WFE/IOMA Derivatives Market Survey Romain Devai Grégoire Naacke

WFE/IOMA Derivatives Market Survey 2011 Romain Devai Grégoire Naacke May 2012

International Options Market Association (IOMA) 2011 Derivatives Market Survey Table of Contents Introduction... 2 Offers of derivatives... 3 The global derivatives market... 5 1 Equity derivatives... 8 1.1 Equity derivatives trading... 8 1.1.1 Single Stock Options... 12 1.1.2 Single Stock Futures... 17 1.1.3 Stock Index Options... 20 1.1.4 Stock Index Futures... 26 1.1.5 ETF Options... 30 1.2 Equity derivatives clearing... 31 2 Interest rate derivatives... 34 2.1 Interest rate derivatives trading... 34 2.1.1 STIR Options and Futures... 38 2.1.2 LTIR Options and Futures... 41 2.2 Interest rate derivatives clearing... 44 3 Currency derivatives... 45 4 Commodity derivatives... 49 4.1 Commodity derivatives trading... 49 4.2 Commodity derivatives clearing... 54 5 Exotic derivatives... 55 6 CDS clearing... 55 Annex 1 Clearing houses for OTC derivatives... 56 Annex 2 Trading data... 57 Annex 3 Clearing data... 68 Every effort has been made to ensure that the information in this survey is accurate at the time of printing, but the Secretariat cannot accept responsibility for errors or omissions. WFE/IOMA Derivatives Market Survey 2011 May 2012 1

INTRODUCTION This report is the result of the annual survey conducted by the World Federation of Exchanges on worldwide derivative markets. This report deals with the trading and clearing of derivatives products and covers 55 exchanges and 46 clearinghouses. Some of these exchanges trade in a wide range of derivatives contracts, while many specialize in a single area of the market. The survey covers eight groups of underlying assets: Single stocks Stock indices Exchange Traded Funds Short-term interest rates (STIR) Long-term interest rates (LTIR) Currencies Commodities Exotic products The survey was compiled from questionnaire responses sent by exchanges and clearinghouses as well as data from exchange websites. The authors wish to thank exchanges which responded to the questionnaire and especially exchange staff who gave further assistance in response to enquiries. WFE/IOMA Derivatives Market Survey 2011 May 2012 2

OFFERS OF DERIVATIVES Derivatives remain an area of choice for innovation as shown by the introduction of a significant number of new products by several exchanges. The number of products dropped, even if it is lower than the number of products added, shows that it is nevertheless sometimes difficult to build sufficient liquidity to make new products viable. Products added or dropped during 2011 Added Dropped Single Stock Options Bombay Stock Exchange Single Stock Futures Bombay Stock Exchange Stock Index Options Bursa Malaysia, Budapest SE Stock Index Futures Bolsa de Valores de Colombia STIR Options Eurex CBOE STIR Futures NYSE Liffe (US markets) Eurex (OTC) LTIR Options Tel Aviv SE, NASDAQ OMX Nordic (OTC) LTIR Futures NYSE Liffe (US markets) Currency options Korea Exchange Currency futures CME Group (OTC) Commodity futures Eurex (OTC) The average for the number of different product lines per exchange is 5.1 and the median is 4. Eurex, with 14 product lines, is the exchange that offers the highest number of product lines. At the other end of the spectrum, 9 exchanges offer only one class of product, the majority being Asian exchanges offering commodity futures. WFE/IOMA Derivatives Market Survey 2011 May 2012 3

Zhengzhou Commodity Exchange Tokyo Grain Exchange Tokyo Commodity Exchange (TOCOM) Shanghai Futures Exchange Multi Commodity Exchange of India MCX SX ELX Dalian Commodity Exchange China Financial Futures Exchange One Chicago London Metal Exchange ICE Futures Canada CBOE Futures Exchange (CFE) Buenos Aires SE Boston Options Exchange (TMX Group) Wiener Börse Warsaw SE Turkish Derivatives Exchange Tokyo Financial Exchange Inc. Rofex Oslo Børs NASDAQ OMX Nordic Exchanges NASDAQ OMX (US markets) MICEX International Securities Exchange (ISE) ICE Futures Europe Bombay Stock Exchange Athens Derivatives Exchange Singapore Exchange Osaka SE MEFF LSE Group Bursa Malaysia Tokyo Stock Exchange Group Thailand Futures Exchange (TFEX) Tel Aviv SE ICE Futures U.S. Chicago Board Options Exchange (CBOE) Budapest SE Bolsa de Valores de Colombia TAIFEX National Stock Exchange of India Hong Kong Exchanges NYSE Euronext (US markets) Korea Exchange RTS Montréal Exchange (TMX Group) MexDer Australian Securities Exchange Johannesburg SE BM&FBOVESPA NYSE Liffe (European markets) CME Group Eurex Number of product lines List of product lines - Single Stock Options - Single Stock Futures - Stock Index Options - Single Index Futures - ETF Options - ETF Futures - STIR Options - STIR Futures - LTIR Options - LTIR Futures - Currency Options - Currency Futures - Commodity Options - Commodity Futures - Exotic Options - Exotic Futures 0 2 4 6 8 10 12 14 WFE/IOMA Derivatives Market Survey 2011 May 2012 4

THE GLOBAL DERIVATIVES MARKET 25 billion Exchange Traded Derivatives (ETD) contracts (13 billion options and 12 billion futures) were traded on exchanges worldwide in 2011. While the growth rate remains significantly high (+12%), it is lower than the one observed in 2010 (+26%) after several years of pause in the increase. Between 2006 and 2011, the number of traded contracts has more than doubled. The American region and EAME region experienced the same growth rate (+13%) and, contrary to what was observed that last three years, the growth in the Asia Pacific region was lower in 2011 (+10%). It is also worth noting that there were more options contracts traded compared to futures contracts in 2011 (as opposed to 2010 where it was noted that for the first time the total number of futures contracts traded were larger than the total number of options contracts). Looking back to 2004, the number of traded contracts experienced a compound annual growth rate of 15.7% per year. As a comparison, the value of share trading on cash markets grew by 8.5% per year over the same period. As it will be explained below, record volumes were transacted in August 2011 whereas August is typically the month with the lowest volumes. 25 20 15 10 5 0.1 0.6 2.2 Commodity Currency Interest Rate Equity 0.2 0.7 2.5 1.0 0.3 3.2 6.1 6.9 7.7 Number of ETD traded worldwide (billions of contracts traded) 2.3 1.3 1.2 0.5 0.6 1.0 3.9 3.2 2.5 10.9 11.6 12.1 2.9 2.5 3.2 13.8 2.8 3.1 3.5 15.7 0 2004 2005 2006 2007 2008 2009 2010 2011 WFE/IOMA Derivatives Market Survey 2011 May 2012 5

Number of ETD traded worldwide (millions of contracts) 2011 2010 Growth rate Single Stock Options 4 145 3 947 5.0% Single Stock Futures 1 290 1 234 4.5% Stock Index Options 5 711 5 019 13.8% Stock Index Futures 2 641 2 328 13.4% ETF Options 1 875 1 247 50.3% TOTAL EQUITY 15 662 13 776 13.7% STIR Options 492 498-1.2% STIR Futures 1 422 1 304 9.1% LTIR Options 168 150 11.8% LTIR Futures 1 381 1 228 12.5% TOTAL Interest Rate 3 463 3 180 8.9% Commodity Options 172 149 15.1% Commodity Futures 2 580 2 777-7.1% TOTAL Commodity 2 751 2 926-6.0% Currency Options 289 56 415.6% Currency Futures 2 854 2 470 15.6% TOTAL Currency 3 143 2 526 24.4% Other derivatives 191 127 50.1% GRAND TOTAL 25 210 22 535 11.9% WFE/IOMA Derivatives Market Survey 2011 May 2012 6

