MiFID Service & Technical Description LEADING SOLUTIONS FOR A PAN-EUROPEAN MARKET

MiFID Service & Technical Description LEADING SOLUTIONS FOR A PAN-EUROPEAN MARKET

CONTENTS 1. Executive Summary... 4 2. Scope & Readership... 9 2.1 Scope...9 2.2 Readership...9 2.3 Further Information... 10 2.4 Project Implementation... 11 3. Service Description...12 3.1 Pre-trade transparency... 12 3.1.1 SETS...12 3.1.2 European Quoting Service (EQS)...15 3.1.3 EUROSETS (DTS)...18 3.1.4 Registration...20 3.2 Limit order display... 21 3.2.1 SETS & EUROSETS...21 3.2.2 SETSqx...21 3.3 Post-trade transparency... 22 3.3.1 Trading On Exchange or OTC...22 3.3.2 European Trade Reporting (ETR) service...23 3.3.3 On Exchange Trade Reporting...24 3.3.4 Monitoring...27 3.3.5 Negotiated Trades Waiver for On Exchange transactions...28 3.3.6 Correction Process...28 3.3.7 Publication Delay...28 3.3.8 Trade Reporting Responsibility...29 3.4 Membership... 30 3.5 Market data... 31 3.5.1 Pre-Trade Data...31 3.5.2 Post-Trade Data...32 3.6 Best execution... 33 3.6.1 Best Execution Venue...33 3.6.2 Data mining tools...34 3.7 SETS Internaliser... 36 3.7.1 Service scope...36 3.7.2 Functionality...36 3.7.3 Impact on users...37 3.8 Transaction reporting... 37 3.8.1 Transaction Reporting to the FSA...37 3.8.2 Removal of Transaction Reporting to the Exchange...38 3.9 Other Trading Services... 39 3.9.1 SETSmm...39 3.9.2 ITBB...39 3.9.3 IRS...39 3.9.4 Gilts...39 3.9.5 Fixed Interest...39 3.9.6 Lending arrangements...40 3.9.7 Optional non-eurm trade reporting...40 3.10 Regulated Market / Multilateral Trading Facility... 41 4. Technical Description...43 4.1 Introduction... 43 4.1.1 Readership...43 4.2 Summary of technical changes... 44 4.3 MiFID related technical changes... 45 4.3.1 Post-MiFID Market Structure...45 4.3.2 SETS...45 4.3.3 SETSqx...46 4.3.4 EUROSETS...46 4.3.5 European Quoting Service (EQS)...47 4.3.6 International Trade Reporting (ITR) segment...47 4.3.7 Changes to International Order Book (IOB) and International Retail Service (IRS)...48 4.3.8 Other Segments and Sectors...48 London Stock Exchange Page 2 of 70

4.3.9 Allocation of Tradable Instrument Display Mnemonics (TIDMs)...48 4.3.10 Extended use of 5EQ Enhanced Quotes...48 4.3.11 Average Daily Turnover / Publication Threshold Size field...49 4.3.12 Trade Types and Venue IDs...50 4.3.13 Trade Report Entry and Cancellation Messages...52 4.3.14 Non-member trade reporting...52 4.3.15 SETS Internaliser...52 4.4 Non-MiFID changes... 54 4.4.1 Ability to modify the bid size of an executable quote to zero...54 4.4.2 Change in the 5MT Market Description message...54 4.4.3 Minimum Quote size...55 4.5 Infolect changes... 56 4.5.1 Changes to Service Content...58 4.5.2 Live Service Channels...61 4.6 Customer testing requirements... 62 4.6.1 Full Infolect conformance testing for new Off Book Data subscribers...62 4.6.2 Mandatory High Volume test for all Infolect subscribers...62 4.7 Customer Development Service (CDS)... 63 4.8 Contact Details... 66 Appendix A Sector Schedule for EQS...67 Appendix B MiFID Delayed Publication Table...68 Appendix C Message types...69 London Stock Exchange Page 3 of 70

1. Executive Summary Following extensive consultation with the market since 2005 and the completion of a formal consultation in Q1 2007, this document confirms the Exchange s product solutions to be made available prior to MiFID implementation on 1 November 2007. The Exchange would like to thank all those firms that participated in the consultation. This has helped to ensure that the Exchange s markets evolve in line with MiFID and positions London for further growth as the world s capital market. A summary is provided below to confirm the Exchange s offering for MiFID including clarification on key consultation points: Pre-trade transparency - Market making in all Liquid 1 securities as an on Exchange alternative to systematic internalisation - All Liquid securities will be in distinct sectors for ease of identification - The mandatory quote period for European Liquid securities will be aligned with the Home Market 2 (as well as an optional standardised period across all sectors) Limit order display - Limit order display in UK Main Market and leading Dutch stocks Post-trade transparency - Pan-European trade reporting for off book executions on our market (on Exchange) or OTC (unregulated) - OTC reporting will be available to both member and nonmember firms - Open on all European business days 3 Market data - New stand alone service for all off book trade reports (on or off Exchange). Existing market data feeds will continue to provide off book reports as today Best execution - Powerful world-beating system performance delivered by TradElect, the Exchange s new trading system allowing you to trade on one of the fastest, most reliable and technologically advanced equity markets in the world 1 Liquid Shares A share which is traded daily, with a free float not less than EUR500m and has either more than 500 transactions a day or a daily turnover in excess of EUR2m. 2 Home Market is the Regulated Market on which a security is admitted or the Most Relevant Market as defined under MiFID where a security is admitted to multiple Regulated Markets 3 The Product Outline proposed that our European services be open only on UK business days. Feedback from the market has suggested that they need the non UK service to be operational for all European business days. We have therefore amended our approach to incorporate this. London Stock Exchange Page 4 of 70

- Cost effective execution (e.g. low execution fee and optionally no clearing or settlement for self executions) - Tools to demonstrate execution quality across multiple venues - Data warehousing for record keeping and data storage - Market share analysis tools Transaction reporting - Transaction reporting for multi-asset classes to the Financial Services Authority (FSA) and other regulators (subject to demand) as an Approved Reporting Mechanism (ARM) 4 The post-mifid market structure for EU Regulated Market equities 5 will be traded on one of the services outlined in the comparison table shown below. Current Post-MiFID Trading Service Market Model Stock Coverage Trading Service Market Model Stock Coverage SETS Order Book FTSE 100, reserves & some FTSE 250 SETSmm SETSqx SEAQ 6 EUROSETS Pricing Order Book & integrated electronic Market Making Periodic Auctions & stand alone quote driven Market Making Quote driven Market Making Order Book with provision of Named Orders FTSE 250, Small Caps & some Fledgling Some nonindexed equities Fledgling & non-indexed equities Dutch equities in AMX & AEX indices SETS SETSqx Order Book & integrated electronic Market Making Periodic Auctions & stand alone quote driven Market Making FTSE All Share & some Fledgling Remaining Fledgling & non-indexed equities SEAQ will continue for non-eurm securities, e.g. AIM outside of SETS / SETSqx EUROSETS EQS ITR Order Book & integrated electronic Market Making Quote driven Market Making Trade Reporting only Dutch Liquids and all equities in AMX and AEX indices EURM Liquid equities (non-uk / Dutch) Remaining EURM, non- Liquid equities 4 The Exchange has applied to the FSA for its service to be an ARM and has received conditional full approval 5 Referred to in this document as EURM securities 6 SEAQ will be closed for entry of new Main Market securities from 1 September 2007 London Stock Exchange Page 5 of 70

The Exchange announced important changes to our on book execution tariffs on 17 January 2007, including the following 7 : A decrease in the SETS Exchange Charge for aggressive execution. The equivalent passive tariff remains free. A deeper volume discount scheme, which will enable firms to benefit sooner from lower charges, with the highest volume firms paying 0.4bps for aggressive trades. The introduction of a new tariff for self executions which is 87.5% lower than the previous headline rate allowing firms to internalise business on the order book. In addition, the following tariffs will apply: A new flat rate European Trade Reporting (ETR) tariff for all EURM securities of 6p per trade. The OTC reporting service will be 6p per trade for both member and non-member firms and in addition non-member firms will pay a 1,000 annual service charge. No change to existing subscribers data charges and delayed data continues to be free. A new off book data service with a monthly charge of 3.50 per terminal covering all off book trade reports (applicable from 1 April 2008). A rationalisation of the tariff for transaction reporting through the Exchange Reporting Service (ERS) so that each report will be charged at a flat rate of 2p. As part of a wider Exchange review we will be implementing a new flexible tariff to support market making in Liquid UK and other EU securities. For example, firms will be able to register in FTSE 100 securities for 20 per month per security with a maximum payable per annum of 15,000. A quote update fee will also apply to Liquid UK securities of 2p. Market maker registration in non-uk Liquid securities (i.e. EUROSETS and EQS) will be 10 per month per security with a maximum payable per annum of 5,000. A quote update fee will also apply to Liquid EU securities of 1p. 7 To view this tariff please go to http://www.londonstockexchange.com/engb/products/membershiptrading/tradingpricescontracts.htm London Stock Exchange Page 6 of 70

Market making fees applicable to non-liquid securities will also be aligned with this tariff structure, offering a low registration fee per security (ranging from 5 to 20 per stock depending on the segment) with an annual maximum fee. The existing annual service charge (i.e. SEAQ 20k, International 7k & AIM 5k) will be removed. The updated Price Lists will be published for all services in July. With the exception of the new off book data service, the pricing mentioned above will be effective from 1 November 2007. Rulebook Review The Exchange s Rulebook Review is underway with the initial high level consultation completed during Q1. The review is currently being undertaken of all our secondary market rules with three key objectives: to ensure the Rules facilitate firms execution of business on the Exchange s markets in compliance with MiFID to simplify the Rules and make them more user friendly to align the Rules more closely with the Exchange s trading services MiFID in particular, enables us to make a number of important simplifications to the Exchange s rules. For example, the Exchange will change the current scope of the on Exchange rule and discontinue the requirement for firms to transaction report to the Exchange in all securities. The Exchange has just issued the outline confirmation and the next stage of the consultation will be the publication of draft rules in July 2007. Feedback is provided below on two areas where we proposed pure alignment with MiFID: 1. Extending the publication delay regime across non-mifid equities e.g. AIM. Our current view is that we will proceed on this basis. 2. Applying the reporting responsibility hierarchy specified in MiFID (for OTC trades), i.e. seller reports, to on Exchange trades and to allow the reporting (but not the responsibility) to be delegated. Our current view is as follows: Based on all feedback received, we intend to proceed to some extent with aligning our rules with MiFID s hierarchy but also to recognise the importance of the market maker / member firm structure. We are therefore proceeding with a hierarchy as shown overleaf 8. 8 MiFID Level 2 Regulation, Article 27 (4) London Stock Exchange Page 7 of 70

If both counterparties are market makers - Seller reports If only one counterparty is a market maker- Market Maker reports If both counterparties are member firms and neither is a market maker - Seller reports If only one counterparty is a Member Firm - Member Firm reports This will provide some alignment with MiFID and remove the principal / agency distinction while enabling the continuation of existing business practices. We will also allow responsibility to be delegated so long as there is a formal agreement between the counterparties. Further details are provided below. This approach remains subject to completion of the Rules consultation see link below to notice N57/07 http://www.londonstockexchange.com/engb/products/membershiptrading/rulesreg/stockexnoticesnew London Stock Exchange Page 8 of 70

2. Scope & Readership 2.1 Scope The aim of this document is to provide a detailed description of our MiFID compliant offerings 9 and other changes being made to our trading services ahead of MiFID implementation on 1 November 2007. It also includes clarification on our current position related to key rules relevant to the product offering, e.g. trade reporting responsibilities. This document is divided into two core sections (1) the Service Description containing a detailed description of the services to be available for MiFID and (2) the Technical Specification containing a detailed description of the technical changes and the implementation approach. 2.2 Readership This document should be read by Member Firms and other interested parties, whether based in the UK or internationally. This includes, but is not limited to, the following: Institutional Brokers Asset Managers Retail Service Providers (RSPs) Private Client Brokers Vendors Issuers Investors 9 The proposals set out in this document are based on our current understanding of MiFID and customer requirements and may be subject to change. London Stock Exchange Page 9 of 70

