.4 31241.4 15530.9 8458.1TSX Group 8372.4 0.0 8372.4 0.0 13 053.7 0.0 13053.7 0.0Asia - PacificBombay SE NA NA NA NA 33 273.5 33273.5 0.0 0.0Bursa Malaysia 1184.3 1184.3 0.0 0.0 3 270.5 3270.5 0.0 0.0Colombo SE 2.6 0.9 1.7 0.0 7.4 0.9 6.5 0.0Hong Kong Exchanges 53415.3 16784.8 21839.0 14791.6 54 866.2 15304.5 23160.7 16401.1Indonesia SE 54927.0 6698.1 48228.9 0.0 59 282.6 8417.9 50864.7 NAKorea Exchange 654831.7 173118.4 481713.3 0.0 887 652.3 223052.0 664546.9 53.4National Stock Exchange India 514645.2 27872.8 486669.5 102.9 504 021.8 24149.5 479745.5 126.9New Zealand Exchange 22889.0 6851.9 15581.3 455.8 28 947.7 7473.9 20932.7 541.1Osaka SE 6289385.1 4660.4 6284724.6 0.0 5 118 717.1 5626.6 5113090.6 0.0Shanghai SE 263514.8 38995.9 224518.9 0.0 245 604.1 R 22571.0 223033.1 0.0Shenzhen SE 339366.7 10048.1 329318.6 0.0 255 146.4 R 5918.3 249228.1 0.0Singapore Exchange 396276.8 NA NA NA 381 557.9 R NA NA NATaiwan SE Corp. 114175.8 0.0 114175.8 0.0 108 844.8 0.2 108844.6 0.0Thailand SE 115148.9 14870.9 100278.0 0.0 113 813.5 11618.7 102194.8 0.0Tokyo SE Group 6298364.6 13640.2 6284724.4 0.0 5 125 591.7 R 12502.2 5113089.5 0.0Europe - Africa - Middle EastAmman SE 6055.5 209.7 5845.9 0.0 4 964.4 185.2 4779.2 0.0Athens Exchange 281258.4 1112.0 280146.4 0.0 284 589.6 62.9 284526.6 0.0BME Spanish Exchanges 1700202.0 1141964.6 558237.4 0.0 1 621 213.5 1109005.8 512207.6 0.0Borsa Italiana 3690383.5 61313.8 1812414.1 1816655.6 3 400 738.4 76496.3 1806225.3 1518016.7Budapest SE 52204.7 6594.6 45610.0 0.0 58 358.1 5411.3 52946.8 0.0Cyprus SE 6165.4 1706.7 4458.7 0.0 6 890.4 720.9 6169.4 0.0Egyptian Exchange 14309.8 946.5 13363.3 NA 12 931.1 1126.7 11804.5 NAIrish SE 59289.1 NA 59289.1 NA 45 757.1 NA 45757.1 NAIstanbul SE 219389.2 133.3 179665.9 39590.1 254 351.5 112.6 215746.0 38493.0Ljubljana SE 9468.2 2436.1 7023.6 8.6 8 676.3 1921.9 6742.5 12.0London SE 2734440.9 1072075.4 569083.4 1093282.1 3 886 566.5 1585422.0 860780.3 1440364.3Luxembourg SE 8467270.5 239003.2 2786.7 8225480.6 7 942 855.2 250050.1 0.0 7692805.1Malta SE 611.6 33.1 574.9 3.7 574.5 R 17.3 556.2 1.0Mauritius SE 0.2 0.0 0.2 0.0 3.8 0.0 3.8 0.0NASDAQ OMX Nordic Exch. 823324.5 579378.6 233398.4 10547.6 837 953.2 582997.1 254956.1 NAOslo Børs 82532.8 33913.7 46668.8 1950.4 92 547.2 42391.9 48245.1 1910.2SIX Swiss Exchange 479546.2 111431.4 118564.0 249550.9 440 779.9 102717.7 110319.7 227742.4Tehran SE 9.7 9.7 0.0 0.0 40.2 40.2 0.0 0.0Tel-Aviv SE 171206.6 86133.2 85073.4 NA 151 281.4 80155.4 71126.0 NAWarsaw SE 121206.2 1.9 121008.6 195.6 142 158.4 R 29.9 141836.0 292.5Wiener Börse 372554.6 94000.1 184713.1 93841.5 343 574.2 117163.7 206619.2 19791.3

Fixed income 2.1

Value of bonds listed (USDmillions)

Information note:Amman SE:notionalvalueAthens SE:notionalvalueBermuda SE:notionalvalueBM&FBOVESPA:notionalvalueBorsa Italiana:notionalvalueEgyptian Exchange:notionalvalueHong Kong Exchanges: notionalvalueIstanbul SE:domesticbondvaluesarederivedfromtheyieldcurvebasedonISEBondsandBillsoutrightsalesandpurchasesmarkettransactions(theyarethusexpressedinmarketvalue).Foreignbondvaluesareexpressedinnotionalvalue

Korea Exchange:notionalvalueLondon SE:notionalvalueNew Zealand Exchange:notionalvalueOsaka SE:notionalvalueTokyo SE Group:notionalvalueTSX Group:debentures,TorontoExchangeonlyWiener Börse:notionalvalue

NA: Not Available R: Revised

107

Fixedincome


Exchange

2008 2007

TotalDomestic

private sector



private sector


Foreign

AmericasBermuda SE 6 4 0 2 6 4 0 2BM&FBOVESPA 188 181 7 0 185 178 7 0Buenos Aires SE 143 116 26 1 140 113 26 1Colombia SE 277 238 32 7 263 224 32 7Lima SE 65 62 1 2 67 R 62 1 4Mexican Exchange 228 NA NA NA 206 150 21 35Santiago SE 136 126 10 0 135 125 10 0TSX Group 101 0 101 0 104 0 104 0Asia - PacificBombay SE 118 118 0 0 93 R 93 0 0Bursa Malaysia 42 42 0 0 44 44 0 0Colombo SE 13 12 1 0 13 12 1 0Hong Kong Exchanges 68 44 6 18 68 45 6 17Indonesia SE 281 211 70 0 308 R 242 64 2Korea Exchange 927 868 58 1 896 R 843 50 3National Stock Exchange India 126 68 57 1 130 R 71 58 1New Zealand Exchange 54 48 1 5 53 46 1 6Osaka SE 12 11 1 0 17 16 1 0Shanghai SE 109 108 1 0 80 R 79 1 0Shenzhen SE 131 46 85 0 101 R 31 70 0Taiwan SE Corp. 3 0 3 0 4 1 3 0Thailand SE 41 24 17 0 40 22 18 0Tokyo SE Group 58 57 1 0 73 72 1 0Europe - Africa - Middle EastAmman SE 11 8 3 0 10 R 7 3 0Athens Exchange 6 4 1 1 5 4 1 0Borsa Italiana 48 19 5 24 48 21 5 22Budapest SE 10 9 1 0 11 10 1 0Cyprus SE 7 6 1 0 6 5 1 0Deutsche Börse 2 778 210 39 2529 1 999 177 36 1786Egyptian Exchange 7 6 1 0 6 5 1 0Irish SE 3 410 694 5 2711 3 237 623 5 2609Istanbul SE 5 2 2 1 5 2 2 1Ljubljana SE 26 21 4 1 23 19 3 1London SE 1 680 916 55 709 1 633 814 54 765Luxembourg SE 2 792 176 1 2615 3 026 185 0 2841Malta SE 23 21 1 1 22 20 1 1Mauritius SE 1 0 1 0 1 0 1 0NASDAQ OMX Nordic Exch. 320 233 32 55 361 271 31 59NYSE Euronext (Europe) 657 382 34 241 707 383 47 277Oslo Børs 142 111 24 7 173 129 37 7SIX Swiss Exchange 445 96 21 328 435 100 24 311Tehran SE 1 1 0 0 1 1 0 0Tel-Aviv SE 337 318 1 18 315 302 1 12Warsaw SE 3 1 1 1 4 2 1 1Wiener Börse 272 163 10 99 273 167 12 94

Fixed income 2.2

Number of bond issuers

Information note:Istanbul SE:foreignrepresentstheTurkishTreasury’sinternationalEurobondofferingsTSX Group:debentures,TorontoExchangeonly


108

Fixedincome


Exchange

2008 2007

TotalDomestic

private sector



private sector


Foreign

AmericasBermuda SE 6 4 0 2 6 4 0 2BM&FBOVESPA 306 283 23 0 300 279 21 0Buenos Aires SE 1 291 1034 257 0 1 262 999 263 0Colombia SE 520 300 212 8 487 268 212 7Lima SE 481 443 34 4 435 387 40 8Mexican Exchange 228 NA NA NA 515 323 64 128Santiago SE 5 435 3884 1551 0 5 326 2406 2920 0TSX Group 163 0 163 0 163 0 163 0Asia - PacificBombay SE 1 108 1108 0 0 NA NA NA NABursa Malaysia 46 46 0 0 54 54 0 0Colombo SE 176 66 110 0 195 74 121 0Hong Kong Exchanges 172 NA NA NA 175 NA NA NAKorea Exchange 9 303 2014 7289 0 8 599 2114 6484 1National Stock Exchange India 3 763 1159 2603 1 3 435 881 2553 1New Zealand Exchange 108 100 6 2 100 89 7 4Osaka SE 297 12 285 0 297 19 278 0Shanghai SE 189 112 77 0 142 80 62 0Shenzhen SE 131 46 85 0 101 31 70 0Singapore Exchange 1 043 NA NA NA 990 NA NA NATaiwan SE Corp. 91 0 91 0 89 1 88 0Thailand SE 678 107 571 0 609 95 514 0Tokyo SE Group 347 62 285 0 359 81 278 0Europe - Africa - Middle EastAmman SE 72 9 63 0 57 7 50 0Athens Exchange 102 55 46 1 91 41 49 1BME Spanish Exchanges 5 128 4665 432 31 4 797 4334 424 39Borsa Italiana 576 188 107 281 548 224 109 215Budapest SE 123 101 22 0 113 90 23 0Cyprus SE 54 11 43 0 60 9 51 0Deutsche Börse 25 045 10957 1654 12434 16 184 6231 1369 8584Egyptian Exchange 148 10 138 0 146 11 135 0Irish SE 25 087 6873 26 18188 24 385 6546 29 17810Istanbul SE 254 2 228 24 224 2 196 26Ljubljana SE 90 64 25 1 90 62 27 1London SE 15 519 8903 121 6495 14 699 8120 123 6456Luxembourg SE 32 933 2292 1 30640 31 469 R 2153 0 29316Malta SE 89 30 58 1 93 32 60 1Mauritius SE 1 0 1 0 1 0 1 0NASDAQ OMX Nordic Exch. 5 068 4412 323 333 4 826 4177 318 331NYSE Euronext (Europe) 4 044 0 341 3703 3 173 NA 344 2829Oslo Børs 1 041 892 95 54 613 454 120 39SIX Swiss Exchange 1 350 366 105 879 1 334 406 118 810Tehran SE 1 1 0 0 1 1 0 0Tel-Aviv SE 593 553 40 0 554 507 47 NAWarsaw SE 51 1 47 3 57 2 51 4Wiener Börse 3 534 2777 160 597 3 137 2656 187 294

Fixed income 2.3

Number of bonds listed

Information note:TSX Group:debentures,TorontoExchangeonly


109

Fixedincome


Exchange

2008 2007

TotalDomestic

private sector



private sector


Foreign

AmericasBermuda SE 0 0 0 0 0 0 0 0BM&FBOVESPA 53 49 4 0 81 77 4 0Buenos Aires SE 715 627 88 0 646 574 72 0Colombia SE 14 14 0 0 26 R 25 1 0Lima SE 87 86 1 0 113 110 3 0Santiago SE 134 97 37 0 297 273 24 0TSX Group 18 0 18 0 41 0 41 0Asia - PacificBombay SE 406 406 0 0 240 R 240 0 0Bursa Malaysia 2 2 0 0 11 11 0 0Colombo SE 14 11 3 0 34 34 0 0Hong Kong Exchanges 20 1 18 1 26 13 13 0Indonesia SE 54 43 11 0 99 74 25 0Korea Exchange 4 160 2111 2049 0 3 667 R 2112 1555 0National Stock Exchange India 980 546 434 0 816 382 434 0New Zealand Exchange 20 20 0 0 17 16 0 1Osaka SE 41 0 41 0 35 1 34 0Shanghai SE 59 33 26 0 36 16 20 0Shenzhen SE 47 35 12 0 9 R 7 2 0Singapore Exchange 111 NA NA NA 247 R NA NA NATaiwan SE Corp. 9 0 9 0 9 0 9 0Thailand SE 448 30 418 0 377 22 355 0Tokyo SE Group 42 1 41 0 37 3 34 0Europe - Africa - Middle EastAmman SE 36 1 35 0 20 0 20 0Athens Exchange 14 1 12 1 14 R 0 14 0Borsa Italiana 151 11 50 90 118 22 49 47Budapest SE 37 35 2 0 18 R 14 4 0Cyprus SE 3 3 0 0 8 1 7 0Deutsche Börse 7 785 3661 264 3860 6 602 3374 199 3029Egyptian Exchange 19 3 16 NA 18 3 15 NAIrish SE 4 383 1194 2 3187 10 015 2868 5 7142Istanbul SE 108 0 106 2 53 0 48 5Ljubljana SE 14 12 2 0 9 8 0 1London SE 3 833 2107 78 1648 4 511 R 2052 33 2426Luxembourg SE 7 318 627 1 6690 8 294 747 0 7547Malta SE 11 3 8 0 18 9 9 0Mauritius SE 1 0 1 0 1 0 1 0NASDAQ OMX Nordic Exch. 1 313 1135 86 92 1 298 1087 96 115NYSE Euronext (Europe) 2 351 2283 28 40 402 348 25 29Oslo Børs 99 93 5 1 103 91 5 7SIX Swiss Exchange 224 NA NA NA 261 NA NA NATehran SE 0 0 0 0 0 0 0 0Tel-Aviv SE 47 39 4 4 162 148 5 9Warsaw SE 10 0 10 0 9 0 9 0Wiener Börse 789 628 49 112 702 496 123 83

Fixed income 2.4

Number of new bonds listed



110

Fixedincome


Fixed income 2.5

Total value of bond trading


NA: Not Available R: Revised Notes:Convertedwithaverageyearexchangerates

Thesale&purchaseofasharearecountedasonetransaction

Exchange

2008 2007 % Change 08/07

(in USD)

% change 08/07

(in local currency)

TotalDomestic

private sector

Domestic public sector


private sector


Foreign

AmericasBM&FBOVESPA 712.0 642.1 69.9 0.0 482.5 465.5 17.0 0.0 47.6% 40.2%Buenos Aires SE 54 912.6 3394.2 51518.4 0.0 47 676.3 421.2 47255.1 0.0 15.2% 17.6%Colombia SE 465 696.0 124674.4 340503.6 518.0 530 188.8 84071.0 445611.2 506.7 -12.2% -16.0%Lima SE 1 421.5 1332.1 63.6 25.8 1 103.3 962.7 72.9 67.7 28.8% 21.0%Mexican Exchange 393.4 NA NA NA 137.3 NA NA NA 186.6% 193.8%Santiago SE 164 106.4 51931.7 112174.7 0.0 113 394.7 NA NA NA 44.7% 47.5%TSX Group 3 067.4 2149.9 917.5 0.0 4 772.1 0.0 4772.1 0.0 -35.7% -35.4%Asia - PacificAustralian SE 711.7 NA NA NA 1 508.8 NA NA NA -52.8% -52.4%Bombay SE 4 609.7 NA NA NA NA NA NA NA - -Bursa Malaysia 677.8 677.8 0.0 0.0 1 606.3 1606.3 0.0 0.0 -57.8% -58.9%Colombo SE 2.7 1.2 1.5 0.0 7.3 0.9 6.4 0.0 -62.3% -62.9%Hong Kong Exchanges 0.9 NA NA NA 1.3 NA NA NA -26.5% -26.7%Korea Exchange 335 926.0 50747.8 285178.1 0.0 380 954.0 32569.8 348384.3 0.0 -11.8% 5.8%National Stock Exch. India 64 010.0 11719.6 52281.3 9.1 59 960.8 2637.4 57323.4 0.0 6.8% 13.9%New Zealand Exchange 1 340.0 986.1 348.2 5.6 1 000.4 876.2 90.5 33.7 33.9% 41.4%Osaka SE 29.4 29.4 0.0 0.0 67.6 67.6 0.0 0.0 -56.5% -61.9%Shanghai SE 51 824.5 22549.1 29275.4 0.0 22 807.6 6918.1 15889.5 0.0 127.2% 107.6%Shenzhen SE 7 446.6 6790.1 656.4 0.0 3 532.8 3465.8 67.0 0.0 110.8% 92.6%Singapore Exchange 15 014.1 NA NA NA 19 552.6 NA NA NA -23.2% -27.7%Taiwan SE Corp. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - -Thailand SE 6.7 3.0 3.7 0.0 8.1 7.1 1.0 0.0 -17.2% -19.3%Tokyo SE Group 2 870.3 2870.3 0.0 0.0 2 955.7 2953.6 2.1 0.0 -2.9% -14.9%Europe - Africa - Middle EastAmman SE 0.9 0.9 0.0 0.0 5.4 4.4 1.0 0.0 -83.9% -83.9%Athens Exchange 41.7 41.7 0.0 0.0 18.4 18.4 0.0 0.0 126.2% 113.5%BME Spanish Exchanges 6 839 481.3 3499714.9 3339766.4 0.0 5 862 636.5 1528062.5 4334573.9 0.0 16.7% 10.1%Borsa Italiana 258 063.9 7523.9 242202.0 8338.0 206 009.7 8486.0 192821.8 4701.9 25.3% 18.3%Budapest SE 2 371.8 436.3 1935.5 0.0 1 160.8 853.3 307.5 0.0 104.3% 92.5%Cyprus SE 22.3 3.2 19.1 0.0 8.0 6.6 1.4 0.0 179.8% 164.1%Deutsche Börse 182 295.0 21623.0 138355.0 22317.0 315 649.3 72679.9 210977.9 31991.5 -42.2% -45.5%Egyptian Exchange 3 676.8 30.2 3646.6 0.0 4 252.9 24.2 4228.7 0.0 -13.5% -16.5%Irish SE 36 687.8 0.0 36687.8 0.0 35 867.7 0.0 35867.7 0.0 2.3% -3.4%Istanbul SE 390 081.6 204.3 368660.8 21216.6 466 651.4 52.7 441578.9 25019.8 -16.4% -15.7%Ljubljana SE 374.6 67.9 306.6 0.1 598.2 83.5 514.4 0.3 -37.4% -40.9%London SE 6 567 404.8 26042.0 6522288.5 19074.3 3 603 164.5 55721.2 3513580.9 33862.4 82.3% 101.2%Luxembourg SE 84.2 9.3 0.1 74.7 616.7 18.4 0.0 598.2 -86.3% -87.1%Malta SE 639.6 34.7 601.1 3.8 540.3 R 16.1 523.3 1.0 18.4% 11.8%Mauritius SE 0.2 0.0 0.2 0.0 3.5 0.0 3.5 0.0 -95.0% -95.4%NASDAQ OMX Nordic Exch. 2 923 512.4 1600215.7 1321078.0 2218.6 2 798 076.4 1153640.5 1642146.2 2289.7 4.5% -1.4%NYSE Euronext (Europe) 48 681.9 NA 37180.2 11501.7 194 724.0 NA 119475.5 75248.5 -75.0% -76.4%Oslo Børs 126 190.4 23959.7 102043.7 187.0 105 896.5 22650.4 82895.7 350.3 19.2% 16.2%SIX Swiss Exchange 184 815.4 27931.8 74470.6 82413.0 144 141.2 32844.1 29229.3 82067.9 28.2% 16.0%Tehran SE 10.1 9.2 0.9 0.0 40.4 40.4 0.0 0.0 -75.0% -74.5%Tel-Aviv SE 262 639.3 49194.3 213445.1 NA 195 788.0 40275.8 155512.2 NA 34.1% 17.0%Warsaw SE 1 032.3 5.6 1026.7 0.0 636.7 5.3 631.3 0.0 62.1% 43.1%Wiener Börse 1 176.0 1121.0 33.9 21.1 784.3 726.7 37.0 20.6 49.9% 41.6%

111

Fixedincome


Also on value of bond trading - Electronic order book trades (USDmillions)

NA: Not Available R: RevisedNotes:Convertedwithaverageyearexchangerates


Exchange

2008 2007

TotalDomestic

private sector



private sector

Domestic public sector Foreign

AmericasBM&FBOVESPA 269.5 199.7 69.9 0.0 224.1 207.2 16.9 0.0Buenos Aires SE 19 209.2 249.6 18959.6 0.0 14 534.7 133.6 14401.1 0.0Colombia SE 465 696.0 105146.5 360031.4 518.0 530 188.8 84071.0 445611.2 506.7Lima SE 35.5 34.9 0.7 0.0 248.3 216.7 2.7 28.8Mexican Exchange 393.4 NA NA NA 137.3 NA NA NASantiago SE 77 233.2 15473.2 61760.0 0.0 57 387.8 13292.9 44094.9 0.0Asia - PacificBombay SE 150.3 NA NA NA NA NA NA NABursa Malaysia 194.2 194.2 0.0 0.0 435.2 435.2 0.0 0.0Colombo SE 2.7 0.9 1.8 0.0 7.3 0.9 6.4 0.0Hong Kong Exchanges 0.9 NA NA NA 0.0 NA NA NAKorea Exchange 335 926.0 23136.5 312789.4 0.0 380 954.0 32569.8 348384.3 0.0National Stock Exchange India 12.1 0.4 11.7 0.0 705.7 480.5 225.2 0.0New Zealand Exchange 229.1 226.9 0.0 2.2 148.1 141.1 0.0 6.9Shanghai SE 51 213.4 22681.4 28532.0 0.0 22 807.6 6918.1 15889.5 0.0Shenzhen SE 7 446.6 6790.1 656.4 0.0 3 532.8 3465.8 67.0 0.0Taiwan SE Corp. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Thailand SE 4.6 4.3 0.4 0.0 7.8 6.8 1.0 0.0Tokyo SE Group 1 933.8 1933.8 0.0 0.0 2 024.1 2022.0 2.1 0.0Europe - Africa - Middle EastAmman SE 0.9 0.9 0.0 0.0 5.4 4.4 1.0 0.0Athens Exchange 41.7 41.7 0.0 0.0 18.4 18.4 0.0 0.0BME Spanish Exchanges 110 299.2 1933.5 108365.7 0.0 126 271.1 686.4 125584.7 0.0Borsa Italiana 258 063.9 7523.9 242202.0 8338.0 206 009.5 8486.0 192821.8 4701.8Budapest SE 2 256.2 320.7 1935.5 0.0 1 131.3 823.8 307.5 0.0Cyprus SE 22.3 3.2 19.1 0.0 8.0 6.6 1.4 0.0Deutsche Börse 29 273.8 3438.0 23941.7 1894.1 41.4 5.2 0.0 36.2Istanbul SE 230 687.4 133.3 230493.5 60.6 281 346.4 7.7 281274.7 64.1Ljubljana SE 374.6 67.9 306.6 0.1 148.0 32.4 115.4 0.3Luxembourg SE 84.2 9.3 0.1 74.7 616.7 18.4 0.0 598.2Malta SE 639.6 34.7 601.1 3.8 540.3 R 16.1 523.3 1.0Mauritius SE 0.2 0.0 0.2 0.0 3.5 0.0 3.5 0.0NASDAQ OMX Nordic Exch. 49 581.6 25262.5 24040.1 279.0 29 774.8 17064.6 12269.5 440.7NYSE Euronext (Europe) 12 623.6 NA 6757.6 5866.0 16 434.6 NA 5567.3 10867.4Oslo Børs 14 005.9 0.0 14005.9 0.0 17 841.8 1.0 17840.8 0.0SIX Swiss Exchange 42 187.1 6374.4 13104.5 22708.2 31 673.0 6434.9 5211.4 20026.7Tel-Aviv SE 228 745.0 44134.6 184610.4 0.0 160 783.1 34917.8 125865.3 0.0Warsaw SE 929.1 5.6 923.5 0.0 594.6 5.3 589.3 0.0Wiener Börse 1 176.0 1121.0 33.9 21.1 784.3 726.7 37.0 20.6

112

Fixedincome


Also on value of bond trading - Negotiated deals (USDmillions)

Exchange

2008 2007

TotalDomestic

private sector



private sector

Domestic public sector Foreign

AmericasBM&FBOVESPA 442.4 442.4 0.0 0.0 258.4 258.3 0.1 0.0Buenos Aires SE 35 703.3 476.9 35226.4 0.0 33 141.6 287.6 32854.1 0.0Lima SE 1 385.9 1345.3 14.8 25.8 855.0 746.0 70.2 38.9Santiago SE 86 873.2 36458.5 50414.7 0.0 82 425.9 NA NA NAAsia - PacificBombay SE 4 459.4 NA NA NA NA NA NA NABursa Malaysia 483.6 483.6 0.0 0.0 1 171.1 1171.1 0.0 0.0National Stock Exch. India 63 687.9 2726.9 60951.9 9.1 59 255.1 2156.9 57098.3 0.0New Zealand Exchange 1 110.8 740.9 366.5 3.4 852.2 735.1 90.4 26.7Osaka SE 29.4 29.4 0.0 0.0 67.6 67.6 0.0 0.0Shanghai SE 611.2 453.3 157.9 0.0 0.0 0.0 0.0 0.0Thailand SE 2.1 0.0 2.1 0.0 0.3 0.3 0.0 0.0Tokyo SE Group 936.5 936.5 0.0 0.0 3 188.6 3188.6 0.0 0.0Europe - Africa - Middle EastBME Spanish Exchanges 6 729 182.1 3497781.4 3231400.7 0.0 5 736 365.3 1527376.1 4208989.2 0.0Budapest SE 115.6 115.6 0.0 0.0 29.6 29.6 0.0 0.0Deutsche Börse 153 021.2 18185.0 114413.3 20422.9 315 607.8 72674.7 210977.7 31955.3Irish SE 36 687.8 0.0 36687.8 0.0 35 867.7 0.0 35867.7 0.0Istanbul SE 159 394.2 71.0 138167.3 21156.0 185 304.9 45.1 160304.1 24955.7Ljubljana SE 0.0 0.0 0.0 0.0 450.1 51.0 399.0 0.0London SE 6 567 603.7 26042.8 6522486.0 19074.9 3 603 164.5 55721.2 3513580.9 33862.4NASDAQ OMX Nordic Exch. 2 874 070.4 1575029.7 1297101.0 1939.7 2 768 301.4 1136575.8 1629876.6 1849.0NYSE Euronext (Europe) 36 058.3 NA 30422.5 5635.7 178 288.8 NA 113907.7 64381.1Oslo Børs 112 184.5 23959.7 88037.8 187.0 88 054.7 22649.4 65054.9 350.3SIX Swiss Exchange 142 628.4 21557.5 61366.0 59704.9 112 468.2 26409.2 24017.8 62041.2Tel-Aviv SE 33 894.4 5059.7 28834.7 0.0 35 004.9 5358.0 29646.9 0.0Warsaw SE 103.2 0.0 103.2 0.0 42.1 0.0 42.1 0.0