Equity derivatives: The 14% growth in equity derivatives was driven by index and ETF derivatives. Interest rate derivatives: Interest rates derivatives continued to grow in 2011 (+9%), overcoming difficult environments in some regions with low interest rates, no economic growth and credit expansion. Interest rate derivatives are the only derivatives which did not recoup from their highest level reached in 2007. Currency derivatives: The highest growth rate in 2011 (+24%) was seen by currency derivatives, which overtook the commodity derivatives market in terms of number of traded contracts. Commodity derivatives: The 34% decrease in volumes on mainland Chinese exchanges caused a global 6% decrease in commodity derivatives in 2011. When the figures from mainland Chinese exchanges are excluded, the 2011 growth rate increased to +24%. WFE/IOMA Derivatives Market Survey 2011 May 2012 7

1 EQUITY DERIVATIVES 1.1 Equity derivatives trading Equity products still represented the dominant share of derivatives trading in terms of number of contracts traded in 2011 (62%). The +14% growth in 2011 was driven by index and ETF derivatives which increased much faster (+19%) than single stock derivatives (+5%). Given the high volatility of markets in 2011, this increase in volumes seems logical as hedging needs were probably driven upwards by volatility. The relative preference for indices or ETFs underlyings compared to single stocks could also be interpreted similarly. Number of equity ETD traded worldwide (billions of contracts) 16 14 12 10 8 6 4 2 0 ETF Options 1.9 Stock Index Futures 1.2 2.6 Stock Index Options 0.9 1.1 2.3 0.4 Single Stock Futures 1.8 2.3 2.2 Single Stock Options 5.7 5.0 1.2 4.1 4.1 4.2 0.9 0.8 3.5 0.8 1.2 1.3 3.3 1.1 1.1 3.1 0.3 0.1 0.1 3.9 2.1 2.5 2.8 3.3 3.6 3.9 4.1 2004 2005 2006 2007 2008 2009 2010 2011 In 2011, a significant peak of volatility occurred in August on all the markets and in March in Japan following the tsunami. WFE/IOMA Derivatives Market Survey 2011 May 2012 8

Number of traded contracts 120% 100% 80% 60% SP 500 Nikkei 225 STOXX 600 Global equity indices volatility (Annualized volatility of global indexes over 20 days) 40% 20% 0% The observation of monthly volumes confirm that peak of volumes are generally observed when the volatility increases sharply. Monthly number of equity ETD traded worldwide (millions of contracts) 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 1.2011 2.2011 3.2011 4.2011 5.2011 6.2011 7.2011 8.2011 9.2011 10.2011 11.2011 12.2011 1.2012 2.2012 35% 30% 25% 20% 15% 10% 5% 0% Monthly volatility Single stock options Stock index options ETF options Single stock futures Stock index futures Monthly volatility of STOXX Global 1800 index As can be observed from the graph above, an impressive peak of volatility happened in August 2011, driving monthly volumes in August to their highest level of the year. August 2011 was also the most active month in terms of trading volumes on cash markets. The number of equity trades reached its highest level during this month, which is usually the quietest month of the year on stock markets. WFE/IOMA Derivatives Market Survey 2011 May 2012 9

1 800 Global equity cash and derivative volumes 1 600 1 400 1 200 1 000 800 600 400 200 0 1.2011 2.2011 3.2011 4.2011 5.2011 6.2011 7.2011 8.2011 9.2011 10.2011 11.2011 12.2011 1.2012 2.2012 Number of equity derivative contracts traded worldwide (millions of traded contracts) Number of cash Electornic Order Book equity trades worldwide (millions of trades) The comparison of the average size of contracts traded between various type of equity derivatives (measured by the ratio notional value / number of contracts traded) shows that single stock and ETF derivatives are mostly used by retail investors and traditional index products are used by institutions. It is confirmed by the answers of Exchanges who provided information about the importance of retail activity by type of product. Notional value / Number of traded contracts non-weighted average of individual ratios in 2011 (1) Single stock options and futures Stock index options and futures ETF options (1) The information is not available for all the exchanges. 2 646 USD 47 322 USD 7 624 USD WFE/IOMA Derivatives Market Survey 2011 May 2012 10

According to Tabb Group estimates, in 2011, the notional outstanding amounts of Exchange Traded Derivatives (ETD) decreased by 17% whereas it increased by 12% for OTC derivatives (OTCD). Notional outstanding amounts of on-exchange and OTC equity derivatives (billion USD) 9 000 8 000 OTC 7 000 6 000 On-exchange 5 000 4 000 3 000 2 000 1 000 0 Dec. 1999 Dec. 2000 Dec. 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec. 2008 Dec. 2009 Dec. 2010 Dec. 2011 Source: BIS - Tabb Group estimation for 2011 WFE/IOMA Derivatives Market Survey 2011 May 2012 11

1.1.1 Single Stock Options In 2011, the number of single stock options traded grew by 5% (against 10% in 2010). The figures are biased by the fact that, on one hand, in Australian Securities Exchange, the size of the contracts has decreased in 2011, and, on the other hand, by the increase of most contracts size on Eurex. Excluding Australian Securities Exchange and Eurex, the global number of single stock options traded increased by 1.6%. The United States still dominate this market with 58% of the traded volumes. The significant 2011 growth rates of NYSE Euronext (US), NASDAQ OMX (US), and Boston Options Exchange were offset by decreasing rates observed on ISE and CBOE. In the 2010 IOMA report was included a special focus on single stock flexible options in the United States that had experienced an impressive growth. In 2011, an opposite trend was observed, volumes of flexible single stock options decreased by 64%. Number of single stock flexible options cleared by OCC Exchange 2011 2010 2009 2011 2010 2009 NYSE Amex 1 209 373 1 176 235 1 161 462 191 165 169 NYSE Arca Options 1 467 629 2 838 681 3 168 528 559 1 092 848 Chicago Board Options Exchange (CBOE) 1 689 356 8 904 617 2 404 363 487 4 029 1 759 NASDAQ OMX PHLX 969 965 1 845 886 710 446 141 201 142 Total flexible options on OCC 5 336 323 14 765 419 7 444 799 1 379 5 487 2 917 Memo : Total single stock options on OCC 2 458 739 361 2 361 987 452 2 298 970 496 616 911 514 591 494 038 Market share of flexible options 0.22% 0.63% 0.32% 0.22% 1.07% 0.59% Source : OCC Number of contracts cleared Premiums (Mio USD) In South America, BM&FBOVESPA volumes increased at a slower pace than in previous years (+4%), but it remains the largest exchange in the world for its trading volumes. Vale and Petrobas options remain, by far, the most actively traded stock options in the world. On the two other markets active in single stock options trading in South America, namely Buenos Aires and Mexder, volumes decreased in 2011. WFE/IOMA Derivatives Market Survey 2011 May 2012 12

