WFE/IOMA Derivatives Market Survey Romain Devai Grégoire Naacke

Transcription

1 WFE/IOMA Derivatives Market Survey 2012 Romain Devai Grégoire Naacke May 2013

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3 International Options Market Association (IOMA) 2012 Derivatives Market Survey Table of Contents Introduction... 2 The global derivatives market Equity derivatives Equity derivatives trading Single Stock Options Single Stock Futures Stock Index Options Stock Index Futures ETF Options Equity derivatives clearing Interest rate derivatives Interest rate derivatives trading STIR Options and Futures LTIR Options and Futures Interest rate derivatives clearing Currency derivatives Commodity derivatives Other derivatives CDS clearing Annex 1 Trading Statistics Annex 2 Clearing Statistics Every effort has been made to ensure that the information in this survey is accurate at the time of printing, but the Secretariat cannot accept responsibility for errors or omissions. WFE/IOMA Derivatives Market Survey

4 INTRODUCTION This report is the result of the annual survey conducted by the World Federation of Exchanges on worldwide derivative markets. The survey was compiled from questionnaire responses sent by exchanges and clearinghouses as well as data from exchange websites. The authors wish to thank exchanges which responded to the questionnaire and especially exchange staff who gave further assistance in response to enquiries. It deals with the trading and clearing of derivatives products and covers 52 trading venues and 47 clearinghouses. Some of the exchanges trade in a wide range of derivatives contracts, while many specialize in a single area of the market. The trading figures gathered comprise a full set of indicators (number of traded contracts, notional value of traded contracts, open interest, notional outstanding amounts, number of trades and paid premium) and are broken down into fourteen main product lines: Single Stock Options and Futures Stock Index Options and Futures Exchange Traded Funds Options and Futures Short-term interest rate (STIR) Options and Futures Long-term interest rate (LTIR) Options and Futures Currency Options and Futures Commodity Options and Futures Other derivatives Options and Futures The average for the number of different product lines per exchange is 5.25 and the median is 5. Johannesburg Stock Exchange, with 13 product lines, is the exchange that offers the highest number of product lines. At the other end of the spectrum, 7 exchanges offer only one class of product, the majority being Asian exchanges offering commodity futures. One exchange, namely China Financial Futures Exchange, only offers one contract. WFE/IOMA Derivatives Market Survey

5 Number of product lines per exchange Zhengzhou Commodity Exchange Tokyo Commodity Exchange (TOCOM) Shanghai Futures Exchange Multi Commodity Exchange of India ELX Dalian Commodity Exchange China Financial Futures Exchange United Stock Exchange of India One Chicago MCX SX London Metal Exchange ICE Futures Europe ICE Futures Canada Bolsa de Comercio de Buenos Aires Boston Options Exchange (TMX Group) Wiener Börse Warsaw Stock Exchange Turkish Derivatives Exchange Tokyo Financial Exchange Inc. Rofex Oslo Børs International Securities Exchange (ISE) Bursa Malaysia Derivatives (BMD) BSE Limited Athens Exchange Singapore Exchange NASDAQ OMX (US markets) LSE Group JPX (Osaka Securities Exchange) Chicago Board Options Exchange Thailand Futures Exchange (TFEX) Tel-Aviv Stock Exchange MEFF JPX (Tokyo Stock Exchange) ICE Futures U.S. Budapest Stock Exchange Bolsa de Valores de Colombia NYSE Euronext (US markets) TAIFEX National Stock Exchange of India NASDAQ OMX Nordic Exchanges Korea Exchange Hong Kong Exchanges and Clearing Moscow Exchange Montréal Exchange (TMX Group) Australian Securities Exchange MexDer CME Group BM&FBOVESPA NYSE Liffe (European markets) Eurex Johannesburg Stock Exchange List of product lines - Single Stock Options - Single Stock Futures - Stock Index Options - Single Index Futures - ETF Options - ETF Futures - STIR Options - STIR Futures - LTIR Options - LTIR Futures - Currency Options - Currency Futures - Commodity Options - Commodity Futures WFE/IOMA Derivatives Market Survey

6 Number of trading venues by product line 01. Single Stock Options 02. Single Stock Futures 03. Stock Index Options 04. Stock Index Futures 05. ETF Options 06. ETF Futures 07. STIR Options 08. STIR Futures 09. LTIR Options 10. LTIR Futures 11. Currency Options 12. Currency Futures 13. Commodity Options 14. Commodity Futures Most of the exchanges do not have a trading floor. Only in some US exchanges, the share of floor trading (by number of contracts traded) versus electronic systems appears to be significant: 30% for NASDAQ OMX US, 27% for CBOE, and 10% for CME Group. For CME options it decreased from 70% to 60% between 2011 and Share of Open Outcry versus Electronic transactions on CME Group volumes Futures Options Combined Interest Rate 1.4% 1.6% 74.5% 82.2% 14.9% 16.3% Equity Index 0.7% 0.7% 14.1% 23.4% 1.9% 2.4% Metals 1.9% 2.2% 41.5% 45.5% 6.2% 7.1% Energy 0.5% 0.8% 49.4% 59.8% 4.4% 5.9% FX 0.4% 0.3% 21.8% 25.7% 1.4% 1.4% Commodities & Alternative Inv. 6.3% 9.1% 63.5% 77.4% 18.4% 23.1% GRAND TOTAL 1.5% 1.7% 59.7% 69.8% 9.7% 11.0% WFE/IOMA Derivatives Market Survey

7 Most of the exchanges, except in China and India, have a designated class of participants who are responsible for providing liquidity. Among those who answered the question about compensation method used for liquidity providers, 100% are using fee incentives, 25% participation rights and 18% bandwidth. Compensation method used by exchanges for liquidity providers Participation rights Fee incentives Bandwidth Other Americas 50% 100% 17% 67% Asia Pacific 0% 100% 0% 29% EAME 22% 100% 33% 22% Total 23% 100% 18% 36% A question was also asked to exchanges about the order of magnitude of business brought to the market by Direct Market Access (DMA), Hedge Funds or High Frequency Traders but only a few exchanges were able to answer. In the United States, HFT activity is estimated to be higher in electronically-traded ETF options (e.g., SPY, IWM, QQQ, etc.) and the most active individual equity option classes. Tabb Group estimates that High-frequency trading strategies in options markets account for almost 60% of the total volumes in the US of which 45% comes from market-making firms 1. High-Frequency Trading share in US Listed Options Markets 70% 60% 50% Prop/Other HFT Market Making HFT 10% 13% 14% 40% 8% 30% 5% 7% 20% 10% 26% 27% 34% 43% 45% 45% 0% P Source: TABB Group In the United States, Hedge Funds participation is generally higher in index and volatility options, as well as active ETF option classes. 1 US Options Market Making 2013: Scale, Scope and Survival February 2013 Andy Nybo, Tabb Group WFE/IOMA Derivatives Market Survey

8 In order to evaluate the concentration of volumes among most active members, a question was asked about the share represented by the 5 and 10 most active members. Results show a very high concentration. It was less pronounced in Asia Pacific region and slightly decreased in As noted in the WFE annual cost and revenue survey 2, the concentration is higher on derivative markets than on cash markets. The share of 5 and 10 most active members in volumes was in 2011 almost 10% higher on derivatives markets than on cash markets. Percentage of the total trading volume represented by the 5 and 10 most active members 5 most active members 10 most active members 80% 70% 69% 67% % 68% % 60% 49% 50% 49% % 50% % 43% 40% 36% 34% 50% 52% 51% 62% 61% 30% 40% 20% 10% 30% 20% 10% 0% Americas Asia Pacific EAME Total 0% Americas Asia Pacific EAME Total WFE Cost & Revenue Survey Romain Devai and Grégoire Naacke November WFE/IOMA Derivatives Market Survey

9 THE GLOBAL DERIVATIVES MARKET 21 billion Exchange Traded Derivatives (ETD) contracts (10 billion options and 11 billion futures) were traded on exchanges worldwide in 2012 (against 25 billion in 2011). It is the first time since 2004 that the global number of derivatives traded on-exchange decreased. Moreover this decrease of volumes was significant (-15%) and concerned all the asset classes except commodity derivatives and all the regions. The first quarter of 2013 was much more encouraging (+13.7% excluding Kospi 200 options), suggesting that the year 2013 should experience a significant volume recovery. Equity (excluding Kospi 200 options), interest rate, currency and commodity derivative, all experienced positive volume growth rate compared to first quarter of 2012 (respectively +5.2%, +8.4%, +40.7% and +46.8%). As opposed to 2011, there were more futures contracts traded compared to options in Excluding Kospi 200 options, the highest decrease in 2012 was observed in EAME region (-12.3% against -7.3% in Americas and -4.5% in Asia Pacific). Number of ETD traded worldwide (bn contracts) 25 Other Commodity Currency Interest Rate Equity WFE/IOMA Derivatives Market Survey

10 Evolution of the volumes breakdown since % 80% 60% by underlying asset % 20% % 100% 80% Commodity Currency Interest Rate Equity by region % 40% % 0% 100% 80% EAME Asia Pacific Americas by product % 40% 20% 0% Futures Options WFE/IOMA Derivatives Market Survey

11 Number of ETD traded worldwide (millions of contracts) 1st Quarter /2011 vs Q1_2012 vs Q4_2012 Single Stock Options % -2.8% +6.5% Single Stock Futures % +14.2% -1.0% Stock Index Options % -39.7% +5.7% Stock Index Options (exc. Kospi 200) % +9.1% +4.5% Stock Index Futures % +2.8% +7.4% ETF Options % +22.6% +22.9% ETF Futures % - Total Equity % -11.5% +7.8% Total Equity (exc. Kospi 200 options) % +5.2% +7.7% STIR Options % Total IR opt Total IR opt. LTIR Options % -2.6% +32.3% STIR Futures % Total IR fut. Total IR fut. LTIR Futures % +11.1% +30.1% Total Interest Rate % +8.4% +30.5% Currency Options % +72.4% +16.6% Currency Futures % +34.6% +4.0% Total Currency (1) % +40.7% +6.3% Commodity Options % -6.4% +10.3% Commodity Futures % +51.9% +8.8% Other Commodity Derivatives % - Total Commodity (1) % +46.8% +8.9% Other Options % - - Other Futures % - - Other Derivatives % - - Total "Other" % - - Grand Total (1) % +1.4% +11.1% Grand Total (exc. Kospi 200 options) % +13.7% +11.1% (1) Including only WFE members for 1st quarter 2013 Equity derivatives: The 19.5% decrease in equity derivatives was partly explained by the sharp drop of number of index options traded on Korea Exchange following the multiplication by five of the size of the newly listed contracts on KOSPI 200 since March Excluding Kospi 200 options, the decline in equity derivatives was: -7.5%. Interest rate derivatives: Interest rates derivative volumes also declined (-15%). Factors generically seen as unfavorable for interest rates derivatives (low interest rates environments, no economic growth and no credit expansion) continue to prevail in certain regions and could explain that trend. Currency derivatives: Following sharp decrease in India where the volumes are very significant due to the small size of the contracts traded, the currency derivatives segment experienced the highest decrease in 2012 (-23%). Commodity derivatives: Driven by mainland Chinese exchanges 3 and by the transfer of OTC energy swaps to futures by ICE in the United States, the commodity derivatives market was the only one that grew significantly in 2012 (+18%). It overtook the currency derivatives market in terms of number of traded contracts. 3 Dalian Commodity Exchange, Shanghai Futures Exchange and Zhengzhou Commodity Exchange WFE/IOMA Derivatives Market Survey

