Market reference guide

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1 Market referece guide

2 List of markets Australia Germay Italy Spai Austria Greece Morocco Switzerlad Belgium Hog Kog Netherlads Turkey Brazil Hugary Polad Uited Kigdom Cyprus Idia Portugal Uited States Frace Irelad Sigapore

3 Welcome to our market referece guide This guide aims to provide a sapshot of the markets where BNP Paribas Services has direct ifrastructure membership, brigig together key figures ad iformatio o local practices. As we serve a icreasigly global cliet-base, we remai committed to extedig our direct clearig ad custody etwork to cover 30 of the major markets worldwide. Ideed, we pla to offer a ed-to-ed solutio i a additioal 8 markets over the ext few years. This will eable us to put our local expertise at your service i ew, fast-growig markets. It will give our global custody cliets the beefit of exteded asset safety ad service quality, as 90% of the assets we have i custody will be safekept withi our highly-rated, award-wiig etwork. If you have ay further questios or suggestios regardig this guide or our strategy, please cotact your global or local relatioship maager or

4 Defiitios ad sources Key market iformatio Figure: 2011 GDP What is it: 2011 gross domestic product forecast adjusted by purchasig power parity (PPP) Source: Iteratioal Moetary Fud s forecast for 2011 as calculated i its World Ecoomic Outlook (WEO), September 2011 ad its WEO Update, Jauary 2012 Figure: market capitalisatio What is it: total value of the tradable shares of publicly traded compaies for each market as of 31 December 2011 Source: World Federatio of Exchages, year to date mothly statistics 2011 Figure: umber of listed compay What is it: umber of listed compaies i a give market as of 31 December 2011 Source: World Federatio of Exchages, year to date mothly statistics 2011 Figure: level of fragmetatio What is it: percetage of trades executed out of the icumbet exchage as of last week of December 2011 (market of referece for USA: NASDAQ market of referece for Idia: NSE) Source: Fidessa fragmetatio idex (www.fragmeatatio.fidessa.com) Figure: umber of ETF listed What is it: umber of listed exchage traded fuds i a give market as of 31 December 2011 Source: World Federatio of Exchages, year to date mothly statistics 2011 Figure: umber of bods listed What is it: umber of listed bods i a give market as of 31 December 2011 Source: World Federatio of Exchages, year to date mothly statistics 2011 Figure: umber of futures/optios cotracts traded What is it: umber of futures/optios traded o a give market i 2011 Source: World Federatio of Exchages, year to date mothly statistics 2011 Figure: 2011 value of share tradig What is it: total stock exchage turover for 2011 Source: World Federatio of Exchages, year to date mothly statistics 2011

5 Key market iformatio Local market ifrastructures Local market authorities ad regulators Local currecy Australia dollar (AUD) 2011 GDP USD 1,507,402 billio Time zoe Numberig system Mai stock exchage idex GMT +11 hours (summer) GMT +10 hours (witer) ISIN ad local codes S&P/ASX200 The Australia Prudetial Regulatio Authority (APRA) The Reserve Bak of Australia (RBA) The Australia ad Ivestmets Commissio (ASIC) Market capitalisatio USD 1,198,187 millio Number of listed compaies 2, value of share tradig USD 1,196,707 millio Level of fragmetatio <1% Number of ETF listed 53 Number of bods listed /a Number of futures cotracts traded i ,700,563 Number of optios cotracts traded i ,605,129 Corporate bods Govermet bods Tradig ASX ASX ASX SFE Clearig ASX Clear ASX Clear ASX Clear ASX Clear Settlemet ad custody ASX Settlemet ASX Austraclear ASX Austraclear /a leg ASX ASX ASX /a Settlemet cycles Bods T+3 /a Omibus accout/security Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits Settlemet Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members Bods ad physical DVP 10.30am FoP 7pm DVP 4.28pm FoP 6.28pm 4.30pm Depeds o idividual products 7.30pm AUD/NZD /a /a Examples of market pealties : 0.1% of the settlemet shortfall mi AUD 100 to max AUD 5,000. Tolerace limits ASE Settlemet: Up to 500,000 AUD = 1 AUD 500,000 AUD to 1 millio AUD = 10 AUD >1 millio AUD = 20 AUD ASX Austraclear: fixed Iterest = 0 Buy-i practice Buy-is do ot exist i Australia, however the ASX eforces a close out process. ASX settlemet rules require settlemet participats to close-out ay settlemet shortfalls that remai after the close of busiess o T+5 by way of a purchase or borrow of coverig securities. Deliveries still failig o T+10 will be subject to the ASX ivestigatios team ad subject to review by the ASX discipliary tribual. cut-off T+0 (I The Moey miimum) Itra-day margi call SPAN

