2012 IOMA Derivatives Market Survey PDF

WFE/IOMA Derivatives Market Survey 2012
Romain Devai
Grgoire Naacke
May 2013
International Options Market Association (IOMA)
2012 Derivatives Market Survey
Table of Contents
Introduction .................................................................................................................................................... 2
The global derivatives market ....................................................................................................................... 7
1 Equity derivatives .................................................................................................................... 10
1.1 Equity derivatives trading ..................................................................................................... 10
1.1.1 Single Stock Options .................................................................................................. 14
1.1.2 Single Stock Futures .................................................................................................. 18
1.1.3 Stock Index Options ................................................................................................... 19
1.1.4 Stock Index Futures ................................................................................................... 22
1.1.5 ETF Options ............................................................................................................... 24
1.2 Equity derivatives clearing .................................................................................................... 25
2 Interest rate derivatives ........................................................................................................... 26
2.1 Interest rate derivatives trading ............................................................................................ 26
2.1.1 STIR Options and Futures.......................................................................................... 28
2.1.2 LTIR Options and Futures .......................................................................................... 29
2.2 Interest rate derivatives clearing .......................................................................................... 30
3 Currency derivatives ............................................................................................................... 31
4 Commodity derivatives ............................................................................................................ 33
5 Other derivatives ..................................................................................................................... 36
6 CDS clearing ........................................................................................................................... 37
Annex 1 Trading Statistics ........................................................................................................................ 38
Annex 2 Clearing Statistics....................................................................................................................... 49
Every effort has been made to ensure that the information in this survey is accurate at the time of
printing, but the Secretariat cannot accept responsibility for errors or omissions.
WFE/IOMA Derivatives Market Survey 2012 1

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

Number of product lines per exchange
Zhengzhou Commodity Exchange

Tokyo Commodity Exchange (TOCOM)
Shanghai Futures Exchange
List of product lines
Multi Commodity Exchange of India
ELX - Single Stock Options
- Single Stock Futures
Dalian Commodity Exchange
- Stock Index Options
China Financial Futures Exchange - Single Index Futures
United Stock Exchange of India - ETF Options
One Chicago - ETF Futures
- STIR Options
MCXSX - STIR Futures
London Metal Exchange - LTIR Options
ICE Futures Europe - LTIR Futures
- Currency Options
ICE Futures Canada - Currency Futures
Bolsa de Comercio de Buenos Aires - Commodity Options
Boston Options Exchange (TMX Group) - Commodity Futures
Wiener Brse
Warsaw Stock Exchange
Turkish Derivatives Exchange
Tokyo Financial Exchange Inc.
Rofex
Oslo Brs
International Securities Exchange (ISE)
Bursa Malaysia Derivatives (BMD)
BSE Limited
Athens Exchange
Singapore Exchange
NASDAQ OMX (US markets)
LSE Group
JPX (Osaka Securities Exchange)
Chicago Board Options Exchange
Thailand Futures Exchange (TFEX)
Tel-Aviv Stock Exchange
MEFF
JPX (Tokyo Stock Exchange)
ICE Futures U.S.
Budapest Stock Exchange
Bolsa de Valores de Colombia
NYSE Euronext (US markets)
TAIFEX
National Stock Exchange of India
NASDAQ OMX Nordic Exchanges
Korea Exchange
Hong Kong Exchanges and Clearing
Moscow Exchange
Montral Exchange (TMX Group)
Australian Securities Exchange
MexDer
CME Group
BM&FBOVESPA
NYSE Liffe (European markets)
Eurex
Johannesburg Stock Exchange
0 2 4 6 8 10 12 14

Number of trading venues by product line
01. Single Stock Options
02. Single Stock Futures
03. Stock Index Options
04. Stock Index Futures
05. ETF Options
06. ETF Futures
07. STIR Options
08. STIR Futures
09. LTIR Options
10. LTIR Futures
11. Currency Options
12. Currency Futures
13. Commodity Options
14. Commodity Futures
0 5 10 15 20 25 30 35
Most of the exchanges do not have a trading floor. Only in some US exchanges, the share of floor trading
(by number of contracts traded) versus electronic systems appears to be significant: 30% for NASDAQ
OMX US, 27% for CBOE, and 10% for CME Group. For CME options it decreased from 70% to 60%
between 2011 and 2012.
Share of Open Outcry versus Electronic transactions on CME Group volumes

Futures Options Combined
2012 2011 2012 2011 2012 2011
Interest Rate 1.4% 1.6% 74.5% 82.2% 14.9% 16.3%
Equity Index 0.7% 0.7% 14.1% 23.4% 1.9% 2.4%
Metals 1.9% 2.2% 41.5% 45.5% 6.2% 7.1%
Energy 0.5% 0.8% 49.4% 59.8% 4.4% 5.9%
FX 0.4% 0.3% 21.8% 25.7% 1.4% 1.4%
Commodities & Alternative Inv. 6.3% 9.1% 63.5% 77.4% 18.4% 23.1%
GRAND TOTAL 1.5% 1.7% 59.7% 69.8% 9.7% 11.0%

Most of the exchanges, except in China and India, have a designated class of participants who are
responsible for providing liquidity. Among those who answered the question about compensation method
used for liquidity providers, 100% are using fee incentives, 25% participation rights and 18% bandwidth.
Compensation method used by exchanges for liquidity providers

Participation rights Fee incentives Bandwidth Other
Americas 50% 100% 17% 67%
Asia Pacific 0% 100% 0% 29%
EAME 22% 100% 33% 22%
Total 23% 100% 18% 36%
A question was also asked to exchanges about the order of magnitude of business brought to the market
by Direct Market Access (DMA), Hedge Funds or High Frequency Traders but only a few exchanges were
able to answer. In the United States, HFT activity is estimated to be higher in electronically-traded ETF
options (e.g., SPY, IWM, QQQ, etc.) and the most active individual equity option classes. Tabb Group
estimates that High-frequency trading strategies in options markets account for almost 60% of the total
1
volumes in the US of which 45% comes from market-making firms .
High-Frequency Trading share in US Listed Options Markets
70%
Prop/Other HFT
60%
Market Making HFT
50% 13% 14%
10%
40%
8%
30% 5% 7%
43% 45% 45%

20%
34%
26% 27%
10%
0%
2008 2009 2010 2011 2012 2013P
Source: TABB Group
In the United States, Hedge Funds participation is generally higher in index and volatility options, as well
as active ETF option classes.
1
US Options Market Making 2013: Scale, Scope and Survival February 2013 Andy Nybo, Tabb Group

In order to evaluate the concentration of volumes among most active members, a question was asked
about the share represented by the 5 and 10 most active members. Results show a very high
concentration. It was less pronounced in Asia Pacific region and slightly decreased in 2012. As noted in
2
the WFE annual cost and revenue survey , the concentration is higher on derivative markets than on cash
markets. The share of 5 and 10 most active members in volumes was in 2011 almost 10% higher on
derivatives markets than on cash markets.
Percentage of the total trading volume represented by the 5 and 10 most active members
5 most active members 10 most active members
60% 80%
69% 67% 2011 68% 68%
49% 49% 2011 50% 49% 70%
50% 2012 62% 61%
2012 44% 43%
60%
52% 51%
40% 36%
34% 50%
30% 40%
30%
20%
20%
10%
10%
0% 0%
Americas Asia Pacific EAME Total Americas Asia Pacific EAME Total
2
2011 WFE Cost & Revenue Survey Romain Devai and Grgoire Naacke November 2012
http://www.world-exchanges.org/files/statistics/pdf/2011%20Cost%20%26%20Revenue%20Survey_Final_0.pdf

THE GLOBAL DERIVATIVES MARKET
21 billion Exchange Traded Derivatives (ETD) contracts (10 billion options and 11 billion futures) were
traded on exchanges worldwide in 2012 (against 25 billion in 2011). It is the first time since 2004 that the
global number of derivatives traded on-exchange decreased. Moreover this decrease of volumes was
significant (-15%) and concerned all the asset classes except commodity derivatives and all the regions.
The first quarter of 2013 was much more encouraging (+13.7% excluding Kospi 200 options), suggesting
that the year 2013 should experience a significant volume recovery. Equity (excluding Kospi 200 options),
interest rate, currency and commodity derivative, all experienced positive volume growth rate compared to
first quarter of 2012 (respectively +5.2%, +8.4%, +40.7% and +46.8%).
As opposed to 2011, there were more futures contracts traded compared to options in 2012.
Excluding Kospi 200 options, the highest decrease in 2012 was observed in EAME region (-12.3% against
-7.3% in Americas and -4.5% in Asia Pacific).
Number of ETD traded worldwide (bn contracts)
25
Other 2.8
Commodity 2.9
20 3.1
Currency 3.2
2.5
Interest Rate 2.3 3.5 2.4
1.8
15 Equity 1.3 0.6 1.0 3.2
0.5 2.9
3.2 2.5
3.7
1.0
0.3
10 0.7
0.2
0.6 3.2
0.1 2.5
2.2 15.3
13.6
11.6 11.9 12.3
5 10.3
6.9 7.5
6.1
0
2004 2005 2006 2007 2008 2009 2010 2011 2012

Evolution of the volumes breakdown since 2004
by underlying asset
100% 0.6 0.7 1.0 1.3 1.8 2.3 2.9 2.8
0.1 0.2 0.3 0.5 3.2
0.6 1.0
80% 2.2 2.5 2.5 3.1 2.4
3.2 3.7 3.2 2.5
3.2 3.5 2.9
60%
40%
6.1 6.9 7.5 10.3 11.6 11.9 13.6 15.3 12.3
20%
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012
Commodity Currency Interest Rate Equity
by region
100%
2.4 2.7 3.0 4.0 4.6 4.1 4.7 5.4 4.7
80%
60% 3.4 4.2 5.0 6.3 9.1 9.9 7.6

3.1 3.3
40%
20% 4.3 5.5 7.6 7.6 7.4 9.0

3.5 8.7 9.7
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012
EAME Asia Pacific Americas
by product
100%
80% 3.4 4.0 5.2 7.0 8.1 8.2 11.2 12.1 11.0
60%
40%
5.7 6.3 6.7 8.8 9.1 9.6 11.1 12.7 10.2
20%
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012
Futures Options

Number of ETD traded worldwide (millions of contracts)
1st Quarter 2013
2012 2011 2012/2011 vs Q1_2012 vs Q4_2012
Single Stock Options 3 995 4 063 -1.7% -2.8% +6.5%
Single Stock Futures 1 024 1 122 -8.7% +14.2% -1.0%
Stock Index Options 3 636 5 717 -36.4% -39.7% +5.7%
Stock Index Options (exc. Kospi 200) 2 061 2 046 +0.7% +9.1% +4.5%
Stock Index Futures 2 243 2 634 -14.8% +2.8% +7.4%
ETF Options 1 382 1 713 -19.3% +22.6% +22.9%
ETF Futures 0.3 0.8 -59.6% -
Total Equity 12 281 15 250 -19.5% -11.5% +7.8%
Total Equity (exc. Kospi 200 options) 10 706 11 579 -7.5% +5.2% +7.7%
STIR Options 379 481 -21.2% Total IR opt Total IR opt.

LTIR Options 171 168 +2.0% -2.6% +32.3%
STIR Futures 1 224 1 427 -14.2% Total IR fut. Total IR fut.
LTIR Futures 1 161 1 381 -16.0% +11.1% +30.1%
Total Interest Rate 2 934 3 457 -15.1% +8.4% +30.5%
Currency Options 287 296 -3.0% +72.4% +16.6%
Currency Futures 2 142 2 845 -24.7% +34.6% +4.0%
Total Currency (1) 2 429 3 141 -22.7% +40.7% +6.3%
Commodity Options 191 171 +11.1% -6.4% +10.3%
Commodity Futures 3 051 2 579 +18.3% +51.9% +8.8%
Other Commodity Derivatives 0.2 0.1 +140.5% -
Total Commodity (1) 3 242 2 750 +17.9% +46.8% +8.9%
Other Options 117 112 +4.4% - -
Other Futures 122 90 +35.3% - -
Other Derivatives 102 170 -40.0% - -
Total "Other" 341 372 -8.4% - -
Grand Total (1) 21 227 24 970 -15.0% +1.4% +11.1%
Grand Total (exc. Kospi 200 options) 19 652 21 298 -7.7% +13.7% +11.1%
(1) Including only WFE members for 1st quarter 2013
Equity derivatives: The 19.5% decrease in equity derivatives was partly explained by the sharp drop of
number of index options traded on Korea Exchange following the multiplication by five of the size of the
newly listed contracts on KOSPI 200 since March 2012. Excluding Kospi 200 options, the decline in equity
derivatives was: -7.5%.
Interest rate derivatives: Interest rates derivative volumes also declined (-15%). Factors generically
seen as unfavorable for interest rates derivatives (low interest rates environments, no economic growth
and no credit expansion) continue to prevail in certain regions and could explain that trend.
Currency derivatives: Following sharp decrease in India where the volumes are very significant due to
the small size of the contracts traded, the currency derivatives segment experienced the highest decrease
in 2012 (-23%).
3
Commodity derivatives: Driven by mainland Chinese exchanges and by the transfer of OTC energy
swaps to futures by ICE in the United States, the commodity derivatives market was the only one that
grew significantly in 2012 (+18%). It overtook the currency derivatives market in terms of number of traded
contracts.
3
Dalian Commodity Exchange, Shanghai Futures Exchange and Zhengzhou Commodity Exchange

1 EQUITY DERIVATIVES
1.1 Equity derivatives trading
The number of traded contracts declined by 19.5% in 2012 (-7.5% excluding Kospi 200 options). The
share of equity products in total number of derivative contracts traded remains dominant but decreased to
58% (compared to 61% in 2011 and 67% in 2009).
This decline in equity derivatives volumes mirrors the one in the value of cash equities traded and is also
probably explained by the significant decrease in volatility observed in 2012. Volatility indices decreased
significantly in 2012, except in Japan, to end the year at relatively low levels.
S&P 500 Volatility (VIX): - 23% (13.02 historical low level)
EURO STOXX 50 Volatility: -33.6% (21.35) and FTSE100 Volatility Index: -19.7% (18.05)
Nikkei Stock Average Volatility Index : + 4.5% (22.45) and Hang Seng Volatility Index : -30.2%
(17.19)
Despite the drop in volumes, the number of open positions continued to increase significantly for futures
(+15% for single stock futures and +7% for index futures), suggesting that the need for hedging against
stock price movements remains important.
Number of equity ETD traded worldwide (bn contracts)
16
ETF Options
14 1.7
Stock Index Futures
1.2
12 Stock Index Options 2.6
1.1 2.3 1.4
Single Stock Futures 0.9
10 Single Stock Options 0.4 2.2 2.2
2.3
1.7
8 5.7
0.0 5.0
0.1 1.2 4.2 3.6
6 0.1 0.9 3.8 4.1
0.8
3.2 1.1 1.1 1.0
4 3.3 0.6 1.0 0.9
3.1
0.3
0.1 0.1
2 3.7 3.3 3.6 3.9 4.1 4.0
2.1 2.5 2.8
0
2004 2005 2006 2007 2008 2009 2010 2011 2012

The observation of monthly volumes in the United States and Europe in comparison with number of trades
on cash markets confirms that the activity on cash markets is one of the main drivers for Equity derivatives
volumes.
Comparison of volumes on cash and derivative markets in the US and Europe
United States Europe (Ex. stock futures)

Millions of equity derivative contracts
Millions of equity derivative contracts

1600 1200 500 180
450
Millions of cash EOB trades

1400 160
Millions of cash EOB trades

1000 400
1200 140
800 350 120
1000 300
100
800 600 250
80
600 200
Equity derivatives traded 400 150 Equity derivatives traded 60
400 40
200 100
200 Cash OEB trades
50 Cash OEB trades 20
0 0 0 0
2011 2011 2011 2011 2012 2012 2012 2012 2013 2011 2011 2011 2011 2012 2012 2012 2012 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
The evolution of volumes on equity derivative markets is also highly correlated with the volatility of stock
prices as it is shown in the following graphs. Nevertheless in the first quarter of 2013, the volumes
seemed to recover whereas the volatility on stock markets continued to decrease, suggesting that the
cash markets influence is greater than the volatility one.
Comparison of equity derivatives volumes and volatility in the US and Europe
United States Europe (Eurex and NYSE Liffe exc. stock futures)
1 600 35 500 40
1 400 450 35
30
400
Millions of contracts traded
Millions of contracts traded
1 200 30
25
Volatility index level
Volatility index level

350
1 000 25
20 300
800 250 20
15
600 200 15
Single stock opt. and index opt. & fut. traded on Eurex and
Equity derivative volumes in the US 10 150
400 NYSE Liffe 10
100
200 VOLATILITYS&P500 (^VIX) 5 EURO STOXX 50 Volatility Index 5
50
0 0 0 0
2011 2011 2011 2011 2012 2012 2012 2012 2013 2011 2011 2011 2011 2012 2012 2012 2012 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
The correlation of equity derivative markets activity with activity on cash markets and stock prices volatility
is much less pronounced for single stock futures. As we will see in the section of the report dedicated to
single stock futures, they stand out from other equity derivative products for several reasons: volumes are
mainly concentrated in Europe, the majority of trades are OTC registered by the exchanges and they are
estimated to only account for a very small part of total equity derivatives notional outstanding amount.