2.3 Further Information This document contains references to a number of initiatives and additional products or guidance for which additional information is available on the Exchange s website. London Stock Exchange Rules consultation notice N57/07 including TradElect Parameters(attachment 3): http://www.londonstockexchange.com/engb/products/membershiptrading/rulesreg/stockexnoticesnew/ MiFID: www.londonstockexchange.com/mifid TradElect: http://www.londonstockexchange.com/engb/products/membershiptrading/tradingservices/tradelect/ SETSqx: http://www.londonstockexchange.com/setsqx Guide to Trading Services 10 : www.londonstockexchange.com/guidetotrading EUROSETS: http://www.londonstockexchange.com/dutch Exchange Reporting Service: http://www.londonstockexchange.com/engb/products/membershiptrading/accessnetworkservices/exchangerep ortingservices.htm If you require further information please contact your Primary Account Manager or email mifid@londonstockexchange.com. 10 This document details our current trading services and will be updated for the MiFID implementation. London Stock Exchange Page 10 of 70

2.4 Project Implementation Key milestones and dates A high level timeline is shown below 11. A more detailed implementation schedule is shown in the Technical Specification. Please note all dates are subject to change. Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Product Outline Rules Consultation Service Description / Technical Rules Confirmation TradElect Implementation Customer Testing Service Go Live MiFID Implementation MM registration for SETSqx phase 1 MM registration for SETSqx phase 2, SETS liquid, EuroSETS and EQS Key milestones and documents are shown below. All documents are available on the Exchange s website. Milestone Indicative Timeline Consultation Paper (CP) Complete Rules Consultation 1 (Outline Rules) Complete Rules Outline Confirmation Complete Service & Technical Description (this document) Complete TradElect Go Live Complete Rules Consultation 2 (Detailed Rules) Complete HVS Testing commenced 02 July 2007 Detailed CDS Market Configuration Matrix 20 July 2007 Rules Confirmation September 2007 Customer Test Service CDS & Conformance available 22 August 2007 (Please refer to Testing Section for details) Detailed Production Market Configuration Matrix September 2007 Service Go Live October 2007 12 MiFID Implementation 1 November 2007 13 The rule changes are expected to become effective in line with MiFID implementation, save those that need to be implemented with the Service Go Live. This will be clarified in the Rules Confirmation. 11 This does not include the changes to ERS, which are available separately. 12 Service go live will be phased in order to manage the volume of market configuration changes 13 MiFID implementation date at time of publication London Stock Exchange Page 11 of 70

3. Service Description 3.1 Pre-trade transparency What is required? MiFID introduces a pre-trade transparency requirement for most business, whether it is done on a Regulated Market (RM) or a Multilateral Trading Facility (MTF) or executed by a Systematic Internaliser (SI). Firms that match orders internally on a systematic basis and that could fall within the definition of a SI need to decide how best to meet their pre-trade transparency obligations under the Directive. In particular they need to consider whether to continue to quote and trade on Exchange or if they wish to trade OTC under the new Article 27 regime as a SI. What we are providing The Exchange s markets all provide full market depth and will be enhanced to offer market making in all securities classified as Liquid under MiFID (in addition to the existing market making on our markets) giving investment firms the opportunity to publish quotes to the market 14. This offers an opportunity to firms that wish to advertise their prices in leading securities as well as providing a familiar market solution for compliance. Note that it is possible to be both an SI and a market maker in an individual security the two are not mutually exclusive. Liquid securities will be traded on the following services: SETS, European Quoting Service and EUROSETS (DTS). 3.1.1 SETS SETS will be enhanced to combine order-driven trading with market making, based on the current SETSmm market model. This means that the entire FTSE All Share will be traded on the same trading service. A list of securities currently traded on SETS and SETSmm can be found at http://www.londonstockexchange.com/engb/products/membershiptrading/tradingservices.htm 14 In addition, firms that do not register as market makers will continue to be able to conduct pure bilateral business on Exchange under MiFID s negotiated trades waiver subject to meeting the relevant requirements London Stock Exchange Page 12 of 70

Key Features - Generic Continuous, buy and sell prices displayed by market makers providing pre-trade transparency compliant with MiFID A maximum spread and minimum size will be specified per security Market makers can improve on their displayed prices, in line with best execution rules, regardless of size or client classification, if the trade is executed on Exchange Market makers may continue to deal off Exchange, though they will not benefit from the Exchange s Rules and may find that this means they are classified as a SI Key Features Specific Market makers will be required to enter two-sided quotes within the Exchanges Rules, throughout the continuous trading period using electronically executable quotes Following execution, expiry or deletion market makers have 90 seconds to refresh their Executable Quotes A market maker s quotes will be on Exchange if electronically executed on the order book. If the market maker wishes to trade off book and on Exchange then its quotes are considered firm, although there is no obligation to trade off book SETS closing prices will be calculated as per the SETSmm model i.e. there will not be a VWAP period or volume check A sample SETS order book is shown overleaf. London Stock Exchange Page 13 of 70

Displays buy orders Listed Company LCPY P Close 336 GBX NMS EMS 25,000 Segment STMM SETI Sector F25T INT1 ISIN GB0009529859 YVol 1.00m Last 336 AT at 08:45 Vol 7,807 Prev 336 335AT 335AT 335AT 336AT Trade Hi 337 Open 336 Total Vol 107,899 Trade Lo 335 VWAP 335¾ SETS Vol 52,807 BUY 6 TVol 135,082 Base 336 MOVol TVol 87,500 MOVol SELL FIRM CMPY 59,082 336 336¾ 2,700 1 2 8,000 8,000 336 336¾ 2,700 2,700 1 CMPY 1 23,000 15,000 336 338 25,000 27,700 FIRM 1 2 34,082 11,082 336 338¼ 10,800 38,500 2 FIRM 1 59,082 25,000 336 339 25,000 63,500 CMPY 1 1 109,082 50,000 332 325 339 10,000 73,500 1 1 134,082 25,000 324½ 331 350 340 1,000 74,500 1 CMPY 1 135,082 30,000 1,000 300 330 365 341 7,000 81,500 1 420 341 25,000 6,000 87,500 CMPY 1 Displays sell orders Market Maker displaying Executable Quotes The Trading Day The SETS trading day will contain three main trading periods. The day commences with an opening auction followed by a period of continuous trading in which orders are automatically executed against one another alongside the continuous display of two-way quotes from market makers. The trading day ends with a closing auction where an official closing price is set. The below times are in UK time. 07:00 08:00* 16:30 16:35* 17:00 17:15 07:50 Market open Opening auction Continuous trading Closing auction Order management period Order book close Close Member Firm can enter trade Order entry & deletion: EQ, LO^, Order entry & deletion # Order entry & deletion: EQ, LO^, Order deletion only No order entry or deletion allowed No trade reports can be submitted reports IB & MO IB & MO from only only 07:15 Opening Closing auction auction uncrossing and uncrossing closing prices disseminated *Auction match starts after 30 second random interval and subject to possible price monitoring extensions ^ Parked order validity types available for use during the auction # Any breaches of the price monitoring threshold between 16:20 and 16:30, security moves into extended closing auction call. London Stock Exchange Page 14 of 70

Default Period Schedule The default period schedule will operate as shown in the below table. Time (UK) Period Description 07:00 Market Open 07:50 Opening Auction begins 08:00* # Continuous Trading 16:30 Closing Auction begins 16:35 Order Management 17:00 Order Book Close 17:15 Close *Auction match starts after 30 seconds random interval and subject to possible price monitoring extensions. # Any breaches of the price monitoring threshold between 16:20 and 16:30, security moves into extended closing auction call. Market Segments and Sectors The SETS market segment / sector structure will be enhanced to indicate whether securities are defined as Liquid under MiFID and by FTSE index as well as defining other parameters e.g. maximum spread. Order / Quote Types The SETS trading service will allow the following order / quote types: Limit Orders Iceberg Orders Market Orders Executable Quotes (named for market makers) Executable quotes are available in the new Enhanced Quote message introduced on TradElect. All the Validity Types described in the TradElect Technical Guide will also be applicable. 3.1.2 European Quoting Service (EQS) A new Market, called European Markets, will be introduced for the European services. This will sit alongside the LSE Markets we offer. It will offer both pre and post-trade transparency for Liquid EURM securities and will include the EQS, EUROSETS and the International Trade Reporting (ITR) segments. The EQS will have similar trading functionality to the existing SEAQ trading service and will support all EU Liquid securities (excluding those traded on the SETS, SETSqx, EUROSETS and ITBB services). Initially, no electronic execution will be supported and market makers will enter non- London Stock Exchange Page 15 of 70

electronically executable quotes during the MQP. There will be no minimum number of market makers required per security. Key Features The generic features specified above in the SETS service will apply to this service. In addition, the following will apply: Market makers will be required to enter two-sided quotes within the Exchange s Rules, throughout the mandatory quote period using nonexecutable quotes A market maker s quote is firm and if its counterparty is challenging under Exchange Rules the counterparty may require the trade to be done On Exchange. Market maker obligations in EU securities will be suspended during non-business days in the Home Market, though firms may continue to quote if they wish. Settlement Settlement will be agreed on a bilateral basis between the trading participants with default settlement being based on the Home Market. Business Calendar EQS will be open each weekday with the exception of days that are public holidays within all the EU. The business calendar will be kept under review and will be published annually in Q4. The public holidays for the European Market for the remainder of 2007 will be 25 and 26 December. Trading Day The trading day will operate in accordance with the trading day of the Home Market with the main trading period being the continuous display of twoway quotes from market makers (the MQP). Trade reporting will be available from 08:15 to 18:15 CET. All trade reports from home markets outside of CET will need the trade time to be adjusted accordingly prior to submission. London Stock Exchange Page 16 of 70

08:00 Time dependant on sector 18:15 Market open Pre mandatory quote period Mandatory quote period End of mandatory quote period Close Member Firm can enter trade reports from 08:15 Market maker quotes are indicative Market maker quotes are firm Market maker quotes may be closed All quotes that are still open are automatically closed No trade reports can be submitted Closing prices disseminated Please note where there is an intraday auction in the Home Market, quoting is not mandatory, but where the market maker chooses to quote this is firm for on Exchange transactions. Default Period Schedule The default period schedule will operate as follows (the Austrian sector is shown as an example; please refer to appendix A for the MQP timings per sector). All times are shown in CET. Time (CET) Period Description 08:15 Market Open 08:45 Pre Mandatory Quote Period 09:30 Mandatory Quote Period 17:30 Post Mandatory Quote Period 18:15 Close Market Segments & Sector Codes The market segment structure for EQS securities will be defined as a single segment with a sector for each country. Quote Type Market makers will be able to enter quotes using the new Firm Quote type offering the use of non-electronically executable quotes. Currency The currency of trading for the respective securities will be determined on a security-by-security basis and will follow the Home Market. Due to the London Stock Exchange Page 17 of 70

broad geographical spread of securities on the market, a wide range of international currencies will be represented. Trades executed in currencies that are not the Home Market currency will be converted by the reporting party into the Home Market currency for reporting purposes. Stock Suspension in the Home Market Where a stock is suspended on the Home Market for regulatory reasons, the FSA will ordinarily require all UK markets to also suspend trading, unless this would damage the interest of investors or the orderly functioning of the financial markets [Article 41(2) of MiFID]. Where trading is halted in the Home Market owing to technical reasons or pending news announcements, we will continue to operate our service unless instructed to do otherwise by the FSA. Best Prices Best prices will be disseminated based on the best bid and offer available, unless there is no quote available in which case no best price will be disseminated. Closing Prices No closing prices will be disseminated based on the assumption that firms will initially rely on closing prices from the Home Market. Settlement Trades negotiated on EQS will be for bilateral settlement between the trading participants. Unless otherwise agreed between the participants, settlement will be on the standard settlement timetable for the Home Market of the security and should settle in the Home Market Central Securities Depository (CSD) for the security. Membership All member firms that currently have access to off book trade reporting will be provided with access to the new EQS. 3.1.3 EUROSETS (DTS) Service Summary EUROSETS is an existing, order-driven trading service offering secondary market trading in liquid, large and mid-cap Dutch equities in the AEX and AMX indices. All Liquid Dutch securities will be traded on this service. The service is currently based on the SETS order book with the additional opportunity for members to use named orders when dealing in a principal London Stock Exchange Page 18 of 70

capacity where the identity of the member firm is displayed alongside the order. As with SETS, the Exchange will enhance EUROSETS such that firms will be able to register as market makers in any EUROSETS security (and the SETS Key Features apply). The existing use of named orders will be replaced with electronically executable market maker quotes. Whilst the Exchange is not planning to make EUROSETS available for all EURM securities at present, we are assessing opportunities to extend our offering to provide a pan European execution service as the market develops. Business Calendar EUROSETS will operate within the European Markets and will therefore have the same business calendar as EQS. Market This trading service will be operated within the European Markets. Trading Day The EUROSETS trading day will contain four main trading periods. The day will commence with an opening auction followed by a period of continuous trading in which orders are automatically executed against one another alongside the continuous display of two-way quotes from market makers. The final phases of the trading day are a closing auction where an official closing price is set followed by a fourth phase for a post-close cross. All times are in CET. 07:29 09:00* 17:25 17:30* 17:31* 17:40 18:00 18:15 07:30 Market open Opening auction Continuous trading # Closing auction Order management period Imported price auction call Imported price auction match Order book close Close Order entry & deletion: EQ, LO^, IB & MO only Trade reports from 07:30 Order entry & deletion Order entry & deletion: EQ, LO^, IB & MO only Order deletion only Order entry & deletion: EQ, LO^, IB & MO only No order entry No order or deletion entry or allowed deletion allowed No trade reports can be submitted Opening auction uncrossing Closing auction uncrossing and closing prices disseminated *Auction match starts after 60 second random interval an subject to possible price monitoring extensions ^ Parked order validity types available for use during the auction # Any breaches of the price monitoring threshold between 17:18 and 17:25, security moves into extended closing auction call. Please note all times in CET London Stock Exchange Page 19 of 70

