2015 H1 European Cash Equity and ETF Broker Rankings. Calculated by Markit MSA

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1 2015 H1 European Cash Equity and ETF Rankings Calculated by Markit MSA

2 Markit is a leading, global financial information services company. Markit delivers over 40 products and services designed to reduce risk, enhance transparency and improve operational efficiency. The European Rankings are a review of the European cash equity and ETF markets. Rankings are based on Markit MSA data, which has been provided by contributing brokers* covering an estimated 80% of all cash equity trading in Europe. The contributed data is subject to a stringent set of rules and validation checks to provide a representative dataset across cash equity and ETF markets. All data is for the period January 1 st to June 30 th 2015 using Customer Business unless otherwise stated. This document contains a subsection of Markit MSA reports. For further analysis, additional reports and MSA contribution rules please contact *Contributing brokers are listed on page 15

3 2015 H1 EUROPEAN CASH EQUITIES Customer Business 1 Morgan Stanley 1,020,233 2 Bank of America Merrill Lynch 893,922 3 Instinet 715,385 4 UBS 708,826 5 Credit Suisse 696,342 6 Deutsche Bank 569,597 7 Goldman Sachs 435,207 8 J.P. Morgan 388,841 9 Citigroup 337, Société Générale 216,152 Total: 6,356,344 MS BAML INST UBS CS DB GS JPM CITI SG 1,200,000 m 1,000, , , , ,000 * January 1 st 2015 to June 30 th 2015 Other brokers (15) Customer Business refers to business filled by an executing broker for its customer, whether it has been executed on exchange or retained on the broker s books. Rank and turnover are based on contributing firms data for stocks with issuers incorporated within Europe. Total is Markit MSA measured turnover 3 /

4 EUROPEAN REGIONS Western Europe The Nordics Eastern Europe Western Europe The Nordics Eastern Europe 1 Morgan Stanley 900,735 Deutsche Bank 124,527 Bank of America Merrill Lynch 15,324 2 Bank of America Merrill Lynch 794,198 Morgan Stanley 110,754 Credit Suisse 11,221 3 Instinet 663,551 Bank of America Merrill Lynch 84,401 Citigroup 9,388 4 UBS 631,115 UBS 68,604 UBS 9,108 5 Credit Suisse 626,924 Credit Suisse 58,197 Morgan Stanley 8,745 6 Deutsche Bank 436,666 Instinet 49,328 Deutsche Bank 8,404 7 Goldman Sachs 384,239 Goldman Sachs 46,766 J.P. Morgan 4,510 8 J.P. Morgan 350,892 Nordea 45,916 Goldman Sachs 4,202 9 Citigroup 301,146 J.P. Morgan 33,440 Instinet 2, Société Générale 205,628 Citigroup 26,709 Société Générale 715 Total: 5,606,032 Total: 675,445 Total: 74,866 Regional turnover is calculated using stock s issuer s country of incorporation Total is Markit MSA measured regional turnover 4 /

5 LARGE CAP INDEX RANKINGS Stoxx 600 Large FTSE 100 DAX30 Performance 1 Morgan Stanley 656,585 Bank of America Merrill Lynch 296,340 Morgan Stanley 131,635 2 Bank of America Merrill Lynch 622,787 Morgan Stanley 195,027 Bank of America Merrill Lynch 92,758 3 Instinet 458,301 Instinet 185,999 Credit Suisse 87,694 4 Credit Suisse 449,441 Credit Suisse 153,980 UBS 77,718 5 UBS 435,187 UBS 144,900 Deutsche Bank 71,606 6 Deutsche Bank 345,841 Deutsche Bank 99,747 Instinet 58,721 7 Goldman Sachs 288,839 Goldman Sachs 97,964 Goldman Sachs 54,432 8 J.P. Morgan 237,943 J.P. Morgan 95,965 J.P. Morgan 40,657 9 Citigroup 231,029 Citigroup 91,791 Société Générale 39, Société Générale 154,139 Société Générale 26,847 Citigroup 37,728 CAC40 FTSE MIB IBEX35 1 Morgan Stanley 141,394 Morgan Stanley 50,507 Morgan Stanley 109,120 2 Instinet 112,649 Instinet 40,867 Bank of America Merrill Lynch 72,534 3 Bank of America Merrill Lynch 95,977 Banca IMI 29,194 Credit Suisse 34,810 4 Credit Suisse 93,375 UBS 27,338 UBS 34,020 5 UBS 84,231 Credit Suisse 26,704 Instinet 28,856 6 Deutsche Bank 59,769 Deutsche Bank 22,888 Goldman Sachs 25,882 7 Goldman Sachs 54,652 Goldman Sachs 21,571 Deutsche Bank 25,580 8 J.P. Morgan 48,795 Bank of America Merrill Lynch 18,290 Société Générale 20,772 9 Société Générale 48,043 J.P. Morgan 17,972 J.P. Morgan 19, Citigroup 41,499 Citigroup 13,702 Citigroup 17,271 Index rankings calculated using stock constituents as of June 30 th 2015 Further index rankings available on the Markit MSA online platform 5 /