The comparison of the average size of contracts traded between various type of equity derivatives
(measured by the ratio notional value / number of contracts traded) for main exchanges shows that single
stock and ETF derivatives are mostly used by retail investors and traditional index products are used by
institutions. In the United States, CBOE confirms that retail participation is generally higher in ETF and
individual equity options, and lower in cash index and volatility contracts. Nevertheless, in some regions,
especially in Asia, the size can differ significantly from international standards. It is worth noting that for
KOSPI 200 options, the world biggest index options in terms of volumes traded, starting from March 2012
the multiplier was increased from 100,000 to 500,000. The application was made step-by-step from March
9, 2012 and the uniform application stared from June 15, 2012. Even with this five time multiplication, the
size of KOSPI 200 options will remain significantly lower than index options traded in the United States
and Europe.
Average size and turnover velocity of main equity derivative exchanges
Ratio Notional Value / Volume ('000 USD) Ratio Volume / Open Interest (# contracts)
Stock Stock Index Index ETF Stock Stock Index Index ETF
Opt. Fut. Opt. Fut. Opt. Opt. Fut. Opt. Fut. Opt.
BM&FBOVESPA 1.4 - 33.1 15.7 0.3 86 - 31 234 14
AMER.
CBOE 10.8 - 138.3 - 10.1 3 - 19 - 4

CME Group - - 104.0 69.3 - - - 27 165 -
KRX - 0.5 0.2 113.5 - - 129 2 376 553 -
ASIA PACIFIC
NSE India 5.4 5.2 5.0 4.7 - 322 140 408 276 -
BSE Ltd. 4.4 5.9 5.0 4.8 - 41 - 6 540 284 -
ASX 2.3 - 47.2 109.1 - 11 - 19 37 -
Taifex 2.6 2.8 12.7 35.4 - 42 58 125 455 -
HKEX 2.4 3.2 100.2 86.8 6.2 14 17 19 140 7
CFFEX - - - 114.5 - - - - 476 -
Eurex 3.5 2.6 34.2 49.1 1.2 7 40 12 108 79
Moscow 0.4 0.4 2.9 2.9 - 19 160 56 492 -
NYSE Liffe 3.0 2.9 65.0 66.2 - 7 50 10 66 -
EAME
Nasdaq OMX 1.5 1.2 15.6 15.5 - 8 17 11 61 -

LSE Group 1.8 2.9 45.2 64.4 - 7 26 16 81 -
Meff 1.1 1.0 9.7 66.6 - 4 16 7 124 -
JSE 0.0 1.1 1.0 30.9 0.0 8 10 6 48 2
Tel-Aviv SE 3.1 - 29.5 28.5 - 10 - 178 12 -
Average (1) 2.9 2.5 38.2 51.7 3.6 39 60 580 213 21
(1) Non-weighted average

According to BIS statistics, the outstanding amounts for ETD and OTCD tended to follow similar trends.
No transfer was observed from one segment to another. For ETD, it seems that BIS statistics are only
taking into account index options and futures whereas WFE estimates that single stock and ETF options
account for about half of the total notional outstanding amounts of equity ETD worldwide.
The 2012 increase of OTCD notional outstanding amounts (+4.5%) was driven by forward and swaps
(+17.6%). OTCD options remained stable.
Notional outstanding amounts of on-exchange and OTC equity derivatives (billion USD)
12 000
OTC
10 000
On-exchange
8 000
6 000
4 000
2 000
Source: BIS

1.1.1 Single Stock Options
In 2012, the number of single stock options traded decreased by 1.7% (-2.8% rebasing ASX volumes). As
noted last year, the 2012 growth rate was partly biased by two opposite effects: in May 2011, the size of
ASX contracts was divided by 10, but on the other hand, most contracts size increased on Eurex in the
course of 2011.
The Americas region still dominates the single stock options market with 82% of the traded volumes. In
this region, the volumes remained stable (+0.1%) thanks to BM&FBOVESPA and ISE whose volumes
growth offset the decreases observed in NASDAQ, NYSE and CBOE. The most significant drop in
volumes was observed in EAME (-19%).
The information on paid premium is unfortunately not available for all exchanges. But for those for which
the figures were provided, it is worth noting that the growth trends were not correlated with volumes. For
example on the three main US exchanges, while the volumes decreased by 6.2%, the amount of paid
premium increased by 23%. Conversely, on BM&FBOVESPA, the biggest market for single stock options,
paid premium decreased by 6.9% despite the 11% growth rate of volumes. One explanation for the
increased premium in the United States was probably that the stock prices rose significantly in 2012
which, on average should result in higher premiums, assuming no change in volatility. In 2012, index
volatility trended lower, but that was accompanied by lower implied correlations. Thus, the falling index
volatility can go with stable or even rising equity volatility.
Evolution of number of contracts traded, number of transactions and paid premium in the US
2 500 700 2 500 180

160
Cleared contracts (millions)
Cleared contracts (millions)
600
2 000 2 000
Premiums (billion USD)
Transactions (millions)
140
500
120
1 500 400 1 500
100
300 80
1 000 1 000
60
200
500 500 40
100
20
0 0 0 0
2009 2010 2011 2012 2009 2010 2011 2012
Cleared Contracts Total Premiums Cleared Contracts Cleared Transactions

The number of trades also increased significantly in 2012 for the four biggest exchanges, namely
BM&FBOVESPA, NASDAQ OMX US, NYSE Liffe US and CBOE. The increasing number of trades in the
US, while number of contracts traded decreased, could be an indication of increasing HFT, but the
aggregated figures have to be interpreted with caution due to the fact that contracts of different sizes and
4
characteristics are gathered in the same basket. As noted in the introduction, Tabb Group estimates that
the market share of HFT in the US options markets is about 60% (of which 45% comes from market-
making firms) and is still increasing. Moreover, according to CBOE, HFT activity is generally higher in
electronically-traded ETF options (e.g., SPY, IWM, QQQ, etc.) and the most active individual equity
option.
In 2012, the weight of Apple in stock options volumes on the three main US exchanges (Nasdaq OMX,
NYSE Liffe US and CBOE) increased very significantly, from 4.5% in 2011 to 8.1% in 2012. Apple is a
very high priced stock and activity in this stock is characterized by high paid premium with relatively small
trade sizes. On the CBOE, Apple was accounting in 2012 for 10.8% of single stock options volumes
(against 4.4% in 2011), 20.9% of the number of trades (against 8.9% in 2011) and 50.8% of paid premium
(against 18.2% in 2011). The 2012 increase of number of trades and paid premium in the United States
was largely driven by Apple.
Top 10 exchanges by number of single stock options contracts traded in 2012

Millions of Open Interest Num ber of Option
Notional Value
contracts ('000 trades Prem ium
Exchange (bn USD)
traded contracts) ('000) (bn USD)
2012 AGR 2012 AGR 2012 AGR 2012 AGR 2012 AGR
1 BM&FBOVESPA 929 11% 1 311 -21% 10 831 -19% 30 995 39% 30 -21%
2 NASDAQ OMX (US markets) 644 -8% NA NA NA NA 49 423 3% 302 27%
3 NYSE Euronext (US markets) 595 -6% NA NA NA NA 53 856 6% 162 11%
4 Chicago Board Options Exchange 494 -4% 5 352 71% 170 282 -14% 48 246 20% 138 31%
5 International Securities Exchange 457 6% NA NA NA NA NA NA NA NA
6 Eurex 215 -22% 745 -26% 32 794 -19% 2 298 -26% 35 -27%
7 Australian Securities Exchange 140 29% 322 -17% 12 320 23% NA NA NA NA
8 NYSE Liffe (European markets) 113 -25% 339 -36% 15 959 -33% 2 572 -24% 24 -36%
9 Boston Options Exchange 95 3% NA NA NA NA NA NA 17 -4%
10 National Stock Exchange of India 57 72% 310 65% 178 72% 40 547 59% 6 64%
Others 256 -11% 404 -26% 28 220 -9% 2 530 -26% 9 -58%
Total 3 995 -2% 8 945 18% NA NA 230 466 16% 724 6%
NB: Dividend trades are included for US exchanges
4

The most actively traded single stock options (1) in the world in 2012
Millions of Notional Open Num ber of Option
contracts Value Interest trades Prem ium
Exchange Products
traded (bn USD) ('000) ('000) (m io USD)
1 BM&FBOVESPA Petrobras PN 378 19% 427 7% 2 452 -16% 10 740 48% 10 071 -3%
2 BM&FBOVESPA Vale R Doce PNA 378 -4% 757 -16% 1 841 -29% 14 650 26% 14 926 -15%
3 BM&FBOVESPA OGX Petroleo 104 30% 58 -6% 1 918 -18% 3 106 23% 2 101 4%
4 CBOE Apple Inc. 53 135% 3 074 262% 3 797 74% 10 061 182% 70 369 265%
5 NYSE Euronext (US) Apple Inc. 45 44% - - - - - - - -
6 NASDAQ OMX (US) Apple Inc. 43 43% - - - - 9 828 - - -
7 NYSE Euronext (US) Bank of America 33 4% - - - - - - - -
8 CBOE Bank of America 25 -1% 21 -1% 9 023 -24% 721 3% 1 206 -27%
9 ASX Telstra Corp. 24 22% - - 3 148 85% - - 982 59%
10 Eurex Deutsche Telekom 24 -13% 28 -19% 4 222 -21% - - 1 236 -36%
11 NASDAQ OMX (US) Bank of America 23 -21% - - - - 653 - - -
12 Eurex Nokia 17 -27% 7 -63% 3 425 56% - - 625 -42%
13 NASDAQ OMX (US) Microsoft Corp. 17 26% - - - - 376 - - -
14 ASX BHP Billiton 17 -29% - - 963 9% - - 2 242 -50%
15 NASDAQ OMX (US) AT&T Inc. 15 18% - - - - 150 - - -
16 NASDAQ OMX (US) Pfizer 14 19% - - - - 87 - - -
17 NASDAQ OMX (US) General Electric 14 6% - - - - 246 - - -
18 NASDAQ OMX (US) Intel Corp. 13 -15% - - - - 318 - - -
19 ASX CBA 12 27% - - 941 64% - - 3 747 513%
20 Eurex E.ON 12 -31% 25 -43% 1 564 -26% - - 1 131 -62%
21 Eurex Commerzbank 12 -26% 3 -66% 1 774 -23% - - 256 -59%
22 ASX XJO 12 - - - 582 - - - 6 244 -
23 NASDAQ OMX (US) Verizon Com. 12 6% - - - - 135 - - -
24 NYSE Euronext (US) Microsoft Corp. 11 -5% - - - - - - - -
25 LSE Group Gazprom 11 -18% 13 - 6 952 - 2 -35% - -
26 BM&FBOVESPA BMFBOVESPA 11 13% 7 20% 523 44% 598 71% 215 54%
27 Eurex Daimler 10 11% 55 2% 1 821 1% - - 2 861 -15%
28 NYSE Euronext (US) Citigroup Inc. 10 -62% - - - - - - - -
29 NYSE Liffe (Europe) ING 10 -33% 8 -42% 1 222 -37% 257 -26% 754 -34%
30 NASDAQ OMX (US) JPMorgan Chase & Co. 10 - - - - - 539 - - -
Total 1 368 9% - - - - - - - -
(1) Excluding International Securities Exchange (ISE)

In 2012 in the United States, volumes of flexible stock options increased significantly (+23%) as well as
paid premium (+46%), but their weight in the total number of options traded remains relatively low
(0.29%).
Number of single stock flexible options cleared by OCC

Num ber of contractscleared ('000) Prem ium s (Mio USD)
Exchange
2012 2011 2010 2009 2012 2011 2010 2009
NYSE Amex 2 374 1 209 1 176 1 161 265 191 165 169
NYSE Arca Options 1 537 1 468 2 839 3 169 346 559 1 092 848
Chicago Board Options Exchange (CBOE) 1 058 1 689 8 905 2 404 361 487 4 029 1 759
NASDAQ OMX PHLX 1 608 970 1 846 710 1 035 141 201 142
Total flexible options on OCC 6 576 5 336 14 765 7 445 2 006 1 379 5 487 2 917
Memo : Total single stock options on OCC 2 268 097 2 458 739 2 361 987 2 298 970 744 328 616 911 514 591 494 038
Market share of flexible options 0.29% 0.22% 0.63% 0.32% 0.27% 0.22% 1.07% 0.59%
Source : OCC
5
According to a recent study by Tabb Group , Options Market-Making firms in the United States see the
greatest growth potential in complex order books, VIX-related products, weekly options and narrower
strike increments. They are less confident of the growth prospects in mini options, flex options and daily
options.
5

1.1.2 Single Stock Futures
Single stock future volumes decrease was more pronounced than for single stock options (-9%) but the
number of open positions at the end of 2012 was 15% higher than one year before.
Contrary to single stock options, single stock futures volumes are mainly located in EAME and Asia
Pacific regions (99% of the volumes in 2012). Opposite trends were observed in those two regions: EAME
volumes decreased by 15% (driven by RTS) while Asia Pacific volumes increased 16% (driven by Korea
Exchange). It is worth noting that on those two Exchanges, the size of the contracts traded measured by
the ratio notional value / number of traded is much smaller than on other exchanges (suggesting that they
are more oriented to retail investors).
On Eurex and NYSE Liffe (Europe) most of single stock futures traded are traded OTC but registered and
cleared by the exchanges. On both European exchanges, the notional value of contracts traded declined
while open interest increased sharply.
As noted earlier, single stock futures differ from other equity derivatives by three main aspects:
volumes are mainly located in EAME regions, single stock futures account for a small share of total
notional outstanding amounts of equity derivatives and on the two main markets in terms of open interest,
namely NYSE Liffe and Eurex, the great majority of trades are OTC trades registered on the exchanges.
This indicates that they are most probably used by different type of investors and for different purposes
and explains why the evolution trends observed are different.
Top 10 exchanges by number of single stock futures contracts traded in 2012

Millions of Open Interest Num ber of
Notional Value
contracts ('000 trades
Exchange (bn USD)
traded contracts) ('000)
2012 AGR 2012 AGR 2012 AGR 2012 AGR
1 NYSE Liffe (European markets) 247 -2% 718 -23% 4 923 33% 12 -25%
2 Moscow Exchange 241 -33% 91 -43% 1 511 4% NA NA
3 Eurex 196 13% 512 -37% 4 906 50% 35 -61%
4 National Stock Exchange of India 153 -5% 792 -9% 1 093 6% 120 541 -2%
5 Korea Exchange 100 68% 53 67% 780 143% 6 967 50%
6 Johannesburg Stock Exchange 29 -43% 31 11% 2 898 -12% NA NA
7 MEFF 21 -23% 21 -49% 1 307 -33% 39 -54%
8 Athens Exchange 13 73% 3 -15% 337 17% 550 32%
9 LSE Group 6 -50% 18 -62% 236 -14% 17 -46%
10 One Chicago 5 43% NA NA NA NA NA NA
Others 12 0% 22 8% 615 7% 3 254 52%
Total 1 024 -9% 2 261 -23% 18 607 15% 131 413 -30%

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

Top 10 exchanges by number of stock index options contracts traded in 2012
Millions of Open Interest Num ber of Option
Notional Value
contracts ('000 trades Prem ium
Exchange (bn USD)
traded contracts) ('000) (bn USD)
1 Korea Exchange 1575 -57% 272 -31% 663 -71% 214 341 -37% 272 -31%
2 National Stock Exchange of India 820 -6% 4 125 -17% 2 006 9% 193 304 -9% 37 -33%
3 Eurex 383 -18% 13 103 -22% 31 001 -20% 11 030 61% 327 -35%
4 BSE Limited 235 NA 1 167 NA 36 -74% 12 211 NA 5 NA
5 Chicago Board Options Exchange 194 -13% 26 784 -3% 10 419 -15% 4 860 1% 378 -27%
6 TAIFEX 109 -14% 1 378 -22% 870 34% 36 635 -10% 10 -28%
7 CME Group 59 -2% 6 153 -7% 2 175 41% 3 554 -8% NA NA
8 Tel-Aviv Stock Exchange 57 -34% 1 692 -42% 323 15% 19 127 -32% 18 -39%
9 JPX (Osaka Securities Exchange) 49 8% NA NA 3 179 57% 4 809 -4% 62 -4%
10 NYSE Liffe (European markets) 39 -25% 2 508 -24% 3 970 1% 4 173 -32% 46 -21%
Others 118 4% 3 032 -4% 6 633 55% 3 001 -55% 18 -58%
Total 3 636 -36% 60 214 -11% 61 274 -10% 507 045 -23% 1 172 -30%
The most actively traded stock index options in the world in 2012
Millions of Notional Open Num ber of Option
contracts Value Interest trades Prem ium
Exchange Products
traded (bn USD) ('000 ('000) (m io USD)
1 Korea Exchange Kospi 200 1 575 -57% 272 -30% 663 -71% 214 341 -37% 271 806 -30%
2 NSE India CNX S&P NIFTY Options 803 -8% 4 042 -7% 1 940 6% 186 770 -12% 36 455 -25%
3 Eurex EURO STOXX 50 281 -24% 8 465 -29% 26 941 -20% - - 276 063 -30%
4 CBOE S&P 500 Index 174 -12% 24 064 -4% 9 332 -14% 3 818 9% 355 853 -27%
5 BSE Limited BSE 30 SENSEX 148 - 717 - 18 167% 8 544 - 4 291 -62%
6 TAIFEX TAIEX Options 108 -14% 1 375 -22% 866 34% 36 498 -10% 9 953 -28%
7 BSE Limited BSE100 86 - 450 - 18 - 3 667 - 834 -
8 Tel-Aviv SE TA-25 Options 57 -34% 1 691 -37% 322 16% 19 126 -32% 17 037 -36%
9 Eurex DAX Options 52 -24% 2 196 -22% 3 017 -23% - - 42 046 -32%
10 JPX (Osaka) Nikkei 225 49 8% - - 3 179 57% 4 809 -4% 61 501 -3%
11 CME Group E-MINI S&P500 36 -1% 1 635 41% - - - - - -
12 Moscow Exchange RTS Index Options 34 -4% 98 -15% 608 37% - - - -
13 Eurex KOSPI 200 32 86% 1 829 402% - - - - 0 -
14 NSE India CNX BANKNIFTY Options 15 723% 80 799% 65 417% 5 604 560% 729 530%
15 NYSE Liffe (Europe) FTSE 100 (EUROPEAN) 11 -14% 1 001 -6% - - 9 -17% 18 486 -9%
16 NYSE Liffe (Europe) AEX-INDEX 10 -41% 401 -42% 298 -25% 2 084 -39% 7 484 -45%
17 BM&FBOVESPA Bovespa Stock Index 8.7 55% 7 38% 160 -58% 13 57% - -
18 CME Group S&P 500 7.0 -41% 278 0% - - - - - -
19 CBOE Nasdaq 100 Index 7.0 31% 1 840 51% 180 -32% 219 -6% 12 774 -12%
20 NYSE Liffe (Europe) FTSE 100 (EUROPEAN) 6.2 -19% 567 -12% 2 444 38% 286 -27% 7 350 -20%
21 ISE All index options 5.5 -28% - - - - - - - -
22 CME Group EOM EMINI S&P 5.1 34% 46 20% - - - - - -
23 NYSE Liffe (Europe) CAC 40 * (10 EURO) 5.0 -5% 214 -11% 267 -28% 166 -26% 3 902 -17%
24 CBOE Russell 2000 Index 4.4 -52% 355 -50% 618 14% 234 -44% 5 903 -61%
25 Eurex SMI Options 4.3 -25% 281 -21% 480 -23% - - 5 512 -34%
26 CBOE S&P 100 Index 4.0 -42% 250 -36% 40 -60% 313 -36% 1 482 -55%
27 Eurex EURO STOXX Banks 3.9 108% 27 53% 169 -46% - - 1 130 62%
28 Singapore Exchange SGX Nikkei 225 Index 3.9 89% - - 1 366 248% - - - -
29 CME Group EOW2 EMINI S&P 500 3.5 79% 13 376% - - - - - -
30 NYSE Liffe (Europe) AEX-INDEX DAILY 3.5 -37% 144 -38% 4 57% 1 027 -23% 373 -45%
Total 3 544 -37% 52 339 -7% 52 995 -13% 487 529 -24% 1 140 962 -28%
Total (Excluding Korea Ex. and BSE Ltd.) 1 734 -12% - - - - - - - -