Default Period Schedule The default period schedule will operate as shown in the below table. Time (CET) Period Description 07:29 Market Open 07:30 Opening Auction 09:00* # Continuous Trading 17:25 Closing Auction 17:30 Order Management Period 17:31 Imported Price Auction Call 17:40 Imported Price Auction Match 18:00 Order Book Close 18:15 Close *Auction match starts after 30 seconds random interval and subject to possible price monitoring extensions. # Any breaches of the price monitoring threshold between 17:18 and 17:25, security moves into extended closing auction call. Please note all times in CET Stock Coverage EUROSETS will continue to trade leading Dutch securities in the AMX and AEX indices. Should any Dutch securities outside of those indices be classified as Liquid under MiFID, they will also be admitted to EUROSETS. Where demand dictates we will also include NON liquid Dutch Securities on EUROSETS. Order Types All existing order types available in EUROSETS will continue, with the exception of Named Orders which will be replaced by the new Enhanced Quote message offering the use of electronically executable quotes for market makers. EUROSETS will allow the same order / quote types as per the SETS service described above. 3.1.4 Registration Registrations for existing SETS and EUROSETS securities and the new EQS service should be made no later than 28 September 2007 for inclusion from the start of the MiFID services. De-registrations must also be received by this time in order to be removed prior to the start of service. A one-off form for bulk registrations will be made available nearer the time to streamline the process. London Stock Exchange Page 20 of 70

All existing market making registrations in existing trading services will be carried over upon implementation of any market configuration change. You will therefore need to de-register if you do not wish to carry any of these forward. 3.2 Limit order display What is required? A facility to display unexecuted limit orders in all EURM securities in accordance with Article 22. This does not necessarily mean that the limit orders must be immediately available for electronic execution, but their display will ensure a wider audience and facilitate the order being completed. Continuous order driven and periodic auction market models can be utilised. What we are providing 3.2.1 SETS & EUROSETS Many of the Exchange s existing trading services already provide the ability to publish limit orders, namely SETS (incl. SETSmm) and EUROSETS, on a continuous execution basis. These trading services cover securities in the FTSE All Share, some Fledgling and leading Dutch securities. Over time we will consider extending our European execution service as the marketplace develops. In the meantime, to facilitate MiFID compliance, firms who do not have access to the limit order book of other European exchanges may use the services of a DMA provider to fulfil this obligation across Europe. 3.2.2 SETSqx Following extensive market consultation, a new trading service, SETSqx, was launched on 18 June 2007 for all SEATS Plus securities. This will be rolled out further during October 2007 to include the remaining FTSE Fledgling and non index securities listed on the Main Market but not traded on SETS. SETSqx provides stand alone non electronic executable quotes with the addition of a continuous display of limit orders. There are four auctions a day to match displayed orders, a summary of the service is provided below and a full Service Description was issued in September 2006 15. SETSqx market model Market makers provide non-electronically executable quotes and liquidity throughout the trading day according to very similar rules as on SEAQ. 15 http://www.londonstockexchange.com/nr/rdonlyres/88f86af1-24b2-407e-953b- 09BA305CE1CE/0/SETSqxServiceTechnicalGuide.pdf London Stock Exchange Page 21 of 70

Today brokers either need to phone market makers or use their proprietary RSP systems to execute their business. SETSqx additionally offers the opportunity to enter orders into the central trading system so satisfying MiFID limit order display requirements and providing customers the option to set their own price. The scheduled auctions take place at 08:00, 11:00, 15:00 and 16:35. Both named and anonymous order entry are supported by SETSqx and any member firm has the option of phoning the originator of a named order to execute off book prior to the next uncrossing if suitable terms can be agreed. 3.3 Post-trade transparency What is required? MiFID will extend a UK-style post-trade transparency regime across Europe to all EURM securities. MiFID obliges investment firms to provide post-trade transparency regardless of execution venue and affords the opportunity for firms to use a single reporting venue. It further requires that the trade information is monitored in real-time for price accuracy and a facility provided for the immediate correction of any errors. Access to a trade publication service covering all the relevant securities in which your firm is active with the required levels of monitoring and regulation will facilitate your compliance. What we are providing The Exchange has successfully provided a trade reporting service for many years and will expand this high quality and established service to all EURM securities at a competitive cost for both on and off Exchange trades. The publication of trades will be undertaken in accordance with the new MiFID block trade reporting regime. Trade reports will be checked for errors providing you with the peace of mind that we are helping to verify your compliance with MiFID s data quality measures through the Exchange s sophisticated systems and ensuring high levels of data integrity continue. 3.3.1 Trading On Exchange or OTC MiFID recognises that Regulated Markets / MTFs can operate both rulesbased (for off book trading) and automated systems (for order book trading) and offers the flexibility for both types to be considered trading on Exchange with the regulatory and other benefits that offers. Trade reports fall into three main categories in terms of venue and regulatory classification: On Exchange order book (or on book ) trades: these are automatically generated by the Exchange s trading system as a result London Stock Exchange Page 22 of 70

of an automatic execution on the order book (regulated under our Rules) and published to the market. On Exchange off book trades: these are trades outside the order book which the counterparties agree to execute on the Exchange (regulated under our Rules) and are reported to the Exchange Off Exchange unregulated (or OTC / off market ) trades: these are trades executed away from the Exchange s markets (unregulated by our Rules) and must be published under MiFID s Article 28. 3.3.2 European Trade Reporting (ETR) service Service Summary The Exchange intends to provide two pan-european service options to meet the post-trade transparency obligations: On Exchange off book trade publication for all trades regulated under the Exchange s Rules OTC trade publication - for any unregulated trades executed away from the Exchange s markets, whether acting as a SI or not. Key features: One stop shop pan-european service available from 07:15 to 17:15 UK time / 08:15 to 18:15 CET Open on all EU business days for the European Markets. The LSE Markets (including the UK and International trading services) will be open on all UK business days Designed for customers to meet their requirement for immediate real-time trade reporting with a backstop of three minutes Fully automated management of any publication delays applicable under MiFID Real-time price monitoring to uphold data integrity Venue ID displayed for each trade Publication to over 100,000 terminals, displayed in over 100 countries, and to over 150 vendors Delivered on the Exchange s next generation trading technology offering the highest levels of availability London Stock Exchange Page 23 of 70

Global publication via our website showing delayed data free of charge 16 Stock Coverage & Other Features We estimate approximately 10,000-15,000 new securities will be traded on this service. The scalability of the Exchange s next generation trading technology means that this incremental service can be accommodated within system capacity. Trade reporting will be available from 08:15 to 18:15 CET. The ETR service provides trade reporting in all EURM securities and is available in the securities on the aforementioned trading services (SETS, SETSqx, EQS, EUROSETS) as well as the MiFID regulated market segment of the International Bulletin Board (ITBB) and the International Retail Service (IRS). In addition, a new trade reporting only segment (International Trade Reporting ITR ) will be introduced for the remainder of EURM securities not traded on the above services. This segment will be offered within the European Markets and will therefore follow EQS for the features listed below (please refer to section 4.1.3 for details): Timezone Business Calendar Market Segments & Sector structure Currency Stock Suspension in the Home Market Settlement 3.3.3 On Exchange Trade Reporting Trading on Exchange is available to member firms only and, as well as being required by certain investment mandates, offers a number of important benefits, as specified below. All on Exchange business is monitored and published 17 by the Exchange, ensuring as far as possible that market participants can trade with confidence on the basis of a clean tape and in orderly conditions - the Exchange operates a sophisticated surveillance system designed to detect amongst other things erroneous, duplicate, or late trade reports. 16 Data is delayed by 15 minutes and is non-chargeable 17 With a few minor exceptions to ensure there is no undue noise on the tape London Stock Exchange Page 24 of 70

Dedicated supervision team - the Exchange employs a dedicated team to monitor trading and take appropriate action. Furthermore the team is there to respond to queries and concerns from the market in real time. Neutral, regulated environment provided by the Exchange reduces search costs for all participants and promotes efficient trading practices. Prior express consent from clients is NOT required (whereas MiFID requires a two-way agreement to trade OTC). Default - in the event of the failure of a firm the Exchange's Rules ensure that agency trades can be completed by putting the principals in touch with each other and requiring that principal trades are netted off. Settlement enforcement - a member firm may request the enforced purchase of securities on behalf of another Exchange member in order to facilitate the settlement of a transaction executed on Exchange. Trade Types & Venue ID Trade types will be used to demonstrate whether a trade has been executed on Exchange or OTC. Customers will select the suitable trade type and report the transaction to the Exchange. The table below shows the trade types that will be offered for reporting off book transactions, those that can be used either for on Exchange or OTC trades and the Venue ID that will be shown per trade type. We will automatically populate the Venue ID field on the published trade report based on the selected trade type. Our current understanding is that the Venue ID should be a suitable Market Identifier Code (MIC) 18. Non-members reporting inter-fund crosses will be able to use a specific trade type to notify the market. Furthermore, customers can select, using the appropriate trade type, whether to immediately publish (described as immediate publication ) or to receive the applicable delay (described as request delayed publication ). The pre-release message can be used to override any delay. 18 The MIC codes are subject to final confirmation from the FSA / CESR. For SI trades we will offer SI as the Venue ID rather than the firm s BIC. London Stock Exchange Page 25 of 70

On Exchange or Trade Description Venue ID OTC Type On Exchange Trade Types On Exchange O Ordinary trade immediate publication XLON On Exchange OK Ordinary trade request delayed publication XLON On Exchange NT Negotiated trade immediate publication XLON On Exchange NK Negotiated trade request delayed publication XLON On Exchange PC Previous day contra trade XLON On Exchange LC Late correction XLON On Exchange NM Not to mark XLON OTC Trade Types OTC OT OTC trade immediate publication XOFF OTC TK OTC trade request delayed publication XOFF OTC IF Inter fund cross delayed publication XOFF OTC OC OTC trade late correction XOFF SI Trade Types OTC SI SI trade immediate publication SI OTC SK SI trade request delayed publication SI OTC SC SI trade late correction SI TradElect will determine whether a delay should be applied based on the relevant publication regime. Use of OK, NK, TK and SK is used to request a delay. The trade time should be used to determine whether a delay has been applied. Please note these trade types are applicable to trade reports in any security, including Gilts and Fixed Interest although only a selection of the (i.e. O, OK, PC, CT, LC, NM, AT & UT) will be available in non-eurm securities. In addition, a number of trade types exist for electronic trades as shown in the table below. AT and UT are automatically generated by the system to publish electronic trades. CT is manually entered to cancel an electronic trade. On Exchange or OTC Trade Type On Exchange Trade Types Description Venue ID On Exchange CT Contra trade XLON On Exchange AT Automatic Trade XLON On Exchange UT Uncrossing Trade XLON Subscription On Exchange Reporting: All member firms that currently have access to off book trade reporting will automatically be provided with access to trade report off book trades in all securities (including non-eurm securities). OTC Reporting: Customers wishing to use the OTC reporting service will need to subscribe. For member firms, a separate section will be included on the Trading Services Agreement. Non-member firms will be required to London Stock Exchange Page 26 of 70

complete a separate subscription form and should contact us to discuss suitable connectivity options. The details of this service are included within this section and are published as a separate Service Description. Please contact your account manager for existing customers and/or email mifid@londonstockexchange.com for further information and the relevant documentation. 3.3.4 Monitoring The Exchange has supported the FSA and the EU in their efforts to seek an effective approach that maintains and promotes data integrity and identifies an effective way of enabling data to be consolidated. Our investment in a pan-european service means the level of quality can be achieved across all equities and will ensure we can comply with both MiFID s regulatory standards and the FSA s Trade Data Monitor (TDM) requirements for OTC reporting 19. Firms reporting to a Regulated Market / MTF which already meet high standards in terms of operating orderly markets or to a TDM will be able to more readily demonstrate compliance to the FSA than those that report to another venue in the UK. On Exchange trade reports will be monitored under the Exchange s Rules. OTC trade reports will be monitored in line with MiFID and the FSA s TDM requirements. Monitoring will consist of at least the activities shown below. Real time price and size monitoring. TradElect rejects any outlier trade reports to prevent fat finger errors being published to the market. Published trades will be monitored by our surveillance system to ensure data integrity, with firms disseminating corrections as required. 19 http://www.fsa.gov.uk/pubs/policy/ps07_02.pdf London Stock Exchange Page 27 of 70

