WFE/IOMA 2014 Derivatives Market Survey

WFE/IOMA 2014 Derivatives Market Survey Grégoire Naacke, Eleanor Penistone and Tatiana Chekanova August 2015

WFE IOMA 2014 Derivatives Market Survey Table of Contents Introduction... 1 The global derivatives market... 4 1 Equity derivatives... 9 1.1 Equity derivatives trading... 9 1.1.1 Single Stock Options... 12 1.1.2 Single Stock Futures... 14 1.1.3 Stock Index Options... 15 1.1.4 Stock Index Futures... 18 1.1.5 ETF Options... 20 2 Interest rate derivatives... 21 2.1 Interest rate derivatives trading... 21 2.1.1 Short Term Interest Rate (STIR) Options and Futures... 24 2.1.2 Long Term Interest Rate (LTIR) Options and Futures... 25 2.2 Interest rate derivatives clearing... 26 3 Currency derivatives... 27 4 Commodity derivatives... 31 5 Other derivatives... 33 Annex Trading Statistics... 34 Every effort has been made to ensure that the information in this survey is accurate at the time of printing, but the WFE Office cannot accept responsibility for errors or omissions.

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 supplied by exchanges and clearinghouses as well as data collected from exchange websites. The author wishes to thank those exchanges that responded to the questionnaire and especially exchange staff who gave additional assistance in response to enquiries. The report focuses on trading and clearing of derivatives products and covers 54 trading venues and 52 clearinghouses. Some exchanges taking part in this survey trade in a wide range of derivatives contracts, while others specialize in a single area of the market. The trading figures gathered here 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 sixteen 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 mean number of different product lines across exchanges is 6.2 and the median is 6. The Johannesburg Stock Exchange (JSE), with 13 product lines, is the exchange that offers the largest number of product lines while 6 exchanges offer only one class of product, the majority of these being Asia Pacific commodity futures exchanges. WFE/IOMA Derivatives Market Survey 2014 1

Number of product lines per exchange WFE/IOMA Derivatives Market Survey 2014 2

Number of trading venues by product line WFE/IOMA Derivatives Market Survey 2014 3

THE GLOBAL DERIVATIVES MARKET 21.7 billion Exchange Traded Derivatives (ETD) contracts (9.7 billion options and 12.0 billion futures) were traded in 2014, little changed from the 21.6 billion traded in 2013. This follows the sharp decrease of 15% in 2012 from the ETD peak of 24.5 billion contracts traded in 2011. While there was a large decrease in the number of currency derivative contracts traded (-16%) in 2014, this was offset by an increase of 3.7% in equity derivatives, and an increase of 4.8% in commodity derivatives in the same period. Commodity futures overtook single stock options as the most traded contract type in 2014. Total volumes of exchange traded derivative contracts over time Looking at the regional breakdown, no major discrepancies were observed. Volumes in the Americas and EMEA increased by 2% and 1.7% respectively, whilst Asia Pacific experienced a 2.1% decrease. The regional distribution of volumes remained unchanged on 2013, with Americas representing 45% of total volumes, Asia Pacific 33% and EMEA 22%. Futures contracts traded rose 0.3%, whilst options recovered slightly with a 1.7% increase. WFE/IOMA Derivatives Market Survey 2014 4

Number of ETD traded worldwide (billions of contracts) Breakdown by region in 2014 Breakdown by products in 2014 WFE/IOMA Derivatives Market Survey 2014 5

Product composition over time Regional activity over time Futures vs Options over time WFE/IOMA Derivatives Market Survey 2014 6

Number of ETD traded worldwide (millions of contracts) 2014 2013 2014/2013 Single Stock Options 3 841 3 938-2.5% Single Stock Futures 993 947 +4.9% Stock Index Options 3 154 2 778 +13.5% Stock Index Futures 2 376 2 333 +1.8% ETF Options 1 514 1 458 +3.8% ETF Futures 1.0 0.7 +43.8% Total Equity 11 879 11 456 +3.7% STIR Options 356 348 +2.4% STIR Futures 1 384 1 440-3.9% LTIR Options 204 210-3.1% LTIR Futures 1 326 1 335-0.6% Total Interest Rate 3 271 3 333-1.9% Currency Options 228 404-43.5% Currency Futures 1 875 2 101-10.8% Total Currency 2 103 2 504-16.0% Commodity Options 223 225-0.7% Commodity Futures 3 869 3 679 +5.2% Other Commodity Derivatives 0.8 0.6 +44.4% Total Commodity 4 094 3 905 +4.8% Other Options 194 188 +2.8% Other Futures 221 180 +22.7% Other Derivatives 14 85-83.8% Total "Other" 428 453-5.4% Grand Total 21 775 21 651 +0.6% WFE/IOMA Derivatives Market Survey 2014 7

Equity derivatives: Equity Derivatives volumes rose 3.7% in 2014 mainly due to an increase in Stock Index Options (+13.5%), driven by a sharp increase in India. Interest rate derivatives: Interest Rate derivative volumes decreased slightly (-2%) in 2014, after seeing a sharp increase in 2013 (+13.5%). Contrasting trends were observed between the regions. The Americas saw an increase of 9% while Asia Pacific and EMEA decreased by 9.5% and 20% respectively. Currency derivatives: Currency derivatives experienced the sharpest decrease in 2014 (-16%). Commodity derivatives: Commodity derivatives saw a 4.8% rise in volumes in 2014. Commodity futures overtook single stock options as the most traded contract in 2014. Other derivatives: The other derivatives category comprises a wide range of products, including Volatility Index options, Exotic options and futures, REIT derivatives, Dividend and Dividend Index derivatives or CFDs. Volumes in this category decreased significantly (-5.4 %) in 2014. WFE/IOMA Derivatives Market Survey 2014 8

1 EQUITY DERIVATIVES 1.1 Equity derivatives trading The number of equity derivative contracts grew 3.7% in 2014, reversing the 7.6% decline seen last year. Equity derivatives remain dominant in terms of number of derivative contracts traded on exchange and represent 54% of total derivative contracts traded. Number of equity ETD traded worldwide (billions of contracts) WFE/IOMA Derivatives Market Survey 2014 9

Number of equity ETD traded worldwide (billions of contracts) by underlying As can be seen from the graph above, stock index options rose the most at 13.5%. Number of equity ETD traded worldwide (billions of contracts) by region In 2014, Asia Pacific had a strong growth of 10.5%, while the Americas and EMEA were largely flat (+0.3% and -0.2% respectively). WFE/IOMA Derivatives Market Survey 2014 10

According to Bank for International Settlements (BIS) statistics, ETD (Exchange Traded Derivatives) and OTCD (OTC Derivatives) segments tend to show similar trends. The total notional amount outstanding of OTCD increased by 21% in 2014 compared with ETD at 7% increase. Notional outstanding amounts of on-exchange and OTC equity derivatives (trillion USD) WFE/IOMA Derivatives Market Survey 2014 11

1.1.1 Single Stock Options By contracts traded, Single Stock Options remain the most traded financial derivative product with 3.84 billion contracts traded in 2014. Volumes represent 18% of all derivative contracts traded. Despite the strong increase of trading activity on cash markets, Single Stock Options volume declined again in 2014 (-2.5%) for the third consecutive year. Looking at the different regions, the Americas (which account for over 80% of global volume traded) decreased slightly (-1.9%), whereas Asia Pacific saw slight growth, at 0.5%. EMEA saw the biggest decrease in volumes (-8.7%). In the Americas US exchanges - which account for 59% of total regional volumes decreased by 1%, while Brazil saw a decrease of 11% in volumes in 2014. Single Stock Options (number of contracts traded) In Asia Pacific, the largest exchange, the Australian Securities Exchange (ASX), saw a decrease of 12%, but volumes on the National Stock Exchange of India (NSE) and the Hong Kong Exchanges and Clearing Limited (HKEx) continued to grow, 5% and 20% respectively. WFE/IOMA Derivatives Market Survey 2014 12