6 MID CAP INDEX RANKINGS Stoxx 600 Mid FTSE 250 MDAX 1 Morgan Stanley 195,476 Bank of America Merrill Lynch 38,595 Morgan Stanley 27,934 2 Bank of America Merrill Lynch 156,589 UBS 37,848 UBS 23,230 3 Instinet 141,658 Morgan Stanley 37,267 Bank of America Merrill Lynch 22,698 4 UBS 133,978 Instinet 35,442 Credit Suisse 21,552 5 Credit Suisse 126,101 Credit Suisse 30,147 Instinet 19,339 6 Deutsche Bank 112,794 J.P. Morgan 26,934 Deutsche Bank 18,602 7 Goldman Sachs 78,532 Deutsche Bank 19,965 Goldman Sachs 12,728 8 J.P. Morgan 74,212 Goldman Sachs 16,120 J.P. Morgan 10,999 9 Citigroup 51,052 Citigroup 12,597 Citigroup 8, Société Générale 31,698 Investec 9,500 Société Générale 7,065 CAC Mid 60 FTSE Italia Mid Cap Index IBEX Medium Cap 1 Instinet 18,771 Morgan Stanley 3,697 Morgan Stanley 4,547 2 Morgan Stanley 16,585 Banca IMI 2,951 UBS 2,347 3 UBS 14,572 UBS 2,873 Bank of America Merrill Lynch 2,322 4 Credit Suisse 11,306 Deutsche Bank 2,838 Credit Suisse 1,720 5 Bank of America Merrill Lynch 9,257 Instinet 2,634 Deutsche Bank 1,702 6 Deutsche Bank 8,686 Credit Suisse 2,218 Instinet 1,161 7 Goldman Sachs 7,828 Kepler Cheuvreux 1,944 Goldman Sachs Société Générale 7,436 J.P. Morgan 1,883 Citigroup J.P. Morgan 6,493 Goldman Sachs 1,673 J.P. Morgan Kepler Cheuvreux 6,480 Bank of America Merrill Lynch 1,482 Société Générale 550 Index rankings calculated using stock constituents as of June 30 th 2015 Further index rankings available on the Markit MSA online platform 6 /

7 SMALL CAP INDEX RANKINGS Stoxx 600 Small FTSE AIM All Share FTSE SmallCap 1 Morgan Stanley 80,587 Winterflood Securities 3,411 Winterflood Securities 3,116 2 UBS 63,432 Peel Hunt 2,991 Canaccord Genuity Limited 2,689 3 Instinet 56,992 Bank of America Merrill Lynch 2,166 Numis Securities 2,438 4 Deutsche Bank 53,145 Morgan Stanley 1,612 J.P. Morgan 2,306 5 Credit Suisse 52,902 Numis Securities 1,550 Peel Hunt 2,303 6 Bank of America Merrill Lynch 49,849 UBS 1,411 Investec 2,047 7 J.P. Morgan 31,616 Investec 1,396 UBS 1,948 8 Goldman Sachs 30,375 Canaccord Genuity Limited 1,274 Stifel Nicolaus Europe Ltd 1,735 9 Citigroup 21,950 Instinet 1,260 Bank of America Merrill Lynch 1, Société Générale 10,895 Credit Suisse 1,021 Instinet 1,463 Euronext CAC Small FTSE Italia Small Cap IBEX Small Cap 1 Kepler Cheuvreux 2,419 Banca IMI 1,191 Morgan Stanley Morgan Stanley 1,592 Morgan Stanley 298 UBS Société Générale 1,310 Deutsche Bank 240 Société Générale UBS 1,218 UBS 213 Bank of America Merrill Lynch Instinet 1,203 Instinet 204 Deutsche Bank Deutsche Bank 758 Bank of America Merrill Lynch 154 Goldman Sachs Goldman Sachs 624 Goldman Sachs 149 Credit Suisse Bank of America Merrill Lynch 476 Credit Suisse 144 Instinet Credit Suisse 459 J.P. Morgan 90 Citigroup Citigroup 363 Kepler Cheuvreux 69 Interdin 119 Index rankings calculated using stock constituents as of June 30 th 2015 Further index rankings available on the Markit MSA online platform 7 /

