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a division of TP ICAPa division of TP ICAP© 2018 Burton-Taylor International Consulting

Confidential – Do Not Reproduce

Knowledge Inspires SM

Financial Market

Data/Analysis

Global Share &

Segment Sizing

2018

Key Competitors

Global Market Share 2013-17

Global Segment Sizing 2013-17

Global Product Mix 2013-17

Global User Mix 2013-17

Global Institution Mix 2013-17

Information Kit

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© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• As a Trading, Data, Listing or Technology professional, what trends may indicate future opportunity for growth in this changing

space?

• As a user of Exchange Services or Data, which exchange is most likely to meet your Trading, Data, Listing or Technology needs?

Burton-Taylor, the world’s leading information, news and market data research and consulting firm, delivers a

comprehensive, 106-page analysis of global exchange market share, demand segmentation and vendor demographics. The

analysis is sufficiently detailed as to allow exchange trading, market data, listing or technology providers or industry analysts

to clearly understand competitive positioning currently, historically, globally, regionally and within individual demand

segments and to enable exchange services or data users to make better informed, more confident and more appropriate

trading, listing or purchase decisions, which could result in greater profitability. The report includes quantitative analysis and

detailed underlying data.

In 2017, global Exchange revenue was up 8.1% to reach USD30,744.4m.

This report allows Exchanges or industry analysts to:

• Measure the penetration and growth of competitor services

• Evaluate the past success of company and competitor actions

• Isolate and target new and changing growth opportunities

This report allows Exchange services or data users to:

• Determine the leading current, historical, regional and global

share leaders within the segments they operate

• Target a market leading vendor appropriate to their needs

Exchange Global Share & Segment Sizing 2018Key Competitors, Global Market Share 2016, Global Segment Sizing 2016, Global Market Trending 2012-16, Global Segment Trending 2012-16

Sample Findings

• Total Global Exchange Industry revenue jumped 8.1% in 2017, rising to USD30,744.4m for the year, as revenues in

Trading, Clearing & Settlement and Information Services segments support industry growth.

• Exchanges continued to see growth in Information Services revenues, with the segment recording a 9.1% increase in

revenues in 2017.

• EBIT margins in the industry remain strong, with the exchanges in this report averaging 53.6% margin, in 2017.

To subscribe to a Burton-Taylor research service please contact +1 646 201-4152. To order this report online, please visit:

http://www.burton-taylor.com/exchangereport/ and select the “Buy Report” button, on the right of the page.

Burton-Taylor International Consulting

This report will benefit:

• Exchange & Market Data Industry

Analysts

• Private Equity Firms

• Investment Bankers

• Exchange Listing

Professionals

• Exchange Trading

Professionals

• Trading Venue Professionals

• Exchange Technology

Professionals

• Strategists

• Market Data Vendors

• Product Managers

• Marketers

• Sales Managers

Details

Report Includes:

• Fifteen company “Market

Sheets”, each showing

estimated global share,

regional distribution, five-

year performance

estimates, estimated

revenue by segment and

important business

demographics

• Five-year global market

share, trend and growth

data for each of the

companies included in the

Market Sheets

• Exclusive Burton-Taylor

“Chronicles”, detailing the

historic key events for each

of the companies included

in the Market Sheets.

• Five-year segment sizing

and five-year trend and

growth data for the major

demand segments driving

growth in the Americas,

EMEA and Asia

• All underlying spreadsheet

data and assumptions

(Enterprise distribution

subscribers/buyers only)

Report Purchase Includes:

• Two hardcopies

• Report download in PDF

format

Report prices: see table for

options, next slide

+1 646 201-4152

[email protected]

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Knowledge Inspires SM

Burton-Taylor International Consulting

Company Market Sheet Sample Market Share Sample Segment Growth Sample

Report Content Complete

• Fifteen company “Market Sheets” showing estimated global share, regional distribution, five-year performance trend and business

demographics:

✓ included

• ASX Group

• B3

• Bolsas y Mercados Españoles (BME)

• Bolsa Mexicana de Valores (BMV Group)

• Chicago Board Options Exchange (CBOE)

• CME Group

• Deutsche Boerse

• Euronext NV

• Hong Kong Exchanges & Clearing (HKEx)

• Japan Exchange Group (JPX)

• Intercontinental Exchange (ICE)

• London Stock Exchange Group (LSEG)

• NASDAQ OMX

• Singapore Exchange (SGX)

• TMX Group

• Five-year segment sizing and trend data for the major Exchange industry segments, including: ✓ Included• Trading, Clearing & Settlement