The EMEA decrease was driven by Eurex (-13.5%), Euronext (-8.4%) and the LSE Group (-12%). ICE Futures Europe and Nasdaq OMX Nordic Exchanges bucked the trend, growing 13% and 6% respectively. Top 10 exchanges by number of single stock options contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) Number of trades ('000) Option Premium (bn USD) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 BM&FBOVESPA 811-11% 722-27% 11 303-26% 6-46% 24 074-10% 18-17% 2 NASDAQ OMX (US markets) 692-2% NA NA NA NA NA NA 54 136-17% 217-13% 3 NYSE Derivatives 534-9% 108 3% NA NA NA NA NA NA NA NA 4 Chicago Board Options Exchange 489 12% 4 342 20% NA 7% 743 6% 48 351 17% 103 16% 5 International Securities Exchange (ISE) 338 1% NA NA NA NA NA NA NA NA NA NA 6 Eurex 176-13% 854 9% 32 652-5% 146 3% 2 362 1% 37 8% 7 BATS Global Markets 133 24% NA NA NA NA NA NA NA NA NA NA 8 Australian Securities Exchange 109-12% 250-12% 9 449-6% 6 NA 1 141-31% 9-24% 9 Miami International Securities Exchange 91 264% NA NA NA NA NA NA NA NA NA NA 10 National Stock Exchange of India 85 5% 508 24% 301 72% 1 50% 64 275 9% 9 19% Others 401-2% 863 10% 45 080 3% 34-32% 4 655-2% 23-23% Total 3 859 6% 7 646 7% 308 006 3% 936 123 3% 198 995-21% 415-24% WFE/IOMA Derivatives Market Survey 2014 13

1.1.2 Single Stock Futures Single stock future volumes increased 5% in 2014, although these are still the least traded equity derivative product with volumes below 1 billion contracts traded. The increase was mainly driven by Asia Pacific, where growth was 21% and accounted for 34% of global volumes. EMEA, which has the largest share, with 65% of global volumes in 2014, saw a slight decrease of -2%, driven by Europe, where volumes decreased by -23%. As noted in earlier reports, most of the volume on Eurex and ICE Futures Europe are OTC trades registered on the exchanges. By contrast, Moscow Exchange continued its strong growth (+13%), reaching close to 350 million contracts traded and remaining the dominant exchange in single stock futures trading. Single Stock Futures (number of contracts traded) Top 10 exchanges by number of single stock futures contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) Number of trades ('000) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 Moscow Exchange 343 13% 84-21% 1 625-51% NA NA NA NA 2 National Stock Exchange of India 211 27% 1 230 52% 2 069 92% 9 67% 165 119 24% 3 Eurex 124-31% 622-18% 4 184 45% 17 38% 28-23% 4 ICE Futures Europe 103-14% 380-12% 3 790 21% NA NA NA NA 5 Korea Exchange 96 1% 63 10% 1 002 23% NA -86% 9 557 5% 6 Johannesburg Stock Exchange 50 91% 18 7% 1 032-46% NA NA NA NA 7 Thailand Futures Exchange (TFEX) 20 133% NA NA 704 149% NA NA 1 047 19% 8 MEFF 13-11% 19 28% 550-43% 1-48% 31 5% 9 TAIFEX 9 71% 50 121% 143 32% NA 10% 5 615 70% 10 Athens Exchange 7 5% 3 14% 167 14% 20 18% 461-1% Others 16-22% 19-40% 1 233-21% 1 NA NA -65% Total 993 5% 2 488 11% 16 498 2% 49 11% 181 858 22% WFE/IOMA Derivatives Market Survey 2014 14

1.1.3 Stock Index Options Amongst equity derivative products, Stock Index Options saw the largest increase (+13.5%) in 2014, reaching 3.15 billion contracts. Growth was seen in all regions. The Americas grew the most at 17%, with EMEA growing the least at 4%. Asia Pacific still accounted for over 70% of the contracts traded globally, and grew 15% in 2014. The Indian exchanges accounted for 50% of total volumes but the size of the contracts is much smaller than in most other countries. In terms of Notional Value, India only accounts for 5.7% of the worldwide total. In the past, Korea has also been characterized by huge volumes and smaller size contracts. However, from 2012, the size of the contracts was multiplied by five. The size change was implemented progressively and had effects on 2012 and 2013 volumes. Despite this size change, KRX remains the largest exchange in the world in terms of Notional Value of Index options traded, followed closely by CBOE. In the United States, CME is continuing to grow its stock index options business, with total volumes 130 million in 2014 on the back of 42% growth. Stock Index Options (number of contracts traded) WFE/IOMA Derivatives Market Survey 2014 15

Open interest grew 2% in 2014, to 62.7 million contracts open at the end of the year. The notional value and the number of trades also increased significantly by 7% and 5% respectively. Top 10 exchanges by number of stock index options contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) Number of trades ('000) Option Premium (bn USD) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 National Stock Exchange of India 1 057 14% 5 560 19% 3 507 103% 13 53% 287 777 21% 38-7% 2 BSE Limited 516 106% 3 250 156% 7-51% 1 NA 9 098 81% 5-86% 3 Korea Exchange 462-20% 56 155-17% 1 124 71% NA NA 139 077-20% 170-29% 4 Eurex 340 7% 16 018 16% 27 650-1% 994-9% 13 000 14% 228 2% 5 Chicago Board Options Exchange 247 8% 47 097 26% 13 084 6% 2 624 17% 8 896 28% 414-1% 6 TAIFEX 152 39% 2 258 52% 843-7% 12-5% 52 014 27% 10 34% 7 CME Group 130 42% 16 730 64% 3 424 21% 510 45% 5 928 34% NA NA 8 Tel-Aviv Stock Exchange 48 0% 1 888 13% 509 12% 19 9% 15 196-5% 16 4% 9 Japan Exchange Group 44-23% NA NA 2 478-25% NA NA NA NA 67-35% 10 Moscow Exchange 41-3% 92-22% 457-67% NA NA NA NA NA NA Others 116-4% 6 129-3% 9 609-3% 126-38% 5 474-28% 32-52% Total 3 154 14% 155 179 7% 62 691 2% 4 298 9% 536 459 5% 979-15% When looking at the top 30 contracts traded, contrasting trends can be observed. In the United States, the main index options performed very well with volumes traded in the S&P 500 Index traded on the CBOE growing by 8%, and the Russell 2000 Index by 18%. In contrast the Nasdaq 100 Index experienced a 9% drop in contracts traded. E-Mini S&P 500 monthly options traded on the CME dramatically increased by 70%. In India, the three most traded contracts i.e. NIFTY Options, BSE 30 SENSEX and BANKNIFTY Options increased by 11%, 304% and 53% respectively while BSE 100 Index options decreased by 46%. Kospi 200 options traded in Korea decreased by 20%. In the EMEA region, volumes in the most popular contract, the EURO STOXX 50 Index Option traded on Eurex, increased by 7%, but the TA-25 Options, the RTS Index Options and the DAX options contracts experienced a decrease in volumes in 2014. WFE/IOMA Derivatives Market Survey 2014 16