Due to the change in size of the contracts traded on Australian Securities Exchanges, volumes surged in the Asia-Pacific region. In 2010, the size of the contracts traded on Australian Securities Exchange was 1000 shares of the underlying equity, contrary to most other single stock options which size was 100 shares. It was changed to 100 shares in May 2011 to match international standards and attract retail investors. This decrease of the contract size by a factor of ten logically drove volumes massively up (+1000%). With rebased figures, volumes remained stable (-1%). In Europe, on the two largest exchanges (Eurex and NYSE Liffe) volumes significantly decreased in 2011 by respectively 11% and 14%. In the first quarter of 2011, Eurex increased the contract size of most single stock options and single stock futures to match international standard size, explaining the decrease of volumes. The notional value increased by 14% on Eurex in 2011. WFE/IOMA Derivatives Market Survey 2011 May 2012 13

2011/2010 change in number of single stock options traded ALL EXCHANGES Osaka SE TAIFEX Montréal Exchange Boston Options Exchange LSE Group Hong Kong Exchanges Oslo Børs National Stock Exchange of India NASDAQ OMX (US markets) Wiener Börse NYSE Liffe (US markets) BM&FBOVESPA Buenos Aires SE Johannesburg SE RTS International Securities Exchange (ISE) NYSE Liffe (European markets) (OTC) Eurex NASDAQ OMX Nordic Exchanges (OTC) Chicago Board Options Exchange (CBOE) Eurex (OTC) NYSE Liffe (European markets) Tel Aviv SE MEFF NASDAQ OMX Nordic Exchanges MexDer Tokyo Stock Exchange Group Athens Derivatives Exchange Korea Exchange -2% -8% -8% -8% -8% -9% -9% -10% -13% -15% -16% -22% -23% -28% -29% -39% Product dropped 5% 221% 48% 35% 23% 21% 18% 17% 9% 8% 7% 4% 86% -100% -50% 0% 50% 100% WFE/IOMA Derivatives Market Survey 2011 May 2012 14

Top 10 exchanges by number of single stock options contracts traded in 2011 Millions of Notional Value % Exchange contracts traded (bn USD) % 2011 2010 change 2011 2010 change 1 BM&FBOVESPA 838 802 +4% 1 651 1 730-5% 2 NASDAQ OMX (US markets) 697 640 +9% NA NA - 3 NYSE Euronext (US markets) 634 592 +7% NA NA - 4 Chicago Board Options Exchange 516 573-10% 3 124 2 700 +16% 5 International Securities Exchange (ISE) 431 470-8% NA NA - 6 Eurex (1) 275 309-11% 1 006 881 +14% 7 Australian Securities Exchange (2) 189 15-1% NA NA - 8 NYSE Liffe (European markets) (1) 151 175-14% 532 587-9% 9 Boston Options Exchange (TMX Group) 92 68 +35% NA NA - 10 Hong Kong Exchanges and Clearing 73 61 +21% 191 162 +17% Others 248 242 +3% NA NA - Total 4 145 3 947 1.6% (3) NA NA - (1) Including OTC business registered on the Exchange. Most contracts size changed in the course of 2011. (2) Including Low Exercise Price Options. Grow th rate calculated w ith rebased volumes before the contracts size changing. (3) Excluding ASX and Eurex volumes due to size changing of the contracts NB: Dividend trades are included for US exchanges Number of single stock options traded by region (millions of contracts) 3 500 3 000 2 500 2 000 1 500 3 205 3 275 2010 2011 1 000 500 0 636 572 297 106 Americas Asia Pacific Europe, Africa, Middle East WFE/IOMA Derivatives Market Survey 2011 May 2012 15

The most actively traded stock options in the world (more than 10 million contracts in 2011) Millions of Market share Opt. Prem. Underlying Equity Exchange traded cont. (excluding OTC) billion $ 2011 2010 2011 2010 2011 2010 Vale R Doce PNA BM&FBOVESPA 392.3 420.1 10.0% 11.3% 20.5 25.4 Petrobras PN BM&FBOVESPA 319.1 333.0 8.1% 9.0% 12.2 12.9 OGX Petroleo BM&FBOVESPA 80.0 19.9 2.0% 0.5% 2.4 1.1 Bank of America NYSE Liffe US 31.6 27.4 0.8% 0.7% NA NA Apple Inc. NYSE Liffe US 31.2 NA 0.8% NA NA NA Apple Inc. NASDAQ OMX US 29.7 13.5 0.8% 0.4% NA NA Bank of America NASDAQ OMX US 28.6 21.4 0.7% 0.6% NA NA Citigroup Inc. NYSE Liffe US 26.7 46.3 0.7% 1.2% NA NA Citigroup Inc. NASDAQ OMX US 25.6 38.3 0.6% 1.0% NA NA Bank of America CBOE 24.9 24.2 0.6% 0.7% 1.7 2.0 Citigroup Inc. CBOE 23.8 46.8 0.6% 1.3% 1.5 2.1 BHP Billiton ASX 23.6 2.3 0.6% 0.1% 4.5 2.2 Apple Inc. CBOE 22.7 19.6 0.6% 0.5% 19.3 13.8 Bank of America ISE 21.1 18.5 0.5% 0.5% NA NA Telstra Corp. ASX 19.5 1.8 0.5% 0.0% 0.6 0.2 Citigroup Inc. ISE 18.2 30.6 0.5% 0.8% NA NA ING NYSE Liffe Europe (1) 15.1 16.1 0.4% 0.4% 1.2 1.3 Intel Corp. NASDAQ OMX US 14.8 NA 0.4% NA NA NA Gazprom LSE Group 13.6 NA 0.3% NA NA NA Microsoft Corp. NASDAQ OMX US 13.5 NA 0.3% NA NA NA General Electric NASDAQ OMX US 13.0 17.2 0.3% 0.5% NA NA Apple Inc. ISE 12.6 11.7 0.3% 0.3% NA NA AT&T Inc. NASDAQ OMX US 12.5 NA 0.3% NA NA NA Cisco Systems NASDAQ OMX US 12.1 NA 0.3% NA NA NA Microsoft Corp. NYSE Liffe US 12.0 NA 0.3% NA NA NA Commerzbank Eurex (1) 11.8 NA 0.3% NA 0.7 (2) NA Pfizer NASDAQ OMX US 11.7 11.3 0.3% 0.3% NA NA Deutsche Telekom Eurex (1) 11.5 10.1 0.3% 0.3% 2.1 (2) 1.8 Verizon Com. NASDAQ OMX US 10.8 NA 0.3% NA NA NA General Electric NYSE Liffe US 10.5 NA 0.3% NA NA NA Cisco Systems NYSE Liffe US 10.5 NA 0.3% NA NA NA Cisco Systems ISE 10.4 NA 0.3% NA NA NA Telefonica MEFF 10.1 NA 0.3% NA 1.1 NA TOTAL 1 325-33.7% - - 0.0 (1) Excluding OTC business registered on the exchange (2) Including OTC business registered on the exchange WFE/IOMA Derivatives Market Survey 2011 May 2012 16

