no 231 – may 2012 shaping the future of europe’s financial … · 2018. 10. 27. · wfe...

Europe moves on with the post-trade infrastructure by Karel Lannoo, CEPS

Shaping the future of Europe’s financial markets by Verena Ross, ESMA

WFE publishes 2011 annual statistics

April 2012 WFE market statistics

NO 231 – MAY 2012

Shaping the future of Europe’s financial markets

European Securities and Markets Authority, 2012

IN THIS ISSUE

4-6 JuneGlobal Equity Markets Seminar - GEMS 2012Amsterdam

20-21 JuneFESE ConventionIstanbul

25-27 JuneICGN ConferenceRio de Janerio

20-21 SeptemberFEAS General AssemblySofia

20-21 SeptemberFIAB Annual Conference Cartagena de Indias, Colombia

3-5 October Intermarket Surveillance Group Fall Conference, Stresa

13 October WFE Working Committee Meeting hosted by Taiwan SE

14 OctoberWFE Board Meeting hosted by Taiwan SE

15-16 OctoberWFE General Assembly and Annual Meeting hosted by Taiwan SE

INTrOdUcTION2 Shaping the future of Europe’s

financial markets

OPINION4 Europe moves on with the post-

trade infrastructure by Karel Lannoo

9 Shaping the future of Europe’s financial markets

by Verena Ross

FEdErATION NEWS14 WFE publishes 2011 Annual

Statistics

INdUSTrY NEWS A-Z15 Corporate news15 Exchange consolidation news16 Financial results17 Indices18 Inter-market links19 IT19 New products20 New services22 Post trade23 Regulation

MArKET STATISTIcS28 Key market indicators -

April 201230 Equity42 Fixed income50 Derivatives

Every effort has been made to ensure that the information in this document is accurate at the time of printing, but the WFE cannot accept any responsibility for errors or omissions. WFE commissions articles on capital market policy and practices for publication in Focus and for website posting. The views of the authors do not necessarily reflect those of this Federation or its member exchanges. For reproduction or citation, please contact the WFE. © WFE 2012. All rights reserved.

dATES FOr THE dIArY

FOcUS May 2012 – 1

04KArEl lANNOOEurope moves on with the post-trade infrastructure

24IOScO PrEPArES FOr THE rEgUlATOrY ANd FINANcIAl cHAllENgES AHEAdThe organization’s membership regulates more than 95% of the world’s securities markets in over 100 jurisdictions and its membership is steadily growing.

09VErENA rOSSShaping the future of Europe’s financial markets

14WFE PUblISHES 2011 ANNUAl STATISTIcSCash equity and bond markets, derivatives markets, and a wide range of market indicators from stock indexes to PER and dividends

2 – FOcUS May 2012

INTrOdUcTION

SHAPINg THE FUTUrE OF EUrOPE’S FINANcIAl MArKETS

PETEr clIFFOrd Deputy Secretary General, WFE

No matter where you go these days, wherever people with an interest in markets gather, there is sure to be lengthy discussions on the future of the European Union and the Euro.

While these issues merit much discussion, another set of issues is making steady progress in reorganizing the financial markets in Europe.

This month, in Focus there are two articles on regulatory developments in Europe. First, Karel Lannoo from the Centre for European Policy Studies (CEPS) looks at recent regulation concerning the post trade landscape in Europe. CEPS is a leading think-thank on European policy, and Karel has written widely on market structure policy.

In his article for this month’s Focus, he concludes ‘With a delay of more than 10 years, the EU will finally have a regulatory framework in place for the back-office. This will on the clearing side spur huge change, as a new market has to be structured for the central clearing of hitherto bilaterally traded derivative contracts. Huge investments are to be expected in clearing technology, which will bring sea change in the coming years. On the settlement side, free competition between CSDs will lead to further concentration in the sector, as this is a scale business by excellence, but also to contests with specialized banks for the expansion of territory. With a growing concentration in the clearing and settlement sector, the task for macro and prudential supervisors will not become easier.’

WHIlE THErE ArE lENgTHY dIScUSSIONS ON THE FUTUrE OF THE EUrOPEAN UNION ANd THE EUrO, ANOTHEr SET OF ISSUES IS MAKINg STEAdY PrOgrESS IN rEOrgANIZINg THE FINANcIAl MArKETS IN EUrOPE.


THE IMPlEMENTATION OF A NEW FINANcIAl INFrASTrUcTUrE IS THE rOAdMAP FOr A MIgrATION FrOM OVEr THE cOUNTEr dErIVATIVE TrAdINg TO lESS rISKY, bETTEr MANAgEd WAYS OF clEArINg ANd TrAdINg dErIVATIVE PrOdUcTS.

One of the key institutions to oversee the new rules governing European markets is European Securities and markets Authority (ESMA). Verena Ross, the Executive Director of ESMA recently explained in a speech given at Centre Forum in London, reprinted here, the multiple work streams that are currently underway or planned. She says “The introduction of new and the overhaul of existing legislation will be a key challenge for ESMA this year. ESMA will work on establishing harmonised binding implementing measures in different areas such as: OTC derivatives (EMIR), investment funds (UCITS), alternative fund managers (AIFMD) and issuers (Prospectus directive). EMIR in particular will dominate our agenda for the next 6 months, with a consultation paper in June and final standards due to be delivered by end September.”

Regarding ESMA’s international role, she points out “Global leaders have established common objectives at G20 levels and regulators have set up a number of international groups aiming at international consistency of the different regimes. At the end of the process we will need to rely on equivalence and co-operation among authorities. We will never be effective if a single regulator seeks to regulate global financial markets from one single location.

ESMA is already and will continue to play its full role in the global dialogue, whether that is in relation to the OTC derivative agenda, the regulation of CRAs or alternative investment fund managers.

The outcome of the implementation of a new financial infrastructure would have ramifications well beyond the region. It will point to whether fragmented markets are destined to replace centralized markets to the same extent as screen trading once replaced by open outcry. It will determine how well transparent trading venues can co-exist with dark pools. It is the roadmap for a migration from over the counter derivative trading to less risky, better managed ways of clearing and trading derivative products.


1 G-20, Leaders Statement, The Pittsburgh Summit, p. 9

OPINION

Together with the reinforcement of bank capital, mandatory central clearing is one of the most important shifts brought about by the financial crisis, on which many questions remain, however. Will CCPs be capable to cope? What is the level of capital for CCPs, what level of margins on collateral? What is the impact on the large operators in derivative markets? What are the consequences for availability of collateral in the global financial system? How can it be avoided to concentrate too much risk? Related to this is the ambition to create centralized repositories for OTC trades. The action on settlement, as well at EU Commission at ECB level, was on the agenda already well before the financial crisis, but the resolve to go for harmonized rules and a single settlement engine was facilitated by the crisis.

The central role of ccPs

CCPs will have a central role in the financial system, although it will only affect a few players seriously. The derivative market on both sides of the Atlantic is dominated by five players, which control about 80% of the market. The cost for a participation in a CCP and the impact on the profitability of the financial sector will thus largely affect these players, but also the eventual reduction in systemic risk is mainly in the hands of the same. The question whether risk is better controlled when multilateralised and internalized in a few CCPs remains. For this to happen, much depends on the eligibility of derivatives for central clearing, which is assumed to be somewhere around 2/3rds of total notional amount, and the governance and control of CCPs.

After more than a decade of hesitation, the EU is now finally moving on to put in place a proper regulatory architecture for clearing and settlement. Following the agreement on EMIr, the EU commission has proposed harmonized rules for cSd’s, while the European central bank (Ecb) is moving on with its plans for a central euro-zone settlement entity. After the unfortunate bypass of the 2006 code of conduct, the EU will now have rules to ensure cross border provision of services, (interoperability) and competition between clearing and settlement entities in the EU. This will bring sea change in the sector, and could lead to further concentration in the sector to respond to tighter margins, as we have seen in the area of trading platforms.

The move to require central clearing of derivative trades follows the huge uncovered positions in bilateral OTC derivatives trading, mainly with the US group AIG, which lead to the policy actions in the London and Pittsburg G-20 meetings. The Pittsburgh G-20 decided that ‘all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest. OTC derivative contracts should be reported to trade repositories. Non-centrally cleared contracts should be subject to higher capital requirements.’1

EUrOPE MOVES ON WITH THE POST-TrAdE INFrASTrUcTUrE

KArEl lANNOO, Chief Executive of the Centre for European Policy Studies


European Market Infrastructure Regulation (EMIR) remains in its final text very much at the level of principles in the eligibility of derivatives for central clearing and the prudential requirements. But the text has doubled in length as compared to the Commission’s draft, mainly as a result of exemptions from the scope of the regulation (i.e. intra-group transactions) and the clarification of the third country provisions. Moreover, much remains to be done in implementing rules: 40 of the 77 items on ESMA’s 2012 work program concern EMIR.2 This obesity of rules is a trend that can be noticed with other post-crisis financial regulation measures, the question remains what its long term impact will be.

Entities that are exempt from the scope of the regulation are non-financial corporations and pension funds (for a three years transition period). The exemption for non-financial corporations was already on the agenda well before the text was formally proposed, and has been maintained, albeit with the maintenance of a clearing threshold. The same applies in the US under Dodd-Frank, but is only expected to come into effect in the second half of 2013. The exemption for pension funds was a major success of lobbying with the European Parliament, but does not apply in the US.

In formal terms, the clearing threshold for non-financial corporations is not set in EMIR, but will be subject to implementing legislation proposed by European Securities and Markets Authority (ESMA), which will set criteria on which OTC contracts are to be included and the values. In relative terms, it revolves around positions that are not objectively measurable as reducing risks directly related to the commercial or treasury financing activities of the counterparty or of that group (Art. 7.3).

The exemption from central clearing for pension schemes is less clearcut, as it is only applicable during a transition period of three years. Pension schemes successfully made the point that the margin requirements of CCPs would reduce returns for future retirees. But OTC derivatives contracts entered into by pension schemes will be subject to the reporting obligation and bilateral collateralisation requirements. ‘The ultimate aim is, however, central clearing as soon as this is tenable’ (Recital 15). This derogation also applies to group insurance schemes, provided they are ring-fenced from other activities within the insurance group (Recital 15a).

ccPS WIll HAVE A cENTrAl rOlE IN THE FINANcIAl SYSTEM, AlTHOUgH IT WIll ONlY IMPOrTANTlY AFFEcT A FEW PlAYErS.

2 One article may include more than one reference to implementing provisions.

EMIr PrOPOSAl ANd FINAl drAFT SIZE-WISE

Number of articles Articles open to implementing provisions

Number of words

EMIR Commission proposal 72 20 19,465

EMIR final level 1 72 24 43,853


Once the initial conditions have been met, clearing houses will be able to offer their services freely within the EU, after notifying host country authorities. So far, further to MiFID (Art. 34), investment firms could have access to host country clearing and settlement services, but the latter could not provide their services freely across borders, which is what EMIR now permits. CCP’s may enter into interoperability arrangements, provided certain criteria are met, subject to a three year test period (Art. 50).

Trade repositories

A second part of EMIR deals with the registration and operation of trade repositories, these are entities that centrally collect and maintain the records of any derivative contract CCP’s have concluded . Any modification, or termination of the contract is reported to a trade repository.

Trade repositories will be authorized by ESMA, and thereby become, after rating agents, the second specific and unique group it oversees. In return for doing so, ESMA shall charge fees to the repositories, which should fully cover its expenses. ESMA may delegate supervisory tasks to the member states authorities. Trade repositories from third countries may also be recognized as soon as an equivalence agreement with the country in question has been concluded.

EMIR follows a dual approach for the authorization of CCPs. EU-based CCP’s are authorized by the relevant authorities in their home country, whereas authorized 3rd country CCP’s can be recognized to do business in the EU by ESMA, subject to a cooperation agreement with its supervisory authorities.

The basic prudential and business conduct standards for CCP’s today comprise:

• initial capital requirement of EUR 7.5 million (Art. 12)

• exposure management, margining rules, default fund, collateralization and investment policy (Art. 38-46). CCP’s can have access to central bank liquidity and settle in central bank money.

• governance and conduct requirements (segregated client accounts, conflicts of interest, outsourcing, Art. 31-37)

These rules, and above all those under print item (2) are key to the well functioning of CCP’s, but also of the doubts that remain among specialists regarding the resilience of CCP’s. 11 of the 40 EMIR items in ESMA’s regulatory work programme 2012 relate to the substantiation of these prudential rules.

ONcE THE INITIAl cONdITIONS HAVE bEEN MET, clEArINg HOUSES WIll bE AblE TO OFFEr THEIr SErVIcES FrEElY WITHIN THE EU, AFTEr NOTIFYINg HOST cOUNTrY AUTHOrITIES.


WITH A dElAY OF MOrE THAN 10 YEArS, THE EU WIll FINAllY HAVE A rEgUlATOrY FrAMEWOrK IN PlAcE FOr THE bAcK-OFFIcE.

An article to be followed regards the provision of banking services by CSDs, as some do. The draft CSD proposal states that these entities cannot provide ancillary banking services, although an exception can be made in reasoned request to the EU Commission. As CSDs will have to look downstream to expand their services with the arrival of Target2- Securities (T2S), they will come even more in direct competition with custodian banks. In this context, the current phrasing of the provision may leave too much discretion to the EU Commission, and uncertainty for CSDs.

conclusion

Finally after more than 10 years, the EU will finally have a regulatory framework in place for the back-office. This will on the clearing side spur huge change, as a new market has to be structured for the central clearing of hitherto bilaterally traded derivative contracts. Huge investments are to be expected in clearing technology, which will bring sea change in the coming years. On the settlement side, free competition between CSDs will lead to further concentration in the sector, as this is a scale business by excellence, but also lead to competition with specialized banks for the expansion of territory. With a growing concentration in the clearing and settlement sector, the task for macro and prudential supervisors will not become easier.

To supervise properly means that ESMA needs to have the powers to undertake general investigations, do on-site inspections of and eventually impose fines upon trade repositories. This is, in a European context, new, although it also appears already in the rating agencies regulation.

Data collected by TR should be made available to the relevant European and national supervisory authorities.

The cSd proposal

Following EMIR, the single license facilities should also apply to central securities depositaries, which hitherto had only been subject to a self-regulatory Code. While the Code made some progress in the area of price transparency, hard core issues such as interoperability and service unbundling did not advance, as too much was at stake for the operators. The draft regulation requires transparent access criteria, price and fee transparency, interoperability between CSDs and with other infrastructures, such as CSDs. It follows gross modo the same equivalence method as EMIR for third country CSDs access to the EU market.


UCITS and Asset Management in the EU after MiFID., and in 2012 Rethinking Asset Management with Mirzha Demanuel. Other recent publications and opinion pieces include: The Commission’s CRD IV requires a deeper reading (January 2012); EU federalism in crisis (December 2011); MiFID 2.0 unveiled (November 2011); Lessons from the 2008 crisis for a 2011 Eurotarp (October 2011),Opinion polls support a more European approach to the crisis, (August 2011), The EU’s Response to the Crisis: A Mid-term Review, (April 2011), The forest of Basel III has too many trees, (February 2011)

• independent director of BME (Bolsas Y Mercados Espanoles), the listed company that manages the Spanish securities exchanges

• Karel Lannoo holds an MA in history (1985) from the University of Leuven, Belgium and obtained a postgraduate in European studies (CEE) from the University of Nancy, France (1986)

About Karel Lannoo

• Chief executive of the Centre for European Policy Studies (CEPS) since 2000. CEPS is one of the leading independent European think tanks, with a strong reputation in economic and foreign policy research. It budgets total revenues of EUR 9 million for 2012 and employs about 50 persons

• Directs the European Capital Markets Institute (ECMI) and the European Credit Research Institute (ECRI), both separate legal entities that are managed by CEPS

• Regular speaker at hearings of EU, other national and international institutions (OECD, World Bank, ADB) and in executive programmes.

• Published some books and numerous articles in newspapers (FT, WSJ, FD, FT, De Tijd), specialised magazines and journals on general European policy, and specific financial regulation and supervision matters. On MiFID, co-authored The Mifid Revolution with Jean-Pierre Casey, published by Cambridge in September 2009, and MiFID 2.0 with Diego Valiante, published by CEPS in February 2011. On asset management, he published in 2008 with Jean Pierre Casey,


The new system’s objective is not only to secure a more robust legal framework for financial markets and all its players, but also to provide benefits to investors and the wider economy. Moreover, the benefits of a single financial market are even more obvious when looking at the alternative: 27 separated and isolated financial systems functioning with their own rules.

The 16 months, since our establishment on 1 January 2011, have been a busy time for ESMA, on the organisational, regulatory and supervisory fronts. We have set about building the new organisation at a time of ongoing turmoil in the EU financial markets and of significant legislative activity in the area of securities regulation.

In terms of operational set-up, ESMA began life with about 35 staff from its predecessor body, the Committee of European Securities Regulators, at the beginning of 2011 but by year’s end had nearly doubled to about 70. This included the reorganisation to align the structure and the subsequent recruitment of the management tier to ensure that we had the required basis in place to support delivery of our responsibilities. We have succeeded in recruiting highly qualified candidates from varied backgrounds including government, regulatory bodies and the private sector. And we are not finished yet. By the end of this year we intend to have 100 staff on board and I would like to take this opportunity to say that we are still keen on attracting experienced candidates from as broad a range of backgrounds as possible.

Excerpts from the speech delivered to the centre Forum in london on 11 May 2011.

I am keen to share with you my views on the future of Europe’s financial markets, and in particular on the role of ESMA in meeting the challenges of regulating these markets.

I would like to begin by addressing some of the background behind the current system of regulation in the EU before moving on to speak about ESMA and our Work Programme.

What kind of financial oversight system is now developing in Europe? In June 2009, the Heads of EU Member States and governments called for a move towards more harmonised regulation and integrated European supervision in order to ensure a true level playing field for all actors at the EU level. This call reflected not only the repercussions of the financial crisis, which has deeply affected, and continues to affect, Europe, but it also responded to failings in the areas of cooperation, coordination, consistent application of Union law and trust between national supervisors.

The response of the EU was the establishment of the European System of Financial Supervision and the creation of the European Supervisory Authorities for securities, banking and insurance in 2011, as well as the European Systemic Risk Board. This was a crucial political decision on the part of the European Union to improve financial services regulation in Europe.

OPINION

SHAPINg THE FUTUrE OF EUrOPE’S FINANcIAl MArKETS

VErENA rOSS, Executive Director of ESMA


I/ ESMA’s role in the new EU framework

What is our role in the new EU regulation framework? ESMA has two key aspects to its mission as an organisation, which are: the building of a “single rulebook” for the regulation of the EU’s financial markets and ensuring its consistent application at national level. While this is an ambitious mission, presenting significant challenges, I feel that ESMA has already made some substantial progress in meeting the challenges in both these areas over its first 16 months of existence.

development of a Single rulebook

In terms of the development of a single rulebook for Europe, ESMA took on its new role as EU securities markets standard setter with clear responsibilities for the development of technical standards and advice for new, or soon to be revised, pieces of legislation. Over the last year, we not only produced the first technical standards (for credit rating agencies (CRAs) and short-selling), but also conducted significant preparatory work for the enormous task of devising the standards for the OTC derivatives markets (under EMIR) this year. We provided advice to the Commission for secondary legislation in the areas of prospectuses and alternative investment funds under Alternative Investment Fund Managers Directive (AIFMD). Furthermore, we used our powers to issue guidelines and recommendations to enhance the regulatory regime on “Systems and controls in an automated trading environment” as well as on “regulatory framework for ETFs and other UCITS” that will be published by ESMA in June.

Supervisory convergence

While the single rulebook will be the basis achieving supervisory convergence, purely having a single legal text does not actually achieve convergence in implementation and actual regulation on the ground. Supervisory convergence is still very much work in progress, but I want to point to a number of work streams through which ESMA has actively worked on achieving this common approach to regulation. ESMA has issued opinions on the treatment of sovereign debt under IFRS and on a number of pre-trade transparency waivers - basically agreeing on what the national regulatory treatment should be in these two important areas. During the difficult market period last August, ESMA co-ordinated - without formal legal powers - simultaneous bans on net short positions in Belgium, France, Italy and Spain, playing a role in aligning wherever possible the interpretation and implementation of the measures. Similarly, we coordinated monitoring of market developments and market infrastructure resilience through this difficult period.

ESMA also conducts peer reviews of national authorities’ activities, which we publish. These reviews look at such elements as the degree of convergence reached in the application of EU law and in its enforcement. One area which ESMA has recently conducted a peer review on is market abuse and the use of sanctions in this area.

ESMA HAS TWO KEY ASPEcTS TO ITS MISSION AS AN OrgANISATION, WHIcH ArE: THE bUIldINg OF A “SINglE rUlEbOOK” FOr THE rEgUlATION OF THE EU’S FINANcIAl MArKETS ANd ENSUrINg ITS cONSISTENT APPlIcATION AT NATIONAl lEVEl.


THE INTrOdUcTION OF NEW ANd THE OVErHAUl OF ExISTINg lEgISlATION WIll bE A KEY cHAllENgE FOr ESMA THIS YEAr.

direct supervision

Going beyond supervisory convergence, ESMA has been given responsibility to directly supervise a number of cross-border market players. In July 2011 we took on the responsibility for the registration and supervision of CRAs wishing to conduct business in the EU. Bringing CRAs under the umbrella of EU supervision is a milestone achievement which will contribute to a sounder rating process and thus more resilient markets and improved investor protection. In this context, we have undertaken our first on-site inspections before the end of the year, and will conduct further individual and thematic supervisory reviews, on-site inspections and off-site monitoring and risk analysis, this year. From 2013, ESMA will also take on direct supervisory responsibility for Trade Repositories (TRs) under the EMIR regulation - expanding the cross EU supervisory role.

Key priorities for 2012

The introduction of new and the overhaul of existing legislation will be a key challenge for ESMA this year. ESMA will work on establishing harmonised binding implementing measures in different areas such as: OTC derivatives (EMIR), investment funds (UCITS), alternative fund managers (AIFMD) and issuers (Prospectus directive). EMIR in particular will dominate our agenda for the next 6 months, with a consultation paper in June and final standards due to be delivered by end September.

In addition, ESMA will provide advice and support on legislation being introduced and debated by Council and Parliament, including MiFID/MiFIR, Market Abuse Directive/Market Abuse Regulation (MAD/MAR), CSD, Venture capital etc. We will need to start conducting some preparatory work in many of these areas, as the issues ESMA is likely to have to work on (once the Level 1 legislative process is completed) are not only numerous but often technically complex and difficult. ESMA will want to collect information and data, for example to support its future work in areas such as non-equity transparency under MiFID/MiFIR.

On the supervision side, 2012 will be the first year in which ESMA will fully exercise its duties on CRAs and - as I already mentioned - needs to prepare itself to also take up supervisory responsibilities for Trade Repositories. ESMA will also need to prepare for the work on supervisory colleges which will be established in 2013 for the regulation of cross-border central counter parties under the OTC derivatives legislation. The reach and impact of these institutions operating in one country could dramatically affect investors and intermediaries of other countries. ESMA will play, in this framework, a co-ordination and a mediation role if needed.


To create this single set of rules and achieve an ‘effective EU single market’, ESMA needs input not only from national competent authorities, but also from the wider stakeholder community. This includes the key market players - buy side/sell-side, infrastructure, issuers, etc - but also retail investors, small and medium size companies as well as the European institutions. We are dependent on receiving thoughtful and informed views, but also data and information that allows us to evaluate different policy options impartially, in order to develop the high quality standards and advice that you expect from us on the wide range of topics that are under ESMA’s remit.