6 Key market iformatio Local currecy Euro (EUR) 2011 GDP USD 425,091 billio Time zoe GMT +1 hour Numberig system ISIN Mai stock exchage idex ATX Local market ifrastructures Market capitalisatio USD 85,269 millio Number of listed compaies value of share tradig USD 42,356 millio Level of fragmetatio /a Number of ETF listed 22 Number of bods listed 3,635 Number of futures cotracts traded i ,592 Number of optios cotracts traded i ,841 Corporate bods Govermet bods Listed derivatives Tradig Viea Stock Exchage Viea Stock Exchage Viea Stock Exchage Viea Stock Exchage Clearig CCP.A CCP.A CCP.A CCP.A Settlemet ad custody OeKB OeKB OeKB /a Settlemet cycles Bods T+3 T+3 Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits Bods DVP: last batch at 4pm FoP: last batch at 6pm DVP: last batch at 4pm FoP: last batch at 6pm 6pm Example of market pealties Pealties for failed OTC trasactios: for opaymet a default iterest of 0.015% per day for max 20 busiess days i favour of the buyer. The revaluatio fee is EUR 18 per day i favour of OeKB. Pealties for failed SE trades: three times OeNB rate of the cash amout for late iterest. Pealty of 0.3% (mi. EUR 250) per day for SD+1 util SD+3 from FMA. Tolerace limits EUR 25 Buy-i practice Buy-i processed by CCP.A: O SD+3 after 2d SE cycle util SD+4. Buy-i ad cash settlemet cost EUR 250 settlemet will occur o SD+5 (with a rise of 20% for securities ad 10% for subscriptio rights) Local market authorities ad regulators leg Cetral bak (Target 2) Cetral bak (Target 2) Cetral bak (Target 2) /a Settlemet ad physical Austria Fiacial Market Authority (FMA), the sigle statutory supervisory body directly resposible for bakig, isurace ad pesio fuds, securities ad stock exchage supervisio Österreichische Natioalbak (OeNB), the cetral bak of Austria Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members 5.40pm 5.40pm EUR/USD Segregated Segregated cut-off T-1 (I The Moey miimum) Itra-day margi call /a

7 Key market iformatio Local currecy Euro (EUR) 2011 GDP USD 529,046 billio Time zoe GMT +1 hour Numberig system ISIN Mai stock exchage idex BEL 20 Local market ifrastructures Market capitalisatio USD 176,646 millio Number of listed compaies value of share tradig USD 105,633 millio Level of fragmetatio 36% Number of ETF listed 42 Number of bods listed 202 Number of futures cotracts traded i 2011 Icluded i NYSE Liffe Number of optios cotracts traded i 2011 Icluded i NYSE Liffe ad ETFs Corporate bods Govermet bods Tradig NYSE Euroext NYSE Euroext NYSE Euroext NYSE Liffe Settlemet cycles 4pm Bods T+3 Bods 4pm T+0 5pm Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits Examples of market pealties LCH.Clearet SA s pealty fees apply to all guarateed securities (equities, bods, coupos, warrats etc) based o market value (MV). MV EUR 1 millio 0.01% MV > EUR 1 millio ad EUR 5 millio 0.02% MV < EUR 5 millio 0.03% plus EUR 2 per fail Daily pealty caps as follows: Less tha 10 times a moth: EUR 1,500 Betwee 10 times ad 20 times a moth: EUR 7,500 More tha 20 times a moth: EUR 15,000 Tolerace limits EUR 25 for repos EUR 2 for OTC trasactios Clearig LCH.Clearet SA LCH.Clearet SA LCH.Clearet SA LCH.Clearet SA Settlemet ad custody Euroclear Belgium Natioal Bak of Belgium or Euroclear Belgium Natioal Bak of Belgium or Euroclear Belgium /a Buy-i practice Accordig to LCH.Clearet SA s procedures, buyi ca be triggered betwee SD+1 ad SD+7. leg Cetral bak (Target 2) Cetral bak (Target 2) Cetral bak (Target 2) /a Settlemet ad physical Tradig cut-off 5.30pm (optios) Local market authorities ad regulators 5.35pm (futures) The Fiacial Services ad Markets Authority (FSMA) has resposibility for fiacial market supervisio ad cosumer protectio Clearig cut-off Tradable currecies 8pm EUR The Natioal Bak of Belgium is i charge of prudetial supervisio of fiacial istitutios from both the micro-prudetial ad the macro-prudetial agles, ad the prompt detectio of systemic risk Accout structure members Segregated ad omibus Accout structure o-members Segregated ad omibus cut-off T+5 (I The Moey miimum) Itra-day margi call SPAN