NA: Not AvailableNotes:Convertedwithaverageyearexchangerates


113

Fixedincome


Fixed income 2.6

Number of trades in bonds (inthousands)

Information note:Istanbul SE:electronicorderbooktradesaresinglecounted;negotiateddealsaredoublesidecountedTSX Group:debentures,TorontoExchangeonly

NA: Not Available -: Not ApplicableNotes:Thesale&purchaseofasharearecountedasonetransaction

ExchangeTotal number of trades Electronic order book trades Negotiated deals


AmericasBM&FBOVESPA 2.2 1.6 1.8 1.3 0.4 0.4Buenos Aires SE 427.9 410.7 213.3 206.3 214.7 204.4Colombia SE 987.1 1197.7 987.1 1197.7 - -Lima SE 1.8 2.1 0.1 0.5 1.8 1.6Mexican Exchange 1.7 0.7 1.7 0.7 - -Santiago SE 510.9 591.4 195.9 169.2 315.0 422.2TSX Group 127.6 149.2 NA NA NA NAAsia - PacificBombay SE 204.2 NA 202.0 NA 2.2 NABursa Malaysia 88.9 224.0 84.9 223.8 4.1 0.2Colombo SE 0.1 0.4 0.1 0.4 - -Hong Kong Exchanges 0.1 0.1 0.1 0.1 - -Korea Exchange 1009.9 676.6 1009.9 676.6 - -National Stock Exchange India 19.7 24.8 4.7 10.5 15.0 14.3New Zealand Exchange 31.6 30.1 14.4 9.9 17.2 20.2Shanghai SE 2394.7 1050.2 2393.7 1050.2 1.0 -Shenzhen SE 651.6 301.2 644.5 301.2 7.1 -Taiwan SE Corp. 0.0 0.0 0.0 0.0 - -Thailand SE 0.1 0.1 0.1 0.1 - -Europe - Africa - Middle EastAmman SE 0.07 0.02 0.1 0.02 - -Athens SE 0.2 0.2 0.2 0.2 - -BME Spanish Exchanges 1018.5 943.6 11.9 14.6 1006.6 929.1Borsa Italiana 3111.9 2824.1 3111.9 2824.1 - -Budapest SE 13.0 17.3 12.9 17.3 0.1 0.0Cyprus SE 0.1 0.1 0.1 0.1 - -Deutsche Börse 1477.0 2843.8 263.6 1.6 1213.4 2842.0Egyptian Exchange 0.9 1.3 - - - -Irish SE 9.1 8.8 0.0 0.0 9.1 8.8Istanbul SE 1140.1 1529.0 447.6 708.0 692.5 821.0Ljubljana SE 5.4 7.8 5.4 7.6 0.0 0.2London SE 289.5 437.8 0.0 0.0 289.5 437.8Luxembourg SE 0.6 1.4 0.6 1.4 NA NAMalta SE 5.0 4.5 5.0 4.5 - -Mauritius SE 0.0 0.3 0.0 0.3 - -NASDAQ OMX Nordic Exchange 160.5 209.8 160.5 209.8 NA NANYSE Euronext (Europe) 676.8 842.5 660.7 815.4 16.2 27.0Oslo Børs 14.9 14.9 2.7 1.7 12.2 13.2SIX Swiss Exchange 559.0 461.4 484.7 399.2 74.3 62.2Tehran SE 46.7 375.4 - - - -Tel-Aviv SE 3235.8 1900.8 3213.9 1883.9 21.9 16.9Warsaw SE 29.8 29.0 29.7 29.0 0.1 0.0Wiener Börse 27.1 28.6 27.1 28.6 - -

114

Fixedincome


Exchange

2008 2007

TotalDomestic

private sector



private sector


Foreign

AmericasBermuda SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0BM&FBOVESPA 9 783.1 9433.9 349.2 0.0 12 084.1 11384.4 699.7 0.0Colombia SE 622.2 622.2 0.0 0.0 2 944.7 R 2879.9 64.7 0.0Lima SE 1 261.7 1038.8 222.9 0.0 3 746.1 1059.8 2686.3 0.0Santiago SE 5 690.0 5569.0 121.0 0.0 6 314.0 5593.3 720.7 0.0TSX Group 1 331.5 0.0 1331.5 0.0 3 578.2 0.0 3578.2 0.0Total region 18 688.5 28 667.0Asia - PacificBombay SE 67 911.5 NA NA NA NA NA NA NABursa Malaysia 378.0 378.0 0.0 0.0 506.0 506.0 0.0 0.0Colombo SE 66.0 41.9 24.1 0.0 32.3 32.3 0.0 0.0Hong Kong Exchanges 5 342.4 4788.1 3.1 551.2 7 451.6 5419.0 2032.6 0.0Indonesia SE 10 623.4 1321.8 9301.5 0.0 19 327.6 R 3296.5 16031.0 0.0Korea Exchange 365 667.5 80933.0 284734.5 0.0 414 550.4 R 97508.6 317041.8 0.0National Stock Exchange India 141 468.6 14230.8 127237.8 0.0 118 431.2 9086.5 109344.6 0.0New Zealand Exchange 1 130.4 1127.9 0.0 2.4 2 003.5 1819.3 0.0 184.3Osaka SE 11 755.9 11755.9 NA 0.0 14 457.7 14457.7 NA 0.0Shanghai SE NA 15254.9 NA 0.0 NA 3606.3 NA 0.0Shenzhen SE 53 441.5 8763.2 44678.3 0.0 9 484.7 R 1216.1 8268.6 0.0Singapore Exchange 26 358.3 NA NA NA 72 086.1 NA NA NATaiwan SE Corp. 13 921.0 0.0 13921.0 0.0 12 619.5 0.0 12619.5 0.0Thailand SE 274 744.7 5938.0 268806.7 0.0 117 783.5 R 2374.9 115408.5 0.0Tokyo SE Group 77 234.8 77234.8 NA 0.0 65 957.3 65957.3 NA 0.0Total region 982 132.5 854 691.4Europe - Africa - Middle EastAmman SE 4 461.6 11.3 4450.3 0.0 1 915.4 238.1 1677.3 0.0Athens Exchange 14 851.9 0.0 14851.9 0.0 28 195.1 0.0 28195.1 0.0Budapest SE 11 390.5 3740.6 7649.9 0.0 14 571.4 R 1015.6 13555.8 0.0Cyprus SE 621.3 621.3 0.0 0.0 1 207.3 28.5 1178.8 0.0Deutsche Börse 548 671.1 NA NA 7895.6 386 634.7 NA NA 16025.1Egyptian Exchange 3 158.3 311.6 2846.7 0.0 2 923.8 437.8 2486.0 0.0Irish SE 15 923.7 0.0 15923.7 0.0 8 196.9 0.0 8196.9 0.0Istanbul SE 78 448.8 0.0 74770.5 3678.3 87 625.5 R 0.0 83272.8 4352.6Ljubljana SE 5 539.6 440.0 5099.6 0.0 274.6 250.9 9.7 14.0London SE 1 299 448.3 787932.6 208324.4 303191.3 906 014.6 346099.5 119821.5 440093.6Luxembourg SE 1 486 037.2 37873.7 2914.0 1445249.4 1 376 399.7 46867.7 0.0 1329532.0Malta SE 519.0 90.3 428.7 0.0 664.8 R 252.0 412.8 0.0NASDAQ OMX Nordic Exch. NA NA NA NA 205 066.6 191875.1 13191.5 NANYSE Euronext (Europe) 963 288.5 573928.1 388325.9 1034.5 461 698.3 232618.8 194301.6 34778.0Oslo Børs 36 894.6 13602.1 22940.0 352.5 29 889.1 10625.1 18721.0 542.9SIX Swiss Exchange 57 638.9 12987.9 2793.8 41857.3 56 538.9 13264.9 1463.6 41810.4Tel-Aviv SE 21 439.5 6001.7 14887.9 549.9 28 923.6 20656.7 7614.0 652.9Warsaw SE 24 296.3 0.0 24296.3 0.0 26 661.5 R 0.0 26661.5 0.0Wiener Börse 79 838.1 44040.9 23282.8 12514.4 78 385.6 29643.0 43791.9 4950.6Total region 4 652 467.3 3 701 787.3

WFE TOTAL 5 653 288.2 4 585 145.8

Fixed income 2.7

NA: Not Available R: Revised Note:Convertedwithaverageyearexchangerates

Investment flows - New capital raised by bonds (USDmillions)

116

Derivatives


Exchange

Volume traded (Nber of contracts)

Notional value (USD millions)

Open interest (Nber of contracts)

Number of trades

Option premium

(USD millions)

2008 2007 2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA (1) 350063630 367305446 855130 1056343 2853694 2705526 11877646 9174323 21958 19729Boston Options Exchange (1) 177600467 129779200 NA NA NA NA NA NA NA NABourse de Montréal (1) 15650651 13422456 75486 99282 1583048 1807008 765794 719187 3347 2448Buenos Aires SE 25165308 52388712 NA NA NA 61135400 NA 747375 NA 430Chicago Board Options Exch. (1) 933855344 713943954 5125439 4924223 231738285 264471001 54825250 43052724 267182 216136International Sec. Exch. (ISE) (1) 988123128 787940784 NA NA NA NA NA NA NA NAMexDer 585037 78 154 0 17486 0 6104 10 NA NANASDAQ OMX PHLX 537954692 399146840 225858 162984 NA NA NA 25542870 NA 162984NYSE Amex 199856606 226578925 55923 80406 NA NA NA 4640039 NA NANYSE Arca Options (1) 416938764 335838547 NA NA NA NA NA NA NA NAAsia - PacificAustralian SE (1) 17043125 23647490 262171 604869 1328769 2005318 1509062 1660892 32629 28557Hong Kong Exchanges (1) 54692865 45982968 183019 338971 3984346 5314918 1579169 1006542 16428 13605Korea Exchange 21 103 0 0 0 0 19 5 0 0National Stock Exch. of India 11067082 9048495 50851 84760 153609 69836 7973108 7592748 1860 3064Osaka SE 534954 444149 NA NA 86764 116177 601 1284 134 112TAIFEX 872880 1299858 5319 7881 287 890 29218 29396 13 18Tokyo Stock Exchange Group 88256 145449 NA NA 44628 6481 NA NA 4 11Europe - Africa - Middle EastAthens Derivatives Exchange (2) 182757 106913 677 412 6272 10744 2728 1603 55 15Borsa Italiana 20056426 20364847 112613 148498 NA 2017521 NA 648118 NA 4658Eurex (1) 349662348 322078983 1523763 1604488 45347377 52398751 NA NA 250475 127678Johannesburg SE 17846372 14303446 1247 757 NA 1867363 NA 6836 NA NAMEFF 18317249 13593493 35357 36043 4669410 4311852 59053 178674 2091 1479NASDAQ OMX Nordic Exch. 42767407 59660817 NA NA 4913148 7664500 NA NA 2866 3033NYSE Liffe (European markets) 184105407 186152718 759108 953764 33374549 37672288 3662997 3865383 61080 48092Oslo Børs 3976223 4843980 5377 8274 NA NA NA NA NA NAWarsaw SE 0 73 0 1 0 0 0 50 0 0Wiener Börse 848021 1036975 3946 6054 NA 130789 NA 18591 NA 283

Total 4 367 855 020 3 729 055 699

Derivatives 3.1

NA: Not Available (1) Including options on ETF (2) REPOs not included

Single stock options

117

Derivatives


Exchange




Number of trades

2008 2007 2008 2007 2008 2007 2008 2007

AmericasMexDer 2000 2 1 0 0 0 2 2OneChicago (1) 3703748 7886323 NA NA 73736 343680 NA NAAsia - PacificAustralian SE (2) 69063608 13196603 1205 493 2238652 3403246 70183 12444Bombay Stock Exchange 2981 717120 16 5303 NA NA NA NAHong Kong Exchanges 257015 351514 1352 2815 9449 5954 31552 20901Korea Exchange 11552111 NA 6146 NA 174026 NA 770663 NANational Stock Exchange of India 225777205 179324970 1000770 1683001 1228555 2279919 155922770 139880234Thailand Futures Exchange (TFEX) (1) 3838 0 11 0 178 0 3387 0Europe - Africa - Middle EastAthens Derivatives Exchange 3713266 2658532 6180 6672 149015 166515 341571 280422Borsa Italiana 4417700 6363954 32118 63287 NA 15258 NA 75495Budapest SE 1163279 1529195 7420 12800 70259 69255 98913 111700Eurex (1) 130210437 52461571 627659 233529 1890684 2439304 NA NAJohannesburg SE 420344791 265040263 42189 49840 NA 30991635 NA 612186MEFF 46237568 21294315 90182 56415 1620454 1820205 135696 196562NASDAQ OMX Nordic Exchange 15841311 9013489 1033 1055 1383024 1844451 NA NANYSE Liffe (European markets) 124468809 75266349 500942 382060 6580358 5635487 15222 17714Oslo Børs 1764449 2632749 2376 2298 NA NA NA NAWarsaw SE 331646 114021 659 499 2626 2403 231284 77089Wiener Börse 6981 8760 60 142 NA 1032 NA 426

Total 1 058 862 743 637 859 730

Derivatives 3.2

NA: Not Available (1) Including futures on ETFs (2) Including single stock CFDs

Single stock futures

118

Derivatives


Exchange




Number of trades

Option premium

(USD millions)

2008 2007 2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA 1440602 1111852 NA NA 43489 34895 19816 22860 1510840 562632Bourse de Montréal 38666 26484 2681 1950 3542 1716 1621 1780 85 37Chicago Board Options Exchange 233465008 207092336 25019595 26915279 14445135 12940882 4522582 3841041 696759 389925CME Group 44210472 41123839 7253585 9025696 1108435 1250902 21143146 4082755 NA NAICE Futures US 213501 111431 NA NA NA 5326 NA NA NA NAInternational Securities Exch. (ISE) 17851303 15719240 NA NA NA 15384069 1522775 1170335 NA NAMexDer 52556 130410 1284 3381 7491 4155 4417 6191 NA NANASDAQ OMX PHLX 5377572 6793381 40404 3755 NA NA NA 418515 NA 4168NYSE Amex 7428677 13804541 21169 29707 NA NA NA 105545 NA NAAsia - PacificAustralian SE 3309609 2936632 165273 242079 277379 272447 170376 134558 8188 5753Bombay Stock Exchange 631 781 4 1 NA NA NA NA NA NAHong Kong Exchanges 5592128 9279120 437915 2809299 137217 251138 1346235 1386608 NA NAKorea Exchange 2766474404 2709844077 42763344 63318157 2709692 2712938 229123820 165794225 257863 235194National Stock Exchange of India 150916778 52707150 688462 312131 920565 335577 32922923 9566280 17113 6298Osaka SE 32126060 29181598 NA NA 769671 633472 2901138 1692998 48615 28362Singapore Exchange 233930 413714 NA NA 9666 41392 NA NA NA NATAIFEX 98122308 96863107 1091598 1235687 456275 444391 26235161 19243409 13532 11394Thailand Futures Exchange (TFEX) 45684 8646 6 0 473 181 24485 4416 6 0Tokyo Stock Exchange Group 62045 19555 7682 2644 2663 2050 NA NA 557 101Europe - Africa - Middle EastAthens Derivatives Exchange 443940 630694 6201 12013 5460 10071 52597 62270 182 179Borsa Italiana 3630359 3658686 390866 507531 NA 146725 NA 799002 NA 5494Budapest SE 0 1000 0 1 0 0 0 1 NA NAEurex 514894678 352971005 24343878 19753764 1890672 42990386 NA NA 890493 498789Johannesburg SE 13049159 15771727 17197 13801 NA 1551085 NA 13861 NA NAMEFF 8286224 5670773 146621 112407 1683566 1306722 231372 92414 5776 3023NASDAQ OMX Nordic Exch. 19654145 19715474 27186 37485 1398024 1718674 NA NA 4733 4291NYSE Liffe (European markets) 66932112 63106661 5343877 5969181 5775452 5961101 5369254 4239254 138494 103898Oslo Børs 1436679 1818340 1800 2380 NA NA NA NA NA NATel-Aviv SE 81429778 94367457 2223650 2511772 273311 414969 21682029 18750585 29996 26261Warsaw SE 362910 421371 3429 5197 15748 17280 123630 119066 NA NAWiener Börse 26134 36314 2737 4144 NA 4503 NA 3713 NA 121

Total 4 077 108 052 3 745 337 396

Derivatives 3.3

NA: Not Available

Stock index options

119

Derivatives


Exchange




Number of trades

2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA 20226662 26550491 616422 731643 100939 221491 1006866 1132013Bourse de Montréal 4719429 3911379 643707 576200 111564 152852 725662 810409CME Group 898277566 675179528 54640635 49957818 13364737 23230622 1516241257 288201488ICE Futures US 16860802 252755 NA NA NA 12723 NA NAMexDer 1085663 951955 25741 26090 88001 48731 73915 61693OneChicago 308533 219640 NA NA 39660 26740 NA NAAsia - PacificAustralian SE 20378735 16631555 2024335 2145401 635483 492891 7879861 4947260Bombay Stock Exchange 2308659 5329847 12078 48108 NA NA NA NABursa Malaysia 2920728 3157341 46811 58806 20412 27654 NA NAHong Kong Exchanges 44436944 32339682 2889780 4334968 172444 206756 26515173 17229436Korea Exchange 66447119 47780663 5599649 5679371 97952 76874 30992840 19051108National Stock Exchange of India 202390223 138794235 915040 821724 672913 683514 52720973 27307573Osaka SE 131028334 79291064 5312981 5029481 523231 448286 16914589 8569109Singapore Exchange 60212079 40364696 NA NA 428506 494085 NA NATAIFEX 31784280 16751244 1026948 728459 75179 56076 32054357 15768448Thailand Futures Exchange (TFEX) 2099098 1228238 28051 20598 22096 13609 1068701 603472Tokyo Stock Exchange Group 19178901 16578731 2103026 2328663 406918 365595 NA NAEurope - Africa - Middle EastAthens Derivatives Exchange 2832157 2743832 37604 52096 19304 25485 582265 499691Borsa Italiana 7823666 6737435 1136457 1428831 NA 19436 NA 4680213Budapest SE 3603367 3950953 4268 5758 34806 33810 344596 293621Eurex 511748879 400538510 33043374 33425517 3236102 2758145 NA NAJohannesburg SE 18023616 19002289 478143 618609 NA 434281 NA 399549MEFF 10575717 11300997 1318295 1774694 65254 69247 5043951 4752260NASDAQ OMX Nordic Exchange 39307915 31609779 NA NA 525196 725280 NA NANYSE Liffe (European markets) 106099614 93284741 8823669 9844295 1149194 990125 47130843 29822014Oslo Børs 8945538 4668881 10506 6288 NA NA NA NATel-Aviv SE 29694 19802 738 532 2801 2460 231 274Turkish Derivatives Exchange 40334968 17016913 144226 83164 123014 123076 3707301 1588844Warsaw SE 11769730 9355799 124526 122191 68780 50533 3662352 2874112Wiener Börse 238851 143068 19356 16445 NA 21643 NA 11545

Total 2 285 997 467 1 705 686 043

Derivatives 3.4

NA: Not Available

Stock index futures

120

Derivatives


Exchange




Number of trades

Option premium

(USD millions)

2008 2007 2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA 21233242 14202606 NA NA 5292946 5253123 9518 11129 5009 3536Bourse de Montréal 282190 748991 263302 702876 23075 43646 1823 3310 94 154Chicago Board Options Exchange 33 117 0 1 0 0 11 21 0 0CME Group 228523811 313034284 228523811 313034284 12978955 21401071 5694960 1284828 NA NAAsia - PacificAustralian SE 288953 778922 240647 654786 12500 29660 470 920 1 1Singapore Exchange 2000 51539 NA NA 400 2250 NA NA NA NATokyo Financial Exchange 1251367 3660673 NA NA NA 866745 NA NA NA NAEurope - Africa - Middle EastNASDAQ OMX Nordic Exchange 629000 685010 NA NA 59000 270000 NA NA NA NANYSE Liffe (European markets) 186760089 135543547 233731926 165918495 13461040 14327573 112692 85836 NA NA

Total 438 970 685 468 705 689

Derivatives 3.5

Derivatives 3.6

NA: Not Available

Short term interest rate options

Exchange




Number of trades

2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA 166983583 221627417 7886598 9982519 5332632 7903570 572024 626235Bourse de Montréal 9958833 15237958 9292268 14299774 220391 369956 54600 943474CME Group 597774076 623411052 598905907 625693658 6706977 9887342 510868899 84890342MexDer 61968167 223420524 549232 2032148 46378096 54916075 30873 57545Asia - PacificAustralian SE 23961855 27305937 24053095 28388295 904906 1199003 536300 301651Bursa Malaysia 195203 239314 NA 69836 53012 57762 NA NAHong Kong Exchanges 24709 32252 3932 4987 2526 2132 1839 1527Singapore Exchange 562063 1919556 NA NA 62853 330026 NA NATAIFEX 114558 36243 29281 8892 2 2 6115 19810Tokyo Financial Exchange 22372133 38952553 NA NA NA 2215711 NA NAEurope - Africa - Middle EastBudapest SE 0 6252 0 6 0 0 0 33Eurex 703273 792635 980267 1035741 31069 33237 NA NANASDAQ OMX Nordic Exchange 16929736 15121920 NA NA 795142 741017 NA NANYSE Liffe (European markets) 341818210 353594479 437880035 435532839 4896264 6227760 47456984 34917038

Total 1 243 366 399 1 521 698 092

Short term interest rate futures

121

Derivatives


Exchange




Number of trades

Option premium

(USD millions)

2008 2007 2008 2007 2008 2007 2008 2007 2008 2007

AmericasBourse de Montréal 23553 13782 2197 1293 5870 2251 82 54 3 2Buenos Aires SE NA 8135 NA NA NA 990000 NA 356 NA 1CME Group 97836233 104684027 46658449 49865833 2583911 4458592 8888153 1589453 NA NAChicago Board Options Exchange 3490 9962 13 47 666 4741 217 363 1 2Asia - PacificAustralian SE 1301378 2117846 108382 178034 9000 32605 4409 8608 1 1Tokyo Stock Exchange Group 2442598 2804811 NA NA 4125 16034 NA NA 7155 5405Europe - Africa - Middle EastEurex 68839333 78662658 11132800 11880928 852874 1511818 NA NA NA NAJohannesburg SE 219771 6444 27 2 108011 2500 105 42 NA NA

Total 170 666 356 188 307 665

Derivatives 3.7

Derivatives 3.8

NA: Not Available

Long term interest rate options

Exchange




Number of trades

2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA 160533 180877 14765 14949 948 6295 962 904Bourse de Montréal 7366601 9346271 687354 877680 137031 215210 206534 463790CME Group 615339969 709686985 164693143 159155959 3866216 6343248 432171173 69651918MexDer 3219256 1243901 42565 14275 135705 27070 8917 3952Asia - PacificAustralian SE 38950646 52076907 3243905 4377744 537793 975200 1160022 875200Bursa Malaysia 500 12471 NA 364 0 0 NA NAHong Kong Exchanges 0 150 0 2 0 0 0 6Korea Exchange 15920301 13555236 1528968 1567185 125125 132288 1305518 589665Singapore Exchange 831196 1457314 NA NA 10206 32114 NA NATAIFEX 471508 151247 77452 23815 46 4 13638 1439Tokyo Stock Exchange Group 10639934 13545239 10350508 11541779 45508 112392 NA NAEurope - Africa - Middle EastEurex 588707909 692272995 94734927 102895736 3000353 3849060 NA NAJohannesburg SE 5947667 254206 14410 5158 238015 100443 14587 1752MEFF 14 13 1 2 0 1 1 7NASDAQ OMX Nordic Exchange 8297057 7662348 NA NA 191916 309595 NA NANYSE Liffe (European markets) 25843647 28794794 4803629 5832233 342053 403540 3660733 2836872Turkish Derivatives Exchange 420 401 3 3 0 0 8 5Warsaw SE 0 1947 0 73 0 0 0 32

Total 1 321 697 158 1 530 243 302

Long term interest rate futures

122

Derivatives


Exchange




Number of trades

Option premium

(USD millions)

2008 2007 2008 2007 2008 2007 2008 2007 2008 2007

AmericasBourse de Montréal 23795 34889 222 327 1088 2954 1611 1790 6 7BM&FBOVESPA 30588575 24682702 NA NA 1632131 1440493 33402 34444 NA NACME Group 5593664 4333083 850871 596080 304426 359021 4479695 811056 0 NAICE Futures US 72768 50562 NA NA NA 10386 NA NA NA NAInternational Securities Exch. (ISE) 1687159 699069 NA NA NA 292780 26648 12684 NA NAMexDer 7 10 0 0 0 0 3 2 NA NANASDAQ OMX PHLX NA 2024436 NA 502 NA 790399 NA 153940 NA 502ROFEX NA 129601 NA NA NA 3501 NA NA NA NAEurope - Africa - Middle EastBudapest SE 441510 613089 580 712 11975 189166 936 1108 NA NANYSE Liffe (European markets) 449729 492310 6307 6575 47624 49637 12579 14622 149 107Tel-Aviv SE 11048081 9743637 119487 92722 190528 243056 739439 479842 2858 2054