3.3.5 Negotiated Trades Waiver for On Exchange transactions The negotiated trades waiver described in Article 29 & 44, allows the Exchange to permit firms to trade off book without providing pre trade transparency so long as the following condition is met: After taking into account any relevant trading, settlement and clearing costs the execution is on terms that are no worse than what could be achieved on the relevant Exchange order or quote book. Either trade type NT or NK must be used to denote the trade is a negotiated trade in order to rely on the waiver. Please note this is subject to the Rules Consultation. 3.3.6 Correction Process The correction process will remain as detailed in the existing Rulebook Rules 3560-3564. This process applies to both on Exchange and OTC trades 20. Customers should note that to bring our correction process into line with MiFID, the LC trade type (which is used to cancel trades more than three days after the original trade was reported) will be published. 3.3.7 Publication Delay The Exchange currently operates a publication delay regime based on participant capacity, trade size, trade type and a notification process giving a delay of between one hour and up to five days. Today, the process is not entirely automated in all cases. Post-MiFID, the Exchange s service will be enhanced to offer a fully automated publication delay regime for all EURM securities. The delay will be calculated as per the regime specified in MiFID using the Average Daily Turnover (ADT) (see appendix B for further details). This regime will be used in MiFID and non-mifid securities with the exception of Gilts and Fixed Interest securities which will continue to operate as today. Gilts will continue to publish only if the consideration is less than 50,000 and risk trades in Fixed Interest securities will publish with a one-day delay. When a trade type offering delayed publication is used the system will check whether there is any applicable delay but this can be overridden by using the pre release message. The delay will follow the Business Calendar for the trading service on which the security is traded. EURM securities whether traded on the Exchange s Regulated Markets or as an MTF will have the ADT set by the relevant competent authority (e.g. 20 Note the process will be copied out into a separate OTC reporting Service Description London Stock Exchange Page 28 of 70

FSA). Non-EURM securities traded on our markets will have the ADT calculated and set by the Exchange. This information will be included in the Exchange s reference data. Publication thresholds will be translated into the trading currency of the relevant security. These will be reviewed on an annual basis and will be rounded to provide a suitable number of shares. The Exchange will use MiFID s methodology for publication delay in all equity markets (including the Main Market and AIM). For non-eurm securities, the Exchange will set parameters that are relevant for that specific market. These will be published in due course. 3.3.8 Trade Reporting Responsibility MiFID introduces a simplified concept of authorised seller reporting for OTC trading and to allow the responsibility to be delegated. The hierarchy specified in MiFID applies to OTC trades reported to the Exchange. We have also consulted on how to reflect this new regime for on Exchange trade reporting. The Exchange s current view, based on all feedback received on the high level Rules consultation, is to proceed to some extent with aligning our Rules with MiFID s hierarchy of reporting responsibilities but also to recognise the importance of the market maker / member firm structure. This will provide some alignment with MiFID while enabling the continuation of existing business practices. Our current view is that the hierarchy will be as shown below 21. If both counterparties are a market maker in that category - Seller reports If only one counterparty is a market maker in that category - market maker reports If both counterparties are member firms and neither are a market maker in that category - Seller reports If only one counterparty is a Member Firm - Member Firm reports We will also allow both counterparties to agree that the responsibility to report can be delegated. This is subject to completion of the full Rules consultation. To ease identification of a market maker, we will consider a firm to be a market maker in a particular category of trading service. If a firm is a registered market maker in a security in one of the following categories then it will be considered a market maker in all securities in that individual category for the purposes of determining trade reporting responsibility: 21 MiFID Level 2 Regulation, Article 27 (4) London Stock Exchange Page 29 of 70

SETS / SETSqx (non-aim)(i.e. segments SET1, STMM, SSMM, SET2, SET3, SSMU, ETFS, ETF2, ETCS, SSQ3, SSX3) All AIM (i.e. AMSM, AIM, AIMI, ASQ1, ASQ2, ASX1, ASX2, AIM3) EQS / EUROSETS (i.e. NSTS, EQS) Covered Warrants (i.e. LVSD, INSD) Fixed Interest (i.e. STBS, CNVE) Gilts (i.e. GILT) ITBB (i.e. ITBB, ITBU) IRS (i.e. IRSQ, IRSU) It will be possible to determine whether a firm is a market maker in one of the above categories from the published reference data. The full details will be provided in supporting documentation in due course. 3.4 Membership Membership of the Exchange continues to offer Members Firms access to the Exchange s order books and trade reporting services. The Exchange will offer the categories of Membership shown overleaf: Full Membership Clearing Only Member Gilt-Edged Market Maker Membership (GEMM) (ring-fenced) Fixed Interest Market Maker Membership (FIMM) (ring-fenced) The existing categories for SETS & DTS participants will be removed as they are not required for MiFID implementation. All member firms will automatically be provided with On Exchange trade reporting access to all our trading services, however, customers wishing to have order book trading access will need the appropriate Membership profile, trading service agreements and clearing and settlement arrangements in place to support their trading. Note this is subject to the final Rules Confirmation. London Stock Exchange Page 30 of 70

3.5 Market data We have invested heavily in our information system, Infolect, to ensure it has the capacity to support us and our customers for future growth. A large number of trades will become publishable for the first time across Europe and as such we are likely to see an increase in market data volumes. The implementation of Infolect has vastly improved the speed with which the Exchange can disseminate trade and price information, reducing average latency from c30milliseconds (ms) to c2ms. With the implementation of the new European Markets, the Exchange aims to capture additional pre and post-trade information. The market data service offering will be as follows: We will continue disseminating existing UK, International and EUROSETS pre and post-trade data via existing data channels for ease of implementation and use amongst current subscribers. New European data will also be disseminated via the existing European channels. In addition, we will offer a new service package (consisting of two core service channels) that is purely for off book trades data, covering existing UK, International, EUROSETS and new European off book trade reports. Note that we are renaming the DTS data service to European as it will not only include the EUROSETS (DTS) data as it does today but also the new European data generated in EQS and ITR. The new channels will be disseminated via the Exchange s highly reliable and resilient market data system, Infolect, and will be fully integrated within our feed to minimise the impact on customers wishing to take this additional data set. Further information is provided below. 3.5.1 Pre-Trade Data Pre-trade data in UK, International and EUROSETS securities will continue to be disseminated via the UK, International and European Level 2 feeds, respectively The new pre-trade data in EU Liquid securities (on EQS) will be disseminated via the existing European Level 2 feed The diagram shown below shows the service channels which will disseminate pre-trade data in EURM securities post-mifid. London Stock Exchange Page 31 of 70

UK Pre-Trade Data UK Pre-Trade Data S03 UK Level 2 International Pre-Trade Data EUROSETS Pre-Trade Data TradElect Infolect International Pre-Trade Data S07 International Level 2 New EU Pre- Trade Data EUROSETS Pre-Trade Data New EU Pre- Trade Data S11 European Level 2 3.5.2 Post-Trade Data Trade reports in existing UK, International and EUROSETS securities will continue to be disseminated via the UK / International / EUROSETS Level 1 feeds, respectively Off book trade reports in new EURM securities traded on EQS or ITR and all UK, International and EUROSETS securities (in addition to the existing feeds above) will be disseminated via new off book data services. The EUROSETS and the new EU data will be disseminated via one channel and the UK and International data disseminated on a separate channel. Both on Exchange and OTC trade reports are included. The diagram shown overleaf shows the service channels which will disseminate off book trade reports in EURM securities post-mifid. On Exchange Trade Data refers to off book trades regulated by the Exchange s Rules. London Stock Exchange Page 32 of 70

UK On Book Trade Data UK On Exchange Trade Data S01 UK Level 1 UK On Book Trade Data UK OTC Trade Data UK On Exchange Trade Data UK OTC Trade Data S05 International Level 1 International On Book Trade Data International On Book Trade Data Intl. On Exchange Trade Data Intl. On Exchange Trade Data Intl. OTC Trade Data Intl. OTC Trade Data EUROSETS On Book Trade Data EUROSETS On Exchange Trade Data EUROSETS OTC Trade Data TradElect Infolect S09 European Level 1 EUROSETS On Book EUROSETS On Trade Data Exchange Trade Data EUROSETS OTC Trade Data New European On New European OTC Exchange Trade Data Trade Data New European On Exchange Trade Data New European OTC Trade Data S21 Off Book Trade Data UK On Exchange Intl. On Exchange Trade Data Trade Data UK OTC Trade Data Intl. OTC Trade Data Existing Data New UK / Intl Data New European Data S22 European Off Book Trade Data EUROSETS On EUROSETS OTC Exchange Trade Data Trade Data New European On Exchange Trade Data New European OTC Trade Data 3.6 Best execution What is required? MiFID will introduce a more complex best execution regime than currently applies in most EU markets. The underpinning principle will change from a pure focus on price to allow a weighting for other factors, including such things as cost, speed, quality, likelihood of execution and settlement, size and nature of the order. Firms will have to engage much more closely with their customers to agree a formal best execution policy and then to report on its performance against what was agreed. New systems and tools will be required to support this deeper level of customer engagement and access to key market data will be crucial for the tools to be effective. The Exchange s Solution 3.6.1 Best Execution Venue The Exchange continually invests significant sums into its trading technology and product portfolio in order to offer the deepest, most liquid and efficient global trading platform. For example, TradElect has reduced the average order execution latency from approximately 60ms to below 10ms, providing a much faster route for execution. London Stock Exchange Page 33 of 70

In addition, the Exchange has made a number of important changes to its execution tariffs, as announced in January. A significant enhancement to SETS Internaliser will be implemented for November enabling Member Firms to enjoy up to an 87.5% reduction of execution fees for self executions. We will also enable member firms to opt to self clear and settle thereby avoiding any further downstream charges for these executions. See section 3.7 for further detail. 3.6.2 Data mining tools The Exchange and its subsidiary Proquote, will offer a set of tools utilising our data mining products and central data storage to aid you in demonstrating best execution to your customers and regulators. These tools provide the accurate data necessary to identify and analyse individual trades and trends, as well as the ability to monitor, assess and compare execution performance across multiple execution venues. Execution Quality service Execution Quality is an existing web-based service, allowing retail brokers and RSPs to monitor, assess and compare execution performance for all trades reported to the Exchange in the UK equity market. It provides you with reports on how your execution performance compares with the rest of the market. Key Features User-defined criteria allows you to generate data tailored specifically to your needs. You can assess your performance by security, userdefined portfolios, index, business sector, segment and total UK equity market. Historical data allows you to track your performance since January 2004 so you can easily identify strengths and weaknesses. Analysis is on a stock-by-stock basis, providing you with your execution quality performance for all UK listed securities. Please visit the Exchange s website for additional information - www.londonstockexchange.com/executionquality Proquote s Best Execution services Best Execution Reports This service provides key reporting on all the relevant market information at the time of an execution for a retail trade. There are two types of report generated by the system, a full detailed Best Execution Report, and a summary Outliers Report. London Stock Exchange Page 34 of 70