8 Key market iformatio Local currecy Brazilia Real (BRL) 2011 GDP USD 2,517,927 billio Time zoe GMT -3 hours Numberig system ISIN ad local umberig system Mai stock exchage idex IBOVESPA Local market ifrastructures Market capitalisatio USD 1,228,936 millio Number of listed compaies value of share tradig USD 930,698 millio Level of fragmetatio 0% Number of ETF listed 10 Number of bods listed 253 Number of futures cotracts traded i ,650,138 Number of optios cotracts traded i ,948,597 ad ETFs Corporate bods Govermet bods Tradig BM&F Bovespa BM&F Bovespa BM&F Bovespa BM&F Bovespa Clearig CBLC CETIP SELIC BM&F Settlemet ad custody CBLC CBLC/CETIP BM&F /a Settlemet cycles Spot optios T+1 Bods OTC: T+0 Net :T+0/ T+1 Gross T+0 Gov. bods T+0/T+1 T+1 Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits Bods 3pm 6.30pm 10.15pm for SISBEX 6pm Example of market pealties A 0.2% pealty fee of the traded amout (ot icludig broker ad exchage fees) is charged if the securities are ot delivered by T+3. Aother 0.2% pealty fee of the traded amout is charged if the securities are ot delivered by T+4. Tolerace limits BRL 70 Buy-i practice Buy-i lauched at T+4 10am by BM&F Bovespa ad CBLC ad eeds to be executed by T+6. This buy-i order executio has to be cofirmed by the broker to CBLC by T+7. If the buy-i order caot be executed, the buy-i order will be valid for the ext 3 days after the restart of tradig of the security. leg BACEN BACEN BACEN /a Settlemet Local market authorities ad regulators The Comissão de Valores Mobiliários regulates the securities market, icludig the stock exchage Baco Cetral do Brasil regulates the fixed icome market The Natioal Moetary Coucil sets the guidelies for moetary, credit ad foreig exchage policies The Natioal Associatio of Fiacial Market Istitutios is a Brazilia o-profit civil etity workig towards the itegratio of Brazil s Natioal Fiacial System Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members 6pm 5pm USD/AUD/CAD/NZD/EUR/CHF/JPY/ CNY/GBP/TRY/CLP/MXN/ZAR Segregated Segregated cut-off T+0 (I The Moey miimum) /a Itra-day margi call FRP

9 Key market iformatio Local currecy Euro (EUR) 2011 GDP USD 25,665 billio Time zoe GMT +2 hours Numberig system ISIN Mai stock exchage idex CSE geeral idex Market capitalisatio USD 2,853 millio Number of listed compaies value of share tradig USD 484 millio Level of fragmetatio /a Number of ETF listed 0 Number of bods listed 63 Number of futures cotracts traded i 2011 /a Number of optios cotracts traded i 2011 /a Settlemet cycles Bods T+3 T+0 Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Bods OTC 2.15pm O exchage 11pm 11pm 6pm Example of market pealties The geeral maager of the CSE may impose a fie of up to EUR 3,500. Tolerace limits /a Buy-i practice Strict buy-i practice o T+3. If the trade is ot covered by the, there is a secod buy-i widow o T+4. Local market ifrastructures Corporate bods Govermet bods Short sellig settlemet/dvp ledig Tradig CSE CSE CSE Foreig owership limits Clearig CSE CSE CSE Settlemet ad custody CDCR CDCR CDCR leg Alpha Bak Cyprus Alpha Bak Cyprus Alpha Bak Cyprus Local market authorities ad regulators The Cetral Bak of Cyprus supervises ad cotrols all bakig etities i the coutry The ad Exchage Commissio supervises the exchage, issuers of listed securities, ivestmet firms ad brokers