Total 49 905 288 42 803 388

Derivatives 3.9

Derivatives 3.10

NA: Not Available (1) Including currency CFDs (2) Exchange Forex Margin contracts (Click 365)

Currency options

Exchange




Number of trades

2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA 87627320 88237446 4322398 4289040 1021356 977281 1920346 1645967CME Group 152215936 139793600 20537119 17358407 457991 780407 429003933 84893678ICE Futures US 3547358 3214214 NA NA NA 98362 NA NAMexDer 3231004 3225149 32922 32495 204597 105206 2095 2168NASDAQ OMX PHLX NA 41 NA 0 NA NA NA 18ROFEX NA 25178292 NA NA NA 1181117 NA NAAsia - PacificAustralian SE (1) 511223 135672 562 56 10107 61752 1041 56Korea Exchange 6865782 6235967 347288 313451 155986 468728 682468 240121National Stock Exchange of India 11448632 0 12693 0 177520 0 381370 0Tokyo Financial Exchange (2) 43301268 33592915 NA NA NA NA NA NAEurope - Africa - Middle EastBudapest SE 8713149 12756009 11971 17872 121144 418693 26124 30165Johannesburg SE NA 199633 NA 0 NA 69817 NA 1303NYSE Liffe (European markets) 6518 6005 176 158 254 560 1603 867Turkish Derivatives Exchange 14110292 7849609 15040 8058 86152 111637 531913 191726Warsaw SE 132559 6101 1493 61 2069 494 68662 4717

Total 331 711 041 320 430 653

Currency futures

123

Derivatives


Exchange




Number of trades

Option premium

(USD millions)

2008 2007 2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA 498912 286902 NA NA 59303 39702 2270 1333 NA NACME Group 124368473 106855262 NA NA NA NA NA NA NA NAICE Futures Canada 21211 21841 NA NA NA 127 NA NA NA NAICE Futures US 17234865 12959284 NA NA NA 1743492 NA NA NA NAMercado a Término de Buenos Aires 1388200 2393200 NA NA 2314 9136 NA NA NA NAROFEX NA 45277 NA NA NA 5929 NA NA NA NAAsia - PacificAustralian SE 10256 4295 3708 1583 2683 1987 576 264 0 0Tokyo Grain Exchange 0 323 0 1 0 NA 0 NA 0 NAEurope - Africa - Middle EastBudapest SE 355 531 8 16 40 0 27 52 NA NAICE Futures Europe 625900 301161 NA NA NA NA NA NA NA NAJohannesburg SE 728000 675992 1012 828 674981 45337 75230 65932 NA NALondon Metal Exchange 7353711 7178248 NA NA NA 880453 NA NA NA NANYSE Liffe (European markets) 1458320 1287189 1053 495 174305 238227 15968 16368 398 131

Total 153 688 203 132 009 505

Derivatives 3.11

Derivatives 3.12

NA: Not Available

Commodity options

Exchange




Number of trades

2008 2007 2008 2007 2008 2007 2008 2007

AmericasBM&FBOVESPA 3114258 2075617 43949 23797 50247 84161 388156 246978CME Group 513099704 432358978 NA NA NA NA NA NAICE Futures US 43024789 37020383 NA NA NA 1519634 NA NAMercado a Término de Buenos Aires 14180096 15399018 NA NA 12608 24584 NA NAROFEX NA 201476 NA NA NA 15293 NA NAAsia - PacificAustralian SE 372738 145181 8310 12584 48419 42104 23103 21844Bursa Malaysia 3003529 2793560 NA 81582 82136 39635 NA NACentral Japan Commodity Exch. 3272665 6549417 NA NA NA NA NA NADalian Commodity Exchange 313217957 185614913 NA NA NA NA NA NAHong Kong Exchanges 3075 0 268 0 132 0 870 0Korea Exchange 17525 399 94 9 111 1 8796 117Shanghai Futures Exchange 140263185 85563833 NA NA NA 250792 NA NASingapore Exchange 0 7 NA 0 0 0 NA NATAIFEX 5354243 48925 59610 3870 484 33 2941 3891Tokyo Grain Exchange 8433346 19671698 NA 356630 NA NA NA NAZhengzhou Commodity Exchange 222557134 93052714 NA NA NA 549733 NA NAEurope - Africa - Middle EastBudapest SE 15064 12718 426 334 1003 1174 4341 3000ICE Futures Europe 152324233 138169795 NA NA NA NA NA NAJohannesburg SE 1905000 1726000 42574 39498 643322 49886 240739 224865London Metal Exchange 105861588 85736424 NA NA NA 1234215 NA 0RMX 43449 55677 NA NA 3551 6317 NA NANYSE Liffe (European markets) 11787197 11496659 214254 166183 450427 570325 2088473 1876808Turkish Derivatives Exchange 27155 109 76 0 216 4 2870 60

Total 1 541 877 930 1 117 693 501

Commodity futures

125

Indicators


Exchange Name of index 2008 High Date 2008

Low Date 2008Year-end

2007Year-end

% change end 08/07

AmericasAmerican SE AmexCompositeIndex P NA NA NA NA 1397.53 2410.00 -42.0%Bermuda SE BSXIndex P 5298.24 Feb.20 3383.47 Dec.29 3416.99 4909.90 -30.4%BM&FBOVESPA BovespaIndex R 73516.00 May20 29535.00 Oct.27 37550.00 63886.00 -41.2%Buenos Aires SE GeneralIndex R 128072.37 May22 51652.62 Nov.21 62180.16 121652.60 -48.9%Colombia SE IGBC P 10672.36 Jan.03 6460.85 Oct.27 7560.68 10694.18 -29.3%Lima SE GeneralIndex(IGBVL) R 18309.76 Apr.07 6038.66 Oct.27 7048.67 17524.79 -59.8%Mexican Exchange Price&QuotationsIndex(IPC) P 32095.04 Apr.21 16868.66 Oct.27 22380.32 29536.83 -24.2%NASDAQ OMX NasdaqComposite P 2609.63 Jan.02 1316.12 Nov.20 1577.03 2652.28 -40.5%NYSE Euronext (US) NYSEComposite P 9656.00 Jan.03 4651.21 Nov.20 5757.00 9740.32 -40.9%Santiago SE IGPA P 14933.86 Jun.25 10411.65 Oct.10 11324.07 14076.25 -19.6%TSX Group S&P/TSXComposite P 15073.13 Jun.18 7724.76 Nov.20 8987.70 13833.06 -35.0%Asia - PacificAustralian SE ASX/S&PAllOrdinaries R 6434.06 Jan.02 3332.60 Nov.20 3659.30 6421.00 -43.0%Bombay SE BSE-500Index P 8882.28 Jan.07 3143.13 Nov.20 3596.85 8592.43 -58.1%Bursa Malaysia FBMEMAS P 10314.58 Jan.11 5418.99 Oct.29 5726.46 9810.83 -41.6%Colombo SE AllSharePriceIndex P 2681.27 Apr.23 1484.53 Dec.30 1503.02 2540.99 -40.8%Hong Kong Exchanges S&P/HKExLargeCapIndex P 33684.66 Jan.09 13569.03 Oct.27 17891.16 33708.99 -46.9%Indonesia SE JakartaCompositeIndex P 2830.26 Jan.11 1111.39 Oct.28 1355.41 2745.83 -50.6%Jasdaq JasdaqIndex P 70.50 Jan.04 40.76 Oct.10 48.20 72.17 -33.2%Korea Exchange KOSPI P 1888.88 May16 938.75 Oct.24 1124.47 1897.13 -40.7%National Stock Exchange India S&PCNX500 P 5502.60 Jan.04 1973.70 Oct.27 2295.75 5354.70 -57.1%New Zealand Exchange NZXAllIndex R 4097.13 Jan.03 2620.72 Nov.24 2721.02 4106.53 -33.7%Osaka SE 300StockPriceIndex P 1672.22 Jun.06 828.37 Oct.27 939.55 1677.11 -44.0%Philippine SE PSEIndex P 3617.29 Jan.02 1704.41 Oct.28 1872.85 3621.60 -48.3%Shanghai SE SSECompositeIndex P 5522.78 Jan.14 1664.93 Oct.28 1820.81 5261.56 -65.4%Shenzhen SE SZSECompositeIndex R 1584.00 Jan.16 452.33 Nov.04 553.30 1447.02 -61.8%Singapore Exchange StraitsTimesIndex P 3444.34 Jan.02 1600.28 Oct.24 1761.56 3482.30 -49.4%Taiwan SE Corp. TAIEX P 9295.20 May19 4089.93 Nov.20 4591.22 8506.28 -46.0%Thailand SE SETIndex P 884.19 May21 384.15 Oct.29 449.96 858.10 -47.6%Tokyo SE Group TOPIX P 1430.47 Jun.04 746.46 Oct.27 859.24 1475.68 -41.8%Europe - Africa - Middle EastAmman SE ASEIndex100 P 5044.00 Jun.19 2561.00 Nov.24 2758.44 3675.00 -24.9%Athens Exchange ATHEXCompositePriceIndex P 5207.44 Jan.02 1711.80 Dec.22 1786.51 5178.83 -65.5%BME Spanish Exch. Barcelona BCNGlobal-100 P 1195.06 Jan.02 596.58 Oct.21 694.44 1193.94 -41.8%BME Spanish Exchanges Bilbao BolsaBilbao2000 P 2625.68 Jan.02 1338.57 Oct.27 1589.90 2626.55 -39.5%BME Spanish Exchanges Madrid GeneralIndex(IGBM) P 1640.63 Jan.02 836.82 Oct.27 975.97 1642.01 -40.6%BME Spanish Exchanges Valencia IGBVIndex P 1342.07 Jan.02 733.48 Oct.28 844.79 1359.19 -37.8%Borsa Italiana MIBIndex P 28406.00 Jan.02 13935.00 Dec.05 14623.00 28525.00 -48.7%Budapest SE BUX R 26111.36 Jan.08 10751.23 Oct.27 12241.69 26235.63 -53.3%Cyprus SE CSEGeneralPriceIndex P 4880.97 Jan.02 997.51 Dec.12 1101.42 4820.72 -77.2%Deutsche Börse CDAX P 472.17 Jan.02 230.79 Nov.21 266.33 478.65 -44.4%Egyptian Exchange CASE30 P 11935.67 May05 3686.35 Nov.24 4596.49 10549.74 -56.4%Irish SE ISEQOverallIndex P 7098.76 Jan.05 2264.46 Nov.21 2343.27 6934.35 -66.2%Istanbul SE ISENational100 P 54708.42 Jan.02 21228.27 Nov.20 26864.07 55538.13 -51.6%Johannesburg SE FTSE/JSEAllShareIndex P 33232.89 May22 17814.42 Nov.20 21509.20 28957.97 -25.7%Ljubljana SE SloveneStockExch.IndexSBI20 P 11408.00 Jan.04 3460.30 Dec.23 3695.72 11369.58 -67.5%London SE FTSEAllShare P 3291.47 Jan.03 1890.55 Nov.21 2209.29 3286.67 -32.8%Luxembourg SE LuxGeneralPriceIndex P 2167.56 May15 702.46 Nov.21 780.74 1929.39 -59.5%Malta SE MSEIndex P 5053.13 Jan.14 3191.14 Dec.22 3208.22 4937.75 -35.0%Mauritius SE SEMDEX P 2101.34 Feb.18 1112.17 Nov.24 1182.74 1852.21 -36.1%NASDAQ OMX Nordic Exch. OMXNordicAllShare-PI P 226.98 Jan.02 101.78 Nov.21 110.19 229.67 -52.0%NYSE Euronext Amsterdam AAXAllShareIndex P 777.06 Jan.02 347.74 Nov.21 380.61 784.78 -51.5%NYSE Euronext Brussels BAS P 12970.70 Jan.03 5823.90 Dec.05 6572.80 12947.59 -49.2%NYSE Euronext Lisbon PSIGeneral R 4083.68 Jan.02 1907.82 Oct.27 2073.59 4123.90 -49.7%NYSE Euronext Paris SBF250 P 3913.71 Jan.02 2022.54 Nov.21 2251.35 3956.31 -43.1%Oslo Børs OsloBørsBenchmarkPriceIndex P 414.53 Jul.19 158.48 Dec.05 153.87 347.09 -55.7%SIX Swiss Exchange SwissPerformanceIndex(SPI) R 6793.14 Jan.03 4257.41 Nov.21 4567.57 6925.44 -34.0%Tehran SE TEDPIX P 49241.00 Aug.04 34414.00 Jan.01 34653.00 34652.70 0.0%Tel-Aviv SE GeneralShareIndex R 1013.86 Jan.01 510.24 Nov.23 537.29 1002.60 -46.4%Warsaw SE WIG R 55521.39 Jan.02 24852.95 Nov.20 27228.64 55648.54 -51.1%Wiener Börse WienerBörseIndex(WBI) P 1654.94 Jan.02 577.41 Nov.21 644.72 1653.79 -61.0%

Indicators 4.1

NA: Not Available P: Price Index R: Return Index

Broad stock market indexes

126

Indicators


Exchange Name of index 2008 High Date 2008 Low Date

AmericasBM&FBOVESPA IBrX50 R 11219.00 May20 4313.00 Oct.27Buenos Aires SE BurcapIndex R 8428.14 May22 3160.24 Oct.27Colombia SE IGBC P 10672.36 Jan.03 6460.85 Oct.27Lima SE IndiceSelectivoBVL(ISBVL) R 30773.81 Apr.07 9360.27 Oct.27Mexican Exchange IPCCompMX P 245.32 May30 129.56 Oct.27NASDAQ OMX Nasdaq100 P 2055.11 Jun.06 1036.51 Nov.20NYSE Euronext (US) NYSEUS100 P 6989.14 Jan.03 3799.47 Nov.20Santiago SE IPSA R 3096.11 May29 2101.10 Oct.10TSX Group S&P/TSX60 P 900.93 Jun.18 463.57 Nov.20Asia - PacificAustralian SE S&P/ASX50 R 6146.81 Jan.02 3356.28 Nov.20Bombay SE SENSEX P 20873.33 Jan.08 8451.01 Nov.20Bursa Malaysia Composite(KLCI) P 1516.22 Jan.11 829.41 Oct.29Colombo SE MilankaIndex P 3348.94 Apr.17 1612.03 Dec.30Hong Kong Exchanges HangSengIndex P 27615.85 Jan.09 11015.84 Oct.27Indonesia SE LQ45Index P 616.00 Jan.11 206.68 Oct.28Jasdaq J-StockIndex P 1541.39 Jan.04 834.73 Oct.28Korea Exchange KRX100 P 3935.40 May16 2010.08 Oct.24National Stock Exchange India S&PCNXNifty P 6287.85 Jan.08 2524.20 Oct.27New Zealand Exchange NZX10 R 4200.10 Jan.03 2576.77 Nov.24Osaka SE 250AdjustedStockPriceAverage P 27539.28 Jun.06 13777.17 Oct.27Shanghai SE SSE180Index P 12884.16 Jan.14 3600.60 Oct.28Shenzhen SE SZSE100 P 6493.70 Jan.15 1840.75 Nov.07Singapore Exchange StraitsTimesIndex P 3444.34 Jan.02 1600.28 Oct.24Taiwan SE Corp. TWSETaiwan50Index P 6578.47 May19 2941.87 Nov.20Thailand SE SET50Index P 641.94 May21 261.30 Oct.29Tokyo SE Group TOPIXCore30 P 919.02 Jun.04 455.10 Dec.05Europe - Africa - Middle EastAthens Exchange FTSE/ATHEX20 P 2762.60 Jan.02 877.24 Dec.22BME Spanish Exchanges Ibex35 P 15186.00 Jan.02 7737.20 Oct.27Borsa Italiana S&P/MIB P 38544.00 Jan.02 17803.00 Dec.05Budapest SE BUX R 26111.36 Jan.08 10751.23 Oct.27Cyprus SE FTSE/CySE20 P 1672.54 Jan.02 343.82 Dec.16Deutsche Börse DAX30 R 7949.11 Jan.02 4127.41 Nov.21Egyptian Exchange DJCASEEgyptTitans20Index P 2418.11 May05 781.39 Nov.24Irish SE ISEQ20 P 1094.23 Jan.04 341.73 Nov.20Istanbul SE ISENational30 P 69208.88 Jan.02 27062.22 Nov.20Johannesburg SE FTSE/JSETop40 P 31315.34 May22 15905.06 Nov.20Ljubljana SE SBITop P 2520.56 Jan.04 801.65 Dec.23London SE FTSE100 P 6479.44 Jan.03 3780.96 Nov.21Luxembourg SE LuxXPriceIndex P 2402.16 Jan.02 905.52 Nov.21Mauritius SE SEM-7 P 543.42 Feb.19 245.90 Nov.24NASDAQ OMX Nordic Exchange OMXNordic40-PI P 1241.60 Jan.02 566.26 Nov.21NYSE Euronext Amsterdam AEX25 P 509.77 Jan.02 222.93 Nov.21NYSE Euronext Brussels BEL20 P 4117.49 Jan.03 1783.70 Nov.21NYSE Euronext Lisbon PSI20 P 12892.70 Jan.02 5801.76 Oct.27NYSE Euronext Paris CAC40 P 5550.36 Jan.02 2881.26 Nov.21Oslo Børs OBXIndex R 462.70 May22 162.92 Nov.21SIX Swiss Exchange SwissMarketIndex(SMI) P 8339.81 Jan.09 5144.02 Nov.21Tehran SE TSE50 P 580.00 Aug.09 330.80 Dec.31Tel-Aviv SE TA25 R 1225.09 Jan.01 592.07 Nov.23Warsaw SE WIG20 P 3431.72 Jan.03 1547.15 Nov.20Wiener Börse ATX P 4549.23 Jan.02 1492.83 Nov.21

Indicators 4.2

P: Price Index R: Return Index

Blue chip indexes

127

Indicators


Exchange Name of index 2008Year-end

2007Year-end

% change end 08/07

Average % volatilityin 2008

Average % volatilityin 2007

AmericasBM&FBOVESPA IBrX50 R 5546.00 9754.00 -43.1% 30.2% 22.2%Buenos Aires SE BurcapIndex R 3993.51 7923.36 -49.6% 36.4% 21.6%Colombia SE IGBC P 7560.68 10694.18 -29.3% 17.8% 16.4%Lima SE IndiceSelectivoBVL(ISBVL) R 11691.34 29035.46 -59.7% 39.2% 32.2%Mexican Exchange IPCCompMX P 168.63 226.94 -25.7% 26.7% 20.2%NASDAQ OMX Nasdaq100 P 1211.65 2084.93 -41.9% NA NANYSE Euronext (US) NYSEUS100 P 4500.50 7069.17 -36.3% NA NASantiago SE IPSA R 2376.42 3051.83 -22.1% 16.4% 14.4%TSX Group S&P/TSX60 P 541.82 808.53 -33.0% NA NAAsia - PacificAustralian SE S&P/ASX50 R 3755.80 6138.80 -38.8% NA 19.9%Bombay SE SENSEX P 9647.31 20286.99 -52.4% 2.7% NABursa Malaysia Composite(KLCI) P 876.75 1445.03 -39.3% NA NAColombo SE MilankaIndex P 1631.34 3291.87 -50.4% 2.7% NAHong Kong Exchanges HangSengIndex P 14387.48 27812.65 -48.3% 42.8% 32.4%Indonesia SE LQ45Index P 270.23 599.82 -54.9% 30.8% 22.7%Jasdaq J-StockIndex P 1044.65 1589.80 -34.3% NA NAKorea Exchange KRX100 P 2373.06 3864.01 -38.6% NA NANational Stock Exchange India S&PCNXNifty P 2959.15 6138.60 -51.8% 2.6% NANew Zealand Exchange NZX10 R 780.14 1250.76 -37.6% 13.6% 9.9%Osaka SE 250AdjustedStockPriceAverage P 17123.94 28043.99 -38.9% NA NAShanghai SE SSE180Index P 4048.00 12024.60 -66.3% 22.8% NAShenzhen SE SZSE100 P 2186.35 5941.17 -63.2% 25.2% 16.7%Singapore Exchange StraitsTimesIndex P 1761.56 3482.30 -49.4% NA NATaiwan SE Corp. TWSETaiwan50Index P 3329.30 6163.24 -46.0% 26.6% 27.5%Thailand SE SET50Index P 316.45 630.73 -49.8% 35.8% 21.3%Tokyo SE Group TOPIXCore30 P 498.33 927.72 -46.3% NA NAEurope - Africa - Middle EastAthens Exchange FTSE/ATHEX20 P 932.50 2752.48 -66.1% 37.5% 18.5%BME Spanish Exchanges Ibex35 P 9195.80 15182.30 -39.4% 31.0% 17.8%Borsa Italiana S&P/MIB P 19460.00 38554.00 -49.5% 27.7% 17.6%Budapest SE BUX R 12241.69 26235.33 -53.3% 34.3% 18.6%Cyprus SE FTSE/CySE20 P 379.80 1653.11 -77.0% NA NADeutsche Börse DAX30 R 4810.20 8067.32 -40.4% 28.0% 16.1%Egyptian Exchange DJCASEEgyptTitans20Index P 976.00 2212.05 -55.9% 3.5% 3.0%Irish SE ISEQ20 P 357.30 1069.08 -66.6% NA NAIstanbul SE ISENational30 P 35001.85 70457.30 -50.3% 26.5% 24.6%Johannesburg SE FTSE/JSETop40 P 19444.40 26250.29 -25.9% NA NALjubljana SE SBITop P 854.26 2518.92 -66.1% 30.9% 12.2%London SE FTSE100 P 4434.17 6456.91 -31.3% 28.9% 21.7%Luxembourg SE LuxXPriceIndex P 980.91 2419.28 -59.5% 27.3% 18.6%Mauritius SE SEM-7 P 267.22 477.40 -44.0% 5.8% 8.9%NASDAQ OMX Nordic Exchange OMXNordic40-PI P 625.80 1264.78 -50.5% 29.8% 21.2%NYSE Euronext Amsterdam AEX25 P 245.94 515.77 -52.3% 30.9% 17.0%NYSE Euronext Brussels BEL20 P 1908.64 4127.47 -53.8% 29.9% 19.0%NYSE Euronext Lisbon PSI20 P 6341.34 13019.40 -51.3% 26.1% 16.6%NYSE Euronext Paris CAC40 P 3217.97 5614.08 -42.7% 29.9% 20.1%Oslo Børs OBXIndex R 199.13 422.08 -52.8% 41.1% 21.0%SIX Swiss Exchange SwissMarketIndex(SMI) P 5534.53 8484.46 -34.8% 27.8% 17.8%Tehran SE TSE50 P 330.80 540.36 -38.8% 5.3% NATel-Aviv SE TA25 R 654.85 1217.07 -46.2% NA NAWarsaw SE WIG20 P 1789.73 3456.05 -48.2% 35.3% 25.4%Wiener Börse ATX P 1750.83 4512.98 -61.2% 35.1% 23.0%

P: Price Index R: Return Index

Blue chip indexes

128

Indicators


ExchangePrice earning ratio Gross dividend yield % Inflation rate % Total return %

2008 2007 2008 2007 2008 2007 2008 2007

AmericasBermuda SE 7.9 7.7 5.0 3.9 4.8 3.8 R -25.4 4.9BM&FBOVESPA 32.7 15.6 R 4.7 1.8 9.8 7.8 -41.2 43.7Buenos Aires SE 6.1 16.2 4.6 3.4 7.2 8.5 -48.9 17.9Colombia SE 17.4 28.6 4.5 3.6 R 7.7 5.7 -24.8 NALima SE NA NA 8.0 5.3 6.7 3.9 -59.8 36.0Mexican Exchange 14.6 18.6 2.2 2.4 6.5 3.8 -22.0 14.1NASDAQ OMX NA NA NA NA NA 4.1 NA NANYSE Euronext (US) NA NA NA NA NA 4.1 NA NASantiago SE 13.2 19.7 4.1 3.0 7.1 7.8 -15.5 16.8TSX Group 10.8 18.4 4.0 2.5 1.2 2.4 -31.0 9.7Asia - PacificAustralian SE NA NA NA NA 3.7 3.0 NA NABombay SE 12.4 27.7 R 1.8 0.7 9.8 5.6 -56.3 47.8Bursa Malaysia 8.5 18.1 6.3 2.7 4.4 2.4 R -35.3 34.5Colombo SE 5.4 11.6 5.6 2.5 14.4 18.8 R -35.2 -4.2Hong Kong Exchanges 7.3 22.5 5.4 2.2 2.1 3.8 -41.5 40.5Indonesia SE 12.2 16.9 NA NA 9.8 6.6 NA NAJasdaq NA NA NA NA 1.4 0.0 NA NAKorea Exchange 9.0 16.8 2.6 1.4 4.7 2.5 R -38.1 33.7National Stock Exchange India 11.8 21.3 R 2.0 1.2 9.8 5.6 -55.1 63.7New Zealand Exchange 12.8 15.9 5.9 4.6 3.4 3.2 -33.7 -0.3Osaka SE 20.5 23.5 NA NA 1.4 0.0 NA NAPhilippine SE 9.0 14.2 R 5.7 2.6 9.3 2.8 -42.7 24.0Shanghai SE 14.9 59.2 0.9 0.2 R 5.9 4.8 -64.5 96.9Shenzhen SE 15.0 69.7 NA NA 5.9 4.8 NA NASingapore Exchange 6.2 18.0 6.2 2.9 6.5 2.1 -43.2 26.7Taiwan SE Corp. 9.8 15.3 9.8 4.2 3.5 1.8 -36.2 12.9Thailand SE 7.0 17.0 R 6.6 3.3 5.5 3.2 -41.0 29.5Tokyo SE Group 16.4 28.3 2.7 1.4 1.4 0.0 -39.2 -10.8Europe - Africa - Middle EastAmman SE 18.8 28.0 2.5 1.8 14.9 5.4 -22.4 NAAthens Exchange 12.5 27.7 7.3 2.9 2.9 3.9 -58.2 20.8BME Spanish Exchanges 8.2 12.1 6.6 3.1 1.4 4.2 -34.0 8.7Borsa Italiana 6.4 13.2 R 8.0 3.7 R 2.4 2.8 R -40.7 -4.3Budapest SE 4.4 10.2 3.5 1.5 6.1 8.0 -53.3 5.6Cyprus SE NA NA NA NA 2.8 2.5 R NA NADeutsche Börse NA NA 4.1 1.8 2.8 2.3 -40.3 19.4Egyptian Exchange 9.3 15.7 14.7 17.0 18.7 6.9 -41.7 68.3Irish SE 6.7 10.4 4.0 2.9 4.1 4.7 -62.2 -23.4Istanbul SE 5.8 12.0 4.9 1.9 10.1 8.4 -46.7 43.9Johannesburg SE 8.9 15.1 4.6 2.4 10.3 8.6 -21.1 18.6Ljubljana SE 10.5 32.6 2.7 1.0 2.1 5.6 -64.8 79.1London SE 8.9 11.8 4.4 3.1 3.1 2.1 -28.4 5.1Luxembourg SE 10.7 20.8 2.3 1.8 4.1 3.4 -57.2 23.0Malta SE NA NA NA NA 4.3 1.3 NA NAMauritius SE 6.2 13.3 5.1 2.8 9.9 8.8 -31.0 56.6NYSE Euronext Amsterdam 5.4 11.1 NA 3.3 2.2 1.6 NA 8.1NYSE Euronext Brussels 5.2 10.9 NA 2.1 4.5 1.8 R NA -1.9NYSE Euronext Lisbon 9.8 28.4 NA 2.0 2.7 2.4 R -49.7 18.3NYSE Euronext Paris 8.0 14.0 NA 2.7 3.2 1.6 R NA 3.1Oslo Børs NA NA 7.7 3.1 2.1 2.8 -48.0 11.2SIX Swiss Exchange NA NA NA NA 1.2 1.2 -34.0 -0.1Tehran SE 4.0 5.2 14.0 11.1 25.9 17.2 14.0 7.7Tel-Aviv SE 12.1 11.8 NA 3.8 3.8 3.4 -46.4 22.9Warsaw SE 8.4 18.8 4.6 2.6 3.3 4.0 -51.1 10.4Wiener Börse 5.1 14.9 1.9 1.9 3.2 2.1 -59.1 0.5

Indicators 4.3

NA: Not Available R: RevisedTotal Return:stockindexperformance+grossdividendyield.