12 1 EQUITY DERIVATIVES 1.1 Equity derivatives trading The number of traded contracts declined by 19.5% in 2012 (-7.5% excluding Kospi 200 options). The share of equity products in total number of derivative contracts traded remains dominant but decreased to 58% (compared to 61% in 2011 and 67% in 2009). This decline in equity derivatives volumes mirrors the one in the value of cash equities traded and is also probably explained by the significant decrease in volatility observed in Volatility indices decreased significantly in 2012, except in Japan, to end the year at relatively low levels. S&P 500 Volatility (VIX): - 23% (13.02 historical low level) EURO STOXX 50 Volatility: -33.6% (21.35) and FTSE100 Volatility Index: -19.7% (18.05) Nikkei Stock Average Volatility Index : + 4.5% (22.45) and Hang Seng Volatility Index : -30.2% (17.19) Despite the drop in volumes, the number of open positions continued to increase significantly for futures (+15% for single stock futures and +7% for index futures), suggesting that the need for hedging against stock price movements remains important. Number of equity ETD traded worldwide (bn contracts) ETF Options 1.7 Stock Index Futures 1.2 Stock Index Options Single Stock Futures Single Stock Options WFE/IOMA Derivatives Market Survey

13 Millions of contracts traded Millions of contracts traded Millions of equity derivative contracts Millions of equity derivative contracts The observation of monthly volumes in the United States and Europe in comparison with number of trades on cash markets confirms that the activity on cash markets is one of the main drivers for Equity derivatives volumes. Comparison of volumes on cash and derivative markets in the US and Europe Q Q Q3 United States Equity derivatives traded Cash OEB trades 2011 Q Q Q Q Q Q Millions of cash EOB trades Q1 Europe (Ex. stock futures) Equity derivatives traded Cash OEB trades 2011 Q Q Q Q Q Q Q Q Millions of cash EOB trades The evolution of volumes on equity derivative markets is also highly correlated with the volatility of stock prices as it is shown in the following graphs. Nevertheless in the first quarter of 2013, the volumes seemed to recover whereas the volatility on stock markets continued to decrease, suggesting that the cash markets influence is greater than the volatility one. Comparison of equity derivatives volumes and volatility in the US and Europe United States Europe (Eurex and NYSE Liffe exc. stock futures) Equity derivative volumes in the US VOLATILITYS&P500 (^VIX) Volatility index level Single stock opt. and index opt. & fut. traded on Eurex and NYSE Liffe EURO STOXX 50 Volatility Index Volatility index level Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q1 0 The correlation of equity derivative markets activity with activity on cash markets and stock prices volatility is much less pronounced for single stock futures. As we will see in the section of the report dedicated to single stock futures, they stand out from other equity derivative products for several reasons: volumes are mainly concentrated in Europe, the majority of trades are OTC registered by the exchanges and they are estimated to only account for a very small part of total equity derivatives notional outstanding amount. WFE/IOMA Derivatives Market Survey

14 EAME ASIA PACIFIC AMER. The comparison of the average size of contracts traded between various type of equity derivatives (measured by the ratio notional value / number of contracts traded) for main exchanges shows that single stock and ETF derivatives are mostly used by retail investors and traditional index products are used by institutions. In the United States, CBOE confirms that retail participation is generally higher in ETF and individual equity options, and lower in cash index and volatility contracts. Nevertheless, in some regions, especially in Asia, the size can differ significantly from international standards. It is worth noting that for KOSPI 200 options, the world biggest index options in terms of volumes traded, starting from March 2012 the multiplier was increased from 100,000 to 500,000. The application was made step-by-step from March 9, 2012 and the uniform application stared from June 15, Even with this five time multiplication, the size of KOSPI 200 options will remain significantly lower than index options traded in the United States and Europe. Average size and turnover velocity of main equity derivative exchanges Ratio Notional Value / Volume ('000 USD) Stock Opt. Stock Fut. Index Opt. Index Fut. ETF Opt. Ratio Volume / (# contracts) BM&FBOVESPA CBOE CME Group KRX NSE India BSE Ltd ASX Taifex HKEX CFFEX Eurex Moscow NYSE Liffe Nasdaq OMX LSE Group Meff JSE Tel-Aviv SE Average (1) (1) Non-weighted average Stock Opt. Stock Fut. Index Opt. Index Fut. ETF Opt. WFE/IOMA Derivatives Market Survey

15 According to BIS statistics, the outstanding amounts for ETD and OTCD tended to follow similar trends. No transfer was observed from one segment to another. For ETD, it seems that BIS statistics are only taking into account index options and futures whereas WFE estimates that single stock and ETF options account for about half of the total notional outstanding amounts of equity ETD worldwide. The 2012 increase of OTCD notional outstanding amounts (+4.5%) was driven by forward and swaps (+17.6%). OTCD options remained stable. Notional outstanding amounts of on-exchange and OTC equity derivatives (billion USD) OTC On-exchange Source: BIS WFE/IOMA Derivatives Market Survey

16 Cleared contracts (millions) Cleared contracts (millions) Single Stock Options In 2012, the number of single stock options traded decreased by 1.7% (-2.8% rebasing ASX volumes). As noted last year, the 2012 growth rate was partly biased by two opposite effects: in May 2011, the size of ASX contracts was divided by 10, but on the other hand, most contracts size increased on Eurex in the course of The Americas region still dominates the single stock options market with 82% of the traded volumes. In this region, the volumes remained stable (+0.1%) thanks to BM&FBOVESPA and ISE whose volumes growth offset the decreases observed in NASDAQ, NYSE and CBOE. The most significant drop in volumes was observed in EAME (-19%). The information on paid premium is unfortunately not available for all exchanges. But for those for which the figures were provided, it is worth noting that the growth trends were not correlated with volumes. For example on the three main US exchanges, while the volumes decreased by 6.2%, the amount of paid premium increased by 23%. Conversely, on BM&FBOVESPA, the biggest market for single stock options, paid premium decreased by 6.9% despite the 11% growth rate of volumes. One explanation for the increased premium in the United States was probably that the stock prices rose significantly in 2012 which, on average should result in higher premiums, assuming no change in volatility. In 2012, index volatility trended lower, but that was accompanied by lower implied correlations. Thus, the falling index volatility can go with stable or even rising equity volatility. Evolution of number of contracts traded, number of transactions and paid premium in the US Premiums (billion USD) Transactions (millions) Cleared Contracts Total Premiums Cleared Contracts Cleared Transactions WFE/IOMA Derivatives Market Survey

17 The number of trades also increased significantly in 2012 for the four biggest exchanges, namely BM&FBOVESPA, NASDAQ OMX US, NYSE Liffe US and CBOE. The increasing number of trades in the US, while number of contracts traded decreased, could be an indication of increasing HFT, but the aggregated figures have to be interpreted with caution due to the fact that contracts of different sizes and characteristics are gathered in the same basket. As noted in the introduction, Tabb Group 4 estimates that the market share of HFT in the US options markets is about 60% (of which 45% comes from marketmaking firms) and is still increasing. Moreover, according to CBOE, HFT activity is generally higher in electronically-traded ETF options (e.g., SPY, IWM, QQQ, etc.) and the most active individual equity option. In 2012, the weight of Apple in stock options volumes on the three main US exchanges (Nasdaq OMX, NYSE Liffe US and CBOE) increased very significantly, from 4.5% in 2011 to 8.1% in Apple is a very high priced stock and activity in this stock is characterized by high paid premium with relatively small trade sizes. On the CBOE, Apple was accounting in 2012 for 10.8% of single stock options volumes (against 4.4% in 2011), 20.9% of the number of trades (against 8.9% in 2011) and 50.8% of paid premium (against 18.2% in 2011). The 2012 increase of number of trades and paid premium in the United States was largely driven by Apple. Top 10 exchanges by number of single stock options contracts traded in 2012 Millions of contracts ('000 Exchange Notional Value (bn USD) Number of trades Option Premium traded contracts) ('000) (bn USD) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 BM&FBOVESPA % % % % 30-21% 2 NASDAQ OMX (US markets) 644-8% NA NA NA NA % % 3 NYSE Euronext (US markets) 595-6% NA NA NA NA % % 4 Chicago Board Options Exchange 494-4% % % % % 5 International Securities Exchange 457 6% NA NA NA NA NA NA NA NA 6 Eurex % % % % 35-27% 7 Australian Securities Exchange % % % NA NA NA NA 8 NYSE Liffe (European markets) % % % % 24-36% 9 Boston Options Exchange 95 3% NA NA NA NA NA NA 17-4% 10 National Stock Exchange of India 57 72% % % % 6 64% Others % % % % 9-58% Total % % NA NA % 724 6% NB: Dividend trades are included for US exchanges 4 US Options Market Making 2013: Scale, Scope and Survival February 2013 Andy Nybo, Tabb Group WFE/IOMA Derivatives Market Survey

18 The most actively traded single stock options (1) in the world in 2012 Millions of Notional Open contracts Value Interest Exchange Products Number of trades Option Premium traded (bn USD) ('000) ('000) (mio USD) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 BM&FBOVESPA Petrobras PN % 427 7% % % % 2 BM&FBOVESPA Vale R Doce PNA 378-4% % % % % 3 BM&FBOVESPA OGX Petroleo % 58-6% % % % 4 CBOE Apple Inc % % % % % 5 NYSE Euronext (US) Apple Inc % NASDAQ OMX (US) Apple Inc % NYSE Euronext (US) Bank of America 33 4% CBOE Bank of America 25-1% 21-1% % 721 3% % 9 ASX Telstra Corp % % % 10 Eurex Deutsche Telekom 24-13% 28-19% % % 11 NASDAQ OMX (US) Bank of America 23-21% Eurex Nokia 17-27% 7-63% % % 13 NASDAQ OMX (US) Microsoft Corp % ASX BHP Billiton 17-29% % % 15 NASDAQ OMX (US) AT&T Inc % NASDAQ OMX (US) Pfizer 14 19% NASDAQ OMX (US) General Electric 14 6% NASDAQ OMX (US) Intel Corp % ASX CBA 12 27% % % 20 Eurex E.ON 12-31% 25-43% % % 21 Eurex Commerzbank 12-26% 3-66% % % 22 ASX XJO NASDAQ OMX (US) Verizon Com. 12 6% NYSE Euronext (US) Microsoft Corp. 11-5% LSE Group Gazprom 11-18% % BM&FBOVESPA BMFBOVESPA 11 13% 7 20% % % % 27 Eurex Daimler 10 11% 55 2% % % 28 NYSE Euronext (US) Citigroup Inc % NYSE Liffe (Europe) ING 10-33% 8-42% % % % 30 NASDAQ OMX (US) JPMorgan Chase & Co Total % (1) Excluding International Securities Exchange (ISE) WFE/IOMA Derivatives Market Survey

19 In 2012 in the United States, volumes of flexible stock options increased significantly (+23%) as well as paid premium (+46%), but their weight in the total number of options traded remains relatively low (0.29%). Number of single stock flexible options cleared by OCC Exchange Number of contractscleared ('000) Premiums (Mio USD) NYSE Amex NYSE Arca Options Chicago Board Options Exchange (CBOE) NASDAQ OMX PHLX Total flexible options on OCC Memo : Total single stock options on OCC Market share of flexible options 0.29% 0.22% 0.63% 0.32% 0.27% 0.22% 1.07% 0.59% Source : OCC According to a recent study by Tabb Group 5, Options Market-Making firms in the United States see the greatest growth potential in complex order books, VIX-related products, weekly options and narrower strike increments. They are less confident of the growth prospects in mini options, flex options and daily options. 5 US Options Market Making 2013: Scale, Scope and Survival February 2013 Andy Nybo, Tabb Group WFE/IOMA Derivatives Market Survey