• Information Services

• Listings & Issuer Services

• Market Technology & Access

• Other Business Activities

• Regional breakdowns of all revenue across the major Exchange industry segments within: ✓ Included

• Americas

• EMEA

• Asia

• Report Pricing – PDF Only – Up to five users within the same company may share this report USD9,500

• Report Pricing – PDF AND ALL UNDERLYING SPREADSHEET DATA – Enterprise distribution within the same company USD21,850

• Subscription Pricing – For Burton-Taylor Subscription Service Pricing Please contact [email protected] or call +1 646 201-4152

Orders

Report prices: see table at

right for pricing options

+1 646 201-4152

[email protected]

www.burton-taylor.com

Important Sharing Details:

• Burton-Taylor subscriptions

or reports may be

purchased EITHER with

rights to be shared by UP

TO FIVE USERS WITHIN A

SINGLE ORGANIZATION

OR with rights to be shared

WITHIN A SINGLE

ENTERPRISE

• Only ENTERPRISE

subscribers/buyers receive

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the underlying spreadsheet

data

• Purchasers wishing to

share B-T reports or data

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purchasing organization

should contact

questions@burton-

taylor.com for pricing

• Purchasers wishing to

reprint or redistribute B-T

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should contact

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taylor.com for pricing

Exchange Global Share & Segment Sizing 2018Key Competitors, Global Market Share 2017, Global Segment Sizing 2017, Global Market Trending 2013-17, Global Segment Trending 2013-17

a division of TP ICAP4

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

About the Authors

Author Biography

David Tabaka David Tabaka joined Burton-Taylor International Consulting in October 2017 as an Analyst. David brings more than a decade of experience in research,

analysis, report generation and consulting. He is responsible for supporting the creation, development and maintenance of reports across the Company’s

verticals.

Prior to joining Burton-Taylor, Mr. Tabaka was a Senior Analyst at NextSteps Capital, a lower middle market private equity firm based in Alexandria, VA,

and its sister company, NextSteps Research, a consulting firm specializing in intellectual property research and analysis. In this capacity, Mr. Tabaka was

responsible for conducting research across a broad array of technologies; analyzing companies, industries and technology sectors, and supporting the

firm’s consulting business.

Mr. Tabaka carries an MBA from The Citadel in Charleston, South Carolina and a Bachelor’s degree from George Mason University in Fairfax, Virginia.

Andy Nybo Andy Nybo is a Director at Burton-Taylor International Consulting and, has more than 30 years’ experience in research and technology in global capital

markets. Andy joined Burton-Taylor in March 2017 and is responsible for its Exchange vertical, focusing on how competitive pressures are forcing shifts in

business models and strategic initiatives of exchanges as they seek to expand revenue across multiple business segments.

Mr. Nybo joined Burton-Taylor from TABB Group where he was a managing director in its research practice. At TABB he was responsible for managing

TABB’s listed derivatives practice focusing on listed and OTC securities markets examining how regulation, technology and shifting investor behaviors

impact global derivatives market structure. Andy has written numerous studies on derivatives markets with a particular focus on technology, market

structure and how the buy side and sell side are adapting to the changing environment.

Mr. Nybo presents regularly at a wide range of industry conferences and provides commentary for media outlets including Bloomberg TV, CBS, CNBC,

Fox Business News and Reuters TV. He also has been quoted extensively in major business publications such as The Wall Street Journal, The New York

Times, and the Financial Times.

Mr. Nybo is a member of the Board of Governors of the Security Traders Association and a member of its Listed Options Committee. He also has been a

Board Member of the Carolina Securities Traders Association since 2012.

a division of TP ICAP5

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• This report carries distribution rights within only the purchasing organization. Under a

standard purchase, the purchaser may:• Distribute the full text of the report and any accompanying materials to up to 5 individuals within the

purchasing organization.

• Distribute limited extracts from the report, with due copyright attribution and noting of distribution

restrictions, to senior management within the purchasing organization and/or within its immediate

parent entity.

• The following usage rights are NOT permitted without prior written authorization of Burton-

Taylor International Consulting and payment of additional distribution fees as agreed from

time to time:• Enterprise-wide internal distribution of the report or any accompanying materials, in whole or in part.

• External publication or dissemination of the report or any accompanying materials, in whole or in part,

in any form, including sharing of the report or any accompanying or extracted or derived material with

any external advisors, potential investors, consultants or clients.

• To acquire enterprise, data sharing or external distribution rights to content in this report,

please contact [email protected].