ForSEwithstockreturnindexes,totalreturn=stockindexperformance.

Average of price earning ratios, gross dividend yields, inflation rates, total market returns

Information note:BM&FBOVESPA:for2008,marketvalueof368companiesatSep.2008dividedbytheirnetprofitobtainedintheperiod1Oct.2007to30Sep.2008.For2007,marketvalueof360companiesatDec.2007dividedbytheirnetprofitobtainedduringtheperiod1Jan.2007to30Dec.2007

Bombay SE:PERandgrossdividendyieldbasedonBSE-500IndexOsaka SE:PERisforfirstsectiononly

129

Indicators


Exchange3-month money market rates % Yield on current 10 years govn. bonds %

2008 year-end 2007 year-end 2008 year-end 2007 year-end

AmericasBM&FBOVESPA 13.66 11.18 7.78 7.22Buenos Aires SE 19.56 14.06 3.37 2.72Colombia SE 9.82 9.35 10.85 10.32Lima SE 7.43 5.72 7.54 6.31Mexican Exchange 8.74 7.99 7.99 8.09NASDAQ OMX NA 4.23 NA 4.10NYSE Euronext (US) NA 4.23 NA 4.10Santiago SE 13.58 5.66 3.20 2.99Asia - PacificAustralian SE 4.39 7.29 4.41 4.18 RBombay SE 5.02 7.33 R 5.26 7.79Bursa Malaysia 3.31 3.58 3.15 4.13Colombo SE 18.67 23.86 NA 15.00Hong Kong Exchanges 0.89 3.31 NA NAIndonesia SE 12.13 8.00 12.36 10.26Jasdaq 0.74 0.86 1.21 1.53Korea Exchange 5.49 5.16 5.57 5.35National Stock Exchange India 8.89 8.56 5.25 7.81New Zealand Exchange 5.04 8.90 4.62 6.40Osaka SE 0.74 0.86 1.21 1.53Philippine SE 5.78 6.36 8.88 7.11Shanghai SE 1.78 4.43 R 1.82 2.32 RShenzhen SE 1.78 4.43 R 1.82 2.32 RSingapore Exchange 1.00 2.38 2.05 2.68Taiwan SE Corp. 1.06 2.19 2.29 2.32Thailand SE 3.13 3.89 R 2.84 5.13 RTokyo SE Group 0.74 0.86 1.21 1.53Europe - Africa - Middle EastAmman SE 6.29 6.24 R 7.74 7.88Athens Exchange 3.29 4.68 3.89 4.39 RBME Spanish Exchanges 3.29 4.68 3.82 4.43Borsa Italiana 3.29 4.68 4.36 4.59Budapest SE 10.00 7.50 8.28 7.08 RCyprus SE 3.29 4.68 4.60 4.60Deutsche Börse 3.29 4.68 3.19 4.42Egyptian Exchange 11.63 6.85 9.50 9.40Irish SE 3.29 4.68 4.46 4.51Istanbul SE 17.48 17.16 NA NAJohannesburg SE 11.43 11.25 7.82 8.29Ljubljana SE 3.29 4.28 R 4.67 4.55London SE 2.77 5.99 3.39 4.53Luxembourg SE 3.29 4.68 NA NAMalta SE 3.29 4.85 4.17 4.81Mauritius SE 8.83 10.05 NA NANYSE Euronext Amsterdam 3.29 4.68 NA 4.37NYSE Euronext Brussels 3.29 4.68 NA 4.37NYSE Euronext Lisbon 3.29 4.68 NA 4.37NYSE Euronext Paris 3.29 4.68 NA 4.37Oslo Børs 4.06 5.88 2.46 4.66SIX Swiss Exchange 0.66 2.76 2.15 3.11Tehran SE 9.00 10.00 19.00 15.50Tel-Aviv SE 4.00 5.50 4.80 6.20Warsaw SE 5.88 5.68 5.96 5.91Wiener Börse 3.29 4.68 3.68 4.46

Indicators 4.4

NA: Not Available R: RevisedSources:WFEexchangemembers

Interest ratesIntheexchange’sjurisdiction,shortandlongterminterestrateswereasfollows:

Information note:Tel-Aviv SE:moneymarketratesareprimerates;yieldson10-yeargovernmentbondsarenominal

130

Indicators


Exchange2007

GDP (1) Domestic market capitalization

%

AmericasBermuda SE NA 2.7 -BM&FBOVESPA 1313.6 1369.7 104.3%Buenos Aires SE 260.1 57.1 21.9%Colombia SE 202.6 102.0 50.3%Lima SE 107.4 69.4 64.6%Mexican Exchange 1022.8 397.7 38.9%NASDAQ OMX 13807.6 4013.7 29.1%NYSE Euronext (US) 13807.6 15650.8 113.3%Santiago SE 163.9 212.9 129.9%TSX Group 1436.1 2186.6 152.3%Asia - PacificAustralian SE 909.0 1298.3 142.8%Bombay SE 1100.7 1819.1 165.3%Bursa Malaysia 186.7 325.3 174.2%Colombo SE 32.3 7.6 23.4%Hong Kong Exchanges 207.2 2654.4 1281.1%Indonesia Exchange 432.9 211.7 48.9%Jasdaq 4381.6 120.7 2.8%Korea Exchange 969.9 1122.6 115.7%National Stock Exchange India 1100.7 1660.1 150.8%New Zealand Exchange 128.7 47.5 36.9%Osaka SE 4381.6 212.1 4.8%Philippine SE 144.1 102.9 71.4%Shanghai SE 3280.2 3694.3 112.6%Shenzhen SE 3280.2 784.5 23.9%Singapore Exchange (2) 161.3 539.2 334.3%Taiwan SE Corp. 383.3 663.7 173.2%Thailand SE 245.4 197.1 80.3%Tokyo SE 4381.6 4330.9 98.8%Europe - Africa - Middle EastAmman SE 15.8 41.2 260.9%Athens Exchange 313.8 265.0 84.4%BME Spanish Exchanges 1440.0 1781.1 123.7%Borsa Italiana 2104.7 1072.5 51.0%Budapest SE 138.4 46.2 33.4%Cyprus SE 21.3 29.5 138.4%Deutsche Börse 3320.1 2105.2 63.4%Egyptian Exchange 128.0 139.3 108.8%Irish SE 261.2 143.9 55.1%Istanbul SE 659.3 286.6 43.5%Johannesburg SE (2) 283.1 828.2 292.5%Ljubljana SE 46.1 28.8 62.5%London SE 2804.4 3851.7 137.3%Luxembourg SE 49.5 166.1 335.5%Malta SE 7.5 5.6 75.1%Mauritius SE 6.9 7.9 114.8%NASDAQ OMX Nordic Exchange (3) 1120.4 1242.6 110.9%NYSE Euronext (Europe) (4) 4048.8 4222.7 104.3%Oslo Børs 389.5 353.4 90.7%SIX Swiss Exchange 427.1 1271.0 297.6%Tehran SE 285.3 43.9 15.4%Tel-Aviv SE 164.1 235.1 143.2%Warsaw SE 422.1 211.0 50.0%Wiener Börse 371.2 236.4 63.7%

Indicators 4.5

Information note:AllGDPfiguresaresubjecttochange1GDP=GrossDomesticProduct 2SingaporeExchangeandJSEmarketcapitalizationdataincludealsoforeignlistedcompanies

3NASDAQOMXNordicExchangefiguresincludedatafromDenmark,Estonia,Finland,Iceland,Latvia,Lithuania,andSweden 4NYSEEuronext(Europe)figuresincludedatafromBelgium,France,NetherlandsandPortugal

Stock markets’ significance in the national economy (USDbillions)

NA: Not Available Source:IMFInternationalFinancialStatisticsYearbook2007andWFEexchangemembers

132

Alternative&SME


Exchange Name of the market 2008 2007 % change 2008/2007

AmericasBM&FBOVESPA OrganizedOTCmarket 17220.1 26314.3 -34.6%Buenos Aires SE PymeBoard 5.3 6.4 -16.4%TSX Group TSXVenture 14098.6 58895.6 -76.1%Asia - PacificBombay SE Indonext NA 41831.0 -Bursa Malaysia SecondBoard 2494.0 4418.1 -43.5%Bursa Malaysia MesdaqMarket 1528.3 3329.2 -54.1%Hong Kong Exchanges GrowthEnterpriseMarket 5827.2 20658.3 -71.8%Jasdaq NEO 242.8 548.1 -55.7%Korea Exchange Kosdaq 34934.6 106694.9 -67.3%New Zealand Exchange NZAX(AlternativeMarket) 390.3 438.6 -11.0%Osaka SE NipponNewMarket"Hercules" 7783.0 15241.7 -48.9%Philippine SE SMEBoard 46.9 109.3 -57.1%Shenzhen SE SMEBoard 255335.8 145765.3 75.2%Singapore Exchange SGXCatalist 2453.9 7029.8 -65.1%Thailand SE MarketforAlternativeInvestment(mai) 620.4 1083.2 -42.7%Tokyo SE Group Mothers 13560.3 24805.1 -45.3%Europe - Africa - Middle EastAthens Exchange AlternativeMarket(EN.A) 317.0 - -Athens Exchange AthexMedium&SmallCapitalizationCompanies 9292.9 21644.3 -57.1%Borsa Italiana MercatoExpandi 11238.2 15704.3 -28.4%Deutsche Börse EntryStandard 10567.0 NA -Egyptian Exchange NILEX 109.8 5.9 1763.5%Irish SE IrishEnterpriseExchange 1343.1 4506.6 -70.2%Istanbul SE SecondNationalMarket 486.3 1434.8 -66.1%Istanbul SE NewEconomyMarket 33.8 100.7 -66.4%Johannesburg SE AlternativeExchange 1841.9 4571.1 -59.7%Johannesburg SE DevelopmentCapitalMarket 16.6 33.6 -50.7%Johannesburg SE VentureCapitalMarket 16.8 223.3 -92.5%London SE AIM 54723.6 194189.9 -71.8%Mauritius SE Development&EnterpriseMarket 744.7 1090.8 -31.7%NASDAQ OMX Nordic Exch. FirstNorth 4881.8 2272.8 114.8%NYSE Euronext (Europe) Alternext 4523.9 8389.1 -46.1%SIX Swiss Exchange SPIEXTRA(small-andmid-capsector) 161889.0 266251.2 -39.2%Warsaw SE NewConnect 466.2 481.7 -3.2%Wiener Börse SecondRegulatedMarketandThirdMarket 1515.8 2340.6 -35.2%

Alternative & SME 5.1

NA: Not Available -: Not ApplicableNote: Excludinginvestmentfunds

Domestic market capitalization

Information note:Athens SE: AlternativeMarketwasintroducedon21/2/2008Egyptian Exchange:TradingonNILEXhasnotyetcommencedSingapore Exchange:includedomesticcompanies,foreigncompanieswithaprimarylisting,andforeigncompanieswithasecondarylistingbutwiththemajorityoftheir

tradingtakingplaceontheexchange.ForeignlistingsaredefinedascompanieswhoseprincipalbusinessismadeoutsideSingapore.Dataexcludeinactivesecondaryforeignlistings

133

Alternative&SME


Information note:Athens SE:AlternativeMarketwasintroducedon21/2/2008Egyptian Exchange:TradingonNILEXhasnotyetcommencedSingapore Exchange:includedomesticcompanies,foreigncompanieswithaprimarylisting,andforeigncompanieswithasecondarylistingbutwiththemajorityoftheir


Exchange Name of the market2008 2007

Total Domesticcompanies


companiesForeign

companiesAmericasBM&FBOVESPA OrganizedOTCmarket 89 89 0 89 89 0Buenos Aires SE PymeBoard 2 2 0 2 2 0Lima SE BVLVentureExchange 8 0 8 6 0 6TSX Group TSXVenture 2 443 2443 0 2338 2338 0Asia - PacificBombay SE Indonext NA NA NA NA NA NABursa Malaysia SecondBoard 221 221 0 227 227 0Bursa Malaysia MesdaqMarket 122 122 0 124 124 0Hong Kong Exchanges GrowthEnterpriseMarket 174 174 0 193 193 0Jasdaq NEO 4 4 0 3 3 0Korea Exchange Kosdaq 1 037 1035 2 1022 1021 1New Zealand Exchange NZAX(AlternativeMarket) 31 31 0 29 29 0Osaka SE NipponNewMarket"Hercules" 170 169 1 173 172 1Philippine SE SMEBoard 2 2 0 2 2 0Shenzhen SE SMEBoard 273 273 0 202 202 0Singapore Exchange SGXCatalist 134 99 35 157 121 36Thailand SE MarketforAlternativeInvestment(mai) 49 49 0 48 48 0Tokyo SE Group Mothers 198 196 2 198 195 3Europe - Africa - Middle EastAthens Exchange AlternativeMarket(EN.A) 9 9 0 - - -Athens Exchange AthexMedium&SmallCapCategory 162 161 1 159 R 158 1Borsa Italiana MercatoExpandi 39 39 0 35 35 0Deutsche Börse EntryStandard 115 104 11 112 103 9Egyptian Exchange NILEX 3 3 0 0 0 0Irish SE IrishEnterpriseExchange 27 25 2 30 24 6Istanbul SE SecondNationalMarket 18 18 0 14 14 0Istanbul SE NewEconomyMarket 3 3 0 3 3 0Johannesburg SE AlternativeExchange 77 73 4 75 71 4Johannesburg SE DevelopmentCapitalMarket 6 6 0 7 7 0Johannesburg SE VentureCapitalMarket 7 6 1 9 8 1London SE AIM 1 550 1233 317 1694 1347 347Mauritius SE Development&EnterpriseMarket 49 49 0 50 50 0NASDAQ OMX Nordic Exch. FirstNorth 132 129 3 126 123 3NYSE Euronext (Europe) Alternext 128 116 12 119 113 6SIX Swiss Exchange SPIEXTRA(small-andmid-capsector) 209 200 9 205 204 1Warsaw SE NewConnect 84 83 1 24 24 0Wiener Börse SecondRegulatedMarketandThirdMarket 35 25 10 34 25 9


NA: Not Available -: Not Applicable R: Revised

Number of companies with shares traded

134

Alternative&SME


Exchange Name of the market


2008 2007



companiesForeign

companies

AmericasBM&FBOVESPA OrganizedOTCmarket 11 11 0 10 10 0Buenos Aires SE PymeBoard 0 0 0 0 0 0Lima SE BVLVentureExchange 5 0 5 5 0 5TSX Group TSXVenture 233 233 0 273 273 0Asia - PacificBursa Malaysia SecondBoard 8 8 0 8 8 0Bursa Malaysia MesdaqMarket 8 8 0 3 3 0Hong Kong Exchanges GrowthEnterpriseMarket 2 2 0 2 2 0Jasdaq NEO 1 1 0 3 3 0Korea Exchange Kosdaq 38 37 1 68 67 1New Zealand Exchange NZAX(AlternativeMarket) 2 2 0 3 3 0Osaka SE NipponNewMarket"Hercules" 9 9 0 28 28 0Philippine SE SMEBoard 0 0 0 0 0 0Shenzhen SE SMEBoard 71 71 0 100 100 0Singapore Exchange SGXCatalist 7 7 0 8 6 2Thailand SE MarketforAlternativeInvestment(mai) 3 3 0 6 6 0Tokyo SE Group Mothers 13 13 0 23 22 1Europe - Africa - Middle EastAthens Exchange AlternativeMarket(EN.A) 9 9 0 - - -Athens Exchange AthexMedium&SmallCapCategory 1 1 0 1 1 0Borsa Italiana MercatoExpandi 4 4 0 11 11 0Deutsche Börse EntryStandard 1 1 0 42 R 42 0Egyptian Exchange NILEX 3 3 0 0 0 0Irish SE IrishEnterpriseExchange 1 1 0 9 7 2Istanbul SE SecondNationalMarket 0 0 0 0 0 0Istanbul SE NewEconomyMarket 0 0 0 0 0 0Johannesburg SE AlternativeExchange 5 5 0 37 34 3Johannesburg SE DevelopmentCapitalMarket 0 0 0 1 1 0Johannesburg SE VentureCapitalMarket 0 0 0 0 0 0London SE AIM 114 87 27 284 197 87Mauritius SE Development&EnterpriseMarket 2 2 0 7 7 0NASDAQ OMX Nordic Exch. FirstNorth 17 17 0 55 53 2NYSE Euronext (Europe) Alternext 12 6 6 46 42 4Warsaw SE NewConnect 61 60 1 24 24 0Wiener Börse SecondRegulatedMarketandThirdMarket 2 0 2 7 5 2


Number of newly listed companies and delistings

NA: Not Available -: Not Applicable

Information note:Athens SE: AlternativeMarketwasintroducedon21/2/2008Egyptian Exchange:TradingonNILEXhasnotyetcommencedSingapore Exchange:includedomesticcompanies,foreigncompanieswithaprimarylisting,andforeigncompanieswithasecondarylistingbutwiththemajorityoftheir


135

Alternative&SME



Delistings

2008 2007



companiesForeign

companies

AmericasBM&FBOVESPA OrganizedOTCmarket 11 11 0 11 11 0Buenos Aires SE PymeBoard 0 0 0 0 0 0Lima SE BVLVentureExchange 3 0 3 1 0 1TSX Group TSXVenture 128 128 0 179 179 0Asia - PacificBursa Malaysia SecondBoard 6 6 0 13 13 0Bursa Malaysia MesdaqMarket 4 4 0 2 2 0Hong Kong Exchanges GrowthEnterpriseMarket 21 21 0 7 7 0Jasdaq NEO 0 0 0 0 0 0Korea Exchange Kosdaq 18 18 0 9 9 0New Zealand Exchange NZAX(AlternativeMarket) 1 1 0 3 3 0Osaka SE NipponNewMarket"Hercules" 12 12 0 11 11 0Philippine SE SMEBoard 0 0 0 1 1 0Shenzhen SE SMEBoard 0 0 0 0 0 0Singapore Exchange SGXCatalist 2 1 1 3 2 1Thailand SE MarketforAlternativeInvestment(mai) 1 1 0 0 0 0Tokyo SE Group Mothers 7 6 1 4 4 0Europe - Africa - Middle EastAthens Exchange AlternativeMarket(EN.A) 0 0 0 - - -Athens Exchange AthexMedium&SmallCapCategory 6 6 0 7 R 7 0Borsa Italiana MercatoExpandi 0 0 0 2 2 0Deutsche Börse EntryStandard NA NA NA 4 4 0Egyptian Exchange NILEX 0 0 0 0 0 0Irish SE IrishEnterpriseExchange 4 0 4 2 2 0Istanbul SE SecondNationalMarket 1 1 0 1 1 0Istanbul SE NewEconomyMarket 0 0 0 0 0 0Johannesburg SE AlternativeExchange 3 3 0 0 0 0Johannesburg SE DevelopmentCapitalMarket 1 1 0 3 3 0Johannesburg SE VentureCapitalMarket 0 0 0 5 5 0London SE AIM 258 201 57 224 179 45Mauritius SE Development&EnterpriseMarket 3 3 0 0 0 0NASDAQ OMX Nordic Exch. FirstNorth 8 8 0 6 6 0NYSE Euronext (Europe) Alternext 3 3 0 2 2 0Warsaw SE NewConnect 1 1 0 0 0 0Wiener Börse SecondRegulatedMarketandThirdMarket 1 0 1 6 3 3

Number of newly listed companies and delistings


136

Alternative&SME



Total value of share trading (USDmillions)

NA: Not Available -: Not Applicable R: RevisedNotes: Thesale&purchaseofasharearecountedasonetransaction


Information note:Athens SE:AlternativeMarketwasintroducedon21/2/2008


2008 2007

Total Dom.cies

Foreigncies

Invest.funds Total Dom.

ciesForeign

ciesInvest.funds

AmericasBM&FBOVESPA OrganizedOTCmarket 683.2 639.1 0.0 44.1 266.8 221.3 0.0 45.5Buenos Aires SE PymeBoard 0.1 0.1 0.0 0.0 0.4 0.4 0.0 0.0Lima SE BVLVentureExchange 69.3 0.0 69.3 0.0 353.2 0.0 353.2 0.0TSX Group TSXVenture 22 204.0 22204.0 0.0 0.0 42 201.2 42201.2 0.0 0.0Asia - PacificBombay SE Indonext NA NA NA NA 12 717.1 12717.1 0.0 0.0Bursa Malaysia SecondBoard 1 600.2 1600.2 0.0 0.0 6 486.0 6486.0 0.0 0.0Bursa Malaysia MesdaqMarket 1 064.1 1064.1 0.0 0.0 6 793.2 6793.2 0.0 0.0Hong Kong Exchanges GrowthEnterpriseMarket 6 692.4 6692.4 0.0 0.0 20 411.1 20411.1 0.0 0.0Jasdaq NEO 2 316.1 2316.1 0.0 0.0 1 834.2 1834.2 0.0 0.0Korea Exchange Kosdaq 277 388.8 276578.9 809.5 0.4 539 318.0 537990.0 1327.2 0.8New Zealand Exchange NZAX(AlternativeMarket) 12.4 12.4 0.0 0.0 28.5 28.5 0.0 0.0Osaka SE NipponNewMarket"Hercules" 21 581.5 21578.0 3.5 0.0 52 742.8 52727.9 14.9 0.0Philippine SE SMEBoard 0.3 0.3 0.0 0.0 6.15 6.15 0.0 0.0Shenzhen SE SMEBoard 240 169.6 240169.6 0.0 0.0 213 325.9 213325.9 0.0 0.0Singapore Exchange SGXCatalist 2 677.1 NA NA NA 18 104.1 NA NA NAThailand SE MarketforAlternativeInvestment(mai) 1 413.6 1413.6 0.0 0.0 2 197.7 R 2197.7 0.0 0.0Tokyo SE Group Mothers 59 134.9 58925.8 209.1 0.0 115 656.9 114206.9 1450.0 0.0Europe - Africa - Middle EastAthens Exchange AlternativeMarket(EN.A) 4.4 4.4 0.0 0.0 - - - -Athens Exchange AthexMedium&SmallCapCategory 2 645.8 2552.2 23.0 70.5 12 597.0 12488.4 3.3 105.3Borsa Italiana MercatoExpandi 1 589.5 1589.5 0.0 0.0 5 705.1 5705.1 0.0 0.0Deutsche Börse EntryStandard 3 669.2 3516.4 152.8 0.0 7 091.1 R 6363.0 728.1 0.0Irish SE IrishEnterpriseExchange 842.5 839.3 3.2 0.0 2 229.4 2213.2 16.1 0.0Istanbul SE SecondNationalMarket 1 807.5 1807.5 0.0 0.0 3 419.1 3419.1 0.0 0.0Istanbul SE NewEconomyMarket 169.3 169.3 0.0 0.0 428.9 428.9 0.0 0.0Johannesburg SE AlternativeExchange 605.9 587.2 18.8 0.0 856.3 831.8 24.5 0.0Johannesburg SE DevelopmentCapitalMarket 0.8 0.8 0.0 0.0 1.8 1.8 0.0 0.0Johannesburg SE VentureCapitalMarket 9.3 9.3 0.1 0.0 11.5 11.3 0.1 0.0London SE AIM 89 457.4 66395.3 23062.1 0.0 102 461.9 77333.6 25128.3 0.0Mauritius SE Development&EnterpriseMarket 47.0 26.7 0.0 20.3 31.2 19.0 0.0 12.2NASDAQ OMX Nordic Exch. FirstNorth 2 893.2 1507.1 1386.1 0.0 4 671.6 4149.7 521.9 0.0NYSE Euronext (Europe) Alternext 1 342.0 1318.7 23.3 0.0 3 172.0 3130.7 41.3 0.0Warsaw SE NewConnect 173.4 173.4 0.1 0.0 55.1 55.1 0.0 0.0Wiener Börse SecondRegulatedMarketandThirdMarket 738.8 114.4 449.9 174.5 930.4 313.6 525.5 91.3