Top 30 stock index options in terms of contracts traded in 2014 Products 2 014 AGR 2 014 AGR 2 014 AGR 1 NIFTY Options INR 50 National Stock Exchange of India 973 11% 5 038 15% 3 763 126% 2 Kospi 200 KRW 500 000 Korea Exchange 462-20% NA NA 1 124 71% 3 BSE 30 SENSEX 15 BSE Limited 439 304% 2 839 409% 7 12468% 4 EURO STOXX 50 Index Options EUR 10 Eurex 241 7% 9 604 19% 23 161-3% 5 S&P 500 Index USD 100 x the level of the underlying index Chicago Board Options Exchange/C2 224 8% 43 224 27% 11 883 6% 6 TAIEX Options NTD 50 x Index Point TAIFEX 152 39% 2 253 52% 835-7% 7 Bank NIFTY Options INR 25 National Stock Exchange of India 84 53% 523 95% 140 112% 8 BSE100 50 BSE Limited 77-46% 411-42% NA NA 9 E-mini S&P 500 options Mini CME Group 74 31% 7 107 53% 2 253 4% 10 TA-25 options 100 Tel-Aviv Stock Exchange 48 0% 1 884 13% 490 8% 11 Nikkei 225 JPY 1 000 Japan Exchange Group, Inc. (Osaka) 44-23% NA NA 2 431-24% 12 RTS Index options NA Moscow Exchange 41-3% NA NA NA NA 13 DAX options EUR 5 Eurex 40-6% 2 430 7% 2 432 15% 14 KOSPI 200 EUR 1 Eurex 22 10% 2 688 12% NA NA 15 Russell 2000 Index USD 100 x the level of the underlying index Chicago Board Options Exchange/C2 12 18% 1 414 35% 463 0% 16 EURO STOXX Banks options EUR 50 Eurex 12 41% 119 72% 957-7% 17 E-MINI S&P 500 end of month Mini CME Group 12 52% 1 113 94% 108 103% 18 E-MINI S&P 500 end of month option Mini CME Group 11 82% 1 018 112% 205 177% 19 E-MINI S&P 500 end of month options Mini CME Group 10 76% 1 008 106% 364 80% 20 S&P/ASX 200 (XJO) USD 10 per index point Australian Securities Exchange 10 6% 464 6% 558 48% 21 OMX Index Options The OMXS30 share index* NASDAQ OMX Nordic Exchanges 9 15% 179 18% 690-37% 22 E-mini S&P end of month Mini CME Group 9 57% 882 94% 18 64% 23 H-shares Index Options NA Hong Kong Exchanges and Clearing 9 12% 696 24% 991 15% 24 S&P 500 options Standard CME Group 9 24% 4 092 47% 304 44% 25 AEX-INDEX NA Euronext* 8-4% 452 5% 209-14% 26 SGX Nikkei 225 Index Options One Nikkei 225 Index Futures Contract Singapore Exchange 8-24% NA NA 1 108-34% 27 Hang Seng Index Options NA Hong Kong Exchanges and Clearing 8-13% 1 146-11% 170-2% 28 Mini IBEX Options 1 Mini IBEX Future (EUR 1 x the level of the IBEX 35) MEFF 7 42% 101 68% 332-42% 29 Nasdaq 100 Index USD 100 x the level of the underlying index Chicago Board Options Exchange/C2 5-9% 1 918 15% 210-17% 30 EURO STOXX 50 Index Options - 4th Friday EUR 10 Eurex 5 44% 200 61% NA NA Total 3 064 14% 92 799-33% 55 206 3% *NYSE Liffe Europe before 2014 markets Size Exchange Millions of contracts traded Notional Value ('000 USD) Open Interest ('000 contracts) WFE/IOMA Derivatives Market Survey 2014 17

1.1.4 Stock Index Futures Stock index futures volumes increased 2% in 2014, reaching 2.376 billion contracts traded. Across the different time zones there were slight differences, with the Americas and EMEA growing 4% and 3% respectively, but with Asia Pacific decreasing slightly by 1%. Volumes were roughly evenly split between the three regions, with Asia Pacific and EMEA accounting for slightly more, with 35% of volume each, and Americas accounting for 30%. Among the top five exchanges by number of stock index futures traded in 2014, three exchanges experienced a volume drop (CME -1%, JPX -13% and Moscow -8%) while Eurex and China Financial Futures Exchange each saw a 12% increase. The top five exchanges remained the same as in 2013. Stock Index Futures (number of contracts traded) WFE/IOMA Derivatives Market Survey 2014 18