1.1.2 Single Stock Futures Single stock futures increased at the same pace of growth than single stock options (+6%), driven by RTS that grew by 57% and became the largest exchange in the world for its trading volumes. Nevertheless, it is worth noting that the contracts traded on RTS are much smaller than those traded on most other exchanges. In 2011, RTS accounted for 28% of the worldwide volumes but only 5% of the total notional value. In Europe, OTC trades registered on Eurex, NYSE Liffe (Europe) and Nasdaq OMX Nordic were accounting for 98% of the traded volumes on those three Exchanges, and 31% of the total traded volumes worldwide in 2011. They decreased by 14% in 2011. Equity CFDs (contract for difference) traded on Australian Stock Exchanges have been reported with single stock futures. Nevertheless the nature of the product is different compared to single stock futures. In other countries, CFDs are generally traded OTC. The number of equity CFDs traded in Australia is important (168 million contracts in 2011) but the notional value is much smaller than for single stock futures. They continued to increase significantly in 2011 (+10% and +8% in 2010). Since May 2011, LCH.Clearnet is also providing clearing services for CFDs. NYSE Liffe has recently announced that it will launch CFDs through 2013 in Europe with products based on commodities, currency pairs, equities and indices. WFE/IOMA Derivatives Market Survey 2011 May 2012 17

2011/2010 change in number of single stock futures traded ALL EXCHANGES MexDer NYSE Liffe (European markets) TAIFEX 5% 429% 256% 241% Warsaw SE Hong Kong Exchanges 86% 96% Thailand Futures Exchange (TFEX) Athens Derivatives Exchange RTS 63% 58% 57% MEFF Korea Exchange Oslo Børs 34% 32% 40% Australian Securities Exchange NASDAQ OMX Nordic Exchanges (OTC) 10% 6% Johannesburg SE National Stock Exchange of India Wiener Börse LSE Group Eurex (OTC) NYSE Liffe (European markets) (OTC) Budapest SE One Chicago Eurex MICEX NASDAQ OMX Nordic Exchanges -3% -8% -9% -10% -13% -14% -22% -24% -36% -41% -89% -100% -50% 0% 50% 100% WFE/IOMA Derivatives Market Survey 2011 May 2012 18

Top 10 exchanges by number of single stock futures contracts traded in 2011 Millions of Notional Value % Exchange contracts traded (bn USD) % 2011 2010 change 2011 2010 change 1 RTS 355 227 +57% 154 85 +82% 2 NYSE Liffe (European markets) (1) 250 289-13% 933 980-5% 3 Eurex (1) 174 202-14% 811 533 +52% 4 Australian Securities Exchange (2) 168 153 +10% 2 2-4% 5 National Stock Exchange of India 161 176-8% 866 1 210-28% 6 Korea Exchange 60 45 +34% 32 19 +68% 7 Johannesburg Stock Exchange (3) 51 79-35% 28 38-25% 8 MEFF 28 20 +40% 42 30 +38% 9 LSE Group 11 13-10% 46 48-4% 10 Athens Derivatives Exchange 8 5 +58% 3 4.1-24% Others 23 27-15% 25 20 +21% Total 1 290 1 234 +5% 2 942 2 970-1% (1) Including OTC business registered on the exchange (2) Equity CFDs (3) Including ETF Futures Number of single stock futures traded by region (millions of contracts) 1 000 900 800 700 600 500 400 300 200 100 0 2010 854 892 2011 375 394 5 4 Americas Asia Pacific Europe, Africa, Middle East WFE/IOMA Derivatives Market Survey 2011 May 2012 19

1.1.3 Stock Index Options In 2011, stock index derivatives experienced a much higher growth rate than single stock derivatives. Index options increased by 14% whereas single stock options increased by only 1.6% excluding Australian Securities Exchange and Eurex due to the change in size of the contracts on those two exchanges. As already mentioned in previous reports, index options volumes are heavily influenced by KOSPI 200 options traded in Korea that accounted for 64% of the index options volume traded worldwide in 2011, but with a much smaller contracts size compared with index options traded in most other exchanges especially in the United States. Excluding KOSPI 200 options traded on Korea Stock Exchange, the growth rate of index options was even higher (+37%). In March 2012, Korea Exchange decided to multiply by five the size of the newly listed contract. Thus, ceteris paribus, volumes should decrease five times. 2011 adjusted volumes with the new size of contracts traded in Korea would lead to a decrease of the Korea Exchange market share from 64% to 27%. WFE/IOMA Derivatives Market Survey 2011 May 2012 20

In Asia Pacific region, the surge of volumes on National Stock Exchange of India (+64%) and TAIFEX (+30%) led to a global growth rate in the region close to the average (+13%) despite the relatively lower growth rate on Korea Stock Exchange (+4%). The American region also experienced a 13% growth rate. On the largest exchange, namely CBOE, the number of contracts increased significantly on the main contract (S&P 500 Index options +13%) but decreased on all the other contracts, especially on smaller size contracts, probably reflecting the decreasing participation of retail investors. CME Group experienced an impressive 50% growth rate of options on futures traded. The nature of the options traded on CME Group is quite different as the underlying is a future contract. Index options traded on CBOE 2011 2011/2010 Millions of traded contracts Notional Value (USD millions) Notional Value/ Volume Volume Growth Rate S&P 500 Index 197 509 449 25 037 088 126 764 USD 13% Mini S&P 500 Index 92 504 1 173 12 676 USD -66% Nasdaq 100 Index 5 311 148 1 218 446 229 413 USD -4% Mini Nasdaq 100 Index 271 901 6 238 22 941 USD -58% Others (1) 19 218 573 1 225 545 63 769 USD -95% TOTAL 222 403 575 27 488 490 123 597 USD 7% (1) Four index options were dropped in 2011 and one index option added Flexible index options increased significantly in 2011 and 2012 on CBOE. Average daily volumes rose by 24% in the first quarter of 2012 compared with first quarter of 2011 and by 21% in 2011 compared with 2010. The highest growth rate was observed in the Europe, Africa and Middle East region (+24%) where contrasting trends were observed: Eurex, Tel Aviv Stock Exchange and RTS experienced impressive growth rates (respectively +27%; +23% and +169%) whereas volumes decreased in most of the other exchanges. OTC trades registered on Eurex, NYSE.Liffe Europe and Nasdaq OMX Nordic were accounting for 52% of the EAME volumes. WFE/IOMA Derivatives Market Survey 2011 May 2012 21

Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Volume (millions of traded contracts) Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Volume (millions of traded contracts) Volume (millions of traded contracts) Despite the significant increase of volumes in 2011, the number of positions held open at the end of the year decreased compared to the previous year on the three geographical regions: Americas (-7.6%), Asia Pacific (-17.2%) and EAME (-1.4%). Evolution of monthly number of traded contracts and open interest for index options 60 30 600 16 50 40 30 20 10 Americas 25 20 15 10 5 Open Interest (millions of contracts) 500 400 300 200 100 Asia Pacific 14 12 10 8 6 4 2 Open Interest (millions of contracts) 0 0 0 0 80 70 60 50 40 30 20 10 EAME 70 60 50 40 30 20 10 Open Interest (millions of contracts) 0 0 WFE/IOMA Derivatives Market Survey 2011 May 2012 22

It is worth noting that in the Asia Pacific region, the ratio Monthly Volumes/End of Month Open Interest, which is a way to measure short-term volumes relative to longer-term fundamentally driven volumes, is much higher than in the Americas and the EAME regions. In 2011, the average ratio was equal to 36.5 in Asia Pacific region (76.1 for Korea Exchange, 34 for National Stock Exchange of India and 10 for TAIFEX), compared to 1.4 in Americas and 0.8 in EAME region. In the United States, CBOE estimates that 30%/40% of its total option volume is "retail" but that this proportion is lower in cash index and volatility contracts compared to ETF and individual equity options. In Asia, for KOSPI 200 options traded in Korea in 2011, retail trading was accounting for 52% of the number of contracts traded by domestic investors and 32% of the total volumes. On other Asian Exchanges the estimated share of retail trading vary significantly from one exchange to another : 60% on Thailand Futures Exchange, 48% on TAIFEX, 32% on Hong Kong Exchanges and Clearing and 12% on Osaka Securities Exchange. WFE/IOMA Derivatives Market Survey 2011 May 2012 23