The summary Outliers Report (Trades completed outside of the market best bid and ask prices) measures the trade price achieved against the best bid and offer prices as published by the Exchange and Plus Markets for all trades executed within a given period. The summary report can be downloaded into Excel or a Full Detailed Best Execution Report Requested for each individual execution. The Full Detailed Best Execution Report contains all the relevant market information at the time of the execution. The details of the trade are shown with the counterparty name and BIC code, and whether the trade was completed via the RSP Gateway service, off book or on book. The full list of competing quotes and sizes from each RSP are shown prior to the trade, so that full transparency is given to the user of the range of quotations and sizes offered at the time. A third section identifies the trade report as distributed by the markets, (currently the Exchange, Virt-x or PLUS Markets) and shows the five trades prior to the trade report and five trades following it on a consolidated markets ticker view. The service is centrally hosted and accessed through an internet browser, putting implementation costs at a minimum with no setup charge. Trade data can be imported into the system via secure FTP, and can be used to supplement executions completed through Proquote, or used to enhance information held on existing trades by adding data such as charges or commissions to give a complete view of the total consideration costs of the trade. Transaction Cost Analysis (TCA) To be available either as a stand alone offering or as an integrated add-on package, the TCA service will perform a Transaction Cost Analysis on a completed trade using a complete recorded history of the order book and trades for the relevant market over the period of the execution. The service will allow explicit costs to be added to the details of the trade and the period over which the trade was executed. The TCA analysis includes options to calculate the primary implementation shortfall against a number of benchmarks including VWAP, TWAP, OHLC, Arrival Price and Optimal Order Book Price. All benchmark shortfall values are shown as indications on a summary report. Additional information shown includes the major trades completed during the period and time slices of the order book liquidity. The TCA service will cover all major European exchanges and is centrally hosted and accessed through an internet browser. Please visit the Proquote website at www.proquote.com for additional information on these two services. London Stock Exchange Page 35 of 70

3.7 SETS Internaliser What is the objective? As part of the Exchange s ongoing review of its tariff structure and overall market efficiency, we continually seek new ways to reduce the cost of trading. One area where we have already taken action (by reducing our tariff on 1 April) is self executions on the order book. We are now proposing to go further and introduce a new service that will enable firms to avoid the clearing and settlement costs associated with these self executions. The new service 3.7.1 Service scope Member firms will be able to opt to avoid clearing and settlement for order book transactions. The service will be available for on book executions (and same-day contras of these) which are cleared by LCH.Clearnet Ltd, i.e. the SETS, SETSmm and SETSqx order books (only CCP securities on SETSqx are eligible). It is intended that the service should be available for most securities within these trading services although it may be it may be necessary to restrict this. The security coverage will be made available on our website (expected in September) and may be extended to other markets and/or central counterparties over time. The service will only be available for principal and riskless principal trades executed by firms that are eligible for intermediary relief from SDRT and which use the CREST Direct Input facility for their gross trades. 3.7.2 Functionality For each Member Firm ID, a firm will need to specify the Trader Groups to include in the service such that all self executions for that Trader Group are not included for clearing and settlement. As a self execution, any clearing or settlement would not have been necessary for these trades. Self executions that meet the criteria will not be passed to CREST or LCH.Clearnet for clearing or settlement. All other trades will be processed using existing functionality. The Exchange will automatically generate transaction reports to FSA for trades not sent to CREST/LCH.Clearnet using its ERS infrastructure and provide information to the HMRC and the Irish Revenue (subject to agreement with them) covering these trades. London Stock Exchange Page 36 of 70

The Exchange will also provide audit data to stamp duty authorities the restrictions on which trades can be included in the service are intended to ensure that no stamp duty or stamp duty reserve tax would have been due on them. 3.7.3 Impact on users There will be no impact on member firms that do not opt in to the service. All their trades will execute and be cleared and settled as normal. For member firms that opt in to the service, their eligible self executions will not be passed to CREST or LCH.Clearnet all their other trades will be cleared and settled as normal. This means that the risk position with LCH.Clearnet and the settlement position with CREST will be unchanged (as the self executions would have netted out for both these processes). Note that the service is more viable for members that use settlement netting in CREST. Members will be able to detect eligible self executions on the messages from TradElect because these will have the firm itself as the counterparty instead of the CCP. 3.8 Transaction reporting What is required? MiFID requires that the relevant competent authority receives transaction reports for all transactions undertaken by an authorised investment firm. A simple reporting tool with connectivity to your regulator will facilitate compliance. The Exchange s Solution 3.8.1 Transaction Reporting to the FSA The Exchange has been providing a reliable, low cost transaction reporting service for the past four years. The Exchange Reporting Service (ERS) will be available to customers wishing to have a straightforward and costeffective way of submitting transaction reports to the FSA. For firms trading on the order book with CCP and using direct input, a transaction report is automatically generated and forwarded to the FSA via CREST. However, these reports do not include client details and client transaction reports must be submitted separately. ERS and MiFID The Exchange has applied to the FSA for ERS to be an Approved Reporting Mechanism ( ARM ) and received full conditional approval. Once MiFID is in London Stock Exchange Page 37 of 70

force, all transaction reports to the FSA will have to be submitted through ARMs. There will be some technical changes to ERS to accommodate both the changed data content of transaction reports as a result of MiFID and the implications of becoming an ARM. ERS will be available to all firms, whether a member or non-member firm, that have a requirement to make transaction reports to the FSA. ERS will support the full range of securities in which transaction reports will have to be made the current restrictions on the range of securities will be removed. The Exchange is also investigating the demand for ERS to be able to submit transaction reports to other European regulators. Further background information about ERS is shown on the Exchange s website 22. This documentation will be updated for MiFID in Q3. 3.8.2 Removal of Transaction Reporting to the Exchange The Exchange s role at the centre of the UK and international cash markets has evolved significantly since the implementation of the Financial Services and Markets Act 2000. The range of reported data required by the Exchange has supported its role in providing efficient and well regulated markets. The Exchange has certain regulatory responsibilities such as detecting market abuse that have been supported in part by our receipt of transaction reports. However, the FSA is increasingly responsible for such matters and other trading platforms have no similar transaction reporting requirement. The FSA is developing an enhanced transaction database called Sabre II to facilitate its own new responsibilities under MiFID and has agreed that the Exchange can dispense with its own transaction reporting requirement when MiFID is implemented on 1 November 2007. The requirement to submit transaction reports to the Exchange in respect of on Exchange business will be discontinued in all securities, including gilts and fixed interest. As a result, on Exchange transactions will move to a trade reporting only structure. Member firms should note that although the Exchange s transaction reporting requirement is being removed, they will need to continue to meet the MiFID transaction reporting requirements to their Competent Authority. 22 http://www.londonstockexchange.com/engb/products/membershiptrading/accessnetworkservices/exchangereportingservices.htm London Stock Exchange Page 38 of 70

3.9 Other Trading Services 3.9.1 SETSmm With the addition of market making in SETS securities, there will be no differentiation between SETS and SETSmm. The new enhanced platform will be known as SETS, covering the FTSE All Share and some Fledgling securities. The segment structure within the combined SETS service will largely be segregated by index. 3.9.2 ITBB ITBB will continue to be split into EU regulated and non-eu regulated segments to ensure that securities admitted to trading on our markets without the request of the issuer are not brought unnecessarily within the remit of the EU Directives. All non London listed EURM securities traded on ITBB will be traded on an MTF. These securities will NOT be duplicated on EQS / ITR. 3.9.3 IRS IRS will continue to be split into EU regulated and non-eu regulated segments to ensure that securities admitted to trading on our markets without the request of the issuer are not brought unnecessarily within the remit of the EU Directives. All non London Listed EURM securities traded on IRS will be traded on an MTF. Any EURM securities WILL be duplicated on EQS / ITR as the currency and settlement model are distinct in that IRS securities trade in sterling and settle in CREST (in CDI form). 3.9.4 Gilts Transaction reporting will no longer be required. The Exchange continues to consult with the GEMMs and Gilt IDBs in relation to trade reporting responsibilities following the removal of transaction reporting. This will be clarified via the Rules Confirmation. 3.9.5 Fixed Interest Transaction reporting will no longer be required and will be replaced with our optional trade reporting service. London Stock Exchange Page 39 of 70

3.9.6 Lending arrangements Reporting of lending arrangements will still be available where needed for UK stamp duty reasons e.g. where neither participant is EEA authorised or in AIM securities where reporting is required to a Regulated Market or MTF in order to gain lending relief. Reporting can be done via the current CREST mechanism with trades marked as Trade System of Origin (TSO) S and will be considered on Exchange transactions. The Exchange will not impose a charge for lending arrangements brought on Exchange via reporting to CREST. Reporting will not be necessary for all other lending arrangements. Further information on lending arrangements will be provided by the Rulebook review. 3.9.7 Optional non-eurm trade reporting We had proposed to offer an optional trade reporting service in international equity market (IEM) securities that are not on an Exchange trading service (e.g. some non-eurm securities). Based on feedback received, the Exchange has decided NOT to offer this service. Trade reporting will only be made available in the trading services as mentioned above. London Stock Exchange Page 40 of 70

3.10 Regulated Market / Multilateral Trading Facility As an RIE, the Exchange can operate both Regulated Markets (RM) and Multilateral Trading Facilities (MTF). The trading services (all or part) we provide will be classified as either an RM or MTF determinable by the segment/sector structure. A detailed list showing the current breakdown is available on our website and will be updated ahead of MiFID in line with the below summary: http://www.londonstockexchange.com/engb/products/membershiptrading/rulesreg/regmkts.htm Trading Service / Segment (Sector)* SETS (non AIM) Market RM / MTF Security Coverage Main Market (MM) RM FTSE All Share, some Fledgling, Covered Warrants, ETFs, ETCs SETSqx (non AIM) MM RM Most Fledgling & other non- Indexed Main Market Equities AIM AIM MTF All AIM EQS MTF MTF EURM Liquids not on other trading service NSTS (NL1L, NL2L, NM1L, NM2L, NDTL) MM RM London Listed Dutch AEX, AMX indices and any other Dutch Liquids NSTS (NL1N, NL2N, NM1N, NM2N, NDTN) MTF MTF Non-London Listed Dutch AEX, AMX indices and any other Dutch Liquids ITR MTF MTF All remaining EURM not on ITBB (IBHL, IBLA, IBLC, IBLL, IBLU, INQL, JAPL, JNQL, JPL1) ITBB (IBEA, IBEU, IENQ, IEUH, IEUL, JENQ, JEUH, JEUL) other trading service MM RM International London Listed MTF MTF International non-london Listed ITBU MTF MTF International non-london Listed IRSQ (ATLL, BELL, CHLL, DELL, DKLL, ESLL, FILL, FRLL, ITLL, NLLL, NOLL, NMLL, OTQL, PTLL, SELL) MM RM International non-london Listed IRSQ (ATEU, BEEU, CHEU, DEEU, DKEU, ESEU, FIEU, FREU, ITEU, NLEU, NOEU, NMEU, OTEU, PTEU, MTF MTF International London Listed London Stock Exchange Page 41 of 70

SEEU, CHNE) IRSU MTF MTF International non-london Listed IOB (LIS1, LLIS, MM RM DRs London Listed ILLA, ILLU) IOB (IEHP, IELP, MTF MTF DRs non-london Listed IEUA, IEUU) IOBU MTF MTF DRs non-london Listed CWTU, CWNU Professional MTF Debt securities London Listed Securities Market (PSM) CWTR, CRTR, CWNR, CRNR, PSTR, PSNR, STBS, CNVE MM (Gilt & Fixed interest market) RM Debt securities London Listed GILT MM (Gilt & Fixed interest market) RM Government debt, Gilt edged London Listed MISL MM (Miscellaneous) RM Miscellaneous debt and equity London Listed MISC MM RM Other miscellaneous securities (Miscellaneous) * The sectors are shown in brackets where a segment contains both Regulated Market and MTF securities. Please note segment and sector names mentioned are subject to change and will be confirmed in the detailed configuration matrix. London Stock Exchange Page 42 of 70

4. Technical Description 4.1 Introduction This section describes the technical changes being made to the Trading and Information systems to support the new MiFID related products that are being introduced during Q3 2007. This section provides a detailed description of the technical changes, market configuration information (e.g. segment / sector structure), details of where to find parameters (such as maximum spreads) and the implementation approach. We are also taking this opportunity to make a small number of non-mifid related technical enhancements at the same time, which is also covered in this section. 4.1.1 Readership This section is aimed at readers requiring an understanding of the technical changes being made in order to successfully update their own systems prior to when the service is launched. It is assumed that readers are familiar with the Exchange s Technical Specifications that are available on our website at: http://www.londonstockexchange.com/engb/products/membershiptrading/techlib/techspecs.htm Readers who want a more general understanding of the changes described below should refer to the service description section of this document. London Stock Exchange Page 43 of 70