• References to data in this report must be attributed to “Burton-Taylor International

Consulting”.

Important – Distribution Rights

a division of TP ICAP6

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• Executive Summary Slide 6

• Report Overview Slide 8

• Global Exchanges Market Share Slide 11• Key Findings – Global Exchanges Market Slide 12

• Exchanges – Share Trending Slide 13

• Exchanges – Market Share 2017 Slide 14

• Exchanges – Company Growth Slide 15

• Key Competitors Slide 16• Key Findings – Key Competitors Slide 17

• Competitive Analysis – ICE Slide 18

• Competitive Analysis – CME Group Slide 22

• Competitive Analysis – Deutsche Boerse Slide 26

• Competitive Analysis – LSE Group Slide 30

• Competitive Analysis – Nasdaq Inc. Slide 34

• Competitive Analysis – HKEx Slide 38

• Competitive Analysis – B3 Slide 42

• Competitive Analysis – JPX Slide 46

• Competitive Analysis – Cboe Global Markets Slide 50

• Competitive Analysis – ASX Group Slide 54

• Competitive Analysis – Euronext NV Slide 58

• Competitive Analysis – SGX Slide 62

• Competitive Analysis – TMX Group Slide 66

• Competitive Analysis – BME Slide 70

• Competitive Analysis – BMV Group Slide 74

• Global Exchanges Segment Size Slide 78• Key Findings – Global Segment Sizing Slide 79

• Exchanges – Segment Growth Slide 80

• Exchanges – Segment Trending Slide 81

• Exchanges – Segment Sizes 2017 Slide 82

• Detailed Segment Analysis Slide 83• Exchanges – Trading, Clearing and Settlement Trending Slide 84

• Exchanges – Trading, Clearing and Settlement Share 2017 Slide 85

• Exchanges – Information Services Trending Slide 86

• Exchanges – Information Services Share 2017 Slide 87

Table of Contents

a division of TP ICAP7

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• Detailed Segment Analysis (continued)• Exchanges – Listing and Issuer Services Trending Slide 88

• Exchanges – Listing and Issuer Services Share 2017 Slide 89

• Exchanges – Market Technology and Access Trending Slide 90

• Exchanges – Market Technology and Access Share 2017 Slide 91

• Exchanges – Other Business Trending Slide 92

• Exchanges – Other Business Share 2017 Slide 93

• Reference Slide 94• References – Methodology & Assumptions Slide 95

• References – Segment Definitions Slide 96

• References – Underlying Company Data Slide 97

• About the Authors Slide 102

Table of Contents

a division of TP ICAP8

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

Company Market Sheet – TMX Group

Add: A

dvanced d

ecis

ion d

ata

TM

mark

et analy

sis

Burt

on-T

aylo

r In

tern

ational C

onsultin

g

Company Market Sheet – TMX Group, exit 2017

• Profile: TMX Group include the Toronto Stock Exchange,

TSX Ventures Exchange, Montreal Stock Exchange, CDS

Clearing and Depository Services and Alpha Trading

Systems

• Overall Performance: TMX total 2017 revenue

USD567.4m per annum; EBIT margin 53.1% (vs. 48.8% for

2016)

• Segment Revenue: Trading, Clearing & Settlement

USD265.4m, Listings & Issuer Services USD145.5m,

Information Services USD152.4m, Market Technology &

Access USD6.6m, Other -USD2.5m

• Average Net Revenue per Employee: USD458,347.5

• YoY Revenue Growth: 1.3% (Company-Wide) (constant

currency down ~0.8%); 9.7% (TC&S); 5.4% (L&IS); -4.3%

(Information Services); -66.6% (MT & Access)

• Five-year Revenue CAGR: -3.4% (Company-Wide);

-0.5% (TC&S); -5.9% (L&IS); 1.2% (Information Services);

-34.0% (MT & Access)

Sources: Burton-Taylor proprietary data, primary research, public record. Note: 2014 revenue allocations by segment have been revised in line with new company business segmentation.

Am

eri

ca

sE

ME

AA

sia

USDm

• TMX revenues grew slightly in USD terms in 2017, reaching USD567.4m for the year.

• Strength in its Trading, Clearing & Settlement segment drove results, with the segment

reporting a 9.7% increase in 2017 revenues to USD265.4m accounting for 46.8% of the

company’s total revenues.