2011/2010 change in number of stock index options traded ALL EXCHANGES Singapore Exchange RTS BM&FBOVESPA Australian Securities Exchange National Stock Exchange of India CME Group Eurex Warsaw SE NYSE Liffe (US markets) TAIFEX Hong Kong Exchanges Tel Aviv SE Eurex (OTC) Montréal Exchange Chicago Board Options Exchange (CBOE) Korea Exchange Osaka SE LSE Group Thailand Futures Exchange (TFEX) Oslo Børs NYSE Liffe (European markets) NASDAQ OMX Nordic Exchanges Johannesburg SE Wiener Börse NASDAQ OMX Nordic Exchanges (OTC) NYSE Liffe (European markets) (OTC) ICE Futures U.S. MEFF International Securities Exchange (ISE) Boston Options Exchange BM&FBOVESPA (OTC) Athens Derivatives Exchange MexDer Tokyo Stock Exchange Group -82% -4% -6% -7% -13% -16% -16% -21% -25% -28% -30% -42% -47% -47% -55% 14% 230% 169% 121% 64% 50% 40% 33% 32% 30% 29% 23% 22% 20% 7% 4% 3% 3% 1% 90% -100% -50% 0% 50% 100% WFE/IOMA Derivatives Market Survey 2011 May 2012 24

Top 10 exchanges by number of stock index options contracts traded in 2011 Millions of Notional Value % Exchange contracts traded (bn USD) % 2011 2010 change 2011 2010 change 1 Korea Exchange 3 672 3 526 +4% 86 459 69 913 +24% 2 National Stock Exchange of India 871 530 +64% 4 966 3 220-3 Eurex (1) 468 369 +27% 16 897 13 422 +26% 4 Chicago Board Options Exchange 222 208 +7% 27 488 22 473 +22% 5 TAIFEX 126 97 +30% 1 763 1 218 +45% 6 Tel-Aviv Stock Exchange 87 71 +23% 2 893 2 236 +29% 7 CME Group 61 40 +50% 6 589 5 140 +28% 8 NYSE Liffe (European markets) (1) 51 57-10% 3 298 3 519-6% 9 Osaka SE 45 44 +3% NA NA - 10 RTS 35 13 +169% 123 39 +212% Others 72 65 +11% 2 953 2 294 +29% Total 5 711 5 019 +14% 153 430 123 472 +24% (1) Including OTC business registered on the Exchange Number of stock index options traded by region (millions of contracts) 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 3 672 3 526 2010 2011 1 071 689 667 538 266 301 Americas Korea Exchange Asia Pacific Excl. KoreaEurope, Africa, Middle East The most actively traded index options in the world Millions of Market share Notional Value Underlying Index Exchange contracts in 2011 billion $ 2011 2010 Total Ex. Korea 2011 Mkt Share Ex. Korea Kospi 200 Korea Exchange 3 672 3 526 64.3% - 86 459 56.4% - S&P CNX Nifty Index NSE India 869 529 15.2% 42.6% 4 966 3.2% 7.4% Euro Stoxx 50 Eurex (1) 369 285 6.5% 18.1% 12 944 8.4% 19.3% S&P 500 CBOE 198 175 3.5% 9.7% 25 037 16.3% 37.4% TAIFEX TAIFEX 126 96 2.2% 6.2% 1 758 1.1% 2.6% TA 25 Tel-Aviv SE 87 71 1.5% 4.3% 2 892 1.9% 4.3% DAX Eurex 68 75 1.2% 3.3% 3 066 2.0% 4.6% Nikkei 225 Osaka SE 45 44 0.8% 2.2% NA NA NA TOTAL 5 433 4 800 95% 86% 137 123 89% 76% (1) Including OTC business registered on the Exchange WFE/IOMA Derivatives Market Survey 2011 May 2012 25

1.1.4 Stock Index Futures Index Futures are estimated to account for half of the notional value of equity derivatives traded and 17% of the number of traded contracts. The larger size of those contracts shows that they are probably most often used by institutional investors for hedging purpose. In 2011, index futures increase at the same pace of growth than index options (+14%). In the Americas, the market is still dominated by CME Group where 86% of the contracts were traded in 2011. CME Group volumes grew by 8% in 2011. BM&FBOVESPA increased by 46% and became the second largest exchange for index futures volumes. In Asia Pacific, the growth rate of volumes was lower than in two other regions (+5%). Among the four Asian Exchanges represented in the list of the ten most active exchanges for volumes of index futures traded, only Singapore Exchange increased significantly (+16%). On other exchanges, volumes decreased or remained stable. Europe, Africa and Middle East time zone experienced the highest growth rate (+22%), driven by RTS that increased by 67%. WFE/IOMA Derivatives Market Survey 2011 May 2012 26

2011/2010 change in number of stock index futures traded ALL EXCHANGES NYSE Liffe (US markets) Thailand Futures Exchange (TFEX) RTS BM&FBOVESPA Eurex (OTC) NASDAQ OMX Nordic Exchanges TAIFEX ELX Bursa Malaysia Australian Securities Exchange Tel Aviv SE Hong Kong Exchanges Singapore Exchange ICE Futures U.S. Johannesburg SE China Financial Futures Exchange CME Group Eurex Montréal Exchange Wiener Börse NYSE Liffe (European markets) (OTC) Warsaw SE NYSE Liffe (European markets) Korea Exchange National Stock Exchange of India Tokyo Stock Exchange Group Turkish Derivatives Exchange MexDer Osaka SE NASDAQ OMX Nordic Exchanges (OTC) MEFF Oslo Børs Athens Derivatives Exchange Budapest SE MICEX One Chicago -78% -68% -48% 0% -3% -3% -7% -7% -8% -15% -15% -17% 14% 518% 46% 38% 32% 29% 28% 24% 20% 19% 18% 16% 10% 10% 10% 8% 8% 6% 3% 1% 1% 1% 1% 67% 75% -100% -50% 0% 50% 100% WFE/IOMA Derivatives Market Survey 2011 May 2012 27