8 EMERGING MARKETS MSCI EM (EMEA) Top 10 emerging market ETFs ETF 1 Morgan Stanley 38,976 1 Lyxor UCITS ETF RUSSIA (Dow Jones Russia GDR) Bank of America Merrill Lynch 30,161 2 Lyxor UCITS ETF Eastern Europe (CECE NTR EUR) Deutsche Bank 22,880 3 Lyxor UCITS ETF Turkey (DJ TURKEY TITANS 20) UBS 22,750 4 ishares MSCI Turkey UCITS ETF Credit Suisse 19,025 5 ishares MSCI Russia ADR/GDR UCITS ETF Citigroup 17,563 6 ishares MSCI Eastern Europe Capped UCITS ETF 93 7 Goldman Sachs 9,942 7 db x-trackers MSCI Russia Capped Index UCITS ETF 85 8 J.P. Morgan 9,006 8 Lyxor UCITS ETF South Africa 48 9 Instinet 6,141 9 Amundi ETF MSCI Eastern Europe Ex Russia UCITS ETF Investec 1, ishares MSCI Poland UCITS ETF 29 Russian Federation South Africa Turkey 1 Bank of America Merrill Lynch 20,870 Morgan Stanley 31,758 Bank of America Merrill Lynch 9,294 2 Credit Suisse 8,283 Deutsche Bank 15,993 Credit Suisse 5,498 3 Instinet 6,648 UBS 14,753 UBS 5,295 4 Morgan Stanley 6,492 Bank of America Merrill Lynch 11,082 Morgan Stanley 4,655 5 UBS 5,359 Credit Suisse 6,749 Citigroup 4,581 6 Deutsche Bank 3,952 Citigroup 6,562 Deutsche Bank 4,190 7 Goldman Sachs 3,695 Goldman Sachs 4,770 J.P. Morgan 2,269 8 Citigroup 3,456 J.P. Morgan 3,849 Goldman Sachs 2,203 9 J.P. Morgan 2,192 Instinet 2,844 Instinet 1, Nordea 1,568 Investec 1,987 HSBC 456 Total: 63,559 Total: 101,227 Total: 40,285 MSCI EM EMEA index calculated using stock constituents as of June 30 th 2015 Country turnover is calculated using stock s issuer s country of incorporation and includes depository receipts Total is Markit MSA country turnover 8 /

9 2015 H1 EUROPEAN ETFS All Asset Classes Equity 1 Société Générale 47,567 Société Générale 34,593 2 Commerzbank 34,401 Commerzbank 25,812 3 BNP Paribas 33,690 BNP Paribas 23,097 4 UBS 28,855 UBS 21,165 5 Deutsche Bank 22,840 Deutsche Bank 16,049 6 Morgan Stanley 21,020 Morgan Stanley 15,983 Equity 76% Fixed income 19% Commodity 5% Alternatives & Currency 0% 7 Bank of America Merrill Lynch 18,065 Bank of America Merrill Lynch 14,403 8 Credit Suisse 16,196 Citigroup 13,444 9 Citigroup 15,848 Susquehanna 13, Susquehanna 15,728 Credit Suisse 12,833 Total: 314,153 Total: 237,924 Fixed Income Commodity Alternatives & Currency 1 Société Générale 10,969 Société Générale 1,889 Banca IMI BNP Paribas 9,923 Morgan Stanley 1,679 UBS Commerzbank 8,067 Banca IMI 1,399 Winterflood Securities UBS 6,237 UBS 1,305 Société Générale Deutsche Bank 5,503 Deutsche Bank 1,236 Susquehanna Morgan Stanley 3,292 Citigroup 1,106 Credit Suisse 92 7 Bank of America Merrill Lynch 2,586 Bank of America Merrill Lynch 1,012 Citigroup 74 8 Credit Suisse 2,453 Credit Suisse 817 BNP Paribas 66 9 Goldman Sachs 2,126 Instinet 763 Morgan Stanley Susquehanna 1,888 Susquehanna 620 Bank of America Merrill Lynch 65 Total: 60,365 Total: 14,532 Total: 1,301 Markit MSA measured ETF turnover by asset class exposure Total is Markit MSA measured turnover 9 /