20 1.1.2 Single Stock Futures Single stock future volumes decrease was more pronounced than for single stock options (-9%) but the number of open positions at the end of 2012 was 15% higher than one year before. Contrary to single stock options, single stock futures volumes are mainly located in EAME and Asia Pacific regions (99% of the volumes in 2012). Opposite trends were observed in those two regions: EAME volumes decreased by 15% (driven by RTS) while Asia Pacific volumes increased 16% (driven by Korea Exchange). It is worth noting that on those two Exchanges, the size of the contracts traded measured by the ratio notional value / number of traded is much smaller than on other exchanges (suggesting that they are more oriented to retail investors). On Eurex and NYSE Liffe (Europe) most of single stock futures traded are traded OTC but registered and cleared by the exchanges. On both European exchanges, the notional value of contracts traded declined while open interest increased sharply. As noted earlier, single stock futures differ from other equity derivatives by three main aspects: volumes are mainly located in EAME regions, single stock futures account for a small share of total notional outstanding amounts of equity derivatives and on the two main markets in terms of open interest, namely NYSE Liffe and Eurex, the great majority of trades are OTC trades registered on the exchanges. This indicates that they are most probably used by different type of investors and for different purposes and explains why the evolution trends observed are different. Top 10 exchanges by number of single stock futures contracts traded in 2012 Exchange Millions of contracts traded Notional Value (bn USD) ('000 contracts) Number of trades ('000) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 NYSE Liffe (European markets) 247-2% % % 12-25% 2 Moscow Exchange % 91-43% % NA NA 3 Eurex % % % 35-61% 4 National Stock Exchange of India 153-5% 792-9% % % 5 Korea Exchange % 53 67% % % 6 Johannesburg Stock Exchange 29-43% 31 11% % NA NA 7 MEFF 21-23% 21-49% % 39-54% 8 Athens Exchange 13 73% 3-15% % % 9 LSE Group 6-50% 18-62% % 17-46% 10 One Chicago 5 43% NA NA NA NA NA NA Others 12 0% 22 8% 615 7% % Total % % % % WFE/IOMA Derivatives Market Survey

21 1.1.3 Stock Index Options Excluding Korea and BSE Ltd, the number of index options traded decreased by 11% (against - 36% including the two exchanges). Given the small size of contracts traded on both Korea Exchange and BSE Ltd, 11% also corresponded to the decrease of total notional value for index options worldwide. As noted last year, Korea Exchange needs to be excluded from the scope for the calculation of a consistent volume growth rate due to the fact that in March 2012, Korea Exchange decided to multiply by five the size of the newly listed contract. Ceteris paribus, volumes should on a mid-term horizon decrease five times compared with previous years. In the past, index options volumes were heavily influenced by KOSPI 200 options traded in Korea: they accounted for 64% of the index options volume traded worldwide in 2011 and 43% in The market share of KOSPI 200 options will continue to decrease in 2013, as the sizes changing occurred in the course of 2012 and were implemented progressively. On BSE Ltd. volumes were multiplied by more than 1000 on BSE 30 SENSEX index options following incentives offered by the Exchange and new index options on BSE 100 Index were introduced. It remains to be seen whether those high volumes remain after the end of the incentives. Looking at the 30 most active index options, we can see that all the indicators (volumes, open interest and premium) decreased significantly in 2012 contrary to other equity derivative products. Let s remind that US single stock options decrease of volumes was accompanied by paid premium that continued to increase and single stock and index futures open interest continued to increase in The global decrease of ETD notional outstanding amounts compared to OTCD, highlighted earlier in the study, was thus largely explained by index options. In last year report, a special focus had been added about index options and futures cross-listings. It is worth noting that in 2012 two cross-listed contracts were present among the 30 most actively traded index options in the world: Kospi 200 options traded on Eurex and Nikkei 225 options traded on Singapore Exchange. WFE/IOMA Derivatives Market Survey

22 Top 10 exchanges by number of stock index options contracts traded in 2012 Millions of contracts ('000 Exchange Notional Value (bn USD) Number of trades Option Premium traded contracts) ('000) (bn USD) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 Korea Exchange % % % % % 2 National Stock Exchange of India 820-6% % % % 37-33% 3 Eurex % % % % % 4 BSE Limited 235 NA NA 36-74% NA 5 NA 5 Chicago Board Options Exchange % % % % % 6 TAIFEX % % % % 10-28% 7 CME Group 59-2% % % % NA NA 8 Tel-Aviv Stock Exchange 57-34% % % % 18-39% 9 JPX (Osaka Securities Exchange) 49 8% NA NA % % 62-4% 10 NYSE Liffe (European markets) 39-25% % % % 46-21% Others 118 4% % % % 18-58% Total % % % % % The most actively traded stock index options in the world in 2012 Millions of Notional Open contracts Value Interest Exchange Products Number of trades Option Premium traded (bn USD) ('000 ('000) (mio USD) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 Korea Exchange Kospi % % % % % 2 NSE India CNX S&P NIFTY Options 803-8% % % % % 3 Eurex EURO STOXX % % % % 4 CBOE S&P 500 Index % % % % % 5 BSE Limited BSE 30 SENSEX % % 6 TAIFEX TAIEX Options % % % % % 7 BSE Limited BSE Tel-Aviv SE TA-25 Options 57-34% % % % % 9 Eurex DAX Options 52-24% % % % 10 JPX (Osaka) Nikkei % % % % 11 CME Group E-MINI S&P % % Moscow Exchange RTS Index Options 34-4% 98-15% % Eurex KOSPI % % NSE India CNX BANKNIFTY Options % % % % % 15 NYSE Liffe (Europe) FTSE 100 (EUROPEAN) 11-14% % % % 16 NYSE Liffe (Europe) AEX-INDEX 10-41% % % % % 17 BM&FBOVESPA Bovespa Stock Index % 7 38% % 13 57% CME Group S&P % 278 0% CBOE Nasdaq 100 Index % % % 219-6% % 20 NYSE Liffe (Europe) FTSE 100 (EUROPEAN) % % % % % 21 ISE All index options % CME Group EOM EMINI S&P % 46 20% NYSE Liffe (Europe) CAC 40 * (10 EURO) 5.0-5% % % % % 24 CBOE Russell 2000 Index % % % % % 25 Eurex SMI Options % % % % 26 CBOE S&P 100 Index % % 40-60% % % 27 Eurex EURO STOXX Banks % 27 53% % % 28 Singapore Exchange SGX Nikkei 225 Index % % CME Group EOW2 EMINI S&P % % NYSE Liffe (Europe) AEX-INDEX DAILY % % 4 57% % % Total % % % % % Total (Excluding Korea Ex. and BSE Ltd.) % WFE/IOMA Derivatives Market Survey

23 In last year report a special focus had also been added about mini index options. Some of them have better performed than standard options in 2012, but their weight in the total notional value most probably remains very small. Standard index option vs mini options Exchange Products Millions of contracts traded Notional Value (bn USD) Average size 2012 AGR 2012 AGR 2012 CBOE S&P 500 Index % % CBOE Mini S&P 500 Index % % CBOE Nasdaq 100 Index % % CBOE Mini Nasdaq 100 Index % % 630 CME Group S&P % CME Group E-MINI S&P % CME Group EOM S&P % CME Group EOM EMINI S&P % CME Group EOW2 S&P % CME Group EOW2 EMINI S&P % CME Group EOW1 S&P % CME Group EOW1 EMINI S&P % CME Group NASDAQ % CME Group E-MINI NASDAQ % CME Group DJIA % CME Group MINI $5 DOW % NSE India CNX S&P NIFTY Options % % NSE India Mini Option Contracts on CNX 0.93 S&P NIFTY 201% 2 192% Total Standard (CBOE + CME) % Total Mini (CBOE + CME) 48 7% WFE/IOMA Derivatives Market Survey

24 1.1.4 Stock Index Futures As for index options, the volumes of index futures traded both in number of contracts and in monetary value, decreased significantly in But, on the other hand, the open interest and notional outstanding amounts continued to increase suggesting that they are more often used for hedging purpose than index options. In Americas, the market is still dominated by CME Group that accounted for 85% of the region s volumes in 2012 and that experienced a 22% decrease of volumes and 5% increase of open interest. In EAME, all the exchanges with significant volumes experienced quite similar decrease of volumes in The Asia Pacific region was less affected than the others by the 2012 volume drop thanks to Osaka Securities Exchange that increased 9% and China Financial Futures Exchange where volumes more than doubled in The impressive growth of China Financial Futures Exchange that only offers one contract since 2010 allowed the exchange to reach the third position in terms of notional value in CSI 300 futures traded on China Financial Futures Exchange are the only financial futures traded in Mainland China. In 2012, the number of CFFEX retail clients was accounting for 98% of the total number of clients. In 2012, retail trading accounted for 96.5% of the total transaction volume and 63.9% of the total daily average open interest. As for index options, it is interesting to note that some cross-listed index futures (traded on Singapore Exchange) were in 2012 in the list of the 30 most actively traded index futures. Top 10 exchanges by number of stock index futures contracts traded in 2012 Millions of contracts ('000 Exchange Notional Value (bn USD) Number of trades traded contracts) ('000) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 CME Group % % % % 2 Eurex % % % % 3 Moscow Exchange % % % NA NA 4 JPX (Osaka Securities Exchange) 150 9% % % % 5 National Stock Exchange of India % % % % 6 China Financial Futures Exchange % % % NA NA 7 NYSE Liffe (European markets) 84-14% % % % 8 Singapore Exchange 67-3% NA NA % NA NA 9 BM&FBOVESPA 64 26% % % % 10 Korea Exchange 62-28% % % % Others % % % % Total % % % % WFE/IOMA Derivatives Market Survey

25 The most actively traded stock index futures in the world in 2012 Millions of Notional contracts Value Exchange Products Open Interest Not. Outs. Amounts Number of trades traded (bn USD) ('000 (bn USD) ('000) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 CME Group E-MINI S&P % % Moscow Exchange RTS Index Futures % % % Eurex EURO STOXX 50 Index % % % % JPX (Osaka) Nikkei 225 Mini % % % % 5 CFFEX CSI 300 futures % % % NSE India CNX S&P NIFTY Futures 80-35% % % % % 7 CME Group E-MINI NASDAQ % % Korea Exchange KOSPI 200 Futures 62-28% % % % 9 BM&FBOVESPA Mini Bovespa Index 39 48% % % % % 10 NYSE Liffe (Europe) CAC 40 INDEX 38-12% % % % 11 Eurex DAX Futures 37-17% % 157 1% % CME Group MINI $5 DOW 31-5% % NYSE Liffe (Europe) FTSE 100 (NEW) 27-18% % 603 1% % 14 Singapore Exchange SGX Nikkei 225 Index 25-13% % TAIFEX TAIEX Futures 25-20% % 59-14% % % 16 BM&FBOVESPA BOVESPA Index Future 22 3% 681 2% 256 8% % % 17 NSE India CNX BANKNIFTY Futures 22 27% % 43-42% % % 18 JPX (Osaka) Nikkei 225 Futures % % % % 19 TAIFEX Mini-TAIEX Futures % % 27-25% % % 20 Singapore Exchange SGX MSCI Taiw an Index % % Singapore Exchange SGX S&P CNX Nifty Index % % NYSE Liffe (Europe) FUTURE AEX INDEX % % 96 89% % 23 Eurex EURO STOXX Banks % 62 39% % % NSE India Mini CNX S&P NIFTY % 19-37% 21-61% 46-50% % 25 Eurex SMI Futures % % % % Singapore Exchange SGX FTSE China A % % BSE Limited BSE 30 SENSEX % % 1-91% 0-99% % 28 CME Group E-MINI MIDCAP % % CME Group NIKKEI 225 (YEN) % % NYSE Liffe (Europe) FTSE 100 (NEW) % 495-4% % Total % % % WFE/IOMA Derivatives Market Survey