Top 10 exchanges by number of stock index futures contracts traded in 2011 Millions of Notional Value % Exchange contracts traded (bn USD) % 2011 2010 change 2011 2010 change 1 CME Group 755 698 +8% 50 204 39 785 +26% 2 Eurex (1) 486 436 +11% 25 910 22 803 +14% 3 RTS 380 227 +67% 1 288 679 +90% 4 National Stock Exchange of India 156 156-0% 828 890-7% 5 Osaka SE 137 148-7% 3 676 3 996-8% 6 NYSE Liffe (European markets) (1) 97 96 +1% 6 946 6 465 +7% 7 Korea Exchange 87 87 +1% 10 184 8 570 +19% 8 Singapore Exchange 69 59 +16% NA NA - 9 BM&FBOVESPA 57 39 +46% 1 092 898 +22% 10 Turkish Derivatives Exchange 55 57-3% 239 277-14% Others 362 321 +13% 20 010 17 751 +13% Total 2 641 2 324 +14% 120 376 102 116 +18% (1) Including OTC business registered on the Exchange Number of stock index futures traded by region (millions of contracts) 1 200 1 000 800 600 795 881 2010 2011 611 641 917 1 119 400 200 0 Americas Asia Pacific Europe, Africa, Middle East The most actively traded index futures in the world Millions of Market Underlying Index Exchange contracts share 2011 2010 in 2011 E-MINI S&P 500 CME Group 620 555 23.5% Euro Stoxx 50 Eurex (1) 409 372 15.5% RTS Index RTS 378 225 14.3% S&P CNX Nifty Index NSE India 123 128 4.7% Nikkei 225 Mini Osaka SE 118 125 4.5% Kospi 200 Korea Exchange 87 86 3.3% E-MINI Nasdaq 100 CME Group 75 80 2.8% Euro Stoxx 50 Eurex (1) 68 75 2.6% TOTAL 1 878 1 647 71% (1) Including OTC business registered on the Exchange WFE/IOMA Derivatives Market Survey 2011 May 2012 28

Special Focus on index options and futures cross-listings Since 2010 several exchanges have started offering trading services allowing domestic investors to trade foreign stock index options and futures. In 2010, Eurex started offering KOSPI 200 index options. In 2011 there were already 17 millions of traded contracts and during the first quarter of 2012 8.3 millions of contracts traded (16 times the volumes of the first quarter 2011). In October 2011, Honk Kong Exchanges and Clearing, BM&FBOVESPA, National Stock Exchange of India, Bombay Stock Exchange, Johannesburg Stock Exchange Micex and RTS decided under an alliance agreement to cross-list each other s stock index options and futures contracts. It is, at this stage, too early to say if the volumes are significant. In August 2011, CME Group and MexDer announced the launch of their north-to-south order routing agreement, giving customers in the U.S. access to MexDer's benchmark derivatives contracts, including Mexican Stock Exchange Index Futures, Bond Futures and MXN Peso / US Dollar Futures Contracts. The first phase of CME Group s strategic partnership with MexDer went live April 4, 2011 and gave Mexican investors access to CME Group s benchmark derivatives contracts including interest rates, foreign currencies, equity indexes, energy, metals and agricultural commodities. In June 2011, CME Group and Osaka Securities Exchange also announced a strategic partnership consisting for Osaka Securities Exchange to launch futures based on Dow Jones Industrial Average and for CME Group to launch E-micro futures on the Nikkei 225 Average. In March 2012, CME Group, BM&FBOVESPA, and S&P Indices announce an agreement for cross-listing of global benchmark equity index, commodity and energy futures. WFE/IOMA Derivatives Market Survey 2011 May 2012 29

1.1.5 ETF Options Among equity derivatives; ETF options experienced the highest growth rate in 2011 with volumes increasing by 50%. The ETF options market remains mainly a US market. This reflects the uneven development of the underlying market of ETFs which first appeared at the beginning of the 1990 s in the US, and only ten years later in Europe. The Americas region is still largely dominating ETFs trading (87% of the total value traded). 2011/2010 change in number of ETF Options traded ALL EXCHANGES 50% BM&FBOVESPA Hong Kong Exchanges Boston Options Exchange 110% 109% 105% NYSE Liffe (US markets) 92% NASDAQ OMX (US markets) Chicago Board Options Exchange (CBOE) International Securities Exchange (ISE) Osaka SE Montréal Exchange 37% 33% 29% 18% 17% Eurex -36% Eurex (OTC) -55% MexDer -100% -100% -50% 0% 50% 100% WFE/IOMA Derivatives Market Survey 2011 May 2012 30

Top 5 exchanges by number of ETF options contracts traded in 2011 Millions of Notional Value % Exchange contracts traded (bn USD) % 2011 2010 change 2011 2010 change 1 NYSE Euronext (US markets) 638 333 +92% NA NA - 2 NASDAQ OMX (US markets) 475 346 +37% NA NA - 3 Chicago Board Options Exchange 368 276 +33% 3 307 2 047 +62% 4 International Securities Exchange (ISE) 339 264 +29% NA NA - 5 Boston Options Exchange (TMX Group) 48 23 +105% NA NA - Others 7.1 4.9 +44% NA NA - Total 1 875 1 247 +50% NA NA - 1.2 Equity derivatives clearing Equity derivatives clearing services for over-the-counter trading are only significant in EAME geographical region. In this region, OTC trades were accounting for 32% of the traded volumes in 2011 and decreased by 1.4% whereas total equity derivatives traded increased 11%. In Europe, four exchanges are offering clearing services for OTC equity derivatives: Eurex, LSE Group, Nasdaq OMX Nordic and NYSE Liffe. The only other exchange outside Europe providing this type of services is BM&FBOVESPA. Number of equity derivatives contracts centrally cleared in EAME region (million contracts) 2011 2010 Growth rate Total number of equity derivatives cleared 3 262 2 936 11.1% of which OTC trades (1) 1 007 1 021-1.4% of which on-exchange trades 2 255 1 914 17.8% (1) NYSE Liffe Europe, Eurex and Nasdaq OMX Nordic are offering clearing services for Equity derivatives traded OTC and registered by the Exchange. In an article written for WFE and published in Focus 1, Matthew Harrison from Hong Kong Exchanges and Clearing makes a review of the clearinghouses worldwide that are offering or planning to offer clearing services for OTC trades (see annex 1). For the moment, the business is still concentrated in a few clearing houses. 1 Focus February 2012 Clearing at the crossroads Matthew Harrison, SVP/Head of Research &Corporate Development HKEx WFE/IOMA Derivatives Market Survey 2011 May 2012 31

Special focus on short-term options In recent years, following the approval by the SEC of the Industry s Short Term Option Series Pilot Program, US exchanges have been offering weekly equity options. All the exchanges using OCC clearing services are offering single stock, stock index and ETF weekly options and CME Group is also offering weekly options on US Treasury Futures and S&P 500 index. When the volatility of stock markets increases sharply, the volumes on those options with shorter expirations and lower premium are rising significantly. In 2011, volumes of S&P 500 weeklys options (the most actively traded index options in the United States), increased by about 270% compared to 2010, a much higher growth rate that for all S&P 500 options (+13%). The success of short-term options in volatile markets (especially during the month of August 2011) could partly explain that, on CBOE for S&P500 index options, end of year open interest decreased in 2011 (-4.6% compared to end of 2010) despite volumes increase. S&P 500 weeklys options on CBOE (average daily volume - thousands of traded contracts) 120 111 100 80 60 48 60 54 51 57 73 68 69 84 40 20 13 17 15 14 24 19 15 0 WFE/IOMA Derivatives Market Survey 2011 May 2012 32

On CBOE, during the first quarter of 2012, S&P 500 weeklys accounted for 10% of the average daily volume of all S&P 500 options. Regarding all the transactions cleared by OCC, the share of weeklys in total average daily volumes during the first quarter of 2012 was also equal to 10% for single stock options and higher for ETF options (17%). WFE/IOMA Derivatives Market Survey 2011 May 2012 33

