Discover MTS Cash. Interdealer electronic market for fixed income rates products

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1 Discover MTS Cash Interdealer electronic market for fixed income rates products

2 MTS Cash, our comprehensive & professional cash securities trading environment for the interdealer marketplace, delivers access to an optimum source of liquidity combined with innovative, trusted trading technology & the most orderly market conditions.

3 Why choose MTS Cash? Overview MTS Cash market participants benefit from access to a liquid, transparent and efficient European bond marketplace, with innovative technology, comprehensive support and wide product coverage. Over 100 unique counterparties trading on the system each day and average daily turnover exceeds EUR 85 billion across MTS platforms. 100 unique counterparties trading on the system each day Benefit from: 1 Premier trading venue - professional, orderly and efficient market with leading-edge technology 2 Wide product coverage - expanding choice of product classes and tradable securities includes fixed coupons, floating coupons, zero coupons and index linked coupons 3 Seamless integration with pre- and post-trading applications - full STP and open architecture 4 Continual technological innovation - rich functionality includes mid price crossing and striker price plus primary market tools such as primary auctions, switch auctions, taps and buy-backs 5 Complete automated settlement network - links to all major European depositories and central clearing houses Trading functionality Variety of trading venues - participants can access either domestic, quote-driven markets as well as the order-driven market EBM via the same technology Auto-matching of quotes - quotes of opposite side at same price are auto-matched Matching between orders (hit/lift) and quotes (bid/offer) - low network latency and deep order book guarantees fast execution even block-size orders Manual matching - orders for amounts below the minimum (odd-lots) are subject to manual acceptance at the discretion of the market maker Ability to display block quantity or drip quantity - remaining amount is hidden Mid price crossing - order book referenced to the MTS order book to determine a real-time mid price level at which orders are matched Parallel quoting - simultaneously enter a proposal for the same bond in EBM and domestic markets 85bn traded daily across all MTS platforms 01 MTS Cash / Interdealer electronic market for fixed income rates products

4 Discover MTS Cash MTS Cash / Interdealer electronic market for fixed income rates products

5 We deliver continual technological innovation to support your needs. Technology 1 Flexibility: one single platform combines different market models (B2B, B2C); products (cash, repo and swaps); and functionalities (click and trade, request for quote, etc) 2 Scalability: modularity of components allows for both horizontal and vertical scalability 3 Capacity: level of throughput that MTS Cash can sustain is continuously improving and is first class in the fixed income arena 4 Performance: the average round trip time of transactions is currently less than 1ms, with 99.9% of transactions below 6ms (99.3% below 3ms) (see Diagram 1) The average round trip time of transactions is currently less than 1ms MTS system performance evolution MTS MTS Cash / Interdealer electronic market for fixed income rates products

6 Seamless integration with pre- and posttrading applications full STP and open architecture.

7 MTS the premier trading venue of choice Connectivity Platform can be accessed either via leased line connectivity or public internet MTS provides a standard GUI allowing traders to connect to markets Members can implement more sophisticated solutions (e.g. custom GUIs, auto-quoters applications) or integrate MTS trading functionality within their existing applications (e.g. deal-capture for risk management systems) Effective and rapid communication with MTS through native protocol called SDP or FIX protocol Official network service providers for leased line connectivity: BTRadianz SIASSB BItNet (LSE/Borsa Italiana Group) Straight Through Processing Linked to all major clearing houses as well as to all major European CSDs and to the two European ICSDs Details of members settlement accounts at CSDs/ICSDs are registered in the MTS database Settlement instructions are automatically created and sent in real-time by MTS to the relevant CSDs/ICSDs on behalf of the seller and buyer Copies of these messages can be sent to custodian banks for reconciliation purposes The two instructions created for each trade are always identical and are automatically matched, eliminating any potential post-trade discrepancies, mismatching errors and potential fails 25 solid years of experience 05 MTS Cash / Interdealer electronic market for fixed income rates products

8 17 available cash markets Market coverage Euro-denominated government bonds: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Slovenia, Spain Sovereign bonds: New Europe, Emerging Markets Agencies/Supras/Local Government: EIB, KFW, CADES, Freddie Mac, ERAP, CRH, UNEDIC, EFSF, EU, LANDERS Covered bonds: France, Germany, Ireland, Italy, Spain, UK Local currency bonds: Czech Republic, Denmark, Hungary, Israel, Poland United Kingdom: UK Gilts Inflation-linked bonds: Austria, France, Germany, Israel, Italy, UK 06 MTS Cash / Interdealer electronic market for fixed income rates products

9 MTS Cash the leading electronic market for dealers of fixed income rates products.

10 About MTS Group Overview MTS markets provide the professional trading environment for the interdealer marketplace, enabling primary dealers from across the globe to access unparalleled liquidity, transparency and coverage. 1point of multi-lingual contact The MTS Repo platform delivers an order driven market for the electronic transaction of repo agreements and buy/sellbacks. ACM is an electronic auction platform that uses the MTS Repo technology to enable cash-rich investors to enter into secured money market investments via the tri-party repo mechanism. MTS further facilitates the dealer-to-client bond market through BondVision, a most trusted and efficient electronic bond trading market, delivering exceptional access for institutional investors direct to the market makers, while MTS Credit delivers an electronic market for a wide range of multi-currency non-government bonds. Through our US broker dealer, we provide US institutional investors with real-time pricing and the ability to trade electronically with all the major European dealers on the BondVision US platform. MTS Data is sourced directly and exclusively from the MTS interdealer market and includes benchmark real-time data, reference data, reference prices, historical data, providing the benchmark data source on the fixed income market. MTS Indices provide the first independent, transparent, real-time and tradable eurozone fixed income indices, based on tradable prices from MTS. MTS indices are tracked by (and can be traded via) around 40 ETFs in addition to numerous structured products. All MTS customers benefit from its relationship with a leading diversified exchange business, the London Stock Exchange Group. 08 MTS Cash / Interdealer electronic market for fixed income rates products

11 Find out how we can enhance your fixed income trading business by speaking to our expert team. Contacts Client Services Telephone +44 (0) Website

12 Contacts Client Services Telephone +44 (0) Website Disclaimer: Information in this publication may or may not have been provided by MTS S.p.A. and/or its group undertakings, and/or the individual authors (each a party and together the parties ), but is made available without responsibility on the part of the parties. No action should be taken or omitted to be taken in reliance upon information in this publication and the information is not offered as and does not constitute professional, financial or investment advice on any particular matter and must not be used as a basis for making investment decisions. None of the parties accept any liability for the results of any action taken or omitted on the basis of the information in this publication. It is in no way intended, directly or indirectly, to invite or induce you to engage in any investment activity or as an attempt to market or sell any type of financial instrument. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstance. None of the parties make any representations or warranties of any kind in relation to this publication and no responsibility is accepted by or on behalf of the parties for any errors, omissions, or inaccurate information. Third party advertisements are clearly labelled as such and none of the parties endorse or are responsible for the content of any third party advertisement in this publication or otherwise. MTS, EuroMTS and their logo are registered trade marks of MTS S.p.A.. Other logos, organisations and company names referred to may be the trade marks of their respective owners. No part of these trademarks, or any other trademark owned by MTS S.p.A. or its group undertakings can be used, reproduced or transmitted in any form without express written consent by the owner of the trademark. October 2013, MTS S.p.A., via Tomacelli 146, Rome

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