TMX Group

$567.4m

1.8% share

96.5%

3.0%0.5%

$679.9 $649.7 $561.6 $560.2 $567.4

2013 2014 2015 2016 2017

$0.0

$55.0

$110.0

$165.0

$220.0

$275.0

Trading, Clearing &Settlement

Listings & IssuerServices

Information ServicesMarket Technology

& Access

Other BusinessActivities

a division of TP ICAP9

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• The Americas region accounted for XX.X% of global revenues in 2017, with EMEA and Asia

accounting for XX.X% and XX.X% of the total, respectively.

• ICE had greatest market share in the Americas; Deutsche Boerse in EMEA & HKSE in Asia.

Exchanges – Market Share 2017

Add: A

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Burt

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Global Exchanges Revenue – By Region – exit 2017

0%

20%

40%

60%

80%

100%

0%

20%

40%

60%

0%

20%

40%

60%

Bloomberg

100%

80%

100%

80%

$XX,XXX.X $XX,XXX.X $XX,XXX.X

AsiaEMEAAmericasUSDm

See “References” section of this report for revenue definitions

BME

BMV

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p

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odities

&

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Exchan

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Cboe

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ASX GroupEuronext NVSingapore ExchangeTMX GroupBMEBMV GroupOther

Intercontinent

al Exchange

CME

Group

Deutsche

Boerse

London Stock

Exchange

Group

NASDAQ

Hong Kong

Exchange

& Clearing

B3

Japan

Exchange

Group

Cboe Global

MarketsASX GroupEuronext NVSingapore

ExchangeTMX GroupBMEBMV GroupOther

Interc

ontine

ntal

Excha

nge

CME

Grou

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ASX

Group

Euron

ext

NV

Singa

pore

Excha

nge

TMX

GroupBMEBMV

GroupOther

Intercontinental Exchange

CME Group

Deutsche Boerse

London Stock Exchange

Group

NASDAQ

Hong Kong Exchange &

Clearing

B3Japan Exchange Group

Cboe Global MarketsASX Group

Euronext NVSingapore Exchange

TMX GroupBME

BMV GroupOther

Intercontinental

Exchange

CME Group

Deutsche Boerse

London Stock

Exchange Group

NASDAQ

Hong Kong

Exchange &

Clearing

B3Japan Exchange

Group

Cboe Global MarketsASX Group

Euronext NVSingapore Exchange

TMX GroupBME

BMV GroupOther

Interconti

nental

Exchange

CME

Group

Deutsch

e

Boerse

London

Stock

Exchange

Group

NASDAQ

Hong

Kong

Exchan

ge &

Clearing

B3

Japan

Exchang

e Group

Cboe

Global

Markets

ASX

Group

Euronext

NV

Singapore

Exchange

TMX

Group

BME

BMV

Group

Other

Intercontinental Exchange

CME Group

Deutsche BoerseLondon Stock Exchange Group

Nasdaq Inc.

B3

Cboe Global Markets

TMX GroupBMV GroupOther

Intercontinental Exchange

CME Group

Deutsche Boerse

London Stock Exchange

Group

Nasdaq Inc.Hong Kong Exchange & Clearing

Euronext NVBME

Other

CME GroupDeutsche BoerseNasdaq Inc.

Hong Kong

Exchange &

Clearing

Japan Exchange

Group

ASX Group

Singapore

Exchange

Intercontinental Exchange

CME Group

Nasdaq Inc.

B3

Cboe Global Markets

London Stock Exchange Group

TMX Group

Other

Deutsche Boerse

London Stock Exchange Group

Intercontinental Exchange

CME Group

Euronext NV

Nasdaq Inc.

BMEHong Kong Exchange & Clearing

Other

Hong Kong Exchange &

Clearing

Japan Exchange Group

ASX Group

Singapore Exchange

Nasdaq Inc.CME Group

Deutsche Boerse

Other

BMV Group

Deutsche Boerse

B3

Cboe Global Markets

London Stock Exchange

a division of TP ICAP10

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• B3 and Cboe Global Markets posted the greatest YoY revenue increases both due to

acquisitions, while ICE posted the largest five-year CAGR due to its 2015 acquisition of IDC.

• Remaining entities clustered closer to the YoY industry average revenue growth of XX.X%.

Exchanges – Company Growth

Add: A

dvanced d

ecis

ion d

ata

TM

mark

et analy

sis

Burt

on-T

aylo

r In

tern

ational C

onsultin

g

Global Exchanges Growth Rates – By Company – 2013-17 Trending

USDm

See “References” section of this report for revenue definitions

-15.0%/-10.0%

5.0%

25.0%

45.0%

65.0%

85.0%

-1.0% 8.0% 17.0% 26.0% 35.0%

Five-year Compound Annual Growth Rate (CAGR)

Ye

ar-

on

-Ye

ar

Gro

wth

Rate

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

Exchange Name, $X,XXX.X

a division of TP ICAP11

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• This report carries distribution rights within your organization only. Under standard

distribution, you may:• Distribute the full text of the report and any accompanying materials to up to 5 individuals within your

organization.