4.2 Summary of technical changes The following table is a summary of the changes that we are introducing as part of this project. Where possible, the Exchange has sought to leverage existing infrastructure, market models and message types to minimise disruption and development cost for firms. MiFID related changes Description of change Enhanced market structure: The addition of approximately 10,000-15,000 new instruments in new segments/sectors and changes to existing segments/sectors/periods. Extended use of executable quotes (5EQ enhanced quotes message) (for example in the SETS service) Removal of Named Orders from EUROSETS Change of definition of the Publication Threshold Size in the 5IS Security Trading Data message to support an Average Daily Turnover or a Publication Threshold Size. Additional 5TY Trade Type per segment messages to support the new Trade reporting rules across all services. (The 5TY message itself is not changing, just the number of available trade types per segment) Identification of the Execution venue in the 5OZ Trade Report message by re-using previously redundant fields. Introduction of 4 new Service Channels to support the new services. Removal of redundant trade types, segments and sectors Conformance requirement No Yes, if software hasn t previously been conformed for 5EQ s and the firm wants to use this functionality No No but we recommend firms test this functionality on CDS No but we recommend firms test this functionality on CDS No but we recommend firms test this functionality on CDS Yes for firms who haven t previously received the messages in these groups. No but we recommend firms test this functionality on CDS Change type Configuration Configuration Configuration Change to field definition Configuration Reuse of existing fields Configuration Configuration London Stock Exchange Page 44 of 70

The Trade String confirming trade executions (e.g. as in the 5E3 and 5TS messages) will contain a firm s own Member ID in both the Member Firm Buy and Member Firm Sell Fields, if firms opt into the SETS Internaliser service. Non MiFID related changes Technical change An enhancement has been made to the 5EQ Enhanced Quote message to allow a Bid Price of zero when validity type is EQ (executable quote) Minimum quote size will be set to EMS. These is no longer a requirement to use a minimum quote size multiplier as is the case today in SETSmm and ITBB No but we recommend that firms using this service test it on CDS Conformance requirement No but we recommend firms test this functionality on CDS No Functional Change type Functional Configuration Customers should also refer to section 4.6 for the customer testing requirements including the mandatory HVS test for all Infolect customers required by 26 October 2007. 4.3 MiFID related technical changes This section details the MiFID related changes mentioned in the Service Description. For detailed changes to the market configuration (including maximum spreads) please see the detailed matrix which we will publish for the CDS environment by 20 July 2007: http://www.londonstockexchange.com/engb/products/membershiptrading/mifid/ 4.3.1 Post-MiFID Market Structure The Exchange is making a number of changes to its Segment/ Sector structure to support the new MiFID initiatives as detailed below. The specific changes will be communicated in the detailed Market Configuration Matrix. 4.3.2 SETS The SETS service will comprise of the existing SETS and SETSmm segments. We are not introducing any new segments into this service at this time. The sector names within the SETS segments will be renamed in line with the FTSE indices and to distinguish between Liquid and non-liquid securities. Sector codes are not changing. London Stock Exchange Page 45 of 70

The following changes are being made to the service: New Period rules* New Sectors New Trade Types New Publication regime New Market Maker registrations Support for Enhanced Quotes *New period rules will be in place for the EDSP auction that occurs on the third Friday of each month. 4.3.3 SETSqx The SETSqx service contains all securities that were migrated over from the SEATS Plus segments as part of the TradElect go-live in June 2007, and will also contain an additional number of securities (approximately 400 from SEAQ) that are being added during October 2007. The service will support both market-making and non market-making segments. New Trade Types New Publication regime 400 Instruments moved from SEAQ (Approx) More information about SETSqx is available in the SETSqx Service Guide available at: http://www.londonstockexchange.com/engb/products/membershiptrading/tradingservices/lessliquid.htm 4.3.4 EUROSETS The EUROSETS service will consist of the pre-existing DTS segment and sectors. However, the Exchange will be renaming sectors and moving securities in order to differentiate between regulated market and MTF securities. The following changes are being made to the service: New Period rules and period schedule Support for new Trade Types New Publication regime London Stock Exchange Page 46 of 70

New Market Maker registrations Support for Enhanced Quotes Named Orders no longer supported 4.3.5 European Quoting Service (EQS) A new segment will be introduced to support the EQS which caters for non- London listed European securities defined as Liquid under MiFID. The EQS will contain approximately 400 securities from across Europe that are not currently on the Exchange s trading system and will be included as part of the go live activities. Each country will be allocated its own sector within the segment. Note. All trade reports from home markets outside of CET will need the trade time to be adjusted accordingly prior to submission. The following changes are being made to facilitate this service: One new Segment Thirty one new Sectors A new default period schedules for each sector Support for Firm Quotes only New Trade Types New Publication regime New Market Maker registrations New Infolect Service Channels (the instrument data will be included in the European service channels) 4.3.6 International Trade Reporting (ITR) segment The ITR segment will be available for all EURM securities not traded on any other trading service (with the exception of IRS securities which will be duplicated). This segment will contain approximately 10,000 to 15,000 securities that are not currently on the Exchange s trading system and will be included as part of the go live activities. Note. All trade reports from home markets outside of CET will need the trade time to be adjusted accordingly prior to submission. London Stock Exchange Page 47 of 70

The following changes are being made to facilitate this service: New Segment New Sector New Trade Types New Publication regime New Infolect Service Channels (the instrument data will be included in the European service channels) 4.3.7 Changes to International Order Book (IOB) and International Retail Service (IRS) The Exchange is moving sectors and securities from the IOB segment to the IOBU segment. In addition, the exchange will be creating one new sector in IRSQ for the Swiss equity securities. 4.3.8 Other Segments and Sectors All segments excluding the ones previously mentioned are not subject to any changes at this time. 4.3.9 Allocation of Tradable Instrument Display Mnemonics (TIDMs) The Exchange is introducing between approximately 10,000 to 15,000 additional securities as part of the EQS and ITR segment mentioned above. Each of these securities will be assigned a unique TIDM that will follow the 4 character alphanumeric code as currently specified. Please note as these TIDMs are automatically generated, they will not correspond with the security identifiers used in the securities home market. 4.3.10 Extended use of 5EQ Enhanced Quotes 5EQ Enhanced Quote messages can be configured as firm or executable, depending on the service that they are being used in. Enhanced quotes are Firm if the market mechanism type field in the message is set to FQ and they are Executable if the market mechanism type field in the message is set to EQ. For a given service the Exchange will support either Firm Quotes or Executable quotes but not both. To support the pre-trade transparency initiative as outlined in the Service Description, the Exchange is enabling market making in all Liquid securities as defined by MiFID, including SETS, EUROSETS and EQS. All firms who wish to participate in any of these services as a market maker will be required to use an executable quote (5EQ Enhanced Quote message with a validity London Stock Exchange Page 48 of 70

type of EQ) to maintain two way prices for SETS and EUROSETS. Nonexecutable quotes will be used with the validity type FQ (5EQ Enhanced Quote message with a validity type of FQ) to maintain two way prices for EQS. All other existing order types that are currently available in each of these services will continue to be supported going forward with the exception of Named Orders in EUROSETS. These are being replaced with executable quotes as mentioned above. A detailed list of the order / quote types that will be available in each Segment can be found in the detailed Market Configuration Matrix. The market mechanism types supported in each service is outlined in the table overleaf. Service Enhanced Quoting switched on Supported Market mechanism type SETS Y EQ EUROSETS Y EQ EQS Y FQ A summary of the Order/ Quote types available in the enhanced services offering pre-trade transparency are shown below. Market Segments SETS EUROSETS EQS Available Order / Quote Types Enhanced Quotes Limit Orders Iceberg Orders Market Orders Enhanced Quotes Limit Orders Iceberg Orders Market Orders Enhanced Quotes 4.3.11 Average Daily Turnover / Publication Threshold Size field Under the MiFID post-trade transparency requirements it is necessary for all trades to be published to the market under a common and centrally defined publication regime that is based around the Average Daily Turnover (ADT) of the security being traded (see Appendix B for further information). Trades are no longer delayed solely based on price and size. The delay to the publication of a trade report in all equity segments will be determined by the trade consideration in comparison with the ADT. We will change the description of the Publication Threshold Size field to Publication Threshold Size / Average Daily Turnover. This field will have London Stock Exchange Page 49 of 70

a dual use depending on if the security is a EURM security or not and its asset class. Note that we will use MiFID s publication delay regime throughout all of our equity markets e.g. including AIM and this field will therefore be populated with the ADT for all equities. MiFID s publication regime is specified in euros however securities will trade in the Home Market currency which will not always be euros. The currency used to calculate the ADT will be the same as the trading currency. Where required, the Exchange will convert the value into the trading currency of the security on our trading system. There will be no change to the publication regime for Gilt and Fixed Interest securities and this field will continue to be populated with a Publication Threshold Size as per today. Trades in Gilts with consideration under 50,000 will publish immediately while other Gilt trades will not publish. Non-risk trades in Fixed Interest securities will publish immediately while risk trades can be delayed by one day. As this change has no impact on the overall message structure of the 5IS Security Trading Data message, the Exchange is not introducing a new message version. The only change is to the labelling of this field within the message specification as outlined in Appendix C. Participants can make use of the 5TY Trade Type in Segment message to understand whether the publication regime for an individual security is based on the Average Daily Turnover or the Publication Threshold Size. If the Consideration based Indicator for a given Trade Type in a given segment is set to y, then the delay in the publication of a trade report is based on the consideration of the trade and populated with an Average Daily Turnover. If it is set to N, the 5IS for the security is populated with a Publication Threshold Size. All segments will be exclusively based on either ADT or PTS. 4.3.12 Trade Types and Venue IDs The Exchange will be removing some of the existing Trade Types and introducing some new ones. These changes will be made to align our service in accordance with MiFID and to provide support for OTC business and SIs. Please note if a trade report is entered with a Trade Type for immediate publication this trade report will be issued to the market immediately regardless of whether it qualifies for a delay under the MiFID publication regime or not. Trades entered using a Trade Type offering delayed publication will be delayed in accordance with the regime applicable to that security e.g. MiFID s delayed publication regime for all equities. The existing pre-release message can be used to override any delay and publish the trade. The full list of available Trade Types is shown overleaf. London Stock Exchange Page 50 of 70

On Exchange or Trade Description Venue ID OTC Type On Exchange Trade Types On Exchange O Ordinary trade immediate publication XLON On Exchange OK Ordinary trade request delayed publication XLON On Exchange NT Negotiated trade immediate publication XLON On Exchange NK Negotiated trade request delayed publication XLON On Exchange PC Previous day contra trade XLON On Exchange LC Late correction XLON On Exchange NM Not to mark XLON OTC Trade Types OTC OT OTC trade immediate publication XOFF OTC TK OTC trade request delayed publication XOFF OTC IF Inter fund cross delayed publication XOFF OTC OC OTC trade late correction XOFF SI Trade Types OTC SI SI trade immediate publication SI OTC SK SI trade request delayed publication SI OTC SC SI trade late correction SI TradElect will determine whether a delay should be applied based on the relevant publication regime. Use of OK, NK, TK and SK should be used to request a delay. The trade time should be used to determine whether a delay has been applied. AT and UT are for order book executions and are automatically generated by the system. CT also relates to order book executions as it is effectively used to cancel an electronic trade and is manually entered. All other trade types relate to off book executions and are manually entered. Please note that only a selection of the above trade types (i.e. O, OK, PC, CT, LC, NM, AT & UT) will be available in non-eurm securities. MiFID recognises the multi-venue trading environment that operates across Europe and requires that the execution venue of all trades is clearly marked when trade information is published to the market. To facilitate this change, the broadcast 5OZ Trade Report message (Version AB) has been modified to change the name of the fields Counterparty 1 and Counterparty 2. These are redundant and are not populated in the current system and will be modified to become Execution Venue and Reserved Field respectively. There will be no change to the format or length of the fields. The Execution Venue (otherwise known as the Venue ID) specified in the 5OZ will be determined by the Trade Type Indicator entered on the trade report. Three execution venues will be supported: On Exchange (XLON), Off Exchange (XOFF) and Systematic Internaliser (SI) as shown overleaf. The reserved field will consist of 11 spaces. London Stock Exchange Page 51 of 70