26 1.1.5 ETF Options The ETF options market remains mainly a US market. This reflects the uneven development of the underlying market of ETFs which first appeared at the beginning of the 1990 s in the US, and only ten years later in Europe. In 2012 in the United States, the number of ETF options traded decreased even more sharply (-19%) than the number of index options (-10%). The amount of premium paid also dropped by 36%. As noted earlier, looking at CBOE figures, the average size of ETF options (10 K$) is very close to that of single stock options (11 K$) and much smaller than index options one (138 K$). This suggests that they are more retail oriented than index options. Top 5 exchanges by number of ETF options contracts traded in 2012 Exchange Millions of contracts Notional Value (bn USD) ('000) Number of trades Option Premium 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 NYSE Euronext (US markets) % NA NA NA NA % 50-40% 2 NASDAQ OMX (US markets) % NA NA NA NA % 62-37% 3 Chicago Board Options Exchange % % % % 43-33% 4 International Securities Exchange % NA NA NA NA NA NA NA NA 5 Boston Options Exchange 50 6% NA NA NA NA NA NA 7-22% Others 7 7% 14-5% % 42-23% 0-18% Total % NA NA NA NA % % WFE/IOMA Derivatives Market Survey

27 1.2 Equity derivatives clearing In Europe, NYSE Liffe and Eurex are offering clearing and registration services for OTC trades. On NYSE Liffe, the dedicated platform is called BClear. On those two exchanges, OTC trades were accounting for 55% of the equity derivatives traded volumes in 2012 against 52% in 2011 and for 0.35% of the number of trades. Those OTC trades are thus much bigger than other on-exchange trades. The users of those platforms must accordingly be different users with different strategies. This explains why evolutions observed on single stock futures (where OTC trades account for 99% of the volumes) differ from other equity derivatives. Share of OTC trades registered by the exchanges in Eurex and NYSE Liffe volumes in Europe 100% 80% 60% % 20% 0% Single Stock Options Single Stock Futures Index Options Index Futures WFE/IOMA Derivatives Market Survey

28 2 INTEREST RATE DERIVATIVES 2.1 Interest rate derivatives trading In terms of notional outstanding amounts, the interest rate derivative market is the most important segment of derivative markets for both Exchange Traded Derivatives (ETD) and OTC Derivatives (OTCD). The ETD market is highly concentrated and the three main exchanges, namely CME Group, Eurex and NYSE Liffe experienced significant decrease of volumes in 2012 (-25% for STIR and -19% for LTIR) in a context of low interest rates environments, no economic growth and no credit expansion. On the other hand, on those three exchanges, open interest continued to increase significantly on the LTIR segment (+14% against -7% for STIR derivatives). The need for hedging against interest rate risk on the long run remains important. As for Equity derivatives, BM&FBOVESPA, which is the fourth biggest exchange in terms of volumes traded, stands out from other exchanges with a positive growth rate of volumes, open interest and number of trades. 4.0 Number of interest rate ETD traded worldwide (billions of contracts) STIR Options STIR Futures LTIR Options LTIR Futures WFE/IOMA Derivatives Market Survey

29 OTC derivatives The size of long term interest rate contracts (generally local currency) is much smaller than that of short term interest contracts (most of the time local currency). That is why - as it is shown in the following graph - short term interest rate derivatives account for such a large part of the notional value (86%) and notional outstanding amounts (96%) breakdown by Interest Rate product group of Volume Notional Value Notional Out. Am. Trades 13% 12% 2% 21% 3% 1% 1% 40% 41% 55% 53% 46% 41% 6% 65% 0% The market of interest rate derivatives is highly dominated by OTC products in terms of notional outstanding amounts due to the importance of interest swaps. In the United States and Europe, the recent OTC market regulation is expected to boost clearing of standardized IR derivatives and possibly transfer of volumes from OTCD to ETD. Part of OTC swap volume should migrate to like products in the ETD futures markets. Evolution of notional outstanding amounts of on-exchange and OTC interest rate derivatives (trillion USD) OTC swaps OTC forward rate agreements & opt. On-exchange fut. & opt On-exchange derivatives 0 0 Source: BIS In recent years, OTCD and ETD notional outstanding amounts seemed to have followed quite similar trends. ETD notional outstanding amount is largely driven by STIR segment due to the larger size of the contracts and their weight in total ETD interest rate derivatives (86%). WFE/IOMA Derivatives Market Survey

30 2.1.1 STIR Options and Futures Short Term interest rate derivatives are defined by an original term to maturity of underlying being equal to or less than 12 months. The two biggest contracts in terms of notional value, namely Eurodollar futures traded on CME Group and Three Month Euribor futures traded on NYSE Liffe, both experienced a sharp decrease of volumes (respectively -24% and -26%) but an increase of open interest (respectively +5% and +23%). The need for hedging against interest rate risk continues to increase significantly especially in Europe where uncertainties are greater. The third biggest exchange in terms of volumes traded, BM&FBOVESPA, accounts for 31% of global volumes and 51% of the open interest but only 2% the total notional value. Due to their smaller size (closer to standard LTIR contracts) BM&FBOVESPA contracts might be more easily accessible. Top 5 exchanges by number of short term interest rate* derivatives contracts traded in 2012 Millions of Notional Out. contracts ('000 Amounts Exchange Notional Value (bn USD) Number of trades traded contracts) (bn USD) ('000) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 CME Group % % % % % 2 NYSE Liffe (European markets) % % % NA NA % 3 BM&FBOVESPA 502 9% % % % % 4 MexDer 27-15% % % 53 NA 8-43% 5 NASDAQ OMX Nordic Exchanges 27 1% NA NA % NA NA NA NA Others 61-15% % % NA % Total % % % NA NA % * Original term to maturity of underlying being equal to or less than 12 months (treasury bills, deposits etc) The most actively traded STIR derivatives in the world in 2012 Millions of Notional Number of Exchange Products contracts Value ('000 trades traded (bn USD) contracts) ('000) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 CME Group EURODOLLARS futures % % BM&FBOVESPA Interbank Deposits (ID) futures 341 6% % % % 3 NYSE Liffe (Europe) THREE MONTH EURIBOR futures % % % % 4 NYSE Liffe (Europe) THREE MONTH STERLING futures 115-1% % % % 5 BM&FBOVESPA ID Index options % % % 17-13% 6 CME Group EURO MIDCURVE options 86-5% % NYSE Liffe (Europe) THREE MONTH EURIBOR options 71-44% % % 53-16% 8 CME Group EURODOLLARS options 48-53% % BM&FBOVESPA ID x U.S. Dollar FRA 35 3% % % 10 BM&FBOVESPA Options on ID futures 17 84% % % 3 80% 11 NYSE Liffe (Europe) 3 Month EURIBOR MID CURVE op % % 850 8% 9-13% 12 NYSE Liffe (Europe) 3 Month STERLING options 9-58% % % 6-53% 13 NYSE Liffe (Europe) 3 Month EURIBOR 2 YEAR MID CURVE op NYSE Liffe (Europe) 3 Month EUROSWISS futures 6-22% % % % 15 NYSE Liffe (Europe) 3 Month STERLING MID CURVE op. 5-54% % % 3-57% Total % % - - WFE/IOMA Derivatives Market Survey

31 2.1.2 LTIR Options and Futures As noted earlier, LTIR options and futures experienced a significant increase of open interest in 2012 (+19%) despite the volume decline (-14%). This increase of open interest was less pronounced on Eurex than on other main exchanges. As the STIR derivatives market, the LTIR derivatives market is highly concentrated: the fifteen most active contracts account for 86% of total volumes and the two largest exchanges account for 84% of total volumes. Volumes in the Asia Pacific region remain smaller than in Americas and EAME but increased mush faster in 2012 (+12% against -12% for Americas and -20% for EAME). In 2012, Asia Pacific volumes accounted for 9% of total volumes. Top 5 exchanges by number of long term interest rate* derivatives contracts traded in 2012 Millions of Notional Out. contracts ('000 Amounts Exchange Notional Value (bn USD) Number of trades traded contracts) (bn USD) ('000) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 CME Group % % % % % 2 Eurex % % % 703 7% % 3 Australian Securities Exchange 65 8% % % % % 4 Korea Exchange 43 14% % % 25 NA % 5 NYSE Liffe (European markets) 39 9% % % NA NA % Others 66 68% % % 182 NA % Total % % % % % * Original term to maturity of underlying being greater than 12 months (treasury bonds, corporate bonds, Eurobonds etc) The most actively traded LTIR derivatives in the world in 2012 Millions of Notional Exchange Products contracts Value ('000 traded (bn USD) contracts) 2012 AGR 2012 AGR 2012 AGR 1 CME Group 10-YR NOTE futures % % 2 Eurex Euro-Bund futures % % 882 3% 3 CME Group 5-YR NOTE futures % % 4 Eurex Euro-Bobl futures % % % 5 Eurex Euro-Schatz futures 94-43% % % 6 CME Group 30-YR BOND futures 90 0% % 7 CME Group 10-YR NOTE options 55 9% % 8 CME Group 2-YR NOTE futures 52-23% % 9 Eurex Opt. on Euro-Bund fut. 40 5% % % 10 NYSE Liffe (Europe) LONG GILT futures 38 10% % % 11 Korea Exchange 3yr KTB futures 30-13% % 208 2% 12 Moscow Exchange All LTIR futures Eurex Opt. on Euro-Schatz fut % % % 14 CME Group 30-YR BOND options 18 38% % 15 CME Group ULTRA T-BOND futures 16 8% % Total % % WFE/IOMA Derivatives Market Survey

32 2.2 Interest rate derivatives clearing As noted earlier, in interest rates markets, ETD and OTCD notional outstanding amounts seemed to have followed similar trends. No transfer was observed in anticipation of Dodd-Frank OTC swap reform that began with Phase I of mandatory clearing in March 2013 in the United States. In 2012 clearing statistics, we did not see, neither, a volume transfer from IR swaps to futures. Nevertheless introductions by CME Group and Eris Exchange of interest rate swap futures are first signs of the transfer phenomenon that is expected to occur in the coming months. Open positions in CME Group IR deliverable swap futures have been rising progressively since their launch in December In Europe the regulation of OTC derivatives markets should be implemented at least six months after the United States. Evolutions of STIR open positions have to be interpreted with caution. They are indeed heavily influenced by the weight of BM&FBOVESPA that accounts for more than half of the total open positions, but the much smaller size of the contracts traded makes that their weight in total notional outstanding amount is relatively marginal. Interest Rate Derivatives Clearing Open Positions (thousands of contracts) /11 Short-Term Options and Futures % Long-Term Options and Futures % Interest Rate Swaps % Notional Outstanding Amounts (USD trillions) Short-Term Options and Futures (1) % Long-Term Options and Futures % Interest Rate Swaps % (1) Estimations are made by WFE for the Notional Outstanding Amounts of STIR options and futures traded on NYSE Liffe in Europe In Europe, Eurex is offering solutions to register and clear OTC trades. In 2012, OTC trades were accounting for 20% of the LTIR volumes (85% for LTIR options and 8% for LTIR futures). WFE/IOMA Derivatives Market Survey

33 3 CURRENCY DERIVATIVES For the first time since 2004, the number of currency derivatives traded on exchanges decreased by 23% to 2.4 billion of contracts traded. It is nevertheless important to keep in mind that decrease followed very impressive growth rates registered in recent years. Contracts traded in India still account for a large part of volume (60%) and primarily explains the 2012 decrease as well as the huge increases observed in recent years. The volume decrease in India can probably be partially explained by some new regulations in the country that had the effect to limit volumes traded by banks. In other countries the volumes increased by 3% in Number of currency options and futures traded worldwide (billions of contracts) Currency Futures Currency Options The dominance of Indian exchanges in terms of number of contracts traded is to be seen against their limited weight in the total notional value where CME and BM&FBOVESPA represent more than 90% of the total breakdown by market of Volume Notional Value 27% 9% 5% 4% 5% 10% 10% 17% 48% 60% 74% 31% WFE/IOMA Derivatives Market Survey