In last year report a special focus had also been added about mini index options. Some of them have
better performed than standard options in 2012, but their weight in the total notional value most probably
remains very small.
Standard index option vs mini options

Millions of Notional Value Average
Exchange Products contracts traded (bn USD) size
2012 AGR 2012 AGR 2012
CBOE S&P 500 Index 174.46 -12% 24 064 -4% 137 935
CBOE Mini S&P 500 Index 0.08 -13% 0.5 -57% 6 297
CBOE Nasdaq 100 Index 6.96 31% 1 840 51% 264 210
CBOE Mini Nasdaq 100 Index 0.11 -58% 0.1 -99% 630
CME Group S&P 500 6.97 -41% - - -
CME Group E-MINI S&P500 35.73 -1% - - -
CME Group EOM S&P 500 0.80 -48% - - -
CME Group EOM EMINI S&P 5.10 34% - - -
CME Group EOW2 S&P 500 0.20 -48% - - -
CME Group EOW2 EMINI S&P 500 3.52 79% - - -
CME Group EOW1 S&P 500 0.08 -61% - - -
CME Group EOW1 EMINI S&P 500 2.91 54% - - -
CME Group NASDAQ 0.00 -98% - - -
CME Group E-MINI NASDAQ 100 0.76 -18% - - -
CME Group DJIA 0.00 -32% - - -
CME Group MINI $5 DOW 0.10 -9% - - -
NSE India CNX S&P NIFTY Options 803.09 -8% 4 042 -7% 5 033
NSE India Mini Option Contracts on CNX
0.93
S&P NIFTY201% 2 192% 2 043
Total Standard (CBOE + CME) 189 -13% - - -
Total Mini (CBOE + CME) 48 7% - - -

1.1.4 Stock Index Futures
As for index options, the volumes of index futures traded both in number of contracts and in monetary
value, decreased significantly in 2012. But, on the other hand, the open interest and notional
outstanding amounts continued to increase suggesting that they are more often used for hedging
purpose than index options.
In Americas, the market is still dominated by CME Group that accounted for 85% of the regions volumes
in 2012 and that experienced a 22% decrease of volumes and 5% increase of open interest. In EAME, all
the exchanges with significant volumes experienced quite similar decrease of volumes in 2012. The Asia
Pacific region was less affected than the others by the 2012 volume drop thanks to Osaka Securities
Exchange that increased 9% and China Financial Futures Exchange where volumes more than doubled in
2012. The impressive growth of China Financial Futures Exchange that only offers one contract since
2010 allowed the exchange to reach the third position in terms of notional value in 2012. CSI 300 futures
traded on China Financial Futures Exchange are the only financial futures traded in Mainland China. In
2012, the number of CFFEX retail clients was accounting for 98% of the total number of clients. In 2012,
retail trading accounted for 96.5% of the total transaction volume and 63.9% of the total daily average
open interest.
As for index options, it is interesting to note that some cross-listed index futures (traded on Singapore
Exchange) were in 2012 in the list of the 30 most actively traded index futures.
Top 10 exchanges by number of stock index futures contracts traded in 2012

Millions of Open Interest Num ber of
Notional Value
contracts ('000 trades
Exchange (bn USD)
traded contracts) ('000)
2012 AGR 2012 AGR 2012 AGR 2012 AGR
1 CME Group 589 -22% 40 801 -19% 3 571 5% 170 383 -19%
2 Eurex 383 -21% 18 810 -27% 3 531 -4% 49 936 -17%
3 Moscow Exchange 323 -15% 947 -27% 657 65% NA NA
4 JPX (Osaka Securities Exchange) 150 9% 3 717 1% 1 068 37% 9 816 -2%
5 National Stock Exchange of India 112 -28% 530 -36% 407 -27% 45 243 -23%
6 China Financial Futures Exchange 105 108% 12 034 77% 221 128% NA NA
7 NYSE Liffe (European markets) 84 -14% 5 552 -20% 1 278 20% 37 232 -9%
8 Singapore Exchange 67 -3% NA NA 1 086 50% NA NA
9 BM&FBOVESPA 64 26% 1 014 -7% 275 12% 17 725 34%
10 Korea Exchange 62 -28% 7 087 -30% 113 38% 32 292 -18%
Others 304 -16% 13 925 -17% 3 396 -5% 84 818 -20%
Total 2 243 -15% 104 418 -16% 15 602 7% 447 445 -34%

The most actively traded stock index futures in the world in 2012
Millions of Notional Open Not. Outs. Num ber of
contracts Value Interest Am ounts trades
Exchange Products
traded (bn USD) ('000 (bn USD) ('000)
1 CME Group E-MINI S&P500 474 -24% - - 2 780 6% - - - -
2 Moscow Exchange RTS Index Futures 321 -15% 947 -23% 657 65% - - - -
3 Eurex EURO STOXX 50 Index 315 -23% 9 692 -28% 2 636 -3% 88 956 9% - -
4 JPX (Osaka) Nikkei 225 Mini 130 11% 1 488 8% 688 45% - - 8 543 0%
5 CFFEX CSI 300 futures 105 108% 12 034 73% 221 128% - - - -
6 NSE India CNX S&P NIFTY Futures 80 -35% 399 -35% 340 -19% 1 878 4% 26 850 -29%
7 CME Group E-MINI NASDAQ 100 63 -16% - - 281 10% - - - -
8 Korea Exchange KOSPI 200 Futures 62 -28% 7 087 -29% 113 38% 1 339 - 32 292 -18%
9 BM&FBOVESPA Mini Bovespa Index 39 48% 236 48% 19 112% 119 128% 14 882 41%
10 NYSE Liffe (Europe) CAC 40 INDEX 38 -12% 1 637 -19% 366 37% - - 15 945 -3%
11 Eurex DAX Futures 37 -17% 8 223 -12% 157 1% 38 479 31% - -
12 CME Group MINI $5 DOW 31 -5% - - 94 4% - - - -
13 NYSE Liffe (Europe) FTSE 100 (NEW) 27 -18% 2 481 -10% 603 1% - - 14 986 -11%
14 Singapore Exchange SGX Nikkei 225 Index 25 -13% - - 290 43% - - - -
15 TAIFEX TAIEX Futures 25 -20% 1 246 -26% 59 -14% 3 100 -7% 36 753 -26%
16 BM&FBOVESPA BOVESPA Index Future 22 3% 681 2% 256 8% 8 041 16% 2 818 7%
17 NSE India CNX BANKNIFTY Futures 22 27% 107 30% 43 -42% 249 -10% 10 252 29%
18 JPX (Osaka) Nikkei 225 Futures 19.5 1% 2 228 -2% 379 25% - - 1 268 -11%
19 TAIFEX Mini-TAIEX Futures 16.0 -16% 202 -22% 27 -25% 348 -18% 5 957 -22%
20 Singapore Exchange SGX MSCI Taiw an Index 15.8 -10% - - 186 16% - - - -
21 Singapore Exchange SGX S&P CNX Nifty Index 13.6 -8% - - 320 32% - - - -
22 NYSE Liffe (Europe) FUTURE AEX INDEX 10.5 -17% 866 -18% 96 89% - - 6 282 -14%
23 Eurex EURO STOXX Banks 9.6 83% 62 39% 218 28% 1 568 44% - -
24 NSE India Mini CNX S&P NIFTY 9.5 -37% 19 -37% 21 -61% 46 -50% 7 851 -38%
25 Eurex SMI Futures 8.9 -34% 603 -28% 136 -24% 9 784 -12% - -
26 Singapore Exchange SGX FTSE China A50 8.3 171% - - 223 250% - - - -
27 BSE Limited BSE 30 SENSEX 8.3 672% 40 694% 1 -91% 0 -99% 4 189 684%
28 CME Group E-MINI MIDCAP 6.5 -15% - - 112 7% - - - -
29 CME Group NIKKEI 225 (YEN) 5.7 -25% - - 55 -4% - - - -
30 NYSE Liffe (Europe) FTSE 100 (NEW) 5.4 -13% 495 -4% - - - - 7 -10%
Total 1 955 -14% 50 772 -8% 11 375 11% - - - -

1.1.5 ETF Options
The ETF options market remains mainly a US market. This reflects the uneven development of the
underlying market of ETFs which first appeared at the beginning of the 1990s in the US, and only ten
years later in Europe.
In 2012 in the United States, the number of ETF options traded decreased even more sharply (-19%)
than the number of index options (-10%). The amount of premium paid also dropped by 36%.
As noted earlier, looking at CBOE figures, the average size of ETF options (10 K$) is very close to that of
single stock options (11 K$) and much smaller than index options one (138 K$). This suggests that they
are more retail oriented than index options.
Top 5 exchanges by number of ETF options contracts traded in 2012

Millions of Notional Value Open Interest Num ber of Option
Exchange contracts (bn USD) ('000) trades Prem ium
1 NYSE Euronext (US markets) 379 -20% NA NA NA NA 15 429 -21% 50 -40%
2 NASDAQ OMX (US markets) 357 -25% NA NA NA NA 14 721 -36% 62 -37%
3 Chicago Board Options Exchange 312 -15% 3 138 -5% 70 109 -15% 11 004 -8% 43 -33%
4 International Securities Exchange 277 -18% NA NA NA NA NA NA NA NA
5 Boston Options Exchange 50 6% NA NA NA NA NA NA 7 -22%
Others 7 7% 14 -5% 856 11% 42 -23% 0 -18%
Total 1 382 -19% NA NA NA NA 41 196 -25% 163 -36%

1.2 Equity derivatives clearing
In Europe, NYSE Liffe and Eurex are offering clearing and registration services for OTC trades. On NYSE
Liffe, the dedicated platform is called BClear. On those two exchanges, OTC trades were accounting for
55% of the equity derivatives traded volumes in 2012 against 52% in 2011 and for 0.35% of the number of
trades. Those OTC trades are thus much bigger than other on-exchange trades. The users of those
platforms must accordingly be different users with different strategies. This explains why evolutions
observed on single stock futures (where OTC trades account for 99% of the volumes) differ from other
equity derivatives.
Share of OTC trades registered by the exchanges in Eurex and NYSE Liffe volumes in Europe
100%
2007 2008
80% 2009 2010
2011 2012
60%
40%
20%
0%
Single Stock Options Single Stock Futures Index Options Index Futures

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

4.0
3.5
3.0 1.5
1.4
2.5 1.3 1.3 1.2
1.2
2.0 0.2
1.1 0.9 0.2
0.2 0.2 0.2
1.0 0.2
1.5 0.1
0.2 1.5
0.1 1.3 1.4
1.0 1.3 1.3 1.2
1.0
0.9 0.9
0.5
0.3 0.4 0.5 0.4 0.4 0.5 0.5 0.4
0.0 0.2
2004 2005 2006 2007 2008 2009 2010 2011 2012
STIR Options STIR Futures LTIR Options LTIR Futures

The size of long term interest rate contracts (generally 100 000 local currency) is much smaller than that
of short term interest contracts (most of the time 1 000 000 local currency). That is why - as it is shown in
the following graph - short term interest rate derivatives account for such a large part of the notional value
(86%) and notional outstanding amounts (96%).
2012 breakdown by Interest Rate product group of
Volume Notional Value Open Interest Notional Out. Am. Trades

3% 1%
13% 12% 1%
2% 21%
40%
41% 46%
55% 53%
41%
6% 65% 0%
The market of interest rate derivatives is highly dominated by OTC products in terms of notional
outstanding amounts due to the importance of interest swaps. In the United States and Europe, the recent
OTC market regulation is expected to boost clearing of standardized IR derivatives and possibly transfer
of volumes from OTCD to ETD. Part of OTC swap volume should migrate to like products in the ETD
futures markets.
Evolution of notional outstanding amounts of on-exchange

and OTC interest rate derivatives (trillion USD)
600 100
OTC swaps
90
500 OTC forward rate agreements & opt.
80
On-exchange fut. & opt.
70
400
60 On-exchange derivatives
OTC derivatives
300 50
40
200
30
20
100
10
0 0
Source: BIS
In recent years, OTCD and ETD notional outstanding amounts seemed to have followed quite similar
trends. ETD notional outstanding amount is largely driven by STIR segment due to the larger size of the
contracts and their weight in total ETD interest rate derivatives (86%).

2.1.1 STIR Options and Futures
Short Term interest rate derivatives are defined by an original term to maturity of underlying being equal to
or less than 12 months.
The two biggest contracts in terms of notional value, namely Eurodollar futures traded on CME Group and
Three Month Euribor futures traded on NYSE Liffe, both experienced a sharp decrease of volumes
(respectively -24% and -26%) but an increase of open interest (respectively +5% and +23%). The need for
hedging against interest rate risk continues to increase significantly especially in Europe where
uncertainties are greater.
The third biggest exchange in terms of volumes traded, BM&FBOVESPA, accounts for 31% of global
volumes and 51% of the open interest but only 2% the total notional value. Due to their smaller size
(closer to standard LTIR contracts) BM&FBOVESPA contracts might be more easily accessible.
Top 5 exchanges by number of short term interest rate* derivatives contracts traded in 2012
Millions of Open Interest Notional Out. Num ber of
Notional Value
contracts ('000 Am ounts trades
Exchange (bn USD)
traded contracts) (bn USD) ('000)
1 CME Group 574 -26% 603 697 -28% 18 126 -20% 20 127 -28% 86 341 -26%
2 NYSE Liffe (European markets) 412 -24% 464 044 -31% 17 653 12% NA NA 48 273 -15%
3 BM&FBOVESPA 502 9% 26 333 -29% 47 594 46% 2 779 -7% 1 392 40%
4 MexDer 27 -15% 205 -19% 6 604 -70% 53 NA 8 -43%
5 NASDAQ OMX Nordic Exchanges 27 1% NA NA 1 481 -20% NA NA NA NA
Others 61 -15% 62 878 -15% 1 842 -13% 1 762 NA 2 094 11%
Total 1 602 -16% 1 157 157 -28% 93 301 -4% NA NA 138 108 -21%
* Original term to maturity of underlying being equal to or less than 12 months (treasury bills, deposits etc)
The most actively traded STIR derivatives in the world in 2012

Millions of Notional Open Interest Num ber of
contracts Value ('000 trades
Exchange Products
traded (bn USD) contracts) ('000)
2012 AGR 2012 AGR 2012 AGR 2012 AGR
1 CME Group EURODOLLARS futures 423 -24% - - 7 897 5% - -
2 BM&FBOVESPA Interbank Deposits (ID) futures 341 6% 15 659 7% 17 311 24% 1 320 44%
3 NYSE Liffe (Europe) THREE MONTH EURIBOR futures 179 -26% 230 750 -26% 3 690 23% 30 831 -24%
4 NYSE Liffe (Europe) THREE MONTH STERLING futures 115 -1% 91 532 6% 2 203 24% 16 039 9%
5 BM&FBOVESPA ID Index options 108 13% 8 070 -46% 22 778 69% 17 -13%
6 CME Group EURO MIDCURVE options 86 -5% - - 5 304 36% - -
7 NYSE Liffe (Europe) THREE MONTH EURIBOR options 71 -44% 91 224 -44% 6 841 -9% 53 -16%
8 CME Group EURODOLLARS options 48 -53% - - 4 446 -56% - -
9 BM&FBOVESPA ID x U.S. Dollar FRA 35 3% 1 724 21% - - 51 -10%
10 BM&FBOVESPA Options on ID futures 17 84% 824 89% 5 633 71% 3 80%
11 NYSE Liffe (Europe) 3 Month EURIBOR MID CURVE op. 11 -37% 13 559 -37% 850 8% 9 -13%
12 NYSE Liffe (Europe) 3 Month STERLING options 9 -58% 7 155 -56% 1 409 -37% 6 -53%
13 NYSE Liffe (Europe) 3 Month EURIBOR 2 YEAR MID CURVE op. 8 - 10 902 - 851 - 5 -
14 NYSE Liffe (Europe) 3 Month EUROSWISS futures 6 -22% 6 884 -21% 277 28% 1 323 25%
15 NYSE Liffe (Europe) 3 Month STERLING MID CURVE op. 5 -54% 4 291 -51% 359 133% 3 -57%
Total 1 462 -17% - - 79 849 18% - -