2 INTEREST RATE DERIVATIVES 2.1 Interest rate derivatives trading In terms of notional outstanding amounts, the interest rate derivative market is the most important segment of derivative markets for both Exchange Traded Derivatives (ETD) and OTC Derivatives (OTCD). According to Tabb Group estimates, interest rate derivatives account for 90% of the ETD total notional outstanding amount and 77% of the OTCD notional outstanding amount. For the second consecutive year, trading volumes in interest rate derivatives increased significantly (+9% in 2011 and +29% in 2010). Nevertheless, these growth rates were not sufficient to reach again the record volumes observed in 2007. The size of long term interest rate contracts (generally 100 000 local currency) is much smaller than that of short term interest contracts (most of the time 1 000 000 local currency). That is why - as it is shown in the following graph - short term interest rate derivatives account for such a large part of the notional value (88%). In terms of open interest, STIR derivatives also account for a dominant share of total number of contracts held open at the end of the year (85% at the end of 2011). WFE/IOMA Derivatives Market Survey 2011 May 2012 34

OTC derivatives The market of interest rate derivatives is highly dominated by OTC products in terms of notional outstanding amounts due to the importance of interest swaps and in 2011 the global notional outstanding amount increased for OTCD whereas it decreased for ETD for the second consecutive year. Evolution of notional outstanding amounts of on-exchange and OTC interest rate derivatives (trillion USD) 600 100 500 400 300 200 100 OTC swaps OTC forward rate agreements & opt. On-exchange fut. & opt. 90 80 70 60 50 40 30 20 10 On-exchange derivatives 0 Dec. 1999 Dec. 2000 Dec. 2001 Dec. 2002 Source: BIS - Tabb Group estimation for 2011 Dec. 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec. 2008 Dec. 2009 Dec. 2010 Dec. 2011 0 Since 2009, Interest Rate derivatives have been evolving in a context of near-zero interest rates policy from several major Central Banks which is sometimes interpreted as unfavourable conditions for interest rate derivatives products. Also, certain regions have experienced very low economic growth and credit expansion which are also sometimes viewed as unfavorable for interest rate derivatives volumes. In August 2011, the US increased its debt ceiling in order to avert a financial default and Standard & Poor s downgraded the U.S. s AAA credit rating for the first time. Those extraordinary circumstances led to record volumes and open interest on CME Group in August. WFE/IOMA Derivatives Market Survey 2011 May 2012 35

Monthly volumes - Millions of traded contracts Number of interest rate ETD traded worldwide (billions of contracts) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1.6 1.4 1.3 1.3 1.2 0.2 1.1 1.0 0.2 0.2 0.9 0.2 0.2 0.1 0.2 0.1 1.5 1.3 1.3 1.3 1.4 1.0 0.9 0.9 0.2 0.3 0.4 0.5 0.4 0.4 0.5 0.5 2004 2005 2006 2007 2008 2009 2010 2011 STIR Options STIR Futures LTIR Options LTIR Futures Despite the 9% increase of volumes in 2011, the number of open contracts at the end of the year was lower than one year before (-12.6%), explaining the decrease of ETD notional outstanding amounts. The analysis of monthly volumes and open interest on CME Group and Eurex over the last three years indicates that the 2011 increase of volumes was mainly due to high level of activity until August that was followed by a significant decrease of both volumes and open interest. At the end of August 2011, the number of open positions reached its highest level since August 2007. Monthly number of traded IR derivatives and open interest on CME Group and Eurex 250 200 150 100 50 Open Interest Volume 60 50 40 30 20 10 Open Interest - Millions of contracts 0 0 WFE/IOMA Derivatives Market Survey 2011 May 2012 36

Volumes - Millions of contracts Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Open interest - Millions of contracts On a longer period of time, on CME Group, we can see that the volumes and open interest are quite strongly correlated. Monthly number of traded IR derivatives and open interest on CME Group 70 250 60 50 40 30 20 10 Open Interest Volume 200 150 100 50 Volume - Millions of traded contracts 0 0 Moreover, the comparison of volumes of interest rate derivatives with the evolution of the GDP shows that the activity on interest rate derivative markets is closely linked with the global economic growth. Evolution of volumes of IR derivatives and GDP in the United States 2 000 13.4 1 800 13.2 1 600 1 400 1 200 1 000 800 600 400 13.0 12.8 12.6 12.4 12.2 12.0 GDP - USD trillions 200 11.8 0 2004 2005 2006 2007 2008 2009 2010 2011 11.6 IR derivatives volumes on CME Group United States GDP - constant prices WFE/IOMA Derivatives Market Survey 2011 May 2012 37

2.1.1 STIR Options and Futures Short Term interest rate derivatives are defined by an original term to maturity of underlying being equal to or less than 12 months. In 2011, volumes in STIR derivatives increased by 6% after the surge observed in 2010 (+26%). The market is highly concentrated: in 2011, CME Group and NYSE Liffe (Europe) were accounting for 93% of the notional value. In the Americas, CME Group volumes increased significantly for the second consecutive year (+8% in 2011 and +16% in 2010). BMF&BOVESPA, the third largest exchange in the world for STIR derivatives volumes, experienced the same growth, but in terms of notional value, BM&FBOVESPA remains much smaller than CME Group and NYSE Liffe (Europe). STIR derivatives were traded on NYSE Liffe (US) for the first time in 2011. In Europe, on NYSE Liffe - the second largest exchange in the world for the number of STIR derivatives traded - volumes slightly decreased in 2011 (-3%). On Nasdaq OMX Nordic and Eurex, the volumes reported are OTC trades registered by these exchanges and remain very low compared to NYSE Liffe. In Asia, volumes of STIR options and futures remain negligible compared to Europe and Americas. WFE/IOMA Derivatives Market Survey 2011 May 2012 38

2011/2010 change in number of STIR options and futures traded ALL EXCHANGES BM&FBOVESPA (OTC) Opt. 6% 259% Montréal Exchange Opt. 82% Montréal Exchange Fut. 52% Australian Securities Exchange Opt. NASDAQ OMX Nordic Exchanges (OTC) Fut. Australian Securities Exchange Fut. BM&FBOVESPA Fut. CME Group Fut. MexDer Fut. CME Group Opt. 29% 27% 26% 13% 10% 6% 3% BM&FBOVESPA Opt. NYSE Liffe (European markets) Fut. Bursa Malaysia Fut. NYSE Liffe (European markets) Opt. 0% -1% -3% -6% Johannesburg SE Fut. Singapore Exchange Fut. NASDAQ OMX Nordic Exchanges (OTC) Opt. Tokyo Financial Exchange Inc. Fut. Hong Kong Exchanges Fut. Eurex Fut. -27% -31% -34% -36% -38% -52% Eurex (OTC) Opt. -73% Eurex (OTC) Fut. Chicago Board Options Exchange (CBOE) Product dropped Product dropped -100% -50% 0% 50% 100% WFE/IOMA Derivatives Market Survey 2011 May 2012 39