34 OTC derivatives The currency derivatives market is highly dominated by OTC products that account for 99.5% of the notional outstanding amount. In recent years, OTCD and ETD outstanding amounts seemed to have followed the same trends. Evolution of notional outstanding amounts of on-exchange and OTC currency derivatives (billion USD) OTC options OTC currency swaps OTC forward and forex swaps On-exchange fut. & opt On-exchange derivatives Source: BIS Top 10 exchanges by number of currency derivatives contracts traded in 2012 Millions of contracts ('000 Exchange Notional Value (bn USD) Notional Out. Amounts Number of trades traded contracts) (bn USD) ('000) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 National Stock Exchange of India % % % 4 71% % 2 MCX SX % % % 1 45% % 3 Moscow Exchange % % % NA NA NA NA 4 CME Group 214-8% % % 213 NA % 5 BM&FBOVESPA 120-1% % % 93 NA % 6 Tokyo Financial Exchange Inc % NA NA % NA NA NA NA 7 Korea Exchange 55-23% % % 8 NA % 8 Rofex 50-7% 51-8% % 1-53% 28-16% 9 Johannesburg Stock Exchange 17 23% 15 9% % NA NA NA NA 10 Turkish Derivatives Exchange 12-35% 13-36% 77-29% NA NA NA NA Others 48-88% % % 7-38% % Total % % % NA NA % Several new products were introduced in MCX-SX launched trading in currency options since August 10, 2012, offering European style call and put option contracts in the US$ Indian Rupee pair with a tick size of 10 basis points. Hong Kong Exchange started trading RMB Currency Futures in CME Group is also offering RMB futures, but volumes remain relatively low and decreased by 46% in WFE/IOMA Derivatives Market Survey

35 4 COMMODITY DERIVATIVES The commodity derivatives market was the only one that grew in terms of volumes in 2012 (+18%) but at the same time the number of open positions decreased by 7%. The volume increase was mainly driven by mainland Chinese exchanges that increased 34% after having decreased 34% in 2011 and by ICE futures US that transferred all cleared OTC energy swaps to futures in mid-october 2012 in anticipation of the final Dodd-Frank regulatory requirements. When the figures from mainland Chinese exchanges and ICE Futures US are excluded, the 2012 volume growth rate remained positive (+2%). The share of mainland Chinese exchanges 6 in the total number of traded contracts increased from 36% in 2011 to 42% in In the total open interest, the share of mainland Chinese exchanges is much smaller (8% in 2012). 3.5 Number of commodity options and futures traded worldwide (billions of contracts) Commodity Futures Commodity Options Dalian Commodity Exchange, Shanghai Futures Exchange and Zhengzhou Commodity Exchange WFE/IOMA Derivatives Market Survey

36 Volume (millions of contracts) CME Group still dominates the scene for commodity derivatives; the Group was accounting for 67% of total open interest at the end of 2012 and is present with important volumes on all the segments (Agricultural, Energy and Metal) via its various trading platforms: CME, CBOT and NYMEX. In 2012 CME Group experienced a 14% decrease of open interest and 2% decrease of volumes. On Clearport, the clearing facilities to process OTC trades, the volumes decreased by 9%. As noted earlier the surge of ICE Futures US volumes (+208%) was caused by the transformation of energy swaps into futures, excluding energy derivatives, the growth rate of volumes decrease to 7%. In Asia Pacific, the increase of volumes on mainland Chinese exchanges (+34%) combined with their predominant weight in the region (76% of the volumes in 2012) led to a global significant growth rate (+27%). Multi Commodity Exchange of India, that accounts for 22% of the region volumes, also increased significantly (+12%). In both countries, China and India, open positions also increased sharply in 2012 (respectively +30% and +45%), but the number of open positions remains very low compared to CME Group. Number of commodity futures traded and open interest in China (millions of contracts for volumes and thousands of contracts for open interest) Zhengzhou Commodity Exchange Shanghai Futures Exchange Dalian Commodity Exchange Open interest Open interest (thousands of contracts) In Europe, the two largest exchanges, ICE Futures Europe for energy derivatives and London Metal Exchange for metals, increased respectively by +4% and +9%. Growth rate for energy derivatives was lower (3% excluding ICE Futures US energy futures) than for Metal (+14%) and Agricultural (+24%) ETD. WFE/IOMA Derivatives Market Survey

37 Top 10 exchanges by number of commodity derivatives contracts traded in 2012 Millions of contracts ('000 Exchange Notional Value (bn USD) traded contracts) (bn USD) ('000) 2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR 1 CME Group 806-2% % % % % 2 Dalian Commodity Exchange % % % NA NA NA NA 3 Multi Commodity Exchange of India % NA NA % NA NA NA NA 4 Shanghai Futures Exchange (1) % % % NA NA NA NA 5 Zhengzhou Commodity Exchange % % % 9 NA NA NA 6 ICE Futures Europe 272 4% % % NA NA NA NA 7 ICE Futures U.S % NA NA NA NA NA NA NA NA 8 London Metal Exchange 160 9% NA NA % NA NA NA NA 9 Tokyo Commodity Exchange (2) 25-20% % 354 9% NA NA NA NA 10 NYSE Liffe (European markets) 23 11% 410 0% % NA NA % Others 57-15% 416-6% % 29-27% % Total % % % NA NA NA NA (1) In the 2011, fuel oil contract size was increased from 10 tons/lot to 50 tons/lot while natural rubber contract size was increased from 5 tons to 10 tons. (2) Raw Sugar Futures is under the process of change for its Contract size from 10,000 kilograms to 50,000 kilograms but volume is low. Notional Out. Amounts Number of trades Breakdown of commodity derivatives volumes by product group in % 43% 28% Agricultural Metals Energy Breakdown of commodity derivatives volumes by product group 2012 Volumes 2012/2011 GR Total Agr. Met. Ener. Total Agr. Met. Ener. CME Group (Exc. OTC) % 6% -9% -3% Dalian Commodity Exchange % 119% Multi Commodity Exchange of India % NA 6% 33% Shanghai Futures Exchange % -28% 44% -100% Zhengzhou Commodity Exchange % -15% ICE Futures Europe % 4% ICE Futures U.S % 7% New London Metal Exchange % 9% Tokyo Commodity Exchange (TOCOM) % -31% -21% -5% NYSE Liffe (European markets) % 11% Others % Total % 24% 14% 19% excluding ICE Energy futures % 3% WFE/IOMA Derivatives Market Survey

38 5 OTHER DERIVATIVES The trading of other derivatives decreased by 8% in 2012 due to the relative important decrease of the number of CFDs traded on Australian Securities Exchange but among the most active contracts, most of them experienced double-digit volume growth. This category, that includes all the products that cannot be classified in other categories, covers a wide range of innovative products that appeared to be more and more numerous and successful in the last few years. The CBOE Volatility Index (VIX ) options introduced in 2006 remain very successful, despite low volatility, S&P 500 VIX index futures ADV doubled from Eurex is also offering volatility index derivatives as well as a wide range of innovative products such as futures on intellectual property rights. Top 10 other derivatives contracts traded in 2012 Exchange Millions of contracts Notional Value ('000 traded (bn USD) contracts) 2012 AGR 2012 AGR 2012 AGR 1 Chicago Board Options Exchange - Volatility index options % % % 2 Australian Securities Exchange - CFDs % 2-48% % 3 Johannesburg SE - Can-Do, IDX, IDX dividend and dividend futures 79 24% NA NA % 4 CBOE Futures Exchange (CFE) - Volatility index futures 24 98% % % 5 ICE Futures Europe - Carbon emission futures % NA NA NA NA 6 Eurex - Equity Index Dividend and Single Stock Dividend Futures 5.6 9% 47-27% % 7 Eurex - Volatility index futures % 13 63% % 8 BM&FBOVESPA - Volatility Options (Stock Index, IR Index and Currency) % 59-92% NA NA 9 Eurex - Volatility index options % 5 133% % 10 Eurex - Dividend options % 16 35% % Others % 8-8% % Total 341-8% % % WFE/IOMA Derivatives Market Survey

39 6 CDS CLEARING In 2011, the total notional outstanding amounts of CDS cleared increased by 5% to reach billion USD. CME Group and LCH CLearnet S.A. started offering clearing services for CDS in 2010 and Japan Securities Clearing Corporation in At the end of 2012, ICE Trust in the US and ICE Clear Europe were still accounting for 96% of the total notional outstanding amounts. Credit Default Swap Clearing Clearing House Number of Postings (double counted) Open Positions (single counted) Notional Out. Amounts (bn USD) 2012 AGR 2012 AGR 2012 AGR CME Group % ICE Clear Credit % Japan Securities Clearing Corporation % % 6 112% ICE Clear Europe % LCH Clearnet SA % % % Total % WFE/IOMA Derivatives Market Survey

40 ANNEX 1 TRADING STATISTICS 01. Single Stock Options Stock Exchange BM&FBOVESPA Bolsa de Comercio de Buenos Aires NA NA NA NA Boston Options Exchange (TMX Group) NA NA NA NA NA NA NA NA Chicago Board Options Exchange (1) NA International Securities Exchange (ISE) NA NA NA NA NA NA NA NA NA NA MexDer Montréal Exchange (TMX Group) NASDAQ OMX (US markets) NA NA NA NA NA NA NYSE Euronext (US markets) NA NA NA NA NA NA Total Americas Australian Securities Exchange (2) NA NA NA NA BSE Limited NA NA NA Hong Kong Exchanges and Clearing NA NA NA Japan Exchange Group, Inc. (Osaka Securities Exchange) NA NA NA NA Japan Exchange Group, Inc. (Tokyo Stock Exchange) NA NA Korea Exchange NA NA 0 2 NA 0 National Stock Exchange of India TAIFEX Total Asia Pacific Athens Exchange (3) Eurex Johannesburg Stock Exchange NA NA NA NA 450 LSE Group NA NA MEFF Moscow Exchange NA NA NA NA 139 NASDAQ OMX Nordic Exchanges NA NA NA NA NYSE Liffe (European markets) NA NA Oslo Børs Tel-Aviv Stock Exchange Wiener Börse NA NA NA 47 Total Europe, Africa, Middle East TOTAL (1) Including FLEX Options (2) Size of the contracts divided by 10 in May 2011 (3) Excluding REPOs Of which OTC trades registered by the exchange Stock Exchange Volume traded Volume traded Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Option premium Option premium Eurex (OTC) NA NA NA NA NA NA NYSE Liffe (European markets) (OTC) NA NA

41 02. Single Stock Futures Stock Exchange Bolsa de Valores de Colombia MexDer One Chicago NA NA NA NA NA NA NA NA Total Americas BSE Limited NA NA Hong Kong Exchanges and Clearing NA NA Korea Exchange NA National Stock Exchange of India TAIFEX Thailand Futures Exchange (TFEX) NA NA NA NA Total Asia Pacific Athens Exchange (1) Budapest Stock Exchange Eurex Johannesburg Stock Exchange NA NA NA LSE Group NA NA MEFF Moscow Exchange NA NA NA NASDAQ OMX Nordic Exchanges NA NA NYSE Liffe (European markets) NA NA Oslo Børs Warsaw Stock Exchange Wiener Börse NA NA Total Europe, Africa, Middle East TOTAL (1) Excluding REPOs Of which OTC trades registered by the exchange Stock Exchange Volume traded Volume traded Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Eurex (OTC) NA NA NA NA NYSE Liffe (European markets) (OTC) NA NA