137

Alternative&SME


Also on value of share trading - Electronic order book trades (USDmillions)

-: Not Applicable R: RevisedNotes: Thesale&purchaseofasharearecountedasonetransaction



2008 2007

Total Dom.cies

Foreigncies


ciesForeign

ciesInvest.funds

AmericasBM&FBOVESPA OrganizedOTCmarket 683.2 639.1 0.0 44.1 266.8 221.3 0.0 45.5Buenos Aires SE PymeBoard 0.1 0.1 0.0 0.0 0.4 0.4 0.0 0.0Lima SE BVLVentureExchange 69.3 0.0 69.3 0.0 351.5 0.0 351.5 0.0Asia - PacificBursa Malaysia SecondBoard 1 377.2 1377.2 0.0 0.0 5 965.4 5965.4 0.0 0.0Bursa Malaysia MesdaqMarket 915.7 915.7 0.0 0.0 6 304.8 6304.8 0.0 0.0Hong Kong Exchanges GrowthEnterpriseMarket 5 975.0 5975.0 0.0 0.0 18 447.9 18447.9 0.0 0.0Jasdaq NEO 2 314.7 2314.7 0.0 0.0 1 828.2 1828.2 0.0 0.0Korea Exchange Kosdaq 274 389.5 273579.6 809.5 0.4 535 086.2 533758.2 1327.2 0.8New Zealand Exchange NZAX(AlternativeMarket) 10.6 10.6 0.0 0.0 22.1 22.1 0.0 0.0Osaka SE NipponNewMarket"Hercules" 21 341.6 21338.1 3.5 0.0 52 302.3 52287.4 14.9 0.0Philippine SE SMEBoard 0.3 0.3 0.0 0.0 5.1 5.1 0.0 0.0Shenzhen SE SMEBoard 239 737.0 239737.0 0.0 0.0 213 312.9 213312.9 0.0 0.0Thailand SE MarketforAlternativeInvestment(mai) 1 388.9 1388.9 0.0 0.0 2 172.7 R 2172.7 0.0 0.0Tokyo SE Group Mothers 58 765.2 58556.2 209.0 0.0 114 594.7 113144.7 1450.0 0.0Europe - Africa - Middle EastAthens Exchange AlternativeMarket(EN.A) 4.4 4.4 0.0 0.0 - - - -Athens Exchange AthexMedium&SmallCapCategory 2 357.7 2306.8 22.1 28.8 10 840.8 10758.3 3.3 79.2Borsa Italiana MercatoExpandi 1 589.5 1589.5 0.0 0.0 5 197.1 5197.1 0.0 0.0Deutsche Börse EntryStandard 2 263.7 2193.9 69.8 0.0 3 821.7 R 3435.2 386.5 0.0Irish SE IrishEnterpriseExchange 140.0 138.7 1.4 0.0 413.9 409.1 4.8 0.0Istanbul SE SecondNationalMarket 1 807.5 1807.5 0.0 0.0 3 419.1 3419.1 0.0 0.0Istanbul SE NewEconomyMarket 169.3 169.3 0.0 0.0 428.9 428.9 0.0 0.0Johannesburg SE AlternativeExchange 532.1 518.0 14.2 0.0 795.1 781.4 13.7 0.0Johannesburg SE DevelopmentCapitalMarket 0.8 0.8 0.0 0.0 1.8 1.8 0.0 0.0Johannesburg SE VentureCapitalMarket 8.5 8.4 0.1 0.0 11.0 10.9 0.1 0.0London SE AIM 14 955.5 12350.8 2604.7 0.0 21 225.3 18013.4 3211.9 0.0Mauritius SE Development&EnterpriseMarket 47.0 26.7 0.0 20.3 31.2 19.0 0.0 12.2NASDAQ OMX Nordic Exch. FirstNorth 2 358.7 1201.0 1157.7 0.0 4 028.4 3557.9 470.5 0.0NYSE Euronext (Europe) Alternext 1 069.5 1050.6 18.9 0.0 2 700.2 2667.2 33.0 0.0Warsaw SE NewConnect 170.3 170.3 0.1 0.0 55.1 55.1 0.0 0.0Wiener Börse SecondRegulatedMarketandThirdMarket 738.8 114.4 449.9 174.5 930.4 313.6 525.5 91.3

138

Alternative&SME


Also on value of share trading - Negotiated deals (USDmillions)

NA: Not Available R: RevisedNotes: Thesale&purchaseofasharearecountedasonetransaction



2008 2007

Total Dom.cies

Foreigncies


ciesForeign

ciesInvest.funds

AmericasLima SE BVLVentureExchange 0.0 0.0 0.0 0.0 1.7 0.0 1.7 0.0Asia - PacificBursa Malaysia SecondBoard 223.0 223.0 0.0 0.0 520.6 520.6 0.0 0.0Bursa Malaysia MesdaqMarket 148.4 148.4 0.0 0.0 488.5 488.5 0.0 0.0Hong Kong Exchanges GrowthEnterpriseMarket 717.4 717.4 0.0 0.0 1 963.1 1963.1 0.0 0.0Jasdaq NEO 1.4 1.4 0.0 0.0 6.0 6.0 0.0 0.0Korea Exchange Kosdaq 2 999.3 2999.3 0.0 0.0 4 231.9 4231.9 0.0 0.0New Zealand Exchange NZAX(AlternativeMarket) 1.6 1.57 0.0 0.0 6.4 6.37 0.0 0.0Osaka SE NipponNewMarket"Hercules" 239.8 239.8 0.0 0.0 440.5 440.5 0.0 0.0Philippine SE SMEBoard 0.0 0.0 0.0 0.0 1.1 1.1 0.0 0.0Shenzhen SE SMEBoard 432.8 432.8 0.0 0.0 13.1 13.1 0.0 0.0Thailand SE MarketforAlternativeInvestment(mai) 24.7 24.7 0.0 0.0 25.0 R 25.0 0.0 0.0Tokyo SE Group Mothers 369.7 369.7 0.1 0.0 1 062.2 1062.2 0.0 0.0Europe - Africa - Middle EastAthens Exchange AthexMedium&SmallCapCategory 286.9 244.2 1.0 41.7 1 756.3 1730.2 0.0 26.1Borsa Italiana MercatoExpandi 0.0 0.0 0.0 0.0 508.0 508.0 0.0 0.0Deutsche Börse EntryStandard 1 405.5 1322.5 83.0 0.0 3 269.4 R 2927.8 341.6 0.0Irish SE IrishEnterpriseExchange 702.5 700.6 1.9 0.0 1 815.5 1804.2 11.3 0.0Johannesburg SE AlternativeExchange 73.8 69.2 4.6 0.0 61.2 50.4 10.8 0.0Johannesburg SE Development&EnterpriseMarket 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Johannesburg SE VentureCapitalMarket 0.9 0.9 0.0 0.0 0.5 0.5 0.0 0.0London SE AIM 74 501.9 54044.5 NA NA 81 236.8 59320.3 NA NANASDAQ OMX Nordic Exch. FirstNorth 534.5 306.1 228.4 0.0 643.2 591.7 51.4 0.0NYSE Euronext (Europe) Alternext 271.0 266.6 4.4 0.0 470.4 463.6 6.9 0.0Warsaw SE NewConnect 3.1 3.1 0.0 0.0 0.0 0.0 0.0 0.0

139

Alternative&SME




NA: Not Available -: Not Applicable R: Revised

Information note:Athens SE:AlternativeMarketwasintroducedon21/2/2008


2008 2007

Initial public

offerings

Secondary public

offeringsTotal

Initial public

offerings

Secondary public

offeringsTotal

AmericasBuenos Aires SE PymeBoard 0.0 0.0 0.0 0.0 0.0 0.0TSX Group TSXVenture 209.9 4922.1 5 132.0 500.2 10435.4 10 935.5Asia - PacificBursa Malaysia SecondBoard 90.4 50.9 141.3 98.6 124.9 223.5Bursa Malaysia MesdaqMarket 51.3 22.8 74.0 13.9 85.5 99.4Hong Kong Exchanges GrowthEnterpriseMarket 27.9 1136.3 1 164.1 255.6 2278.4 2 534.0 RJasdaq NEO 9.3 0.0 9.3 NA NA NAKorea Exchange Kosdaq 425.0 1658.5 2 083.5 300.1 1126.2 1 426.3New Zealand Exchange NewZealandAlternativeMarket 19.6 108.0 127.6 0.2 28.3 28.5Osaka SE NipponNewMarket"Hercules" 24.0 NA 24.0 179.5 NA 179.5Shenzhen SE SMEBoard 4342.7 1849.6 6 192.3 5188.0 760.7 5 948.7Singapore Exchange SGXCatalist 67.6 63.5 131.1 43.7 196.0 239.7Thailand SE MarketforAlternativeInvestment(mai) 48.0 17.8 65.8 90.5 42.8 133.3Tokyo SE Group Mothers 86.2 336.3 422.5 NA 748.4 748.4Europe - Africa - Middle EastAthens Exchange AlternativeMarket 12.5 0.0 12.5 - - -Athens Exchange AthexMedium&SmallCapCategory 34.0 93.5 127.5 15846.3 1402.4 17 248.7Borsa Italiana MercatoExpandi 207.7 10670.6 10 878.3 6041.9 5482.9 11 524.9 RDeutsche Börse EntryStandard 8.7 NA 8.7 386.3 NA 386.3Irish SE IrishEnterpriseExchange 0.0 432.5 432.5 1224.8 488.5 1 713.2Istanbul SE SecondNationalMarket 0.0 63.7 63.7 0.0 7.7 7.7Istanbul SE NewEconomyMarket 0.0 0.0 0.0 0.0 0.0 0.0Johannesburg SE AlternativeExchange 0.0 347.6 347.6 0.0 252.0 252.0Johannesburg SE DevelopmentCapitalMarket 0.0 1.9 1.9 0.0 0.5 0.5Johannesburg SE VentureCapitalMarket 0.0 9.5 9.5 0.0 3.5 3.5London SE AIM 2012.4 5820.5 7 832.9 13198.7 19258.9 32 457.6Mauritius SE Development&EnterpriseMarket 24.0 0.0 24.0 47.1 0.0 47.1NASDAQ OMX Nordic Exch. FirstNorth 79.1 NA 79.1 1219.7 NA 1 219.7NYSE Euronext (Europe) Alternext 68.2 556.6 624.8 620.4 321.9 942.2Warsaw SE NewConnect 1.3 NA 6.7 - - -Wiener Börse SecondRegulatedMarket&ThirdMarket 0.0 0.0 0.0 56.4 137.6 194.0

140

Alternative&SME



Market indexes


Information note:Bursa Malaysia:SecondBoardIndexwasreplacedbyFTSE-BursaMalaysiaSecondBoardIndex(FBM_2BRD)from1/11/2007officially;MesdaqMarketIndexwasreplacedbyFTSE-BursaMalaysiaMesdaqMarketIndex(FBM_MDQ)from1/11/2007officially.

Exchange Name of index 2008 High Date 2008 Low Date 2008

Year-end2007

Year-end% change end 08/07

AmericasLima SE IndicedeJuniors 116.25 May26 15.42 Dec.30 16.20 100.00 -83.8%TSX Group S&P/TSXVentureComposite 2885.60 Jan.03 684.31 Dec.05 797.02 2893.66 -72.5%Asia - PacificBursa Malaysia FTSE/BursaMalaysiaSecondBoardIndex 6952.00 Jan.09 3906.00 Dec.12 4007.31 6732.35 -40.5%Bursa Malaysia FTSE/BursaMalaysiaMesdaqIndex 6213.00 Jan.09 3198.00 Dec.12 3333.59 6109.16 -45.4%Hong Kong Exchanges S&P/HKExGEMIndex 1347.51 Jan.02 343.17 Nov.26 385.47 1349.64 -71.4%Korea Exchange KosdaqIndex 719.25 Jan.04 261.19 Oct.27 332.05 704.23 -52.8%New Zealand Exchange NZAXAllIndex 1131.17 Jan.03 757.57 Dec.15 793.24 1128.75 -29.7%Osaka SE HerculesIndex 1139.76 Jan.04 436.88 Oct.10 495.02 1180.25 -58.1%Shenzhen SE SMEPriceIndex 6315.09 Jan.15 1959.13 Oct.28 2370.00 5926.70 -60.0%Singapore Exchange UOB-CatalistIndex 211.31 Jan.02 71.90 Dec.03 76.86 215.85 -64.4%Thailand SE maiIndex 293.12 May09 150.53 Dec.02 162.93 272.37 -40.2%Tokyo SE Group MothersIndex 751.25 Jan.09 269.41 Oct.10 323.47 783.18 -58.7%Europe - Africa - Middle EastAthens Exchange FTSE/AthexSmallCap80 1060.68 Jan.02 379.83 Oct.24 422.64 1057.38 -60.0%Borsa Italiana MEXIndex 10290.00 Jan.02 5739.00 Dec.22 6088.00 10243.00 -40.6%Deutsche Börse EntryAllShare 1061.05 Jan.02 504.76 Dec.17 569.22 1055.38 -46.1%Istanbul SE SecondNationalMarketIndex 30770.94 Jan.09 7408.82 Nov.20 8645.09 27283.78 -68.3%Istanbul SE NewEconomyMarketIndex 32615.17 Jan.03 11077.24 Nov.20 14889.37 32879.36 -54.7%Johannesburg SE FTSE/JSEAlternativeExchangeIndex 4781.24 Jan.02 2243.77 Dec.08 2331.27 4797.20 -51.4%Johannesburg SE FTSE/JSEVentureCapitalIndex 315.10 Jan.28 121.21 Dec.02 146.73 219.20 -33.1%Johannesburg SE FTSE/JSEDevelopmentCapitalIndex 1226.23 Jan.02 458.42 Oct.31 559.15 1235.64 -54.7%London SE FTSEAIM 1055.62 Jan.03 381.77 Dec.22 394.32 1049.14 -62.4%Mauritius SE DEMEX 159.31 Feb.14 111.76 Dec.08 112.88 147.61 -23.5%NASDAQ OMX Nordic Exch. FirstNorthAllShareEUR 114.56 Feb.27 35.11 Dec.30 35.11 111.39 -68.5%NYSE Euronext (Europe) AlternextAll-ShareIndex 1233.97 Jan.02 607.16 Dec.23 614.49 1228.89 -50.0%SIX Swiss Exchange SPIEXTRA 2245.02 Jan.03 1279.65 Nov.21 1349.87 2283.73 -40.9%Warsaw SE NCIndex 145.95 Jan.02 38.19 Dec.31 38.19 144.17 -73.5%

142

Othermarkets


Exchange End 2008 End 2007 % change 2008/2007

AmericasCayman Islands SE 159.0 165.0 -3.6%Costa Rica SE 1905.3 2181.8 -12.7%Panama SE NA 7203.3 -Rosario SE 39850.9 57070.7 -30.2%Asia - PacificChittagong SE 11721.1 8732.8 34.2%GreTai 23527.0 57616.7 -59.2%Karachi SE 23354.0 69715.4 -66.5%Port Moresby SE 11181.7 12960.8 -13.7%Europe - Africa - Middle EastAbu Dhabi SE 68810.3 120690.7 R -43.0%Bahrain SE 19947.3 27088.4 -26.4%Banja Luka SE 2622.5 5881.1 R -55.4%Beirut SE 9583.6 10745.9 -10.8%Belgrade SE 12027.8 23721.6 -49.3%Bratislava SE 5380.8 6911.0 R -22.1%BRVM 7087.8 8305.2 -14.7%Bucharest SE 15149.4 30642.0 -50.6%Bulgarian SE 8880.4 21667.7 -59.0%Casablanca SE 65854.6 75494.5 -12.8%Doha Securities Market 76615.1 95506.2 -19.8%Dubai International Financial Exchange NA 20252.0 -Ghana SE 2844.4 2401.3 18.5%Kazakhstan SE 23271.8 41377.5 -43.8%MICEX SE 337088.8 1221530.1 -72.4%Montenegro SE 15.6 NA -Muscat Securities Market 15136.3 26682.3 -43.3%Nairobi SE 10854.1 13344.6 -18.7%Namibian SE 79297.0 173587.3 -54.3%Nigerian SE 48062.2 84894.6 R -43.4%Palestine SE 2999.5 2473.6 R 21.3%Prague SE 39366.1 68913.2 -42.9%"Russian Trading System" SE 374686.8 1334223.7 -71.9%Saudi Stock Market 246337.2 518942.9 -52.5%Swaziland SE NA 234.3 -Zagreb SE 27126.5 70222.9 -61.4%

Other markets 6.1

Information note:BRVM:BourseRégionaledesValeursMobilières(WestAfricanStockExchange)containsthe8countriesoftheWestAfricanEconomic&MonetaryUnion

Domestic market capitalization (USDmillions)

NA: Not Available R: RevisedNote: excludinginvestmentfunds

143

Othermarkets


Exchange

2008 2007

Total Domestic companies


companiesForeign

companies

AmericasCayman Islands SE 4 2 2 5 2 3Costa Rica SE 11 11 0 13 12 1Panama SE NA NA NA 31 28 3Rosario SE 115 110 5 114 109 5Asia - PacificChittagong SE 221 221 0 211 211 0GreTai 539 539 0 547 547 0Karachi SE 629 629 0 630 630 0Port Moresby SE 18 11 7 15 9 6Europe - Africa - Middle EastAbu Dhabi SE 65 60 5 64 59 5Bahrain SE 51 45 6 51 44 7Banja Luka SE 838 838 0 814 R 814 0Beirut SE 11 11 0 11 11 0Belgrade SE 4 4 0 3 3 0Bratislava SE 125 125 0 160 160 0BRVM 38 38 0 38 38 0Bucharest SE 62 61 1 54 54 0Bulgarian SE 404 404 0 369 369 0Casablanca SE 77 77 0 73 73 0Channel Islands SE NA NA NA 9 1 8Doha Securities Market 43 43 0 40 40 0Dubai International Financial Exchange NA NA NA 13 1 12Ghana SE 35 31 4 32 29 3Kazakhstan SE 74 72 2 67 66 1MICEX SE 232 232 0 207 207 0Montenegro SE 420 420 0 331 331 0Muscat Securities Market 122 122 0 120 R 120 0Nairobi SE 56 56 0 55 R 55 0Namibian SE 29 7 22 27 7 20Nigerian SE 213 212 1 212 211 1Palestine SE 37 36 1 35 34 1Prague SE 17 7 10 21 13 8"Russian Trading System" SE 329 329 0 385 385 0Saudi Stock Market 127 127 0 111 111 0Swaziland SE NA NA NA 6 6 0Zagreb SE 356 356 0 359 R 359 0

Other markets 6.2


Number of listed companies

NA: Not Available R: RevisedNote: excludinginvestmentfunds

144

Othermarkets


Exchange

New listings

2008 2007



companiesForeign

companies

AmericasCayman Islands SE 0 0 0 1 1 0Costa Rica SE 0 0 0 0 0 0Panama SE NA NA NA 3 3 0Rosario SE 2 2 0 5 5 0Asia - PacificChittagong SE 13 13 0 13 13 0GreTai 24 24 0 40 40 0Karachi SE 10 10 0 10 R 10 0Port Moresby SE 4 2 2 0 0 0Europe - Africa - Middle EastAbu Dhabi SE 1 1 0 4 4 0Bahrain SE 1 1 0 1 1 0Banja Luka SE 30 30 0 33 R 33 0Beirut SE 0 0 0 0 0 0Belgrade SE 2 2 0 3 3 0Bratislava SE 0 0 0 0 0 0BRVM 0 0 0 0 0 0Bucharest SE 5 4 1 3 3 0Bulgarian SE 41 41 0 38 38 0Casablanca SE 5 5 0 10 10 0Channel Islands SE NA NA NA 3 1 2Doha Securities Market 3 3 0 4 4 0Dubai International Financial Exchange NA NA NA 6 1 5Ghana SE 3 2 1 1 1 0Kazakhstan SE 7 6 1 5 5 0MICEX SE 72 72 0 30 R 30 0Montenegro SE 0 0 0 0 0 0Muscat Securities Market 2 2 0 0 R 0 0Nairobi SE 2 2 0 2 2 0Namibian SE 3 0 3 4 0 4Nigerian SE 21 21 0 12 12 0Palestine SE 2 2 0 3 3 0Prague SE 1 0 1 2 0 2"Russian Trading System" SE 37 37 0 68 68 0Saudi Stock Market 16 16 0 25 25 0Swaziland SE NA NA NA 0 0 0Zagreb SE 20 20 0 214 R 214 0

Other markets 6.3

Number of newly listed companies

NA: Not Available R: Revised Note: excludinginvestmentfunds


145

Othermarkets


Exchange

Delistings

2008 2007



companiesForeign

companies

AmericasCayman Islands SE 1 0 1 0 0 0Costa Rica SE 1 0 1 6 6 0Panama SE NA NA NA 0 0 0Rosario SE 1 1 0 0 0 0Asia - PacificChittagong SE 3 3 0 0 0 0GreTai 32 32 0 24 24 0Karachi SE 11 11 0 10 10 0Port Moresby SE 1 1 0 0 0 0Europe - Africa - Middle EastAbu Dhabi SE 0 0 0 0 0 0Bahrain SE 1 0 1 0 0 0Banja Luka SE 6 6 0 12 R 12 0Beirut SE 0 0 0 0 0 0Belgrade SE 1 1 0 0 0 0Bratislava SE 35 35 0 27 27 0BRVM 0 0 0 0 R 0 0Bucharest SE 1 1 0 1 1 0Bulgarian SE 10 10 0 16 16 0Casablanca SE 1 1 0 0 0 0Channel Islands SE NA NA NA 6 6 0Doha Securities Market 0 0 0 0 0 0Dubai International Financial Exchange NA NA NA 0 0 0Ghana SE 0 0 0 1 1 0Kazakhstan SE 3 3 0 6 6 0MICEX SE 47 47 0 16 R 16 0Montenegro SE 4 4 0 0 0 0Muscat Securities Market 0 0 0 0 R 0 0Nairobi SE 0 0 0 0 0 0Namibian SE 1 0 1 5 2 3Nigerian SE 20 20 0 2 2 0Palestine SE 0 0 0 0 R 0 0Prague SE 3 3 0 2 2 0"Russian Trading System" SE 62 62 0 26 26 0Saudi Stock Market 0 0 0 0 0 0Swaziland SE NA NA NA 0 0 0Zagreb SE 17 17 0 37 R 37 0

Number of delisted companies


146

Othermarkets


Other markets 6.4

Value of share trading (USDmillions)



Exchange

2008 2007% change

08/07Total Domesticcompanies

Foreigncompanies

Invest.funds Total Domestic

companiesForeign

companiesInvest.funds

AmericasCayman Islands SE 1.4 1.4 0.0 0.0 5.8 5.8 0.0 0.0 -75.9%Costa Rica SE 379.2 54.5 0.0 324.7 305.3 71.7 6.4 227.2 24.2%Panama SE NA NA NA NA 789.3 362.5 87.7 339.1 -Rosario SE 239.1 NA NA NA 302.0 NA NA NA -20.8%Asia - PacificChittagong SE 1 461.7 1314.6 0.0 147.1 752.8 707.8 0.0 45.0 94.2%GreTai 100 112.7 100112.7 0.0 0.0 263 219.7 263219.7 0.0 0.0 -62.0%Karachi SE 44 553.9 44465.5 0.0 88.3 100 026.5 99831.8 0.0 194.8 -55.5%Port Moresby SE 65.4 65.1 0.4 0.0 54.0 53.7 0.3 0.0 21.2%Europe - Africa - Middle EastAbu Dhabi SE 63 205.6 62901.8 303.8 0.0 47 744.0 R 47214.4 529.6 0.0 32.4%Bahrain SE 2 088.5 2083.6 4.8 0.0 1 072.0 1044.7 27.3 0.0 94.8%Banja Luka SE 163.1 141.2 0.0 21.9 546.8 R 370.0 0.0 176.8 -70.2%Beirut SE 1 717.3 1711.3 0.0 6.0 990.8 967.4 0.0 23.4 73.3%Belgrade SE 1 046.0 1046.0 0.0 0.0 2 722.9 2722.9 0.0 0.0 -61.6%Bratislava SE 21.1 21.1 0.0 0.0 31.3 31.3 0.0 0.0 -32.6%BRVM 291.9 291.9 0.0 0.0 164.4 R 164.4 0.0 0.0 77.6%Bucharest SE 2 354.6 1225.0 85.6 1044.0 5 623.4 2787.1 0.0 2836.3 -58.1%Bulgarian SE 1 855.0 1852.9 0.0 2.1 6 808.9 6784.3 0.0 24.7 -72.8%Casablanca SE 13 766.3 13766.3 0.0 0.0 22 520.7 R 22520.7 0.0 0.0 -38.9%Channel Islands SE NA NA NA NA 98.8 0.1 3.6 95.1 -Doha Securities Market 48 186.5 48186.5 0.0 0.0 29 940.1 29940.1 0.0 0.0 60.9%Dubai International Financial Exch. NA NA NA NA 1 453.7 1431.3 22.5 0.0 -Ghana SE 286.8 NA NA NA 145.4 NA NA NA 97.3%Kazakhstan SE 3 785.7 3740.7 22.6 22.4 9 006.7 9005.2 1.5 0.0 -58.0%MICEX SE 1 147 048.7 1146263.8 0.0 784.9 1 261 163.0 1260338.2 0.0 824.8 -9.0%Montenegro SE 98.3 83.3 0.0 15.1 394.4 357.0 0.0 37.4 -75.1%Muscat Securities Market NA NA NA NA 6 915.6 6909.4 0.0 6.2 -Nairobi SE 1 240.0 742.2 497.8 0.0 1 389.0 R 1127.8 261.3 0.0 -10.7%Namibian SE 975.8 14.6 961.1 0.0 1 614.2 20.5 1593.7 0.0 -39.5%Nigerian SE 17 030.4 16718.6 311.8 0.0 17 695.4 R 17359.9 335.5 0.0 -3.8%Palestine SE 1 674.5 1210.1 464.4 0.0 1 147.7 R 896.8 250.9 0.0 45.9%Prague SE 43 948.2 32280.7 11667.5 0.0 55 185.9 37788.6 17397.4 0.0 -20.4%"Russian Trading System" SE 8 749.3 8746.1 0.0 3.2 15 887.3 15858.3 0.0 29.0 -44.9%Saudi Stock Market 523 019.8 523019.8 0.0 0.0 681 947.6 681947.6 0.0 0.0 -23.3%Swaziland SE NA NA NA NA 3.54 3.54 0.0 0.0 -Zagreb SE 3 216.0 3216.0 0.0 0.0 4 386.1 4386.1 0.0 0.0 -26.7%