10 Key market iformatio Local currecy Euro (EUR) 2011 GDP USD 2,808,265 billio Time zoe GMT +1 hour Numberig system ISIN Mai stock exchage idex CAC 40 Local market ifrastructures Market capitalisatio USD 1,197,013 millio Number of listed compaies value of share tradig USD 1,605,239 millio Level of fragmetatio 40% Number of ETF listed 522 Number of bods listed 2,556 Number of futures cotracts traded i 2011 Icluded i NYSE Liffe Number of optios cotracts traded i 2011 Icluded i NYSE Liffe ad ETFs Corporate bods Govermet bods Tradig NYSE Euroext NYSE Euroext NYSE Euroext NYSE Liffe Settlemet cycles Bods T+3 Bods T+0 Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits 4pm 4pm 5pm Example of market pealties LCH.Clearet SA s pealty fees apply to all guarateed securities (equities, bods, coupos, warrats etc) based o market value (MV). MV EUR 1 millio 0.01% MV > EUR 1 millio ad EUR 5 millio 0.02% MV < EUR 5 millio 0.03% plus EUR 2 per fail Daily pealty caps as follows: Less tha 10 times a moth: EUR 1,500 Betwee 10 times ad 20 times a moth: EUR 7,500 More tha 20 times a moth: EUR 15,000 Tolerace limits EUR 25 for repos EUR 2 for OTC trasactios Clearig LCH.Clearet SA LCH.Clearet SA LCH.Clearet SA LCH.Clearet SA Settlemet ad custody Euroclear Frace Euroclear Frace Euroclear Frace /a Buy-i practice Accordig to LCH.Clearet SA s procedures, buyi ca be triggered betwee SD+1 ad SD+7. leg Cetral bak (Target 2) Cetral bak (Target 2) Cetral bak (Target 2) /a Settlemet ad physical Local market authorities ad regulators The Autorité des Marchés Fiaciers (AMF) is i charge of safeguardig ivestmets i fiacial istrumets, esurig iformatio to ivestors ad of the good health of fiacial markets i geeral The Baque de Frace, the cetral bak, is resposible for supervisig activities of fiacial istitutios Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members Depeds o idividual products 8pm EUR Segregated ad omibus Segregated ad omibus cut-off T+5 (I The Moey miimum) Itra-day margi call SPAN

11 Key market iformatio Local currecy Euro (EUR) 2011 GDP USD 3,628,623 billio Time zoe GMT +1 hour Numberig system ISIN Mai stock exchage idex DAX Local market ifrastructures Market capitalisatio USD 1,184,500 millio Number of listed compaies value of share tradig USD 1,758,185 millio Level of fragmetatio 34% Number of ETF listed 899 Number of bods listed 22,463 Number of futures cotracts traded i ,641,307 Number of optios cotracts traded i ,697,229 Settlemet cycles T+2 Bods T+2 T+2 Omibus accout/securities Omibus accout/cash Pre-matchig Bods * Real Time Settlemet oly i case of bilateral agreemet 1.15pm DVP RTS* 4pm FoP RTS* 6pm 1.15pm DVP RTS* 4pm FoP RTS* 6pm 6pm Example of market pealties Pealties exist oly for bod settlemets resultig from Eurex expiries. Tolerace limits EUR 25 or USD 25 Buy-i practice CCP trade: 1st buy-i attempt o S+5, 2d buy-i attempt o S+10, 3rd buy-i attempt o S+27; settlemet o S+30 to S+36, ext buy-i attempt S+37. Buy-i costs 10% of outstadig buy-i amout (mi. EUR 250/CHF 400, max. EUR 5,000/CHF 8,000). Corporate bods Govermet bods Listed derivatives Tradig FSE FSE FSE Eurex Clearig Eurex Clearig AG Eurex Clearig AG Eurex Clearig AG Eurex Clearig AG Irrevocable pre-matchig Short sellig settlemet/dvp ledig Settlemet ad custody CBF/CBL CBF/CBL CBF/CBL /a Foreig owership limits Local market authorities ad regulators leg Cetral bak (Target 2) Cetral bak (Target 2) Cetral bak (Target 2) /a The Federal Fiacial Supervisory Authority (BaFi) coducts bakig, isurace ad securities markets supervisio ad esures the proper fuctioig, stability ad itegrity of the fiacial system i Germay The Deutsche Budesbak is the Germa cetral bak ad plays a sigificat role i bakig supervisio Settlemet Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members ad physical Depeds o idividual products Depeds o idividual products CHF/EUR/GBP/USD Segregated Segregated ad omibus cut-off T+2 (I The Moey miimum) Itra-day margi call RBM method