42 03. Stock Index Options Stock Exchange BM&FBOVESPA Boston Options Exchange (TMX Group) NA NA NA NA NA NA NA NA Chicago Board Options Exchange NA CME Group NA NA ICE Futures U.S NA NA NA NA NA NA International Securities Exchange (ISE) NA NA NA NA NA NA NA NA NA NA MexDer Montréal Exchange (TMX Group) NASDAQ OMX (US markets) NA NA NA NA NYSE Euronext (US markets) NA NA NA NA NA NA Total Americas Australian Securities Exchange NA NA NA NA BSE Limited NA NA Bursa Malaysia Derivatives (BMD) NA NA NA NA NA NA NA Hong Kong Exchanges and Clearing NA NA NA NA Japan Exchange Group, Inc. (Osaka Securities Exchange) NA NA NA NA Japan Exchange Group, Inc. (Tokyo Stock Exchange) NA NA Korea Exchange NA NA National Stock Exchange of India Singapore Exchange NA NA NA NA NA NA NA NA TAIFEX Thailand Futures Exchange (TFEX) NA NA NA NA NA NA Total Asia Pacific Athens Exchange (1) Budapest Stock Exchange NA NA Eurex Johannesburg Stock Exchange NA NA NA NA LSE Group NA NA MEFF Moscow Exchange NA NA NA NA NASDAQ OMX Nordic Exchanges NA NA NA NA NYSE Liffe (European markets) NA NA Oslo Børs Tel-Aviv Stock Exchange Warsaw Stock Exchange Wiener Börse NA NA NA 37 Total Europe, Africa, Middle East TOTAL (1) Excluding REPOs Of which OTC trades registered by the exchange Stock Exchange Volume traded Volume traded Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Option premium Option premium Eurex (OTC) NA NA NA NA NA NA NYSE Liffe (European markets) (OTC) NA NA BM&FBOVESPA (OTC) NA NA NA NA 841 NA NA

43 04. Stock Index Futures Stock Exchange BM&FBOVESPA Bolsa de Valores de Colombia CME Group ELX NA NA NA NA NA NA NA NA ICE Futures U.S NA NA NA NA MexDer Montréal Exchange (TMX Group) One Chicago NA NA NA NA NA NA NA NA Total Americas Australian Securities Exchange NA NA NA BSE Limited NA Bursa Malaysia Derivatives (BMD) NA NA NA NA China Financial Futures Exchange NA NA Hong Kong Exchanges and Clearing NA NA Japan Exchange Group, Inc. (Osaka Securities Exchange) NA NA Japan Exchange Group, Inc. (Tokyo Stock Exchange) NA NA Korea Exchange NA National Stock Exchange of India Singapore Exchange NA NA NA NA NA NA TAIFEX Thailand Futures Exchange (TFEX) NA NA NA NA Tokyo Financial Exchange Inc NA NA NA NA NA NA Total Asia Pacific Athens Exchange (1) Budapest Stock Exchange Eurex Johannesburg Stock Exchange NA NA NA LSE Group NA NA MEFF Moscow Exchange NA NA NA NASDAQ OMX Nordic Exchanges NA NA NYSE Liffe (European markets) NA NA Oslo Børs Tel-Aviv Stock Exchange Turkish Derivatives Exchange NA NA NA NA Warsaw Stock Exchange Wiener Börse NA NA Total Europe, Africa, Middle East TOTAL (1) Excluding REPOs Of which OTC trades registered by the exchange Stock Exchange Volume traded Volume traded Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Eurex (OTC) NA NA NA NA NYSE Liffe (European markets) (OTC) NA NA

44 05. ETF Options Stock Exchange BM&FBOVESPA Boston Options Exchange (TMX Group) NA NA NA NA NA NA NA NA Chicago Board Options Exchange NA International Securities Exchange (ISE) NA NA NA NA NA NA NA NA NA NA MexDer Montréal Exchange (TMX Group) NASDAQ OMX (US markets) NA NA NA NA NA NA NYSE Euronext (US markets) NA NA NA NA NA NA Total Americas Hong Kong Exchanges and Clearing NA NA NA 21 Japan Exchange Group, Inc. (Osaka Securities Exchange) NA NA NA NA NA NA 14 2 Japan Exchange Group, Inc. (Tokyo Stock Exchange) NA NA 1 0 Total Asia Pacific Eurex Johannesburg Stock Exchange NA NA NA NA NA NA Total Europe, Africa, Middle East TOTAL Of which OTC trades registered by the exchange Stock Exchange Eurex (OTC) NA NA NA NA NA NA 06. ETF Futures Stock Exchange Volume traded Volume traded Volume traded Notional value Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Number of trades MexDer Total Americas Eurex Johannesburg Stock Exchange NA NA NA NA Total Europe, Africa, Middle East TOTAL Option premium Option premium

45 07. STIR Options Stock Exchange BM&FBOVESPA CME Group NA NA Montréal Exchange (TMX Group) Total Americas Australian Securities Exchange Tokyo Financial Exchange Inc NA NA NA NA Total Asia Pacific Eurex NA NA NASDAQ OMX Nordic Exchanges NA NA NA NA 155 NA NA NYSE Liffe (European markets) NA NA Total Europe, Africa, Middle East TOTAL Of which OTC trades registered by the exchange Stock Exchange Eurex (OTC) NA NA NA NA 0 19 NA NA BM&FBOVESPA (OTC) (1) NA NA NA NA 8 NA NA (1) Flexible Spot Index IR Options 08. STIR Futures Stock Exchange Volume traded Volume traded Volume traded Notional value Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Number of trades BM&FBOVESPA (1) Bolsa de Valores de Colombia NA NA NA CME Group MexDer Montréal Exchange (TMX Group) NYSE Euronext (US markets) NA NA NA NA NA NA NA NA Total Americas Australian Securities Exchange Bursa Malaysia Derivatives (BMD) NA NA NA NA Hong Kong Exchanges and Clearing NA NA National Stock Exchange of India Singapore Exchange NA NA NA NA NA NA TAIFEX Thailand Futures Exchange (TFEX) NA NA 0 2 NA NA 4 85 Tokyo Financial Exchange Inc NA NA Total Asia Pacific Eurex Johannesburg Stock Exchange NA NA 437 NA NA NA NA 189 NASDAQ OMX Nordic Exchanges NA NA NA NA NYSE Liffe (European markets) NA NA Total Europe, Africa, Middle East TOTAL (1) Including DI x US Dollar FRA Option premium Option premium

46 09. LTIR Options Stock Exchange Bolsa de Comercio de Buenos Aires NA NA NA NA Chicago Board Options Exchange NA CME Group NA NA Montréal Exchange (TMX Group) Total Americas Australian Securities Exchange Japan Exchange Group, Inc. (Tokyo Stock Exchange) NA NA Total Asia Pacific Eurex NA NA Johannesburg Stock Exchange NA NA NA 189 NA NA NASDAQ OMX Nordic Exchanges NA NA NA NA 23 NA NA NYSE Liffe (European markets) NA NA Tel-Aviv Stock Exchange Total Europe, Africa, Middle East TOTAL Of which OTC trades registered by the exchange Stock Exchange Eurex (OTC) NA NA NA NA NA NA 10. LTIR Futures Stock Exchange BM&FBOVESPA Bolsa de Valores de Colombia CME Group MexDer Montréal Exchange (TMX Group) NYSE Euronext (US markets) NA NA NA NA NA NA NA Total Americas Australian Securities Exchange Japan Exchange Group, Inc. (Tokyo Stock Exchange) NA NA Korea Exchange NA National Stock Exchange of India Singapore Exchange NA NA NA NA NA NA TAIFEX Thailand Futures Exchange (TFEX) NA NA 0 0 NA NA Total Asia Pacific Eurex Johannesburg Stock Exchange NA NA NA MEFF NA Moscow Exchange NA NA NA 964 NASDAQ OMX Nordic Exchanges NA NA NA NA NYSE Liffe (European markets) NA NA Turkish Derivatives Exchange NA NA NA NA Total Europe, Africa, Middle East TOTAL Of which OTC trades registered by the exchange Stock Exchange Volume traded Volume traded Volume traded Volume traded Notional value Notional value Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Number of trades Number of trades Eurex (OTC) NA NA NA NA Option premium Option premium

47 11. Currency Options Stock Exchange BM&FBOVESPA CME Group NA NA ICE Futures U.S NA NA NA NA NA NA International Securities Exchange (ISE) NA NA NA NA NA NA NA NA NA NA MexDer Montréal Exchange (TMX Group) NASDAQ OMX (US markets) NA NA NA NA NA NA NA NA 216 Rofex NA NA Total Americas MCX SX National Stock Exchange of India United Stock Exchange of India NA NA Total Asia Pacific Budapest Stock Exchange NA NA Johannesburg Stock Exchange NA NA NA 645 NA NA Moscow Exchange NA NA NA NA 16 NYSE Liffe (European markets) NA NA Tel-Aviv Stock Exchange Total Europe, Africa, Middle East TOTAL Of which OTC trades registered by the exchange Stock Exchange BM&FBOVESPA (OTC) (1) NA NA NA NA NA NA (1) Flexible U.S. Dollar Options 12. Currency Futures Stock Exchange Volume traded Volume traded Volume traded Notional value Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Number of trades BM&FBOVESPA Bolsa de Valores de Colombia CME Group ICE Futures U.S NA NA NA NA MexDer Rofex Total Americas Hong Kong Exchanges and Clearing NA NA NA Japan Exchange Group, Inc. (Osaka Securities Exchange) NA NA Korea Exchange NA MCX SX National Stock Exchange of India Tokyo Financial Exchange Inc NA NA NA NA NA NA United Stock Exchange of India Total Asia Pacific Budapest Stock Exchange Johannesburg Stock Exchange NA NA NA Moscow Exchange NA NA NA NYSE Liffe (European markets) NA NA Tel-Aviv Stock Exchange Turkish Derivatives Exchange NA NA NA NA Warsaw Stock Exchange Total Europe, Africa, Middle East TOTAL Option premium Option premium

48 13. Commodity Options Stock Exchange - Products BM&FBOVESPA - Agricultural and Metal CME Group - Agricultural, Energy and Metal NA NA ICE Futures Canada - Agricultural NA NA NA NA NA NA ICE Futures U.S. - Agricultural + Energy since Oct NA NA NA NA NA NA NA NA NA NYSE Euronext (US markets) - Metal NA NA NA 50 NA NA NA NA NA NA Rofex - Agricultural and Metal NA NA Total Americas Australian Securities Exchange - Energy NA 0 TAIFEX - Metal Total Asia Pacific Eurex - Metal and Energy options ICE Futures Europe - Energy NA NA NA NA NA NA Johannesburg Stock Exchange - Agricultural NA NA NA NA NA London Metal Exchange - Metal NA NA NA NA NA NA NA NA Moscow Exchange - Energy and Metal NA NA NA NA 0 NYSE Liffe (European markets) - Agricultural NA NA Total Europe, Africa, Middle East TOTAL Of which OTC trades registered by the exchange Stock Exchange - Products Volume traded Volume traded Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Option premium Option premium CME Group (OTC) - Energy and Metal NA NA NA NA NA NA NA NA