147

Othermarkets


Other markets 6.5




Exchange

2008 2007

Initial publicofferings

Secondary public

offeringsTotal Initial public

offerings

Secondary public

offeringsTotal

AmericasCosta Rica SE 0.0 65.4 65.4 0.0 0.0 0.0Panama SE NA NA NA 100.0 NA 100.0Asia - PacificChittagong SE 29.7 44.7 74.3 70.8 43.1 113.9GreTai 288.9 54.8 343.7 776.6 206.3 982.9Karachi SE 193.5 346.3 539.9 234.0 689.7 923.7 RPort Moresby SE 173.8 95.1 268.9 0.0 0.0 0.0Europe - Africa - Middle EastAbu Dhabi SE 40.8 3226.7 3 267.5 0.0 NA NABahrain SE 265.3 1435.7 1 700.9 122.3 130.3 252.6 RBanja Luka SE 0.6 3.0 3.7 0.0 0.4 0.4 RBeirut SE 0.0 1461.4 1 461.4 0.0 407.8 407.8Bratislava SE 0.0 26.6 26.6 0.0 0.0 0.0BRVM 0.0 20.2 20.2 0.0 184.2 184.2 RBucharest SE 24.3 0.0 24.3 92.1 158.4 250.48Bulgarian SE 66.3 327.1 393.4 228.7 362.5 591.3Casablanca SE 212.8 357.0 569.8 311.8 25.7 337.5 RDoha Securities Market 329.5 4640.2 4 969.7 2060.1 879.0 2 939.1Dubai International Financial Exchange NA NA NA 4218.9 0.0 4 218.9Ghana SE 53.7 1994.4 2 048.1 21.2 62.0 83.2Kazakhstan SE 22.4 595.9 618.3 NA NA NAMICEX SE 0.0 0.0 0.0 6.5 70.1 76.6 RMontenegro SE 0.0 16.9 16.9 0.3 52.9 53.2Muscat Securities Market 202.0 0.0 202.0 194.8 501.6 696.4Nairobi SE 719.6 114.4 834.1 118.8 92.8 211.6 RNamibian SE NA NA NA NA NA NANigerian SE 564.5 9494.3 10 058.8 1438.4 11968.2 13 406.6 RPalestine SE NA 60.2 78.2 NA 55.9 167.5 RPrague SE 298.2 41.2 339.4 137.1 372.0 509.1"Russian Trading System" SE 0.0 0.0 0.0 0.0 94.6 94.6Saudi Stock Market 9694.9 5989.0 15 683.9 4808.7 631.0 5 439.8Swaziland SE NA NA NA 0.0 3.5 3.5Zagreb SE 0.0 0.0 0.0 0.0 0.0 0.0

148

Othermarkets


Exchange

2008 2007

TotalDomestic

private sector



private sector


Foreign

AmericasCosta Rica SE 4 165.3 484.6 3533.7 147.0 5 310.9 317.3 4637.0 356.6Panama SE NA NA NA NA 2 532.1 2015.8 496.3 20.0Rosario SE 342.7 1.1 341.6 0.0 468.6 0.4 468.1 0.0Asia - PacificChittagong SE 9.7 9.7 0.0 0.0 4.4 4.4 0.0 0.0GreTai 978 973.4 18512.4 960421.7 39.3 1 497 105.6 R 19499.6 1477277.9 328.0Karachi SE 0.0 0.0 0.0 0.0 2.7 2.7 0.0 0.0Port Moresby SE 0.7 0.7 0.0 0.0 0.1 0.0 0.0 0.1Europe - Africa - Middle EastAbu Dhabi SE 55.0 NA NA NA 1.7 NA NA NABahrain SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Banja Luka SE 8.3 2.9 5.4 0.0 0.6 0.6 0.0 0.0Belgrade SE 84.0 0.0 84.0 0.0 305.3 0.0 305.3 0.0Bond Exchange of South Africa 2 056 669.5 92837.5 1963829.6 2.4 2 024 839.6 110875.0 1913782.2 NABratislava SE 33 899.8 177.8 33709.8 12.2 15 148.4 179.7 14964.3 4.5BRVM 44.7 11.7 33.0 0.0 22.7 R 5.9 16.7 0.0Bucharest SE 67.8 15.1 17.4 35.3 323.6 20.2 4.0 299.4Bulgarian SE 183.2 182.4 0.7 0.0 297.5 296.8 0.7 0.0Casablanca SE 1 369.2 1226.4 29.2 113.5 646.9 583.0 0.0 63.9Ghana SE 0.0 0.0 0.0 0.0 5.3 1.4 3.9 0.0Kazakhstan SE 7 523.8 3559.0 3915.1 49.7 11 225.1 4357.1 6864.8 3.2MICEX SE/MICEX 1 388 792.7 660056.5 665493.1 63243.1 1 427 169.3 R 524527.0 878363.2 24279.2Montenegro SE 9.6 0.0 9.6 0.0 12.7 0.0 12.7 0.0Muscat Securities Market NA NA NA NA 93.7 2.9 90.7 0.0Nairobi SE 1 212.5 NA 1212.5 NA 1 330.4 NA 1330.4 NANamibian SE 7 029.9 1897.9 5131.9 0.0 161.8 37.7 124.1 0.0Nigerian SE 74 756.8 25.3 74731.6 0.0 35 054.0 24.3 35029.7 0.0Prague SE 33 364.4 1143.8 31994.7 225.9 27 980.6 3785.9 23865.9 328.7"Russian Trading System" SE 211.1 211.1 0.0 0.0 50.2 31.1 19.2 0.0Saudi Stock Market 337.7 337.7 0.0 0.0 904.5 904.5 0.0 0.0Swaziland SE NA NA NA NA 0.1 0.0 0.1 0.0Zagreb SE 2 510.9 143.5 2367.3 0.0 8 750.2 248.1 8502.1 0.0

Other markets 6.6

Information note:BRVM: BourseRégionaledesValeursMobilières(WestAfricanStockExchange)containsthe8countriesoftheWestAfricanEconomic&MonetaryUnion


Value of bond trading (USDmillions)

149

Othermarkets


NA: Not Available P: Price Index R: Return Index -: Not Applicable

Broad stock market indexes

Other markets 6.7

Exchange Name of index 2008 High 2008 Low 2008 Year-end

2007 Year-end

% change 08/07

Americas

Costa Rica IBNV P 9408.36 5769.68 6768.18 7363.45 -8.1%Panama SE BVPSI R NA NA NA 248.30 -Rosario SE MERVAL P 2248.63 828.99 1079.66 2151.73 -49.8%Asia - PacificChittagong SE CSEAllSharePriceIndex(CASPI) P 9368.80 7232.58 8692.75 7657.06 13.5%GreTai GreTaiStockIndex P 163.15 54.85 64.37 154.47 -58.3%Karachi SE KSE100Index R 15676.34 5865.01 5865.01 14075.83 -58.3%Port Moresby SE KinaSecuritiesShareIndex P 7422.53 4154.20 4559.69 5930.00 -23.1%Europe - Africa - Middle EastAbu Dhabi ADXIndex P 4148.49 2281.86 2390.01 4551.80 -47.5%Bahrain SE AllShareIndex P 2902.68 1804.07 1804.07 2755.27 -34.5%Banja Luka SE BIRS P 2577.51 981.21 1027.94 2564.33 -59.9%Belgrade SE BELEXline P 3835.16 1078.47 1198.34 3830.84 -68.7%Bond Exchange of South Africa AllBondIndex(ALBI) R NA NA 302.00 258.18 17.0%Bratislava SE SAXIndex R 467.08 346.32 359.18 445.65 -19.4%BRVM BRVMComposite P 246.73 173.79 178.17 199.45 -10.7%Bucharest SE BET-C P 6604.59 1948.03 1977.10 6665.47 -70.3%Bulgarian SE BG40 P 518.06 92.48 107.81 518.06 -79.2%Casablanca SE MASIFloat P 14960.24 10377.71 10984.29 12694.97 -13.5%Doha Securities Market DSM20Index P 12627.32 5504.53 6886.12 9580.45 -28.1%Ghana SE GSEAll-ShareIndex P 10931.36 6595.92 10431.64 6599.77 58.1%Kazakhstan SE KASE-Shares P 2858.11 797.52 879.89 2637.02 -66.6%MICEX SE MICEXIndex P 1956.14 513.62 619.53 1888.86 -67.2%Montenegro SE MOSTE P 1613.04 305.67 469.53 1627.69 -71.2%Muscat Securities Market MSM30Index P 11554.69 5441.12 5441.12 9035.48 -39.8%Nairobi SE NSE20ShareIndex P 5478.00 3106.00 3521.00 5444.83 -35.3%Namibian SE NSXOverallIndex P 1027.42 488.77 556.26 929.41 -40.1%Nigerian SE All-ShareIndex P 66371.20 28085.01 31450.78 57990.22 -45.8%Palestine SE Al-Quds P 738.67 407.33 541.66 527.26 2.7%Prague SE PX-GLOB P 2260.70 889.90 1096.40 2268.40 -51.7%"Russian Trading System" SE RTSIndex P 2487.92 549.43 631.89 2290.51 -72.4%Saudi Stock Market TASI P 11697.01 4264.52 4802.99 11038.66 -56.5%Swaziland SE AllShareIndex P NA NA NA 201.45 -Zagreb SE CROBEX P 5292.10 1430.80 1722.25 5239.00 -67.1%

150

Foreignexchangerates


Foreign exchange rates

Exchange Currency code

Year-end 2008

exchange rate

Year-end 2007

exchange rate

% change08/07

2008 Average

exchange rate

2007 Average

exchange rate

% change08/07

AmericasAmerican SE USD 1.0000 1.0000 0.0% 1.0000 1.0000 0.0%Bermuda SE BMD 1.0000 1.0000 0.0% 1.0000 1.0000 0.0%BM&FBOVESPA BRN 2.3200 1.7800 30.3% 1.8327 1.9295 -5.0%Buenos Aires SE ARA 3.4583 3.1500 9.8% 3.1823 3.1175 2.1%Colombia SE COP 2231.0500 2017.2500 10.6% 1984.5942 2074.0192 -4.3%Lima SE PEI 3.1345 2.9960 4.6% 2.9343 3.1240 -6.1%Mexican Exchange MXP 13.7613 10.9143 26.1% 11.1997 10.9242 2.5%NASDAQ OMX USD 1.0000 1.0000 0.0% 1.0000 1.0000 0.0%NYSE Euronext (US) USD 1.0000 1.0000 0.0% 1.0000 1.0000 0.0%Santiago SE CLP 640.2500 497.9500 28.6% 532.0350 521.8917 1.9%TSX Group CAD 1.2153 0.9870 23.1% 1.0717 1.0656 0.6%Asia - PacificAustralian SE AUD 1.4170 1.1389 24.4% 1.2007 1.1896 0.9%Bombay SE INR 48.5900 39.4150 23.3% 43.8939 41.1525 6.7%Bursa Malaysia MYR 3.4675 3.3070 4.9% 3.3384 3.4268 -2.6%Colombo SE LKR 114.0500 108.6500 5.0% 108.7067 110.5358 -1.7%Hong Kong Exchanges HKD 7.7506 7.7974 -0.6% 7.7826 7.8013 -0.2%Indonesia SE IDR 10900.0000 9392.5000 16.1% 9727.7917 9161.1667 6.2%Jasdaq JPY 90.9750 111.7150 -18.6% 102.7963 117.3583 -12.4%Korea Exchange KRW 1322.0000 936.0500 41.2% 1113.8833 928.4833 20.0%National Stock Exchange India INR 48.5900 39.4150 23.3% 43.8939 41.1525 6.7%New Zealand Exchange NZD 1.7091 1.2995 31.5% 1.4321 1.3568 5.6%Osaka SE JPY 90.9750 111.7150 -18.6% 102.7963 117.3583 -12.4%Philippine SE PHP 47.5500 41.2750 15.2% 44.6992 45.8746 -2.6%Shanghai SE CNY 6.8230 7.3041 -6.6% 6.9273 7.5817 -8.6%Shenzhen SE CNY 6.8230 7.3041 -6.6% 6.9273 7.5817 -8.6%Singapore Exchange SGD 1.4517 1.4395 0.8% 1.4134 1.5015 -5.9%Taiwan SE Corp. TWD 32.8180 32.4345 1.2% 31.5135 32.8064 -3.9%Thailand SE THB 34.7700 33.6850 3.2% 33.4108 34.2890 -2.6%Tokyo SE JPY 90.9750 111.7150 -18.6% 102.7963 117.3583 -12.4%Europe - Africa - Middle EastAmman SE JOD 0.7078 0.7088 -0.1% 0.7082 0.7086 -0.1%Athens Exchange EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%BME Spanish Exchanges EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%Borsa Italiana EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%Budapest SE HUF 191.0790 172.9080 10.5% 172.0938 182.6531 -5.8%Cyprus SE EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%Deutsche Börse EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%Egyptian Exchange EGP 5.5088 5.5163 -0.1% 5.4435 5.6331 -3.4%Irish SE EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%Istanbul SE TRY 1.5383 1.1723 31.2% 1.3051 1.2939 0.9%Johannesburg SE ZAR 9.3525 6.8344 36.8% 8.2560 7.0330 17.4%Ljubljana SE EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%London SE GBP 0.6895 0.5024 37.2% 0.5505 0.4986 10.4%Luxembourg SE EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%Malta SE EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%Mauritius SE MUR 31.7500 28.1500 12.8% 28.5833 30.9300 -7.6%NASDAQ OMX Nordic Exchange EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%NYSE Euronext (Europe) EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%Oslo Børs NOK 6.8777 5.4299 26.7% 5.6847 5.8294 -2.5%SIX Swiss Exchange CHF 1.0710 1.1322 -5.4% 1.0817 1.1957 -9.5%Tehran SE IRR 9891.0000 9332.0000 6.0% 9485.1667 9284.0833 2.2%Tel-Aviv SE ILS 3.7675 3.8490 -2.1% 3.5645 4.0881 -12.8%Warsaw SE PLN 2.9945 2.4594 21.8% 2.4215 2.7443 -11.8%Wiener Börse EUR 0.7177 0.6840 4.9% 0.6863 0.7270 -5.6%

The US dollar against other currencies

Source: “TheFinancialTimes”

151

Foreignexchangerates


Exchange Currency code

Year-end 2008exchange rate

Year-end 2007exchange rate

% change08/07

AmericasCayman Islands SE USD 1.0000 1.0000 0.0%Costa Rica SE CRC 555.4650 498.1150 11.5%Panama SE PAB 1.0000 1.0000 0.0%Rosario SE ARA 3.4583 3.1500 9.8%Asia - PacificChittagong SE BDT 68.9250 69.5550 -0.9%GreTai TWD 32.8180 32.4345 1.2%Karachi SE PKR 79.1250 61.6250 28.4%Port Moresby SE PGK 2.6293 2.7776 -5.3%Europe - Africa - Middle EastAbu Dhabi SE AED 3.6731 3.6726 0.0%Bahrain SE BHD 0.3770 0.3760 0.3%Banja Luka SE BAM 1.4036 1.3378 4.9%Beirut SE LBP 1501.5000 1512.0000 -0.7%Belgrade SE CSD 63.5892 54.4850 16.7%Bratislava SE EUR 0.7177 0.6840 4.9%BRVM CFA 470.7600 448.6560 4.9%Bucharest SE RON 2.9035 2.4545 18.3%Bulgarian SE BGN 1.4032 1.3378 4.9%Casablanca SE MAD 8.0746 7.7665 4.0%Channel Islands SE GBP 0.6895 0.5024 37.2%Doha Securities Market QAR 3.6421 3.6406 0.0%Dubai International Financial Exchange AED 3.6731 3.6726 0.0%Ghana SE GHC 1.2743 0.9678 31.7%Kazakhstan SE KZT 120.8750 120.7200 0.1%Kuwait SE KWD 0.2765 0.2733 1.2%Lusaka SE ZMK 4865.0000 3862.5000 26.0%MICEX SE/MICEX RUR 29.4040 24.5387 19.8%Montenegro SE EUR 0.7177 0.6840 4.9%Muscat Securities Market OMR 0.3851 0.3850 0.0%Nairobi SE KES 78.6500 63.8000 23.3%Namibian SE NAD 9.3525 6.8344 36.8%Nigerian SE NGN 139.7000 117.9000 18.5%Palestine SE JOD 0.7078 0.7088 -0.1%Prague SE CZK 19.2766 18.1861 6.0%"Russian Trading System" SE RUR 29.4040 24.5387 19.8%Saudi Stock Market SAR 3.7531 3.7506 0.1%Swaziland SE SZL 9.3525 6.8344 36.8%Zagreb SE HRK 5.2371 5.0160 4.4%

The US dollar against other currencies

Source: “TheFinancialTimes”

152

Statisticsdefinitionsandexamples


Statistics definitions and examples

TheFederation’smemberexchangeshavereachedageneralagreementonthefollowingstatisticalnotions,andtheystrictlycomplywiththedefinitionsbelow.

Thesedefinitionsandexamplesareintendedtohelpreaderstounderstandthestatisticsandhowtheyarecompiled.

Note on exchange groupings:

• Statistics of NYSE Euronextarenotconsolidatedandarepresentedinthreedifferentgroups: - NYSE Euronext (US)mainlyincludestheNewYorkStockExchangeandNYSEArca - NYSE Euronext (Europe)istheoperatorofAmsterdam,Brussels,LisbonandParisexchanges - NYSE LiffeistheoperatoroftheNYSEEuronext’sderivativesmarkets.

• BME (Spanish Exchanges)istheholdingcompanyofBarcelona,Bilbao,MadridandValenciaexchanges.

• Statistics of NASDAQ OMXarenotconsolidatedandarepresentedintwodifferentgroups: - NASDAQ OMXoperatingintheUSA - NASDAQ OMX Nordic ExchangewhichincludesCopenhagen,Helsinki,Iceland,Stockholm,Tallinn,Rigaand VilniusStockExchanges.

1. EQUITY

Equity 1.1 - Domestic market capitalizationDefinition

Themarketcapitalizationofastockexchangeisthetotalnumberofissuedsharesofdomesticcompanies,includingtheirseveralclasses,multipliedbytheirrespectivepricesatagiventime.Thisfigurereflectsthecomprehensivevalueofthemarketatthattime.

Themarketcapitalizationfiguresinclude:•sharesofdomesticcompanies;•sharesofforeigncompanieswhichareexclusivelylistedonanexchange,i.e.theforeigncompanyisnotquotedonanyotherexchange;•commonandpreferredsharesofdomesticcompanies;•shareswithoutvotingrights. Themarketcapitalizationfiguresexclude:•collectiveinvestmentfunds;•rights,warrants,ETFs,convertibleinstruments;•options,futures;•foreignlistedsharesotherthanexclusivelylistedones;•companieswhoseonlybusinessgoalistoholdsharesofotherlistedcompanies;•companiesadmittedtotrading(companiesadmittedtotradingarecompanieswhosesharesaretradedattheexchangebutnotlistedattheexchange).

153



Example

Company Share classNumber of

sharesPrice

Share class

market cap

Company

market cap

Exchange

market cap

CompanyA 21 39 48 69 10 187

Ordinaryshares 100 2 200 Included

Company A total 200 200

CompanyB 21 52 48 59 10 190

Ordinaryshares 300 2 600 Included

Company B total 600 600

CompanyC 10 2 2 10 1 26

Preferenceshares 150 1 150 Included

Company C total 150 150

CompanyD(foreigncompany

exclusivelyquoted)Ordinaryshares 100 4 400 Included

Company D total 400 400

Total exchange market cap 1 350

Equity 1.2 - Market capitalization of newly listed domestic shares, and delistings

Definition

Themarketcapitalizationofnewlylisteddomesticsharesisthetotalnumberofnewsharesissuedmultipliedbytheirvalueonthefirstdayofquotation.

Themarketcapitalizationofdelisteddomesticsharesisthetotalnumberofthesesharesmultipliedbytheirvalueonthelastdayofquotation.Examples

Company Share classNumber of newly

listed sharesIssuing price

Company

market cap

Newly listed

market cap on

exchange

CompanyA Ordinaryshares 100 2 200Company A total 200CompanyB Ordinaryshares 300 2 600Company B total 600CompanyC Ordinaryshares 100 1 100CompanyC Preferenceshares 50 1 50 Company C total 150Total new exchange market cap 950

Company Share classNumber of

delisted shares

End of day price

(last day of

quotation)

Company

market cap

Delisted

Delisted

market cap on

exchange

CompanyA Ordinaryshares 25 3 75Company A total 75CompanyB Preferenceshares 150 1 150Company B total 150CompanyC Ordinaryshares 200 1 200Company C total 200Total market cap delisted 425

154



Equity 1.3 - Number of listed companies Definition

Numberofcompanieswhichhaveshareslistedonanexchangeattheendoftheperiod,splitintodomesticandforeign,excludinginvestmentfundsandunittrusts.Acompanywithseveralclassesofsharesiscountedjustonce.Onlycompaniesadmittedtolistingareincluded.

Domestic/Foreign company

Acompanyisconsidereddomesticwhenitisincorporatedinthesamecountryaswheretheexchangeislocated.Acompanyisconsideredforeignwhenitisincorporatedinacountryotherthanthatwheretheexchangeislocated.

Example

CompanyNumber of domestic companies

listed

Number of foreign companies

listed

Domestic Company A

withordinarysharesor

withpreferenceshares

1

Domestic Company B

withpreferenceshares1

Foreign Company A

withordinaryshares1

Foreign Company B

withordinaryshares1

Domestic/Foreign sub-totals 2 2

Total 4

Equity 1.4 - Number of newly listed and delisted companies

Definition

Thenumberofnewlylistedcompaniesisthenumberofcompanieswhichlistsharesforthefirsttimeonastockexchange.Onlycompaniesadmittedtolistingareincluded.

Thenumberofdelistedcompaniesisthenumberofcompaniesremovedfromlistingandtrading.

155



Example

CompanyDate of listing/

delisting

New domestic

companies listed

during the year

New foreign

companies

listed during the

year

Domestic

companies

delisted

during the

year

Foreign

companies

delisted during

the year

Domestic Company A



Withintheperiod

underreview1

Domestic Company B



Withintheperiod

underreview1

Foreign Company A



Withintheperiod

underreview1

Foreign Company B

withordinaryshares

Withintheperiod

underreview1

Domestic/foreign companies

sub-totals1 1 1 1

Total 2 2

Equity 1.5 - Value of share trading

Definition

Thevalueofsharetradingisthetotalnumberofsharestradedmultipliedbytheirrespectivematchingprices.Thetabledistinguishestradingvalueofdomesticandforeignshares.Figuresaresinglecounted(onlyonesideofthetransactionisconsidered).Companiesadmittedtolistingandadmittedtotradingareincludedinthedata.

Inordertoachieveamorecompleteviewofmarketactivity,sharetradingvalueissplitintotwomaincatego-riesoftradesaccordingtothefacility/meansusedtoexecutethetradingoperation:

• Trades effected through the electronic order book Thesetradesrepresentthetransferofownershipeffectedautomaticallythroughtheexchange’selectronicorderbookwhereordersplacedbytradingmembersareusuallyexposedtoallmarketusersandautomaticallymatchedaccordingtopreciserulessetupbytheexchange,generallyonaprice/timeprioritybasis.

• Negotiated dealsThesetradesrepresentthetransferofownershipeffectedthroughabilateralnegotiationandinvolvingatleastoneexchange’smemberintermediary(tradesbetweentwointermediariesorbetweenanintermediaryandacustomer).Thesetradesmaynotbeexposedtothemarketuntilafterthetradeiscompleted.Theycanbeexecutedinanumberofways,includingspecialtradingplatforms,telephoneorotherstructures,andarereportedbytheintermediarytotheexchange’sauthorities.Theycanbeexecutedand/orreportedonsystemsoperatedbytheexchange.Tobeincludedinthestatisticalreporting,thisactivitymustgeneraterevenuesfortheexchange.

• Total share turnoveriscomposedofelectronicorderbookandnegotiateddeals.

156



Example

Trade Buyer Seller PlatformNumber of

sharesPrice

Electronic

order book

Negotiated

deals

Turnover Turnover

A MemberA MemberB Orderbook 10 1 10

B MemberA MemberB Bi-lateralnegotiation 20 2 40

C MemberA Non-member Bi-lateralnegotiation 30 3 90

D MemberB MemberA Orderbook 40 1 40

E MemberB MemberA Bi-lateralnegotiation 50 2 100

F MemberB Non-member Bi-lateralnegotiation 60 3 180

Sub-totals 50 410

Total 460

Equity 1.6 - Number of trading days, average daily turnover, and average value of trades

Thenumberoftradingdaysissimplythetotalnumberofdaysduringwhichmarketoperationswereconductedduringtheperiod.

Definition

•Theaveragedailyturnoveriscalculatedbydividingthetotalvalueofsharetradingbythenumberoftradingdaysduringtheyear. Example

Total share turnover during the

year (USD m)

Total number of

trading days

Average daily turnover

(USD m)

134819.0 253 533.0

Definition

•Theaveragevalueoftradesduringagivenyeariscalculatedbydividingthetotalvalueofsharetradingdividedbythetotalnumberoftradesinequityshares.