Top 10 exchanges by number of stock index futures contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) Number of trades ('000) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 CME Group 566-1% 53 584 15% 3 638-4% 419 6% 193 166 13% 2 Eurex 368 12% 22 807 22% 4 262 18% 182-3% 48 864 17% 3 Japan Exchange Group 252-13% 9 270-28% 1 934 12% NA NA NA NA 4 Moscow Exchange 245-8% 550-27% 788-9% NA NA NA NA 5 China Financial Futures Exchange 217 12% 26 435 15% 215 80% 38 173% NA NA 6 Singapore Exchange 108 8% NA NA 1 358 NA NA NA NA NA 7 National Stock Exchange of India 105 3% 577 15% 953 96% 3 41% 44 669 6% 8 BM&FBOVESPA 95 29% 892 5% 378 47% 7 28% 29 928 31% 9 Hong Kong Exchanges and Clearing 49-2% 4 568-2% 370 10% 35 12% NA NA 10 Euronext 47 0% 3 097 10% 310-26% NA NA 21 604 8% Others 323 5% 19 659 6% 4 751 25% 104-5% 105 276-28% Total 2 376 2% 141 439 9% 18 958 14% 788 6% 443 507-5% CME Group E-Mini S&P 500 Futures remained the most popular stock index future, with 425 million contracts traded in 2014 followed by Eurex EURO STOXX 50 Futures and Moscow Exchange RTS Index Futures. CFFEX CSI 300 futures with 217 million contracts traded and a growth of 12% overtook JPX Nikkei 225 mini (-15%). Singapore Exchange continued to see a large increase (+89%) in volumes for its SGX FTSE China A50 Index Futures, entering the top 10, and reaching 41 million contracts. Top 30 stock index futures in terms of contracts traded in 2014 Products 2 014 AGR 2 014 AGR 2 014 AGR 1 E-mini S&P 500 Futures Mini CME Group 425-6% 40 763 10% 2 779 0% 2 EURO STOXX 50 Index Futures EUR 10 Eurex 294 9% 12 095 22% 2 929 8% 3 RTS Index Futures USD 2 Moscow Exchange 243-9% NA NA NA NA 4 CSI 300 futures RMB 300 x Index China Financial Futures Exchange 217 12% 26 435 15% 215 80% 5 Nikkei 225 Mini JPY 100 Japan Exchange Group, Inc. (Osaka) 199-15% 2 903-10% 622-8% 6 E-MINI NASDAQ 100 Futures Mini CME Group 75 27% 5 783 61% 335-20% 7 NIFTY Futures NA National Stock Exchange of India 74-1% 391 4% 869 107% 8 Mini Bovespa Index futures 1 underlying index (each index point = BRL 1,00) contract of the Future index BM&FBOVESPA 70 42% 317 32% 21 26% 9 BIST-30 Index NA Borsa Istanbul 43 7% 183-9% 246 13% 10 SGX FTSE China A50 Index Futures USD 1.00 x SGX FTSE China A50 Index Futures Price Singapore Exchange 41 89% NA NA 445 65% 11 Mini Dow Jones Index Mini CME Group 39 10% 3 249 23% 116-3% 12 KOSPI 200 Futures 500 000 x the level of the KOSPI 200 Korea Exchange 38-24% 4 632-18% 111-4% 13 CAC 40 Index NA Euronext* 37-2% 2 083 7% 232-32% 14 Russell NA ICE Futures U.S. 35 20% 4 060 37% 357 13% 15 OMX Index Futures The OMXS30 share index* NASDAQ OMX Nordic Exchanges 32 5% 631 10% 454 8% 16 Bank NIFTY Futures NA National Stock Exchange of India 30 16% 182 46% 81 38% 17 DAX Futures NA Eurex 30 5% 9 295 19% 129-11% 18 SGX Nikkei 225 Index Futures JPY 500 x Nikkei 225 Index Futures Price Singapore Exchange 27-30% NA NA 292-11% 19 Nikkei 225 Futures JPY 1 000 Japan Exchange Group, Inc. (Osaka) 26-16% 3 792-11% 440 5% 20 TAIEX Futures Index Point* NTD 200 TAIFEX 25 9% 1 465 19% 71 7% 21 H-shares Index Futures NA Hong Kong Exchanges and Clearing 22 5% 1 699 17% 259 19% 22 TOPIX Index Futures JPY 10 000 Japan Exchange Group, Inc. (Osaka) 21-8% 2 497-4% 562-5% 23 BOVESPA Index Future 5 underlying index (each index point = BRL 1,00) contract of the Future index BM&FBOVESPA 20 0% 463-7% 357 48% 24 EURO STOXX Banks Futures NA Eurex 20 96% 189 135% 356 102% 25 SGX S&P CNX Nifty Index Futures USD 2.00 x SGX S&P CNX Nifty Index Futures price Singapore Exchange 18 14% NA NA 360 14% 26 SGX MSCI Taiw an Index Futures USD 100 x SGX MSCI Taiw an Index Futures price Singapore Exchange 17-6% NA NA 191-24% 27 Hang Seng Index Futures NA Hong Kong Exchanges and Clearing 17-13% 2 602-12% 99-8% 28 SET50 Index Futures THB 1 000 per index point Thailand Futures Exchange (TFEX) 14 153% NA NA 178 374% 29 Mini-TAIEX Futures NTD 50 x Index Point TAIFEX 13 1% 196 11% 30-16% 30 Nikkei 225 - yen based futures Standard CME Group 12 3% 887 9% 103-3% Total 2 177 1% 126 794 12% 13 239 10% *NYSE Liffe Europe before 2014 markets Size Exchange Millions of contracts Notional Value ('000 USD) Open Interest ('000 contracts) WFE/IOMA Derivatives Market Survey 2014 19

1.1.5 ETF Options The ETF options market remains dominated by the US, with the six largest exchanges representing 99% of global volumes. This segment of the equity derivatives market increased by 3.8% in 2014, mainly driven by an increase at CBOE (+12%). NASDAQ OMX volumes increased by 2% in 2014, while NYSE and ISE decreased 34% and 4% respectively. ETF Options (number of contracts traded) Top 5 exchanges by number of ETF options contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) Number of trades ('000) Option Premium (bn USD) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 Chicago Board Options Exchange 380 12% 4 858 28% NA 6% NA 10% 14 508 15% 48 17% 2 NASDAQ OMX (US markets) 342 2% NA NA NA NA NA NA 15 790-6% 56 3% 3 NYSE Derivatives 270-34% NA NA NA NA NA NA NA NA NA NA 4 International Securities Exchange (ISE) 269-4% NA NA NA NA NA NA NA NA NA NA 5 BATS Global Markets 69 56% NA NA NA NA NA NA NA NA NA NA Others 87 86% 48 127% 1 335 NA 6 NA 59 NA 1 NA Total 1 417-3% NA NA 77 807 NA 719 NA NA NA NA NA WFE/IOMA Derivatives Market Survey 2014 20

2 INTEREST RATE DERIVATIVES 2.1 Interest rate derivatives trading Interest rate derivative contracts saw total volumes decline 2% to 3.27 billion in 2014, from a peak of 3.33 billion in 2013. Only STIR options saw a slight increase in 2014 (+2.4%), with STIR futures and LTIR futures decreasing (-4% and -1% respectively). Contrasting trends were observed between the regions: the Americas increased 9% while Asia Pacific and EMEA decreased 9.5% and 20% respectively. The interest rate derivatives market remains highly concentrated, with the top 4 exchanges - CME Group, Eurex, ICE Futures Europe and BM&FBovespa - representing 93% of the total number of IR contracts traded in 2014.The CME Group remained the leader in the interest rate market, with 19% growth in the number of contracts traded in 2014, accounting for 53% of total volumes, while BM&FBOVESPA saw a decrease of 19% in 2014. In the EMEA region, ICE Futures Europe (previously LIFFE) and Eurex decreased 28% and 9% respectively, leading to a total 20% decrease in the region. In the Asia Pacific region, the three main exchanges, namely ASX, KRX and JPX, saw a decrease in activity (-3%, -24% and -8% respectively). WFE/IOMA Derivatives Market Survey 2014 21

The size of long-term interest rate contracts (generally 100 000 local currency) are much smaller than that of short-term interest contracts (most of the time 1 000 000 local currency). That is why - as shown in the following graph short-term interest rate derivatives account for such a large part of the notional value (85%). 2014 breakdown by Interest Rate product group of The interest rate derivatives market remains a predominantly OTC market (as measured by notional outstanding amounts), due to the significance of OTC interest swaps which account for almost 70% of the total. WFE/IOMA Derivatives Market Survey 2014 22

According to BIS statistics, the total notional outstanding amount for all OTCD decreased 13.5% in December 2014 compared with December 2013. BIS figures also show that IR ETD outstanding amounts remained stable in the same period (0.4%). Evolution of notional outstanding amounts of on-exchange and OTC interest rate derivatives (trillion USD) WFE/IOMA Derivatives Market Survey 2014 23

2.1.1 Short Term Interest Rate (STIR) Options and Futures Short-term interest rate derivatives are defined by the original term to maturity of the underlying being equal to or less than 12 months. STIR volumes declined by 3% in 2014 to total 1.7bn contracts traded. Futures remained the most actively traded STIR contracts, representing almost 80% of the STIR market (1.4bn contracts).. Of these, CME Eurodollar futures remained the most actively traded contract (664 million contracts), seeing a 28% growth in volumes. Short-Term Interest Rate Derivatives (number of contracts traded) Despite the global decrease in volumes traded, total open interest was up 5% in 2014 largely attributable to a 26% increase in open interest at CME Group, ICE Futures Europe saw growth of only 1% while BM&FBOVESPA volumes decreased by 3%. Top 5 exchanges by number of short-term interest rate derivatives contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) Number of trades ('000) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 CME Group 889 32% 920 243 33% 35 083 26% 38 168 31% 91 431 7% 2 BM&FBOVESPA 394-19% 15 118-33% 32 517-3% 1 560-9% 3 937 NA 3 ICE Futures Europe 378-29% 345 572-44% 17 545 1% 15 386-27% NA NA 4 Australian Securities Exchange 30-15% 29 357-28% 1 208 10% 807-35% 905-29% 5 Montréal Exchange (TMX Group) 25 8% 22 600 1% 688-12% 594-19% 831 4% Others 24-40% 4 823-45% 4 429-28% 335-29% 14-33% Total 1 741-3% 1 337 714-4% 91 470 5% 56 850 5% 97 117 11% WFE/IOMA Derivatives Market Survey 2014 24