49 14. Commodity Futures Stock Exchange - Products BM&FBOVESPA - Agricultural and Metal Bolsa de Valores de Colombia - Energy NA NA CME Group - Agricultural, Energy and Metal ICE Futures Canada - Agricultural NA NA NA NA ICE Futures U.S. - Agricultural + Energy since Oct NA NA NA NA NA NA NA NASDAQ OMX (US markets) - Metal NA NA NA NA NA NA NYSE Euronext (US markets) - Metal NA NA NA NA NA NA NA Rofex Total Americas Australian Securities Exchange Bursa Malaysia Derivatives (BMD) - Agricultural NA NA NA NA Dalian Commodity Exchange - Agricultural NA NA NA NA Hong Kong Exchanges and Clearing - Metal NA NA Korea Exchange - Agricultural and Metal NA NA MCX - Agricultural, Energy and Metal NA NA NA NA NA NA Shanghai Futures Exchange - Agricultural, Energy and Metal NA NA NA NA Singapore Exchange - Agricultural, Energy and Metal NA NA NA NA NA NA TAIFEX - Metal Thailand Futures Exchange (TFEX) - Energy and Metal NA NA NA NA TOCOM - Agricultural, Energy, Metal and commodity index NA NA NA NA Zhengzhou Commodity Exchange - Agricultural NA NA Total Asia Pacific Budapest Stock Exchange - Agricultural Eurex - Agricultural, Energy and Metal NA NA ICE Futures Europe - Energy NA NA NA NA Johannesburg SE - Agricultural, Energy and Metal NA NA NA London Metal Exchange - Metal NA NA NA NA NA NA LSE Group - Energy NA NA MEFF - Commodity Forwards NA NA Moscow Exchange - Agricultural, Energy and Metal NA NA NA NYSE Liffe (European markets) - Agricultural NA NA TURKDEX - Agricultural, Energy and Metal NA NA NA NA Total Europe, Africa, Middle East TOTAL Of which OTC trades registered by the exchange Stock Exchange CME Group (OTC) - Agricultural, Energy and Metal NA NA NA NA NA NA Singapore Exchange (OTC) - Agricultural NA NA 0 95 NA NA NA NA MEFF (OTC) - Commodity Forwards NA NA b. Other Commodity Derivatives Stock Exchange - Products Volume traded Volume traded Volume traded Notional value Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Number of trades Singapore Exchange (OTC) - Swaps NA NA NA NA NA NA NA

50 15. Other Options Stock Exchange - Products BM&FBOVESPA - Volatility (Stock Index, IR Index and Currency) CBOE Futures Exchange (CFE) - Volatility index options NA NA NA Chicago Board Options Exchange - Volatility index options NA Total Americas JPX (Tokyo Stock Exchange) - REIT options NA NA 3 0 Total Asia Pacific Eurex - Volatility index options NA 800 NA 152 Eurex - Dividend options NA Eurex - Commodity Index Options NA NA NA NA ICE Futures Europe - Carbon emissions options NA NA NA NA NA NA NA NA NA NA Johannesburg Stock Exchange - Can-Do options NA NA NA NA NA 497 NA 144 Total Europe, Africa, Middle East TOTAL Other Futures Stock Exchange - Products Bolsa de Valores de Colombia - Inflation Future NA 0 NA NA 33 0 CBOE Futures Exchange (CFE) - Volatility index futures NA Total Americas Hong Kong Exchanges and Clearing - Dividend index futures NA NA NA NA Hong Kong Exchanges and Clearing - Volatiliy Index NA 8 0 NA NA NA NA JPX (Osaka Securities Exchange) - Volatiliy Index NA NA JPX (Tokyo Stock Exchange) - REIT index and dividend index NA NA Singapore Exchange - Forward Freight Agreements NA NA NA NA NA NA NA Singapore Exchange - Dividend Index Futures NA NA NA NA NA NA Total Asia Pacific Eurex - Volatility index futures NA Eurex - Equity Index Dividend and Single Stock Dividend NA Eurex - Carbon emission futures NA Eurex - Commodity Index Futures NA NA ICE Futures Europe - Carbon emission futures NA NA NA NA NA NA NA NA Johannesburg SE - Can-Do, IDX, IDX dividend and dividend NA NA NA NA LSE Group - Dividend Futures NA NA NYSE Liffe (European markets) - Dividend index futures NA NA Singapore Exchange (OTC) - Forward Freight Agreements NA NA NA NA NA NA NA Total Europe, Africa, Middle East TOTAL Other Derivatives Stock Exchange - Products Volume traded Volume traded Volume traded Notional value Notional value Notional value Notional Outstanding Amounts Notional Outstanding Amounts Notional Outstanding Amounts Number of trades Number of trades Number of trades BM&FBOVESPA - Rollover Rofex - CFDs dollar and GDP warrants Australian Securities Exchange - CFDs TOTAL Option premium

51 ANNEX 2 CLEARING STATISTICS 01. Single Stock Options Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Physical % 100.0% BM&FBOVESPA Physical % 100.0% Bolsa de Comercio de Buenos Aires NA NA NA NA NA NA NA NA NA CDCC - Montréal Exchange NA % 100.0% OCC Physical % 100.0% NA NA Total Americas Australian Securities Exchange Physical % 100.0% NA NA Hong Kong Exchanges and Clearing Physical % 100.0% Indian Clearing Corporation Ltd (ICCL) - BSE Limited Cash % 100.0% NA NA Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical % 100.0% Korea Exchange Cash % 100.0% NSCCL - National Stock Exchange of India Cash % 100.0% Osaka SE Physical % 100.0% NA NA TAIFEX Cash % 100.0% Total Asia Pacific Athens Exchange Clearing House Physical % 100.0% Cassa di Compensazione e Garanzia - LSE Group NA % 100.0% NA NA CCP Austria - Wiener Börse Physical % 100.0% Eurex Clearing AG Physical % 50.3% Johannesburg Stock Exchange NA % 100.0% NA NA LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Physical % 100.0% MAOF Clearing House - Tel Aviv SE Cash % 100.0% MEFF Physical % 100.0% Moscow Exchange Physical % 100.0% NA NA NASDAQ OMX Nordic Exchanges Physical % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) (2) NA % 15.4% NA NA Oslo Børs NA % 100.0% Total Europe, Africa, Middle East TOTAL (1) Open Positions at last maturity date i.e. 20/12 (2) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements.

52 02. Single Stock Futures Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Physical % 100.0% Bolsa de Valores de Colombia Physical % 100.0% OCC Cash % 100.0% NA NA NA Total Americas Hong Kong Exchanges and Clearing Cash % 100.0% Indian Clearing Corporation Ltd (ICCL) - BSE Limited Cash % 100.0% NA NA 153 Korea Exchange Cash % 100.0% NSCCL - National Stock Exchange of India Cash % 100.0% TAIFEX Cash % 100.0% Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash % 100.0% NA NA Total Asia Pacific Athens Exchange Clearing House Physical % 100.0% Cassa di Compensazione e Garanzia - LSE Group NA % 100.0% NA NA CCP Austria - Wiener Börse Cash % 100.0% Eurex Clearing AG Cash % 1.6% Johannesburg Stock Exchange NA % 100.0% NA NA KDPW_CCP - Warsaw SE Cash % 100.0% Keler CCP Ltd. - Budapest SE Physical % 100.0% LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Cash % 100.0% MEFF Physical/Cash % 100.0% Moscow Exchange Physical % 100.0% NA NA NASDAQ OMX Nordic Exchanges Physical/Cash % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) (2) NA % 1.6% NA NA Oslo Børs NA % 100.0% Total Europe, Africa, Middle East TOTAL (1) Open Positions at last maturity date i.e. 20/12 (2) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements.

53 03. Stock Index Options Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Cash % 100.0% BM&FBOVESPA Cash % 97.0% CDCC - Montréal Exchange NA % 100.0% CME Group NA % 100.0% ICE Clear U.S. - ICE Futures U.S. NA % 100.0% NA NA OCC Cash % 100.0% NA NA Total Americas Australian Securities Exchange NA % 100.0% NA NA Bursa Malaysia Derivatives Clearing (BMDC) NA % 100.0% 16 NA NA NA Hong Kong Exchanges and Clearing Cash % 100.0% Indian Clearing Corporation Ltd (ICCL) - BSE Limited Cash % 100.0% Japan Securities Clearing Corporation - Tokyo Stock Exchange Cash % 100.0% Korea Exchange Cash % 100.0% NSCCL - National Stock Exchange of India Cash % 100.0% Osaka SE Cash % 100.0% NA NA Singapore Exchange Cash % 100.0% NA NA TAIFEX Cash % 100.0% Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash % 100.0% NA NA Total Asia Pacific Athens Exchange Clearing House Cash % 100.0% Cassa di Compensazione e Garanzia - LSE Group NA % 100.0% NA NA CCP Austria - Wiener Börse Cash % 100.0% Eurex Clearing AG Cash % 30.4% Johannesburg Stock Exchange NA % 100.0% NA NA KDPW_CCP - Warsaw SE Cash % 100.0% Keler CCP Ltd. - Budapest SE Cash % 100.0% LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Cash % 100.0% MAOF Clearing House - Tel Aviv SE Cash % 100.0% MEFF Cash % 100.0% Moscow Exchange Cash % 100.0% NA NA NASDAQ OMX Nordic Exchanges Cash % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) (2) NA % 36.7% NA NA Oslo Børs NA % 100.0% Total Europe, Africa, Middle East TOTAL (1) Open Positions at last maturity date i.e. 20/12 (2) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements.

54 04. Stock Index Futures Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Cash % 100.0% BM&FBOVESPA Cash % 100.0% Bolsa de Valores de Colombia Cash % 100.0% CDCC - Montréal Exchange NA % 100.0% CME Group NA % 100.0% ICE Clear U.S. - ICE Futures U.S. NA % 100.0% NA NA OCC Cash % 100.0% NA NA NA Total Americas Australian Securities Exchange NA % 100.0% NA NA Bursa Malaysia Derivatives Clearing (BMDC) NA % 100.0% NA NA China Financial Futures Exchange Cash % 100.0% Hong Kong Exchanges and Clearing Cash % 100.0% Indian Clearing Corporation Ltd (ICCL) - BSE Limited Cash % 100.0% Japan Securities Clearing Corporation - Tokyo Stock Exchange Cash % 100.0% Korea Exchange Cash % 100.0% NSCCL - National Stock Exchange of India Cash % 100.0% Osaka SE Cash % 100.0% NA NA Singapore Exchange Cash % 100.0% NA NA TAIFEX Cash % 100.0% Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash % 100.0% NA NA Tokyo Financial Exchange Inc. NA % 100.0% NA NA Total Asia Pacific Athens Exchange Clearing House Cash % 100.0% Cassa di Compensazione e Garanzia - LSE Group NA % 100.0% NA NA CCP Austria - Wiener Börse Cash % 100.0% Eurex Clearing AG Cash % 83.7% Johannesburg Stock Exchange NA % 100.0% NA NA KDPW_CCP - Warsaw SE Cash % 100.0% Keler CCP Ltd. - Budapest SE Physical % 100.0% LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Cash % 100.0% MAOF Clearing House - Tel Aviv SE Cash % 100.0% MEFF Cash % 100.0% Moscow Exchange Cash % 100.0% NA NA NASDAQ OMX Nordic Exchanges Cash % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) NA % 81.4% NA NA Oslo Børs NA % 100.0% Turkish Derivatives Exchange NA % 100.0% NA NA Total Europe, Africa, Middle East TOTAL (1) Open Positions at last maturity date i.e. 20/12 (2) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements.