10 ETF ISSUERS ishares 43% Lyxor 15% db x-trackers 10% Amundi 7% Source 6% ETF Securities 3% Other 16% Top 6 Issuers Issuer 1 ishares 133,658 2 Lyxor 47,067 3 db x-trackers 31,575 4 Amundi 21,873 5 Source 19,540 6 ETF Securities 10,779 Total: 264,492 ishares Lyxor db x-trackers 1 Société Générale 16,429 Société Générale 18,602 Deutsche Bank 5,942 2 UBS 14,554 BNP Paribas 3,456 Société Générale 3,453 3 Commerzbank 13,074 Deutsche Bank 3,162 UBS 3,423 4 Morgan Stanley 10,754 Morgan Stanley 2,765 Commerzbank 3,377 5 Deutsche Bank 9,385 UBS 2,706 Susquehanna 2,032 6 Citigroup 9,349 Commerzbank 2,649 Morgan Stanley 1,974 7 BNP Paribas 9,309 Instinet 1,975 Citigroup 1,820 8 Bank of America Merrill Lynch 8,720 Citigroup 1,835 BNP Paribas 1,790 9 Credit Suisse 8,590 Susquehanna 1,774 Credit Suisse 1, Susquehanna 8,217 Banca IMI 1,747 Bank of America Merrill Lynch 1,501 Total: 133,658 Total: 47,067 Total: 31, /

11 Amundi Source ETF Securities 1 BNP Paribas 11,491 J.P. Morgan 5,050 Morgan Stanley 1,221 2 Société Générale 3,338 Goldman Sachs 3,699 Banca IMI 1,164 3 Commerzbank 2,233 Bank of America Merrill Lynch 2,989 Société Générale 1,115 4 Deutsche Bank 892 Morgan Stanley 1,549 Citigroup Morgan Stanley 618 UBS 1,406 Bank of America Merrill Lynch UBS 511 Credit Suisse 1,132 Winterflood Securities Susquehanna 511 Commerzbank 1,039 UBS Citigroup 411 Citigroup 704 Credit Suisse Kepler Cheuvreux 398 Société Générale 629 Instinet Bank of America Merrill Lynch 285 Deutsche Bank 429 Susquehanna 442 Total: 21,873 Total: 19,540 Total: 10,779 UBS Vanguard SPDR ETFs 1 UBS 3,108 Société Générale 1,422 Société Générale Commerzbank 3,027 Winterflood Securities 1,102 UBS Deutsche Bank 472 Bank of America Merrill Lynch 848 Credit Suisse Instinet 440 Credit Suisse 717 Deutsche Bank Susquehanna 312 Susquehanna 645 Morgan Stanley J.P. Morgan 249 Deutsche Bank 606 BNP Paribas Société Générale 243 UBS 500 Commerzbank Morgan Stanley 227 Goldman Sachs 366 Susquehanna Winterflood Securities 219 Commerzbank 364 Bank of America Merrill Lynch Goldman Sachs 175 Instinet 307 Instinet 188 Total: 9,033 Total: 8,234 Total: 7,273 Customer Business Top 9 ETF issuers ranked by total turnover Total is Markit MSA measured ETF issuer turnover 11 /

12 ETF MARKET MAKING Market Business 1 Susquehanna 54,463 2 Commerzbank 40,921 3 Société Générale 27,352 4 Bank of America Merrill Lynch 25,813 5 UBS 23,997 6 Deutsche Bank 20,886 7 Morgan Stanley 12,589 8 Credit Suisse 11,945 9 Instinet 7, Banca IMI 5,773 Total: 261,164 * January 1 st 2015 to June 30 th 2015 SIG CMRZ SG BAML UBS DB MS CS INST IMI Other brokers (18) 60,000 m 50,000 40,000 30,000 20,000 10,000 Market Business refers to business traded by a broker directly on a recognised venue (exchange/mtf). Rank and turnover are based on contributing firms data for ETFs issued and/or primary listed within Europe, the Middle East and Africa. Total is Markit MSA measured ETF turnover 12 /