In this context, I would remind this audience that while it may be the national tendency to see rules and regulations emanating from Brussels as an attempt to stifle the UK’s financial services sector, they should view this consultative process as an opportunity for them to contribute to the development of a regulatory system which takes into account the best attributes of Europe’s largest capital market while ensuring that these markets are allowed to flourish to the benefit of all.

II/ ESMA’s stakeholders - national regulators, market players and investors

While ESMA has many new tasks and powers, the new framework is based on effective and extensive cooperation with and between national supervisory authorities. In this context I would like to mention the very active participation by the UK Financial Services Authority (FSA) in ESMA’s activities, at technical level and in ESMA’s Board of Supervisors. It is important for us to have this strong input especially into ESMA’s rule making process. In addition, we continue to rely on the UK - as on any other national competent authority - to conduct the day to day supervision of their authorised firms and market infrastructure players, many of which are active across the whole of the Union.

ESMA’s mandate is clear: building “one set of rules” for an “effective EU single market” – and I know that UK investors and financial institutions support this motto. It is in the interest of issuers, investors and intermediaries to have the same rules across Europe. It makes it easier for issuers to raise cheaper funding and for financial institutions to develop their business across the EU single market. It is also in the retail investor’s interest to have a larger choice of financial products and the same level of protection wherever a product is sold in Europe.

ESMA’S MANdATE IS clEAr: bUIldINg “ONE SET OF rUlES” FOr AN “EFFEcTIVE EU SINglE MArKET”


WE ArE dEPENdENT ON rEcEIVINg THOUgHTFUl ANd INFOrMEd VIEWS, bUT AlSO dATA ANd INFOrMATION THAT AllOWS US TO EVAlUATE dIFFErENT POlIcY OPTIONS IMPArTIAllY, IN OrdEr TO dEVElOP THE HIgH qUAlITY STANdArdS ANd AdVIcE THAT YOU ExPEcT FrOM US ON THE WIdE rANgE OF TOPIcS THAT ArE UNdEr ESMA’S rEMIT.

III/ ESMA’s role in international cooperation

On international cooperation ESMA will play a central role with the objective of fostering consistent application of European rules toward third country entities. In coordination with the European Commission, ESMA will also ensure that Europe speaks with one single voice when it has to deal with third country regulators and will strengthen Europe’s position.

Global leaders have established common objectives at G20 levels and regulators have set up a number of international groups aiming at international consistency of the different regimes. At the end of the process we will need to rely on equivalence and co-operation among authorities. We will never be effective if a single regulator seeks to regulate global financial markets from one single location. ESMA is already and will continue to play its full role in the global dialogue, whether that is in relation to the OTC derivative agenda, the regulation of CRAs or alternative investment fund managers.

concluding remarks

I would like to conclude by saying that ESMA has a big contribution to make to the new European system and financial supervision. I have explained this morning what we have already done and what we are planning to do, to contribute to the objective of a stable financial market for Europe. In this endeavour we will be working closely with national supervisors, the European institutions and our wider stakeholders, while also keeping an eye on the international dimension of financial markets.

About Verena Ross

Verena Ross is the Executive Director of the European Securities and Markets Authority (ESMA). She was appointed to the role in March 2011 and joined ESMA on 1 June 2011. She is the first Executive Director of the organisation and forms part of the senior management team along with the Chair of ESMA. The Executive Director has responsibility for the day-to-day running of the organisation.

Prior to this, Verena held a number of senior posts in the UK’s Financial Services Authority (FSA), with her final position being Director of the International Division from October 2009 to May 2011. Verena was also a member of the FSA’s Executive Committee and the Executive Policy and Risk Committees.

Verena joined the FSA in 1998 to run the Executive Chairman’s office during the regulator’s start-up phase, and was briefly a seconded advisor to the Hong Kong Securities and Futures Commission in 2000. She subsequently held various positions in the Markets Division and was Director the Strategy & Risk Division before becoming Director of the International Division.

She began her career at the Bank of England in 1994, where she worked as an economist and then banking supervisor, following studies in Hamburg, Taipei and London (SOAS).


FEdErATION NEWS

WFE IS PlEASEd TO ANNOUNcE THAT THE 2011 ANNUAl STATISTIcS ArE NOW PUblISHEd.

WFE annual statistics present a comprehensive overview of the last two years (2011, 2010) on a wide range of market indicators, covering WFE members, affiliate and correspondent exchanges as well as IOMA derivatives markets. The markets covered by the annual statistics include cash equity and bond markets, derivatives markets, and a wide range of market indicators from stock indexes to PEr and dividends. Statistics for main markets but also for alternative and SMEs markets are included.

Some of the indicators available in the annual statistics are not included in the monthly statistics database. This is why annual statistics published in the WFE annual report are collected via a separate questionnaire sent every year to all WFE members and are published later (May). The annual statistics also include the figures from the annual WFE/IOMA Derivatives Market Survey.

Since 2011, a new query tool is available on WFE website that allows users to retrieve monthly data from the WFE database in a more flexible way. The tool allows customized queries according to specific criteria. The data is provided in a simple flat file format (csv). The WFE research team is presently working on a new project consisting in consolidating all the historical annual statistics, some dating back to 1975, in the actual database. A new annual query tool allowing to download time series data from 1975 should be available on WFE website before the end of 2012.


INdUSTrY NEWS A-Z

cOrPOrATE NEWS

BSE appoints interim CEO

The Board of Directors of BSE (Bombay SE) appointed Shri Ashishkumar Chauhan as interim CEO with effect from 11 May 2012 after expiry of term of current Managing Director and CEO, Shri Madhu Kannan.

Egyptian Exchange opens new premises

The Egyptian Exchange has opened its new administrative headquarter in Smart Village, a business zone on the western edge of Cairo. Trading will continue at the Bourse’s premises in downtown Cairo, but the exchange’s Board of Directors, trade watchdog and human resource departments will all operate from the new premises in the Cairo-Alexandria desert road.

Hong Kong Exchanges’ Board of Directors appoints new Chairman

On 24 April 2012, the Board of Directors of Hong Kong Exchanges and Clearing appointed Chung Kong Chow as the new Chairman of HKEx.

Luxembourg Stock Exchange appoints new President and CEO

On 18 April 2012, the Board of Directors of the Luxembourg Stock Exchange appointed Robert Scharfe as its new President and CEO.

cONSOlIdATION NEWS

Deutsche Börse completes Eurex takeover

Deutsche Börse Group completed its full acquisition of Eurex Zürich AG. Deutsche Börse is to pay EUR 295 m and transfer approx. 5.3 m Deutsche Börse shares to SIX Group. This gives SIX Group a stake of around 2.7% in Deutsche Börse. In return, Deutsche Börse has acquired the SIX Group’s share in the Eurex Group, the derivatives market provider that was previously under joint operation. Retroactive as of 1 January 2012, Deutsche Börse Group will receive all Eurex Group profits as sole shareholder of Eurex Zürich.

LCH.Clearnet to acquire clearing group in the US

LCH.Clearnet Group has signed non-binding heads of agreement with International Derivatives Clearing Group (IDCG) and the NASDAQ OMX Group regarding the acquisition of IDCG. The transaction would represent the latest move by LCH.Clearnet Group to further enhance the range and flexibility of its clearing solutions and would facilitate its recently announced US cross-margining initiative. The acquisition of IDCG remains subject to negotiations and certain conditions including entering into a definitive agreement and there can be no certainty that the transaction

NASDAQ OMX acquires governance, risk management and compliance software provider

The NASDAQ OMX Group has agreed to acquire BWise, a global leader in enterprise governance, risk management and compliance (GRC) software. With this acquisition, NASDAQ OMX Corporate Solutions now offers companies the ability to track, measure and manage key organizational risks, including the risk of non-compliance, with industry leading governance, management and compliance software and services.

SIX becomes single brand for all SIX Group businesses

As of 23 April 2012, all business areas of SIX Group will use the single brand SIX. The four business areas will additionally be distinguished by their respective descriptors: Swiss Exchange, Securities Services, Financial Information and Payment Services. The reduction to a single brand will increase transparency and strengthen SIX’s market presence.

TMX Group and Maple announce agreements to acquire CDS

TMX Group and Maple Group Acquisition Corporation have announced that Maple has reached agreements to acquire the Canadian Depository for Securities and Alpha Trading Systems. The proposed acquisitions of CDS and Alpha are announced in connection with Maple’s proposed integrated acquisition transaction to acquire 100% of TMX Group shares.


will proceed. It is envisaged that if the transaction proceeds LCH.Clearnet Group would become the sole owner of IDCG and NASDAQ OMX would become a shareholder of LCH.Clearnet Group.

NASDAQ OMX acquires NOS Clearing

NASDAQ OMX Group acquired the Norwegian based NOS Clearing, a clearing house primarily for tanker and dry cargo freight, seafood derivatives and electricity certificates. The transaction will allow NASDAQ OMX to move forward with the global strategy of NASDAQ OMX Commodities.

FINANcIAl rESUlTS

ASX

9 months to 31 March 2012 results

Statutory net profit: AUD 256.3 m, down 2.9% compared to the same period of previous FY

Operating revenue: AUD 454.2 m, down 1.3%

Operating expenses: AUD 104.8 m, up 4.4%

BME

First quarter of 2012 results

Net profit: EUR 35.5 m, down 14.4% compared to the same quarter of last year

Revenue: EUR 77.4 m, a decrease of 8.9%

BM&FBOVESPA


• Net profit: BRL 280.4 m, an increase of 3.6% compared to the same quarter of 2011

• Net revenues: BRL 502.8 m, up 6.5%

• Expenses: BRL 166.2 m, down 11.9%

BSE (Bombay SE)

FY ended 31 March 2012 results

• Net profit: INR 20 535 m, a decrease of 11.4% compared to the previous FY

• Total revenue: INR 57 842 m, up 7.5%

• Total expenses: INR 24 696 m, up 8.4%

CBOE Holdings


• Net profit: USD 33.4 m, up 1.5% compared to the same period of 2011

• Operating revenues: USD 121.4 m, down 2.0%

• Operating expenses: USD 64 m, down 3.7%

CME Group


• Net profit: USD 267 m, a decrease of 41.6% compared to the same period of 2011

• Revenues: USD 775 m, down 6.9%

• Expenses: USD 323 m, up 5%

Deutsche Börse


• Consolidated net income: EUR 146.2 m, down 31.7% compared to the same quarter of 2011

• Sales revenue: EUR 552.4 m, a decrease of 1%

• Operating costs: EUR 248.6 m, down 17%

Hong Kong Exchanges

Three months ended 31 Mar. 2012 results

• Net profit: HGD 1 148 m, down 7.3% compared to the same period of the previous FY

• Total revenue: HGD 1 875 m, a decrease of 2%

• Operating expenses: HGD 532 m, up 20%

IntercontinentalExchange


• Consolidated net profit: USD 148 m, an increase of 15% compared to the same period of 2011

• Consolidated revenues: USD 365 m, up 9.2%

• Consolidated expenses: USD 140 m, up 7.7%

NASDAQ OMX

First quarter of 2012 results (GAAP)

• Net income: USD 85 m, down 18.4% compared to the same quarter of 2011

• Total revenues: USD 952 m, a decrease of 17%

• Operating expenses: USD 405 m, down 2%


NYSE Euronext

First quarter of 2012 results (non-GAAP)

• Net income: USD 121 m, down 32% compared to the same quarter of 2011

• Net revenues: USD 411 m, a decrease of 0.5%

• Operating expenses: USD 240 m, up 4.3%

Osaka Securities Exchange

FY 2011 ended 31 March results

• Net profit: JPY 5 466 m, down 40.3% compared to the previous FY

• Operating revenue: JPY 22 494 m, down 2.1%

• Operating income: JPY 8 370 m, an increase of 10.4%

Singapore Exchange

Third quarter of FY 2012 results

• Net profit: SGD 77.8 m, up 1% compared to the same period of FY 2011

• Revenues: SGD 163.6 m, down 3%

• Expenses: SGD 70.6 m, a decrease of 6%

YTD FY 2012 results

• Net profit: SGD 230.7 m, down 1% compared to the same period of FY 2011

• Revenues: SGD 490.1 m, down 2%

• Expenses: SGD 214.0 m, unchanged

Deutsche Börse introduces DAX ex financials index

Deutsche Börse has launched the DAX ex Financials Index which measures all stocks in the German blue chip DAX index except for banks and financial services companies. The new index is intended at institutional investors who want to access the performance of leading German companies without exposure to the financials industry.

İMKB launches IPO index

On7May2012,İMKB(IstanbulStock Exchange) started calculating an IPO index consisting of the stocks of the companies that go public andstarttradingonİMKBNationalMarket and Second National Market. The new index also includes real estate investment trusts and venture capital investment trusts that start tradingonİMKBCollectiveProductsMarket. The companies that go public will be included in the IPO index on the first day that they start trading, and will remain as index constituents for a period of two years.

TMX Group


• Net profit: CAD 56.8 m, a decrease of 10% compared to the same period of 2011

• Revenue: CAD 162.3 m, down 7%

• Operating expenses: USD 83.1 m, up 7.8%

INdIcES

Abu Dhabi Securities Exchange improves its real estate indices

The Abu Dhabi Securities Exchange has signed a Memorandum of Understanding with Emerging Markets Real Estate Information (REIDIN) to extend real estate market trend information to investors. It includes the improvement of benchmark real estate price indices constructed and updated by REIDIN, and develop additional local property price benchmarks and trend information. The agreement also aims at creating a platform to facilitate comparison of broad asset price movements over time to international corporate and private investors. Another goal is to provide information that will open the way for investment vehicles such as Real Estate Investment Trusts (REITs) and property derivatives.


NASDAQ OMX launches commodity index family

The NASDAQ OMX Group launched the NASDAQ Commodity Index Family. It consists of the primary benchmark (the NASDAQ Commodity Benchmark Index) as well as 10 sectors and 33 single indexes. The five main sectors covered by the index family are energy, industrial metals, precious metals, agriculture and livestock. They are designed to measure the performance of single commodities and sectors through the use of futures contracts on physical commodities. They also offer investors different investment strategies.

Shanghai Stock Exchange releases SSE 100, SSE 150, industry, consumption and services indices

On 24 April 2012, the Shanghai Stock Exchange released the SSE 100 and 150 indices. Both indices are enlarging the SSE blue chip indices family. By taking the SSE 380 index as the sample space, the SSE 100 index selects the top 100 shares with the best performances in both growth rates of business income and return on net assets. The SSE 150 index selects as the sample the top 150 shares with the best performances in the growth rate of business income and the turnover rate. In addition, on 28 May 2012, the Exchange will launch the SSE Select Industries Indices, the SSE Leading Consumption and Services Index and SSE Banks Index.

INTEr-MArKET lINKS

ASEAN trading link set for launch

The ASEAN Trading Link, a cross-border trading link being established by a group of South East Asian stock exchanges, will be launched in June 2012. Bursa Malaysia and Singapore Exchange will be connected first with the Stock Exchange of Thailand added in August 2012. The partners have also formalized an agreement with FTSE to provide a range of ASEAN market data and analytics. NYSE Euronext’s IT unit and SunGard have designed and built the technology required for the trading link.

Baku Interbank Currency Exchange and Moscow International Currency Association sign MoU

The Baku Interbank Currency Exchange and the Moscow International Currency Association signed a Memorandum of Understanding to create favorable conditions for financial institutions of the Azerbaijani Republic and the Russian Federation to participate in the trades of both institutions’ trading systems.

BM&FBOVESPA and Santiago Stock Exchange announce start of derivatives market development in Chile

BM&FBOVESPA and the Santiago Stock Exchange signed an agreement on 12 April 2012 that sets out the implementation of the Chilean derivatives market at the Santiago Stock Exchange. The agreement provides for the transfer of derivatives market knowledge from BM&FBOVESPA to the Chilean Exchange, encompassing products such as equity, interest rate and FX options and futures.

Hong Kong Exchanges and Hebei Financial Affairs Office sign MoU

Hong Kong Exchanges and Clearing and the Chinese Hebei Province’s Financial Affairs Office signed a Memorandum of Understanding on cooperation and exchange of information.

Hong Kong Exchanges and Shandong Financial Services Office sign MoU

Hong Kong Exchanges and Clearing and the Shandong Financial Services Office signed a Memorandum of Understanding on cooperation and exchange of information. Both parties also co-organized a conference for Shandong-based enterprises on listing in Hong Kong.


İMKB signs MoU with Macedonian Stock Exchange

İMKB(IstanbulStockExchange)and the Macedonian Stock Exchange signed a Memorandum of Understanding on 4 May 2012. The main purpose of the Memorandum of Understanding is to deepen and enhance the already established cooperation between the two stock exchanges, and in particular to collaborate in several areas such as the transfer of know-how in relation to trading, order routing, listing of securities, settlement and clearing, dissemination of information as well as the surveillance of transactions, among other things.

NASDAQ OMX Group and Egyptian Exchange extend technology agreement

The NASDAQ OMX Group and the Egyptian Exchange have entered an agreement that extends their relationship for a further five years on exchange technology. Under the terms of the agreement, NASDAQ OMX will continue to support the EGX trading platform, powered by NASDAQ OMX technology, which started operating in November of 2008.

SIX Swiss Exchange upgrades to INET-based trading platform

The SIX Swiss Exchange completed the upgrade of its existing SWXess trading platform to a new system based on NASDAQ OMX’s INET technology which utilizes NASDAQ OMX’s X-stream INET technology to enable significant latency and throughput advantages in all asset classes. At the same time, SIX Swiss Exchange is launching a co-location service for the new platform in association with Equinix.

NEW PrOdUcTSCBOE Futures Exchange to create stock index variance futures

The CBOE Futures Exchange and DRW Trading Group have completed an agreement that will allow CFE to use DRW’s patent-pending methodology to create variance futures that, for the first time, match the quoting conventions and economic performance of OTC stock index variance swaps. CFE plans to introduce a new futures contract based on the variance of the S&P 500 later this year, subject to regulatory approval. It will measure the difference between the expected and actual variance of the underlying instrument over a fixed time period.

CME Group launches Black Sea wheat futures contract

CME Group launched CBOT Black Sea Wheat Futures to begin trading on 6 June 2012, subject to regulatory approval. These contracts will be listed with, and subject to, the rules and regulations of the CBOT.

ITBME upgrades its trading platform

BME has upgraded the Spanish stock exchange’s trading platform (SIBE), bringing trading in shares, ETFs, warrants and other investment products into one single system. The new technological environment, fully developed using BME Group’s technology, will allow the system to accommodate the future growth in trading volumes and improve latency.

ICE develops Brazilian debt trading platform

IntercontinentalExchange signed an agreement with Cetip to develop and deliver a new fixed-income trading platform to be offered by Cetip for Brazilian corporate and government bonds. The platform is expected to be launched in the second half of 2012. Cetip is responsible for product strategy and the promotion of usage in Brazil. ICE is developing the platform technology.

Nigerian Stock Exchange enters into agreement with NASDAQ OMX to upgrade the new trading platform

The Nigerian Stock Exchange has entered into an agreement with the NASDAQ OMX Group to upgrade its cash equities trading platform. Under the terms of the agreement, NASDAQ OMX will replace NSE’s existing NASDAQ OMX platform (Horizon) with one powered by X-stream technology. The upgrade is expected to be rolled out at NSE in the first half of 2013.


Hong Kong Exchanges to launch renminbi futures

Hong Kong Exchanges and Clearing plan to introduce Renminbi currency futures in the third quarter of this year, subject to regulatory approval and market readiness. The planned USD/CNH futures contract is designed to provide a way for investors to hedge RMB exposure.

London Stock Exchange Group welcomes first RMB-denominated retail bond

On 2 May 2012, the London Stock Exchange Group welcomes its first Renminbi-denominated bond to the Order book for Retail Bonds (ORB), the LSEG’s electronic market for trading in corporate and government bonds. The new bond is the first non-Sterling denominated bond open for on-exchange trading by private investors.

NASDAQ OMX launches new options on MSCI indexes

The NASDAQ OMX Group launched MSCI Emerging Markets and MSCI EAFE index options, both offered at NASDAQ OMX PHLX. The MSCI Emerging Markets Index tracks equity market performance in emerging markets, covering large and mid-cap securities in all industries; the MSCI EAFE Index is comprised of stocks from 22 developed markets outside of North America, including Europe, Australasia and the Far East. The launch of these options provides institutional investors with important tools for managing their portfolios benchmarked to MSCI equity indices.

Osaka Securities Exchange launches DJIA futures

The Osaka Securities Exchange will launch futures contracts based on the Dow Jones Industrial Average on 28 May 2012. This launch results from a strategic partnership with CME Group. OSE and CME Group also cooperate on the launch of E-micro futures contracts based on the Nikkei Stock Average to be listed and traded on CME.

NEW SErVIcES

BME Market Data offers new information products

BME, through its subsidiary BME Market Data, expanded its range of information products for the Spanish stock market, with a new family of analytics products which incorporate daily data on securities lending and margin buying as well as monthly information on floating capital tranches and stocks liquidity. It has also incorporated in the products offering index future replicating portfolios of the IBEX 35 and the IGBM indexes. Files providing historical series adjusted for price and volume by sensitive corporate action (splits, dividend payments, capital increases, nominal capital decreases, etc) were also included in the offering.

CME Group expands trading hours for grain, oilseed and ethanol contracts

CME Group expanded electronic trading hours in its CBOT grain and oilseed futures and options beginning 14 May 2012. This will expand market access to CBOT corn, soybeans, wheat, soybean meal, soybean oil, oats and rough rice futures and options on CME Globex to 22 hours per day. In addition, CME expanded electronic trading hours for its CBOT denatured fuel ethanol futures and options on CME Globex.

ISE launches tick data database

The International Securities Exchange has launched the ISE Premium Hosted Database (ISE PhD). It is a fully managed historical tick database that offers full data including all quotes and trades from all exchanges, pre-computed implied volatilities, full corporate action histories and ISE open/close trade data.

ISE introduces implied order functionality

The International Securities Exchange has introduced implied order functionality to significantly enhance the execution of multi-legged strategy orders by enabling greater interaction of the complex order book with the regular order book. The result will be an increased fill rate for multi-legged strategy orders as well as tighter spreads and increased liquidity on the regular order book.


Korea Exchange revises its fee schedule

On 2 May 2012, the Korea Exchange released a new fee schedule for clearing and settlement of cash and derivatives products as well as for access to its systems.

NASDAQ OMX to launch retail market for US equity options

The NASDAQ OMX Group will launch NASDAQ OMX BX Options in June 2012, pending SEC approval. BX Options will reward retail customers who wish to access liquidity and provide market makers with additional opportunities to provide liquidity, initially with a price/time trading system.

BX Options will complement the exchange group’s established US options venues with enhancements that include a hybrid allocation model, directed order flow for market participants and a new multi-faceted price improvement auction. The new system will use the INET technology as other NASDAQ OMX platforms.

National Stock Exchange of India launches SME platform

The National Stock Exchange of India launched its SME platform called EMERGE. It is a trading platform for emerging companies which will provide capital raising opportunities to fast growing businesses with good governance standards not large enough to list on the main board. The NSE has recently received formal approval from SEBI to set up this platform.

SIX Financial Information implements data processing platform

SIX Financial Information completed the first phase of implementation of Asset Control’s AC Plus solution, a platform which provides financial data management services. SIX Financial Information will be using Asset Control’s solution as its core reference data processing platform. The move will support SIX Financial Information’s high performance processing of reference data and position it to effectively manage the ever-increasing volumes and complexity of information in the financial markets, while delivering innovative solutions to its customers.