55 05. ETF Options Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Physical % 100.0% 0 0 NA NA BM&FBOVESPA Physical % 100.0% CDCC - Montréal Exchange NA % 100.0% OCC Physical % 100.0% NA NA Total Americas Hong Kong Exchanges and Clearing Physical % 100.0% Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical % 100.0% Osaka SE Physical % 100.0% NA NA Total Asia Pacific Eurex Clearing AG Physical % 2.7% Johannesburg Stock Exchange NA % 100.0% NA NA Total Europe, Africa, Middle East TOTAL ETF Futures Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Physical % 100.0% OCC Cash NA % 100.0% NA NA NA Total Americas Eurex Clearing AG Physical % 100.0% Johannesburg Stock Exchange NA % 100.0% NA NA Total Europe, Africa, Middle East TOTAL

56 07. STIR Options Clearing House - Stock Exchange Settlement Number of postings (contracts double counted) Of which non- OTC trades Open positions (contracts single counted) Notional amount outstanding (USD millions single counted) BM&FBOVESPA Cash % 100.0% CDCC - Montréal Exchange NA % 100.0% CME Group NA % 100.0% Total Americas Australian Securities Exchange NA % 100.0% Singapore Exchange Cash % 100.0% 0 0 NA NA Tokyo Financial Exchange Inc. NA % 100.0% Total Asia Pacific Eurex Clearing AG Physical % 0.0% NASDAQ OMX Nordic Exchanges NA % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) (1) NA % 100.0% NA NA Total Europe, Africa, Middle East TOTAL (1) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements. 08. STIR Futures Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Cash % 100.0% BM&FBOVESPA Cash % 100.0% Bolsa de Valores de Colombia Cash % 100.0% NA NA NA CDCC - Montréal Exchange NA % 100.0% CME Group NA % 100.0% Total Americas Australian Securities Exchange NA % 100.0% Bursa Malaysia Derivatives Clearing (BMDC) NA % 100.0% NA NA Hong Kong Exchanges and Clearing Cash % 100.0% Korea Exchange NA % 100.0% NA Singapore Exchange Cash % 100.0% NA NA TAIFEX Cash % 100.0% Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash % 100.0% 0 2 NA NA Tokyo Financial Exchange Inc. NA % 100.0% Total Asia Pacific Eurex Clearing AG Physical % 100.0% Johannesburg Stock Exchange NA NA % 100.0% NA NA NA Keler CCP Ltd. - Budapest SE NA % 100.0% NASDAQ OMX Nordic Exchanges NA % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) (1) NA % 100.0% NA NA Total Europe, Africa, Middle East TOTAL (1) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements.

57 09. LTIR Options Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Bolsa de Comercio de Buenos Aires NA NA NA NA NA NA NA NA NA CDCC - Montréal Exchange NA % 100.0% CME Group NA % 100.0% Total Americas Australian Securities Exchange NA % 100.0% Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical % 100.0% Total Asia Pacific Eurex Clearing AG Physical % 15.1% Johannesburg Stock Exchange NA % 100.0% NA NA MAOF Clearing House - Tel Aviv SE Cash % 100.0% NA NASDAQ OMX Nordic Exchanges NA % 100.0% 0 0 NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) NA % 100.0% 0 0 NA NA Total Europe, Africa, Middle East TOTAL (1) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements. 10. LTIR Futures Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Physical/Cash % 100.0% BM&FBOVESPA Cash % 100.0% Bolsa de Valores de Colombia Physical % 100.0% CDCC - Montréal Exchange NA % 100.0% CME Group NA % 100.0% Total Americas Australian Securities Exchange NA % 100.0% Bursa Malaysia Derivatives Clearing (BMDC) NA % 100.0% 0 0 NA NA Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical % 100.0% Korea Exchange Cash % 100.0% NSCCL - National Stock Exchange of India Cash % 100.0% NSCCL - National Stock Exchange of India Physical % 100.0% Singapore Exchange Cash % 100.0% NA NA TAIFEX Physical % 100.0% Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash % 100.0% 0 0 NA NA Total Asia Pacific Eurex Clearing AG Physical % 92.4% Johannesburg Stock Exchange NA % 100.0% NA NA MEFF Physical % 100.0% NA Moscow Exchange Cash % 100.0% NA NA NASDAQ OMX Nordic Exchanges NA % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) (1) NA % 100.0% NA NA Turkish Derivatives Exchange NA % 100.0% 0 0 NA NA Total Europe, Africa, Middle East TOTAL (1) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements. 10b. IR Swaps Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) CME Group NA NA NA 0.0% 0.0% NA NA Japan Securities Clearing Corporation - Tokyo Stock Exchange NA % 0.0% Singapore Exchange Cash % 0.0% NA NA NA NA LCH Clearnet Ltd - SwapClear NA % 0.0% NASDAQ OMX Nordic Exchanges NA NA NA NA NA NA NA NA NA TOTAL

58 11. Currency Options Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Argentina Clearing - Rofex Cash % 100.0% Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Physical % 100.0% BM&FBOVESPA Cash % 95.4% CDCC - Montréal Exchange NA % 100.0% CME Group NA % 100.0% ICE Clear U.S. - ICE Futures U.S. NA % 100.0% NA NA NA NA Total Americas Indian Clearing Corporation Ltd (ICCL) - United Stock Exchange of India Cash % 100.0% Korea Exchange Physical % 100.0% MCX-SX Clearing Corporation Ltd. Cash % 100.0% NSCCL - National Stock Exchange of India Cash % 100.0% Total Asia Pacific Johannesburg Stock Exchange NA % 100.0% NA NA Keler CCP Ltd. - Budapest SE Cash % 100.0% LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Cash % 100.0% MAOF Clearing House - Tel Aviv SE Cash % 100.0% Moscow Exchange Cash % 100.0% NA NA Total Europe, Africa, Middle East TOTAL (1) Open Positions at last maturity date i.e. 20/ Currency Futures Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Argentina Clearing - Rofex Cash % 100.0% Asigna, Compensación y Liquidación (Mexican Clearing House) - MexDer Physical/Cash % 100.0% BM&FBOVESPA Cash % 100.0% Bolsa de Valores de Colombia Cash % 100.0% CME Group NA % 100.0% ICE Clear U.S. - ICE Futures U.S. NA % 100.0% NA NA NA NA Total Americas Hong Kong Exchanges and Clearing Physical % 100.0% Indian Clearing Corporation Ltd (ICCL) - United Stock Exchange of India Cash % 100.0% Korea Exchange Physical % 100.0% MCX-SX Clearing Corporation Ltd. Cash % 100.0% NSCCL - National Stock Exchange of India Cash % 100.0% Osaka SE Cash % 100.0% NA NA Tokyo Financial Exchange Inc. NA % 100.0% NA NA Total Asia Pacific Johannesburg Stock Exchange NA % 100.0% NA NA KDPW_CCP - Warsaw SE Cash % 100.0% Keler CCP Ltd. - Budapest SE Cash % 100.0% LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Cash % 100.0% MAOF Clearing House - Tel Aviv SE Cash % 100.0% Moscow Exchange Cash % 100.0% NA NA Turkish Derivatives Exchange NA % 100.0% NA NA Total Europe, Africa, Middle East TOTAL (1) Open Positions at last maturity date i.e. 20/12 12b. Foreign Exchange Forwards Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) LCH Clearnet Ltd - ForexClear NA NA 0 0.0% 0.0% NA 0 NA 0

59 13. Commodity Options Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Argentina Clearing - Rofex Cash % 100.0% BM&FBOVESPA Physical/Cash NA NA CME Group NA % 66.9% ICE Clear Canada - ICE Futures Canada NA % 100.0% NA NA NA NA ICE Clear U.S. - ICE Futures U.S. NA % 100.0% NA NA NA NA OCC Cash NA % 100.0% NA 52 NA NA Total Americas Australian Securities Exchange NA % 100.0% TAIFEX Cash % 100.0% Total Asia Pacific Eurex Clearing AG Physical/Cash % 100.0% ICE Clear Europe - ICE Futures Europe NA NA NA NA NA NA NA Johannesburg Stock Exchange NA % 100.0% NA NA Keler CCP Ltd. - Budapest SE NA % 100.0% LCH Clearnet Ltd. - London Metal Exchange NA % 100.0% LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Physical % 100.0% Moscow Exchange Cash % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) (2) NA % 100.0% NA NA Total Europe, Africa, Middle East TOTAL (1) Open Positions at last maturity date i.e. 20/12 (2) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements.

60 14. Commodity Futures Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Argentina Clearing - Rofex Physical/Cash % 100.0% BM&FBOVESPA Physical/Cash NA NA Bolsa de Valores de Colombia NA % 100.0% NA NA CME Group NA % 89.9% ICE Clear Canada - ICE Futures Canada NA % 100.0% NA NA NA NA ICE Clear U.S. - ICE Futures U.S. NA % 100.0% NA NA NA NA Total Americas Australian Securities Exchange NA % 100.0% Bursa Malaysia Derivatives Clearing (BMDC) NA % 100.0% NA NA Dalian Commodity Exchange NA % 100.0% NA NA Hong Kong Exchanges and Clearing Cash % 100.0% Japan Commodity Clearing House Co., Ltd. - TOCOM Physical/Cash % 100.0% NA Korea Exchange Physical/Cash % 100.0% Multi Commodity Exchange of India NA % 100.0% NA NA Shanghai Futures Exchange Physical % 100.0% NA NA Singapore Exchange NA % 100.0% NA NA TAIFEX Cash % 100.0% Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash % 100.0% NA NA Zhengzhou Commodity Exchange NA % 100.0% Total Asia Pacific Cassa di Compensazione e Garanzia - LSE Group NA % 100.0% NA NA Eurex Clearing AG Physical/Cash % 100.0% ICE Clear Europe - ICE Futures Europe NA NA NA NA NA NA NA Johannesburg Stock Exchange NA % 100.0% NA NA Keler CCP Ltd. - Budapest SE Physical % 100.0% LCH Clearnet Ltd. - London Metal Exchange NA % 100.0% NA NA LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Physical % 100.0% MEFF Cash % 0.0% NA NA Moscow Exchange Physical/Cash % 100.0% NA NA NYSE Liffe Clearing - NYSE Liffe (London and BClear) NA % 100.0% NA NA Turkish Derivatives Exchange NA % 100.0% NA NA Total Europe, Africa, Middle East TOTAL (1) Open Positions at last maturity date i.e. 20/12 (2) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements. 14b. Commodity Swaps Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Singapore Exchange NA % 0.0% NA NA NA

61 15. Other Options Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) BM&FBOVESPA % 100.0% OCC Cash NA % 100.0% NA 0 NA NA Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical % 100.0% Eurex Clearing AG NA % 3.2% ICE Clear Europe - ICE Futures Europe NA % 100.0% NA NA NA NA Johannesburg Stock Exchange NA % 100.0% NA NA TOTAL Other Futures Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Bolsa de Valores de Colombia Cash % 100.0% NA 0 NA NA Hong Kong Exchanges and Clearing Cash % 100.0% NA NA Hong Kong Exchanges and Clearing Cash % 100.0% 8 0 NA NA Japan Securities Clearing Corporation - Tokyo Stock Exchange Cash % 100.0% Osaka SE Cash % 100.0% NA NA Singapore Exchange NA % 100.0% NA NA Eurex Clearing AG NA % 46.3% ICE Clear Europe - ICE Futures Europe NA % 100.0% NA NA NA NA Johannesburg Stock Exchange NA % 100.0% NA NA LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Cash % 100.0% LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Physical % 100.0% LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Cash % 100.0% TOTAL b. Other Derivatives Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) Argentina Clearing - Rofex Cash % 100.0% BM&FBOVESPA % 100.0% Australian Securities Exchange NA % 100.0% Singapore Exchange NA % 0.0% NA NA TOTAL Credit Default Swap Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding (contracts double counted) OTC trades (contracts single counted) (USD millions single counted) CME Group NA NA NA 0.0% 0.0% NA NA ICE Clear Credit NA NA NA 0.0% 0.0% NA NA Japan Securities Clearing Corporation - Tokyo Stock Exchange NA % 0.0% ICE Clear Europe NA NA NA 0.0% 0.0% NA NA LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Cash % 0.0% TOTAL