12 Key market iformatio Local currecy Euro (EUR) 2011 GDP USD 312,042 billio Time zoe Numberig system Mai stock exchage idex GMT +2 hours ISIN ATHEX 20 Market capitalisatio USD 33,778 millio Number of listed compaies value of share tradig USD 27,295 millio Level of fragmetatio 0% Number of ETF listed 3 Number of bods listed 68 Number of futures cotracts traded i ,038,456 Number of optios cotracts traded i ,628 Settlemet cycles Bods T+3 T+0 Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Bods OTC 5.20pm O exchage 4pm 3.30pm 6pm Example of market pealties Pealties oly apply if the fail cotiues past T+3. This is ot a usual sceario. Tolerace limits EUR 3, oly for govermet bods Buy-i practice Strict T+3 buy i practice. Local market ifrastructures ad ETFs Corporate bods Govermet bods Short sellig settlemet/dvp ledig Local market authorities ad regulators Tradig ASE /a HDAT Clearig Athes Exchage Clear Athes Exchage Clear /a Settlemet ad Custody The Bak of Greece supervises ad cotrols all bakig operatios i the coutry Athes Exchage Athes Exchage CSD CSD Bak of Greece /a leg Cetral bak (Target 2) Cetral bak (Target 2) Cetral bak (Target 2) /a The Capital Market Commissio supervises the exchage, ivestmet firms, brokers ad mutual fuds Foreig owership limits Settlemet Tradig cut-off* Clearig cut-off** Tradable currecies Accout structure members Accout structure o-members ad physical 5.20pm 5.20pm EUR/USD Segregated Segregated * Exceptios: for exercise: 5.50pm. Exercise stock repo/stock ledig: 3.20pm **Exceptios: expired stock futures & stock optios (physical delivery) o T+3 cut-off (I The Moey miimum) Itra-day margi call RI.VA

13 Key market iformatio Local market ifrastructures Local market authorities ad regulators Local currecy Hog Kog Dollar (HKD) 2011 GDP USD 246,941 billio Time zoe Numberig system Mai stock exchage idex GMT +7 hours (summer) GMT +8 hours (witer) ISIN Hag Seg Market capitalisatio USD 2,258,035 millio Number of listed compaies 1, value of share tradig USD 1,444,610 millio Level of fragmetatio 0% Number of ETF listed 77 Number of bods listed 192 Number of futures cotracts traded i ,673,370 Number of optios cotracts traded i ,735,785 Corporate bods Govermet bods Tradig SEHK OTC via CMU OTC via CMU SEKH/HKFE Clearig HKSCC /a /a SEOCH/HKCC Settlemet ad custody HKSCC CMU CMU /a leg HKICL HKMA HKMA /a The Hog Kog Moetary Authority (HKMA) acts as the cetral bak ad the regulator of baks The ad Futures Commissio (SFC) acts as the securities ad derivatives regulator Settlemet cycles T pm Bods Varies Bods 4pm Varies 6pm Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig (some eligible securities) settlemet/dvp ledig Foreig owership limits Settlemet ad physical Tradig cut-off Depeds o idividual products Clearig cut-off 6.45pm Tradable currecies HKD Accout structure members Segregated ad omibus Accout structure o-members Segregated ad omibus cut-off (I The Moey miimum) Itra-day margi call 6.45pm SPAN

14 Key market iformatio Local currecy Hugaria Forit (HUF) 2011 GDP USD 147,874 billio Time zoe GMT +1 hour Numberig system ISIN Mai stock exchage idex BUX Local market ifrastructures Market capitalisatio USD 18,773 millio Number of listed compaies value of share tradig USD 19,172 millio Level of fragmetatio 0% Number of ETF listed 1 Number of bods listed 158 Number of futures cotracts traded i ,687,681 Number of optios cotracts traded i ad ETFs Corporate bods Govermet bods Tradig BSE BSE MTS Hugary BSE Settlemet cycles 5.30pm Bods T+3 Bods 5.30pm T+2 Varies Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits Example of market pealties Default fee (charged i case of securities or cash o-performace o SD after 11.30am): HUF 60,000 to be paid to the CSD ad HUF 40,000 to be paid to the CCP. -performace fee (charged i case of securities o-performace o SD after 11.30am): scaled depedig o the value of the failed trade, fee betwee HUF 300,000 ad 1,000,000 per day. -performace surcharge (charged i case of securities o-performace after SD at 4.00pm): Natioal Bak of Hugary base rate. Tolerace limits HUF 5,000 for OTCs, the buyer s price prevails. tolerace limit for trades o stock exchage. Local market authorities ad regulators Clearig KELER KELER KELER KELER Settlemet ad custody KELER KELER KELER /a leg MNB MNB MNB /a The Hugaria Fiacial Supervisory Authority is resposible for regulatig ad supervisig the securities markets (brokerage houses, fiacial istitutios, the stock exchage ad CSD) The Natioal Bak of Hugary is resposible for the stability of the fiacial system as a whole ad supervises local baks that are holdig direct ostro accout with them Settlemet Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members ad physical 5pm /a Various Segregated ad omibus Segregated ad omibus cut-off (I The Moey miimum) Itra-day margi call /a /a SPAN