Stock Exchange of Thailand improves service quality

The Stock Exchange of Thailand and the Association of Thai Securities Companies (ASCO) will improve the quality of service available in the capital market. The SET will collaborate with the association’s proposal on this matter, alongside its planned expansion of investor base, the development of securities business personnel, and the education of investors, as a simultaneous move to enhance quality while allowing brokerage fees to be in line with market mechanisms.

National Stock Exchange of India introduces new pricing schedule

The National Stock Exchange of India implemented a new pricing schedule and market data revenue sharing. These changes affect the automatic execution and order delivery modes, services and regulatory fees.

Pakistan Mercantile Exchange lists gold futures contract

On 24 April 2012, the Pakistan Mercantile Exchange listed the gold 10 ounces futures contract, adding further depth to the market for investors who actively invest and trade regularly in this commodity.

SIX Financial Information reorganizes its market data distribution

SIX Financial Information (formerly SIX Telekurs) has selected OneTick Database, a single solution for capturing, storing, and performing financial analytics on historical and real time tick by tick data, to be its central repository for storing and running analytics on all global data. SIX Financial Information will make the OneTick Database a critical component in the re-architecture of its core market data distribution platform. In reorganizing its distribution services, it aims at better gathering information from all the world’s major trading venues, collecting effectively every tick in the world, directly and in real time, as the firm processes and provides structured and encoded securities administration data for more than 9 million financial instruments.


POST TrAdE

CME Group offers first cleared FX non-deliverable forward

CME Group has cleared its first customer FX OTC non deliverable forward (NDF) trade, further expanding the company’s market OTC solution across multiple asset classes.

DTCC starts to publish data on interest rate derivatives

The Depository Trust & Clearing Corporation has begun publishing public information on OTC interest rates trades. It includes aggregated, anonymous position data for all interest rate products, with breakdowns by currency, maturity, sub-product and whether the product is cleared or uncleared. The interest rate data join public data on OTC credit derivatives on DTCC’s web site.

Eurex Clearing clears German Government Bond

On 2 May 2012, Eurex Clearing has started to act as the central counterparty for the settlement of trades in more than 60 German government bonds on Xetra. This means that counterparty risk will be reduced for all trading participants and efficiency further improved.

Eurex Clearing sign connectivity agreement to facilitate access to its CCP service for securities lending

Eurex Clearing and Pirum Systems have entered into a Connectivity Agreement to facilitate access to Eurex Clearing’s upcoming CCP service for securities lending. Pirum Systems is an acknowledged market leader in automating post-trade processes for the securities finance industry. The direct connectivity between Eurex Clearing and Pirum’s automation platform will allow market participants to make use of their existing Pirum interfaces to feed bilaterally agreed transactions to Eurex Clearing for CCP processing.

Singapore Exchange enhances OTC clearing of commodities

SGX AsiaClear has enhanced access to its clearing process with the linking of OTC broking systems to its OTC Trade Registration System. The OTC broking community will benefit from the link which allows trades matched in an inter-dealer broker’s OTC broking system to flow straight through to SGX’s Trade Registration System. Customers will gain from an improvement in operational efficiency and a reduction in errors.

SIX Securities Services signs MoU with Takasbank

The clearing and settlement arms of SIX Securities Services, SIX x-clear and SIX SIS both signed a Memorandum of Understanding with Takasbank and MKK, Turkey’s domestic providers for post trade services, to provide international clearing, settlement and custody services for Turkey. Through the agreement, SIX Securities Services will play the roles of international central counterparty for the Turkish market and global custodian for Takasbank. In return, Takasbank will become a full-service provider for the Turkish market via a direct CSD link with SIX SIS. The agreement also covers the exploration of joint business opportunities, especially in the area of Islamic finance products and access to the respective markets.

Stock Exchange of Thailand enhances securities depository services

On 1 May 2012, the Stock Exchange of Thailand launched the Thai Depository Portal for securities depository services of bonds and funds listed on SET. The system, as a communication channel for registrars through Thailand Securities Depository, helps increase security of information transmission, while reducing risks, and procedures.


rEgUlATION

BOX granted SRO approval from US SEC

BOX Options Exchange, a TMX subsidiary, has received the SEC approval to become a national securities exchange and thus act as its own self-regulatory organization. BOX expects to start using its own exchange license during mid-May 2012.

CPSS-IOSCO issues new standards for financial market infrastructures

The Committee on Payment and Settlement Systems (CPSS) and IOSCO have issued new and more demanding international standards for payment, clearing and settlement systems, including central counterparties in a report entitled “Principles for financial market infrastructures”. Among other things, the standards will provide important support for the G20 strategy to make the financial system more resilient by making central clearing of standardized OTC derivatives mandatory. CPSS and IOSCO members will strive to adopt the new standards by the end of 2012. Financial market infrastructures are expected to observe the standards as soon as possible. The new standards replace the three existing

Montreal Exchange’s S&P/TSX 60 index mini futures contract certified by CFTC

The CFTC’s Division of Market Oversight authorized the Montreal Exchange’s S&P/TSX 60 Index Mini futures contract to be offered or sold to persons in the US. The contract is also available for trading through MX’s direct access terminals in the US.

sets of international standards set out in the core principles for systemically important payment systems; the recommendations for securities settlement systems; and the recommendations for central counterparties. CPSS and IOSCO have strengthened and harmonized these three sets of standards by raising minimum requirements, providing more detailed guidance and broadening the scope of the standards to cover new risk-management areas and new types of financial market infrastructures.

Hong Kong Exchanges welcomes new legislation

Hong Kong Exchanges and Clearing welcomes the enactment of the Securities and Futures ordinance 2012. In particular, the new legislation establishes a statutory disclosure regime whereby listed corporations will be required to disclose price sensitive information (PSI) in a timely manner, backed by civil sanctions for non-disclosure of PSI. The new procedure will take effect on 1 January 2013 to give listed companies sufficient time to prepare themselves to comply with the new requirements and to set up the necessary internal control systems. In connection with the implementation of the new legislation, changes to the HKEX listing rules will be necessary to minimize duplication and overlap with the new law.


IOScO MEdIA rElEASE

International Organization of Securities commissions

Beijing, 16 May 2012

IOScO Prepares for the regulatory and Financial challenges Ahead

The International Organization of Securities Commissions (IOSCO) opens its Annual Conference public sessions today focusing on the themes of a new financial architecture for the post-crisis era, financial market infrastructures and market integrity, capital markets development in emerging markets, and regulation of commodity futures and financial derivatives.

The public conference comes at the conclusion of IOSCO’s private meetings in which important steps were taken to ensure that IOSCO, as the international standard setter for securities markets regulation:

• is structured and positioned to continue providing the lead in the development of regulatory standards for capital markets;

• has the resources needed to engage in the identification of emerging securities markets risks;

• possesses the capacity to meet the needs of its members; and

• is prepared to respond to requests for project work by the G20 and the Financial Stability Board (FSB).

New Transitional IOSCO Board

A transitional IOSCO Board was constituted today to subsume the functions of the Technical Committee (TC), the Executive Committee (EC) and the Emerging Markets Committee Advisory Board. The merger streamlines IOSCO’s governance structure and decision-making process, helping position the Organization for a larger role in shaping the global framework for securities market regulation.

In this context, IOSCO said it would continue to contribute to ongoing efforts in global regulatory reform.

As the global economic crisis continues, securities markets are expected to step in and fill the funding gap left by cash-strapped governments and financial institutions that can no longer finance economic growth. Pressure is growing for regulators to ensure that robust and transparent markets are prepared to meet the rising demand for capital.

IOSCO Secretary General David Wright said: “This Annual Conference is taking place in Beijing at a pivotal moment. We are seeing an important change – a move towards an increase in financing of the world economy by securities markets. ”

At its inaugural meeting on Thursday 17 May, the 32 members of the new transitional Board are expected to appoint a new Chair and Vice-Chairs for the duration of the two-year transitional period.

To enhance the effectiveness of the Organization’s new governance structure and strategic direction, IOSCO members discussed, during the conference, the need for alternative sources of financing, including the possible creation of an IOSCO foundation. New funding would go towards expanding services offered to members, including technical assistance, education and training, and research on global securities market issues.

A substantial portion of that funding would be earmarked for capacity building in emerging markets.

The Emerging Market Committee

During the Emerging Market Committee meeting in Beijing, the EMC Chairman, Mr. Vedat Akgiray, and the EMC Vice Chairman, Mr. Ranjit Ajit Singh, emphasised the importance of emerging markets in the context of global capital markets, where emerging markets now include some of the world’s fastest growing economies. More than 80% of IOSCO’s members are from emerging markets, and 10 members of the EMC form part of the Group of 20 leading economies in the world.

It was observed that the role of the EMC remains critical, and its recognition as a distinct group has been a key source of strength for IOSCO. A Task Force has therefore been formed to define the role of the future EMC within the new IOSCO architecture.


New Committee Structure

Pursuant to a prior consultation with members, IOSCO merged the policy and standard-setting work of the TC Standing Committees and the EMC Working Groups. The new structure improves the effectiveness of the IOSCO policy and standard-setting committees, making them more effective and inclusive of members.

Enhancing Cross-Border Enforcement Cooperation

IOSCO today approved a resolution allowing it to take tougher measures to encourage compliance by members who have not yet signed the Multilateral Memorandum of Understanding (MMoU), a tool used by securities regulators to help ensure effective global regulation and preserve and strengthen securities markets around the globe.

The new resolution is designed to assist these non-signatories in overcoming the obstacles they often encounter in securing support from their governments or legislatures for implementing the legal and regulatory changes required for compliance with the MMoU, which marked its 10th anniversary at IOSCO’s Annual Conference.

Georgina Philippou, the Co-Chair of the MMoU Screening Group, said: “The MMoU has made a real difference in the world of international enforcement, raising the standards of enforcement action, encouraging cooperation among international regulators and making it more difficult to conduct market misconduct in an increasingly cross border environment.”

performance of the securities sector element of country Financial Sector Assessment Programs

4. The new IOSCO Board is a new body that subsumes the functions of the Executive Committee, the Technical Committee and the Emerging Markets Committee Advisory Board.

5. IOSCO aims through its permanent structures:

• to cooperate in developing, implementing and promoting adherence to internationally recognised and consistent standards of regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks;

• to enhance investor protection and promote investor confidence in the integrity of securities markets, through strengthened information exchange and cooperation in enforcement against misconduct and in supervision of markets and market intermediaries; and

• to exchange information at both global and regional levels on their respective experiences in order to assist the development of markets, strengthen market infrastructure and implement appropriate regulation.

Media Enquiries

Carlta Vitzthum + 34 91 787 0419

Outside office hours + 34 697 449 639

Email: [email protected]

Website: www.iosco.org

New Signatories to the MMoU

Four IOSCO members signed the MMoU today during a ceremony in Beijing, bringing to 86 the total number of signatories. Together these participants cover about 95% of the world’s securities markets. The new signatories include:

• The Labuan Financial Services Authority

• The Peruvian Superintendencia del Mercado de Valores

• The Egyptian Financial Supervisory Authority

• The Mauritius Financial Services Commission

IOSCO will celebrate its 38th Annual Conference in Luxembourg on 15-19 September 2013.

Notes for Editors

1. A Final Update on the IOSCO 2012 Annual Conference will be available on the IOSCO website on the afternoon of Thursday 17 May.

2. IOSCO is recognized as the leading international policy forum for securities regulators. The organization’s membership regulates more than 95% of the world’s securities markets in over 100 jurisdictions and its membership is steadily growing.

3. The IOSCO Principles for Securities Regulators are one of the 12 key standards or codes recognised by the FSB as core to sound global financial regulation. They play an important role in promoting a sound global financial regulatory system through their use by the International Monetary Fund (IMF) and World Bank assessors in the


WFE MArKET STATISTIcS


cONTENTS

28 KEY MArKET INdIcATOrS - APrIl 2012

30 EqUITY30 Domestic market capitalization 31 Number of listed companies 32 Value of share trading 32 Electronic order book value33 Electronic order book (current month &YTD)34 Negotiated deals35 Reported trades36 Number of trades in shares 36 Electronic order book trades37 Negotiated deals38 Reported trades39 Share turnover velocity 40 Broad stock index performance 41 Blue chip index performance

42 FIxEd INcOME 42 Total value of bond trading 43 Value of bond trading 43 Split by sectors44 Electronic order book trades45 Negotiated deals46 Number of trades in bonds 46 Total number of trades in bonds47 Electronic order book trades48 Negotiated deals49 Investment flows - Capital raised by bonds issuance

50 dErIVATIVES 50 Single stock, stock index, bond options and futures 50 Single stock options and futures51 Stock index options and futures52 ETFs options and futures 54 Interest rate options and futures 56 Commodities options and futures

SPECIAL NOTE: As of January 2010, the share trading value and the number of trades in equity shares experienced some changes in their presentation.

Share trading value and equity trades are now presented in three categories (electronic order book, negotiated deals and reported trades).

Following the recommendation of the WFE Statistics Advisory Group, the WFE Working Committee decided that the “total traded value” table, which mixed various kinds of trading activity should be deleted.

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KEY MArKET INdIcATOrS - APrIl 2012Market capitalization

Apr 2012 (USD bn)

% change / Mar 2012

% change / Apr. 2011

Americas 22 384 -0.5% -7.0%

Asia - Pacific 16 321 0.8% -8.8%

Europe - Africa - Middle East 14 649 1.9% -14.4%

Total WFE * 53 353 0.5% -9.7%

Share turnover value (month-on-month) Electronic Order Book Apr 2012 (USD bn)

% change / Mar 2012

Americas 2 244 -9.0%

Asia - Pacific 1 148 -26.0%

Europe - Africa - Middle East 831 -11.9%

Total WFE * 4 222 -14.9%

Share turnover value (12 last months) Electronic Order Book May 2011 - Apr 2012

(USD bn)% change /

May 2010 - Apr 2011

Americas 32 019 -1.6%

Asia - Pacific 16 021 -19.3%

Europe - Africa - Middle East 11 018 -4.6%

Total WFE * 59 058 -7.6%

Number of share trades (month-on-month) Electronic Order Book Apr 2012

(thousands)% change / Mar 2012

Americas 242 736 -7.4%

Asia - Pacific 450 053 -23.7%


Total WFE * 781 816 -17.6%

Total number of companies listed (year-on-year) Apr 2012% change / Apr 2011

Americas 10 580 1.5%

Asia - Pacific 22 138 2.5%


Total WFE * 46 026 1.6%

Derivative markets * YTD millions of contracts traded (in mil) Apr 2012% change / Mar 2012

Single stock options 305 -11.0%

Single stock futures 109 28.2%

Stock index options 370 -2.3%

Stock index futures 171 -18.3%

ETF options 100 -25.8%

IR options 49 7.5%

IR futures 173 -13.9%

Index performance **Apr 2012 / Mar 2012

in local currencyApr 2012 / Mar 2012

in USD

Americas -1.0% -0.9%

Asia - Pacific 0.0% 0.6%

Europe - Africa - Middle East -2.9% -2.8%

Total WFE -1.3% -1.1%

* Data and % changes have been calculated on a same scope basis. Thus they could be slighlty different from data in the tables.

** Regional indexes are weighted by market capitalization


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MONTHlY dOMESTIc MArKET cAPITAlIZATION

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MONTHlY dOMESTIc & FOrEIgN NUMbEr OF EqUITY SHArE TrAdES ELECTRONIC ORDER BOOK

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EqUITY

Exchange 2012 % change / Apr 11

(in USD)

% change / Apr 11

(in local cur)January February March April

AMErIcASBermuda SE 1 403.1 1 477.8 1 399.0 1 506.9 -6.0% -6.0%

BM&FBOVESPA 1 393 769.0 1 480 840.6 1 400 999.2 1 303 733.8 -18.1% -1.4%

Buenos Aires SE 45 652.8 40 710.9 42 110.8 31 335.3 -48.5% -44.4%

Colombia SE 222 040.0 243 830.2 245 076.2 258 831.0 19.5% 19.1%

Lima SE 86 825.9 90 238.9 95 603.5 94 991.8 14.7% 7.4%

Mexican Exchange 441 410.2 451 008.3 468 158.3 458 862.9 -3.0% 9.4%

NASDAQ OMX 4 152 813.9 4 372 481.8 4 540 577.2 4 504 386.7 7.4% 7.4%

NYSE Euronext (US) 12 625 648.2 12 809 263.6 13 358 346.5 13 374 226.7 -9.2% -9.2%

Santiago SE 290 370.5 316 462.3 316 910.8 315 488.2 -8.0% -3.0%

TMX Group 2 014 474.2 2 112 493.9 2 033 828.9 2 040 210.0 -14.4% -10.9%

Total region 21 274 407.7 21 918 808.2 22 503 010.3 22 383 573.1 -7.0%

ASIA - PAcIFIcAustralian SE 1 303 806.6 1 350 342.5 1 306 479.9 1 326 443.9 -15.0% -10.6%

Bombay SE 1 225 472.2 1 297 020.5 1 219 931.5 1 171 798.2 -25.0% -10.6%

Bursa Malaysia 431 092.9 438 260.7 431 953.4 429 940.0 -0.7% 1.4%

Colombo SE 18 297.9 16 416.6 15 694.9 15 561.4 -31.2% -18.9%

Gretai Securities Market 53 260.4 60 838.7 58 687.9 56 552.9 - -

Hong Kong Exchanges 2 480 178.0 2 675 217.9 2 547 053.9 2 607 871.0 -7.7% -7.8%

Indonesia SE 407 711.9 416 237.9 424 053.2 428 325.6 7.7% 15.6%

Korea Exchange 1 091 504.6 1 143 055.5 1 119 494.8 1 100 859.1 -11.4% -6.5%

National Stock Exchange India 1 200 736.0 1 271 832.4 1 196 686.1 1 149 764.3 -24.7% -10.3%

Osaka SE 221 747.6 224 873.5 227 792.4 225 091.5 -13.5% -14.9%

Philippine SE 175 886.2 183 675.0 191 050.4 203 439.7 23.6% 21.9%

Shanghai SE 2 457 334.1 2 617 954.9 2 460 183.4 2 605 477.9 -10.9% -13.4%

Shenzhen SE 1 044 596.3 1 176 543.0 1 107 693.8 1 169 013.1 -10.4% -12.9%

Singapore Exchange 665 734.3 690 026.5 692 591.7 696 092.3 2.2% 3.5%

Taiwan SE Corp. 691 446.6 752 353.0 733 249.1 701 172.7 -16.3% -14.6%

The Stock Exchange of Thailand 289 752.2 317 045.9 321 688.9 331 076.9 10.9% 14.2%

Tokyo SE Group 3 468 875.6 3 602 512.0 3 625 480.7 3 533 596.7 -3.0% -4.5%

Total region 15 804 949.8 16 737 500.5 16 255 287.6 16 377 221.2 -8.8%

EUrOPE - AFrIcA - MIddlE EASTAmman SE 26 003.7 26 536.7 27 411.3 27 284.9 -6.1% -6.1%

Athens Exchange 39 048.4 37 706.2 36 905.7 35 047.0 -53.5% -47.9%

BME Spanish Exchanges 1 096 201.2 1 109 750.9 1 044 883.1 950 062.4 -29.0% -20.5%

Budapest SE 22 287.7 23 595.9 22 316.4 22 315.5 -39.1% -26.1%

Casablanca SE 61 470.6 63 344.7 60 628.6 57 096.6 -17.1% -9.0%

Cyprus SE 4 013.6 3 464.6 3 090.0 2 984.5 -61.2% -56.5%

Deutsche Börse 1 303 589.5 1 393 399.1 1 400 030.3 1 374 440.4 -18.9% -9.0%

Egyptian Exchange 57 182.6 64 132.1 60 187.8 58 502.5 -10.4% -9.0%

Irish SE 118 352.2 160 581.0 135 349.3 123 538.2 68.7% 89.1%

İMKB 232 691.4 248 956.9 252 373.9 250 847.1 -23.6% -11.5%

Johannesburg SE 852 284.7 911 786.2 870 964.9 884 145.1 -7.6% 8.7%

Ljubljana SE 6 322.8 6 257.2 6 554.4 6 366.8 -31.3% -23.0%

London SE Group 3 397 125.8 3 592 114.3 3 505 651.1 4 120 063.0 2.0% 14.3%

Luxembourg SE 70 766.4 73 493.0 71 357.7 67 508.1 -34.5% -26.6%

Malta SE 3 418.6 2 433.6 3 337.9 3 346.5 -20.6% -11.0%

Mauritius SE 7 651.9 7 564.1 7 612.3 7 569.3 -14.7% -9.7%

MICEX / RTS 877 190.1 954 118.3 906 229.1 879 852.6 - -

NASDAQ OMX Nordic Exchange 904 773.8 991 650.3 968 939.3 954 281.0 -17.9% -8.0%

NYSE Euronext (Europe) 2 561 963.6 2 722 319.4 2 710 311.6 2 592 161.5 -24.0% -14.8%

Oslo Børs 229 515.8 261 533.9 251 474.8 244 896.9 -28.8% -22.2%

Saudi Stock Market - Tadawul 347 489.8 380 179.2 410 507.5 394 996.7 10.0% 10.1%

SIX Swiss Exchange 1 122 741.3 1 174 809.0 1 190 215.2 1 163 041.6 -13.3% -9.4%

Tel-Aviv SE 167 869.2 162 197.9 168 328.2 170 358.7 -24.9% -15.9%

Warsaw SE 158 617.5 169 334.0 166 854.5 161 606.1 -28.5% -14.9%

Wiener Börse 93 291.4 100 079.1 98 797.1 96 289.2 -29.8% -21.3%

Total region 13 761 863.8 14 641 337.8 14 380 312.1 14 648 602.4 -14.2%

WFE Total 50 841 221.3 53 297 646.6 53 138 610.0 53 409 396.6 -9.6%

dOMESTIc MArKET cAPITAlIZATION (USd MIllIONS)

Notes:Johannesburg SE: figures include the market capitalization of all listed companies, but exclude listed warrants, convertibles and investment fundsKorea Exchange: includes Kosdaq market dataMauritius SE: From Aug. 2006, data includes Development & Enterprise MarketNASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

Singapore Exchange: market capitalization includes domestic listings and a substantial number of foreign listings, defined as companies whose principal place of business is outside of Singapore. Inactive secondary foreign listings are excluded.TSX Group: also includes TSX Venture market capTotal excludes Osaka and National Stock Exchange of India to avoid double counting with Tokyo and Bombay SE respectivelySource: World Federation of Exchanges members

(Market value excludes investment funds)


EqUITYNUMbEr OF lISTEd cOMPANIES

Exchange 2012 % change /

Apr 11January February March April

Total Domestic co’s

Foreign co’s


Foreign co’s


Foreign co’s


Foreign co’s

AMErIcAS

Bermuda SE 40 13 27 40 13 27 40 13 27 40 13 27 -9.1%

BM&FBOVESPA 372 365 7 372 363 9 372 363 9 373 363 10 -0.5%

Buenos Aires SE 105 99 6 105 99 6 105 99 6 105 99 6 -0.9%

Colombia SE 84 79 5 84 79 5 84 79 5 84 79 5 1.2%

Lima SE 257 205 52 258 205 53 258 205 53 258 205 53 4.0%

Mexican Exchange 476 128 348 471 128 343 474 128 346 481 129 352 9.8%

NASDAQ OMX 2 669 2 375 294 2 666 2 374 292 2 665 2 368 297 2 658 2 363 295 -3.2%

NYSE Euronext (US) 2 308 1 786 522 2 315 1 791 524 2 325 1 798 527 2 334 1 809 525 0.7%