13 ishares Lyxor db x-trackers 1 Susquehanna 27,143 Société Générale 14,880 Deutsche Bank 9,252 2 UBS 18,809 Susquehanna 6,031 Susquehanna 7,427 3 Commerzbank 8,726 Commerzbank 2,410 Commerzbank 2,846 4 Bank of America Merrill Lynch 8,258 Morgan Stanley 1,988 Bank of America Merrill Lynch 1,502 5 Deutsche Bank 6,294 Banca IMI 1,747 Credit Suisse 1,345 6 Morgan Stanley 5,957 UBS 1,625 Morgan Stanley 1,168 7 Credit Suisse 5,939 Deutsche Bank 1,486 Société Générale Société Générale 5,858 Bank of America Merrill Lynch 1,452 Neonet Securities AB Instinet 3,698 Credit Suisse 1,315 UBS Citigroup 2,731 Instinet 998 Instinet 548 Total: 104,487 Total: 36,757 Total: 28,738 ETF Securities Deka ETFs Amundi 1 Bank of America Merrill Lynch 8,921 Commerzbank 10,459 Société Générale 3,442 2 Susquehanna 1,392 Susquehanna 4,047 BNP Paribas 3,058 3 Morgan Stanley 1,260 BNP Paribas 172 Commerzbank 1,878 4 Banca IMI 1,164 Morgan Stanley 93 Susquehanna 1,497 5 Winterflood Securities 735 Deutsche Bank 78 Deutsche Bank Credit Suisse 670 UBS 51 Kepler Cheuvreux UBS 583 Credit Suisse 35 UBS Instinet 455 Instinet 33 Morgan Stanley Deutsche Bank 365 Société Générale 22 Bank of America Merrill Lynch Commerzbank 353 Bank of America Merrill Lynch 12 Credit Suisse 189 Total: 17,021 Total: 15,030 Total: 12,477 Market Business Top 6 ETF issuers ranked by total turnover Total is Markit MSA measured ETF issuer turnover 13 /

14 75 billion+ daily European cash equity trading activity 30,000+ European cash equity instruments covered 4 billion+ daily ETF trading activity 3,700+ ETF instruments covered 80% European cash equities coverage 150+ European indices covered 25+ trade validation and verification rules These numbers are changing as you read this.

15 Contributing Firms* Arbuthnot Banca IMI Bank of America Merrill Lynch BNP Paribas (ETF) Canaccord Genuity Limited Citigroup Commerzbank (ETF) Credit Suisse Deutsche Bank Goldman Sachs HSBC ^ Instinet Interdin ^ Investec J.P. Morgan Kepler Cheuvreux Mediobanca Morgan Stanley Neonet Securities AB Nordea Numis Securities Peel Hunt Panmure Gordon Société Générale Stifel Nicolaus Europe Ltd Susquehanna (ETF) UBS Winterflood Securities * Unless specified otherwise contributing firms provide both cash equity and ETF business. Oriel Securities was acquired by Stifel Nicolaus Europe Limited and subsequently began trading under the latter in March 2015, volumes are aggregated under Stifel Nicolaus Europe Ltd for the purpose of this report ^ Data contribution does not cover the full period 1 January 2015 to 30 June 2015 About Markit Markit is a leading global diversified provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. More Information To contribute to Markit MSA or for product support, please contact or call us at: London Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 3,000 people in 10 countries. For more information, please see markit.com

16 mines data, pools intelligence, surfaces information, enables transparency, builds platforms, provides access, extends networks, & transforms business. Markit makes no warranty, expressed or implied, as to accuracy, completeness or timeliness, or as to the results to be obtained by recipients of the products and services described herein, and shall not in any way be liable for any inaccuracies, errors or omissions herein. Copyright 2015, Markit Group Limited. All rights reserved. Any unauthorised use, disclosure, reproduction or dissemination, in full or in part, in any media or by any means, without the prior written permission of Markit Group Limited is strictly prohibited. 15/07/2015

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