Example

Total share turnover during the

year (USD m)

Total number of trades

(in millions)

Average value of a trade

(USD thousand)

134 819.0 253 533.0

Equity 1.7 - Number of trades in equity shares, number of trades in investment funds and number of shares traded

Definition

ThenumberoftradesrepresentstheactualnumberoftransactionswhichhaveoccurredduringtheperiodontherelevantExchange.Thenumberissinglecounted(i.e.,includesonesideofthetransactiononly).Companiesadmittedtolistingandadmittedtotradingareincludedinthedata.

157



Inordertogenerateamorecompleteinformation,asplitdistinguishestwomaincategoriesoftradesaccordingtothefacility/meansusedtoexecutethetrade(seedefinitionsaboveinEquity1.5):•Tradeseffectedthroughtheelectronicorderbook•Negotiateddeals

Thetotalnumberofsharestradedincludesdomesticandforeignshares.Thenumberissinglecounted.

Example

Trade Buyer Seller Platform

Number of trades in

equity shares/

investment funds

Number of

shares tradedTurnover

Electronic order bookNegotiated

deals

A MemberA MemberB Orderbook 1 10

B MemberA MemberB Bi-lateralnegotiation 1 20

C MemberA Non-member Bi-lateralnegotiation 1 30

D MemberB MemberA Orderbook 1 40

E MemberB MemberA Bi-lateralnegotiation 1 50

F MemberB Non-member Bi-lateralnegotiation 1 60

Total 2 4 210

Equity 1.8 - Turnover velocity of domestic shares

Definition

Theturnovervelocityistheratiobetweentheturnoverofdomesticsharesandtheirmarketcapitalization.Thevalueisannualizedbymultiplyingthemonthlymovingaverageby12,accordingtothefollowingformula:

MonthlyDomesticShareTurnoverX12Month-endDomesticMarketCapitalization

Onlydomesticsharesareusedinordertobeconsistent.

Turnovervelocityiscalculatedin2steps:•step1:wefirstcalculateforeachmonththeannualizedratiobetweenthedomesticshareturnoverandthedomesticmarketcapitalization,multipliedby12;•step2:then,weaddtogether,usingamovingaveragemethodology,thepercentageratiosobtainedinstep1,dividedby12.

Example

•step1

Monthly domestic share turnover

(USD m)

Monthly domestic

market cap (USD m)

Annualized

turnover velocity

(simple average * 12)

2800.0 77540.0 43.3%

158



•step2

Annualized turnover velocity (moving average/

12 months from Feb. 05 to Feb. 06)

49.1%

Equity 1.9 - Market concentration: the top 5% and the 10 most heavily capitalized and most traded domestic companies

Definition

Thisinformationisgiveninpercentage.

Marketconcentrationshowsthepartrepresentedby5%ofthemostheavilycapitalizeddomesticcompanies,and5%ofthemosttradeddomesticsharescomparedtodomesticmarketcapitalizationandsharetradingvalue,respectively.

Italsoindicatesthepartrepresentedbythe10mostcapitalizeddomesticcompaniesandthe10mosttradedonescomparedtothedomesticmarketcapitalizationandsharetradingvaluerespectively.

Example (concentration of the 5% most capitalized domestic companies in market capitalization)

Total number of

domestic companies

Top 5% of listed

domestic companies

Market cap of these 5%

companies

(USD m)

Total domestic

market capMarket concentration

500 25 235000 500000 47.0%

Example (concentration of the 5% most traded domestic companies in domestic turnover value)

Total number of

domestic companies

Top 5% of listed

domestic companies

Turnover value of these

5%companies

(USD m)

Total domestic

turnoverMarket concentration

500 25 55000 85000 65.7%

Example (concentration of the 10 most capitalized domestic companies in market capitalization)

Total number of

domestic companies

Top 10 listed domestic

companies by market

cap

Market cap of these top

10 companies

(USD m)

Total domestic

market cap

Market

concentration

500 10 75000 500000 15.0%

Example (concentration of the 10 most traded domestic companies in domestic turnover value)

Total number of

domestic companies

Top 10 listed

domestic companies

by turnover

Turnover value of these

top 10 companies

(USD m)

Total domestic

turnoverMarket concentration

500 10 25000 85000 29.4%

159



Equity 1.10.A - Investment flows - number of new companies listed

Definition of number of new companies listed through an IPO

Thenumberofcompanies,splitbetweendomesticandforeign,whoseshareswereadmittedtolistingduringtheperiodthroughanofferofsubscriptionand/orsalesofshares(IPO).Acompanywithseveralclassesofsharesisjustcountedonce.Onlycompaniesadmittedtolistingareincludedinthedata.

Definition of number of other new companies listed

Thenumberofcompanies,splitbetweendomesticandforeign,whoseshareswereadmittedtolistingduringtheperiodthroughaproceduredifferentfromanIPO(e.g.splits,mergers,orhavingalreadyfloatedshares).Acompanywithseveralclassesofsharesisjustcountedonce.Onlycompaniesadmittedtolistingareincludedinthedata.

Example

CompanyNew domestic

company (IPO)

New foreign

company (IPO)Total

Other new

domestic

company

Other new

foreign company Total

DomesticCompanyA 1 1 1 1

DomesticCompanyB 2 2 4 4

ForeignCompanyA 10 10 2 2

ForeignCompanyB 2 2 6 6

Total 3 12 15 5 8 13

Equity 1.10.B - Investment flows - new capital raised by shares

Definition of investment flows channeled through the exchange

Theaggregatedvalueofmoneyraisedontheprimarymarketwithofferofdomesticshares(alreadyissuedornewlyissued)intheperiod.Primarymarketoperations,representingnewfundsforcompaniesorprovingmoneytoformershareholders,areplacedthroughpublicoffersorviaunderwriters/banks.Thefigureiscalculatedbymultiplyingthenumberofsharesthatwereplacedbytheofferprice.Onlythecompaniesadmittedtolistingareincluded.CompaniesadmittedtolistinginexchangeAandadmittedtotradinginexchangeBarenotincludedinthestatisticsofexchangeB.

Figuresareshownaccordingtotwodifferentapproaches:•Accordingtotheoperation•Accordingtothestatusofthecompany

1. According to the operation

•Valueofnewlyissuedshares(capitalincrease)representstheamountofmoneyraisedfromsharesissuedthroughacapitalincrease,bybothnewlylistedcompaniesandalreadylistedcompanies.

•Valueofalreadyissuedshares(sale)representstheamountofmoneyraisedfrompublic/secondaryoffersthroughasaleofalreadyissuedshares,bybothnewlylistedcompaniesandalreadylistedcompanies.

160



2. According to the status of the company

•Valueofnewlylistedcompanies(IPO)representstheamountofmoneyraisedbycompaniesnewlyadmittedtolistingthroughanIPO(throughbothsubscriptionofnewlyissuedsharesandsaleofalreadyissuedshares).

•Valueofalreadylistedcompaniesrepresentstheamountofmoneyraisedbycompaniesalreadylisted(throughbothcapitalincreasesandpublic/secondaryoffersofalreadylistedcompanies).

ItispossiblethatanIPOmaylistacombinationofnewsharesandalreadyissuedshares.

Example

CompanyShares

issuedIssued price

According to the

operation

According to the status of the

company

Newly issued

(capital

increase)

Already issued

(sale)

New listed

companies (IPO)

Already listed

companies

Domestic Company A

IPO(bothnewand

alreadyissued)

100new

200already

issued

10 3000 1000 2000

Domestic Company B

Additionalshares

alreadyissuedby

existingcompany

40

enlargement

20sale

20 800 400 1200

Domestic Company C

Newsharesissuedby

existingcompany

300 10 3000 3000

ForeignCompanyA 100 10Notincludedas

foreigncompany

Notincludedas

foreigncompany

Notincludedas

foreigncompany

Notincludedas

foreigncompany

Total 6 800 400 1 000 6 200

Equity 1.11 - Securitized Derivatives

Definition

Asecuritizedderivativesproductisatradablefinancialinstrumentdesignedtomeetspecificinvestorneedsandtorespondtodifferentinvestmentstrategies,byincorporatingspecial,non-standardfeatures.

Theseproductsareingeneralusedforcapitalprotection,hedgingagainstexposuretonationalorforeignequities,indicesvariations,commodityandcurrenciesprices,arbitragestrategies,directionaltrading,etc.Eachsecuritizedderivativesproducthasitsowncharacteristics.Theyaregenerallyissuedbyintermediariesdifferentfromtheissueroftheunderlyingfinancialinstruments.

Securitizedderivativesproductsincludedifferenttypesofinstrumentssuchas(butnotlimitedto)coveredwarrantsandcertificates.

•Coveredwarrantsincorporateanoptiontobuyorsellotherfinancialinstruments;accordingtotheirfeatures,maybedistinguishedbetweenplainvanilla(underlyingrepresentedbyasingleproduct)andstructured/exotic(morecomplexproductswhoseunderlyingisrepresentedbyabasketofproducts,and/orincorporatingcombi-nationsofcalland/orputand/orexoticoptions).Theunderlyingassetscanberepresentedbyequities,bonds,indices,currenciesandcommodities.Inmostcasescoveredwarrantsleadtoacashsettlement,withoutthephysicaldeliveryoftheunderlyingfinancialinstruments.

161



•Certificatestracktheperformanceofanunderlyingasset,oftenwithaleverageeffect(thosewithoutleveragebeingdefined“investmentcertificates”).Theyprovidetheinvestortheopportunitytospreadriskwithmoderatecapitalandadministrationcosts,thusmakingpossibletheinvestmentinforeignorlargelydiversifiedassets.

Thetableshowsthenumberofsecuritizedderivativesadmittedtolistingortradingattheendoftheperiod,theirtradingvalueandtotalnumberoftradesduringtheperiod.

Equity 1.12 - ETFs

Definition

ETFsareportfolioinvestmentproductsthatareadmittedtolistingortradingonaregulatedexchange.AnETFprovidesinvestorswithexposuretoadiversifiedbasketofsharesorotherfinancialinstruments.ETFsaimtoreplicatetheperformanceofaspecificindex;thisindexcanbeabluechip,aregional,orasectorindex.Theindextypeisnotjustlimitedtosharesandmayincludebondindexesandothertypesofsophisticatedindex.ETFsaretradedinthesamewayasanyothershare.Theseinstrumentscanbeusedbyinvestorsasahedgingtoolorasaninvestmentproduct.

Example of ETF trading

Trade Buyer Seller Platform Shares Price

Electronic

order book

Negotiated

deals

Turnover Turnover







Sub-totals 50 410

Total 460

Equity 1.13 - Investment funds

InvestmentfundsincludeUCITS,listedunittrusts,closed-endfunds,investmenttrusts.Theyarecollectivefundsmanagedbyaninvestmenttrustcompany(acompanyestablishedwiththepurposeofinvestinginothercompanies)oramanagementteam.UCITS,listedunittrusts,closed-endfundsandinvestmenttrustsarealldifferentformsofcollectiveinvestment,dependingonacountry’slegislation.

Thetablealsoshowsthenumberofinvestmentfundsadmittedtolistingortradingattheendoftheperiod,theirtradingvalueandtotalnumberoftrades.

2. FIXED INCOME

Fixed income 2.1 -Value of bonds listed

Definition

Bondsarefixed-incomefinancialinstruments,issuedbygovernments,localauthoritiesandstate-ownedorprivateorganizations.Theymaybelistedortradedinoneorseveralexchanges,andensurepredeterminedlevelsofreturnsintheformofinterestrate.Interestratesmayremainfixedthroughoutthebond’slifeorvaryaccordingtothebond’stermsoflisting.

162



Datarepresentthenumberofbondslistedmultipliedbytheirpriceatyear-end.Someexchangespublishabondmarketvalueatanotionalvalue(signaledinafootnote);theotherboursesusetherealmarketvalue.

Example

Issuer Number of issues Price * Bond value

Domesticpublicbond

issuerA250 10 2500

Domesticprivatebond

issuerB150 5 750

ForeignbondissuerC 300 2 600

Total 3 850

*Pricescanbemarketprice(matchingprice)ornotionalvalue.

Fixed income 2.2 - Number of bond issuers

Definition

Thetotalnumberofbondissuersrepresentsthenumberoforganizationswhichissuedthefixed-incomeinstrumentslistedontheexchange.Theseissuersarebrokendownintodomesticprivate,public,andforeignentities.•Domesticprivatebondsincludecorporatebonds,bondsissuedbydomesticbanksandfinancialinstitutions;•Domesticpublicbondsincludegovernment/state-ownedorganizationsbondsandbills,state-relatedinstitu-tionswhoseinstrumentsareguaranteedbythestate,andmunicipalbonds;•Foreignbondslistedontheexchangeareissuedbynon-residentinstitutions:foreigngovernments,banks,financialinstitutions,supranationalorganizations(EIB,EBRD,WorldBank,…).Theyalsoincludeeurobonds(bondsissuedunderalawofastatedifferentfromtheoneoftheissuerandplacedinaforeigncountryinsidetheeurozone).

Anissuermaylistbondswithdifferentmaturities,butthetotalnumberofissuersisunchanged.

Example

Bond issuerNumber of domestic public

bonds issuers

Number of domestic private

bond issuers

Number of foreign bond

issuers

Bondissuerofdomestic

publiccompanyA1


publiccompanyB1


privateC1

Bondissuerofforeign

companyA1

Bondissuerofforeign

companyB1

Domestic/Foreign

sub-totals2 1 2

Total 5

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Fixed income 2.3 - Number of bonds listed

Definition

Thistablepresentsthenumberofbondslistedbythedifferentcategoriesofissuers,andsplitintodomesticpublicbonds,domesticprivatebonds,andforeignbonds(seedefinitionsofthecategoriesabove).Asingleissuermaylistmanysecuritieswithdifferentmaturities.

Example

BondNumber of domestic public

bonds listed

Number of domestic private

bonds listed

Number of foreign

bonds listed

Domesticpublicbonds 5

Domesticprivatebonds 2

Foreignbonds 1

Domestic/Foreign sub-totals 5 2 1

Total 8

Fixed income 2.4 - Number of new bonds listed

Definition

Thistablepresentsthenumberofnewbondslistedduringagivenyearissuedbythedifferentcategoriesofissuers,andsplitintodomesticpublicbonds,domesticprivatebonds,andforeignbonds(seedefinitionsofthecategoriesabove).

Example

Bond

Number of

domestic public

bonds newly listed

Number of

domestic private

bonds newly listed

Number of foreign bonds

newly listed

Domesticpublicbonds 2

Domesticprivatebonds 1

Foreignbonds 1

Domestic/Foreign sub-totals 2 1 1

Total 5

Fixed income 2.5 - Value of bond trading

Definition

Thebondtradingvalueisthetotalnumberofbondstradedmultipliedbytheirrespectivematchingprices.Thetableindicatesthevalueofbondtradingsplitintodomesticprivate,domesticpublicandforeignbonds(seedefi-nitionsofthecategoriesabove).AsWFEdoesforthevalueofshareturnover,thevalueofbondtradingisbrokendownintoelectronicorderbooktradesandnegotiateddeals.Figuresaresinglecounted.

164



Example

Trade Buyer Seller Platform Bonds Price

Electronic

order book

Negotiated

deals

Turnover Turnover







Sub-totals 50 410

Total 460

Fixed income 2.6 - Number of trades in bonds

Definition

Thetotalnumberoftradesinbondsrepresentsalltradeswhichhavetakenplaceontheexchangeduringtheperiod.Thenumberissinglecounted.

AsWFEdoesforthenumberoftradesinequityshares,dataarebrokendownaccordingtothetypefacility/meansusedtoexecutethetradingoperation(seedefinitionsabove):•tradeseffectedthroughtheelectronicorderbook•negotiateddeals

Example

Trade Buyer Seller Platform

Number of trades in bonds

Electronic

order book

Negotiated

deals

A MemberA MemberB Orderbook 1

B MemberA MemberB Bi-lateralnegotiation 1

C MemberA Non-member Bi-lateralnegotiation 1

D MemberB MemberA Orderbook 1

E MemberB MemberA Bi-lateralnegotiation 1

F MemberB Non-member Bi-lateralnegotiation 1

Sub-totals 2 4

Total 6

Fixed income 2.7 - Investment flows - money raised by bonds

Definition

Thetableindicatesthecorrespondingvalueofnewlylistedbondsonanexchangeandincludesalsomoneyraisedinalreadylistedbonds.

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Example

IssuerNumber of

new bond issuesIssue price Investment flows

DomesticpublicbondissuerA 50 10 500

DomesticprivatebondissuerB 10 5 50

ForeignbondissuerC 30 2 60

Total 610

3. DERIVATIVES

Thesedefinitionsconcernallderivativestables:

• Number of contracts traded

Acontractisastandardunitoftradingdenotedbythenumberofsharesortheamountofcapitalthatmayvaryfromclasstoclass,orfromproducttoproduct,asdefinedbyanexchange.

• Notional value

Thenotionalvalueofderivativesisthenumberofcontractstradedmultipliedbythecontracts’underlyingvalue.Thecontracts’underlyingvalueiscalculatedbymultiplyingthemarketpriceoftheunderlyingassetforeachcontracttimesthecontract’smultiplier.Itisanapproximatemeasureoftheunderlyingvalueofthenumberofcontractstraded.

• Option premium

Theoptionpremiumrepresentsthemoneypaidbybuyerstowritersofcallsorputoptions.

IfthefollowingtablegivestradesmadeoncontractXasofJanuary3,2006,thepremiumturnoverforeachtradeiscomputedbymultiplyingpricebyvolumebylotsize.Daypremiumturnoveristhecumulativevalueofeachtrade.

Example

Contract X

Trading time Call/Put Lot size Price Volume Premium turnover

03/01/200613:37 C 100 3.800 10 3800

03/01/200615:03 P 100 0.700 5 350

03/01/200615:09 P 100 0.800 2 160

03/01/200609:05 C 100 0.900 20 1800

03/01/200615:00 C 100 1.960 500 98000

03/01/200615:10 C 100 1.960 500 98000

03/01/2006 option premium for contract X 202 110

AsofJanuary3,theoptionpremiumforcontractXis202110.

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Derivatives 3.1 - Stock options

Astockoptionisastandardizedtradablecontractthatgivestheownertherighttobuyorsellaparticularstockataspecifieddateinthefutureatapre-determinedprice.

Derivatives 3.2 - Stock futures

Astockfutureisastandardizedtradablecontractthatgivestheownertherighttobuyorsellaparticularstockataspecifieddateinthefutureatapre-determinedprice.

Derivatives 3.3 - Stock index options

Astockindexoptionisanoptionwhoseunderlyingreferenceisdeterminedbystockindexprices.

Derivatives 3.4 - Stock index futures

Astockindexfutureisafuturewhoseunderlyingreferenceisdeterminedbystockindexprices.

Derivatives 3.5 - Short term interest rate options

Ashortterminterestrateoptionisacontractwhoseunderlyingreferenceisdeterminedbythelevelofinterestratesinthecountry.

Derivatives 3.6 - Short term interest rate futures

Ashortterminterestratefutureisacontractwhoseunderlyingreferenceisdeterminedbythelevelofinterestratesinthecountry.

Derivatives 3.7 - Long term interest rate options

Alongterminterestrateoptionisacontractwhoseunderlyingreferenceisdeterminedbythelevelofinterestratesinthecountry.

Derivatives 3.8 - Long term interest rate futures

Alongterminterestratefutureisacontractwhoseunderlyingreferenceisdeterminedbythelevelofinterestratesinthecountry.

Derivatives 3.9 - Commodity options

Acommodityoptionisacontractwhoseunderlyingreferenceisdeterminedbycommodityprices.Optionscommoditycontractscanbebasedonawiderangeofcommoditiesfromagriculturaltominingproducts.Derivatives 3.10 - Commodity futures

Acommodityfutureisacontractwhoseunderlyingreferenceisdeterminedbycommodityprices.Futurescommoditycontractscanbebasedonawiderangeofcommoditiesfromagriculturaltominingproducts.

Derivatives 3.11 - Currency options

Acurrencyoptionisacontractwhoseunderlyingreferenceisbasedonacurrency.ThemostusedcurrenciesaretheUSdollar,theeuro,andtheJapaneseyen.

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Derivatives 3.12 - Currency futures

Acurrencyfutureisacontractwhoseunderlyingreferenceisbasedonacurrency.ThemostusedcurrenciesaretheUSdollar,theeuro,andtheJapaneseyen.

Thekeycharacteristicsofanoptionandafuturetransactioncanbesummarizedinthefollowingtable:

Basic characteristics Options contract transaction Futures contract transaction

Agreementtoday Yes Yes

Deliveryandpaymentinthefuture

Yes Yes

Obligationtocompletethetransaction

Oneofthepartiesmaychoosetocompletethetransaction

Bothpartieshavetheobligationtocompletethetransaction

Examples

Theindexoptions/futuresonindexXtradedonanexchangehasanotionalvaluethatiscalculatedintwosteps:1.theunitoftradingofthisproductiscalculatedas:1indexunitmultipliedbythemultiplier;2.thenotionalvalueiscalculatedas:unitsoftradingmultipliedbythenumberofcontractstraded.

Index

options/futures

Unit of trading Number of contracts

tradedNotional turnover

Multiplier Index closing price

IndexX 5 1600 1 8000

IndexY 2 1350 12 32400

Total 13 40 400

•Stockoptionsandfutures,andoptions/futuresontheotherunderlyingsproducts(interestrates,currencies,commodities)arecalculatedinthesameway:

Thestockoptions/futuresoncompanyA,tradedonanexchange,hasanotionalvaluethatiscalculatedintwosteps:1.theunitoftradingofthisproductiscalculatedas:thecontractsizeoftheproduct,(whichis100sharesintheexample),multipliedbythefuture’sclosingprice;2.thenotionalvalueiscalculatedas:unitsoftradingmultipliedbythenumberofcontractstraded.

Stock options/futuresUnit of trading Number of contracts

tradedNotional turnover

Contract Size Stock closing price

CompanyA 100 28.33 1 2833

CompanyB 100 17.02 117 199134

Total 118 201 967

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4. INDICATORS

Indicators 4.1 - Broad stock market indexes

Definition

Broadindexesare,ingeneral,marketcapitalization-weighted,includingalargesampleoflisteddomesticcompanies,astheall-shareorcompositeindexes.Theyaregenerallyrecalculatedtoadjusttocapitaloperationsandtomodificationsinthecompanycompositionoftheindex.Theindexcanbemarketcapitalization-weightedorfreefloatbased.

Whentheindexisapriceindex,itmeasuresthepurechangeofsharepriceswithouttakingintoconsiderationreturnsfromdividendpay-outs.

Whentheindexisareturnindex,itmeasuresthetotalreturnofinvestmentsontheindexshares,includingreinvesteddividends.

SomeWFEmemberexchangesoperateseveralmarkets,andreportindexperformancesonanindividualbasis.

Example

Day 1 Shares Price Market capitalization Weighting

CompanyA 100 1 100 10%

CompanyB 100 2 200 20%

CompanyC 300 2 600 60%

CompanyD 100 1 100 10%

Total 1 000 100%

Marketcap:Indexvalue 10: 1

Indexvalue 100

Day 2 Shares Price Market capitalization Weighting

CompanyA 100 0.5 50 5%

CompanyB 100 1.5 150 14%

CompanyC 300 2.5 750 71%

CompanyD 100 1 100 10%

Total 1 050 100%

Marketcap:Indexvalue 10: 1

Indexvalue 105

Ascanbeseenfromtheexampleabove,theindexhaschangedfrom100to105basedonthechangeintotalmarketcapitalizationofcompaniesA,B,CandD.

Monthlyhighandlowfiguresprovidedarebasedonallindexcalculationsthroughoutthemonth,i.e.thecalculationsincludeintra-dayfiguresandnotjustend-of-dayfigures.

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Broadstockmarketindexescompositionandmethodology:

Amman Stock ExchangeASEIndex10031December1999=1000.Covers100stocks.Indexisbasedonfreefloat.

Athens ExchangeAthensExchangeCompositeSharePriceIndex31December1980=100.Covers60stocks.Indexisbasedondomesticmarketcapitalization.

Australian Securities ExchangeAllOrdinariesIndex31December1979=500.Covers500stocks.IndexisbasedondomesticmarketcapitalizationandiscalculatedbyStandardandPoor’s.

Bermuda Stock ExchangeBSXIndexFebruary1993=1000.Covers16stocks.Indexisbasedondomesticmarketcapitalization.

BME Spanish Exchanges/MadridBolsadeMadridGeneralIndex31December1985=100.Covers133stocks(atDecember31,2008).Indexisbasedonfreefloatanddomesticmarketcapitalization.

BME Spanish Exchanges/BarcelonaBCNGlobal-100Index1January1986=100.Covers100stocks.Indexisbasedondomesticmarketcapitalization.

BME Spanish Exchanges/BilbaoBolsadeBilbaoIndex200031December1999=2000.Covers50stocks.Indexisbasedondomesticmarketcapitalization.

BME Spanish Exchanges/ValenciaIGBVIndex31December1985=100.Covers98stocks.Indexisbasedondomesticmarketcapitalization.

BM&FBOVESPABOVESPAIndex2January1968=0.0000000001.Covers66stocks.

Bolsa de Commercio de Buenos AiresBolsaGeneral30June2000=19570.98.Covers76stocks.Indexisbasedondomesticmarketcapitalization.

Bolsa de Commercio de SantiagoIGPAIndex31December1988=100.Covers138stocks.Indexisbasedonfreefloatanddomesticmarketcapitalization.

Bolsa de Valores de ColombiaIGBCIndex3July2001=1000.Covers26stocks.

Bolsa de Valores de LimaIndiceGeneralBVL30December1991=100.Covers39stocks.

Bolsa Mexicana de ValoresPriceandQuotationsIndex(IPC)31October1998=0.78.Covers35stocks.Indexisbasedondomesticmarketcapitalization.

Bombay Stock Exchange Ltd.BSE500Index1February1999=1000.Covers500stocks.Indexisbasedonfreefloat.

Borsa Italiana SpAMIBIndex2January1975=1000.Coversalllistedstocks.Indexisbasedondomesticmarketcapitalization.