Santiago SE 272 228 44 273 229 44 272 228 44 272 228 44 18.3%

TMX Group 3 947 3 848 99 3 964 3 865 99 3 972 3 872 100 3 975 3 874 101 3.6%

Total region 10 530 10 548 10 567 10 580 1.5%

ASIA - PAcIFIc

Australian SE 2 078 1 982 96 2 083 1 987 96 2 080 1 986 94 2 083 1 988 95 3.0%

Bombay SE 5 115 5 115 NA 5 122 5 122 NA 5 133 5 133 NA 5 133 5 133 NA 1.3%

Bursa Malaysia 937 929 8 939 930 9 938 929 9 935 926 9 -2.1%

Colombo SE 276 276 NA 277 277 NA 278 278 NA 279 279 NA 13.0%

Gretai Securities Market 610 598 12 610 598 12 613 599 14 615 600 15 -

Hong Kong Exchanges 1 506 1 482 24 1 507 1 483 24 1 510 1 485 25 1 516 1 492 24 6.0%

Indonesia SE 442 442 0 442 442 0 442 442 0 443 443 0 4.7%

Korea Exchange 1 816 1 799 17 1 817 1 800 17 1 814 1 797 17 1 805 1 787 18 0.6%

National Stock Exchange India 1 641 1 640 1 1 644 1 643 1 1 646 1 645 1 1 649 1 648 1 4.5%

Osaka SE 1 227 1 226 1 1 222 1 221 1 1 212 1 211 1 1 212 1 211 1 -3.8%

Philippine SE 253 251 2 252 250 2 251 249 2 252 250 2 1.2%

Shanghai SE 932 932 NA 934 934 NA 934 934 NA 938 938 NA 3.5%

Shenzhen SE 1 420 1 420 NA 1 430 1 430 NA 1 455 1 455 NA 1 465 1 465 NA 15.4%

Singapore Exchange 772 461 311 770 460 310 768 460 308 769 460 309 -1.5%

Taiwan SE Corp. 824 772 52 824 772 52 824 773 51 827 774 53 4.6%

The Stock Exchange of Thailand 545 545 NA 546 546 NA 546 546 NA 545 545 NA 0.9%

Tokyo SE Group 2 288 2 277 11 2 288 2 277 11 2 288 2 277 11 2 287 2 276 11 -0.1%

Total region 22 682 22 707 22 732 22 753 2.5%

EUrOPE - AFrIcA - MIddlE EAST

Amman SE 248 248 0 248 248 0 248 248 0 247 247 0 -10.5%

Athens Exchange 272 269 3 272 269 3 272 269 3 271 268 3 -2.5%

BME Spanish Exchanges 3 263 3 228 35 3 251 3 218 33 3 250 3 217 33 3 251 3 218 33 -1.8%

Budapest SE 53 51 2 53 51 2 53 51 2 52 51 1 0.0%

Casablanca SE 77 76 1 77 76 1 77 76 1 77 76 1 4.1%

Cyprus SE 106 106 0 106 106 0 106 106 0 106 106 0 -3.6%

Deutsche Börse 742 667 75 738 665 73 740 668 72 746 673 73 -1.5%

Egyptian Exchange 233 232 1 233 232 1 233 232 1 232 231 1 0.9%

Irish SE 54 47 7 54 47 7 53 46 7 52 45 7 -7.1%

İMKB 264 263 1 265 264 1 265 264 1 265 264 1 -0.7%

Johannesburg SE 392 345 47 390 343 47 388 341 47 388 341 47 -1.5%

Ljubljana SE 65 65 0 65 65 0 64 64 0 64 64 0 -8.6%

London SE Group 2 864 2 269 595 2 857 2 260 597 2 845 2 252 593 2 842 2 252 590 -2.7%

Luxembourg SE 298 27 271 295 27 268 293 27 266 292 26 266 -0.7%

Malta SE 21 21 0 21 21 0 21 21 0 21 21 0 0.0%

Mauritius SE 63 62 1 63 62 1 63 62 1 63 62 1 0.0%

MICEX / RTS 325 324 1 324 323 1 324 323 1 324 323 1 -

NASDAQ OMX Nordic Exchange 771 741 30 770 740 30 766 737 29 761 732 29 -0.8%

NYSE Euronext (Europe) 1 110 966 144 1 109 966 143 1 106 964 142 1 109 967 142 -1.8%

Oslo Børs 238 194 44 237 193 44 235 191 44 234 190 44 -2.1%

Saudi Stock Market - Tadawul 150 150 NA 152 152 NA 152 152 NA 152 152 NA 4.1%

SIX Swiss Exchange 280 247 33 278 246 32 276 244 32 277 245 32 -4.5%

Tel-Aviv SE 583 566 17 579 562 17 576 559 17 574 557 17 -6.4%

Warsaw SE 784 764 20 793 773 20 799 779 20 808 787 21 26.1%

Wiener Börse 104 87 17 104 87 17 103 87 16 100 87 13 -7.4%

Total region 13 360 13 334 13 308 13 308 -0.9%

WFE TOTAL 46 572 46 589 46 607 46 641 1.2%

Notes: Deutsche Börse: Excluding the market segment “Freiverkehr” (unofficial regulated market)Korea Exchange: includes Kosdaq market dataLima SE: Includes 26 foreign companies with shares negotiated under a special modalityNASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

Singapore Exchange: Main Board & SesdaqTehran SE: Some 90 companies have been relegated to the “Unofficial Board” which is a “Temporary Board”TSX Group: includes companies listed on TSX VentureNA: Not availableSource: World Federation of Exchanges members


EqUITYVAlUE OF SHArE TrAdINg - ElEcTrONIc OrdEr bOOK VAlUE OF SHArE TrAdINg (USd MIllIONS)

Exchange 2012 Year-to-date % change / Jan / Apr 11

(in USD)

% change / Jan / Apr 11


AMErIcASBermuda SE 3.3 5.1 1.1 1.7 11.1 23.3% 23.3%

BM&FBOVESPA 71 116.5 87 205.9 80 688.7 73 848.7 312 859.8 -0.8% 9.0%

Buenos Aires SE 237.6 215.1 232.1 216.7 901.4 -24.4% -18.2%

Colombia SE 3 234.6 4 772.3 4 383.8 3 442.6 15 833.2 39.8% 34.2%

Lima SE 310.8 385.1 464.3 323.1 1 483.4 -43.1% -45.7%

Mexican Exchange 8 942.8 11 066.7 9 622.3 8 530.7 38 162.5 -8.3% -1.0%

NASDAQ OMX 813 839.9 892 070.7 957 836.6 907 683.6 3 571 430.8 -6.0% -6.0%

NYSE Euronext (US) 1 105 256.7 1 122 514.8 1 272 787.4 1 149 347.8 4 649 906.7 -19.0% -19.0%

Santiago SE 4 505.1 3 619.9 4 090.2 3 050.8 15 266.0 -21.5% -20.0%

TMX Group 114 634.7 118 437.3 136 836.4 97 241.5 467 149.9 -18.0% -16.4%

Total region 2 122 082.0 2 240 293.0 2 466 942.8 2 243 687.2 9 073 004.9 -13.6%

ASIA - PAcIFIcAustralian SE 67 391.1 96 589.3 94 002.6 68 887.3 326 870.2 -16.4% -17.7%

Bombay SE 10 279.2 14 272.0 11 882.7 7 996.1 44 430.0 -28.5% -20.1%

Bursa Malaysia 10 283.6 13 292.2 12 090.9 9 405.7 45 072.4 -15.8% -15.7%

Colombo SE 167.7 241.6 258.5 69.5 737.3 -62.9% -58.7%

Gretai Securities Market 5 808.9 15 617.3 13 361.6 7 799.5 42 587.4 - -

Hong Kong Exchanges 85 139.0 120 489.2 116 068.0 74 059.2 395 755.5 -25.6% -25.8%

Indonesia SE 7 568.5 9 666.7 7 760.4 8 896.3 33 892.0 -8.9% -5.9%

Korea Exchange 144 503.4 183 077.0 139 437.0 120 461.4 587 478.8 -16.6% -14.7%

National Stock Exchange India 47 644.6 66 482.5 52 943.1 37 276.0 204 346.1 -9.0% 1.6%

Osaka SE 12 052.5 13 719.3 14 712.1 11 839.4 52 323.2 -28.4% -30.2%

Philippine SE 2 808.7 3 957.4 3 464.6 2 387.8 12 618.6 48.8% 46.0%

Shanghai SE 143 380.2 281 218.2 320 923.1 232 632.3 978 153.7 -39.6% -41.9%

Shenzhen SE 119 353.3 251 928.0 289 448.7 191 340.9 852 070.8 -25.6% -28.4%

Singapore Exchange 18 808.9 29 811.5 22 376.3 18 757.0 89 753.8 -16.0% -16.7%

Taiwan SE Corp. 45 457.4 93 999.5 77 511.8 51 295.0 268 263.7 -15.7% -15.1%

The Stock Exchange of Thailand 14 762.4 22 387.1 21 903.9 14 283.0 73 336.3 -7.3% -6.5%

Tokyo SE Group 250 999.6 356 046.8 353 056.1 290 266.7 1 250 369.3 -20.8% -22.7%

Total region 986 408.9 1 572 795.7 1 551 201.4 1 147 653.0 5 258 059.1 -24.8%

EUrOPE - AFrIcA - MIddlE EASTAmman SE 203.5 278.9 318.9 324.1 1 125.3 -28.0% -28.0%

Athens Exchange 1 329.8 2 220.2 1 363.6 627.3 5 540.9 -56.7% -54.1%

BME Spanish Exchanges 87 495.0 59 195.6 76 917.9 82 371.7 305 980.1 -31.5% -26.9%

Budapest SE 1 695.7 1 097.3 890.1 860.9 4 543.9 -36.4% -26.0%

Casablanca SE 187.7 226.3 208.0 251.5 873.5 -41.5% -38.6%

Cyprus SE 31.7 42.8 40.2 13.1 127.8 -46.2% -43.3%

Deutsche Börse 119 370.5 120 805.8 135 689.0 114 948.5 490 813.8 -16.3% -10.8%

Egyptian Exchange 962.8 2 025.0 1 823.1 1 162.2 5 973.1 2.4% 4.7%

Irish SE 889.0 859.9 983.8 811.9 3 544.7 21.2% 28.7%

İMKB 26 202.9 32 361.4 33 074.8 31 403.6 123 042.7 -35.2% -27.0%

Johannesburg SE 27 574.2 31 928.4 33 187.5 26 022.8 118 712.9 -6.3% 4.5%

Ljubljana SE 29.5 28.8 40.9 32.4 131.7 -40.5% -36.9%

London SE Group 185 970.7 207 252.5 226 942.3 186 577.1 806 742.7 -19.6% -14.5%

Luxembourg SE 11.7 11.3 13.7 7.8 44.5 -34.6% -30.6%

Malta SE 2.7 2.1 4.7 3.3 12.8 -47.9% -45.0%

Mauritius SE 15.6 18.4 14.8 20.2 69.1 -36.9% -36.6%

MICEX / RTS 35 802.1 39 600.5 43 068.2 33 954.3 152 425.2 - -

NASDAQ OMX Nordic Exchange 57 112.3 61 815.8 62 250.8 57 693.8 238 872.7 -18.8% -13.6%

NYSE Euronext (Europe) 132 345.9 140 918.9 152 483.7 148 345.5 574 094.0 -24.6% -19.8%

Oslo Børs 15 707.9 18 219.0 16 391.8 12 457.3 62 776.0 -36.2% -34.5%

Saudi Stock Market - Tadawul 41 343.6 55 290.8 85 073.7 71 941.1 253 649.2 156.3% 156.4%

SIX Swiss Exchange 50 718.9 58 864.3 59 245.4 51 867.9 220 696.6 -29.4% -29.9%

Tel-Aviv SE 4 973.8 3 978.8 4 393.2 3 225.4 16 571.2 -52.3% -49.9%

Warsaw SE 5 349.8 5 827.8 6 248.7 4 000.5 21 426.8 -28.1% -19.6%

Wiener Börse 2 362.6 2 534.6 2 474.5 1 977.1 9 348.9 -41.9% -38.2%

Total region 797 689.9 845 405.4 943 143.2 830 901.4 3 417 139.9 -19.0%

WFE TOTAL 3 906 180.8 4 658 494.1 4 961 287.4 4 222 241.6 17 748 203.9 -19.0%

Notes: Korea Exchange: includes Kosdaq market dataNASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock ExchangesSingapore Exchange: Main Board, Sesdaq & Clob International

Due to different reporting rules & calculation methods, turnover figures are not entirely comparableNA: Not availableSource: World Federation of Exchanges members


EqUITYVAlUE OF SHArE TrAdINg - ElEcTrONIc OrdEr bOOK TrAdES (USd MIllIONS)



Exchange April 2012 Trading days

Apr 2012

Year-to-date Trading days YTD

2012Total Domestic Foreign Total Domestic Foreign

AMErIcASBermuda SE 1.7 1.1 0.6 19 11.1 9.4 1.7 80

BM&FBOVESPA 73 848.7 73 673.8 174.8 20 312 859.8 311 942.0 917.5 82

Buenos Aires SE 216.7 175.6 41.1 17 901.4 703.2 198.2 78

Colombia SE 3 442.6 2 760.4 682.2 19 15 833.2 12 094.8 3 738.4 82

Lima SE 323.1 252.6 70.5 19 1 483.4 1 061.8 421.6 84

Mexican Exchange 8 530.7 7 617.8 912.9 21 38 162.5 34 830.8 3 331.7 83

NASDAQ OMX 907 683.6 834 873.0 72 810.1 20 3 571 430.8 3 272 680.0 298 750.0 82

NYSE Euronext (US) 1 149 347.8 1 056 850.0 92 494.4 20 4 649 906.7 4 263 040.0 386 865.0 82

Santiago SE 3 050.8 3 050.8 0.0 20 15 266.0 15 266.0 0.0 85

TMX Group 97 241.5 96 222.4 1 019.1 20 467 149.9 462 266.0 4 883.7 83

Total region 2 243 687.2 9 073 004.9

ASIA - PAcIFIcAustralian SE 68 887.3 66 825.1 2 062.2 18 326 870.2 316 801.0 10 069.3 81

Bombay SE 7 996.1 7 996.1 NA 20 44 430.0 44 430.0 NA 84

Bursa Malaysia 9 405.7 9 076.8 328.9 20 45 072.4 44 233.2 839.2 79

Colombo SE 69.5 69.5 NA 18 737.3 737.3 NA 78

Gretai Securities Market 7 799.5 7 643.7 155.8 20 42 587.4 41 938.5 648.9 78

Hong Kong Exchanges 74 059.2 73 300.1 759.2 18 395 755.5 392 863.0 2 892.4 79

Indonesia SE 8 896.3 8 896.3 0.0 20 33 892.0 33 892.0 0.0 83

Korea Exchange 120 461.4 120 069.0 392.0 20 587 478.8 584 855.0 2 623.7 82

National Stock Exchange India 37 276.0 37 276.0 NA 20 204 346.1 204 346.0 NA 84

Osaka SE 11 839.4 11 837.7 1.7 20 52 323.2 52 308.3 15.0 81

Philippine SE 2 387.8 2 387.6 0.2 18 12 618.6 12 617.7 0.9 82

Shanghai SE 232 632.3 232 632.0 NA 17 978 153.7 978 154.0 NA 75

Shenzhen SE 191 340.9 191 341.0 NA 17 852 070.8 852 071.0 NA 75

Singapore Exchange 18 757.0 18 757.0 NA 20 89 753.8 89 753.8 NA 82

Taiwan SE Corp. 51 295.0 48 862.7 2 432.3 20 268 263.7 256 588.0 11 675.6 78

The Stock Exchange of Thailand 14 283.0 14 283.0 NA 17 73 336.3 73 336.3 NA 79

Tokyo SE Group 290 266.7 290 255.0 11.8 20 1 250 369.3 1 250 310.0 60.7 81

Total region 1 147 653.0 5 258 059.1

EUrOPE - AFrIcA - MIddlE EASTAmman SE 324.1 324.1 0.0 21 1 125.3 1 125.3 0.0 85

Athens Exchange 627.3 578.8 48.5 17 5 540.9 5 088.0 452.8 80

BME Spanish Exchanges 82 371.7 81 875.7 496.0 19 305 980.1 303 391.0 2 589.1 84

Budapest SE 860.9 860.9 0.0 18 4 543.9 4 538.6 5.3 81

Casablanca SE 251.5 249.5 2.1 21 873.5 869.6 3.9 84

Cyprus SE 13.1 13.1 0.0 16 127.8 127.8 0.0 79

Deutsche Börse 114 948.5 110 461.0 4 487.1 19 490 813.8 471 481.0 19 333.1 84

Egyptian Exchange 1 162.2 1 162.2 NA 19 5 973.1 5 973.1 NA 80

Irish SE 811.9 806.1 5.8 19 3 544.7 3 519.0 25.7 83

İMKB 31 403.6 31 391.7 11.9 20 123 042.7 122 996.0 47.0 84

Johannesburg SE 26 022.8 17 732.0 8 290.8 18 118 712.9 83 650.8 35 062.1 81

Ljubljana SE 32.4 32.4 0.0 18 131.7 131.7 0.0 81

London SE Group 186 577.1 160 708.0 25 869.0 19 806 742.7 693 258.0 113 485.0 84

Luxembourg SE 7.8 6.6 1.2 19 44.5 33.4 11.1 84

Malta SE 3.3 3.3 0.0 19 12.8 12.8 0.0 81

Mauritius SE 20.2 20.2 0.0 21 69.1 69.1 0.0 79

MICEX / RTS 33 954.3 33 936.2 18.1 21 152 425.2 152 333.0 92.0 83

NASDAQ OMX Nordic Exchange 57 693.8 54 271.1 3 422.8 19 238 872.7 224 731.0 14 141.3 84

NYSE Euronext (Europe) 148 345.5 148 005.0 340.2 19 574 094.0 572 723.0 1 370.8 84

Oslo Børs 12 457.3 9 914.5 2 542.8 18 62 776.0 49 979.1 12 796.9 82

Saudi Stock Market - Tadawul 71 941.1 71 941.1 NA 22 253 649.2 253 649.0 NA 87

SIX Swiss Exchange 51 867.9 51 553.6 314.3 19 220 696.6 219 641.0 1 055.2 83

Tel-Aviv SE 3 225.4 3 225.4 NA 19 16 571.2 16 571.2 NA 81

Warsaw SE 4 000.5 3 966.2 34.3 19 21 426.8 21 183.8 243.0 83

Wiener Börse 1 977.1 1 963.1 14.0 19 9 348.9 9 275.8 73.1 83

Total region 830 901.4 3 417 139.9

WFE TOTAL 4 222 241.6 17 748 203.9


EqUITYVAlUE OF SHArE TrAdINg - NEgOTIATEd dEAlS (USd MIllIONS)




Apr 2012



AMErIcASBermuda SE 0.0 NA NA 19 0.0 NA NA 80

BM&FBOVESPA 0.0 NA NA 20 0.0 NA NA 82

Buenos Aires SE 0.0 NA NA 17 0.0 0.0 0.0 78

Colombia SE 0.0 NA NA 19 0.0 NA NA 82

Lima SE 79.9 58.6 21.3 19 303.0 219.4 83.6 84

Mexican Exchange 0.0 NA NA 21 0.0 NA NA 83

NASDAQ OMX 1 231 099.8 1 115 140.0 115 961.0 20 5 154 088.8 4 660 080.0 494 006.0 82

NYSE Euronext (US) 99 371.4 99 370.1 1.3 20 394 962.6 394 958.0 4.9 82

Santiago SE 0.1 0.0 0.1 20 48.3 45.2 3.1 85

TMX Group 0.0 NA NA 20 0.0 NA NA 83

Total region 1 330 551.2 5 549 402.6

ASIA - PAcIFIcAustralian SE 9 547.9 9 338.6 209.3 18 49 895.3 48 466.1 1 429.2 81