Top 10 exchanges by number of short term interest rate* derivatives contracts traded in 2011 Millions of Notional Value % Exchange contracts traded (bn USD) % 2011 2010 change 2011 2010 change 1 CME Group 773 714 +8% 835 921 792 771 +5% 2 NYSE Liffe (European markets) 543 557-3% 668 246 644 482 +4% 3 BM&FBOVESPA (1) 472 431 +10% 42 929 32 760 +31% 4 MexDer 32 30 +6% 255 236 +8% 5 Australian Securities Exchange 30 24 +26% 43 153 30 423 +42% 6 NASDAQ OMX Nordic Exchanges (OTC) 22 18 +20% 3 189 2 711 +18% 7 Montréal Exchange (TMX Group) 22 14 +53% 21 804 13 571 +61% 8 NYSE Euronext (US markets) 12 0 - NA NA - 9 Tokyo Financial Exchange Inc. 7.2 11.3-36% 9 114 12 935-30% 10 Bolsa de Valores de Colombia 0.6 0.2 +244% 38 11 +256% Others 0.5 1.0-46% 226 864-74% Total 1 914 1 802 +6% 1 624 875 1 530 764 +6% * Original term to maturity of underlying being equal to or less than 12 months (treasury bills, deposits etc) (1) Including OTC business registered on the Exchange Number of STIR derivatives traded by region (millions of contracts) 1 400 1 200 1 190 1 311 2010 1 000 2011 800 600 400 576 565 200 0 35 37 Americas Asia Pacific Europe, Africa, Middle East WFE/IOMA Derivatives Market Survey 2011 May 2012 40

2.1.2 LTIR Options and Futures Volumes in LTIR derivatives increased significantly in 2011 (+12%), despite a decrease of the growth rate after the surge observed in 2010 (+34%), and the market is also highly concentrated: in 2011, CME Group and Eurex accounted for 85% of the notional value. In the Americas, CME Group experienced a 12% growth rate, identical to the worldwide average. As for STIR derivatives, NYSE Liffe (US) started trading LTIR derivatives in the United States in 2011. In the two other exchanges with significant volumes namely Montréal Exchange and Mexder, volumes increased more rapidly than the average (respectively + 24% and +22%). In Asia Pacific, the decrease of volumes on Tokyo Stock Exchange was offset by important growth on Australian Securities Exchange and Korea Exchange, leading to a global growth rate in this region higher than in Americas and EAME. In Europe, Eurex grew at a slightly lower pace (+10%) than CME Group and the worldwide average whereas NYSE Liffe increased 18%. On Eurex, OTC trades increased much faster (+23%) than non-otc trades (+7%) and accounted for 18% of the volumes in 2011 (against 16% in 2010). WFE/IOMA Derivatives Market Survey 2011 May 2012 41

2011/2010 change in number of LTIR options and futures traded ALL EXCHANGES Buenos Aires SE Opt. BM&FBOVESPA Fut. 176% 115% 12% Johannesburg SE Fut. 80% Korea Exchange Fut. Eurex (OTC) Opt. MEFF Fut. Montréal Exchange Fut. MexDer Fut. Australian Securities Exchange Fut. Johannesburg SE Opt. NYSE Liffe (European markets) Fut. CME Group Fut. RTS Fut. Eurex (OTC) Fut. Eurex Fut. Australian Securities Exchange Opt. Singapore Exchange Fut. 35% 32% 29% 24% 22% 20% 19% 19% 14% 12% 10% 8% 6% 2% CME Group Opt. Eurex Opt. Tokyo Stock Exchange Group Opt. Montréal Exchange Opt. NASDAQ OMX Nordic Exchanges (OTC) Fut. Tokyo Stock Exchange Group Fut. Turkish Derivatives Exchange Fut. NYSE Liffe (European markets) Opt. Chicago Board Options Exchange (CBOE) Opt. -1% -5% -7% -10% -10% -14% -94% -99% Product dropped -100% -50% 0% 50% 100% WFE/IOMA Derivatives Market Survey 2011 May 2012 42

Top 10 exchanges by number of long term interest rate* derivatives contracts traded in 2011 Millions of Notional Value % Exchange contracts traded (bn USD) % 2011 2010 change 2011 2010 change 1 CME Group 746 664 +12% 82 130 73 291 +12% 2 Eurex (1) 630 574 +10% 105 202 91 101 +15% 3 Australian Securities Exchange 60 50 +19% 6 252 4 598 +36% 4 Korea Exchange 38 28 +35% 3 541 2 672 +33% 5 NYSE Liffe (European markets) 36 30 +18% 5 751 4 656 +24% 6 Tokyo Stock Exchange Group 8.7 10.0-13% 15 515 16 184-4% 7 Montréal Exchange (TMX Group) 8.0 6.4 +24% 814 620 +31% 8 NASDAQ OMX Nordic Exchanges (OTC) 6.6 7.3-10% 957 1 081-11% 9 MexDer 5.8 4.8 +22% 56 48 +16% 10 Bolsa de Comercio de Buenos Aires 4.4 1.6 +176% NA NA - Others 6.0 1.7 +247% 40 26 +55% Total 1 549 1 378 +12% 220 258 194 278 +13% * Original term to maturity of underlying being greater than 12 months (treasury bonds, corporate bonds, Eurobonds etc) (1) Including OTC business registered on the Exchange Number of LTIR derivatives traded by region (millions of contracts) 900 800 700 600 500 400 300 200 100 0 768 2010 677 674 2011 612 89 107 Americas Asia Pacific Europe, Africa, Middle East WFE/IOMA Derivatives Market Survey 2011 May 2012 43

2.2 Interest rate derivatives clearing Notional outstanding amounts and number of open positions increased in 2011 for interest rate swaps whereas they decreased for options and futures traded on-exchange. Interest Rate Derivatives Clearing Open Positions (thousands of contracts) 2011 2010 Growth rate Short-Term Options and Futures 97 039 111 459-12.9% Long-Term Options and Futures 16 544 18 486-10.5% Interest Rate Swaps (1) 1 012 881 +15% Notional Outstanding Amounts (USD trillions) Short-Term Options and Futures 51 637 56 557-8.7% Long-Term Options and Futures 1 987 2 068-3.9% Interest Rate Swaps (1) 141 720 124 338 +14% (1) Figures are corresponding to LCH SwapClear open positions and notional outstanding amounts adjusted for double-counting. IRS are also cleared by other clearinghouses such as CME Group, Nasdaq OMX Nordic and Singapore Exchange but outstanding amounts are still negligible compared to LCH. According to ISDA 2, the share of cleared interest rate swaps, out of the total outstanding interest rate swaps traded over-the-counter, more than doubled between 2007 and June 2011 (50.8% at the end of June 2011 against 21.3% at the end of December 2007). 2 ISDA OTC Derivatives Market Analysis June 30, 2011 WFE/IOMA Derivatives Market Survey 2011 May 2012 44

3 CURRENCY DERIVATIVES In 2011, currency derivatives experienced the highest growth rate (+24%) among all classes of products. The currency derivatives market overcame the commodity derivatives market in terms of number of traded contracts. This important growth was primarily driven by currency options traded on the National Stock Exchange of India since October 29, 2010 (these contracts already represented 253 million trades in 2011) and the arrival of United Stock Exchange of India in the currency derivatives market in September 2010. Although the growth rate of traded volumes in 2011 drops when the currency options traded in India are excluded from statistics (+6%), the number still remains significant. The dominance of Indian exchanges in terms of number of contracts traded (almost 70% of the total) is to be seen against their limited weight in the total notional value where CME and BM&FBOVESPA represent more than 90% of the total. 3.0 2.5 2.0 1.5 1.0 Number of currency options and futures traded worldwide (billions of con tracts) Currency Futures Currency Options 2.5 2.9 0.5 0.0 1.0 0.4 0.5 0.3 0.1 0.2 0.3 2004 2005 2006 2007 2008 2009 2010 2011 WFE/IOMA Derivatives Market Survey 2011 May 2012 45