2.1.2 Long Term Interest Rate (LTIR) Options and Futures LTIR contracts volumes were down slightly (1%) in 2014, totaling 1.5 billion contracts traded. LTIR futures contracts remained the main contract type traded (87% of the total), with LTIR options decreasing 3% in 2014, to 204 million contracts traded. LTIR Futures volumes decreased 0.6% in 2014, CME Group continued to grow (7%) while Eurex, the second biggest market, saw a 10% decrease in volumes in 2014. Ten-Year Treasury Note futures remain the most actively LTIR derivative traded on CME (340 million contracts traded, +4%). On Eurex, Euro- Bund futures remained the most actively traded contract (179 million) but volumes decreased by 6%. Continuing this theme, the Eurex Euro-Bobl futures (where the underlying has a shorter maturity) saw volumes down 12%, with 113 million contracts traded. Long-Term Interest Rate Derivatives (number of contracts traded) Similar to STIR contracts, open interest for LTIR contracts grew significantly in 2014 (+25%). All of the top five exchanges experienced an increase in open interest. Top five exchanges by number of long-term interest rate derivatives contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) Number of trades ('000) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 CME Group 876 7% 94 993 9% 11 619 31% 1 311 36% 119 486 6% 2 Eurex 460-10% 81 332-7% 5 328 27% 869 20% 40 336-10% 3 Australian Securities Exchange 79 2% 6 942-4% 1 262 17% 123 27% 3 023-7% 4 ICE Futures Europe 37-15% 5 965-12% 461 11% 69 2% NA NA 5 Korea Exchange 31-24% 3 279-20% 262 19% NA NA 2 540-13% Others 48-19% 14 347-22% 1 808 3% 40-78% 4 804-33% Total 1 530-1% 206 857-2% 20 741 25% 2 412 17% 170 190-0.3% WFE/IOMA Derivatives Market Survey 2014 25

2.2 Interest rate derivatives clearing Cleared interest rate derivatives (predominantly interest rate swaps) continue to dominate in terms of notional outstanding values, despite a slight decline in 2014 (-6%). Exchange traded and cleared LT-IR futures and options continued to increase significantly both in open positions (+33%) and notional outstanding (+28%). Interest Rate Derivatives Clearing 2012 2013 2014 % change 2014/13 Open Positions (thousands of contracts) Short-Term Options and Futures 93 309 86 872 91 464 5% Long-Term Options and Futures 14 829 15 601 20 741 33% Interest Rate Sw aps 1 196 1 641 1 450-12% Notional Outstanding (USD billions) Short Term Options and Futures 45 878 53 879 57 929 8% Long-Term Options and Futures 1 886 2 028 2 606 28% Interest Rate Sw aps 171 487 228 043 214 019-6% WFE/IOMA Derivatives Market Survey 2014 26

3 CURRENCY DERIVATIVES 2014 volumes for currency derivatives continued their downward trajectory from their 2011 high, with a significant decrease of 16% to 2.1bn contracts traded, after a slight increase of 2.5% in 2013. Both currency options and futures decreased, with options seeing the largest decrease (-44%). Futures decreased 10.8%. Number of currency derivatives traded worldwide (billions of contracts) Looking deeper into the regional trends: Asia Pacific saw the largest decrease in volumes, falling 46%. This decline was mainly driven by large decreases in India (down by 47%), with both NSE India and MCX- SX decreasing significantly (-50% and -76.5% respectively). EMEA was the only region to grow, with an increase of 56% in volumes. This was mainly driven by a large increase on the Moscow Exchange, which saw a 63% increase in volumes. Moscow Exchange represents 89% of the regional volumes, and 36% of the global volumes of currency derivatives. The Americas remained stable, with a slight decrease of 0.2%. CME Group and ICE Futures US both saw a decrease (-9.4% and -10. 9% respectively), whilst Nasdaq US markets saw an increase of 34%. Central and Latin American exchanges all grew or remained stable, with Mexican Derivatives Exchange increasing the most at 47%. WFE/IOMA Derivatives Market Survey 2014 27

Currency Derivatives (number of contracts traded) When looking at the currency pair used as underlying, most exchanges provide contracts to hedge their local currency against the USD (i.e. INR/USD for Indian exchanges, RUB/USD for Moscow Exchange, and BRL/USD for BM&FBOVESPA). CME provides much more variety in the currency pairs traded, with the USD/EUR being the most popular. The JSE s British Pound/Rand contract also saw a large increase in volume traded 2014, up 65% to 27 million contracts. Top 10 exchanges by number of currency derivatives contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 Moscow Exchange 751 63% 793 63% 5 729 66% NA NA 2 National Stock Exchange of India 422-51% 435-49% 3 174 174% 3.2 53% 3 BSE Limited 212 NA 213 NA 504 NA NA NA 4 CME Group 202-9% 23 887-13% 2 147 9% 236-0.1% 5 MCX SX 124-77% 129-75% NA -100% NA NA 6 BM&FBOVESPA 121 0% 5 847-3% 1 869-16% 64-45% 7 Rofex 65 29% 69 28% 2 900-7% NA NA 8 Korea Exchange 50-6% 502-6% 581 5% NA NA 9 Johannesburg Stock Exchange 45 30% 47 38% 3 545 94% NA NA 10 Tokyo Financial Exchange Inc. 33-41% NA NA 909 73% NA NA Others 79-35% 1 254-10% 2 390 11% 17-17% Total 2 103-16% 33 177-11% 23 749 36% 320-17% WFE/IOMA Derivatives Market Survey 2014 28