2.1.2 LTIR Options and Futures
As noted earlier, LTIR options and futures experienced a significant increase of open interest in 2012
(+19%) despite the volume decline (-14%). This increase of open interest was less pronounced on Eurex
than on other main exchanges.
As the STIR derivatives market, the LTIR derivatives market is highly concentrated: the fifteen most active
contracts account for 86% of total volumes and the two largest exchanges account for 84% of total
volumes.
Volumes in the Asia Pacific region remain smaller than in Americas and EAME but increased mush faster
in 2012 (+12% against -12% for Americas and -20% for EAME). In 2012, Asia Pacific volumes accounted
for 9% of total volumes.
Top 5 exchanges by number of long term interest rate* derivatives contracts traded in 2012
Notional Value
Exchange (bn USD)
1 CME Group 650 -13% 70 787 -14% 7 349 21% 860 26% 98 885 -26%
2 Eurex 470 -25% 78 518 -25% 4 171 2% 703 7% 41 087 -17%
3 Australian Securities Exchange 65 8% 6 694 7% 827 18% 100 22% 2 735 44%
4 Korea Exchange 43 14% 4 110 16% 246 14% 25 NA 2 566 7%
5 NYSE Liffe (European markets) 39 9% 6 178 7% 366 13% NA NA 10 404 16%
Others 66 68% 21 144 22% 1 931 79% 182 NA 3 297 39%
Total 1 332 -14% 187 431 -14% 14 890 19% 1 869 17% 158 974 -20%
* Original term to maturity of underlying being greater than 12 months (treasury bonds, corporate bonds, Eurobonds etc)
The most actively traded LTIR derivatives in the world in 2012

Millions of Notional Open Interest
contracts Value ('000
Exchange Products
traded (bn USD) contracts)
2012 AGR 2012 AGR 2012 AGR
1 CME Group 10-YR NOTE futures 259 -16% - - 1 622 9%
2 Eurex Euro-Bund futures 184 -22% 33 656 -14% 882 3%
4 Eurex Euro-Bobl futures 108 -24% 17 489 -19% 760 15%
5 Eurex Euro-Schatz futures 94 -43% 13 397 -42% 854 -13%
6 CME Group 30-YR BOND futures 90 0% - - 543 -8%
7 CME Group 10-YR NOTE options 55 9% - - 1 246 35%
9 Eurex Opt. on Euro-Bund fut. 40 5% 7 242 13% 525 -27%
10 NYSE Liffe (Europe) LONG GILT futures 38 10% 6 016 18% 337 14%
11 Korea Exchange 3yr KTB futures 30 -13% 2 790 -12% 208 2%
12 Moscow Exchange All LTIR futures 21 - 57 - 823 -
13 Eurex Opt. on Euro-Schatz fut. 21 -22% 2 936 -21% 581 30%
14 CME Group 30-YR BOND options 18 38% - - 347 1%
15 CME Group ULTRA T-BOND futures 16 8% - - 349 -4%
Total 1 151 -17% - - 11 642 18%

2.2 Interest rate derivatives clearing
As noted earlier, in interest rates markets, ETD and OTCD notional outstanding amounts seemed to have
followed similar trends. No transfer was observed in anticipation of Dodd-Frank OTC swap reform that
began with Phase I of mandatory clearing in March 2013 in the United States. In 2012 clearing statistics,
we did not see, neither, a volume transfer from IR swaps to futures. Nevertheless introductions by CME
Group and Eris Exchange of interest rate swap futures are first signs of the transfer phenomenon that is
expected to occur in the coming months. Open positions in CME Group IR deliverable swap futures have
been rising progressively since their launch in December 2012. In Europe the regulation of OTC
derivatives markets should be implemented at least six months after the United States.
Evolutions of STIR open positions have to be interpreted with caution. They are indeed heavily influenced
by the weight of BM&FBOVESPA that accounts for more than half of the total open positions, but the
much smaller size of the contracts traded makes that their weight in total notional outstanding amount is
relatively marginal.
Interest Rate Derivatives Clearing

2010 2011 2012 2012/11
Open Positions (thousands of contracts)
Short-Term Options and Futures 91 646 97 187 93 301 -4%
Long-Term Options and Futures 13 928 12 329 14 844 20%
Interest Rate Swaps 881 1 012 1 197 18%
Notional Outstanding Amounts (USD trillions)
Short-Term Options and Futures (1) 58 625 53 587 47 996 -10%
Long-Term Options and Futures 1 361 1 599 1 845 15%
Interest Rate Swaps 124 339 141 860 172 239 21%
(1) Estimations are made by WFE for the Notional Outstanding Amounts of STIR options and futures traded on NYSE Liffe in Europe
In Europe, Eurex is offering solutions to register and clear OTC trades. In 2012, OTC trades were
accounting for 20% of the LTIR volumes (85% for LTIR options and 8% for LTIR futures).

3 CURRENCY DERIVATIVES
For the first time since 2004, the number of currency derivatives traded on exchanges decreased by 23%
to 2.4 billion of contracts traded. It is nevertheless important to keep in mind that decrease followed very
impressive growth rates registered in recent years. Contracts traded in India still account for a large part of
volume (60%) and primarily explains the 2012 decrease as well as the huge increases observed in recent
years. The volume decrease in India can probably be partially explained by some new regulations in the
country that had the effect to limit volumes traded by banks. In other countries the volumes increased by
3% in 2012.
Number of currency options and futures traded worldwide (billions of contracts)

3.5
Currency Futures
3.0
Currency Options
2.5
2.0
2.8
1.5
2.5 2.1
1.0
0.5 0.9
0.4 0.5
0.1 0.2 0.3 0.3 0.3
0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1
2004 2005 2006 2007 2008 2009 2010 2011 2012
The dominance of Indian exchanges in terms of number of contracts traded is to be seen against their
limited weight in the total notional value where CME and BM&FBOVESPA represent more than 90% of
the total.
2012 breakdown by market of
Volume Notional Value Open Interest
9% 4%5% 10%
27% 5%
10%
17%
48%
74% 31%
60%

The currency derivatives market is highly dominated by OTC products that account for 99.5% of the
notional outstanding amount. In recent years, OTCD and ETD outstanding amounts seemed to have
followed the same trends.
Evolution of notional outstanding amounts of

on-exchange and OTC currency derivatives (billion USD)
80 000 600
70 000 OTC options

500
OTC currency swaps
On-exchange derivatives
60 000
OTC forward and forex swaps 400
OTC derivatives
50 000
On-exchange fut. & opt.
40 000 300
30 000
200
20 000
100
10 000
0 0
Source: BIS
Top 10 exchanges by number of currency derivatives contracts traded in 2012

Notional Value
Exchange (bn USD)
1 National Stock Exchange of India 868 -11% 880 -11% 4 103 72% 4 71% 21 836 14%
2 MCXSX 571 -33% 580 -32% 1 386 44% 1 45% 25 083 7%
3 Moscow Exchange 413 56% 430 49% 3 336 118% NA NA NA NA
4 CME Group 214 -8% 26 702 -15% 1 833 15% 213 NA 116 301 -12%
5 BM&FBOVESPA 120 -1% 6 020 -2% 1 775 -4% 93 NA 4 114 1%
6 Tokyo Financial Exchange Inc. 60 -56% NA NA 542 -31% NA NA NA NA
7 Korea Exchange 55 -23% 553 -23% 751 24% 8 NA 2 629 -38%
8 Rofex 50 -7% 51 -8% 1 280 -53% 1 -53% 28 -16%
9 Johannesburg Stock Exchange 17 23% 15 9% 1 145 32% NA NA NA NA
10 Turkish Derivatives Exchange 12 -35% 13 -36% 77 -29% NA NA NA NA
Others 48 -88% 813 -37% 1 302 -10% 7 -38% 1 690 -70%
Total 2 429 -23% 36 057 -14% 17 531 18% NA NA 171 681 -16%
Several new products were introduced in 2012. MCX-SX launched trading in currency options since
August 10, 2012, offering European style call and put option contracts in the US$Indian Rupee pair with
a tick size of 10 basis points. Hong Kong Exchange started trading RMB Currency Futures in 2012. CME
Group is also offering RMB futures, but volumes remain relatively low and decreased by 46% in 2012.

4 COMMODITY DERIVATIVES
The commodity derivatives market was the only one that grew in terms of volumes in 2012 (+18%) but at
the same time the number of open positions decreased by 7%. The volume increase was mainly driven by
mainland Chinese exchanges that increased 34% after having decreased 34% in 2011 and by ICE futures
US that transferred all cleared OTC energy swaps to futures in mid-October 2012 in anticipation of the
final Dodd-Frank regulatory requirements. When the figures from mainland Chinese exchanges and ICE
Futures US are excluded, the 2012 volume growth rate remained positive (+2%).
6
The share of mainland Chinese exchanges in the total number of traded contracts increased from 36% in
2011 to 42% in 2012. In the total open interest, the share of mainland Chinese exchanges is much smaller
(8% in 2012).
Number of commodity options and futures traded worldwide (billions of contracts)
3.5
Commodity Futures
3.0
Commodity Options
2.5
2.0
3.1
1.5 2.8 2.6
2.1
1.0 1.6
1.2
0.5 0.9
0.5 0.6
0.0 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.2
2004 2005 2006 2007 2008 2009 2010 2011 2012
6
Dalian Commodity Exchange, Shanghai Futures Exchange and Zhengzhou Commodity Exchange

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

(millions of contracts for volumes and thousands of contracts for open interest)
1 600 5 000
Open interest (thousands of contracts)

Zhengzhou Commodity Exchange 4 500
1 400
Volume (millions of contracts)
Shanghai Futures Exchange 4 000

1 200
Dalian Commodity Exchange 3 500
1 000 Open interest 3 000
800 2 500
600 2 000
1 500
400
1 000
200 500
0 0
2004 2005 2006 2007 2008 2009 2010 2011 2012
In Europe, the two largest exchanges, ICE Futures Europe for energy derivatives and London Metal
Exchange for metals, increased respectively by +4% and +9%.
Growth rate for energy derivatives was lower (3% excluding ICE Futures US energy futures) than for
Metal (+14%) and Agricultural (+24%) ETD.

Top 10 exchanges by number of commodity derivatives contracts traded in 2012
Notional Value
Exchange (bn USD)
1 CME Group 806 -2% 805 523 -2% 36 840 -14% 2 176 -14% 338 747 1%
2 Dalian Commodity Exchange 633 119% 5 287 102% 2 265 43% NA NA NA NA
3 Multi Commodity Exchange of India 389 12% NA NA 978 45% NA NA NA NA
4 Shanghai Futures Exchange (1) 365 19% 7 077 5% 1 242 16% NA NA NA NA
5 Zhengzhou Commodity Exchange 347 -15% 2 756 -47% 1 142 22% 9 NA NA NA
6 ICE Futures Europe 272 4% 26 643 1% 5 820 49% NA NA NA NA
7 ICE Futures U.S. 165 208% NA NA NA NA NA NA NA NA
8 London Metal Exchange 160 9% NA NA 1 892 -9% NA NA NA NA
9 Tokyo Commodity Exchange (2) 25 -20% 959 -21% 354 9% NA NA NA NA
10 NYSE Liffe (European markets) 23 11% 410 0% 1 358 14% NA NA 5 998 16%
Others 57 -15% 416 -6% 3 037 21% 29 -27% 2 181 -61%
Total 3 242 18% 849 071 -1% 54 928 -7% NA NA NA NA
(1) In the 2011, fuel oil contract size was increased from 10 tons/lot to 50 tons/lot while natural rubber contract size was increased from 5 tons to 10 tons.
(2) Raw Sugar Futures is under the process of change for its Contract size from 10,000 kilograms to 50,000 kilograms but volume is low.
Breakdown of commodity derivatives

volumes by product group in 2012
29%
43%
28%
Agricultural Metals Energy
Breakdown of commodity derivatives volumes by product group

2012 Volumes 2012/2011 GR
Total Agr. Met. Ener. Total Agr. Met. Ener.
CME Group (Exc. OTC) 683 281 83 319 -1% 6% -9% -3%
Dalian Commodity Exchange 633 633 119% 119%
Multi Commodity Exchange of India 389 8 295 86 12% NA 6% 33%
Shanghai Futures Exchange 365 75 290 0 19% -28% 44% -100%
Zhengzhou Commodity Exchange 347 347 -15% -15%
ICE Futures Europe 272 272 4% 4%
ICE Futures U.S. 165 57 108 208% 7% New
London Metal Exchange 160 160 9% 9%
Tokyo Commodity Exchange (TOCOM) 25 2 19 5 -20% -31% -21% -5%
NYSE Liffe (European markets) 23 23 11% 11%
Others 57 - - - -15% - - -
Total 3 119 1427 846 789 19% 24% 14% 19%
excluding ICE Energy futures 3 011 15% 3%

5 OTHER DERIVATIVES
The trading of other derivatives decreased by 8% in 2012 due to the relative important decrease of the
number of CFDs traded on Australian Securities Exchange but among the most active contracts, most of
them experienced double-digit volume growth. This category, that includes all the products that cannot be
classified in other categories, covers a wide range of innovative products that appeared to be more and
more numerous and successful in the last few years.
The CBOE Volatility Index (VIX) options introduced in 2006 remain very successful, despite low
volatility, S&P 500 VIX index futures ADV doubled from 2011. Eurex is also offering volatility index
derivatives as well as a wide range of innovative products such as futures on intellectual property rights.
Top 10 other derivatives contracts traded in 2012

Millions of Notional Open Interest
contracts Value ('000
Exchange
traded (bn USD) contracts)
2012 AGR 2012 AGR 2012 AGR
1 Chicago Board Options Exchange - Volatility index options 111 13% 197 -17% 6 398 106%
2 Australian Securities Exchange - CFDs 102 -40% 2 -48% 4 756 -19%
3 Johannesburg SE - Can-Do, IDX, IDX dividend and dividend futures 79 24% NA NA 6 663 14%
4 CBOE Futures Exchange (CFE) - Volatility index futures 24 98% 424 45% 334 165%
5 ICE Futures Europe - Carbon emission futures 8.5 25% NA NA NA NA
6 Eurex - Equity Index Dividend and Single Stock Dividend Futures 5.6 9% 47 -27% 1 467 23%
7 Eurex - Volatility index futures 3.9 106% 13 63% 224 229%
8 BM&FBOVESPA - Volatility Options (Stock Index, IR Index and Currency) 2.0 -83% 59 -92% NA NA
9 Eurex - Volatility index options 1.4 160% 5 133% 172 230%
10 Eurex - Dividend options 1.3 60% 16 35% 724 45%
Others 2.8 25% 8 -8% 1 077 38%
Total 341 -8% 771 -43% 21 815 24%

6 CDS CLEARING
In 2011, the total notional outstanding amounts of CDS cleared increased by 5% to reach 1 662 billion
USD. CME Group and LCH CLearnet S.A. started offering clearing services for CDS in 2010 and Japan
Securities Clearing Corporation in 2011. At the end of 2012, ICE Trust in the US and ICE Clear Europe
were still accounting for 96% of the total notional outstanding amounts.
Credit Default Swap Clearing

Number of Postings Open Positions Notional Out. Amounts
Clearing House (double counted) (single counted) (bn USD)
2012 AGR 2012 AGR 2012 AGR
CME Group - - - - 49 133%
ICE Clear Credit - - - - 842 4%
Japan Securities Clearing Corporation 250 30% 250 32% 6 112%
ICE Clear Europe - - - - 748 -3%
LCH Clearnet SA 2 796 95% 1 055 -43% 16 168%
Total - - - - 1 662 5%

ANNEX 1 TRADING STATISTICS
Volume traded Notional value Open Interest Notional Outstanding Number of trades Option premium
Stock Exchange (Number of contracts) (USD millions) (Number of contracts) Amounts (USD millions) (USD millions)
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 929 284 637 838 325 494 1 311 491 1 650 986 10 831 015 13 436 474 11 059 15 495 30 995 234 22 273 514 29 507 37 187
Bolsa de Comercio de Buenos Aires 42 988 781 42 186 092 NA NA 783 926 500 652 NA NA 383 442 472 349 147 211
Boston Options Exchange (TMX Group) 94 526 688 91 956 130 NA NA NA NA NA NA NA NA 17 463 18 146
Chicago Board Options Exchange (1) 494 302 994 516 137 672 5 351 850 3 123 810 170 281 627 198 126 396 507 610 NA 48 245 616 40 132 605 138 479 105 753
International Securities Exchange (ISE) 457 082 239 431 111 381 NA NA NA NA NA NA NA NA NA NA
MexDer 477 525 446 547 51 99 44 478 69 015 11 17 284 400 6 3
Montral Exchange (TMX Group) 24 200 766 24 211 857 87 175 98 213 2 611 022 3 173 582 9 441 5 800 964 751 1 190 290 2 530 3 193
NASDAQ OMX (US markets) 644 208 698 697 352 033 NA NA NA NA NA NA 49 422 931 48 195 356 302 445 238 906
NYSE Euronext (US markets) 594 617 579 634 144 955 NA NA NA NA NA NA 53 856 086 51 044 886 161 945 146 482
Total Americas 3 281 689 907 3 275 872 161
Australian Securities Exchange (2) 140 439 020 108 860 114 321 570 386 257 12 320 032 10 053 334 NA NA NA 2 390 794 NA 28 176
BSE Limited 45 908 36 644 203 253 1 113 8 NA NA 6 641 9 598 4 NA
Hong Kong Exchanges and Clearing 55 141 693 73 309 376 134 945 190 679 3 903 430 5 251 548 8 744 9 152 NA NA NA 9 101
Japan Exchange Group, Inc. (Osaka Securities Exchange) 46 322 1 218 762 NA NA 1 675 5 877 NA NA 1 4 4 101
Japan Exchange Group, Inc. (Tokyo Stock Exchange) 375 102 595 660 996 1 515 59 019 30 120 142 83 NA NA 31 48
Korea Exchange 0 2 0 0 0 0 NA NA 0 2 NA 0
National Stock Exchange of India 57 221 005 33 172 963 309 714 187 302 177 657 103 258 1 024 444 40 546 889 25 447 845 5 763 3 515
TAIFEX 113 134 130 558 292 240 2 690 2 682 7 3 59 269 52 839 6 3
Total Asia Pacific 253 382 184 217 324 079
Athens Exchange (3) 35 955 64 238 31 77 5 873 6 689 41 96 666 1 160 10 21
Eurex 214 919 755 275 330 936 745 315 1 006 498 32 794 129 40 351 701 110 410 133 355 2 297 621 3 103 914 35 068 47 764
Johannesburg Stock Exchange 9 783 374 11 327 943 342 450 1 294 575 1 318 534 NA NA NA 6 808 NA 450
LSE Group 49 287 774 59 382 086 88 466 136 111 7 051 838 8 467 171 NA NA 393 422 466 916 4 165 5 649
MEFF 34 507 360 29 410 340 37 665 47 160 8 261 020 8 898 024 8 790 11 737 71 363 78 148 2 086 2 532
Moscow Exchange 5 865 454 8 411 748 2 501 4 520 316 868 62 791 NA NA NA 309 605 NA 139
NASDAQ OMX Nordic Exchanges 28 553 656 29 836 598 43 992 51 284 3 403 402 2 926 931 NA NA 612 780 749 942 NA NA
NYSE Liffe (European markets) 112 840 693 150 562 241 338 797 531 675 15 959 210 23 781 759 NA NA 2 571 610 3 392 272 24 494 38 463
Oslo Brs 3 361 910 4 131 255 5 093 6 495 379 798 293 126 598 419 20 060 27 926 126 252
Tel-Aviv Stock Exchange 480 262 827 348 1 482 3 956 50 277 30 704 177 90 17 679 35 395 151 274
Wiener Brse 313 682 499 139 686 1 304 48 957 64 953 44 47 NA NA NA 47
Total Europe, Africa, Middle East 459 949 875 569 783 872
TOTAL 3 995 021 966 4 062 980 112
(1) Including FLEX Options
(2) Size of the contracts divided by 10 in May 2011
(3) Excluding REPOs
Of which OTC trades registered by the exchange