5OZ AB Field Name Execution Venue Possible field values XLON SI (Systematic Internaliser) XOFF (Off Exchange OTC) Reserved (XLON and XOFF are recognised ISO standard MIC codes) The Reserved Field will always be disseminated as eleven spaces and will never contain a value. Details of the 5OZ AB are shown in Appendix C. 4.3.13 Trade Report Entry and Cancellation Messages Customers should note that the existing trade report messages will continue to be used with no change for off book trade reporting in both EURM (whether traded on or off Exchange) and non-eurm (e.g. AIM / Gilt) securities. The message layouts for both versions of the 5ET trade report message can be found in the Data Formats technical specification on our website at: http://www.londonstockexchange.com/nr/rdonlyres/f08bae36-cd64-4f16- A4F5-3C06FB4CA76D/0/TIS104Issue14.pdf 4.3.14 Non-member trade reporting Non-member firms can now choose to trade report directly via the Exchange using the FIX gateway. The FIX technical guide is available on request to any customer wishing to use the non-member trade reporting service. Nonmembers can only enter OTC trade types. Firms wishing to use this service should contact their Primary Account Manager at the Exchange or email mifid@londonstockexchange.com for further information. 4.3.15 SETS Internaliser SETS Internaliser will be available for automatically executed trades in SETS, SETSmm and SETSqx (only CCP-eligible securities in SETSqx) and sameday contras of these trades. In order to use SETS Internaliser, firms will have to: Apply to the Exchange Confirm that they are eligible for intermediary relief Confirm that they are using Direct Input at the gross level in CREST Specify which of their Trader Groups are to be eligible. Trades will be selected where: London Stock Exchange Page 52 of 70

The trade is a self-execution (i.e. the Member ID is the same on the buy and sell sides) Both the buy and sell Trader Group IDs are eligible (they do not have to be the same) The security is eligible (it may be necessary to exclude some securities, e.g. for stamp duty reasons) Both the buy and sell Settlement Venue values are the same Neither the buy nor sell Dealing Capacity values are agent (i.e. it is possible for a riskless principal vs. principal execution to be internalised) Both the buy and sell Settlement Account values are the same. Selected trades will not be sent for clearing or settlement. The actual internalised trades will be visible on the messages that inform firms about their trades because the counterparty Member ID value will be sent to the firm itself, rather than the central counterparty. Technically this means that the member ID buy and Member ID sell fields in the trade string confirming trade executions (e.g. as in the 5E3 and 5TS messages) will contain a firm s own Member ID in both the Member Firm Buy and Member Firm Sell Fields, if firms opt into the SETS Internaliser service. The Exchange will also generate and send transaction reports to the FSA for selected trades and provide information to the HMRC and the Irish Revenue (subject to agreement with them) covering these trades. London Stock Exchange Page 53 of 70

4.4 Non-MiFID changes 4.4.1 Ability to modify the bid size of an executable quote to zero The system has been enhanced to allow a participant to specify a Bid Price of zero on a 5EQ Enhanced Quote message with a market mechanism type of EQ This is only available for Executable Quotes that can only be performed on the Bid Side of the Quote. This scenario occurs in situations where the securities price is either small enough to be considered negligible, or that the price of the Sell Side is at the lowest achievable tick size. A participant will be able to enter an Executable Quote with a Bid Price of zero and a valid Offer Price. This message will not be rejected by the system and is to be used to validly specify that the Bid Side of the Quote is effectively worthless. This will be achieved through the removal of any existing Bid Order on the order book. A Participant will specify that they wish to enter a Bid Price of zero by entering the Bid Price as zeros ( 000000000000000000 ) and the Bid Size of zero ( 000000000000 ) within the 5EQ version AA message. There is to be no change to the Offer Price validation which must always be greater than zero. This change is applicable to executable quote market mechanism types only; the current system which allows non-executable quote market mechanism types to be entered via a 5EQ version AA with a Bid Price of zeros remains unchanged. 4.4.2 Change in the 5MT Market Description message Currently the Exchange has two market codes defined at a system level 23 : LSE and DTS. The details of each Market is broadcast in a 5MT Market Description message. The existing DTS code will persist with the description changing from Dutch Trading Service to European Markets. The EUROSETS, EQS and ITR services will all be included with the European Markets. There is no change to the trading services contained within the London Markets. This is illustrated in the table overleaf: 23 Excluding the JSE Market London Stock Exchange Page 54 of 70

Market Code Market Name Time Zone Offset Daylight Savings Required Market Open Market Close LSE LONDON MARKETS 0 Yes 6:00:00 20:30:00 EUROPEAN DTS MARKETS +1 No 6:00:00 20:30:00 The Trading system is set against UTC but the European Markets will follow Central European Time (CET). Customers can use the Time Zone offset field in the 5MT for this purpose. 4.4.3 Minimum Quote size Since the introduction of TradElect the Normal Market Size (NMS) has been superseded by the Exchange Market Size (EMS) for determining market maker executable and non-executable quote sizes and by the Publication Threshold Size (PTS) for determining the publication delays for trade reports. Post MiFID, the Exchange Market Size (EMS) will be revised as necessary and set to show the minimum size a market maker must quote in an individual security for all executable and non executable quotes. This simplification is a result of market feedback and removes the concept of a minimum submitted order size (as defined in Exchange Rules) which is currently set at either quarter NMS or half NMS depending on whether the security is traded on SETSmm or ITBB. Technically, the minimum quote size will be the EMS. London Stock Exchange Page 55 of 70

4.5 Infolect changes This section summarises the changes to the Infolect service to support the new pre and post-trade data. Note that we are renaming the DTS data service to European as it will not only include the EUROSETS (DTS) data, as it does today, but also the new European data generated in EQS and ITR. In summary: Pre-Trade Data Pre-trade data in UK, International and EUROSETS securities will continue to be disseminated via the UK, International and European Level 2 feeds (S03, S07 and S11 respectively). The new pre-trade data in EU Liquid securities will be added to the existing European Level 2 feed (S11). Post-Trade Data UK off book trade reports (including both on Exchange and OTC trades) will continue to be included within the existing S01 UK Level 1 service channel, as today. International off book trade reports (including both on Exchange and OTC trades) will be included within the existing S05 International Level 1 service channel, as today. EUROSETS (DTS) data off book trade reports (including both on Exchange and OTC trades) will continue to be included within the existing S09 European service channel, as today. New European data generated in EQS and ITR will also be included in this service. Separate channels will additionally be created for (a) UK and International Off Book Trade Data (S21) and (b) European Off Book Trade Data (including EUROSETS and the new EU data generated in EQS and ITR) (S22) for those customers that do not subscribe to existing level 1 services but would like to subscribe to off book trade report data as a separate, stand alone service. A new reference data channel (S23) will be introduced for the UK and International reference data required to support the new off book data service (S21). Reference data for the new EU securities in EQS and ITR will be added to the respective European reference data channel (S12) and London Stock Exchange Page 56 of 70

will be added to the new reference data channels (S24) for the new European off book data service (S22). 24 Market Status Indicator messages for the new European securities in EQS and ITR will be included in the European Level 2 (S11) and Market Status Indicators (S16) Service Channels. The post-trade changes (excluding reference data) are illustrated below. UK On Book Trade Data UK On Exchange Trade Data S01 UK Level 1 UK On Book Trade Data UK OTC Trade Data UK On Exchange Trade Data UK OTC Trade Data S05 International Level 1 International On Book Trade Data International On Book Trade Data Intl. On Exchange Trade Data Intl. On Exchange Trade Data Intl. OTC Trade Data Intl. OTC Trade Data EUROSETS On Book Trade Data EUROSETS On Exchange Trade Data EUROSETS OTC Trade Data TradElect Infolect S09 European Level 1 EUROSETS On Book EUROSETS On Trade Data Exchange Trade Data EUROSETS OTC Trade Data New European On New European OTC Exchange Trade Data Trade Data New European On Exchange Trade Data New European OTC Trade Data S21 Off Book Trade Data UK On Exchange Intl. On Exchange Trade Data Trade Data UK OTC Trade Data Intl. OTC Trade Data Existing Data New UK / Intl Data New European Data S22 European Off Book Trade Data EUROSETS On EUROSETS OTC Exchange Trade Data Trade Data New European On Exchange Trade Data New European OTC Trade Data 24 The reference data sent down S23 and S24 is a subset of the reference data that is sent on existing reference data channels. The omitted reference data in these channels is superfluous to the new off book trade services and so is not required. London Stock Exchange Page 57 of 70

4.5.1 Changes to Service Content This section describes the new Service Channels that are available on the Infolect feed including the messages that are available in each service. UK and International Off Book Trade Data Service Name Service Channel Message Rates UK and International Off S21 TBC Book Trade Data MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL: 5IP Idle Poll 5OZ Trade Report * Please note this is a New Channel. European Off Book Trade Data Service Name Service Channel Message Rates European Off Book Trade S22* TBC Data MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL: 5IP Idle Poll 5OZ Trade Report * Please note this is a New Channel. Please note that for customers subscribing to these new Service Channels, they will need to subscribe to the related reference data channels described below. Participants wishing to subscribe to the European Quoting Service should note that Level 1 plus messages will not be available for this service. London Stock Exchange Page 58 of 70

UK and International Off Book Reference Data This service provides the required reference data for this service only. It does not include any level one data (such as closing prices) within it. Reference data is sent out from 05:00 hrs daily. Service Name Service Channel Message Rates UK and International Off S23* TBC Book Reference Data MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL: 5ER Equity Background Data 5EM Ex Marker Status 5IP Idle Poll 5IS Instrument Trading Data 5OM Period for Market Sector 5SD Segment Description 5SG Announcement Message 5SS Sector Description 5SV Settlement Venue 5TY Trade Type for Segment 5VI Settlement Venue for Tradable Instrument * Please note this is a New Channel. European Off Book Reference Data The reference data for the European off book trade data service will be uploaded onto the system between 17:30 18:00 every day and be disseminated to the market as reference data changes. The broadcast update indicator on these messages will be set to C. These messages will also be available in the usual full reference data download on the following morning and will have the broadcast update indicator set to F. There are a number of EU markets where the reference data will not be available in time for inclusion in the evening upload. The reference data for these markets will be uploaded onto the system between 07:00 and 07:30 ready for trading on the same day and will be disseminated to the market as reference data changes. The broadcast update indicator on these messages will be set to C. These messages will also be available in the usual full reference data download on the following morning and will have the broadcast update indicator set to F. In order to be up to date customers will therefore need to listen to the changes service to ensure all reference data updates are accurate for the same trading day. London Stock Exchange Page 59 of 70

The European off book reference data service provides the required reference data for this service only. No level one data e.g. prices is included. Service Name Service Channel Message Rates European Off Book S24* TBC Reference Data MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL: 5ER Equity Background Data 5EM Ex Marker Status 5IP Idle Poll 5IS Instrument Trading Data 5OM Period for Market Sector 5SD Segment Description 5SG Announcement Message 5SS Sector Description 5SV Settlement Venue 5TY Trade Type for Segment 5VI Settlement Venue for Tradable Instrument * Please note this is a New Channel. Customers should note that the system upload times mentioned above are estimates based on our reasonable expectation of dissemination times. The actual service hours for the relevant service channel provided by the Exchange s Technical Specifications provide the end time up to which data can be provided. New European Data: Inclusion of Market Status Indicators For the new European securities due to be added as part of MiFID, market status indicators will need to be included in S11 European Level 2 and S16 Market Status Indicators Service Channels for these new securities. This will allow existing subscribers to receive the data with the minimal amount of change. It will also allow new subscribers to receive S16 to recognise what period a security is in. Service Name Service Channel Message Rates Market Status Indicators S16 TBC MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL: 5IP Idle Poll 5MK Market Status Information 5OL Temporary Period for Tradable Instrument/Currency 5OM Period for Market Sector 5OV Tradable Instrument/Currency Period Change 5OW Sector Period Change 5SX Uncrossing Completed 5CT Tradable Instrument Control London Stock Exchange Page 60 of 70

4.5.2 Live Service Channels The Service Channel structure and multicast addresses is shown below. Service Channel Code Service Description Multicast Address (port number is 60000 for all services) S01 UK Level 1 233.115.135.1 n S02 UK Level 1 Plus 233.115.135.2 n S03 UK Level 2 233.115.135.3 n S04 UK Reference Data 233.115.135.4 n S05 International Level 1 233.115.135.5 n S06 International Level 1 Plus 233.115.135.6 n S07 International Level 2 233.115.135.7 n S08 International Reference 233.115.135.8 n Data S09 European Level 1* 233.115.135.9 n S10 European Level 1 Plus* 233.115.135.10 n S11 European Level 2* 233.115.135.11 n S12 European Reference Data* 233.115.135.12 n S13 Covered Warrants Level 1 233.115.135.13 n S14 Covered Warrants Level 1 233.115.135.14 n Plus S15 Covered Warrants Level 2 233.115.135.15 n S16 Market Status Indicators 233.115.135.16 n S17 Market Reference Data 233.115.135.17 n S18 RNS News 233.115.135.18 n S19 DOL (Full) 233.115.135.19 n S20 DOL (Changes) 233.115.135.20 n S21 UK and International Off 233.115.135.21 y Book Trade Reports S22 European Off Book Trade 233.115.135.22 y Reports S23 UK and International Off 233.115.135.23 y Book Trade Reports Reference Data S24 European Off Book Trade 233.115.135.24 y Reports Reference Data *Note description change from Dutch Trading Service to EUROSETS New London Stock Exchange Page 61 of 70