The most actively traded currency derivatives in the world in 2014 Products 2 014 AGR 2 014 AGR 2 014 AGR 1 USD/RUB USD 1 000 Moscow Exchange 656 NA NA NA NA NA 2 USDINR Futures USD 1 000 and 1 Lot National Stock Exchange of India 294-48% 295-47% 1 825 154% 3 USDINR Options USD 1 000 and 1 Lot National Stock Exchange of India 99-61% 100-59% 1 262 268% 4 U.S. Dollar futures USD 50 000 BM&FBOVESPA 82-1% 4 129 0% 1 205-13% 5 Dollar USD 1 000 Rofex 65 29% 69 29% 2 900-7% 6 EURO FUTURE EUR 125 000 CME Group 52-15% 8 620-15% 389 61% 7 US Dollar Futures USD 10 000 Korea Exchange 49-6% 489-6% 544 3% 8 USD/RUB USD 1 000 Moscow Exchange 43 NA NA NA NA NA 9 JAPANESE YEN FUTURES EUR 125 000 CME Group 38-10% 4 493-18% 224-4% 10 FX Margin Contracts varied by currency pairs Tokyo Financial Exchange Inc. 33-41% NA NA 909 73% 11 British Pound/Rand GBP 1 000 Johannesburg Stock Exchange 27 65% 27 NA 1 340 NA 12 EUR/USD EUR 1 000 Moscow Exchange 26-61% NA NA NA NA 13 U.S. Dollar Rollover USD 50 000 BM&FBOVESPA 25-1% 1 258-1% 0 NA 14 BRITISH POUND FUTURES GBP 62 500 CME Group 25-15% 2 553-10% 143-31% 15 AUSTRALIAN DOLLAR FUTURES AUD 100 000 CME Group 23-14% 2 035-20% 119-1% 16 EUR/RUB EUR 1 000 Moscow Exchange 21 156% NA NA NA NA 17 Mexican Peso / U.S. Dollar Futures USD 10 000 MexDer 20 47% 198 46% 775-3% 18 CANADIAN DOLLAR FUTURES CAD 100 000 CME Group 15-13% 1 363-19% 96-35% 19 U.S. Dollar NA Borsa Istanbul 13 46% 13 47% 168 29% 20 Dollar Options 10 000 Tel-Aviv Stock Exchange 13 28% 129 29% 585 42% 21 EURINR Futures EUR 1 000 and 1 Lot National Stock Exchange of India 12-27% 17-27% 45-14% 22 GBPINR Futures GBP 1 000 and 1 Lot National Stock Exchange of India 12 14% 19 17% 29-23% 23 MEXICAN PESO FUTURES NA CME Group 10 1% 391-3% 129 11% 24 SWISS FRANC FUTURES NA CME Group 10 6% 1 310 7% 59 15% 25 INR-USD INR 2 000 000 Dubai Gold & Commodities Exchange (DGCX) 9-20% 1 131-24% 19 13% 26 U.S. Dollar options USD 50 000 BM&FBOVESPA 8-2% 171-58% 638-23% 27 US$ & CRB NA ICE Futures U.S. 8-11% 588-10% 141 67% 28 EURO OPTIONS NA CME Group 6 9% 1 026 8% 49 3% 29 U.S. Dollar Forward points USD 50 000 BM&FBOVESPA 5 60% 246 66% 0 NA 30 JPYINR Futures JPY 100 000 and 1 Lot National Stock Exchange of India 5-50% 5-53% 14 43% Total 1 706 10% 30 677-13% 13 605 34% *NYSE Liffe Europe before 2014 markets Size Exchange Millions of contracts traded Notional Value ('000 USD) Open Interest ('000 contracts) While the Indian and Russian exchanges dominate in terms of number of contracts traded, the CME Group still represents around 70% of the total notional value traded even though the exchange saw a slight decrease in volumes in 2014. WFE/IOMA Derivatives Market Survey 2014 29

2014 breakdown by market of Similar to the IR market, the currency derivatives market remains a largely OTC market, accounting for 99.5% of the notional outstanding amount. In recent years, OTCD and ETD outstanding amounts seemed to have followed the same trends and were both higher in 2014. Notional outstanding amounts of on-exchange and OTC currency derivatives WFE/IOMA Derivatives Market Survey 2014 30

4 COMMODITY DERIVATIVES Commodity product volumes grew 5% in 2014, exceeding 4 billion contracts traded. Commodity futures surpassed single stock options to become the most traded type of derivative contract in 2014, with over 3.8 billion contracts traded. The increase in volumes was driven by an increase of 14% in the Asia Pacific region, masking a decrease of 7% in the Americas and 2% in the EMEA region. The growth in the Asia Pacific region was mainly driven by the 22% growth in Mainland China, which represents 93% of the total regional volumes, and 56% of the total global volumes. In of the rest of the Asia Pacific region, volumes decreased by 44%. The American region is dominated by two US exchanges that account for 99% of the regional total. The CME Group saw a 1% decrease and ICE Futures US, 38% decline in volumes. Contrasting trends were observed in the EMEA region in 2014. Three exchanges experienced growth: Euronext (25%), Dubai Gold and Commodities Exchange (14%) and London Metal Exchange (4%). The rest saw drops, with Eurex and Moscow seeing the largest decreases (-84% and -45% respectively). Commodity Derivatives (number of contracts traded) WFE/IOMA Derivatives Market Survey 2014 31

Top 10 exchanges by number of commodity derivatives contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 Shanghai Futures Exchange 842 31% 10 247 4% 2 393 14% NA NA 2 CME Group 778-1% 51 393-9% 37 613-2% 1 174-27% 3 Dalian Commodity Exchange 770 10% 6 724-12% 3 840 22% NA NA 4 Zhengzhou Commodity Exchange 676 29% 3 346 14% 2 629 32% 15 4% 5 ICE Futures Europe 327-1% NA NA NA NA NA NA 6 ICE Futures US 307-38% NA NA 29 034-17% NA NA 7 London Metal Exchange 177 4% NA NA NA NA NA NA 8 Multi Commodity Exchange of India 134-49% NA NA NA NA NA NA 9 Tokyo Commodity Exchange (TOCOM) 22-19% NA NA NA NA NA NA 10 Moscow Exchange 20-45% 24-49% 185-52% NA NA Others 41 7% 501-74% 1 715-8% 5-87% Total 4 094 2% 72 234-34% 77 410-16% 1 193 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. Number of commodity options and futures traded worldwide (billions of contracts) WFE/IOMA Derivatives Market Survey 2014 32

5 OTHER DERIVATIVES Volumes in the other derivatives category fell 5% in 2014, mainly due to the fact that ASX stopped offering CFDs on June 2014 1. Trading in other derivatives remained extremely concentrated in two exchanges representing 89% of the total volumes in 2014, with CBOE/CFE volatility index options and futures accounting for almost half, closely followed by the JSE with 40% of the volumes. Volumes of volatility index derivatives on CBOE/CFE increased by 15%. JSE saw a 7% increase in volumes or other derivatives (African Derivatives, Can-Do, IDX, IDX dividend and dividend futures). Commodity Derivatives (number of contracts traded) Top 10 exchanges by number of currency derivatives contracts traded in 2014 Exchange Millions of contracts traded Notional Value (bn USD) Open Interest ('000 contracts) Notional Out. Amounts (bn USD) 2014 AGR 2014 AGR 2014 AGR 2014 AGR 1 Johannesburg Stock Exchange 171 7% 10-2% NA NA NA NA 2 Chicago Board Options Exchange 160 12% 226 11% 5 060-33% 10-6% 3 CBOE Futures Exchange (CFE) 51 26% 1 434 150% 301-14% 6 20% 4 Eurex 20 36% 125 34% 3 643 30% 29 13% 5 Australian Securities Exchange (1) 14-84% 0.2-82% NA NA NA NA Others 13 23% 16-84% 603-66% 4-3% Total 428-5% 1 812 84% 9 607-64% 49 4% Johannesburg Stock Exchange: African Derivatives,Can-Do, IDX, IDX dividend and dividend futures CBOE/CFE: Volatility Index Options and Futures Eurex: Volatility Index Options and Futures, Dividend Options, Commodity Index Options and Futures, Equity Index Dividend and Single Stock Dividend Futures, Carbon emission futures and Inflation and Intellectual Property Futures Australian Securities Exchange: CFDs - On Monday 2 June 2014 ASX closed the ASX CFD market. 1 On Monday 2 June 2014 ASX closed the ASX CFD market. WFE/IOMA Derivatives Market Survey 2014 33