Bombay SE 31.5 31.5 NA 20 829.8 829.8 NA 84

Bursa Malaysia 729.9 720.4 9.4 20 3 226.4 3 192.3 34.1 79

Colombo SE 0.0 NA NA 18 0.0 NA NA 78

Gretai Securities Market 24.5 24.5 0.0 20 65.4 65.4 0.0 78

Hong Kong Exchanges 0.0 NA NA 18 0.0 NA NA 79

Indonesia SE 1 738.7 1 738.7 NA 20 7 511.5 7 511.6 NA 83

Korea Exchange 1 918.1 1 916.1 2.0 20 7 027.9 6 983.4 44.5 82

National Stock Exchange India 0.0 0.0 NA 20 0.0 0.0 NA 84

Osaka SE 522.0 522.0 0.0 20 2 368.1 2 368.1 0.0 81

Philippine SE 265.7 265.7 NA 18 1 751.2 1 751.2 NA 82

Shanghai SE 501.1 501.1 NA 17 2 896.1 2 896.2 NA 75

Shenzhen SE 713.9 713.9 NA 17 3 189.0 3 189.0 NA 75

Singapore Exchange 0.0 NA NA 20 0.0 NA NA 82

Taiwan SE Corp. 753.7 730.7 23.0 20 2 450.7 1 955.8 494.9 78

The Stock Exchange of Thailand 751.6 751.6 NA 17 3 299.3 3 299.3 NA 79

Tokyo SE Group 33 626.6 33 626.6 0.0 20 142 483.5 142 483.0 0.5 81

Total region 51 125.3 226 994.4

EUrOPE - AFrIcA - MIddlE EASTAmman SE 4.3 4.3 0.0 21 25.4 25.4 0.0 85

Athens Exchange 16.9 16.9 0.0 17 243.7 243.6 0.1 80

BME Spanish Exchanges 17 553.3 17 553.3 0.0 19 64 956.7 64 956.7 0.0 84

Budapest SE 0.5 0.5 0.0 18 6.9 6.9 0.0 81

Casablanca SE 20.1 20.1 0.0 21 298.8 298.8 0.0 84

Cyprus SE 1.9 1.9 0.0 16 1.9 1.9 0.0 79

Deutsche Börse 2 490.4 2 399.3 91.1 19 10 086.8 9 672.4 414.4 84

Egyptian Exchange 0.0 0.0 NA 19 9.2 9.2 NA 80

Irish SE 804.1 793.7 10.5 19 4 951.6 4 876.7 74.9 83

İMKB 238.2 238.2 NA 20 2 124.3 2 124.3 0.0 84

Johannesburg SE 6 973.9 5 397.9 1 576.0 18 32 012.6 25 996.2 6 016.4 81

Ljubljana SE 0.0 0.0 0.0 18 0.0 0.0 0.0 81

London SE Group 80 491.1 39 858.4 40 632.7 19 261 284.2 135 618.0 125 666.0 84

Luxembourg SE 0.0 0.0 0.0 19 0.0 0.0 0.0 84

Malta SE 0.0 0.0 0.0 19 0.0 0.0 0.0 81

Mauritius SE 0.0 NA NA 21 0.0 NA NA 79

MICEX / RTS 3 054.1 3 050.0 4.1 21 13 364.4 13 330.0 34.4 83

NASDAQ OMX Nordic Exchange 3 713.0 3 567.7 145.3 19 19 022.2 18 233.9 788.3 84

NYSE Euronext (Europe) 4 285.9 4 281.9 4.0 19 20 034.8 19 989.8 44.9 84

Oslo Børs 1 076.6 721.0 355.5 18 6 106.5 4 138.9 1 967.6 82

Saudi Stock Market - Tadawul 76.2 76.2 NA 22 935.6 935.6 NA 87

SIX Swiss Exchange 497.9 496.7 1.3 19 2 558.6 2 550.0 8.7 83

Tel-Aviv SE 466.6 466.6 NA 19 1 703.1 1 703.1 NA 81

Warsaw SE 428.3 426.3 2.0 19 1 870.7 1 866.2 4.5 83

Wiener Börse 0.0 0.0 0.0 19 0.0 0.0 0.0 83

Total region 122 193.3 441 597.9

WFE TOTAL 1 503 869.8 6 217 994.9



Apr 2012



AMErIcASBermuda SE 0.0 NA NA 19 0.0 NA NA 80

BM&FBOVESPA 0.0 NA NA 20 0.0 NA NA 82

Buenos Aires SE 0.0 NA NA 17 0.0 0.0 0.0 78

Colombia SE 0.0 NA NA 19 0.0 NA NA 82

Lima SE 0.0 0.0 0.0 19 0.0 0.0 0.0 84

Mexican Exchange 0.0 NA NA 21 0.0 NA NA 83

NASDAQ OMX 0.0 NA NA 20 0.0 NA NA 82

NYSE Euronext (US) 0.0 NA NA 20 0.0 NA NA 82

Santiago SE 0.0 NA NA 20 0.0 NA NA 85

TMX Group 0.0 NA NA 20 0.0 NA NA 83

Total region 0.0 0.0

ASIA - PAcIFIcAsia - Pacific

Australian SE 0.0 NA NA 18 0.0 NA NA 81

Bombay SE 0.0 NA NA 20 0.0 NA NA 84

Bursa Malaysia 0.0 0.0 0.0 20 0.0 0.0 0.0 79

Colombo SE 0.0 NA NA 18 0.0 NA NA 78

Gretai Securities Market 0.0 0.0 0.0 20 0.0 0.0 0.0 78

Hong Kong Exchanges 10 459.6 10 014.1 445.5 18 41 413.8 40 490.6 923.2 79

Indonesia SE 0.0 NA NA 20 0.0 NA NA 83

Korea Exchange 0.0 NA NA 20 0.0 NA NA 82

National Stock Exchange India 0.0 NA NA 20 0.0 NA NA 84

Osaka SE 0.0 NA NA 20 0.0 NA NA 81

Philippine SE 0.0 NA NA 18 0.0 NA NA 82

Shanghai SE 0.0 NA NA 17 0.0 NA NA 75

Shenzhen SE 0.0 NA NA 17 0.0 NA NA 75

Singapore Exchange 0.0 NA NA 20 0.0 NA NA 82

Taiwan SE Corp. 0.0 NA NA 20 0.0 NA NA 78

The Stock Exchange of Thailand 0.0 NA NA 17 0.0 NA NA 79

Tokyo SE Group 0.0 NA NA 20 0.0 NA NA 81

Total region 10 459.6 41 413.8

EUrOPE - AFrIcA - MIddlE EASTAmman SE 0.0 0.0 0.0 21 0.0 0.0 0.0 85

Athens Exchange 0.0 0.0 0.0 17 0.0 0.0 0.0 80

BME Spanish Exchanges 0.0 0.0 0.0 19 0.0 0.0 0.0 84

Budapest SE 1.0 1.0 0.0 18 1.0 1.0 0.0 81

Casablanca SE 0.0 NA NA 21 0.0 NA NA 84

Cyprus SE 0.0 0.0 0.0 16 0.0 0.0 0.0 79

Deutsche Börse 9 024.5 5 200.5 3 824.0 19 34 664.8 20 521.8 14 143.0 84

Egyptian Exchange 146.3 146.3 NA 19 671.4 671.4 NA 80

Irish SE 1.3 0.0 1.3 19 8.0 0.0 8.0 83

İMKB 0.4 0.4 NA 20 1.2 1.2 NA 84

Johannesburg SE 0.0 NA NA 18 0.0 NA NA 81

Ljubljana SE 10.6 10.6 0.0 18 15.8 15.8 0.0 81

London SE Group 101 829.0 12 681.7 89 147.6 19 212 831.0 52 652.5 160 179.0 84

Luxembourg SE 0.0 0.0 0.0 19 0.0 0.0 0.0 84

Malta SE 0.0 0.0 0.0 19 0.0 0.0 0.0 81

Mauritius SE 0.0 NA NA 21 0.0 NA NA 79

MICEX / RTS 33 108.2 33 107.8 0.4 21 127 118.0 127 110.0 7.5 83

NASDAQ OMX Nordic Exchange 815.4 804.8 10.6 19 4 568.5 4 490.1 78.3 84

NYSE Euronext (Europe) 141 669.0 62 115.2 79 553.9 19 448 421.0 212 682.0 235 740.0 84

Oslo Børs 11.7 11.0 0.7 18 79.3 72.3 7.0 82

Saudi Stock Market - Tadawul 0.0 NA NA 22 0.0 NA NA 87

SIX Swiss Exchange 4 223.9 4 135.7 88.1 19 17 980.3 17 656.2 324.0 83

Tel-Aviv SE 0.0 NA NA 19 0.0 NA NA 81

Warsaw SE 0.0 0.0 0.0 19 0.0 0.0 0.0 83

Wiener Börse 0.0 0.0 0.0 19 0.0 0.0 0.0 83

Total region 290 842.0 846 361.0

WFE TOTAL 301 301.0 887 775.0

EqUITYVAlUE OF SHArE TrAdINg - rEPOrTEd TrAdES (USd MIllIONS)




EqUITYNUMbEr OF TrAdES IN SHArES - ElEcTrONIc OrdEr bOOK TrAdES (IN THOUSANdS)

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

NA: Not availableSource: World Federation of Exchanges members

(excludes investment fund trades)Exchange 2012 Trading days

Apr 2012Year-to-date % change /

last monthJanuary February March April

AMErIcASBermuda SE 0.1 0.1 0.1 0.1 19 0.5 -21.4%

BM&FBOVESPA 12 266.8 12 664.8 13 279.4 12 140.0 20 50 351.0 -8.6%

Buenos Aires SE 63.1 49.6 60.4 54.2 17 227.3 -10.3%

Colombia SE 79.4 102.8 89.4 74.8 19 346.4 -16.3%

Lima SE 25.1 27.9 26.5 20.6 19 100.1 -22.3%

Mexican Exchange 1 223.5 1 491.0 1 306.0 1 101.4 21 5 121.9 -15.7%

NASDAQ OMX 112 179.1 113 799.6 120 946.1 113 965.4 20 460 890.1 -5.8%

NYSE Euronext (US) 97 141.1 94 271.6 103 976.9 99 322.1 20 394 711.8 -4.5%

Santiago SE 150.1 163.2 210.1 158.7 20 682.1 -24.4%

TMX Group 17 402.0 18 192.6 22 209.7 15 898.2 20 73 702.4 -28.4%

Total region 240 530.3 240 763.1 262 104.7 242 735.5 986 133.6 -7.4%

ASIA - PAcIFIcAustralian SE 10 677.8 13 232.4 14 820.5 11 094.8 18 49 825.5 -25.1%

Bombay SE 35 184.6 41 542.3 33 339.6 25 333.3 20 135 399.7 -24.0%

Bursa Malaysia 2 037.5 2 553.9 2 191.6 1 576.9 20 8 359.9 -28.0%

Colombo SE 218.6 218.3 113.8 86.1 18 636.8 -24.3%

Gretai Securities Market 2 095.3 4 903.9 4 375.3 2 612.5 20 13 987.0 -40.3%

Hong Kong Exchanges 11 141.5 15 443.4 14 990.2 10 039.1 18 51 614.1 -33.0%

Indonesia SE 2 510.0 2 565.9 2 286.4 2 661.8 20 10 024.0 16.4%

Korea Exchange 105 200.8 128 345.9 113 107.6 97 911.9 20 444 566.3 -13.4%

National Stock Exchange India 130 865.8 153 183.5 132 432.4 99 478.3 20 515 960.1 -24.9%

Philippine SE 494.7 619.9 588.7 400.1 18 2 103.3 -32.0%

Shanghai SE 52 931.0 99 061.0 108 526.0 80 189.0 17 340 707.0 -26.1%

Shenzhen SE 50 595.2 98 308.4 107 169.4 75 422.7 17 331 495.7 -29.6%

Taiwan SE Corp. 11 631.5 22 685.2 19 540.8 12 941.8 20 66 799.3 -33.8%

The Stock Exchange of Thailand 3 317.0 4 041.8 3 985.6 2 794.9 17 14 139.4 -29.9%

Tokyo SE Group 24 879.7 33 294.1 32 758.5 27 510.0 20 118 442.1 -16.0%

Total region 443 780.9 619 999.9 590 226.3 450 053.2 2 104 060.2 -23.7%

EUrOPE - AFrIcA - MIddlE EASTAmman SE 89.8 93.4 107.0 105.8 21 395.9 -1.2%

Athens Exchange 520.7 760.7 501.8 276.2 17 2 059.4 -45.0%

BME Spanish Exchanges 3 823.5 3 406.1 3 997.9 4 597.3 19 15 824.9 15.0%

Budapest SE 261.4 169.5 143.1 125.9 18 699.8 -12.0%

Casablanca SE 14.3 14.1 14.1 12.4 21 54.9 -12.1%

Cyprus SE 14.6 20.4 19.3 7.6 16 61.9 -60.7%

Deutsche Börse 10 571.0 10 039.5 10 265.4 9 164.4 19 40 040.3 -10.7%

Egyptian Exchange 398.7 753.6 647.1 393.2 19 2 192.6 -39.2%

Irish SE 98.7 93.6 97.9 89.2 19 379.5 -8.9%

İMKB 7 375.8 8 557.4 7 891.2 7 907.9 20 31 732.3 0.2%

Johannesburg SE 2 092.1 2 210.7 2 222.8 1 818.2 18 8 343.8 -18.2%

Ljubljana SE 5.8 5.1 5.3 4.3 18 20.5 -19.0%

London SE Group 19 301.0 20 231.0 22 486.0 20 080.0 19 82 098.0 -10.7%

Luxembourg SE 0.9 0.9 1.3 0.8 19 4.0 -36.1%

Malta SE 0.6 0.4 0.5 0.4 19 1.9 -6.0%

Mauritius SE 3.5 4.0 3.6 3.6 21 14.6 -1.1%

MICEX / RTS 8 959.0 9 402.8 10 697.4 8 957.8 21 38 016.9 -16.3%

NASDAQ OMX Nordic Exchange 7 573.7 7 541.1 7 400.8 7 143.9 19 29 659.5 -3.5%

NYSE Euronext (Europe) 15 978.8 16 393.2 17 242.7 17 160.8 19 66 775.5 -0.5%

Oslo Børs 1 996.1 2 332.8 2 139.9 1 604.9 18 8 073.6 -25.0%

Saudi Stock Market - Tadawul 3 551.7 4 313.7 5 610.4 5 146.8 22 18 622.6 -8.3%

SIX Swiss Exchange 2 531.2 2 510.6 2 639.0 2 418.3 19 10 099.1 -8.4%

Tel-Aviv SE 1 064.9 887.6 892.0 775.0 19 3 619.6 -13.1%

Warsaw SE 1 144.8 1 327.7 1 277.9 945.7 19 4 696.1 -26.0%

Wiener Börse 359.0 334.7 317.3 286.6 19 1 297.6 -9.7%

Total region 87 731.4 91 404.6 96 621.5 89 026.9 364 784.5 -7.9%

WFE TOTAL 772 042.6 952 167.6 948 952.4 781 815.6 3 454 978.2 -17.6%


Exchange 2012 Year-to-date % change /last month

January February March April

AMErIcASLima SE 0.8 0.8 1.0 0.9 3.4 -3.2%

NASDAQ OMX 104 688.3 106 636.2 111 820.4 102 873.5 426 018.5 -8.0%

NYSE Euronext (US) 1 433.6 13 243.5 14 710.5 14 166.1 43 553.7 -3.7%

Santiago SE 0.0 0.0 0.0 0.0 0.0 -

Total region 106 122.7 119 880.4 126 531.9 117 040.5 469 575.5 -7.5%

ASIA - PAcIFIcAustralian SE 21.2 20.8 31.0 18.1 91.1 -41.6%

Bombay SE 0.0 0.0 0.1 0.0 0.1 -83.1%

Bursa Malaysia 0.6 0.8 0.8 0.6 2.8 -25.9%

Gretai Securities Market 0.0 0.0 0.0 0.0 0.1 185.7%

Indonesia SE 11.1 9.4 8.3 8.4 37.2 1.3%

Korea Exchange 1.2 1.9 2.2 1.6 6.9 -29.0%

Philippine SE 0.1 0.1 0.1 0.1 0.3 -25.0%

Shenzhen SE 0.1 0.4 0.4 0.2 1.1 -45.2%

Taiwan SE Corp. 0.1 0.2 0.2 0.2 0.7 -14.1%

The Stock Exchange of Thailand 1.1 1.6 1.5 1.0 5.1 -35.8%

Total region 35.5 35.1 44.6 30.1 145.3 -32.4%

EUrOPE - AFrIcA - MIddlE EASTAmman SE 0.0 0.0 0.0 0.0 0.0 0.0%

Athens Exchange 0.0 0.0 0.1 0.0 0.2 -67.4%

BME Spanish Exchanges 15.2 14.7 17.7 17.1 64.7 -3.1%

Budapest SE 0.0 0.0 0.0 0.0 0.0 100.0%

Casablanca SE 0.0 0.0 0.0 0.0 0.0 -

Cyprus SE 0.0 0.0 0.0 0.0 0.0 -

Deutsche Börse 30.9 33.1 30.5 24.2 118.7 -20.8%

Egyptian Exchange 0.7 0.0 0.1 0.0 0.8 -100.0%

Irish SE 8.5 9.5 7.8 5.8 31.7 -25.2%

İMKB 0.0 0.0 1.0 9.0 10.0 800.0%

Johannesburg SE 12.0 13.3 13.2 9.9 48.4 -25.0%

London SE Group 803.0 911.0 966.0 787.0 3 467.0 -18.5%

MICEX / RTS 41.2 40.3 45.7 44.9 172.1 -1.7%

NASDAQ OMX Nordic Exchange 65.8 65.0 45.1 39.9 215.8 -11.5%

NYSE Euronext (Europe) 9.9 12.2 18.4 13.9 54.4 -24.2%

Oslo Børs 4.1 5.0 4.5 2.6 16.2 -40.8%

Saudi Stock Market - Tadawul 0.0 0.0 0.0 0.1 0.1 354.5%

SIX Swiss Exchange 0.3 0.3 0.3 0.2 1.1 -31.5%

Tel-Aviv SE 5.5 5.1 5.4 2.9 19.0 -45.9%

Warsaw SE 0.4 0.5 0.3 0.2 1.3 -40.7%

Total region 997.5 1 110.1 1 156.1 957.8 4 221.6 -17.1%

WFE TOTAL 107 155.7 121 025.6 127 732.6 118 028.5 473 942.4 -7.6%

EqUITYNUMbEr OF TrAdES IN SHArES - NEgOTIATEd dEAlS (IN THOUSANdS)



(excludes investment fund trades)


EqUITYNUMbEr OF TrAdES IN SHArES - rEPOrTEd TrAdES (IN THOUSANdS)





AMErIcASBermuda SE NA NA NA NA NA -

BM&FBOVESPA NA NA NA NA NA -

Buenos Aires SE 0.0 0.0 0.0 NA 0.0 -

Colombia SE NA NA NA NA NA -

Lima SE 0.0 0.0 0.0 0.0 0.0 -

Mexican Exchange NA NA NA NA NA -

NASDAQ OMX NA NA NA NA NA -

NYSE Euronext (US) NA NA NA NA NA -

Santiago SE NA NA NA NA NA -

TMX Group NA NA NA NA NA -

Total region 0.0 0.0 0.0 0.0 0.0 -

ASIA - PAcIFIc

Australian SE NA NA NA NA NA -

Bombay SE NA NA NA NA NA -

Bursa Malaysia 0.0 0.0 0.0 0.0 0.0 -

Colombo SE NA NA NA NA NA -

Gretai Securities Market 0.0 0.0 0.0 0.0 0.0 -

Hong Kong Exchanges 596.8 752.4 812.0 534.3 2 695.5 -34.2%

Indonesia SE NA NA NA NA NA -

Korea Exchange NA NA NA NA NA -

National Stock Exchange India NA NA NA NA NA -

Osaka SE NA NA NA NA NA -

Philippine SE NA NA NA NA NA -

Shanghai SE NA NA NA NA NA -

Shenzhen SE NA NA NA NA NA -

Singapore Exchange NA NA NA NA NA -

Taiwan SE Corp. NA NA NA NA NA -

The Stock Exchange of Thailand NA NA NA NA NA -

Tokyo SE Group NA NA NA NA NA -

Total region 596.8 752.4 812.0 534.3 2 695.5 -34.2%

EUrOPE - AFrIcA - MIddlE EASTAmman SE 0.0 0.0 0.0 0.0 0.0 -

Athens Exchange 0.0 0.0 0.0 0.0 0.0 -

BME Spanish Exchanges 0.0 0.0 0.0 0.0 0.0 -

Budapest SE 0.0 0.0 0.0 0.0 0.0 -

Casablanca SE NA 0.0 0.0 0.0 0.0 -

Cyprus SE 0.0 0.0 0.0 0.0 0.1 0.0%

Deutsche Börse 108.1 107.5 103.6 104.4 423.6 0.7%

Egyptian Exchange 0.8 0.8 0.9 0.7 3.2 -25.0%

Irish SE 0.0 0.0 0.0 0.0 0.0 -

İMKB 22.8 24.9 25.4 23.5 96.7 -7.4%

Johannesburg SE NA NA NA NA NA -

Ljubljana SE 0.0 0.0 0.0 0.0 0.0 -100.0%

London SE Group 461.0 473.0 445.0 393.0 1 772.0 -11.7%

Luxembourg SE 0.0 0.0 0.0 0.0 0.0 -

Malta SE 0.0 0.0 0.0 0.0 0.0 -

Mauritius SE NA NA NA NA NA -

MICEX / RTS 60.1 60.4 72.7 58.5 251.7 -19.5%


NYSE Euronext (Europe) 200.9 348.9 175.0 199.2 923.9 13.8%

Oslo Børs 1.0 1.7 1.1 0.7 4.5 -32.4%

Saudi Stock Market - Tadawul NA NA NA NA NA -

SIX Swiss Exchange 31.2 28.5 33.9 34.6 128.2 2.3%

Tel-Aviv SE NA NA NA NA NA -

Warsaw SE 0.0 0.0 0.0 0.0 0.0 -

Wiener Börse 0.0 0.0 0.0 0.0 0.0 -

Total region 979.7 1 140.8 945.2 875.4 3 941.1 -7.4%

WFE TOTAL 1 576.5 1 893.2 1 757.1 1 409.7 6 636.5 -19.8%


EqUITYSHArE TUrNOVEr VElOcITY

Notes: Turnover velocity is calculated using EOB domestic trading value as numerator and domestic market cap as denominatorJohannesburg SE: ratios are calculated with domestic & foreign market capitalizationNASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

Singapore Exchange: ratios are calculated with domestic & foreign market capitalizationDue to different reporting rules & calculation methods, turnover figures are not entirely comparableSource: World Federation of Exchanges members

Exchange 2012


AMErIcASBermuda SE 2.2% 4.0% 0.7% 0.9%

BM&FBOVESPA 61.0% 70.5% 68.9% 67.8%

Buenos Aires SE 4.9% 5.2% 4.8% 8.3%

Colombia SE 13.6% 18.1% 15.3% 12.8%

Lima SE 2.8% 3.6% 4.2% 3.2%

Mexican Exchange 14.4% 27.6% 22.1% 19.9%

NASDAQ OMX 215.0% 224.0% 231.9% 222.4%

NYSE Euronext (US) 96.3% 96.1% 104.9% 94.8%

Santiago SE 18.6% 13.7% 15.5% 11.6%

TMX Group 67.6% 66.5% 80.0% 56.6%

ASIA - PAcIFIcAustralian SE 60.2% 83.3% 83.4% 60.5%

Bombay SE 10.1% 13.2% 11.7% 8.2%

Bursa Malaysia 28.4% 35.8% 33.0% 25.3%

Colombo SE 11.0% 17.7% 19.8% 5.4%

Gretai Securities Market 129.3% 303.9% 268.8% 162.2%

Hong Kong Exchanges 41.0% 53.8% 54.2% 33.7%

Korea Exchange 157.9% 191.4% 148.9% 130.9%

National Stock Exchange India 47.6% 62.7% 53.1% 38.9%

Osaka SE 65.2% 73.2% 77.5% 63.1%

Philippine SE 19.2% 25.9% 21.8% 14.1%

Shanghai SE 70.0% 128.9% 156.5% 107.1%

Shenzhen SE 137.1% 257.0% 313.6% 196.4%

Singapore Exchange 45.9% 69.3% 51.7% 43.3%

Taiwan SE Corp. 75.7% 143.6% 121.2% 83.6%

The Stock Exchange of Thailand 61.1% 84.7% 81.7% 51.8%

Tokyo SE Group 86.8% 118.6% 116.9% 98.6%

EUrOPE - AFrIcA - MIddlE EASTAmman SE 9.4% 12.6% 14.0% 14.3%

Athens Exchange 37.3% 65.8% 39.9% 19.8%

BME Spanish Exchanges 95.0% 63.2% 87.6% 103.4%

Budapest SE 91.3% 55.8% 47.6% 46.3%

Casablanca SE 3.7% 4.3% 4.1% 5.2%

Cyprus SE 9.5% 14.8% 15.6% 5.3%

Deutsche Börse 105.7% 99.7% 111.8% 96.4%

Egyptian Exchange 20.2% 37.9% 36.3% 23.8%

Irish SE 8.9% 6.4% 8.7% 7.8%

İMKB 135.1% 155.9% 157.2% 150.2%

Johannesburg SE 38.8% 42.0% 45.7% 35.3%

Ljubljana SE 5.6% 5.5% 7.5% 6.1%

London SE Group 57.8% 59.1% 65.7% 46.8%

Luxembourg SE 0.1% 0.1% 0.2% 0.1%

Malta SE 1.0% 1.0% 1.7% 1.2%

Mauritius SE 2.4% 2.9% 2.3% 3.2%

MICEX / RTS 49.0% 49.8% 57.0% 46.3%

NASDAQ OMX Nordic Exchange 71.5% 70.1% 72.7% 68.2%

NYSE Euronext (Europe) 61.8% 61.9% 67.4% 68.5%

Oslo Børs 66.7% 67.8% 59.8% 48.6%

Saudi Stock Market - Tadawul 142.8% 174.5% 248.7% 218.6%

SIX Swiss Exchange 54.0% 59.8% 59.5% 53.2%

Tel-Aviv SE 35.6% 29.4% 31.3% 22.7%

Warsaw SE 40.1% 40.5% 44.6% 29.5%

Wiener Börse 30.1% 30.2% 29.8% 24.5%


EqUITYbrOAd STOcK INdEx PErFOrMANcE

Exchange Name of index 2012 % change /last month

% change /Apr 11


AMErIcAS

Bermuda SE BSX Index 1 017.92 1 087.55 1 014.45 1 105.72 9.0% -8.0%

BM&FBOVESPA Ibovespa 63 072.31 65 811.73 64 510.97 64 820.26 0.5% -2.0%

Buenos Aires SE Composite 158 345.12 154 269.50 155 480.50 137 210.78 -11.8% -27.2%