Bourse de LuxembourgLuxGeneralPriceIndex4January1999=1000.Covers37stocks.Indexisbasedondomesticmarketcapitalization.

Budapest Stock Exchange Ltd.BUX2January1991=1000.Covers16stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Bursa MalaysiaFBMEMAS31March2006=100.Covers100stocks.

Colombo Stock ExchangeAllSharePriceIndex(ASPI)1January1985=100.Coversallequityshareslisted.Indexisbasedondomesticmarketcapitalization.

Cyprus Stock ExchangeCSEGeneralIndex3September2004=1000.Covers29stocks.Indexisbasedonfreefloat.

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Deutsche Börse AGCDAXPriceIndex30December1987=100.Covers664stocks.Indexisbasedonfreefloatandonmarketcapitalizationandiscalculatedbytheexchange.

The Egyptian ExchangeCASE30Index1January1998=1000.Covers30stocks.Indexisbasedonfreefloatanddomesticmarketcapitalization.

Hong Kong Exchanges and ClearingS&P/HKExLargeCapIndex28February2003=10000.Covers25stocks.IndexisbasedondomesticmarketcapitalizationandiscalculatedbyStandardandPoor’s.

Indonesia Stock ExchangeJakartaCompositeStockPriceIndex10August1982=100.Covers381stocks.Indexisbasedondomesticmarketcapitalization.

Irish Stock Exchange ISEQOverallIndex4January1988=1000.Covers61stocks.Indexisbasedonfreefloat.

Istanbul Stock ExchangeISENational100January1986=1.Covers100stocks.Indexisbasedonfreefloatanddomesticmarketcapitalizationandiscalculatedbytheexchange.

Jasdaq Securities Exchange, Inc.JasdaqIndex28October1991.Covers922stocks.Indexisbasedondomesticmarketcapitalization.

Johannesburg Stock ExchangeFTSE/JSEAll-ShareIndex21June2002=10815.08.Covers166stocks.IndexisbasedonfreefloatanddomesticmarketcapitalizationandiscalculatedbyFTSE.

Korea ExchangeKOSPI(KoreanCompositePriceIndex)4January1980=100.Covers754stocks.Indexisbasedondomesticmarketcapitalization.

Ljubljana Stock ExchangeSBI2031December1993=1000.Covers15stocks.Indexisbasedonfreefloat.

London Stock ExchangeFTSEAll-Share1April1962=100.Covers619stocks.Indexisbasedonfreefloatanddomesticmarketcapitalization.

Malta Stock ExchangeMSEOrdinaryShareIndex27December1995=1000.Covers18stocks.Indexisbasedondomesticmarketcapitalizationandiscalculatedbytheexchange.

NASDAQ OMXNASDAQCompositeIndex5February1971=100.Covers2954stocks.Indexisbasedondomesticmarketcapitalizationandiscalculatedbytheexchange.

NASDAQ OMXOMXNordicAllShare-PI30December2002=100.Covers644stocks.Indexisbasedondomesticmarketcapitalization.

National Stock Exchange of India LimitedS&PCNX5001January1995=1000.Covers500stocks.Indexisbasedondomesticmarketcapitalization.

New Zealand Exchange Ltd.NZSXAllIndex30June1986=1000.Covers115stocks.Indexisbasedondomesticmarketcapitalization.

NYSE Euronext (US)NYSEComposite31December2002=5000.Covers1834stocks.Indexisbasedonfreefloat.

NYSE Euronext AmsterdamAAXIndex29December1983=100.Covers126stocks.Indexisbasedondomesticmarketcapitalization.

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NYSE Euronext BrusselsBASIndex1January1980=1000.Covers137stocks.Indexisbasedondomesticmarketcapitalization.

NYSE Euronext LisbonPSIGeneralIndex1May1998=1000.Covers57stocks.Indexisbasedondomesticmarketcapitalization.

NYSE Euronext ParisSBF25031December1990=1000.Covers248stocks.Indexisbasedonfreefloat.

Osaka Securities Exchange300StockPriceIndex4January1968=100.Covers300stockslistedonthefirstsection.Indexisbasedondomesticmarketcapitalization.

Oslo BørsBørsOsloBenchmarkPriceIndex1January1996=100.Covers202stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Philippine Stock ExchangePSEIndex28February1990=1022045.Covers32companies.Indexisbasedonfreefloat.

Shanghai Stock ExchangeSSECompositeIndex19December1990=100.Covers908stocks.Indexisbasedondomesticmarketcapitalization.

Shenzhen Stock ExchangeShenzhenCompositeIndex3April1991=100.Covers740stocks.Indexisbasedondomesticmarketcapitalization.

Singapore ExchangeStraitsTimesIndex9January2008.Covers30stocks.Indexisbasedondomesticmarketcapitalization.

SIX Swiss ExchangeSPI6June1987=1000.Covers229stocks.Indexisbasedonfreefloatandcalculatedbytheexchange.

Stock Exchange of MauritiusSEMDEX5July1989=100.Covers40stocks.Indexisbasedondomesticmarketcapitalization.

Stock Exchange of TehranTEPIX21March1990=100.Coversallstocks.Indexisbasedondomesticmarketcapitalization.

Stock Exchange of ThailandSETIndex30April1975=100.Covers470stocks.Indexisbasedondomesticmarketcapitalization.

Taiwan Stock ExchangeTAIEX1966=100.Covers683stocks.Indexisbasedondomesticmarketcapitalization.

Tel-Aviv Stock ExchangeGeneralShareIndex31December1991=100.Covers944stocks.Indexisbasedondomesticmarketcapitalization.

TMX GroupS&P/TSXCompositeIndex1975=1000.Covers220stocks.IndexiscalculatedbyStandardandPoor’s.

Tokyo Stock ExchangeTOPIX4January1968=100.Covers1712stocks.Indexisbasedonfreefloat.

Warsaw Stock ExchangeWIGIndex16April1991=1000.Covers325stocks.Indexisbasedonfreefloat.

Wiener BörseWBI-WienerBörseIndex31December1967=100.Covers95stocks.Indexisbasedondomesticmarketcapitalization.

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Indicators 4.2 - Blue chip indexes

Definition

Abluechipindexmeasuresthepricemovementsofaselectedrangeofbluechipsstocks,generallythemostheavilycapitalizedandtradedshares.Bluechipsindexesoftenserveasunderlyingsforderivatives(optionsandfutures).Theindexcanbemarketcapitalization-weightedorfreefloatbased.

Aswiththebroadstockmarketindexes,someWFEmemberexchangesoperateseveralmarkets,andchoosetoreportindexperformancesonindividualbasis.

Example

Sameasfor4.1above

Bluechipindexescompositionandmethodology:

Athens ExchangeFTSE/ATHEX2023September1997=1000.Covers20stocks.Indexisbasedondomesticmarketcapitalization.

Australian Securities ExchangeS&P/ASX50Covers50stocksIndexisbasedonfreefloatanddomesticmarketcapitalizationandiscalculatedbyStandardandPoor’s.

BME Spanish ExchangesIbex3531December1989=3000.Covers35stocks.Indexisbasedonfreefloatandondomesticmarketcapitalization,andiscalculatedbytheexchange.

BM&FBOVESPAIBrX50-BrazilIndex5030December1997=1000.Covers50stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Bolsa de Commercio de Buenos AiresBurcapIndex30December1992=426.33.Covers22stocks.Indexisbasedondomesticmarketcapitalization.

Bolsa de Commercio de SantiagoIPSAIndex31December2002=1000.Covers40stocks.Indexisbasedonfreefloatanddomesticmarketcapitalization,andiscalculatedbytheexchange.

Bolsa de Valores de ColombiaIGBCIndex3July2001=1000.Covers27stocks.Indexiscalculatedbytheexchange.

Bolsa de Valores de LimaIndiceSelectivoBVL30December1991=100.Covers15stocks.

Bolsa Mexicana de ValoresIPCCompMXDecember2004=100.Covers60stocks.Indexisbasedondomesticmarketcapitalization.

Bombay Stock Exchange Ltd.SENSEX1978/79=100.Covers30stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Borsa Italiana SpAS&P/MIB31December1997=24402.Covers40stocks.IndexisbasedonfreefloatandiscalculatedbyStandardandPoor’s.

Bourse de LuxembourgLuxXPriceIndex4January1999=1000.Covers11stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Budapest Stock Exchange Ltd.BUX2January1991=1000.Covers14stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Bursa MalaysiaCompositeIndex(KLCI)January1977:75.Covers100stocks.IndexisbasedondomesticmarketcapitalizationandiscalculatedbyFTSE.

Colombo Stock ExchangeMilankaPriceIndex31December1999=1000.Covers25stocks.Indexisbasedondomesticmarketcapitalization.

Cyprus Stock ExchangeFTSE/CySE2030November2000=1000.Covers20stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

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The Egyptian ExchangeDowJonesCASEEgyptTitans20Index31December2001=100.Covers20stocks.IndexisbasedonfreefloatanddomesticmarketcapitalizationandiscalculatedbyDowJonestogetherwithEGX.

Deutsche Börse AGDAX30December1987=1000.Covers30stocks.Indexisbasedonfreefloatandondomesticmarketcapitalizationandiscalculatedbytheexchange.

Hong Kong Exchanges and ClearingHangSengIndex31July1964=100.Covers43stocks.IndexisbasedonfreefloatandiscalculatedbyHangSengIndexesCompany.

Indonesia Stock ExchangeLQ45Index13July1994=100.Covers45stocks.Indexisbasedondomesticmarketcapitalization.

Irish Stock ExchangeISEQ2031December2004=1000.Covers20stocks.IndexisbasedonfreefloatandiscalculatedbytheDeutscheBörse.

Istanbul Stock ExchangeISENational3027December1996=976.Covers30stocks.Indexisbasedonfreefloatanddomesticmarketcapitalizationandiscalculatedbytheexchange.

Jasdaq Securities ExchangeJ-StockIndex28February2002.Covers94stocks.Indexisbasedondomesticmarketcapitalization.

Johannesburg Stock ExchangeFTSE/JSETop40Index21June2002=10399.52.Covers41stocks.IndexisbasedonfreefloatanddomesticmarketcapitalizationandiscalculatedbytheFTSEGroup.

Korea ExchangeKRX1002January2001=100.Covers100stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Ljubljana Stock ExchangeSBITOP31March2006=1000.Covers10stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

London Stock ExchangeFTSE1003January1985=1000.Covers100stocks.IndexisbasedonfreefloatanddomesticmarketcapitalizationandiscalculatedbyFTSE.

NASDAQ OMXNASDAQ10031January1985=125.Covers100stocks.Indexisbasedondomesticmarketcapitalization.

NASDAQ OMXOMXNordic40-PI28December2001=1000.Covers40stocks.Indexisbasedondomesticmarketcapitalization.

National Stock Exchange of India LimitedS&PCNXNifty3November1995=1000.Covers50stocks.Indexisbasedondomesticmarketcapitalization.

New Zealand Exchange LtdNZX10Index30June1988=1000.Covers10stocks.Indexisbasedonmarketcapitalizationandiscalculatedbytheexchange.

NYSE Euronext (US)NYSEUS100December2002=10000.Covers100stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

NYSE Euronext AmsterdamAEX252January1983=45.38.Covers25stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

NYSE Euronext BrusselsBEL2012December1990=1000.Covers20stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

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NYSE Euronext LisbonPSI2031December1992=3000.Covers20stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

NYSE Euronext ParisCAC4012December1987=1000.Covers40stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Osaka Securities Exchange250AdjustedStockPriceAverageCovers250stockslistedonthefirstsection.

Oslo BørsOBXIndex1January1996=77.99.Covers25stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Shanghai Stock ExchangeSSE180Index28June2002=3299.06.Covers180stocks.IndexisbasedonfreefloatandiscalculatedbyChinaSecurityIndexCompany.

Shenzhen Stock ExchangeShenzhenComponentIndex20July1994=1000.Covers40stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Singapore ExchangeStraitsTimesIndex9January2008.Covers30stocks.Indexisbasedondomesticmarketcapitalization.

SIX Swiss ExchangeSMI30June1988=1500.Covers20stocks.Indexisbasedondomesticmarketcapitalizationandiscalculatedbytheexchange.

Stock Exchange of MauritiusSEM-727March1998=100.Covers7stocks.Indexisbasedondomesticmarketcapitalization.

Stock Exchange of TehranTSE-5021March1998=100.Covers50stocks.

Stock Exchange of ThailandSET50Index16August1995=100.Covers50stocks.Indexisbasedondomesticmarketcapitalization.

Taiwan Stock ExchangeTWSETaiwan50Index30April2002=5000.Covers50stocks.IndexisbasedonfreefloatandiscalculatedbyFTSE&TWSE.

Tel-Aviv Stock ExchangeTA-2531December1991=100.Covers25stocks.Indexisbasedonfreefloat(sinceFebruary2008)andiscalculatedbytheexchange.

TMX GroupS&P/TSX60Covers60stocks.IndexiscalculatedbyStandardandPoor’s.

Tokyo Stock ExchangeTOPIXCore301April1998=100.Covers30stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Warsaw Stock ExchangeWIG20Index16April1994=1000.Covers20stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

Wiener Börse AGATX-AustrianTradedIndex2January1991=1000.Covers20stocks.Indexisbasedonfreefloatandiscalculatedbytheexchange.

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Indicators 4.3 - Price earning ratio, gross dividend yield, total return

a) Price earning ratio

Definition

ThePERiscalculatedbydividingthemarketcapitalizationbythetotalmarketearnings.Itconcernsstocksincludedinthemainindexofthestockexchange,whenpossible.

Example

ForcompanyA,ifMVisthemarketvalueandEearningsbasedonlastpublishedaccounts,wehave:

PER=

MVE

InordertocalculateaPERforthewholemarket,werecommendusingabroadindexsampleandcumulatedvaluesforthesample.

Forexample,letsuppose:j=1,…ncompaniesofabroadindex,MVj:marketvalueofcompanyjatyearendT,Ejearnings(possiblylosses)ofcompanyjbasedonlastpublishedaccounts

Wehave:

j=n

∑MVj

PER=j=1

j=n

∑Ej

j=1

Company

Price Outstanding shares Market valueEarnings or

lossesPER

as of year-end TLast published

accounts

A 10 1000 10000 800 12.50

B 5 100000 500000 30000 16.67

C 20 50000 1000000 -1000 -

D 25 500000 12500000 900000 13.89

E 50 35000 1750000 100000 17.50

Total 15 760 000 1 029 800 15.30

PER = 15.3

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b) Dividend yield

Definition

Thedividendyieldiscalculatedbydividingthetotaldividendsdistributedbythedomesticcompaniescomposingthemainindex(whenpossible)bythemarketcapitalization.

Letassumethat:-j=1,…ncompaniesofabroadindex,-GDivj:grossdividendpershareforcompanyj,paidattimetj-Divj,netdividendpershare,forcompanyj,paidattimetj-qjnumberofoutstandingsharehavingreceiveadividendforfinancialyearT,-Pj,priceofcompanyatyearendT,-cjadjustmentcoefficientforpriceattimetj

j=n

∑qj*GDivj

GrossdividendyieldatyearandT=j=1

j=n

∑qj*cj*Pj

j=1

j=n

∑qj*Divj

DividendyieldatyearandT=j=1

j=n

∑qj*cj*Pj

j=1

Netdividendisoftenmoresimplycalleddividend.So:grossdividendpershare=dividendpershare+dividendtaxcredit.

cjisanadjustmentcoefficienttakingintoaccountcorporateactionbetweentimetj,whenthedividendispaidandtimeT,endoftheyear.

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Example

Company

Price, as of

year-end T

Outstanding

shares, as of

payment date

Adjustment

coefficient

Gross

dividend per

share

Dividend

per share

Gross

amount

paid

Adjusted market

value

Gross

dividend

yield

(1) (2) (3) (4) (5) (6) (7)=(1)*(2)*(3) (8)=(6)/(7)

A 10 500 2 1.0 0.80 500 10000 5.00%

B 5 100000 1 0.1 0.08 10000 500000 2.00%

C 10 25000 1 - - - 250000 0.00%

D 25 400000 1 0.4 0.32 160000 10000000 1.60%

E 50 35000 1 4.0 3.20 140000 1750000 8.00%

Total 310 500 12 510 000 2.48%

Gross dividend yield = 2.48%Dividend yield = 1.99%

c) Total return

Thetotalreturniscalculatedbyaddingtheannualstockpriceindexperformanceandthegrossdividendyieldpaidduringagivenyear.Whenastockexchangeprovidesareturnstockindex,whichincludesthepaymentofdividends,thetotalreturnisequaltothestockindexperformance.

Indicators 4.4 - Interest rates, commodity prices

Shortterminterestratesarerepresentedbythe3-monthmoneymarketrateorInterBankOfferedInterestRate(IBOR)atyear-end.

Longterminterestratesarerepresentedbytheyieldonthecurrent10-yeargovernmentbondsatyear-end.

Thefollowingcommoditiespricesatyear-endareshown:-oilbrent-theWestTexasInternational(WTI)oilprice-goldLondonfixing.

ThesourcesforcommoditypricesareBloombergandthe“FinancialTimes”newspaper.

Indicators 4.5 - Stock markets’ significance in the national economy

Theseindicatorscomparetheexchange’smarketcapitalizationtothenationalgrossdomesticproduct(GDP),andtheexchange’sinvestmentflows-capitalraisedtothenationalgrossfixedcapitalformation(GFCF).

GDPandGFCFfiguresaretakenfromtheInternationalMonetaryFund’sstatistics.

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5. SME MARKETS

Thesmallandmediumenterprises(SME)marketsoperatedbytheexchangeareusuallydedicatedtomediumandsmallbusinesses;listingrequirementsaredifferentfromthoseofthemainmarket.OTCmarkets,ornationalelectronicmarkets,notoperatedandsupervisedbyarecognizedexchangearenotincludedinthestatistics.

Theitemsdescribedinthetablesofthissectionhavethesamedefinitionsandexamplesasthosepresentedintheequityandindicatorssectionsabove.

SME 5.6 - SME stock market indexes

SMEindexescompositionandmethodology:

Athens ExchangeATHEXAlternativeMarketPriceIndex31October2008=5000.

Bolsa de Valores de LimaIndicedeJuniors28December2007=100.Covers5stocks.

Borsa Italiana SpAMEXIndex3January1979=1000.Coversalllistedstocks.

Bursa MalaysiaSecondBoardIndex31December1990=100.Covers249stocks.ReplacedbyFTSE-BursaMalaysiaSecondBoardIndexfrom1November2007.

Bursa MalaysiaMESDAQMarketIndex30April1999=96.Covers125stocks.ReplacedbyFTSE-BursaMalaysiaMesdaqIndexfrom1November2007.

Deutsche Börse AGEntryAllShare24October2005=1000.Covers117stocks.

Hong Kong Exchanges and ClearingS&P/HKExGEMIndex28February2003=1000.Covers67stocks.

Istanbul Stock ExchangeSecondNationalMarketIndex27December1996=976.Covers18stocks.

Istanbul Stock ExchangeNewEconomyMarketIndex2September2004=20525.92.Covers3stocks.

Johannesburg Stock ExchangeFTSE/JSEAlternativeExchangeIndex03April2006=2000.Covers68stocks.

Johannesburg Stock ExchangeFTSE/JSEVentureCapitalIndex21June2002=119.06.Covers6stocks.

Johannesburg Stock ExchangeFTSE/JSEDevelopmentCapitalIndex21June2002=208.07.Covers3stocks.

Korea ExchangeKosdaqIndex1July1996=100.Covers1035stocks.

London Stock ExchangeFTSEAIMAllShareIndex2January1996=1000.Covers1068stocks.

NASDAQ OMXFirstNorthAllShareEur01October2006=100.Covers131series.

New Zealand ExchangeNZAXAllIndex17November2003=1000.Covers26stocks.

NYSE EuronextAlternextALL-ShareIndex30December2005=1000.

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Osaka Securities ExchangeHerculesIndex30June2003=1000.Coversalllistedstocks.

Shenzhen Stock ExchangeSSESMEIndex7June2005=1000.Covers100stocks.

Singapore ExchangeUOBCatalystIndex18February1987=100.Covers145stocks.

SIX Swiss ExchangeSPIExtra31December1999=1000.Covers209stocks.

Stock Exchange of MauritiusDEMEX4August2006=100.Covers49stocks.

Stock Exchange of ThailandMAIIndex2September2002=100.Covers49stocks.

TMX GroupS&P/TSXVentureCompositeCovers501stocks.

Tokyo Stock ExchangeMothersIndex12September2003=100.Covers195stocks.

Warsaw Stock ExchangeNCIndex30August2007=100.Covers81stocks.

6. OTHER MARKETS

Theitemsdescribedinthetablesofthissectionhavethesamedefinitionsandexamplesasthosepresentedintheequity,fixed-incomeandindicatorssectionsabove.

Other markets 6.7 - Broad stock market indexes

Abu Dhabi Securities ExchangeADXIndex1October2001=1000.Covers60stocks

Bahrain SEBahrainAllShareIndex1July2002-31December2002=2761931,4.Covers41stocks.

Banja Luka SEBIRS(StockExchangeIndexoftheRepublicofSrpska)1May2004=1000.Covers30stocks.

Belgrade SEBELEXline30September2004=1000.Covers100stocks.

Bolsa de Comercio de RosarioMERVAL30June1986=100.Covers22stocks.

Bond Exchange of South Africa LtdAllBondIndex(ALBI)30June2000=100.CoversTop20listedbonds,rankedbymarketcapitalizationandliquidity.

Bratislava SESAXIndex14September1993=100.Covers5companies.

BRVMBRVMComposite16September1998=100.Covers38stocks.

Bucharest SEBET-C16April1998=1000.Covers54stocks.

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Bulgarian SEBG4031January2005=100.Covers40stocks.

Casablanca SEMASIFlottant31December1991=1000.Covers77stocks.

Chittagong Stock ExchangeCASPI(CSEAllSharePriceIndex)30December1999=1000.Covers208stocks.

Doha Securities MarketDSM20Index1998=100,rebasedon11March2002=1000Covers20companies.

Ghana SEGSEAll-ShareIndexNovember1990-93=100.Coversallstocks.

GreTai Securities MarketGreTaiStockIndex1November1995=100.Covers539stocks.

Karachi Stock Exchange Ltd.KSE100IndexNovember1991=1000.Covers100topmarketcapcompanies.

Kazakhstan SEKASE28September2007=2545,79.Coversapprox.7stocks.

MICEX SEMICEXindex22September1997=100.Covers30stocks.

Montenegro SEMOSTE1March2003.Covers35stocks.

Muscat Securities MarketMSM301993=55550595.Covers30stocks.

Nairobi SENSE20ShareIndex1966=100.Covers20stocks.

Namibian SENSXOverallIndex30September1992=100.Covers29stocks.

Nigerian SETheNSEAll-ShareIndex3January1984=100.Covers198stocks.

Palestine Securities ExchangeAl-QudsIndex8July1997=100.Covers12stocks.

Prague SEPX-GLOB30September1994=1000.Covers26stocks.

“Russian Trading System” SERTSIndex1September1995=100.Covers50stocks.

Saudi Stock Exchange (Tadawul)TASI28February1985=1000.Covers127companies.

Zagreb SECROBEX1July1997=1000.Covers26stocks.

The significance of exchanges The regulated exchange environment provides for transparent price discovery, with visibility of the bid and offer prices shown in the central order book. It also provides for certainty of outcome, as trades are processed through exchange-operated or closely related after-trade service providers, very often with central party clearinghouse guarantees. The transaction and counterparty risk is then transferred to the exchange or clearer.

The robustness of this model has proven its worth by providing liquidity to users of capital markets, including on days when OTC and interbank market segments have seized up. Since August 2007, exchanges have remained the major providers of liquidity to the markets, along with central banks.

WFE member exchanges are key national economic actors in their countries, with a few members now spanning several jurisdictions and time zones. Capital raising and secondary-market pricing remain the key function for the securities and securities option segments; standardized contracts for financial and raw material products on futures markets provide essential pricing indicators for the world’s economy, going well beyond the individual corporation.

Our mission The WFE promotes regulated exchanges in four ways.

n Quality We promote market standards and reliable statistics.

n Advocacy We work with policy makers, regulators and government organizations for fair, transparent and efficient markets.

n Networking We bring together exchange experts to improve markets.

n Development We help newer, smaller exchanges to meet WFE standards.

Tel +33 (0) 1 58 62 54 00 Fax +33 (0) 1 58 62 50 48www.world-exchanges.org [email protected]

Annual report and statistics

2008

Amman Stock ExchangeAthens ExchangeAustralian Securities ExchangeBermuda Stock ExchangeBM&FBOVESPABME Spanish ExchangesBolsa de Comercio de Buenos AiresBolsa de Comercio de SantiagoBolsa de Valores de ColombiaBolsa de Valores de LimaBolsa Mexicana de ValoresBombay Stock ExchangeBourse de LuxembourgBursa MalaysiaChicago Board Options ExchangeCME GroupColombo Stock ExchangeCyprus Stock ExchangeDeutsche BörseHong Kong Exchanges and ClearingIndonesia Stock ExchangeIntercontinentalExchange International Securities Exchange Irish Stock ExchangeIstanbul Stock ExchangeJSE LimitedKorea ExchangeLondon Stock Exchange GroupMalta Stock ExchangeNASDAQ OMXNational Stock Exchange of IndiaNew Zealand ExchangeNYSE Euronext (New York)NYSE Euronext (Paris)Osaka Securities ExchangeOslo BørsPhilippine Stock ExchangeShanghai Stock ExchangeShenzhen Stock ExchangeSingapore ExchangeSIX Swiss ExchangeStock Exchange of MauritiusStock Exchange of TehranStock Exchange of ThailandTaiwan Stock Exchange Tel-Aviv Stock ExchangeThe Egyptian ExchangeTMX GroupTokyo Stock Exchange GroupWarsaw Stock ExchangeWiener Börse

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and statistics The World Federation of Exchanges - Annual ... · Annual report and statistics 2008 2008 General assembly and annual meeting 2008 General assembly and annual meeting