ANNEX TRADING STATISTICS 1. Single Stock Options Volume Notional Value Open interest Notional Out. Amounts Number of trades Options premium 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 Americas 3 195 611 435 3 258 393 540 5 253 727 4 789 578 224 508 278 214 021 578 760 682 722 499 127 895 875 185 485 843 339 927 465 129 BATS Global Markets 132 988 167 107 558 226 NA NA NA NA NA NA NA NA NA NA BM&FBOVESPA 792 598 845 909 313 950 722 327 983 752 11 302 552 15 315 460 5 791 10 737 24 074 481 26 806 730 17 817 21 445 Bolsa de Comercio de Buenos Aires 38 847 354 53 270 161 NA NA 390 558 594 631 NA NA 491 609 507 046 271 302 Boston Options Exchange (TMX Group) 66 494 083 63 410 732 NA NA NA NA NA NA NA NA NA NA Chicago Board Options Exchange 488 531 056 434 486 035 4 342 283 3 618 767 NA NA 742 779 701 619 48 351 292 41 328 694 103 225 88 959 International Securities Exchange (ISE) 337 530 079 354 725 020 NA NA NA NA NA NA NA NA NA NA MexDer 562 037 701 376 119 90 384 437 13 109 65 4 918 429 8 5 Miami International Securities Exchange 91 232 966 25 094 950 NA NA NA NA NA NA NA NA NA NA Montréal Exchange (TMX Group) 20 674 540 21 335 465 81 195 82 506 3 207 828 2 693 007 12 047 10 138 841 776 806 808 2 090 2 167 NASDAQ OMX (US markets) 691 898 216 704 092 922 NA NA NA NA NA NA 54 135 799 65 275 588 216 516 247 787 NYSE Derivatives 534 254 092 584 404 703 107 804 104 464 NA NA NA NA NA 50 760 548 NA 104 464 Asia Pacific 267 470 863 266 156 046 954 743 880 526 15 658 666 14 949 457 20 009 16 419 65 535 527 60 590 356 23 976 23 752 Australian Securities Exchange 108 984 616 124 300 972 249 738 282 581 9 448 574 10 068 001 6 099 NA 1 141 106 1 658 008 8 504 11 183 BSE Limited 2 016 815 750 376 10 607 3 207 2 359 2 348 11 3 080 68 974 42 557 254 95 Hong Kong Exchanges and Clearing 69 944 193 58 207 042 186 364 183 526 5 733 148 4 562 878 12 496 12 407 NA NA 5 781 4 517 Japan Exchange Group 1 010 138 1 105 382 NA NA 170 543 137 209 NA NA NA NA 95 93 MCX SX NA 9 028 NA 46 NA NA NA NA NA 9 028 NA 1 National Stock Exchange of India 85 404 647 81 704 608 507 733 410 989 300 619 175 212 1 388 924 64 275 369 58 840 712 9 339 7 860 TAIFEX 110 454 78 638 301 178 3 423 3 809 16 7 50 078 40 051 3 2 EMEA 377 903 183 413 730 743 1 437 770 1 301 738 67 839 496 70 369 048 155 432 166 273 5 563 860 5 680 249 51 070 56 575 Athens Exchange 30 164 18 481 16 17 1 288 808 262 23 593 480 2 3 Borsa Istanbul 88 919 45 806 29 14 30 340 402 11 0.2 89 837 1 0.5 Eurex 176 405 276 202 814 062 853 730 784 563 32 651 515 34 505 659 145 823 141 900 2 362 027 2 335 867 36 756 33 952 Euronext 66 791 184 72 910 342 208 869 199 843 9 597 267 11 539 116 NA NA 2 069 305 2 159 556 8 473 9 302 ICE Futures Europe 29 103 619 25 786 938 183 651 143 282 8 128 646 4 179 530 NA NA NA 251 590 NA 7 965 Johannesburg Stock Exchange 10 017 649 10 667 955 302 311 1 146 767 974 562 NA 11 507 NA 8 266 NA 311 LSE Group 30 598 340 34 788 197 91 009 76 783 4 421 429 6 347 700 NA NA 607 111 451 350 3 608 3 135 MEFF 25 635 035 26 944 611 31 159 31 528 7 279 809 8 219 233 8 112 11 571 97 298 93 095 1 229 1 318 Moscow Exchange 4 059 807 7 414 191 1 268 2 820 306 170 412 456 NA NA NA NA NA NA NASDAQ OMX Nordic Exchanges 29 058 264 27 476 014 54 459 52 838 3 533 556 3 547 650 NA NA 384 507 339 536 NA NA Oslo Børs 4 313 273 3 638 828 6 037 5 206 576 174 506 287 686 706 27 231 22 527 181 141 Tel-Aviv Stock Exchange 1 794 563 1 104 551 7 210 4 225 152 714 130 664 539 562 15 699 17 145 820 447 Wiener Börse 7 090 120 767 30 311 13 821 4 981 NA 5 NA NA NA NA Grand Total 3 840 985 481 3 938 280 329 7 646 240 6 971 842 308 006 440 299 340 083 936 123 905 192 198 995 262 251 756 448 414 973 545 456 1. Volume is the number of contracts traded. A contract is a standard unit of trading denoted by the number of shares or the amount of capital that may vary from class to class, or from product to product, as defined by the exchange. 2. Notional Value is the number of contracts traded multiplied by the contracts underlying value. Contracts underlying value is calculated by multiplying the market price of the underlying asset for each contract times the contract s multiplier. It is an approximate measure of the underlying value of the number of contracts traded. 3. Open Interest is defined as the number of contracts outstanding at a given time (close of trading at the last trading day of the year) 4. Notional Outstanding Amounts is defined as the monetary value of open interest. 5. Number of trades registered corresponds to the number of traded contracts that are registered and cleared by the clearing house. 6. Option premium represents the money paid by buyers to writers of calls or put options. All figures are single counted.

2. Single Stock Futures Volume Notional Value Open interest Notional Out. Amounts Number of trades 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 Americas 6 551 878 6 922 459 829 497 84 960 12 792 NA 35 NA 7 575 Bolsa de Valores de Colombia 347 522 113 053 817 483 81 960 9 542 NA 34 NA 7 473 MexDer 41 550 66 870 12 14 3 000 3 250 1 1 85 102 One Chicago 6 162 806 6 742 536 NA NA NA NA NA NA NA NA Asia Pacific 337 255 999 279 639 851 1 347 227 903 969 3 930 285 2 304 166 10 027 10 943 181 845 127 148 871 508 BSE Limited 585 935 1 642 319 3 035 7 873 1 646 7 554 7 4 200 508 052 938 247 Hong Kong Exchanges and Clearing 350 103 437 173 1 218 1 509 10 997 14 571 32 37 NA NA Korea Exchange 96 365 483 95 870 157 62 566 56 783 1 001 580 815 582 88 640 9 556 645 9 087 642 MCX SX NA 1 454 231 NA 6 452 NA 78 NA 0.39 NA 1 310 105 National Stock Exchange of India 211 004 887 166 371 450 1 230 042 808 593 2 068 743 1 075 641 9 452 5 660 165 119 076 133 356 468 TAIFEX 9 325 030 5 448 554 50 365 22 760 143 143 108 458 448 406 5 614 606 3 300 659 Thailand Futures Exchange (TFEX) 19 624 561 8 415 967 NA NA 704 176 282 282 NA NA 1 046 748 878 387 EMEA 649 565 844 660 416 699 1 139 936 1 342 316 12 482 757 13 887 285 38 695 32 999 943 327 1 154 614 Athens Exchange 6 974 373 6 667 082 2 787 2 445 166 685 146 699 20 454 17 407 461 268 466 264 Borsa Istanbul 194 377 24 073 62 11 32 489 817 8 0.2 6 437 3 174 Budapest Stock Exchange 578 244 686 028 2 006 2 687 28 628 28 379 63 84 27 227 37 460 Eurex 123 997 353 179 422 154 622 392 757 694 4 183 936 2 894 236 17 180 12 488 28 391 36 805 Euronext 21 652 372 213 0.3 750 NA NA NA 44 27 ICE Futures Europe 103 301 488 120 239 130 379 753 429 136 3 790 094 3 138 460 NA NA NA 7 766 Johannesburg Stock Exchange 50 188 410 26 288 569 17 907 16 772 1 032 079 1 923 032 NA 1 108 NA 200 796 LSE Group 1 575 694 1 546 529 2 973 3 934 401 716 659 514 NA NA 7 494 11 835 MEFF 13 355 525 14 994 309 19 409 15 159 549 924 961 920 571 1 095 31 052 29 564 Moscow Exchange 343 151 338 302 635 507 84 221 106 299 1 625 098 3 303 020 NA NA NA NA NASDAQ OMX Nordic Exchanges 2 523 612 3 613 984 4 601 4 674 322 911 246 525 NA NA 4 321 4 776 Oslo Børs 3 123 593 3 685 383 1 922 1 801 340 961 577 378 406 805 5 359 5 472 Warsaw Stock Exchange 580 185 613 563 1 691 1 703 7 486 7 305 13 11 371 734 350 675 Wiener Börse NA 16 NA 0.1 NA NA NA NA NA NA Grand Total 993 373 721 946 979 009 2 487 992 2 246 782 16 498 002 16 204 243 48 723 43 977 182 788 539 150 033 697