Colombia SE COLCAP 13 863.33 14 932.81 15 038.26 15 215.78 1.2% 5.8%

Lima SE Indice General BVL (IGBVL) 21 948.07 22 728.75 23 612.02 22 677.93 -4.0% 15.5%

Mexican Exchange IPC CompMx 290.85 293.55 306.71 307.02 0.1% 7.8%

NASDAQ OMX Composite 2 813.84 2 966.89 3 091.57 3 046.36 -1.5% 6.0%

NYSE Euronext (US) Composite 7 838.48 8 113.24 8 206.93 8 119.07 -1.1% -6.4%

Santiago SE IGPA 20 454.09 21 546.22 22 206.86 21 925.87 -1.3% -3.8%

TMX Group S&P/TSX Composite 12 452.15 12 644.01 12 392.18 12 292.69 -0.8% -12.2%

ASIA - PAcIFIc

Australian SE All Ordinary Price 4 325.72 4 388.08 4 419.97 4 467.20 1.1% -8.8%

Bombay SE BSE 500 6 549.31 6 857.28 6 759.63 6 698.51 -0.9% -9.8%

Bursa Malaysia FBM Emas Index 10 587.20 10 862.75 10 939.63 10 783.76 -1.4% 2.0%

Colombo SE CSE All Share 5 693.92 5 458.09 5 420.20 5 419.20 0.0% -26.3%

Gretai Securities Market GTSM Index 103.63 117.47 113.59 105.89 - -

Hong Kong Exchanges S&P/HKEX LargeCap Index 24 720.75 26 248.74 24 788.87 25 381.17 2.4% -10.1%

Indonesia SE JSX Composite Index 3 941.69 3 985.21 4 121.55 4 180.73 1.4% 9.5%

Korea Exchange KOSPI 1 955.79 2 030.25 2 014.04 1 981.99 -1.6% -9.6%

National Stock Exchange India S&P CNX 500 4 082.85 4 275.55 4 221.80 4 178.35 -1.0% -9.5%

Osaka SE 300 Common 785.18 881.96 895.10 837.66 -6.4% -6.9%

Philippine SE PSE Index (PSEi) 4 682.44 4 897.65 5 107.73 5 202.70 1.9% 20.4%

Shanghai SE SSE Composite Index 2 292.61 2 428.49 2 262.79 2 396.32 5.9% -17.7%

Shenzhen SE SZSE Composite Index 855.20 956.99 891.84 940.35 5.4% -21.7%

Singapore Exchange Straits Times Index 2 906.69 2 994.06 3 010.46 2 878.57 -4.4% -9.3%

Taiwan SE Corp. TAIEX 7 517.08 8 121.44 7 933.00 7 501.72 -5.4% -16.7%

The Stock Exchange of Thailand SET Index 1 083.97 1 160.90 1 196.77 1 228.49 2.7% 12.3%

Tokyo SE Group TOPIX 755.27 835.96 854.35 804.27 -5.9% -5.6%

EUrOPE - AFrIcA - MIddlE EAST

Amman SE ASE Index 1 946.61 1 959.75 1 990.40 1 981.20 -0.5% -9.9%

Athens Exchange Composite Index 796.02 743.59 728.93 699.91 -4.0% -

BME Spanish Exchanges Barcelona BCN Global - 100 Index 649.02 647.14 608.44 532.58 -12.5% -36.4%

BME Spanish Exchanges Bilbao Indice Bolsa Bilbao 2000 1 367.06 1 364.66 1 291.32 1 143.12 -11.5% -35.7%

BME Spanish Exchanges Madrid IGBM Index Indice General 855.17 852.45 807.46 707.48 -12.4% -36.2%

BME Spanish Exchanges Valencia IGBV Index 890.50 885.55 838.98 741.24 -11.6% -32.1%

Borsa Italiana FTSE Italia MIB Storico 13 096.00 13 571.00 13 233.00 12 385.00 -6.4% -29.8%

Budapest SE BUMIX 1 300.10 1 329.28 1 196.82 1 162.38 -2.9% -39.4%

Casablanca SE MASI Float 11 211.71 11 398.94 10 948.45 10 293.90 -6.0% -10.9%

Cyprus SE CSE General Index 385.85 298.31 304.53 229.79 -24.5% -75.5%

Deutsche Börse CDAX Price 332.18 352.13 356.61 345.43 -3.1% -12.5%

Egyptian Exchange EGX 30 Index 4 648.13 5 349.85 5 018.55 4 945.21 -1.5% -1.2%

Irish SE ISEQ Overall 3 007.79 3 208.32 3 254.81 3 224.45 -0.9% 7.3%

İMKB ISE 100 Index 57 171.34 60 721.23 62 423.04 60 010.42 -3.9% -13.3%

Johannesburg SE FTSE/JSE All Share 33 792.48 34 296.00 33 554.21 34 399.04 2.5% 4.8%

London SE FTSE 100 2 933.00 3 044.00 3 003.00 2 985.00 -0.6% -5.4%

Luxembourg SE Lux General Price 863.25 878.92 857.15 807.12 -5.8% -27.2%

Malta SE MSE Share Index 3 061.32 3 008.86 2 938.91 2 969.16 1.0% -11.3%

Mauritius SE SEMDEX 1 828.13 1 773.31 1 806.05 1 797.62 -0.5% -12.9%

NASDAQ OMX Nordic Copenhagen OMXC 343.87 377.04 369.75 378.96 2.5% -3.8%

NASDAQ OMX Nordic Helsinki OMXH 5 764.72 6 135.00 6 035.35 5 650.41 -6.4% -24.9%

NASDAQ OMX Nordic Iceland OMXIPI 609.01 623.67 663.43 691.96 4.3% 10.4%

NASDAQ OMX Nordic Stockholm OMXS 325.32 345.34 338.44 333.53 -1.5% -10.5%

NYSE Euronext Amsterdam AAX 499.00 510.83 508.58 492.04 -3.3% -13.6%

NYSE Euronext Brussels General Price 7 601.30 7 845.14 8 169.97 7 815.90 -4.3% -12.3%

NYSE Euronext Lisbon BVL General 2 114.77 2 201.17 2 188.88 2 099.32 -4.1% -24.3%

NYSE Euronext Paris SBF 250 2 462.46 2 579.85 2 573.29 2 429.23 -5.6% -19.4%

Oslo Børs OSEBXPR 242.40 262.21 259.75 254.06 -2.2% -10.3%

Saudi Stock Market - Tadawul TASI 6 626.04 7 271.82 7 835.15 7 558.47 -3.5% 12.6%

SIX Swiss Exchange SMI 5 970.49 6 109.93 6 235.51 6 096.34 -2.2% -6.8%

Tel-Aviv SE General 882.15 862.06 882.84 911.72 3.3% -11.5%

Warsaw SE WIG Total Return 40 927.75 41 560.55 41 267.16 40 273.65 -2.4% -19.5%

Wiener Börse SE Price Index 830.40 872.24 863.94 847.33 -1.9% -22.4%




EqUITYblUE cHIP INdEx PErFOrMANcE



Exchange Name of index 2012 % change /last month

% change /Apr 11

% volatility Apr 12


AMErIcASBM&FBOVESPA IBrX-50 9 034.82 9 309.84 9 215.43 8 886.93 -3.6% -3.6% 13.7%

Buenos Aires SE Burcap Index 9 621.00 9 167.91 9 282.18 8 154.31 -12.2% -29.8% 20.7%

Colombia SE IGBC 1 633.62 1 730.46 1 743.63 1 785.66 2.4% 5.0% 11.1%

Lima SE Indice Selectivo BVL (ISBVL) 30 249.54 31 477.21 33 278.12 32 451.08 -2.5% 18.7% 14.0%

Mexican Exchange IPC 37 422.68 37 816.69 39 521.24 39 461.00 -0.2% 6.8% 19.6%

NASDAQ OMX Nasdaq 100 2 467.95 2 623.10 2 755.27 2 723.68 -1.1% 13.3% -

NYSE Euronext (US) NYSE US 100 5 752.88 5 942.06 6 107.74 6 058.88 -0.8% 0.0% -

Santiago SE IPSA 4 260.76 4 535.60 4 671.28 4 585.77 -1.8% -4.9% 8.6%

TMX Group S&P/TSX 60 709.18 718.86 706.96 699.79 -1.0% -11.6% -

ASIA - PAcIFIcAustralian SE ASX/S&P 50 4 268.92 4 275.03 4 323.26 4 396.05 1.7% -8.9% -

Bombay SE SENSEX 17 193.55 17 752.68 17 404.20 17 318.81 -0.5% -9.5% 0.8%

Bursa Malaysia Kuala Lumpur Composite 1 521.29 1 569.65 1 596.33 1 570.61 -1.6% 2.3% -

Colombo SE Milanka Price Index 4 925.91 4 751.06 4 891.58 4 851.24 -0.8% -28.9% 0.5%

Gretai Securities Market GTSM 50 139.39 152.64 146.33 136.92 - -

Hong Kong Exchanges Hang Seng Index 20 390.49 21 680.08 20 555.58 21 094.21 2.6% -11.1% 22.5%

Indonesia SE LQ45 Index 692.16 692.77 712.55 711.38 -0.2% 4.5% 11.7%

Korea Exchange KOSPI 200 4 170.33 4 331.05 4 344.10 4 324.52 -0.5% -7.9% -

National Stock Exchange India S&P CNX Nifty 5 199.25 5 385.20 5 295.55 5 248.15 -0.9% -8.7% 0.8%

Osaka SE OSE Adjusted 250 Issues 16 334.68 17 528.34 17 868.51 16 928.49 -5.3% -3.8% -

Shanghai SE SSE 180 Index 5 321.34 5 649.05 5 262.41 5 630.80 7.0% -16.9% 1.4%

Shenzhen SE SZSE 100 Index 3 294.16 3 591.06 3 339.43 3 588.69 7.5% -19.8% 8.8%

Singapore Exchange Straits Times Index 2 906.69 2 994.06 3 010.46 2 878.57 -4.4% -9.3% -

Taiwan SE Corp. TSEC Taiwan 50 Index 5 242.51 5 605.77 5 503.52 5 211.21 -5.3% -16.3% 19.4%

The Stock Exchange of Thailand SET 50 Index 757.45 818.78 842.91 863.82 2.5% 12.1% 16.0%

Tokyo SE Group TOPIX Core 30 386.22 441.31 447.03 417.31 -6.6% -8.5% -

EUrOPE - AFrIcA - MIddlE EASTAthens Exchange FTSE/ASE 20 338.50 305.21 282.58 267.81 -5.2% -58.7% 47.8%

BME Spanish Exchanges IBEX 35 8 509.20 8 465.90 8 008.00 7 011.00 -12.5% -35.6% 25.1%

Borsa Italiana FTSE MIB 15 828.00 16 351.00 15 980.00 14 592.00 -8.7% -34.9% 30.3%

Budapest SE BUX 18 891.07 19 286.54 18 635.67 18 235.03 -2.1% -24.5% 23.1%

Cyprus SE FTSE/CySE 20 134.85 105.48 89.01 83.30 -6.4% -73.9% 0.0%

Deutsche Börse DAX Performance Index 6 458.91 6 856.08 6 946.83 6 761.19 -2.7% -10.0% 23.5%

Egyptian Exchange DJ/CASE Egypt Titans 20 Index 1 036.79 1 183.63 1 117.60 1 093.08 -2.2% -1.3% 1.4%

Irish SE ISEQ 20 486.44 517.35 527.72 520.81 -1.3% 9.2% 0.0%

İMKB ISE 30 Index 69 305.90 73 469.97 75 711.69 71 846.51 -5.1% -15.1% 25.1%

Johannesburg SE FTSE/JSE Top 40 30 176.19 30 546.69 29 603.42 30 364.59 2.6% 2.7% -

Ljubljana SE SBI 20 597.28 561.67 599.26 595.16 -0.7% -24.5% 17.3%

London SE FTSE 100 5 682.00 5 872.00 5 768.00 5 738.00 -0.5% -5.5% 16.4%

Luxembourg SE LuxX 1 202.19 1 232.21 1 231.25 1 160.83 -5.7% -18.8% 23.7%

Mauritius SE SEM-7 341.01 333.26 339.38 339.30 0.0% -12.5% 0.0%

NASDAQ OMX Nordic Copenhagen OMXC20 408.53 453.77 444.71 458.75 3.2% -0.9% 17.6%

NASDAQ OMX Nordic Helsinki OMXH25 2 093.47 2 243.63 2 209.10 2 087.76 -5.5% -20.8% 27.5%

NASDAQ OMX Nordic Stockholm OMXS30 1 036.34 1 101.76 1 074.48 1 059.62 -1.4% -8.9% 23.7%

NYSE Euronext Amsterdam AEX 25 318.47 324.25 323.51 308.30 -4.7% -14.3% 20.2%

NYSE Euronext Brussels BEL 20 2 206.80 2 275.86 2 324.05 2 208.44 -5.0% -20.2% 21.1%

NYSE Euronext Lisbon PSI 20 5 325.05 5 580.52 5 556.81 5 233.86 -5.8% -31.8% 18.1%

NYSE Euronext Paris CAC 40 3 298.55 3 452.45 3 423.81 3 212.80 -6.2% -21.8% 24.3%

Oslo Børs OBX Index 365.95 397.40 394.39 389.21 -1.3% -5.8% 0.0%

SIX Swiss Exchange SMI 5 970.49 6 109.93 6 235.51 6 096.34 -2.2% -6.8% 12.9%

Tel-Aviv SE TA 25 1 119.50 1 081.35 1 124.85 1 164.36 3.5% -11.4% -

Warsaw SE WIG 20 2 332.17 2 317.11 2 286.53 2 240.57 -2.0% -23.1% 17.8%

Wiener Börse ATX (Austrian Traded Index) 2 076.49 2 196.08 2 159.06 2 118.94 -1.9% -25.5% 27.6%


FIxEd INcOME TOTAl VAlUE OF bONd TrAdINg (USd MIllIONS)

Exchange 2012 Year-to-date % change /Jan / Apr 11

(in USD)

% change /Jan / Apr 11


AMErIcASBM&FBOVESPA 19.4 33.1 7.0 36.4 95.9 78.1% 100.1%

Buenos Aires SE 2 626.2 2 367.2 3 443.5 2 306.6 10 743.5 11.9% 20.9%

Colombia SE 70 887.5 81 203.0 83 884.8 64 359.8 300 335.1 -15.5% -18.6%

Lima SE 42.6 46.7 54.8 52.1 196.1 4.1% -0.3%

Mexican Exchange 10.2 17.0 16.0 17.6 60.8 -31.5% -26.0%

Santiago SE 16 606.2 16 067.5 17 158.5 13 289.9 63 122.1 -16.1% -14.1%

TMX Group 540.8 507.7 0.0 0.0 1 048.5 -53.6% -52.8%

Total region 90 732.9 100 242.0 104 564.5 80 062.5 375 601.9 -15.2%

ASIA - PAcIFIcAustralian SE 91.3 139.5 158.0 206.7 595.5 134.1% 130.2%

Bombay SE 1 521.3 1 916.1 2 010.3 1 785.0 7 232.7 12.1% 26.8%

Bursa Malaysia 10.6 10.1 18.3 65.1 104.0 105.9% 105.7%

Colombo SE 0.0 0.1 0.1 0.0 0.2 -99.2% -99.1%

Gretai Securities Market 23 981.6 35 122.3 36 395.8 33 880.3 129 379.9 - -

Hong Kong Exchanges 17.5 19.7 13.1 4.8 55.1 18474.8% 18411.7%

Korea Exchange 60 323.8 90 219.8 109 072.4 81 717.4 341 333.3 79.2% 83.1%

National Stock Exchange India 15 209.0 11 564.9 10 818.7 9 111.8 46 704.6 25.8% 40.7%

Shanghai SE 7 714.6 10 218.5 10 464.1 7 181.2 35 578.3 32.0% 27.0%

Shenzhen SE 739.5 1 228.1 1 697.4 1 647.1 5 312.1 18.5% 14.0%

The Stock Exchange of Thailand 0.0 0.8 1.4 0.0 2.2 -76.9% -76.9%

Tokyo SE Group 173.6 173.9 97.6 68.6 513.7 -58.0% -59.4%

Total region 109 782.9 150 613.7 170 747.1 135 668.0 566 811.7 63.8%

EUrOPE - AFrIcA - MIddlE EASTAthens Exchange 1.6 3.0 3.3 0.1 8.1 43.1% 52.3%

BME Spanish Exchanges 1 144 587.0 938 817.5 1 197 923.8 1 015 072.1 4 296 400.5 -29.9% -25.4%

Budapest SE 13.2 4.7 1.0 0.8 19.7 -93.8% -92.8%

Casablanca SE 72.5 169.1 84.6 97.6 423.8 -20.9% -16.9%

Cyprus SE 6.9 12.6 5.5 0.8 25.8 339.3% 366.6%

Deutsche Börse 3 727.6 3 973.9 4 703.3 3 228.3 15 633.1 -50.0% -46.7%

Egyptian Exchange 24.0 146.2 489.4 673.2 1 332.8 -35.9% -34.6%

Irish SE 10 226.7 3 540.5 2 919.0 1 765.4 18 451.6 72.1% 85.4%

İMKB 36 412.1 43 033.0 38 673.4 48 593.4 166 711.9 -21.2% -11.2%

Johannesburg SE 213 565.5 258 404.6 257 873.1 213 035.0 942 878.1 2.3% 13.9%

Ljubljana SE 4.7 4.8 8.7 6.4 24.7 -38.1% -34.7%

London SE Group 348 264.2 421 955.6 492 840.6 377 195.2 1 640 255.6 -4.6% 1.4%

Luxembourg SE 15.3 66.1 22.0 22.8 126.1 1548.0% 1655.6%

Malta SE 63.2 38.0 97.9 115.6 314.7 53.5% 67.6%

Mauritius SE 0.0 0.0 0.0 0.0 0.1 -67.6% -68.1%

MICEX / RTS 17 435.2 24 036.6 15 663.3 14 858.8 71 993.9 - -

NASDAQ OMX Nordic Exchange 235 052.4 254 281.3 338 894.8 179 381.5 1 007 609.9 18.8% 26.5%

NYSE Euronext (Europe) 1 077.4 1 169.1 1 334.4 1 090.7 4 671.5 -3.9% 2.4%

Oslo Børs 60 800.8 43 387.0 62 305.6 16 297.9 182 791.4 13.6% 17.1%

Saudi Stock Market - Tadawul 11.0 5.5 80.5 0.9 97.9 419.7% 419.7%

SIX Swiss Exchange 19 674.5 21 518.5 16 813.4 14 804.9 72 811.3 18.6% 17.8%

Tel-Aviv SE 21 865.9 19 331.4 22 069.0 17 040.2 80 306.6 1.3% 6.8%

Warsaw SE 29.8 46.9 126.9 30.6 234.3 54.3% 71.8%

Wiener Börse 17.8 17.0 16.9 11.5 63.1 -80.6% -79.2%

Total region 2 112 949.3 2 033 963.0 2 452 950.4 1 903 323.9 8 503 186.6 -17.2%

WFE TOTAL 2 313 465.1 2 284 818.7 2 728 262.0 2 119 054.4 9 445 600.2 -15.1%

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock ExchangesSingapore Exchange: Main Board, Sesdaq, DBLs



FIxEd INcOMEVAlUE OF bONd TrAdINg - SPlIT bY SEcTOrS (USd MIllIONS)

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock ExchangesSingapore Exchange: Main Board, Sesdaq, DBLs



Apr 2012

Year-to-date

Total Domesticprivate sector

Domesticpublic sector

Foreign sector



Foreign sector

AMErIcASBM&FBOVESPA 36.4 33.1 3.3 0.0 20 95.9 83.9 11.9 0.0

Buenos Aires SE 2 306.6 67.0 2 239.6 0.0 17 10 743.5 304.7 10 438.8 0.0

Colombia SE 64 359.8 10 003.4 54 343.9 12.5 19 300 335.1 42 093.5 258 028.0 213.3

Lima SE 52.1 52.1 0.0 0.0 19 196.1 193.7 2.4 0.0

Mexican Exchange 17.6 NA NA NA 21 60.8 0.0 0.0 0.0

Santiago SE 13 289.9 6 469.7 6 820.2 0.0 20 63 122.1 26 698.6 36 423.4 0.0

TMX Group NA NA 534.8 NA 20 1 048.5 0.0 2 312.7 0.0

Total region 80 062.5 375 601.9

ASIA - PAcIFIcAustralian SE 206.7 NA NA NA 18 595.5 0.0 0.0 0.0

Bombay SE 1 785.0 76.6 1 708.5 0.0 20 7 232.7 469.1 6 763.6 0.0

Bursa Malaysia 65.1 65.1 0.0 0.0 20 104.0 104.0 0.0 0.0

Colombo SE 0.0 0.0 0.0 0.0 18 0.2 0.2 0.0 0.0

Gretai Securities Market 33 880.3 3 460.6 30 419.7 0.0 20 129 379.9 14 077.0 115 296.0 6.9

Hong Kong Exchanges 4.8 0.0 4.8 0.0 18 55.1 0.0 55.1 0.0

Korea Exchange 81 717.4 574.1 81 143.3 NA 20 341 333.3 2 710.8 338 623.0 0.0

National Stock Exchange India 9 111.8 1 158.3 7 953.5 0.0 20 46 704.6 6 612.1 40 092.5 0.0

Osaka SE 0.0 0.0 0.0 0.0 20 0.0 0.0 0.0 0.0

Shanghai SE 7 181.2 6 123.0 1 058.3 NA 17 35 578.3 30 282.2 5 296.2 0.0

Shenzhen SE 1 647.1 1 613.9 33.3 NA 17 5 312.1 5 220.9 91.2 0.0

Taiwan SE Corp. 0.0 0.0 0.0 0.0 20 0.0 0.0 0.0 0.0

The Stock Exchange of Thailand 0.0 0.0 0.0 0.0 17 2.2 2.2 0.0 0.0

Tokyo SE Group 68.6 68.6 0.0 NA 20 513.7 513.7 0.0 0.0

Total region 135 668.0 566 811.7

EUrOPE - AFrIcA - MIddlE EASTAmman SE 0.0 0.0 0.0 0.0 21 0.0 0.0 0.0 0.0

Athens Exchange 0.1 0.0 0.0 0.1 17 8.1 0.3 0.0 7.8

BME Spanish Exchanges 1 015 072.1 105 451.0 909 621.0 0.0 19 4 296 400.5 1 101 450.0 3 194 950.0 0.0

Budapest SE 0.8 0.8 0.0 0.0 18 19.7 11.8 7.9 0.0

Casablanca SE 97.6 97.6 0.0 0.0 21 423.8 365.5 21.5 36.9

Cyprus SE 0.8 0.8 0.0 0.0 16 25.8 25.5 0.3 0.0

Deutsche Börse 3 228.3 599.2 1 810.9 818.3 19 15 633.1 2 773.8 8 426.7 4 432.7

Egyptian Exchange 673.2 0.2 673.0 NA 19 1 332.8 0.8 1 331.9 0.0

Irish SE 1 765.4 0.0 1 765.4 0.0 19 18 451.6 0.0 18 451.6 0.0

İMKB 48 593.4 982.7 43 428.3 4 182.5 20 166 711.9 3 165.0 149 453.0 14 093.5

Johannesburg SE 213 035.0 6 648.5 206 386.0 0.3 18 942 878.1 25 846.2 917 029.0 2.9