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Eurex (OTC) 112 583 324 136 780 462 386 276 500 912 NA NA NA NA 74 738 84 665 NA NA
NYSE Liffe (European markets) (OTC) 22 872 846 25 959 449 90 398 142 933 1 801 535 3 373 069 NA NA 9 793 13 736 11 925 18 094
Volume traded Notional value Open Interest Notional Outstanding Number of trades
Stock Exchange (Number of contracts) (USD millions) (Number of contracts) Amounts (USD millions)
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Bolsa de Valores de Colombia 53 959 32 563 384 86 3 607 1 228 20 3 4 420 692
MexDer 35 839 63 711 10 13 0 5 629 0 1 25 269
One Chicago 5 150 363 3 599 917 NA NA NA NA NA NA NA NA
Total Americas 5 240 161 3 696 191
BSE Limited 170 421 163 222 1 003 1 078 0 27 628 NA NA 16 658 30 974
Hong Kong Exchanges and Clearing 322 715 444 014 1 046 1 527 19 516 11 277 55 24 NA NA
Korea Exchange 100 490 960 59 966 166 53 431 31 930 780 244 321 251 55 NA 6 967 023 4 638 217
National Stock Exchange of India 153 122 207 160 878 260 791 764 866 218 1 093 228 1 029 721 6 414 4 326 120 540 988 123 301 535
TAIFEX 4 670 750 2 471 605 13 144 5 526 81 105 40 672 293 129 2 520 053 1 141 459
Thailand Futures Exchange (TFEX) 2 168 037 1 578 092 NA NA 154 366 9 514 NA NA 351 087 376 249
Athens Exchange (1) 13 046 535 7 553 643 2 670 3 155 337 378 288 882 13 857 26 814 549 996 417 109
Budapest Stock Exchange 609 797 806 061 2 159 4 012 34 212 30 198 134 86 36 156 52 783
Eurex 196 072 416 174 271 102 512 371 810 752 4 906 244 3 279 773 10 752 10 212 34 757 88 350
Johannesburg Stock Exchange 28 892 202 50 769 051 31 346 28 320 2 898 435 3 287 538 NA NA NA 286 378
LSE Group 6 052 101 12 013 346 17 733 46 512 235 545 272 540 NA NA 16 783 31 128
MEFF 21 245 876 27 578 789 21 452 41 794 1 306 987 1 947 938 1 326 2 547 38 523 83 360
Moscow Exchange 241 480 871 362 770 119 90 676 158 643 1 511 186 1 455 641 NA NA NA 55 612 915
NASDAQ OMX Nordic Exchanges 1 979 581 4 012 218 2 396 3 906 113 771 259 644 NA NA 8 485 15 577
NYSE Liffe (European markets) 246 541 679 250 441 783 717 629 932 901 4 922 532 3 712 327 NA NA 11 541 15 360
Oslo Brs 1 645 446 1 938 080 1 231 2 124 200 038 183 419 155 188 5 138 6 386
Warsaw Stock Exchange 540 330 737 742 1 032 2 513 8 197 6 545 16 7 311 661 515 354
Wiener Brse 215 4 430 1 30 0 0 0 0 NA NA
TOTAL 1 024 292 300 1 122 093 914
(1) Excluding REPOs

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Eurex (OTC) 195 577 489 171 416 429 510 337 796 283 NA NA NA NA 19 510 17 323
NYSE Liffe (European markets) (OTC) 240 967 143 246 424 775 695 855 921 514 1 677 220 1 455 474 NA NA 10 395 11 076
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 9 858 235 6 401 638 325 978 224 717 317 204 502 328 15 049 19 389 108 485 36 037 5 624 3 980
Boston Options Exchange (TMX Group) 36 892 107 691 NA NA NA NA NA NA NA NA 59 228
Chicago Board Options Exchange 193 608 495 222 403 575 26 784 255 27 488 490 10 419 161 12 202 515 1 441 924 NA 4 859 654 4 823 675 377 810 520 593
CME Group 59 141 790 60 625 194 6 153 222 6 589 250 2 174 504 1 537 185 234 247 167 194 3 553 554 3 864 897 NA NA
ICE Futures U.S. 67 776 158 299 5 439 12 356 5 928 8 053 NA NA NA NA NA NA
MexDer 42 653 65 631 1 276 1 893 2 276 5 300 77 141 1 136 1 506 22 26
Montral Exchange (TMX Group) 314 631 93 151 4 753 7 000 99 837 12 510 693 860 4 516 4 541 126 155
NASDAQ OMX (US markets) 8 513 289 5 682 541 NA NA 233 752 109 882 NA NA 1 155 573 657 786 563 7 108
NYSE Euronext (US markets) 3 611 344 3 883 936 NA NA NA NA NA NA 349 065 235 672 6 763 7 580
Total Americas 280 707 422 307 026 741
Australian Securities Exchange 11 943 573 10 745 015 563 656 528 779 640 433 433 479 NA NA NA 8 511 NA 8 028
BSE Limited 234 568 615 392 508 1 167 434 2 107 35 869 137 935 8 NA 12 211 493 23 675 5 125 NA
Bursa Malaysia Derivatives (BMD) 5 493 16 3 0 16 NA NA NA NA NA NA NA
Hong Kong Exchanges and Clearing 16 787 385 15 426 409 1 682 623 1 779 848 881 779 357 913 84 063 33 239 NA NA NA NA
Japan Exchange Group, Inc. (Osaka Securities Exchange) 48 763 723 45 192 519 NA NA 3 179 067 2 031 140 NA NA 4 808 995 4 992 943 61 501 63 959
Japan Exchange Group, Inc. (Tokyo Stock Exchange) 22 683 21 342 2 228 2 345 5 267 2 704 476 278 NA NA 77 97
Korea Exchange 1 575 394 249 3 671 662 258 271 806 394 651 662 967 2 303 903 NA NA 214 340 527 339 990 644 271 806 394 651
National Stock Exchange of India 819 528 329 870 923 298 4 124 797 4 966 406 2 006 322 1 839 187 10 830 7 997 193 304 456 212 696 318 37 191 55 681
Singapore Exchange 4 169 599 2 091 076 NA NA 1 394 618 392 674 NA NA NA NA NA NA
TAIFEX 108 773 711 126 390 420 1 377 862 1 763 252 869 583 648 731 11 509 7 566 36 635 408 40 778 423 9 980 13 947
Thailand Futures Exchange (TFEX) 54 057 107 993 NA NA 1 569 955 NA NA 31 797 58 988 NA NA
Total Asia Pacific 2 820 011 417 4 742 952 854
Athens Exchange (1) 223 406 328 391 405 1 350 3 177 3 796 1 126 5 124 17 350 26 345 26 65
Budapest Stock Exchange 0 22 0 0 0 0 0 0 0 4 NA NA
Eurex 382 644 407 468 383 997 13 102 500 16 896 605 31 000 577 38 800 124 1 086 852 1 341 664 11 029 755 6 869 070 327 471 502 626
Johannesburg Stock Exchange 4 225 710 4 610 236 4 262 4 934 736 655 766 799 NA NA NA 12 118 NA 4 934
LSE Group 3 176 426 3 832 194 143 678 234 015 198 757 195 098 NA NA 568 173 775 114 3 095 5 056
MEFF 4 206 058 2 198 967 40 971 29 359 569 200 370 546 6 167 4 514 168 703 176 787 1 195 970
Moscow Exchange 33 957 361 35 396 023 98 242 122 577 607 948 445 258 NA NA NA 3 864 974 NA 3 389
NASDAQ OMX Nordic Exchanges 9 625 030 12 485 788 150 360 185 633 870 769 602 405 NA NA 423 804 580 364 NA NA
NYSE Liffe (European markets) 38 584 584 51 286 053 2 508 410 3 297 609 3 969 595 3 933 189 NA NA 4 173 205 6 107 810 46 212 58 725
Oslo Brs 802 028 711 546 5 434 4 807 34 783 31 249 245 194 8 919 9 200 72 72
Tel-Aviv Stock Exchange 57 423 608 87 156 313 1 692 041 2 893 038 323 163 281 383 10 267 7 977 19 126 729 27 986 733 17 520 28 826
Warsaw Stock Exchange 743 974 947 841 2 519 7 950 25 127 29 902 122 110 163 673 199 983 61 108
Wiener Brse 24 887 28 332 12 19 3 862 2 387 105 57 NA NA NA 37
TOTAL 3 636 356 318 5 717 345 298
(1) Excluding REPOs

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Eurex (OTC) 246 040 683 326 159 282 7 701 848 11 704 833 NA NA NA NA 147 895 195 350 NA NA
NYSE Liffe (European markets) (OTC) 11 889 594 13 248 761 1 087 300 1 205 086 949 354 1 388 670 NA NA 9 898 11 519 26 675 27 613
BM&FBOVESPA (OTC) 154 236 191 537 NA 7 027 98 274 121 175 NA NA NA 841 NA NA
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 64 422 665 50 959 747 1 013 907 1 085 779 275 499 246 864 7 813 7 354 17 724 937 13 229 075
Bolsa de Valores de Colombia 611 563 15 13 53 39 1 1 199 157
CME Group 588 508 170 755 496 422 40 801 435 50 204 477 3 570 957 3 397 604 305 324 274 816 170 382 818 210 172 155
ELX 818 664 16 757 954 NA NA NA NA NA NA NA NA
ICE Futures U.S. 33 590 322 44 260 972 2 700 264 3 357 769 363 940 419 013 NA NA NA NA
MexDer 1 060 760 1 231 048 32 113 35 372 62 511 77 656 2 104 2 063 151 704 146 412
Montral Exchange (TMX Group) 3 960 064 4 329 724 526 528 631 660 147 471 131 335 20 112 18 762 2 047 410 2 256 120
One Chicago 0 37 410 NA NA NA NA NA NA NA NA
Total Americas 692 361 256 873 073 840
Australian Securities Exchange 10 078 540 12 239 629 1 099 110 1 384 717 272 676 216 613 NA NA NA 4 757 190
BSE Limited 8 913 815 2 474 882 42 680 12 827 31 380 293 134 0 NA 4 416 674 1 394 479
Bursa Malaysia Derivatives (BMD) 2 132 340 2 482 314 53 888 60 090 30 550 23 505 NA NA NA NA
China Financial Futures Exchange 105 061 825 50 411 860 12 034 382 6 786 667 220 722 96 886 27 051 10 894 NA NA
Hong Kong Exchanges and Clearing 46 383 244 50 229 356 4 027 771 4 568 552 330 167 199 335 34 148 17 286 NA NA
Japan Exchange Group, Inc. (Osaka Securities Exchange) 149 986 181 137 199 290 3 717 203 3 675 697 1 067 511 778 908 NA NA 9 815 921 10 001 017
Japan Exchange Group, Inc. (Tokyo Stock Exchange) 17 354 128 15 321 449 1 478 459 1 511 403 456 334 386 035 43 021 34 816 NA NA
Korea Exchange 62 430 642 87 274 500 7 086 514 10 184 455 112 812 81 702 1 402 NA 32 292 220 39 556 192
National Stock Exchange of India 112 292 325 155 713 851 530 206 828 126 406 859 559 818 2 140 2 272 45 243 236 58 645 445
Singapore Exchange 66 772 111 68 831 646 NA NA 1 086 425 723 635 NA NA NA NA
TAIFEX 43 035 923 53 795 012 1 525 454 2 091 534 94 632 114 445 3 790 3 940 54 371 773 67 851 982
Thailand Futures Exchange (TFEX) 4 034 651 4 316 437 NA NA 36 925 22 421 NA NA 2 260 671 2 340 110
Tokyo Financial Exchange Inc. 1 720 082 1 006 156 NA NA 43 296 14 347 NA NA NA NA
Athens Exchange (1) 1 530 866 2 484 813 2 735 9 198 30 838 15 230 11 166 24 133 151 703 293 446
Budapest Stock Exchange 799 939 1 881 620 663 1 922 40 398 48 310 34 35 162 063 328 301
Eurex 382 935 863 486 325 501 18 809 750 25 909 550 3 530 775 3 693 191 149 315 131 940 49 935 674 60 314 150
Johannesburg Stock Exchange 15 751 752 18 242 398 486 021 558 586 325 327 424 447 NA NA NA 1 731 941
LSE Group 9 881 501 10 821 763 636 686 876 970 122 520 162 679 NA NA 6 530 019 7 011 555
MEFF 7 171 995 8 384 019 477 911 753 679 57 729 73 684 5 379 5 176 3 662 717 4 478 889
Moscow Exchange 322 870 350 381 827 369 947 057 1 299 112 656 762 398 409 NA NA NA 139 495 284
NASDAQ OMX Nordic Exchanges 32 637 547 37 462 176 505 372 596 571 531 852 490 801 NA NA 8 334 416 9 922 551
NYSE Liffe (European markets) 83 901 448 97 094 576 5 552 373 6 945 319 1 277 634 1 063 954 NA NA 37 232 191 40 712 186
Oslo Brs 5 017 556 6 809 915 33 993 45 256 79 479 125 772 559 779 222 277 338 276
Tel-Aviv Stock Exchange 71 033 54 925 2 022 1 762 5 933 8 212 188 217 716 594
Turkish Derivatives Exchange 48 765 770 54 627 364 209 904 238 641 189 179 150 152 NA NA NA NA
Warsaw Stock Exchange 9 091 088 13 671 721 64 270 117 207 90 422 105 454 764 663 2 506 075 3 735 624
Wiener Brse 371 638 342 162 19 479 20 645 52 384 59 533 1 587 1 369 NA NA
Total Europe, Africa, Middle East 920 798 346 1 120 030 322
TOTAL 2 243 355 409 2 634 400 544
(1) Excluding REPOs

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Eurex (OTC) 69 875 333 79 224 357 2 394 443 2 985 779 NA NA NA NA 99 450 126 683
NYSE Liffe (European markets) (OTC) 7 824 288 7 609 729 558 455 604 726 192 576 128 442 NA NA 9 128 9 431
05. ETF Options
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 1 540 039 2 018 403 448 719 110 191 132 483 31 39 1 262 2 421 14 31
Boston Options Exchange (TMX Group) 50 424 293 47 615 460 NA NA NA NA NA NA NA NA 6 963 8 905
Chicago Board Options Exchange 311 770 208 368 350 819 3 137 963 3 306 896 70 109 293 82 047 238 557 046 NA 11 004 059 11 971 077 42 804 63 914
MexDer 391 620 2 121 0 0 0 0 0 99 2 2 0
NASDAQ OMX (US markets) 356 504 713 474 650 548 NA NA NA NA NA NA 14 721 136 23 094 216 62 205 98 392
NYSE Euronext (US markets) 378 523 627 476 048 002 NA NA NA NA NA NA 15 429 476 19 493 820 50 377 84 034
Total Americas 1 380 895 338 1 711 448 992
Hong Kong Exchanges and Clearing 939 852 1 015 692 5 839 6 294 128 531 77 946 891 438 NA NA NA 21
Japan Exchange Group, Inc. (Osaka Securities Exchange) 74 223 13 034 NA NA 890 295 NA NA NA NA 14 2
Japan Exchange Group, Inc. (Tokyo Stock Exchange) 19 375 5 111 23 6 1 288 105 1 0 NA NA 1 0
Eurex 66 321 62 623 83 839 842 197 8 1 89 208 2 51
Johannesburg Stock Exchange 3 149 2 268 0 0 1 624 0 NA NA NA NA NA NA
Total Europe, Africa, Middle East 69 470 64 891
TOTAL 1 381 998 258 1 712 547 720

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Eurex (OTC) 65 400 60 912 78 802 NA NA NA NA 11 51 NA NA
06. ETF Futures