3. Stock Index Options Volume Notional Value Open interest Notional Out. Amounts Number of trades Options premium 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 Americas 395 947 656 337 929 670 64 107 633 47 817 618 16 753 387 15 400 786 3 145 549 2 597 295 15 189 128 12 721 083 422 090 432 919 BM&FBOVESPA 4 502 281 3 336 056 267 448 241 823 158 761 129 486 11 670 6 890 51 009 111 461 5 742 4 784 Boston Options Exchange (TMX Group) 350 23 381 NA NA NA NA NA NA NA NA NA NA Chicago Board Options Exchange 246 935 096 229 653 981 47 097 086 37 334 670 13 083 910 12 295 817 2 623 533 2 238 082 8 896 002 6 942 348 413 654 418 803 CME Group 130 156 925 91 588 208 16 729 729 10 229 198 3 424 465 2 835 420 509 636 351 302 5 927 871 4 430 205 NA NA ICE Futures US 73 624 65 132 8 464 6 554 8 392 6 947 NA NA NA NA NA NA International Securities Exchange (ISE) 1 273 932 4 236 327 NA NA NA NA NA NA NA NA NA NA MexDer 53 822 54 853 1 687 1 755 6 786 4 087 199 133 3 399 2 301 36 31 Montréal Exchange (TMX Group) 428 590 511 384 3 219 3 619 71 073 129 029 510 888 2 595 3 449 52 72 NASDAQ OMX (US markets) 1 297 680 2 779 391 NA NA NA NA NA NA 308 252 431 874 2 607 2 630 NYSE Derivatives 11 225 356 5 680 957 NA NA NA NA NA NA NA 799 445 NA 6 600 Asia Pacific 2 267 262 433 1 967 842 170 69 628 675 77 697 102 10 951 304 9 808 000 130 645 143 316 488 484 317 466 548 105 294 416 424 100 Australian Securities Exchange 10 350 974 9 612 776 530 398 482 693 681 261 464 605 160 148 464 341 419 977 5 706 639 BSE Limited 515 797 137 250 340 019 3 250 015 1 269 406 6 777 13 813 44 33 517 9 097 501 5 016 527 4 508 31 174 Bursa Malaysia Derivatives (BMD) 4 188 5 311 2 3 106 21 NA NA NA NA NA NA Hong Kong Exchanges and Clearing 17 515 932 17 826 035 1 874 026 1 890 270 1 192 364 1 061 862 104 681 87 866 NA NA NA NA Japan Exchange Group 44 278 596 57 655 958 NA NA 2 478 373 3 292 705 NA NA NA 6 974 109 67 345 104 330 Korea Exchange 462 010 885 580 460 364 56 155 319 67 895 447 1 123 663 656 162 NA NA 139 077 164 174 151 678 169 629 240 068 MCX SX NA 1 649 335 NA 8 439 NA 65 NA 0.3 NA 826 767 NA 81 National Stock Exchange of India 1 057 086 464 930 053 758 5 560 417 4 664 565 3 506 521 1 727 990 13 386 8 773 287 777 305 238 267 476 37 606 40 647 Singapore Exchange 7 918 130 10 501 431 NA NA 1 116 070 1 686 938 NA NA NA NA NA NA TAIFEX 152 191 272 109 671 774 2 258 498 1 486 280 842 626 902 199 12 373 13 013 52 013 759 40 860 417 9 623 7 161 Thailand Futures Exchange (TFEX) 108 855 65 409 NA NA 3 543 1 640 NA NA 54 247 31 154 NA NA EMEA 490 838 068 472 267 707 21 442 682 19 262 799 34 945 582 36 271 990 1 021 310 1 214 742 32 785 841 32 316 231 262 250 291 300 Athens Exchange 227 510 194 455 558 432 6 505 3 289 53 1 247 15 147 14 346 46 23 Borsa Istanbul 107 344 10 352 449 49 14 898 1 666 68 4 3 034 1 142 8 1 Budapest Stock Exchange NA NA NA NA NA NA NA NA NA NA NA NA Eurex 340 238 972 317 411 074 16 018 097 13 757 520 27 649 702 27 975 869 993 733 1 091 801 12 999 508 11 423 577 228 444 224 591 Euronext 17 179 422 17 175 842 926 726 845 912 478 803 524 685 NA NA 3 394 827 3 416 818 10 219 10 001 ICE Futures Europe 17 905 783 24 295 542 1 952 366 2 452 990 3 531 507 3 087 661 NA NA NA 407 677 NA 33 599 Johannesburg Stock Exchange 3 408 487 4 152 734 1 782 2 910 583 741 725 024 NA 95 841 NA 12 987 NA 2 910 LSE Group 4 368 788 3 548 068 270 960 187 562 302 053 334 927 NA NA 600 158 584 279 5 154 3 525 MEFF 7 319 962 5 172 426 100 617 59 975 629 215 572 241 7 780 7 471 191 670 186 667 2 273 1 146 Moscow Exchange 40 948 551 42 311 733 91 961 118 329 457 262 1 384 088 NA NA NA NA NA NA NASDAQ OMX Nordic Exchanges 9 276 282 7 987 697 178 943 151 261 690 120 1 086 822 NA NA 249 092 184 743 NA NA Oslo Børs 977 244 864 097 8 174 6 648 70 153 69 575 499 522 10 191 8 391 106 74 Tel-Aviv Stock Exchange 48 394 215 48 311 956 1 888 370 1 672 322 508 874 456 370 19 055 17 479 15 196 363 15 926 597 15 956 15 348 Warsaw Stock Exchange 483 344 816 855 3 677 6 051 18 835 47 941 123 313 125 851 149 007 43 82 Wiener Börse 2 164 14 876 1 838 3 914 1 832 NA 64 NA NA NA NA Grand Total 3 154 048 157 2 778 039 547 155 178 989 144 777 519 62 650 273 61 480 776 4 297 504 3 955 353 536 459 286 511 585 419 978 756 1 148 320