15 Key market iformatio Local currecy Idia Rupee (INR) 2011 GDP USD 1,843,382 billio Time zoe Numberig system Mai stock exchage idex GMT (summer) GMT (witer) ISIN SENSEX/NIFTY Local market ifrastructures Market capitalisatio USD 1,992,451 millio Number of listed compaies 6, value of share tradig USD 737,331 millio Level of fragmetatio 20% Number of ETF listed 59 Number of bods listed 7,193 Number of futures cotracts traded i ,230,215 Number of optios cotracts traded i ,525,413 ad ETFs Corporate bods Govermet bods Tradig NSE/BSE OTC NDS/RBI NSE/BSE* Clearig NSCCL/ICCL NSCCL/ICCL CCIL NSCCL/ICCL Settlemet ad custody NSDL/CDSL NSDL/CDSL ad securities settled (SGL or CSGL) NDSL/CDSL leg Clearig bak Clearig bak RBI Clearig bak Settlemet cycles T+2 Bods T+N T+2 Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits Corporate bods Govermet bods 10.30am Pay i 2pm Pay out 11am (T+N) 3pm (T+0) 10am Pay i 8pm Pay out 10.30am Pay i 2pm Pay out Ucofirmed trades with the exchage will be settled as DVP (couterparty brokers istead of exchage) RBI ad SEBI Example of market pealties Positio limit violatio by ay player i derivatives segmet will attract a pealty Positio limit violatio o equity segmet will attract a pealty I case of a pay-out, if the shares are ot trasferred withi 24 hours to the cliet s accout, a pealty of 0.006% of the value of the shares will be charged Tolerace limits e for BSE ad NSE, however a small differece betwee exchage ad cliet data ca be adjusted agaist the brokerage amout. Alteratively cliets ca provide their custodia with a stadig istructio to match their trades with NSE or BSE withi a agreed tolerace. Buy-i practice * For derivatives NSE: cash settled (ie o securities settlemet), BSE: Sigle Stock F&O is delivery based ad Idex F&O is cash settled Local market authorities ad regulators Fiace Miistry of Idia The ad Exchage Board of Idia (SEBI) The Reserve Bak of Idia (RBI) Settlemet Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members ad physical 3.30pm 4.15pm INR/USD/EUR/GBP/JPY Segregated Segregated cut-off Immediate (I The Moey miimum) N : 0.01 Itra-day margi call Prefudig SPAN + additioal margis

16 Key market iformatio Local currecy Local market ifrastructures Tradig Euro (EUR) 2011 GDP USD 222,269 billio Time zoe Numberig system Mai stock exchage idex GMT ISIN ISEQ ad ETFs Irish Stock Exchage (ISE), Lodo Stock Exchage (LSE) Market capitalisatio USD 108,393 millio Number of listed compaies value of share tradig USD 8,956 millio Level of fragmetatio 13% Number of ETF listed 1 Number of bods listed 21,095 Number of futures cotracts traded i 2011 /a Number of optios cotracts traded i 2011 /a Bods ISE Xetra Settlemet cycles T+2 3pm Bods T+3 Bods T+1 1pm T+0 6pm Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits Example of market pealties Matchig disciplie Settlemet disciplie Tolerace limits GBP 10 EUR 15 USD 15 Buy-i practice O exchage securities: Earliest request: ISD+15 Secod attempt: ISD+18 Third attempt: ISD+20 settlemet o ISD+30 to ISD+37 Clearig Eurex Clearig, LCH.Clearet Ltd LCH.Clearet Ltd Settlemet Euroclear UK + Irelad (EUI) EUI, Euroclear Bak Custody EUI EUI, Euroclear Bak leg CREST paymet baks CREST paymet baks Local market authorities ad regulators The Irish Miistry of Fiace has overall resposibility for the securities idustry, but has delegated its authority to the Cetral Bak of Irelad. It regulates fiacial market participats icludig baks, exchages, brokers ad depositories