4.6 Customer testing requirements 4.6.1 Full Infolect conformance testing for new Off Book Data subscribers All new customers subscribing to the new European Off Book Trade Data and / or the new UK and International Off book Trade Data service channels will need to complete a mandatory Infolect conformance test if using software that hasn t previously conformed against the messages in each new service channel. The conformance test includes a mandatory High Volumes Test. Customers subscribing to these services will also be required to complete a Live Connectivity test (LCON) to connect to our live environment. Customers can elect to do this at their own convenience once the Conformance Service is launched. Normal testing charges will apply. 4.6.2 Mandatory High Volume test for all Infolect subscribers The Exchange is mandating a HVS test for all directly connected Infolect Customers due to expected growth in message volumes post-mifid. All testing is subject to the Exchange s Accreditation policy which is outlined on our Website at: http://www.londonstockexchange.com/engb/products/membershiptrading/techlib/testdoc/ Customers are required to pass one HVS test per software solution in use. To illustrate this, a firm with three Infolect feed handlers across two SAPS running the same version of software is required to pass a HVS test on one of the three feed handlers. The updated HVS test service will be available from 02 July. The Exchange requires all customers to complete this testing by 26 October 2007 in readiness for MiFID implementation. All Infolect customers will receive one free HVS test that will be pre allocated by the Exchange ahead of launch of the testing service. Normal testing charges will apply for any re-tests that are required. London Stock Exchange Page 62 of 70

4.7 Customer Development Service (CDS) The table below illustrates the activities that will be undertaken as part of our CDS preparation to implement the new market structure and notes the CDS alignments that will take place prior to MiFID implementation: Date Monday, 02 July 2007 Monday, 23 July 2007 Monday, 22 August 2007 Activity Alignment of CDS with the Production environment post the launch of TradElect Alignment of CDS with the Production environment. The CDS will not be aligned again until after the MiFID Service Go Live MIFID CDS environment available for testing and conformance. New service channels are available for testing together with new publication regime, execution venue ID, and new trade types, etc. Monday, 22 August 2007 Monday, 22 August 2007 Monday, 22 August 2007 Monday, 22 August 2007 EQS & ITR launched on CDS EUROSETS (DTS) enhancements launched on CDS SETS (SET1/2/3) enhancements launched on CDS SETS (affecting securities currently in segment SSMM) enhancements launched on CDS SETS (affecting securities currently in segment STMM) enhancements launched on CDS Please note a service announcement will be issued in July detailing all of the changes that will be occurring with the market structure and confirming the CDS implementation timeline. Due to the large volume of changes required to ensure the CDS is available as planned, the Exchange will be performing some preparatory work prior to the above dates. Therefore, additional reference data will be disseminated by the Exchange in the lead up to the launch of these services. Please note this will not affect the availability or functionality of the current CDS services. As a result of the proposed changes a number of new segments, sectors period rules and trade types etc will be created and existing segments will be deleted. London Stock Exchange Page 63 of 70

All CDS environments on both the Live Simulation and Testing and the Model Based Testing (MBT) services will be updated. The Exchange does not anticipate the need for a separate environment for regression testing purposes as functional changes are backward compatible with the current version. However, the Exchange is introducing four new Segments in the MBT service that will be configured with the current market structure to provide support for customers who have a specific requirement to test against the current Production Market Configuration. These are as follows: New Segment Name XSET XSTM XSEQ XIBB Description SET1 functionality pre-mifid SETSmm functionality pre-mifid SEAQ functionality pre-mifid ITBB functionality pre-mifid The Detailed CDS Market Configuration Matrix will be made available on our website no later than 20 July 2007. For more information about the Exchange s Customer Testing Services please see the testing services section of our website at: http://www.londonstockexchange.com/engb/products/membershiptrading/techlib/testdoc/ London Stock Exchange Page 64 of 70

The revised Service Channel structure for the CDS and multicast addresses is shown below. Service Channel Code Service Description Multicast Address (port number is 61000 for all services) S01 UK Level 1 233.115.135.193 n S02 UK Level 1 Plus 233.115.135.194 n S03 UK Level 2 233.115.135.195 n S04 UK Reference Data 233.115.135.196 n S05 International Level 1 233.115.135.197 n S06 International Level 1 Plus 233.115.135.198 n S07 International Level 2 233.115.135.199 n S08 International Reference 233.115.135.200 n Data S09 European Level 1* 233.115.135.201 n S10 European Level 1 Plus* 233.115.135.202 n S11 European Level 2* 233.115.135.203 n S12 European Reference Data* 233.115.135.204 n S13 Covered Warrants Level 1 233.115.135.205 n S14 Covered Warrants Level 1 233.115.135.206 n Plus S15 Covered Warrants Level 2 233.115.135.207 n S16 Market Status Indicators 233.115.135.208 n S17 Market Reference Data 233.115.135.209 n S18 RNS News 233.115.135.210 n S19 DOL (Full) 233.115.135.211 n S20 DOL (Changes) 233.115.135.212 n S21 UK and International Off 233.115.135.213 y Book Trade Reports S22 European Off Book Trade 233.115.135.214 y Reports S23 UK and International Off 233.115.135.215 y Book Trade Reports Reference Data S24 European Off Book Trade 233.115.135.216 y Reports Reference Data *Note description change from Dutch Trading Service to EUROSETS New London Stock Exchange Page 65 of 70

4.8 Contact Details The Exchange recognises the importance of supporting a customer throughout the implementation of the changes detailed in this document. The current support mechanisms will continue to be available to provide assistance throughout your design, development through to live service. Please find below the contact details of the teams who will be interacting with you during the course of this implementation: Client Technology Group (CTG) CTG will provide technical support during the implementation of these changes, and may be contacted via: The Technical Information Desk - Tel: +44 (0) 20 7797 3939, STX 33939 E-mail Client Technology Group at: CTGroup@londonstockexchange.com Questions regarding the content of this guide in addition to any queries of a technical nature may also be raised directly through your Technical Account Manager. Client Implementation Team (CIT) CIT are responsible for co-ordinating the implementation of a customer s trading enablements and may be contacted via: Client Implementation Team - Tel: +44 (0) 20 7797 3232, STX 33232 E-mail Client Implementation Team at: clientimplementation@londonstockexchange.com Requests for new and changes to existing enablements should be submitted via the Exchange's econtracts online order system. Implementation queries may also be raised directly through your Client Implementation Consultant. Primary Account Manager (PAM) Please contact your Primary Account Manager directly or email mifid@londonstockexchange.com for all other queries of a commercial and/or business nature. London Stock Exchange Page 66 of 70

Appendix A Sector Schedule for EQS Pre MQP MQP Post MQP Quote Book Close Close Country Start Time Start Time Start Time Start Time End Time Austria 08:45 09:30 17:30 17:45 18:15 Belgium 08:45 09:00 17:25 17:45 18:15 Hungary 08:45 09:02 16:30 17:45 18:15 Bulgaria 08:45 10:30 14:00 17:45 18:15 Cyprus 08:45 10:00 16:00 17:45 18:15 Czech Republic 08:45 09:30 16:00 17:45 18:15 Denmark 08:45 09:30 17:30 17:45 18:15 Estonia 08:45 10:00 13:50 17:45 18:15 Finland 08:45 09:00 17:30 17:45 18:15 France 08:45 09:00 17:25 17:45 18:15 Germany 08:45 09:30 17:00 17:45 18:15 Greece 08:45 09:30 15:00 17:45 18:15 Holland 08:45 09:00 17:18 17:45 18:15 Iceland 08:45 11:00 17:00 17:45 18:15 Ireland 08:45 09:00 17:30 17:45 18:15 Italy 08:45 09:05 17:25 17:45 18:15 Latvia 08:45 09:00 12:50 17:45 18:15 Liechtenstein 08:45 09:00 16:30 17:45 18:15 Lithuania 08:45 09:00 12:50 17:45 18:15 Luxembourg 08:45 10:30 15:30 17:45 18:15 Malta 08:45 10:15 12:00 17:45 18:15 Norway 08:45 09:00 16:20 17:45 18:15 Poland 08:45 09:30 16:10 17:45 18:15 Portugal 08:45 10:00 17:30 17:45 18:15 Romania 08:45 09:00 13:15 17:45 18:15 Slovakia 08:45 11:30 14:00 17:45 18:15 Slovenia 08:45 10:00 12:30 17:45 18:15 Spain 08:45 09:30 17:00 17:45 18:15 Sweden 08:45 09:30 17:00 17:45 18:15 Switzerland 08:45 09:30 17:00 17:45 18:15 London Stock Exchange Page 67 of 70

Appendix B MiFID Delayed Publication Table The table below shows, for each permitted delay for publication and each class of shares in terms of average daily turnover, the minimum qualifying size of transaction (ADT) that will qualify for that delay in respect of a share of that type. Class of shares in terms of average daily turnover (ADT) ADT < 100 000 100 000 ADT < 1 000 000 1 000 000 ADT < 50 000 000 ADT 50 000 000 Minimum qualifying size of transaction for permitted delay 60 minutes 10 000 Greater of 5% of ADT and 25 000 Lower of 10% of ADT and 3 500 000 Lower of 10% of ADT and 7 500 000 180 minutes 25 000 Greater of 15% of ADT and 75 000 Lower of 15% of ADT and 5 000 000 Lower of 20% of ADT and 15 000 000 Permitted delay for publication Until end of trading day (or roll-over to noon of next trading day if trade undertaken in final 2 hours of trading day) Until end of trading day next after trade 45 000 Greater of 25% of ADT and 100 000 60 000 Greater of 50% of ADT and 100 000 Lower of 25% of ADT and 10 000 000 Greater of 50% of ADT and 1 000 000 Lower of 30% of ADT and 30 000 000 100% of ADT Until end of second trading day next after trade Until end of third trading day next after trade 80 000 100% of ADT 100% of ADT 250% of ADT 250% of ADT 250% of ADT London Stock Exchange Page 68 of 70

Appendix C Message types This section details the changes to the message layouts. 5IS - Instrument Trading Data Instrument Trading Data 5IS AA Field Length Offset Type Tradable Instrument Code 12 37 A Country Of Register 2 49 A Segment Code 4 51 A Currency Code 3 55 A Sector Code 4 58 A Tradable Instrument Display Mnemonic 4 62 A Suspended Indicator 1 66 A Exchange Market Size 12 67 N Publication Threshold Size / Average Daily Turnover 12 79 N Lot Size 7 91 N Minimum Size 12 98 N Minimum Peak Size 5 110 N Price Format Code 1 115 A Security Maximum Spread 5 116 N Maximum Spread Floor 18 121 N Static Price Monitoring Value 5 139 N Dynamic Price Monitoring Value 5 144 N Tradable Instrument Effective Date 8 149 N Validate Trade Price 1 157 A Minimum Trade Price 1 158 A Maximum Trade Price 18 176 N Broadcast Update Action 1 194 A Total Length 195 bytes London Stock Exchange Page 69 of 70

5OZ - Trade Report Trade Report 5OZAB Field Name Offset Length Format Market Segment Code 37 4 A Tradable Instrument Code 41 12 A Country of Register 53 2 A Currency Code 55 3 A Trade Code 58 10 A Trade Price 68 18 N Trade Size 86 13 S Execution Venue 99 11 A Reserved Field 110 11 A Trade Date 121 8 N Trade Time 129 6 N Trade Type Indicator 135 2 A Bargain Condition Indicator 137 1 A Trade Time Indicator 138 1 A Converted Price Indicator 139 1 A Broadcast Update Action 140 1 A Total Length 141 bytes London Stock Exchange Page 70 of 70

Version 3, August 2007. Copyright August 2007 London Stock Exchange plc. Registered in England and Wales No.2075721. London Stock Exchange plc has used all reasonable efforts to ensure that the information contained in this publication is correct at the time of going to press, but shall not be liable for decisions made in reliance on it. London Stock Exchange and the coat of arms device are registered trade marks of London Stock Exchange plc. London Stock Exchange plc 10 Paternoster Square London EC4M 7LS Telephone +44 (0)20 7797 1000 www.londonstockexchange.com MIF/ZEF/073