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
MexDer 0 511 0 0 0 0 0 0 0 19
Total Americas 0 511
Eurex 14 5 0 0 0 0 0 0 10 5
Johannesburg Stock Exchange 340 547 841 474 173 174 31 394 13 252 NA NA NA NA
TOTAL 340 561 841 990
07. STIR Options
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 125 147 020 105 152 618 8 893 667 18 177 179 28 411 587 16 739 698 1 907 777 2 213 197 20 465 21 389 6 661 6 173
CME Group 140 535 609 196 622 806 144 787 029 209 723 858 9 795 046 14 690 109 9 978 030 17 543 037 1 695 129 1 619 164 NA NA
Montral Exchange (TMX Group) 493 047 635 046 493 343 643 998 55 150 66 605 55 388 65 408 1 019 1 388 42 141
Total Americas 266 175 676 302 410 470
Australian Securities Exchange 6 788 54 202 7 044 56 572 0 902 0 0 20 82 0 0
Tokyo Financial Exchange Inc. 1 500 35 547 1 874 44 753 1 500 11 350 1 735 14 752 NA NA NA NA
Total Asia Pacific 8 288 89 749
Eurex 0 100 003 0 137 847 0 0 0 0 0 22 NA NA
NASDAQ OMX Nordic Exchanges 735 500 1 345 300 NA 196 251 0 450 000 NA NA NA 155 NA NA
TOTAL 378 618 748 480 684 522

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Eurex (OTC) 0 100 000 0 137 844 NA NA NA NA 0 19 NA NA
BM&FBOVESPA (OTC) (1) 2 125 53 402 NA 3 889 118 0 NA NA NA 8 NA NA
(1) Flexible Spot Index IR Options
08. STIR Futures

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA (1) 376 915 813 356 444 284 17 439 675 18 956 316 19 182 317 15 957 208 871 195 777 378 1 371 600 974 260
Bolsa de Valores de Colombia 161 611 738 83 38 232 NA 4 949 NA NA 25 35 646
CME Group 432 984 170 576 595 344 458 909 614 626 197 124 8 331 173 8 086 910 10 149 023 10 412 632 84 645 511 114 375 430
MexDer 27 106 616 31 895 985 205 231 254 602 6 603 946 22 017 817 53 072 167 511 8 473 14 947
NYSE Euronext (US markets) 8 193 209 11 752 482 NA NA NA NA NA NA NA NA
Total Americas 866 004 286 998 165 602
Australian Securities Exchange 26 520 540 29 985 862 35 592 550 43 096 689 916 032 1 011 317 790 962 883 120 1 158 928 908 910
Bursa Malaysia Derivatives (BMD) 50 946 92 775 16 269 30 341 9 819 16 194 NA NA NA NA
Hong Kong Exchanges and Clearing 160 659 26 105 0 49 0 8 NA NA
National Stock Exchange of India 12 215 195 0 844 0 0 0 0 3 2 409
Singapore Exchange 22 365 59 250 NA NA 3 629 4 882 NA NA NA NA
TAIFEX 14 27 4 7 1 0 0 0 22 48
Thailand Futures Exchange (TFEX) 27 176 NA NA 0 2 NA NA 4 85
Tokyo Financial Exchange Inc. 4 745 486 7 201 901 5 928 152 9 066 978 395 954 533 328 457 936 693 174 NA NA
Eurex 66 360 125 557 21 302 56 241 8 000 5 858 2 631 1 882 1 998 5 306
Johannesburg Stock Exchange NA 134 609 NA 437 NA 54 671 NA NA NA 189
NASDAQ OMX Nordic Exchanges 26 213 469 25 206 820 NA 2 992 330 1 481 220 1 402 674 NA NA NA 7 335
TOTAL 1 223 730 686 1 426 990 331
(1) Including DI x US Dollar FRA
09. LTIR Options
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Bolsa de Comercio de Buenos Aires 6 287 714 4 361 889 NA NA 45 547 105 664 NA NA 81 793 76 242 62 67
Chicago Board Options Exchange 0 9 0 0 0 0 0 NA 0 4 0 0
CME Group 87 297 642 77 388 644 9 047 969 8 007 472 2 252 989 1 637 260 246 734 170 680 667 185 637 286 NA NA
Montral Exchange (TMX Group) 4 767 8 775 477 890 913 1 181 92 0 10 8 0 0
Total Americas 93 590 123 81 759 317
Australian Securities Exchange 3 018 690 3 196 381 313 240 333 617 570 304 2 0 10 551 8 607 2 2
Japan Exchange Group, Inc. (Tokyo Stock Exchange) 2 283 839 1 853 672 4 074 825 3 288 298 15 954 12 455 26 356 22 792 NA NA 3 827 4 316
Eurex 71 873 776 80 873 827 12 021 779 13 675 111 1 343 713 1 497 134 224 205 243 465 390 688 378 507 NA NA
Johannesburg Stock Exchange 431 019 96 947 76 23 108 869 43 940 NA NA NA 189 NA NA
NASDAQ OMX Nordic Exchanges 34 550 19 000 NA 2 772 0 0 NA NA NA 23 NA NA
NYSE Liffe (European markets) 0 2 050 0 336 0 0 NA NA 0 17 0 0
Tel-Aviv Stock Exchange 0 449 0 14 0 51 0 0 0 60 0 0
TOTAL 171 231 997 167 801 643

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Eurex (OTC) 61 149 496 68 698 249 10 176 625 11 585 110 NA NA NA NA 69 642 70 645 NA NA
10. LTIR Futures

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 17 464 33 545 2 125 3 975 273 1 236 26 148 323 432
Bolsa de Valores de Colombia 137 732 174 263 20 753 25 048 1 319 519 187 67 10 775 16 218
CME Group 562 285 084 669 049 690 61 739 192 74 122 813 5 096 339 4 439 172 613 653 514 150 98 218 020 132 714 991
MexDer 3 672 471 5 839 429 32 701 55 962 119 790 197 731 964 1 515 8 473 11 872
Montral Exchange (TMX Group) 10 176 618 7 953 448 1 025 447 812 605 252 215 189 169 25 443 18 602 3 187 469 2 240 981
NYSE Euronext (US markets) 3 581 587 3 422 942 NA NA NA 34 371 NA NA NA NA
Total Americas 579 870 956 686 473 317
Australian Securities Exchange 61 492 898 56 703 480 6 380 917 5 918 326 826 316 702 443 99 704 81 613 2 724 532 1 891 133
Japan Exchange Group, Inc. (Tokyo Stock Exchange) 8 897 349 6 890 944 15 893 686 12 227 100 77 841 72 070 128 881 132 345 NA NA
Korea Exchange 42 773 176 37 643 887 4 109 804 3 541 071 245 985 216 062 24 683 NA 2 565 900 2 391 290
National Stock Exchange of India 0 47 0 0 0 0 0 0 0 47
Singapore Exchange 898 538 759 707 NA NA 25 015 21 465 NA NA NA NA
TAIFEX 1 0 0 0 0 0 0 0 2 0
Thailand Futures Exchange (TFEX) 0 253 NA NA 0 0 NA NA 0 101
Eurex 398 471 786 549 257 142 66 495 821 91 527 214 2 826 855 2 572 344 478 503 413 413 40 696 276 48 959 848
Johannesburg Stock Exchange 1 962 237 1 078 654 30 949 18 103 244 442 151 003 NA NA NA 3 161
MEFF 45 238 18 5 840 3 354 2 46 NA 7 683 5
Moscow Exchange 21 240 884 148 851 57 342 305 823 274 7 023 NA NA NA 964
NASDAQ OMX Nordic Exchanges 6 177 633 6 612 657 NA 953 853 214 989 241 334 NA NA NA 22 500
NYSE Liffe (European markets) 38 906 358 35 529 237 6 178 233 5 750 336 366 278 324 713 NA NA 10 403 908 8 965 589
Turkish Derivatives Exchange 20 313 0 2 0 0 NA NA NA NA
TOTAL 1 160 737 074 1 381 098 507

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Eurex (OTC) 32 696 574 41 768 397 5 346 479 6 841 389 NA NA NA NA 51 704 68 375
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 9 422 497 11 136 468 474 145 560 857 630 085 674 849 32 384 32 729 13 327 13 465 4 785 8 537
CME Group 10 458 884 9 866 679 1 498 688 1 498 838 493 879 353 232 68 656 49 262 1 116 655 1 117 423 NA NA
ICE Futures U.S. 19 610 41 793 1 586 3 199 2 435 2 538 NA NA NA NA NA NA
International Securities Exchange (ISE) 35 139 112 127 NA NA NA NA NA NA NA NA NA NA
MexDer 1 673 422 16 4 100 111 1 1 161 70 0 0
Montral Exchange (TMX Group) 5 235 16 947 52 172 619 954 6 9 413 950 1 3
NASDAQ OMX (US markets) 223 309 494 087 NA NA NA NA NA NA NA 43 570 NA 216
Rofex 11 358 4 182 1 0 4 150 1 713 0 0 6 27 NA NA
Total Americas 20 177 705 21 672 705
MCXSX 14 142 577 0 14 506 0 98 731 0 100 0 1 005 000 0 106 0
National Stock Exchange of India 237 062 966 252 807 126 240 213 251 914 1 447 091 757 192 1 447 759 3 579 336 2 496 229 1 648 1 319
United Stock Exchange of India 431 783 7 718 412 418 7 458 0 0 0 0 1 819 47 853 NA NA
Budapest Stock Exchange 58 300 36 725 69 46 8 600 8 750 9 10 178 163 NA NA
Johannesburg Stock Exchange 3 901 649 1 818 261 61 460 455 394 503 494 NA NA NA 645 NA NA
Moscow Exchange 1 999 699 877 699 2 065 919 334 482 77 807 NA NA NA 17 701 NA 16
NYSE Liffe (European markets) 181 873 179 573 2 348 2 474 23 240 10 191 NA NA 7 468 7 862 30 42
Tel-Aviv Stock Exchange 9 183 479 10 792 306 93 724 109 506 255 462 574 911 26 5 944 451 067 536 762 2 763 4 440
TOTAL 287 140 031 295 902 807

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA (OTC) (1) 70 150 514 642 NA 25 052 36 810 33 337 NA NA NA 1 229 NA NA
(1) Flexible U.S. Dollar Options

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 110 910 451 110 523 036 5 545 908 5 587 504 1 144 927 1 173 456 60 184 62 099 4 100 883 4 050 563
Bolsa de Valores de Colombia 437 736 587 909 14 498 20 384 4 229 8 477 131 310 19 956 28 753
CME Group 203 302 545 222 467 404 25 203 267 29 873 963 1 338 760 1 246 544 144 706 140 692 115 184 470 131 603 112
ICE Futures U.S. 7 401 112 9 102 896 510 050 593 585 90 755 101 556 NA NA NA NA
MexDer 9 841 497 7 214 173 99 241 72 352 574 178 388 431 5 753 3 899 5 792 3 350
Rofex 50 467 707 54 504 442 51 482 56 033 1 275 999 2 721 146 1 335 2 818 28 355 33 826
Total Americas 382 361 048 404 399 860
Hong Kong Exchanges and Clearing 20 277 0 2 028 NA 3 673 0 367 0 NA NA
Japan Exchange Group, Inc. (Osaka Securities Exchange) 6 246 760 10 552 396 72 560 125 976 131 996 103 328 NA NA 586 805 1 143 987
Korea Exchange 54 506 045 71 221 596 552 607 718 602 751 222 605 224 7 593 NA 2 629 316 4 213 297
MCXSX 556 719 589 850 129 060 565 240 858 553 1 287 379 961 299 1 335 992 24 077 717 23 386 733
National Stock Exchange of India 631 266 655 726 871 152 639 291 730 840 2 655 804 1 630 462 2 699 1 660 18 256 370 16 691 282
Tokyo Financial Exchange Inc. 60 459 825 136 658 356 NA NA 542 264 789 692 NA NA NA NA
United Stock Exchange of India 8 693 441 344 599 938 9 278 347 193 11 405 31 370 12 32 374 365 3 577 572
Budapest Stock Exchange 4 408 474 6 057 083 5 451 7 632 171 153 197 130 212 241 21 566 29 127
Johannesburg Stock Exchange 13 038 541 11 918 682 15 330 13 723 689 209 361 067 NA NA NA 36 937
Moscow Exchange 410 545 200 263 679 978 427 715 286 725 3 001 976 1 453 440 NA NA NA 14 659 109
NYSE Liffe (European markets) 1 210 3 280 31 89 126 187 NA NA 295 780
Tel-Aviv Stock Exchange 21 153 133 809 244 1 443 23 9 911 0 111 119 870
Turkish Derivatives Exchange 12 311 601 18 898 683 12 999 20 449 77 463 108 517 NA NA NA NA
Warsaw Stock Exchange 960 935 199 490 1 671 2 241 24 130 3 276 27 37 219 742 138 980
TOTAL 2 141 560 754 2 845 323 363
Stock Exchange - Products (Number of contracts) (USD millions) (Number of contracts) Amounts (USD millions) (USD millions)
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA - Agricultural and Metal 1 622 479 1 209 291 7 288 2 663 73 026 222 813 904 2 602 201 880 9 403 0 0
CME Group - Agricultural, Energy and Metal 140 629 167 141 567 290 140 629 167 141 567 290 14 542 737 17 002 636 900 341 1 036 708 8 236 012 6 671 108 NA NA
ICE Futures Canada - Agricultural 166 660 100 919 34 31 8 585 8 522 NA NA NA NA NA NA
ICE Futures U.S. - Agricultural + Energy since Oct. 2012 25 593 283 12 980 608 NA NA NA 1 123 490 NA NA NA NA NA NA
NYSE Euronext (US markets) - Metal 93 1 742 NA NA NA 50 NA NA NA NA NA NA
Rofex - Agricultural and Metal 90 894 28 198 10 6 30 558 5 000 1 0 2 270 2 063 NA NA
Total Americas 168 102 576 155 888 048
Australian Securities Exchange - Energy 15 812 16 303 8 116 6 325 4 485 1 230 40 24 628 708 NA 0
TAIFEX - Metal 75 925 101 708 768 976 676 685 7 7 41 329 51 734 9 10
Eurex - Metal and Energy options 41 584 26 610 2 379 2 554 733 1 541 48 168 2 433 3 182 26 48
ICE Futures Europe - Energy 11 440 944 3 429 632 29 613 13 278 1 920 689 977 492 NA NA NA NA NA NA
Johannesburg Stock Exchange - Agricultural 466 770 352 034 665 522 61 953 63 526 NA NA NA 37 296 NA NA
London Metal Exchange - Metal 6 437 234 7 957 491 NA NA 368 113 369 560 NA NA NA NA NA NA
Moscow Exchange - Energy and Metal 272 238 246 129 507 459 17 938 10 939 NA NA NA 16 809 NA 0
NYSE Liffe (European markets) - Agricultural 3 696 976 3 463 530 2 661 3 101 577 482 545 247 NA NA 30 815 38 868 1 328 1 365
TOTAL 190 550 059 171 481 485

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
CME Group (OTC) - Energy and Metal 44 571 463 46 888 211 2 578 271 3 196 031 NA NA NA NA NA NA NA NA
Stock Exchange - Products (Number of contracts) (USD millions) (Number of contracts) Amounts (USD millions)
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA - Agricultural and Metal 1 125 307 2 064 054 20 011 41 340 19 345 36 837 308 635 309 699 570 960
Bolsa de Valores de Colombia - Energy 5 470 202 17 2 334 71 NA NA 474 78
CME Group - Agricultural, Energy and Metal 664 893 445 677 288 736 664 893 445 677 288 736 22 297 664 25 866 122 1 275 748 1 485 086 330 511 467 328 799 168
ICE Futures Canada - Agricultural 4 872 500 4 653 582 53 618 52 991 135 483 134 936 NA NA NA NA
ICE Futures U.S. - Agricultural + Energy since Oct. 2012 139 767 326 40 742 899 NA NA NA 1 025 802 NA NA NA NA
NASDAQ OMX (US markets) - Metal 518 360 1 388 NA NA NA NA NA NA 10 607 94
NYSE Euronext (US markets) - Metal 1 799 141 3 655 545 NA NA NA 9 570 NA NA NA NA
Rofex 471 045 463 732 3 366 3 079 31 286 16 699 179 109 47 730 50 052
Total Americas 813 452 594 728 870 138
Australian Securities Exchange 127 887 198 500 12 754 16 203 38 841 38 593 3 912 3 003 18 042 20 733
Bursa Malaysia Derivatives (BMD) - Agricultural 7 460 107 5 871 132 171 709 140 780 173 649 112 720 NA NA NA NA
Dalian Commodity Exchange - Agricultural 633 042 976 289 047 000 5 287 388 2 616 862 2 265 275 1 580 328 NA NA NA NA
Hong Kong Exchanges and Clearing - Metal 2 3 716 0 6 0 0 0 0 NA NA
Korea Exchange - Agricultural and Metal 22 655 188 259 122 920 121 91 NA NA 3 820 40 558
MCX - Agricultural, Energy and Metal 388 655 694 346 137 956 NA NA 978 146 675 171 NA NA NA NA
Shanghai Futures Exchange - Agricultural, Energy and Metal 365 329 379 308 239 140 7 076 751 6 738 220 1 242 174 1 070 010 NA NA NA NA
Singapore Exchange - Agricultural, Energy and Metal 236 382 253 514 NA NA 14 084 17 785 NA NA NA NA
TAIFEX - Metal 62 454 105 841 1 267 2 094 627 512 13 10 66 893 120 379
Thailand Futures Exchange (TFEX) - Energy and Metal 3 805 018 4 024 165 NA NA 34 056 23 560 NA NA 1 491 556 1 656 318
TOCOM - Agricultural, Energy, Metal and commodity index 25 478 757 31 662 920 959 328 1 210 648 353 513 323 553 NA NA NA NA
Zhengzhou Commodity Exchange - Agricultural 347 091 533 406 439 457 2 755 863 5 182 566 1 142 206 935 600 9 009 8 660 NA NA
Budapest Stock Exchange - Agricultural 4 496 5 318 144 177 280 221 9 4 1 062 1 452
Eurex - Agricultural, Energy and Metal 595 122 552 170 57 949 80 128 297 271 337 855 27 706 36 220 NA NA
ICE Futures Europe - Energy 260 326 859 257 786 702 26 613 550 26 439 045 3 899 216 2 928 494 NA NA NA NA
Johannesburg SE - Agricultural, Energy and Metal 2 532 674 2 152 059 61 619 53 983 92 583 92 522 NA NA NA 273 348
London Metal Exchange - Metal 153 201 477 138 487 658 NA NA 1 524 344 1 716 740 NA NA NA NA
LSE Group - Energy 3 363 3 575 1 318 1 207 1 441 1 259 NA NA 585 480
MEFF - Commodity Forwards 8 548 817 3 756 413 571 280 1 709 602 1 322 433 NA NA 1 109 372
Moscow Exchange - Agricultural, Energy and Metal 20 660 766 36 764 175 29 854 57 081 325 024 79 845 NA NA NA 2 793 293
NYSE Liffe (European markets) - Agricultural 19 240 172 17 265 995 406 992 406 510 780 361 642 029 NA NA 5 967 361 5 145 379
TURKDEX - Agricultural, Energy and Metal 1 397 073 761 270 2 532 1 947 7 914 7 432 NA NA NA NA
TOTAL 3 051 276 257 2 578 577 073