17 Key market iformatio Local currecy Euro (EUR) 2011 GDP USD 2,245,706 billio Time zoe GMT +1 hour Numberig system ISIN Mai stock exchage idex FTSE MIB Local market ifrastructures Market capitalisatio USD 332,373 millio Number of listed compaies value of share tradig USD 919,167 millio Level of fragmetatio 16% Number of ETF listed 570 Number of bods listed 826 Number of futures cotracts traded i ,531,593 Number of optios cotracts traded i ,291,557 ad ETFs Corporate bods Govermet bods Tradig Borsa Italiaa Borsa Italiaa MOT MTS MTS Settlemet cycles 4pm Bods T+3 (T+2 for BOT*) Bods 4pm T+0 5pm * Buoi Ordiari del Tesoro Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits Example of market pealties Pealties are calculated applyig the followig percetages to the value of et short positios: 0.001% for corporate ad govermets bods 0.02% for all other securities Tolerace limits EUR 5 Buy-i practice Members who have ot delivered the fiacial istrumets for a give ed of validity day will be charged with a commissio cosistig of a fixed fee of EUR 1,000 plus a valiable fee of 0.1% of the coutervalue of the fiacial istrumets purchased through the buy-i aget o each buy-i executed. Local market authorities ad regulators Clearig CC&G CC&G CC&G/LCH.Clearet SA CC&G Settlemet ad custody Mote Titoli Mote Titoli Mote Titoli /a leg Cetral bak (Target 2) Cetral bak (Target 2) Cetral bak (Target 2) /a The Commissioe Nazioale per le Società e la Borsa (CONSOB) is the public authority resposible for regulatig the Italia securities market The Bak of Italy, the Italia cetral bak oversee by the Miistry of Treasury, pursues aims of geeral iterest i moetary ad fiacial matters such as price stability, ad the overall efficiecy of the fiacial system Settlemet Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members ad physical 5.40pm 6.30pm EUR Segregated ad omibus Segregated ad omibus cut-off T+2 (I The Moey miimum) Itra-day margi call TIMS data

18 Key market iformatio Local currecy Morocca Dirham (MAD) 2011 GDP USD 101,767 billio Time zoe GMT -1 hour* Numberig system ISIN Mai stock exchage idex FTSE CSE * GMT -1 hour startig from Ramada edig i October Local market ifrastructures Market capitalisatio USD 60,087 millio Number of listed compaies value of share tradig USD 4,314 millio Level of fragmetatio 0% Number of ETF listed 0 Number of bods listed 48 Number of futures cotracts traded i 2011 /a Number of optios cotracts traded i 2011 /a Corporate bods Govermet bods Tradig CSE CSE OTC Settlemet cycles Bods T+3 Varies Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp Fail coverage/sl Foreig owership limits Bods OTC SD 3pm O exchage SD-1 2pm OTC SD 3pm O exchage SD-1 2pm 4pm Example of market pealties Established market pealties for o-exchage failed trades. Tolerace limits There is o market tolerace o the settlemet amout. Buy-i practice Couterparties have util SD+6 to settle failed trades. Failig that, buy-i procedures ca be activated o SD+7. The exchage udertakes the buy-i, with securities priced at +6% for equities ad +2% for debt istrumets. The differece is paid for by the defaultig broker. Buy-is settle three days after the buy-i trade. Clearig Maroclear Maroclear Maroclear Settlemet ad custody Maroclear Maroclear Maroclear leg BAM BAM BAM Local market authorities ad regulators The Coseil Déotologique de Valeurs Mobilières (CDVM) is the capital market authority, its mai fuctios are to oversee the sector ad to have a set of relevat operatioal tolls, such as sactios, at its disposal to eforce those regulatios The Bak Al Maghrib is the Morocca cetral bak ad plays a sigificat role i the bakig supervisio The Miister of Fiace cotrols fiacial istitutios ad approve ivestmet services providers