• Distribute limited extracts from the report, with due copyright attribution and noting of distribution

restrictions, to senior management within your organization and/or within its immediate parent entity.

• The following usage rights are NOT permitted without prior written authorization of Burton-

Taylor International Consulting and payment of additional distribution fees as agreed from

time to time:• Enterprise-wide internal distribution of the report or any accompanying materials, in whole or in part.

• External publication or dissemination of the report or any accompanying materials, in whole or in part,

in any form, including sharing of the report or any accompanying or extracted or derived material with

any external advisors, investors or consultants.

• To acquire enterprise, data sharing or external distribution rights to content in this report,

please contact [email protected].

• References to data in this report must be attributed to “Burton-Taylor International

Consulting”.

Distribution Rights

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© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

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• Burton-Taylor clients command an estimated 80% of global revenue share in the market

data space and include the world’s largest Exchange groups, key government organizations

and regulatory bodies on multiple continents, five of the six largest advisory firms serving the

industry, and more than 30 of the most active private equity and investment companies

around the world…all of which using Burton-Taylor data as their industry benchmark.

• While accomplished in the Americas, Europe and Asia, and with a strategic approach that

remains generalist, B-T has developed substantial expertise in the global information,

insurance, financial services and software industries, with deep focus in North America,

China, India and Asia.

• B-T’s Hourglass AnalysisTM process provides a proven, structured yet customizable,

business consulting approach that helps companies clearly target new opportunities, define

new strategy, and plan new actions to maximize growth.

• B-T completes custom research, varying in size from small single product or market detail

reports to large global industry and competitor sizing and profiles.

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• vwd

• Warburg Pincus

• Wipro

• WPP

• Xignite

• Zignal Labs

• Dozens of private equity, investment & consulting

firms from around the world, who have chosen to

remain anonymous

a division of TP ICAP14

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• Burton-Taylor’s Hourglass AnalysisTM is a customizable consulting approach that helps

companies clearly target opportunities, define strategy, and plan actions to maximize

growth.

Burton-Taylor International Consulting

Hourg

lass A

naly

sis

TM

Burt

on-T

aylo

r In

tern

ational C

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g

Sector Research

Find your new customers

Finding new opportunities offering the

highest return and lowest underlying

risk is never easy. B-T excels at

enabling companies to target

opportunities directly and confidently.

Customer Research

BU/Company Strategy

Shape your new strategy

Charting how, when and where to

invest, to generate maximum value

and capitalize on the most profitable

options, is like navigating a maze. B-T

helps companies map the most direct

paths to significant growthService/Product Strategy

Sales Plans

Capture your new revenue

Crafting compelling messages and

defining actions that result in shorter

sales cycles can be a challenge. B-T

are skilled din helping companies build

plans that quickly and profitably

capture new revenue.Marketing Plans

a division of TP ICAP15

© 2018 Burton-Taylor International Consulting | Confidential – Do Not Reproduce

Knowledge Inspires SM

• Available Burton-Taylor industry coverage: • Anti-Money Laundering (AML)/Know-Your-Customer (KYC) Market Data/Information Industry

› Burton-Taylor delivers the industry’s only comprehensive analyses of the Anti-Money Laundering

(AML)/Know-Your-Customer (KYC) data/information industry. View All AML/KYC Reports or Download

Sample Slides and the Information Kits

• Exchange Industry› Burton-Taylor delivers comprehensive analyses of global exchange market share, demand segmentation

and vendor demographics. View All Exchange Reports or Download Sample Slides and the Information Kits

• Financial Market Data/Analysis Industry› Burton-Taylor delivers comprehensive analyses of market data supplier share, demand segmentation,

vendor demographics, product segmentation, user segmentation and institutional buyer

segmentation. View All Financial Market Data/Analysis Reports or Download Sample Slides and the

Information Kits

• Media Intelligence and Public Relations Information & Software Industry› Burton-Taylor delivers comprehensive analyses of media intelligence and public relations information &

software supplier share, demand segmentation, vendor demographics and product buyer’s guides. View All

Media Intelligence/PR Reports or Download Sample Slides and the Information Kits

• For a list of all available Burton-Taylor reports, please visit the Research area of Burton-

Taylor.com.

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