Ljubljana SE 6.4 2.8 3.6 0.0 18 24.7 10.8 14.0 0.0

London SE Group 377 195.2 5 396.4 353 558.0 18 240.9 19 1 640 255.6 31 323.7 1 559 340.0 49 590.5

Luxembourg SE 22.8 0.0 2.1 20.6 19 126.1 0.0 4.2 121.9

Malta SE 115.6 4.8 110.8 0.0 19 314.7 19.3 295.4 0.0

Mauritius SE 0.0 0.0 0.0 0.0 21 0.1 0.1 0.0 0.0

MICEX / RTS 14 858.8 13 925.9 853.5 79.3 21 71 993.9 50 546.7 20 994.4 452.9

NASDAQ OMX Nordic Exchange 179 381.5 84 512.6 91 116.9 3 752.0 19 1 007 609.9 577 247.0 409 898.0 20 465.3

NYSE Euronext (Europe) 1 090.7 0.0 288.6 802.1 19 4 671.5 0.0 1 064.8 3 606.8

Oslo Børs 16 297.9 3 881.3 12 354.4 62.2 18 182 791.4 23 215.2 159 291.0 285.3

Saudi Stock Market - Tadawul 0.9 0.9 0.0 0.0 22 97.9 97.9 0.0 0.0

SIX Swiss Exchange 14 804.9 3 519.6 3 901.8 7 383.5 19 72 811.3 17 090.1 19 312.8 36 408.4

Tel-Aviv SE 17 040.2 4 423.3 12 616.9 0.0 19 80 306.6 19 124.2 61 182.4 0.0

Warsaw SE 30.6 19.9 10.0 0.8 19 234.3 170.7 62.5 1.0

Wiener Börse 11.5 9.2 0.2 2.1 19 63.1 51.4 2.1 9.6

Total region 1 903 323.9 8 503 186.6

WFE TOTAL 2 119 054.4 9 445 600.2


FIxEd INcOMEVAlUE OF bONd TrAdINg - ElEcTrONIc OrdEr bOOK TrAdES (USd MIllIONS)

Exchange April 2012 Year-to-date



Foreign sector



Foreign sector

AMErIcASBM&FBOVESPA 34.8 31.5 3.3 NA 75.4 63.4 11.9 0.0

Buenos Aires SE 704.8 30.1 674.7 0.0 3 223.0 127.3 3 095.7 0.0

Colombia SE 64 359.8 10 003.4 54 343.9 12.5 300 335.1 42 093.5 258 028.0 213.3

Lima SE 0.0 0.0 0.0 0.0 4.7 4.7 0.0 0.0

Santiago SE 7 661.2 2 730.1 4 931.1 NA 33 249.4 10 370.6 22 878.8 0.0

Total region 72 760.7 336 887.6

ASIA - PAcIFIcBombay SE 76.6 76.6 NA NA 469.1 469.1 0.0 0.0

Bursa Malaysia 18.2 18.2 0.0 0.0 44.1 44.1 0.0 0.0

Colombo SE 0.0 0.0 0.0 NA 0.2 0.2 0.0 0.0

Gretai Securities Market 472.6 472.6 0.0 0.0 1 886.7 1 886.7 0.0 0.0

Hong Kong Exchanges 4.5 0.0 4.5 0.0 54.7 0.0 54.7 0.0

Korea Exchange 81 717.4 574.1 81 143.3 NA 341 333.3 2 710.8 338 623.0 0.0

National Stock Exchange India 52.4 49.0 3.4 0.0 515.6 495.4 20.2 0.0

Shanghai SE 6 557.6 5 602.0 955.7 NA 31 420.9 26 865.8 4 555.2 0.0

Shenzhen SE 1 066.3 1 065.1 1.2 NA 3 878.9 3 875.7 3.3 0.0

The Stock Exchange of Thailand 0.0 0.0 NA NA 0.7 0.7 0.0 0.0

Tokyo SE Group 44.1 44.1 0.0 NA 290.0 290.0 0.0 0.0

Total region 90 009.8 379 894.3

EUrOPE - AFrIcA - MIddlE EASTAthens Exchange 0.1 0.0 0.0 0.1 8.1 0.3 0.0 7.8

BME Spanish Exchanges 5 340.8 19.9 5 321.0 0.0 31 218.4 684.0 30 534.4 0.0

Budapest SE 0.8 0.8 0.0 0.0 11.8 11.8 0.0 0.0

Casablanca SE 7.5 7.5 0.0 0.0 104.5 79.9 0.0 24.6

Cyprus SE 0.8 0.8 0.0 0.0 25.5 25.2 0.3 0.0

Deutsche Börse 1 893.1 374.2 1 116.2 402.6 8 111.8 1 650.2 4 334.0 2 127.6

İMKB 13 182.0 183.8 12 998.0 0.1 64 251.5 998.7 63 248.8 3.9

Ljubljana SE 6.4 2.8 3.6 0.0 24.7 10.8 14.0 0.0

London SE Group 26 477.8 1 281.3 24 080.7 1 115.8 158 681.5 6 896.0 146 261.0 5 524.7

Luxembourg SE 22.8 0.0 2.1 20.6 126.1 0.0 4.2 121.9

Malta SE 115.6 4.8 110.8 0.0 314.7 19.3 295.4 0.0

Mauritius SE 0.0 0.0 NA NA 0.1 0.1 0.0 0.0

MICEX / RTS 4 903.3 4 473.9 399.0 30.4 21 567.6 15 071.9 6 325.6 170.2

NASDAQ OMX Nordic Exchange 543.7 260.4 274.4 9.0 36 739.7 32 322.5 4 371.9 45.4

NYSE Euronext (Europe) 1 089.3 0.0 288.6 800.8 4 659.6 0.0 1 062.1 3 597.4

Oslo Børs 873.5 0.0 873.5 0.0 12 170.2 0.0 12 170.2 0.0

Saudi Stock Market - Tadawul 0.9 0.9 NA NA 12.1 12.1 0.0 0.0

SIX Swiss Exchange 3 015.9 769.0 537.5 1 709.4 15 783.6 3 924.5 2 956.5 8 902.7

Tel-Aviv SE 13 407.0 3 835.2 9 571.8 NA 64 956.1 17 207.9 47 748.2 0.0

Warsaw SE 26.9 16.4 9.6 0.8 211.6 149.4 61.2 1.0

Wiener Börse 11.5 9.2 0.2 2.1 63.1 51.4 2.1 9.6

Total region 70 919.9 419 042.3

WFE TOTAL 233 690.4 1 135 824.2

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock ExchangesDue to different reporting rules & calculation methods, turnover figures are not entirely comparable



VAlUE OF bONd TrAdINg - NEgOTIATEd dEAlS (USd MIllIONS)

Exchange April 2012 Year-to-date



Foreign sector



Foreign sector

AMErIcASBM&FBOVESPA 1.6 1.6 NA NA 20.5 20.5 0.0 0.0

Buenos Aires SE 1 601.8 36.9 1 564.9 0.0 7 520.5 177.4 7 343.1 0.0

Colombia SE 0.0 NA NA NA 0.0 0.0 0.0 0.0

Lima SE 52.1 52.1 0.0 0.0 191.4 189.0 2.4 0.0

Mexican Exchange 0.0 NA NA NA 0.0 0.0 0.0 0.0

Santiago SE 5 628.7 3 739.7 1 889.1 NA 29 872.7 16 328.0 13 544.6 0.0

TMX Group 0.0 NA NA NA 0.0 0.0 0.0 0.0

Total region 7 284.2 37 605.1

ASIA - PAcIFIcAustralian SE 0.0 NA NA NA 0.0 0.0 0.0 0.0

Bombay SE 1 708.5 NA 1 708.5 NA 6 763.6 0.0 6 763.6 0.0

Bursa Malaysia 46.8 46.8 0.0 0.0 59.9 59.9 0.0 0.0

Colombo SE 0.0 NA NA NA 0.0 0.0 0.0 0.0

Gretai Securities Market 33 407.6 2 988.0 30 419.7 0.0 127 493.2 12 190.3 115 296.0 6.9

Hong Kong Exchanges 0.3 0.0 0.3 0.0 0.5 0.0 0.5 0.0

Korea Exchange 0.0 NA NA NA 0.0 0.0 0.0 0.0

National Stock Exchange India 9 059.5 1 109.3 7 950.1 0.0 46 188.9 6 116.7 40 072.3 0.0

Osaka SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Shanghai SE 623.6 521.0 102.6 NA 4 157.4 3 416.4 741.0 0.0

Shenzhen SE 580.9 548.8 32.1 NA 1 433.2 1 345.2 88.0 0.0

Taiwan SE Corp. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

The Stock Exchange of Thailand 0.0 0.0 NA NA 1.6 1.6 0.0 0.0

Tokyo SE Group 24.4 24.4 NA NA 223.7 223.7 0.0 0.0

Total region 45 451.6 186 321.9

EUrOPE - AFrIcA - MIddlE EASTAmman SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Athens Exchange 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BME Spanish Exchanges 1 009 731.3 105 431.0 904 300.0 0.0 4 265 182.1 1 100 760.0 3 164 420.0 0.0

Budapest SE 0.0 0.0 0.0 0.0 7.9 0.0 7.9 0.0

Casablanca SE 90.1 90.1 0.0 0.0 319.3 285.6 21.5 12.3

Cyprus SE 0.0 0.0 0.0 0.0 0.3 0.3 0.0 0.0

Deutsche Börse 1 335.3 225.0 694.6 415.6 7 521.4 1 123.5 4 092.7 2 305.1

Egyptian Exchange 0.0 NA NA NA 0.0 0.0 0.0 0.0

Irish SE 1 765.4 0.0 1 765.4 0.0 18 451.6 0.0 18 451.6 0.0

İMKB 35 411.5 798.9 30 430.2 4 182.4 102 460.4 2 166.2 86 204.6 14 089.6

Johannesburg SE 213 035.0 6 648.5 206 386.0 0.3 942 878.1 25 846.2 917 029.0 2.9

Ljubljana SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

London SE Group 350 718.7 4 116.5 329 477.0 17 125.1 1 481 576.8 24 431.8 1 413 080.0 44 065.8

Luxembourg SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Malta SE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Mauritius SE 0.0 NA NA NA 0.0 0.0 0.0 0.0

MICEX / RTS 9 955.4 9 452.1 454.5 48.9 50 426.3 35 474.8 14 668.8 282.7

NASDAQ OMX Nordic Exchange 178 837.7 84 252.3 90 842.5 3 743.0 970 870.2 544 924.0 405 526.0 20 419.9

NYSE Euronext (Europe) 1.3 0.0 0.0 1.3 11.9 0.0 2.6 9.3

Oslo Børs 15 424.4 3 881.3 11 480.9 62.2 170 621.2 23 215.2 147 121.0 285.3

Saudi Stock Market - Tadawul 0.0 NA NA NA 85.8 85.8 0.0 0.0

SIX Swiss Exchange 11 789.0 2 750.6 3 364.3 5 674.1 57 027.6 13 165.6 16 356.3 27 505.7

Tel-Aviv SE 3 633.2 588.1 3 045.1 NA 15 350.5 1 916.3 13 434.2 0.0

Warsaw SE 3.8 3.4 0.3 0.0 22.7 21.4 1.3 0.0

Wiener Börse 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total region 1 831 732.1 8 082 814.2

WFE TOTAL 1 884 467.9 8 306 741.2

Notes: NASDAQ OMX Nordic Exchange: OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock ExchangesDue to different reporting rules & calculation methods, turnover figures are not entirely comparable


FIxEd INcOME


FIxEd INcOMEbONd TrAdES - TOTAl NUMbEr OF TrAdES IN bONdS (IN THOUSANdS)



Exchange 2012 Trading days Apr 2012

Year-to-date % change /last month


AMErIcASBM&FBOVESPA 0.3 0.2 0.2 0.2 22 1.0 0.0%

Buenos Aires SE 46.5 45.9 56.0 44.4 22 192.9 -20.6%

Colombia SE 59.3 66.3 65.4 52.3 21 243.3 -20.0%

Lima SE 0.1 0.1 0.1 0.1 22 0.5 22.2%

Mexican Exchange 223.0 214.0 228.0 201.0 20 866.0 -11.8%

Santiago SE 26.8 22.2 29.7 25.1 22 103.8 -15.3%

TMX Group 23.1 22.8 24.1 22.5 22 92.4 -6.6%

Total region 379.1 371.6 403.4 345.7 1 499.8 -14.3%

ASIA - PAcIFIcBombay SE 9.7 35.1 34.1 24.4 22 103.3 -28.4%

Bursa Malaysia 3.1 5.5 18.8 5.6 22 32.9 -70.2%

Colombo SE 0.0 0.0 0.0 0.0 21 0.0 -

Hong Kong Exchanges 0.6 1.0 0.9 0.4 22 2.8 -57.0%

Korea Exchange 260.5 246.1 293.2 260.9 21 1 060.6 -11.0%

National Stock Exchange India 18.6 38.3 57.0 23.6 22 137.5 -58.6%

Shanghai SE 172.6 245.4 246.3 175.7 22 840.0 -28.7%

Shenzhen SE 66.2 98.1 99.8 79.4 22 343.5 -20.4%

Taiwan SE Corp. 0.0 0.0 0.0 0.0 23 0.0 -

The Stock Exchange of Thailand 0.0 0.0 0.0 0.0 21 0.0 0.0%

Total region 531.3 669.4 750.1 570.1 2 520.8 -24.0%

EUrOPE - AFrIcA - MIddlE EASTAmman SE 0.0 0.0 0.0 0.0 21 0.0 -

Athens Exchange 0.4 0.5 0.4 0.1 22 1.3 -87.5%

BME Spanish Exchanges 324.1 63.1 85.8 227.9 22 700.9 165.6%

Budapest SE 0.1 0.1 0.1 0.1 20 0.4 -40.0%

Casablanca SE 0.0 0.0 0.0 0.0 22 0.1 -66.7%

Cyprus SE 1.1 1.8 0.9 0.1 22 3.8 -86.5%

Deutsche Börse 52.6 57.5 79.4 72.7 22 262.2 -8.4%

Egyptian Exchange 0.1 0.1 0.1 0.1 21 0.4 0.0%

Irish SE 2.5 2.1 2.1 1.1 22 7.7 -46.8%

İMKB 61.6 56.9 52.9 56.0 21 227.4 5.9%

Johannesburg SE 30.4 33.3 34.6 27.3 21 125.5 -21.2%

Ljubljana SE 0.1 0.2 0.2 0.2 22 0.7 -28.6%

London SE Group 556.0 682.0 818.0 459.0 22 2 515.0 -43.9%

Luxembourg SE 0.2 0.2 0.4 0.3 22 1.1 -18.9%

Malta SE 1.3 0.7 0.8 0.7 21 3.5 -6.5%

Mauritius SE 0.0 0.0 0.0 0.0 20 0.1 0.0%

MICEX / RTS 26.7 34.8 36.9 34.5 21 132.8 -6.3%

NASDAQ OMX Nordic Exchange 9.6 9.9 12.0 11.9 22 43.3 -0.7%

NYSE Euronext (Europe) 50.5 50.2 54.6 50.4 22 205.8 -7.8%

Oslo Børs 3.0 2.4 2.6 1.5 22 9.5 -43.0%

SIX Swiss Exchange 49.7 55.0 50.9 40.5 22 196.1 -20.5%

Tel-Aviv SE 576.3 470.6 475.1 455.2 20 1 977.2 -4.2%

Warsaw SE 2.7 4.0 3.4 3.2 22 13.3 -3.9%

Wiener Börse 0.9 1.0 0.8 0.7 22 3.3 -16.9%

Total region 1 749.7 1 526.1 1 712.0 1 443.5 6 431.2 -15.7%

WFE TOTAL 2 660.1 2 567.0 2 865.5 2 359.2 10 451.7 -17.7%


FIxEd INcOMEbONd TrAdES - ElEcTrONIc OrdEr bOOK TrAdES (IN THOUSANdS)





AMErIcASBM&FBOVESPA 0.3 0.2 0.2 0.2 1.0 0.0%

Buenos Aires SE 29.0 32.0 35.8 28.8 125.5 -19.7%

Colombia SE 59.3 66.3 65.4 52.3 243.3 -20.0%

Mexican Exchange 223.0 214.0 228.0 201.0 866.0 -11.8%

Santiago SE 17.3 14.5 20.1 15.0 66.9 -25.7%

Total region 328.9 327.0 349.5 297.2 1 302.6 -15.0%

ASIA - PAcIFIcBombay SE 9.3 34.7 33.7 24.1 101.8 -28.5%

Bursa Malaysia 3.1 5.4 18.8 5.6 32.9 -70.2%

Colombo SE 0.0 0.0 0.0 0.0 0.0 -

Hong Kong Exchanges 0.6 1.0 0.9 0.4 2.8 -58.1%

Korea Exchange 260.5 246.1 293.2 260.9 1 060.6 -11.0%

National Stock Exchange India 15.6 36.3 55.4 21.9 129.2 -60.5%

Shanghai SE 172.0 244.7 245.3 175.0 837.0 -28.7%

Shenzhen SE 66.2 98.0 99.7 79.3 343.2 -20.4%

The Stock Exchange of Thailand 0.0 0.0 0.0 0.0 0.0 0.0%

Total region 527.2 666.3 746.9 567.2 2 507.6 -24.1%

EUrOPE - AFrIcA - MIddlE EASTAthens Exchange 0.4 0.5 0.4 0.1 1.3 -86.5%

BME Spanish Exchanges 1.7 4.0 2.9 1.7 10.3 -39.2%

Budapest SE 0.1 0.1 0.1 0.1 0.4 -40.0%

Casablanca SE 0.0 0.0 0.0 0.0 0.1 -50.0%

Cyprus SE 1.1 1.8 0.9 0.1 3.8 -86.5%

Deutsche Börse 43.6 48.5 70.4 60.6 223.0 -14.0%

İMKB 20.4 27.4 25.6 21.1 94.5 -17.7%

Ljubljana SE 0.1 0.2 0.2 0.2 0.7 -28.6%

London SE Group 521.0 644.0 778.0 429.0 2 372.0 -44.9%

Luxembourg SE 0.2 0.2 0.4 0.3 1.1 -18.9%

Malta SE 1.3 0.7 0.8 0.7 3.5 -6.5%

Mauritius SE 0.0 0.0 0.0 0.0 0.1 0.0%

MICEX / RTS 22.5 28.6 30.4 29.0 110.4 -4.6%



Oslo Børs 0.4 0.1 0.1 0.1 0.8 -36.4%


Tel-Aviv SE 573.1 468.3 472.2 453.4 1 967.0 -4.0%

Warsaw SE 2.7 4.0 3.3 3.2 13.2 -3.9%

Wiener Börse 0.9 1.0 0.8 0.7 3.3 -16.9%

Total region 1 291.8 1 337.1 1 496.9 1 097.2 5 222.9 -26.7%

WFE TOTAL 2 147.9 2 330.3 2 593.4 1 961.7 9 033.2 -24.4%


FIxEd INcOMEbONd TrAdES - NEgOTIATEd dEAlS (IN THOUSANdS)





AMErIcASBuenos Aires SE 17.6 14.0 20.2 15.7 67.4 -22.3%

Lima SE 0.1 0.1 0.1 0.1 0.5 22.2%

Santiago SE 9.5 7.7 9.5 10.2 36.9 6.6%

Total region 27.2 21.8 29.8 26.0 104.7 -12.9%

ASIA - PAcIFIcBombay SE 0.4 0.4 0.4 0.3 1.5 -15.8%

Bursa Malaysia 0.0 0.0 0.0 0.0 0.1 -50.0%

Hong Kong Exchanges 0.0 0.0 0.0 0.0 0.0 -

National Stock Exchange India 3.0 2.0 1.6 1.7 8.3 4.9%

Shanghai SE 0.6 0.7 1.0 0.7 3.1 -31.1%

Shenzhen SE 0.0 0.1 0.1 0.1 0.3 -18.2%

Total region 4.1 3.1 3.2 2.8 13.2 -10.4%

EUrOPE - AFrIcA - MIddlE EASTAthens Exchange 0.0 0.0 0.0 0.0 0.0 -100.0%

BME Spanish Exchanges 322.4 59.1 82.9 226.1 690.6 172.6%

Casablanca SE 0.0 0.0 0.0 0.0 0.0 0.0%

Deutsche Börse 9.0 9.0 9.0 12.2 39.2 35.1%

Irish SE 2.5 2.1 2.1 1.1 7.7 -46.8%

İMKB 41.2 29.5 27.3 34.9 132.9 28.0%

Johannesburg SE 30.4 33.3 34.6 27.3 125.5 -21.2%

London SE Group 35.0 38.0 39.0 30.0 142.0 -23.1%

MICEX / RTS 4.2 6.2 6.5 5.5 22.4 -14.6%


Oslo Børs 2.6 2.2 2.5 1.4 8.7 -43.3%


Tel-Aviv SE 3.2 2.3 2.9 1.9 10.2 -34.4%

Warsaw SE 0.0 0.0 0.0 0.0 0.1 0.0%

Total region 457.8 188.9 214.0 346.2 1 206.9 61.8%

WFE TOTAL 489.0 213.9 246.9 375.0 1 324.8 51.8%


FIxEd INcOMEINVESTMENT FlOWS - cAPITAl rAISEd bY bONdS ISSUANcE (USd MIllIONS)