19 Key market iformatio Local currecy Euro (EUR) 2011 GDP USD 858,282 billio Time zoe GMT +1 hour Numberig system ISIN Mai stock exchage idex AEX Local market ifrastructures Market capitalisatio USD 458,049 millio Number of listed compaies value of share tradig USD 590,618 millio Level of fragmetatio 39% Number of ETF listed 123 Number of bods listed 1,415 Number of futures cotracts traded i 2011 Icluded i NYSE Liffe Number of optios cotracts traded i 2011 Icluded i NYSE Liffe ad ETFs Corporate bods Govermet bods Tradig NYSE Euroext NYSE Euroext NYSE Euroext NYSE Liffe Settlemet cycles Bods T+3 Bods T+0 Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits 4pm 4pm 5pm Example of market pealties LCH.Clearet SA s pealty fees apply to all guarateed securities (equities, bods, coupos, warrats etc) based o market value (MV). MV EUR 1 millio 0.01% MV > EUR 1 millio ad EUR 5 millio 0.02% MV < EUR 5 millio 0.03% plus EUR 2 per fail Daily pealty caps as follows: Less tha 10 times a moth: EUR 1,500 Betwee 10 times ad 20 times a moth: EUR 7,500 More tha 20 times a moth: EUR 15,000 Tolerace limits EUR 25 for repos EUR 2 for OTC trasactios Clearig LCH.Clearet SA LCH.Clearet SA LCH.Clearet SA LCH.Clearet SA Settlemet ad custody Euroclear Netherlads Euroclear Netherlads Euroclear Netherlads /a Buy-i practice Accordig to LCH.Clearet SA s procedures, buyi ca be triggered betwee SD+1 ad SD+7. leg Cetral bak (Target 2) Cetral bak (Target 2) Cetral bak (Target 2) /a Settlemet ad physical Local market authorities ad regulators The Autoriteit Fiaciële Markte (AFM) is resposible for supervisig the operatio of the fiacial markets: savigs, ivestmet, isurace ad loas The Dutch Cetral Bak (De Nederladsche Bak) is resposible for prudetial supervisio Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members Depeds o idividual products 8pm EUR/USD Segregated ad omibus Segregated ad omibus cut-off T+5 (I The Moey miimum) Itra-day margi call SPAN

20 Key market iformatio Local currecy Polish Zloty (PLN) 2011 GDP USD 531,758 billio Time zoe GMT +1 hour Numberig system ISIN ad local umberig for all commercial papers, local govermet bods etc. Mai stock exchage idex WIG 20 Local market ifrastructures Market capitalisatio USD 138,244 millio Number of listed compaies value of share tradig USD 86,517 millio Level of fragmetatio 0% Number of ETF listed 1 Number of bods listed 246 Number of futures cotracts traded i ,409,463 Number of optios cotracts traded i ,841 Corporate bods Govermet bods Tradig WSE WSE/Catalyst WSE/BodSpot WSE Settlemet cycles WSE trades (equities, bods) T+3 Debt securities T+2 T+0 Omibus accout/securities Omibus accout/cash Pre-matchig Irrevocable pre-matchig Short sellig settlemet/dvp ledig Foreig owership limits WSE trades (equities, bods) Debt securities 3.30pm 3.30pm 4pm Example of market pealties Settlemet suspesio pealty: 0.3% per day of the value of all suspeded trades. Tolerace limits PLN 100 Buy-i practice O SD+3, KDPW_CCP has the right to buy-i (sell-out) securities o participats behalf usig collateral deposits placed by the clearig member. If this is ot sufficiet the the moey deposited i the Settlemet Guaratee Fud by the clearig member is used. If this is still ot sufficiet the fuds cotributed by other SGF members are used to buy the securities. Clearig KDPW_CCP KDPW_CCP KDPW_CCP KDPW_CCP Settlemet Local market authorities ad regulators Settlemet ad custody KDPW KDPW KDPW /a leg NBP NBP NBP /a The Commissio for Fiacial Supervisio (KNF) is the sole market regulator i Polad. The KNF supervises ad moitors the performace of securities compaies, isurace compaies, the Warsaw Stock Exchage, the Natioal Depository for (KDPW), ivestmet fuds, pesio fuds, baks, fiacial ad clearig istitutios Tradig cut-off Clearig cut-off Tradable currecies Accout structure members Accout structure o-members 5.35pm 3.30pm PLN Segregated Segregated cut-off (I The Moey miimum) Itra-day margi call /a SPAN

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