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
CME Group (OTC) - Agricultural, Energy and Metal 61 030 897 68 709 688 3 211 772 5 325 424 NA NA NA NA NA NA
Singapore Exchange (OTC) - Agricultural 0 2 355 NA NA 0 95 NA NA NA NA
MEFF (OTC) - Commodity Forwards 8 548 817 3 756 413 571 280 1 709 602 1 322 433 NA NA 1 109 372
14b. Other Commodity Derivatives

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Singapore Exchange (OTC) - Swaps 238 756 101 648 NA NA NA 11 857 NA NA NA NA
15. Other Options
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA - Volatility (Stock Index, IR Index and Currency) 1 961 679 11 391 125 59 359 721 676 0 0 0 0 1 157 3 019 31 131 0
CBOE Futures Exchange (CFE) - Volatility index options 259 4 617 0 11 0 2 0 NA 86 379 NA NA
Chicago Board Options Exchange - Volatility index options 110 742 803 97 989 938 197 124 237 135 6 398 120 3 100 922 11 529 NA 1 190 569 1 386 592 15 523 16 106
Total Americas 112 704 741 109 385 680
JPX (Tokyo Stock Exchange) - REIT options 39 125 385 88 1 655 340 1 1 NA NA 3 0
Total Asia Pacific 39 125 385
Eurex - Volatility index options 1 437 759 553 463 5 209 2 240 171 759 52 018 596 236 NA 800 NA 152
Eurex - Dividend options 1 290 153 804 612 16 453 12 157 723 750 500 504 9 441 6 839 NA 882 688 542
Eurex - Commodity Index Options 830 761 30 28 830 0 30 0 NA NA NA NA
ICE Futures Europe - Carbon emissions options 825 201 786 463 NA NA NA NA NA NA NA NA NA NA
Johannesburg Stock Exchange - Can-Do options 723 964 567 128 NA NA 258 038 145 016 NA NA NA 497 NA 144
TOTAL 117 021 773 112 098 492
16. Other Futures

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Bolsa de Valores de Colombia - Inflation Future 391 0 54 0 NA 0 NA NA 33 0
CBOE Futures Exchange (CFE) - Volatility index futures 23 892 203 12 040 074 423 641 291 187 333 893 125 959 428 840 NA 8 474 497 5 328 411
Total Americas 23 892 594 12 040 074
Hong Kong Exchanges and Clearing - Dividend index futures 205 579 64 250 547 161 50 848 38 730 NA NA NA NA
Hong Kong Exchanges and Clearing - Volatiliy Index 1 526 0 20 NA 8 0 NA NA NA NA
JPX (Osaka Securities Exchange) - Volatiliy Index 12 959 0 33 0 1 739 0 NA NA 3 302 0
JPX (Tokyo Stock Exchange) - REIT index and dividend index 183 900 112 507 1 032 779 146 362 41 140 405 125 NA NA
Singapore Exchange - Forward Freight Agreements 97 488 90 578 NA NA NA 16 278 NA NA NA NA
Singapore Exchange - Dividend Index Futures 147 021 62 653 NA NA 52 743 24 720 NA NA NA NA
Eurex - Volatility index futures 3 901 530 1 889 492 13 106 8 039 224 061 68 088 672 292 NA 60 112
Eurex - Equity Index Dividend and Single Stock Dividend 5 636 633 5 185 669 46 769 63 747 1 467 179 1 189 115 8 446 7 814 NA 77 793
Eurex - Carbon emission futures 143 391 81 048 1 411 1 662 67 977 12 306 603 116 NA 2 973
Eurex - Commodity Index Futures 96 175 90 178 3 880 3 649 5 484 3 005 246 110 NA NA
ICE Futures Europe - Carbon emission futures 8 487 041 6 783 898 NA NA NA NA NA NA NA NA
Johannesburg SE - Can-Do, IDX, IDX dividend and dividend 78 735 993 63 306 173 NA 5 210 6 662 852 5 850 154 NA NA NA 208 574
LSE Group - Dividend Futures 183 588 212 705 15 12 180 020 149 835 NA NA 24 45
NYSE Liffe (European markets) - Dividend index futures 100 922 128 527 314 380 241 392 251 315 NA NA 615 956
Singapore Exchange (OTC) - Forward Freight Agreements 97 488 90 578 NA NA NA 16 278 NA NA NA NA
TOTAL 121 923 828 90 138 330
17. Other Derivatives

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA - Rollover 10 972 36 641 273 1 683 67 500 95 750 3 368 4 814 1 368 1 178
Rofex - CFDs dollar and GDP warrants 25 039 766 11 1 3 652 670 3 1 659 0
Australian Securities Exchange - CFDs 101 740 653 169 640 756 1 743 3 333 4 756 443 5 896 760 61 59 66 905 86 381
TOTAL 101 776 664 169 678 163
ANNEX 2 CLEARING STATISTICS
Clearing House - Stock Exchange Settlement Number of postings Of which non- Open positions Notional amount outstanding
(contracts double counted) OTC trades (contracts single counted) (USD millions single counted)
2012 2011 2012 2011 2012 2011 2012 2011
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Physical 955 050 893 094 100.0% 100.0% 44 478 69 015 11 17
BM&FBOVESPA Physical 1 858 569 274 1 676 650 988 100.0% 100.0% 10 831 015 13 436 474 11 059 15 495
Bolsa de Comercio de Buenos Aires NA NA NA NA NA NA NA NA NA
CDCC - Montral Exchange NA 48 401 532 48 423 714 100.0% 100.0% 2 611 022 3 173 582 9 441 5 800
OCC Physical 4 536 194 638 4 917 478 722 100.0% 100.0% NA 202 475 444 NA 786 762
Total Americas 6 444 120 494 6 643 446 518
Australian Securities Exchange Physical 280 878 040 217 720 228 100.0% 100.0% 12 320 032 10 053 334 NA NA
Hong Kong Exchanges and Clearing Physical 110 283 386 146 618 752 100.0% 100.0% 3 903 430 5 251 548 8 744 9 152
Indian Clearing Corporation Ltd (ICCL) - BSE Limited Cash 91 816 73 288 100.0% 100.0% 1 113 8 NA NA
Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical 750 204 1 191 320 100.0% 100.0% 59 019 30 120 142 83
Korea Exchange Cash 0 4 100.0% 100.0% 0 0 0 0
NSCCL - National Stock Exchange of India Cash 114 442 010 66 345 926 100.0% 100.0% 177 657 103 258 1 024 444
Osaka SE Physical 92 644 2 437 524 100.0% 100.0% 1 675 5 877 NA NA
TAIFEX Cash 226 268 261 116 100.0% 100.0% 2 690 2 682 7 3
Athens Exchange Clearing House Physical 71 910 128 476 100.0% 100.0% 5 873 6 689 41 96
Cassa di Compensazione e Garanzia - LSE Group NA 39 490 648 47 566 008 100.0% 100.0% 3 107 074 3 726 090 NA NA
CCP Austria - Wiener Brse Physical 627 364 998 278 100.0% 100.0% 48 957 64 953 44 47
Eurex Clearing AG Physical 429 839 510 550 661 872 47.6% 50.3% 32 794 129 40 351 701 110 410 133 355
Johannesburg Stock Exchange NA 19 566 748 22 655 886 100.0% 100.0% 1 294 575 1 318 534 NA NA
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Physical 175 844 071 246 011 607 100.0% 100.0% 25 087 625 30 697 203 4 493 7 007
MAOF Clearing House - Tel Aviv SE Cash 960 524 1 654 696 100.0% 100.0% 50 277 30 704 177 90
MEFF Physical 69 014 720 58 820 680 100.0% 100.0% 8 261 020 8 898 024 8 790 11 737
Moscow Exchange Physical 11 730 908 16 823 496 100.0% 100.0% 316 868 62 791 NA NA
NASDAQ OMX Nordic Exchanges Physical 57 107 312 59 673 195 100.0% 100.0% 3 403 402 2 926 931 NA NA
NYSE Liffe Clearing - NYSE Liffe (London and BClear) (2) NA 53 546 874 61 361 042 14.6% 15.4% 3 044 187 5 129 411 NA NA
Oslo Brs NA 6 723 820 8 262 510 100.0% 100.0% 379 798 293 126 4 385 3 249
TOTAL 7 815 409 271 8 152 712 422
(1) Open Positions at last maturity date i.e. 20/12
(2) NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements.
2012 2011 2012 2011 2012 2011 2012 2011
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Physical 71 678 127 422 100.0% 100.0% 0 5 629 0 1
Bolsa de Valores de Colombia Physical 107 918 65 126 100.0% 100.0% 3 607 1 228 20 3
OCC Cash 10 300 726 7 199 834 100.0% 100.0% NA 349 645 NA NA
Total Americas 10 480 322 7 392 382
Hong Kong Exchanges and Clearing Cash 645 430 888 028 100.0% 100.0% 19 516 11 277 55 24
Indian Clearing Corporation Ltd (ICCL) - BSE Limited Cash 340 842 326 444 100.0% 100.0% NA 27 628 NA 153
Korea Exchange Cash 200 981 920 119 932 332 100.0% 100.0% 780 244 321 251 550 212
NSCCL - National Stock Exchange of India Cash 306 244 414 321 756 520 100.0% 100.0% 1 093 228 1 029 721 6 414 4 326
TAIFEX Cash 9 341 500 4 943 210 100.0% 100.0% 81 105 40 672 293 129
Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash 4 336 074 3 156 184 100.0% 100.0% 154 366 9 514 NA NA
Athens Exchange Clearing House Physical 26 093 070 15 107 286 100.0% 100.0% 337 378 288 882 13 857 26 814
Cassa di Compensazione e Garanzia - LSE Group NA 11 073 374 22 389 102 100.0% 100.0% 9 420 64 321 NA NA
CCP Austria - Wiener Brse Cash 430 8 860 100.0% 100.0% 0 0 0 0
Eurex Clearing AG Cash 392 144 832 348 542 204 0.3% 1.6% 4 906 244 3 279 773 10 752 10 212
KDPW_CCP - Warsaw SE Cash 1 080 660 1 475 484 100.0% 100.0% 8 197 6 545 16 7
Keler CCP Ltd. - Budapest SE Physical 1 219 594 1 612 122 100.0% 100.0% 34 212 30 198 134 86
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Cash 3 082 50 016 100.0% 100.0% 56 67 0 0
MEFF Physical/Cash 42 491 752 55 157 578 100.0% 100.0% 1 306 987 1 947 938 1 326 2 547
Moscow Exchange Physical 482 961 742 725 540 238 100.0% 100.0% 1 511 186 1 455 641 NA NA
NASDAQ OMX Nordic Exchanges Physical/Cash 3 959 162 8 024 436 100.0% 100.0% 113 771 259 644 NA NA
Oslo Brs NA 3 290 892 3 876 160 100.0% 100.0% 200 038 183 419 1 139 1 453
Total Europe, Africa, Middle East 1 515 183 870 1 784 158 778
TOTAL 2 047 554 372 2 242 553 878
2012 2011 2012 2011 2012 2011 2012 2011
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Cash 85 306 131 262 100.0% 100.0% 2 276 5 300 77 141
BM&FBOVESPA Cash 19 716 470 12 803 276 98.4% 97.0% 317 204 502 328 15 049 19 389
CDCC - Montral Exchange NA 629 262 186 302 100.0% 100.0% 99 837 12 510 693 860
CME Group NA 118 283 580 121 250 388 100.0% 100.0% 2 174 504 1 537 185 234 247 167 194
ICE Clear U.S. - ICE Futures U.S. NA 135 552 316 598 100.0% 100.0% 5 928 8 053 NA NA
OCC Cash 644 101 298 676 287 330 100.0% 100.0% NA 15 470 280 NA 1 487 700
Total Americas 782 951 468 810 975 156
Australian Securities Exchange NA 23 887 146 21 490 030 100.0% 100.0% 640 433 433 479 NA NA
Bursa Malaysia Derivatives Clearing (BMDC) NA 10 986 32 100.0% 100.0% 16 NA NA NA
Hong Kong Exchanges and Clearing Cash 33 574 770 30 852 818 100.0% 100.0% 881 779 357 913 84 063 33 239
Indian Clearing Corporation Ltd (ICCL) - BSE Limited Cash 469 137 230 785 016 100.0% 100.0% 35 877 137 935 8 29
Japan Securities Clearing Corporation - Tokyo Stock Exchange Cash 45 366 42 684 100.0% 100.0% 5 267 2 704 476 278
Korea Exchange Cash 3 150 788 498 7 343 324 516 100.0% 100.0% 662 967 2 303 903 464 453
NSCCL - National Stock Exchange of India Cash 1 639 056 658 1 741 846 596 100.0% 100.0% 2 006 322 1 839 187 10 830 7 997
Osaka SE Cash 97 527 446 90 385 038 100.0% 100.0% 3 179 067 2 031 140 NA NA
Singapore Exchange Cash 8 339 198 4 182 152 100.0% 100.0% 1 394 618 392 674 NA NA
TAIFEX Cash 217 547 422 252 780 840 100.0% 100.0% 869 583 648 731 11 509 7 566
Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash 108 114 215 986 100.0% 100.0% 1 569 955 NA NA
Athens Exchange Clearing House Cash 446 812 656 782 100.0% 100.0% 3 177 3 796 1 126 5 124
CCP Austria - Wiener Brse Cash 49 774 56 664 100.0% 100.0% 3 862 2 387 105 57
Eurex Clearing AG Cash 765 288 814 936 767 994 35.7% 30.4% 31 000 577 38 800 124 1 086 852 1 341 664
Johannesburg Stock Exchange NA 8 451 420 9 220 472 100.0% 100.0% 736 655 766 799 NA NA
Keler CCP Ltd. - Budapest SE Cash 0 44 100.0% 100.0% 0 0 0 0
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Cash 41 243 440 61 013 245 100.0% 100.0% 1 033 192 1 308 425 2 691 4 008
MAOF Clearing House - Tel Aviv SE Cash 114 847 216 174 312 626 100.0% 100.0% 323 163 281 383 10 267 7 977
MEFF Cash 8 412 116 4 397 934 100.0% 100.0% 569 200 370 546 6 167 4 514
Moscow Exchange Cash 67 914 722 70 792 046 100.0% 100.0% 607 948 445 258 NA NA
NASDAQ OMX Nordic Exchanges Cash 19 250 060 24 971 576 100.0% 100.0% 870 769 602 405 NA NA
Oslo Brs NA 1 604 056 1 423 092 100.0% 100.0% 34 783 31 249 1 796 1 501
TOTAL 7 493 876 258 11 631 280 769
2012 2011 2012 2011 2012 2011 2012 2011
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Cash 2 121 520 2 462 096 100.0% 100.0% 62 511 77 656 2 104 2 063
BM&FBOVESPA Cash 128 845 330 101 919 494 100.0% 100.0% 275 499 246 864 7 813 7 354
Bolsa de Valores de Colombia Cash 1 222 1 126 100.0% 100.0% 53 39 1 1
CDCC - Montral Exchange NA 7 920 128 8 659 448 100.0% 100.0% 147 471 131 335 20 112 18 762
CME Group NA 1 177 016 340 1 510 992 844 100.0% 100.0% 3 570 957 3 397 604 305 324 274 816
ICE Clear U.S. - ICE Futures U.S. NA 67 180 644 88 521 944 100.0% 100.0% 363 940 419 013 NA NA
OCC Cash 63 743 848 69 118 712 100.0% 100.0% NA 473 149 NA NA
Total Americas 1 446 829 032 1 781 675 664
Australian Securities Exchange NA 20 157 080 24 479 258 100.0% 100.0% 272 676 216 613 NA NA
Bursa Malaysia Derivatives Clearing (BMDC) NA 4 264 680 4 964 628 100.0% 100.0% 30 550 23 505 NA NA
China Financial Futures Exchange Cash 210 123 650 100 823 720 100.0% 100.0% 220 772 96 886 27 051 10 894
Hong Kong Exchanges and Clearing Cash 92 766 488 100 458 712 100.0% 100.0% 330 167 199 335 34 148 17 286
Indian Clearing Corporation Ltd (ICCL) - BSE Limited Cash 17 944 626 4 949 764 100.0% 100.0% 31 380 293 134 0 47
Japan Securities Clearing Corporation - Tokyo Stock Exchange Cash 34 708 256 30 642 898 100.0% 100.0% 456 334 386 035 43 021 34 816
Korea Exchange Cash 124 861 284 174 549 000 100.0% 100.0% 112 924 81 922 14 035 8 485
NSCCL - National Stock Exchange of India Cash 224 584 650 311 427 702 100.0% 100.0% 406 859 559 818 2 140 2 272
Osaka SE Cash 299 972 362 274 398 580 100.0% 100.0% 1 067 511 778 908 NA NA
Singapore Exchange Cash 148 042 380 137 663 292 100.0% 100.0% 1 086 425 723 635 NA NA
TAIFEX Cash 86 071 846 107 590 024 100.0% 100.0% 94 632 114 445 3 790 3 940
Tokyo Financial Exchange Inc. NA 3 440 164 2 012 312 100.0% 100.0% 43 296 14 347 NA NA
Athens Exchange Clearing House Cash 3 061 732 4 969 626 100.0% 100.0% 30 838 15 230 11 166 24 133
CCP Austria - Wiener Brse Cash 743 276 684 324 100.0% 100.0% 52 384 59 533 1 587 1 369
Eurex Clearing AG Cash 765 871 726 972 651 002 81.8% 83.7% 3 530 775 3 693 191 149 315 131 940
Keler CCP Ltd. - Budapest SE Physical 1 599 878 3 763 240 100.0% 100.0% 40 398 48 310 34 35
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Cash 99 326 792 114 335 047 100.0% 100.0% 581 956 523 883 32 593 22 730
MAOF Clearing House - Tel Aviv SE Cash 142 066 109 850 100.0% 100.0% 5 933 8 212 188 217
MEFF Cash 14 343 990 16 768 038 100.0% 100.0% 57 729 73 684 5 379 5 176
NASDAQ OMX Nordic Exchanges Cash 65 275 094 74 924 351 100.0% 100.0% 531 852 490 801 NA NA
NYSE Liffe Clearing - NYSE Liffe (London and BClear) NA 70 308 468 81 737 736 77.7% 81.4% 1 029 070 959 500 NA NA
Oslo Brs NA 10 035 112 13 619 830 100.0% 100.0% 79 479 125 772 4 104 6 038
Turkish Derivatives Exchange NA 97 531 540 109 254 728 100.0% 100.0% 189 179 150 152 NA NA
TOTAL 4 563 150 606 5 303 258 864
05. ETF Options
2012 2011 2012 2011 2012 2011 2012 2011
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Physical 783 240 4 100.0% 100.0% 0 0 NA NA
BM&FBOVESPA Physical 3 080 078 4 036 806 100.0% 100.0% 110 191 132 483 31 39
OCC Physical 2 827 446 680 3 531 730 336 100.0% 100.0% NA 74 913 075 NA 506 414
Total Americas 2 840 120 900 3 543 500 524
Hong Kong Exchanges and Clearing Physical 1 879 704 2 031 384 100.0% 100.0% 128 531 77 946 891 438
Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical 38 750 10 222 100.0% 100.0% 1 288 105 1 0
Osaka SE Physical 148 446 26 068 100.0% 100.0% 890 295 NA NA
Eurex Clearing AG Physical 132 642 125 246 1.4% 2.7% 842 197 8 1
Johannesburg Stock Exchange NA 6 298 4 536 100.0% 100.0% 1 624 0 NA NA
TOTAL 2 842 326 740 3 545 697 980
06. ETF Futures