Exchange 2012 Year-to-date


AMErIcASBM&FBOVESPA 433.8 0.0 1 081.1 2 111.6 3 626.6

Buenos Aires SE 1 984.8 1 260.4 1 417.7 1 566.7 6 229.6

Colombia SE 221.3 217.4 0.0 0.6 439.2

Lima SE 30.0 109.9 18.7 206.4 365.1

TMX Group 0.0 409.1 264.4 355.3 1 028.8

Total region 2 669.9 1 996.9 2 782.0 4 240.5 11 689.2

ASIA - PAcIFIcBombay SE 692.1 1 724.0 916.1 1 226.8 4 558.9

Bursa Malaysia 0.0 0.0 249.5 0.6 250.1

Gretai Securities Market 3 876.6 2 912.0 3 635.5 4 001.4 14 425.5

Hong Kong Exchanges 1 028.1 5 362.4 3 079.4 2 941.6 12 411.5

Korea Exchange 36 642.9 45 192.7 50 333.2 42 396.5 174 565.3

National Stock Exchange India 20 291.8 22 662.3 21 835.6 17 214.4 82 004.0

Osaka SE 0.0 95.1 504.3 3.1 602.5

Shenzhen SE 729.2 158.9 655.8 1 351.8 2 895.6

Singapore Exchange 10 766.8 13 191.7 20 035.8 14 023.3 58 017.5

Taiwan SE Corp. 2 703.8 2 211.2 2 710.5 0.0 7 625.6

The Stock Exchange of Thailand 2 129.5 938.4 1 802.4 2 748.3 7 618.5

Tokyo SE Group 2 662.3 1 695.1 9 109.9 NA 13 467.3

Total region 81 523.0 96 143.7 114 868.0 85 907.7 378 442.3

EUrOPE - AFrIcA - MIddlE EASTAmman SE 890.5 916.4 50.0 829.5 2 686.4

Budapest SE 1 151.4 2 329.9 1 862.9 1 930.9 7 275.2

Casablanca SE 23.5 0.0 0.0 0.0 23.5

Cyprus SE 488.3 361.2 856.3 0.0 1 705.7

Deutsche Börse 50 141.7 49 875.2 33 118.2 43 607.7 176 742.8

Egyptian Exchange 663.5 1 741.1 1 655.6 1 671.7 5 731.9

Irish SE 4 621.0 0.0 0.0 4 581.1 9 202.1

İMKB 13 002.8 10 765.0 6 574.3 9 184.8 39 526.9

Johannesburg SE 1 604.5 3 098.3 5 825.0 3 905.2 14 433.1

Ljubljana SE 0.0 44.1 0.0 0.0 44.1

London SE Group 51 543.4 111 637.2 73 928.6 97 074.8 334 184.0

Luxembourg SE 136 051.6 199 534.2 226 150.5 117 959.6 679 695.9

Malta SE 74.2 440.5 59.3 154.2 728.2

MICEX / RTS 1 752.9 7 464.6 6 655.2 5 368.7 21 241.4

NASDAQ OMX Nordic Exchange 6 322.6 6 679.4 3 561.5 3 140.7 19 704.1

Oslo Børs 10 231.3 3 846.9 18 927.6 4 301.4 37 307.2

SIX Swiss Exchange 4 624.0 9 760.1 12 068.0 7 633.6 34 085.8

Tel-Aviv SE 3 627.3 2 589.0 2 316.6 2 876.8 11 409.7

Wiener Börse 10 764.1 4 187.0 4 673.1 3 624.5 23 248.7

Total region 297 578.6 415 270.3 398 282.7 307 845.3 1 418 976.8

WFE TOTAL 381 771.4 513 410.9 515 932.7 397 993.4 1 809 108.4


dErIVATIVESSINglE STOcK OPTIONS ANd FUTUrES

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges only; derivatives are not traded on other OMX ExchangesNA: Not availableSource: World Federation of Exchanges members

Exchange April 2012 Trading days Apr

2012

Year-to-date

Stock options Single stock futures Stock options Single stock futures

Number ofcontracts

traded

Notionalturnover

Openinterest

Number ofcontracts

traded

Notionalturnover

Openinterest

Number ofcontracts

traded

Notionalturnover

Number ofcontracts

traded

Notionalturnover

AMErIcASBM&FBOVESPA 76 868 526 123 822.0 16 404 300 NA NA NA 20 332 957 911 559 604.0 NA 29 353.5

Buenos Aires SE 2 988 640 NA NA 0 0.0 0 17 16 578 466 NA 0 0.0

Chicago Board Options Exchange 43 814 945 NA 158 216 000 NA NA NA 20 187 674 747 NA NA NA

Colombia SE NA NA NA 2 571 10.0 1 749 19 NA NA 15 425 82.7

International Securities Exchange 29 345 243 NA NA NA NA NA 20 122 769 604 NA NA NA

MexDer 159 372 6.7 329 652 0 0.0 0 19 340 800 31.3 5 839 1.4

NASDAQ OMX (US) 51 000 707 NA NA NA NA NA 20 225 612 718 NA NA NA

NYSE Euronext (US) 49 593 432 17 530.9 NA NA NA NA 20 216 722 276 71 318.1 NA NA

Total region 253 770 865 2 571 1 102 656 522 21 264

ASIA - PAcIFIcASX Derivatives Trading 10 607 662 27 659.3 12 045 900 88 508 76.4 992 096 18 43 541 011 103 282.0 1 348 999 998.2

Bombay SE 0 0.0 0 1 299 6.7 0 20 10 861 30.1 164 419 1 044.2

Hong Kong Exchanges 3 596 900 9 086.0 5 417 330 17 364 76.3 15 241 18 17 989 799 44 249.3 96 234 323.3

Korea Exchange NA NA NA 7 777 768 4 852.5 612 330 20 NA NA 26 102 728 14 602.1

National Stock Exchange India 3 456 871 19 092.0 144 972 10 739 998 57 657.2 1 020 670 20 14 978 170 85 293.3 53 266 838 296 214.0

Osaka SE 130 NA 855 NA NA NA 20 35 937 NA NA NA

TAIFEX 9 276 21.9 2 675 307 246 695.1 57 737 20 41 392 88.3 1 200 855 2 745.6

Thailand Futures Exchange NA NA NA 94 121 NA 27 591 17 NA NA 442 728 NA

Tokyo SE Group 24 711 NA 42 872 NA NA NA 20 118 742 NA NA NA

Total region 17 695 550 19 026 304 76 715 912 82 622 801

EUrOPE - AFrIcA - MIddlE EASTAthens Derivatives Exchange 688 0.2 7 630 569 237 101.4 383 686 17 14 364 12.8 4 133 467 931.1

BME Spanish Exchanges 1 680 694 1 973.2 11 822 000 1 517 577 1 974.8 1 853 830 19 11 125 964 13 306.3 8 605 307 10 025.5

Budapest SE 0 0.0 0 42 107 142.8 24 554 18 0 0.0 187 735 652.9

EUREX 18 612 789 67 251.9 51 009 800 38 587 727 112 651.0 10 860 900 19 79 793 465 293 371.0 64 578 321 191 576.0

ICE Futures Europe 0 0.0 0 0 0.0 0 0 0 0.0 0 0.0

Johannesburg SE 672 536 25.6 2 170 470 933 872 906.7 3 548 000 18 3 550 924 159.5 7 903 480 6 165.2

MICEX / RTS 314 591 144.1 11 466 000 22 653 109 9 274.6 38 822 800 21 1 314 505 630.1 80 694 692 33 246.5

NYSE.Liffe Europe 9 912 659 26 193.2 28 436 200 25 172 647 91 516.9 13 024 000 19 42 980 443 127 515.0 58 347 190 209 960.0

OMX Nordic Exchange 2 012 639 3 063.0 3 440 470 230 627 231.9 262 364 19 10 030 740 15 988.2 726 401 1 144.5

Oslo Børs 149 384 123.3 372 209 88 033 72.6 196 067 18 1 091 322 847.1 555 205 427.4

Tel-Aviv SE 24 136 75.3 19 108 NA NA NA 19 130 631 429.7 NA NA

Warsaw SE 0 0.0 0 38 267 66.1 13 019 19 0 0.0 185 374 343.4

Wiener Börse 16 561 49.5 68 392 15 0.1 55 19 165 055 426.3 165 0.9

Total region 33 396 677 89 833 218 150 197 413 225 917 337

WFE TOTAL 304 863 092 108 862 093 1 329 569 847 308 561 402


dErIVATIVESSTOcK INdEx OPTIONS ANd FUTUrES



2012

Year-to-date

Stock index options Stock index futures Stock index options Stock index futures

Number ofcontracts

traded

Notionalturnover

Openinterest

Number ofcontracts

traded

Notionalturnover

Openinterest

Number ofcontracts

traded

Notionalturnover

Number ofcontracts

traded

Notionalturnover

AMErIcASBM&FBOVESPA 172 283 56 310.7 107 418 1 929 453 64 119.5 256 478 20 420 542 146 817.0 7 072 851 253 073.0

Buenos Aires SE 0 0.0 0 0 0.0 0 17 0 0.0 0 0.0

CBOE Future Exchange NA NA NA 1 692 574 NA 315 003 20 NA NA 5 816 274 NA

Chicago Board Options Exchange 22 859 854 NA 19 739 300 NA NA NA 20 95 637 836 NA NA NA

CME Group 4 019 065 435 403.0 2 008 190 45 336 412 3 112 410.0 3 858 400 21 15 375 296 1 601 100.0 182 104 121 12 466 700.0

Colombia SE NA NA NA 41 1.0 16 19 NA NA 167 4.0

ICE Futures US 6 379 514.0 10 843 2 796 928 225 546.0 418 106 20 26 170 2 109.0 11 738 679 947 886.0

International Securities Exchange 319 846 NA NA NA NA NA 20 1 638 478 NA NA NA

MexDer 2 589 79.4 8 565 36 216 1 092.6 84 100 19 16 512 485.2 320 597 9 528.2

NASDAQ OMX (US) 776 466 NA NA NA NA NA 20 2 182 255 NA NA NA

NYSE Euronext (US) 192 761 NA 146 057 NA NA NA 20 1 055 645 NA NA NA

Total region 28 349 243 51 791 624 116 352 734 207 052 689

ASIA - PAcIFIcASX Derivatives Trading 649 361 29 493.3 451 849 5 055 94.6 18 001 18 3 003 204 135 443.0 77 574 1 038.1

ASX SFE Derivatives Trading 23 262 2 621.8 79 535 519 660 58 656.8 207 977 19 118 959 13 330.4 3 007 103 336 341.0

Bombay SE 12 901 982 64 154.0 26 656 1 212 385 5 994.2 17 655 20 37 285 118 186 800.0 5 815 227 20 342.7

Bursa Malaysia Derivatives NA NA NA 180 061 4 706.0 27 228 20 NA NA 690 691 17 685.8

Hong Kong Exchanges 1 183 330 124 254.0 704 957 3 400 821 305 011.0 228 186 18 4 854 965 514 134.0 15 150 325 1 346 250.0

Korea Exchange 208 729 530 NA 3 152 660 4 900 879 577 571.0 96 330 20 866 929 722 5 065 660.0 20 530 160 2 384 760.0

National Stock Exchange India 59 396 590 29 864.5 1 769 790 9 218 725 43 451.4 524 030 20 267 609 385 1 127 830.0 44 856 698 219 906.0

Osaka SE 3 874 812 NA 2 861 330 12 723 437 313 445.0 971 430 20 16 019 338 NA 48 786 111 1 244 360.0

Singapore Exchange 242 748 NA 667 399 5 932 020 NA 854 442 1 041 895 NA 23 641 588 NA

TAIFEX 9 107 632 118 795.0 860 962 4 151 686 142 140.0 99 510 20 34 729 538 454 732.0 15 039 248 540 749.0

Thailand Futures Exchange 3 304 NA 3 021 376 364 NA 30 848 17 18 181 NA 1 284 134 NA

Tokyo SE Group 394 NA 4 104 1 046 485 90 731.5 499 166 20 6 311 NA 5 254 708 465 192.0

Total region 296 112 945 43 667 578 1 231 616 616 184 133 567

EUrOPE - AFrIcA - MIddlE EASTAthens Derivatives Exchange 9 136 17.0 1 991 53 865 97.8 22 706 17 77 573 158.7 1 219 240 1 167.2

BME Spanish Exchanges 288 324 2 675.6 638 186 857 949 54 498.5 69 049 19 770 324 7 947.8 2 375 436 172 375.0

Budapest SE 0 0.0 0 70 602 60.4 73 922 18 0 0.0 347 428 299.0

EUREX 33 545 086 1 052 080.0 44 224 600 31 046 251 1 526 900.0 3 815 730 19 136 543 029 4 405 710.0 125 867 488 6 478 370.0

ICE Futures Europe 0 0.0 0 0 0.0 0 0 0 0.0 0 0.0

Johannesburg SE 222 044 226.1 842 051 706 613 24 215.2 462 043 18 1 456 833 1 996.1 4 920 332 157 149.0

MICEX / RTS 2 538 135 8 039.1 17 266 200 31 614 025 99 371.2 16 165 000 21 10 082 515 32 235.6 109 296 050 353 985.0

NYSE.Liffe Europe 3 368 639 209 485.0 4 522 160 7 084 122 452 233.0 1 553 380 19 12 935 471 834 158.0 27 249 300 1 864 000.0

OMX Nordic Exchange 1 033 215 12 261.2 843 039 3 047 868 47 021.0 461 851 19 4 424 482 52 204.4 11 753 961 186 003.0

Oslo Børs 66 878 55.1 372 209 419 255 346.0 117 091 18 226 914 176.9 1 628 541 1 269.7

Tel-Aviv SE 4 435 110 134 649.0 294 966 766 21.7 5 643 19 19 176 653 574 287.0 22 410 722.9

Warsaw SE 36 112 236.5 49 071 706 110 5 018.9 116 502 19 184 320 1 274.5 3 111 618 22 475.9

Wiener Börse 2 735 1.2 5 193 6 598 306.5 54 961 19 12 902 6.6 139 016 7 412.2

Total region 45 545 414 75 614 024 185 891 016 287 930 820

WFE TOTAL 370 007 602 171 073 226 1 533 860 366 679 117 076


dErIVATIVESETFs OPTIONS ANd FUTUrES

Notes: NA: Not availableSource: World Federation of Exchanges members

Exchange April 2012

ETF options ETF futures

Number ofcontracts traded

Notionalturnover

Openinterest


Notionalturnover

Openinterest

AMErIcASBM&FBOVESPA 126 510 41.1 168 623 NA NA NA

Buenos Aires SE 0 0.0 0 0 0.0 0

Chicago Board Options Exchange 24 189 155 NA 67 106 600 NA NA NA

International Securities Exchange 22 344 557 NA NA NA NA NA

MexDer 130 000 40.0 257 000 NA NA NA

NASDAQ OMX (US) 24 301 300 NA NA NA NA NA

NYSE Euronext (US) 28 457 060 3 395.3 NA NA NA NA

Total region 99 548 582 0

ASIA - PAcIFIcHong Kong Exchanges 22 536 130.1 44 404 NA NA NA

Osaka SE 18 050 NA 8 412 NA NA NA

Tokyo SE Group 2 150 NA 1 000 NA NA NA

Total region 42 736 NA

EUrOPE - AFrIcA - MIddlE EASTJohannesburg SE 0 0.0 0 23 552 9.9 9 983

Total region 0 23 552

WFE TOTAL 99 591 318 23 552


Trading days Apr 2012

Year-to-date

ETF options ETF futures


Notionalturnover


Notionalturnover

20 461 509 156.3 NA NA

17 0 0.0 0 0.0

20 106 095 302 NA NA NA

20 93 881 901 NA NA NA

19 257 000 79.6 NA NA

20 107 138 322 NA NA NA

20 117 250 337 16 222.1 NA NA

425 084 371 0

18 174 801 1 063.1 NA NA

20 38 095 NA NA NA

20 6 955 NA NA NA

219 851 NA

18 0 0.0 72 425 39.8

0 72 425

425 304 222 72 425


INTErEST rATE OPTIONS ANd FUTUrES


dErIVATIVES

Exchange April 2012

Interest rate options Interest rate futures


Notionalturnover

Openinterest


Notionalturnover

Openinterest

AMErIcASBM&FBOVESPA 16 881 402 1 261 930.0 14 722 200 34 886 511 1 654 510.0 14 141 300

Buenos Aires SE 444 930 NA NA 0 0.0 0

CBOE Future Exchange NA NA NA NA NA NA

Chicago Board Options Exchange NA NA NA NA NA NA

CME Group 17 780 762 11 855 100.0 21 647 000 73 581 520 40 407 500.0 14 387 800

Colombia SE NA NA NA 7 461 1 169.1 1 345

ICE Futures US NA NA NA NA NA NA

International Securities Exchange NA NA NA NA NA NA

MexDer NA NA NA 2 064 590 16 164.5 8 054 310

NASDAQ OMX (US) NA NA NA NA NA NA

NYSE Euronext (US) 952 629 NA 937 147 NA NA NA

Total region 36 059 723 110 540 082

ASIA - PAcIFIcASX Derivatives Trading NA NA NA NA NA NA

ASX SFE Derivatives Trading 270 242 28 132.6 85 345 5 796 511 3 376 470.0 1 786 210

Bombay SE NA NA NA NA NA NA

Bursa Malaysia Derivatives NA NA NA NA NA NA

Hong Kong Exchanges NA NA NA NA NA NA

Korea Exchange NA NA NA 2 806 222 262 338.0 220 256

National Stock Exchange India NA NA NA 11 0.0 0

Osaka SE NA NA NA NA NA NA

Singapore Exchange NA NA NA 72 785 NA 21 742

TAIFEX NA NA NA 0 0.0 0

Thailand Futures Exchange NA NA NA 0 NA 5

Tokyo SE Group NA NA NA 702 319 NA 97 072

Total region 270 242 9 377 848

EUrOPE - AFrIcA - MIddlE EASTAthens Derivatives Exchange 0 0.0 0 0 0.0 0

BME Spanish Exchanges 0 0.0 0 0 0.0 0

Budapest SE 0 0.0 0 0 0.0 0

EUREX 5 608 424 928 991.0 2 121 720 28 748 912 4 889 780.0 3 087 880

ICE Futures Europe 0 0.0 0 0 0.0 0

Johannesburg SE 54 598 3.7 126 756 273 297 5 597.4 226 055

London SE Group NA NA NA NA NA NA

MICEX / RTS 0 0.0 0 1 448 878 498.3 10 724 900

NYSE.Liffe Europe 6 726 735 20 780 900.0 26 543 300 20 164 572 8 308 140.0 0

OMX Nordic Exchange 50 000 7 435.7 0 2 288 899 340 395.0 2 236 120

Oslo Børs 0 0.0 0 0 0.0 0

Tel-Aviv SE 36 NA 35 NA 1.1 NA

Warsaw SE 0 0.0 0 0 0.0 0

Wiener Börse 0 0.0 0 0 0.0 0

Total region 12 439 793 52 924 558

WFE TOTAL 48 769 758 172 842 488


Trading days Apr 2012

Year-to-date

Interest rate options Interest rate futures


Notionalturnover


Notionalturnover

20 39 343 605 3 042 980.0 124 574 418 6 173 190.0

17 2 484 499 NA 0 0.0

20 NA NA NA NA

20 NA NA NA NA

21 90 980 331 67 230 300.0 348 393 643 192 260 000.0

19 NA NA 57 259 8 722.4

20 NA NA NA NA

20 NA NA NA NA

19 NA NA 22 773 257 178 534.0

20 NA NA NA NA

20 5 690 999 NA NA NA

138 499 434 495 798 577

18 NA NA NA NA

19 975 170 102 797.0 26 287 240 12 898 100.0

20 NA NA NA NA

20 NA NA NA NA

18 NA NA NA NA

20 NA NA 12 212 548 1 143 790.0

20 NA NA 11 0.0

20 NA NA NA NA

NA NA NA 358 204 NA

20 NA NA 0 0.0

17 NA NA 27 NA

20 NA NA 2 791 930 NA

975 170 41 649 960

17 0 0.0 0 0.0

19 0 0.0 0 0.0

18 0 0.0 0 0.0

19 23 841 443 4 028 350.0 131 784 950 22 245 800.0

0 0 0.0 0 0.0

18 105 856 14.6 631 679 13 358.7

19 NA NA NA NA

21 0 0.0 5 111 617 1 768.6

19 36 107 717 78 636 700.0 84 884 676 32 253 400.0

19 276 500 41 048.0 12 949 184 1 939 290.0

18 0 0.0 0 0.0

19 420 NA NA 12.5

19 0 0.0 0 0.0

19 0 0.0 0 0.0

60 331 936 235 362 106

199 806 540 772 810 643


cOMMOdITIES OPTIONS ANd FUTUrES

Notes: NASDAQ OMX Nordic Exchange: includes Copenhagen, Helsinki and Stockholm Exchanges only ; derivatives are not traded on other OMX ExchangesDue to different reporting rules & calculation methods, turnover figures are not entirely comparable



2012

Year-to-date

Commodities options Commodities futures Commodities options Commodities futures

Number ofcontracts

traded

Notionalturnover

Openinterest

Number ofcontracts

traded

Notionalturnover

Openinterest

Number ofcontracts

traded

Notionalturnover

Number ofcontracts

traded

Notionalturnover

AMErIcASBM&FBOVESPA NA NA NA NA NA NA 20 301 033 615.8 393 197 3 538.1

Buenos Aires SE 0 0.0 0 0 0.0 0 17 0 0.0 0 0.0

CME Group 10 831 892 665 788.0 20 297 600 57 040 869 4 094 870.0 26 610 200 21 47 055 501 2 936 290.0 235 124 702 17 448 100.0

Colombia SE NA NA NA 320 2.0 554 19 NA NA 1 885 5.4

ICE Futures US 946 447 36 356.0 1 024 890 4 722 808 158 002.0 1 254 310 20 3 644 529 149 783.0 16 531 936 581 416.0

NYSE Euronext (US) 145 265 NA 9 529 NA NA NA 20 705 323 NA NA NA

Total region 11 923 604 61 763 997 51 706 386 252 051 720

ASIA - PAcIFIcASX SFE Derivatives Trading 1 000 517.5 6 324 30 563 1 426.6 76 686 19 7 450 3 901.9 153 009 5 490.5

Bursa Malaysia Derivatives NA NA NA 507 251 14 633.9 123 711 20 NA NA 1 808 114 49 286.9

Hong Kong Exchanges NA NA NA 0 0.0 0 18 NA NA 0 0.0

Korea Exchange NA NA NA 887 4.7 39 20 NA NA 13 165 70.7

Thailand Futures Exchange NA NA NA 213 770 NA 24 384 17 NA NA 1 118 747 NA

Total region 1 000 752 471 7 450 3 093 035

EUrOPE - AFrIcA - MIddlE EASTAthens Derivatives Exchange 0 0.0 0 0 0.0 0 17 0 0.0 0 0.0

BME Spanish Exchanges 0 0.0 0 0 0.0 0 19 0 0.0 0 0.0

Budapest SE 0 0.0 0 228 6.8 198 18 0 0.0 933 24.8

EUREX 0 0.0 0 0 0.0 0 19 0 0.0 0 0.0

ICE Futures Europe 782 581 1 928.5 1 874 000 20 532 145 2 250 130.0 3 690 950 0 2 934 448 7 621.2 87 857 841 9 442 130.0

Johannesburg SE 24 424 23.5 53 566 185 187 4 003.2 81 028 18 137 196 166.0 736 591 17 456.1

London SE Group NA NA NA 238 78.1 889 19 NA NA 1 322 434.8

MICEX / RTS 15 524 28.7 364 872 49 629 52.0 2 476 130 21 93 705 171.6 4 478 474 7 319.7

NYSE.Liffe Europe 225 217 203.8 542 198 1 313 849 28 983.5 611 352 19 1 078 741 858.4 5 753 806 122 964.0

OMX Nordic Exchange 0 0.0 0 0 0.0 0 19 0 0.0 0 0.0

Oslo Børs 0 0.0 0 0 0.0 0 18 0 0.0 0 0.0

Warsaw SE 0 0.0 0 0 0.0 0 19 0 0.0 0 0.0

Wiener Börse 0 0.0 0 0 0.0 0 19 0 0.0 0 0.0

Total region 1 047 746 22 081 276 4 244 090 98 828 967

WFE TOTAL 12 972 350 84 597 744 55 957 926 353 973 722

dErIVATIVES

FOcUSWFE Focus is a monthly publication of regulated exchanges, with key market statistics.

Focus articles www.world-exchanges.org/ news-views/views

Market statistics www.world-exchanges.org/ statistics The electronic edition is accessible free of charge on the WFE website www.world-exchanges.org/ news-views/focus

Subscription enquiries Francine Gallet

Publisher World Federation of Exchanges T: +33 (0) 1 58 62 54 00 F: +33 (0) 1 58 62 50 48 E: www.world-exchanges.org

Manager Sibel Yilmaz

Editor Lorenzo Gallai

Concept design Precedent Communications, London

Typesetting and printing Tayburn, Istanbul

In the inner pages of this publication, 100% recycled paper was used.

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