2012 2011 2012 2011 2012 2011 2012 2011
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Physical 0 1 022 100.0% 100.0% 0 0 0 0
OCC Cash NA 84 314 100.0% 100.0% NA 1 734 NA NA
Total Americas 0 85 336
Eurex Clearing AG Physical 28 10 100.0% 100.0% 0 0 0 0
Johannesburg Stock Exchange NA 681 094 1 682 948 100.0% 100.0% 31 394 13 252 NA NA
Total Europe, Africa, Middle East 681 122 1 682 958
TOTAL 681 122 1 768 294
07. STIR Options
2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA Cash 250 294 040 210 305 236 100.0% 100.0% 28 411 587 16 739 698 1 907 777 2 213 197
CDCC - Montral Exchange NA 986 094 1 270 092 100.0% 100.0% 55 150 66 605 55 388 65 408
CME Group NA 281 071 218 393 245 612 100.0% 100.0% 9 795 046 14 690 109 9 978 030 17 543 037
Total Americas 532 351 352 604 820 940
Australian Securities Exchange NA 13 576 108 404 100.0% 100.0% 0 902 0 0
Singapore Exchange Cash 0 0 100.0% 100.0% 0 0 NA NA
Tokyo Financial Exchange Inc. NA 3 000 71 094 100.0% 100.0% 1 500 11 350 1 735 14 752
Eurex Clearing AG Physical 0 200 006 0.0% 0.0% 0 0 0 0
NASDAQ OMX Nordic Exchanges NA 1 471 000 2 690 600 100.0% 100.0% 0 450 000 NA NA
TOTAL 757 237 496 961 369 044
08. STIR Futures

2012 2011 2012 2011 2012 2011 2012 2011
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Cash 54 213 232 63 791 970 100.0% 100.0% 6 603 946 22 017 817 53 072 167 511
BM&FBOVESPA Cash 753 831 626 712 888 568 100.0% 100.0% 19 182 317 15 957 208 871 195 777 378
Bolsa de Valores de Colombia Cash 322 1 223 476 100.0% 100.0% NA 4 949 NA NA
CME Group NA 865 968 340 1 153 190 688 100.0% 100.0% 8 331 173 8 086 910 10 149 023 10 412 632
Total Americas 1 715 622 154 1 972 826 240
Australian Securities Exchange NA 53 041 080 59 971 724 100.0% 100.0% 916 032 1 011 317 790 962 883 120
Bursa Malaysia Derivatives Clearing (BMDC) NA 101 892 185 550 100.0% 100.0% 9 819 16 194 NA NA
Hong Kong Exchanges and Clearing Cash 320 1 318 100.0% 100.0% 0 49 0 8
Korea Exchange NA 0 0 100.0% 100.0% 0 0 0 NA
Singapore Exchange Cash 44 730 118 500 100.0% 100.0% 3 629 4 882 NA NA
TAIFEX Cash 28 54 100.0% 100.0% 1 0 0 0
Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash 54 352 100.0% 100.0% 0 2 NA NA
Tokyo Financial Exchange Inc. NA 9 490 972 14 403 802 100.0% 100.0% 395 954 533 328 457 936 693 174
Eurex Clearing AG Physical 132 720 251 114 100.0% 100.0% 8 000 5 858 2 631 1 882
Johannesburg Stock Exchange NA NA 269 218 100.0% 100.0% NA 54 671 NA NA
Keler CCP Ltd. - Budapest SE NA 0 0 100.0% 100.0% 0 0 0 0
NASDAQ OMX Nordic Exchanges NA 52 426 938 50 413 640 100.0% 100.0% 1 481 220 1 402 674 NA NA
TOTAL 2 431 074 930 2 830 045 308
09. LTIR Options
2012 2011 2012 2011 2012 2011 2012 2011
Bolsa de Comercio de Buenos Aires NA NA NA NA NA NA NA NA NA
CDCC - Montral Exchange NA 9 534 17 550 100.0% 100.0% 913 1 181 92 0
CME Group NA 174 595 284 154 777 288 100.0% 100.0% 2 252 989 1 637 260 246 734 170 680
Total Americas 174 604 818 154 794 838
Australian Securities Exchange NA 6 037 380 6 392 762 100.0% 100.0% 570 304 2 0
Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical 4 567 678 3 707 344 100.0% 100.0% 15 954 12 455 26 356 22 792
Eurex Clearing AG Physical 143 747 552 161 747 654 14.9% 15.1% 1 343 713 1 497 134 224 205 243 465
Johannesburg Stock Exchange NA 862 038 193 894 100.0% 100.0% 108 869 43 940 NA NA
MAOF Clearing House - Tel Aviv SE Cash 870 898 100.0% 100.0% 0 51 0 NA
NASDAQ OMX Nordic Exchanges NA 69 100 38 000 100.0% 100.0% 0 0 NA NA
NYSE Liffe Clearing - NYSE Liffe (London and BClear) NA 0 4 100 100.0% 100.0% 0 0 NA NA
TOTAL 329 889 436 326 879 490
10. LTIR Futures

2012 2011 2012 2011 2012 2011 2012 2011
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Physical/Cash 7 344 942 11 678 858 100.0% 100.0% 119 790 197 731 964 1 515
BM&FBOVESPA Cash 34 928 67 090 100.0% 100.0% 273 1 236 26 148
Bolsa de Valores de Colombia Physical 275 464 348 526 100.0% 100.0% 1 319 519 187 67
CME Group NA 1 124 570 168 1 338 099 380 100.0% 100.0% 5 096 339 4 439 172 613 653 514 150
Total Americas 1 152 578 738 1 366 100 750
Australian Securities Exchange NA 122 985 796 113 406 960 100.0% 100.0% 826 316 702 443 99 704 81 613
Bursa Malaysia Derivatives Clearing (BMDC) NA 0 0 100.0% 100.0% 0 0 NA NA
Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical 17 794 698 13 781 888 100.0% 100.0% 77 841 72 070 128 881 132 345
Korea Exchange Cash 480 262 827 348 100.0% 100.0% 245 985 216 062 47 27
NSCCL - National Stock Exchange of India Cash 24 430 390 100.0% 100.0% 0 0 0 0
NSCCL - National Stock Exchange of India Physical 0 94 100.0% 100.0% 0 0 0 0
Singapore Exchange Cash 1 797 076 1 519 414 100.0% 100.0% 25 015 21 465 NA NA
TAIFEX Physical 2 0 100.0% 100.0% 0 0 0 0
Thailand Clearing House - Thailand Futures Exchange (TFEX) Cash 0 506 100.0% 100.0% 0 0 NA NA
Eurex Clearing AG Physical 796 943 572 1 098 514 284 91.8% 92.4% 2 826 855 2 572 344 478 503 413 413
MEFF Physical 90 476 36 100.0% 100.0% 354 2 46 NA
Moscow Exchange Cash 42 481 768 297 702 100.0% 100.0% 823 274 7 023 NA NA
NASDAQ OMX Nordic Exchanges NA 12 355 266 13 225 314 100.0% 100.0% 214 989 241 334 NA NA
NYSE Liffe Clearing - NYSE Liffe (London and BClear) (1) NA 77 812 716 71 058 474 100.0% 100.0% 366 278 324 713 NA NA
Turkish Derivatives Exchange NA 40 626 100.0% 100.0% 0 0 NA NA
TOTAL 2 229 244 908 2 681 321 094
10b. IR Swaps
2012 2011 2012 2011 2012 2011 2012 2011
CME Group NA NA NA 0.0% 0.0% NA NA 641 903 139 810
Japan Securities Clearing Corporation - Tokyo Stock Exchange NA 15 354 0 0.0% 0.0% 15 330 0 1 638 038 0
Singapore Exchange Cash 130 705 181 023 0.0% 0.0% NA NA NA NA
LCH Clearnet Ltd - SwapClear NA 9 183 479 10 792 306 0.0% 0.0% 1 181 432 1 012 461 169 959 500 141 720 000
NASDAQ OMX Nordic Exchanges NA NA NA NA NA NA NA NA NA
TOTAL 9 329 538 10 973 329 1 196 762 1 012 461 172 239 441 141 859 810
2012 2011 2012 2011 2012 2011 2012 2011
Argentina Clearing - Rofex Cash 22 716 8 364 100.0% 100.0% 4 150 1 713 0 0
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Physical 3 346 844 100.0% 100.0% 100 111 1 1
BM&FBOVESPA Cash 18 844 994 22 272 936 99.3% 95.4% 630 085 674 849 32 384 32 729
CDCC - Montral Exchange NA 10 470 33 894 100.0% 100.0% 619 954 6 9
CME Group NA 20 917 768 19 733 358 100.0% 100.0% 493 879 353 232 68 656 49 262
ICE Clear U.S. - ICE Futures U.S. NA 39 220 83 586 100.0% 100.0% NA NA NA NA
Total Americas 39 838 514 42 132 982
Indian Clearing Corporation Ltd (ICCL) - United Stock Exchange of India Cash 863 566 15 436 824 100.0% 100.0% 0 0 0 0
Korea Exchange Physical 57 423 608 87 156 313 100.0% 100.0% 0 0 302 244
MCX-SX Clearing Corporation Ltd. Cash 28 285 154 0 100.0% 100.0% 98 731 0 100 0
NSCCL - National Stock Exchange of India Cash 474 125 932 505 614 252 100.0% 100.0% 1 447 091 757 192 1 447 759
Keler CCP Ltd. - Budapest SE Cash 116 600 73 450 100.0% 100.0% 8 600 8 750 9 10
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Cash 363 746 359 146 100.0% 100.0% 37 114 13 678 8 5
MAOF Clearing House - Tel Aviv SE Cash 18 366 958 21 584 612 100.0% 100.0% 255 462 574 911 26 5 944
TOTAL 631 186 774 677 749 499

2012 2011 2012 2011 2012 2011 2012 2011
Argentina Clearing - Rofex Cash 100 935 414 109 008 884 100.0% 100.0% 1 275 999 2 721 146 1 335 2 818
Asigna, Compensacin y Liquidacin (Mexican Clearing House) - MexDer Physical/Cash 19 682 994 14 428 346 100.0% 100.0% 574 178 388 431 5 753 3 899
BM&FBOVESPA Cash 221 820 902 221 046 072 100.0% 100.0% 1 144 927 1 173 456 60 184 62 099
Bolsa de Valores de Colombia Cash 875 472 1 175 818 100.0% 100.0% 4 229 8 477 131 310
CME Group NA 406 605 090 444 934 808 100.0% 100.0% 1 338 760 1 246 544 144 706 140 692
ICE Clear U.S. - ICE Futures U.S. NA 14 802 224 18 205 792 100.0% 100.0% NA NA NA NA
Total Americas 764 722 096 808 799 720
Hong Kong Exchanges and Clearing Physical 40 554 0 100.0% 100.0% 3 673 0 367 0
Indian Clearing Corporation Ltd (ICCL) - United Stock Exchange of India Cash 17 386 882 689 199 876 100.0% 100.0% 11 405 31 370 12 32
Korea Exchange Physical 71 033 54 925 100.0% 100.0% 751 222 605 224 6 7
MCX-SX Clearing Corporation Ltd. Cash 1 113 439 178 1 700 258 120 100.0% 100.0% 1 287 379 961 299 1 335 992
NSCCL - National Stock Exchange of India Cash 1 262 533 310 1 453 742 304 100.0% 100.0% 2 655 804 1 630 462 2 728 1 667
Osaka SE Cash 12 493 520 21 104 792 100.0% 100.0% 131 996 103 328 NA NA
Tokyo Financial Exchange Inc. NA 120 919 650 273 316 712 100.0% 100.0% 542 264 789 692 NA NA
KDPW_CCP - Warsaw SE Cash 1 921 870 398 980 100.0% 100.0% 24 130 3 276 27 37
Keler CCP Ltd. - Budapest SE Cash 8 816 948 12 114 166 100.0% 100.0% 171 153 197 130 212 241
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Cash 2 420 6 560 100.0% 100.0% 152 226 5 8
MAOF Clearing House - Tel Aviv SE Cash 42 306 267 618 100.0% 100.0% 23 9 911 0 111
Moscow Exchange Cash 821 090 400 527 359 956 100.0% 100.0% 3 001 976 1 453 440 NA NA
TOTAL 4 174 180 451 5 548 258 459
12b. Foreign Exchange Forwards

2012 2011 2012 2011 2012 2011 2012 2011
LCH Clearnet Ltd - ForexClear NA NA 0 0.0% 0.0% NA 0 NA 0
2012 2011 2012 2011 2012 2011 2012 2011
Argentina Clearing - Rofex Cash 181 788 56 396 100.0% 100.0% 30 558 5 000 1 0
BM&FBOVESPA Physical/Cash 3 244 958 2 418 582 NA NA 73 026 222 813 904 2 602
CME Group NA 281 258 334 283 134 580 68.3% 66.9% 14 542 737 17 002 636 900 341 1 036 708
ICE Clear Canada - ICE Futures Canada NA 333 320 201 838 100.0% 100.0% NA NA NA NA
OCC Cash NA 3 416 100.0% 100.0% NA 52 NA NA
Total Americas 336 204 966 311 776 028
Australian Securities Exchange NA 31 624 32 606 100.0% 100.0% 4 485 1 230 40 24
TAIFEX Cash 151 850 203 416 100.0% 100.0% 676 685 7 7
Eurex Clearing AG Physical/Cash 83 168 53 220 100.0% 100.0% 733 1 541 48 168
ICE Clear Europe - ICE Futures Europe NA 22 881 888 6 859 264 NA NA NA NA NA NA
Johannesburg Stock Exchange NA 933 540 704 068 100.0% 100.0% 61 953 63 526 NA NA
Keler CCP Ltd. - Budapest SE NA 0 0 100.0% 100.0% 0 0 0 0
LCH Clearnet Ltd. - London Metal Exchange NA 21 153 133 809 100.0% 100.0% 368 113 369 560 37 15 402
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) (1) Physical 4 365 688 3 661 230 100.0% 100.0% 402 788 319 953 240 190
Moscow Exchange Cash 544 476 492 258 100.0% 100.0% 17 938 10 939 NA NA
NYSE Liffe Clearing - NYSE Liffe (London and BClear) (2) NA 3 133 772 3 418 668 100.0% 100.0% 155 923 216 715 NA NA
TOTAL 368 352 125 327 334 567
2012 2011 2012 2011 2012 2011 2012 2011
Argentina Clearing - Rofex Physical/Cash 942 090 927 464 100.0% 100.0% 31 286 16 699 179 109
BM&FBOVESPA Physical/Cash 2 250 614 4 128 108 NA NA 19 345 36 837 308 635
Bolsa de Valores de Colombia NA 10 940 404 100.0% 100.0% 334 71 NA NA
CME Group NA 1 329 786 890 1 354 577 472 90.8% 89.9% 22 297 664 25 866 122 1 275 748 1 485 086
ICE Clear Canada - ICE Futures Canada NA 9 745 000 9 307 164 100.0% 100.0% NA NA NA NA
Total Americas 1 622 270 186 1 450 426 410
Australian Securities Exchange NA 255 774 397 000 100.0% 100.0% 38 841 38 593 3 912 3 003
Bursa Malaysia Derivatives Clearing (BMDC) NA 14 920 214 11 742 264 100.0% 100.0% 173 649 112 720 NA NA
Dalian Commodity Exchange NA 1 266 085 952 578 094 000 100.0% 100.0% 2 265 275 1 580 328 NA NA
Hong Kong Exchanges and Clearing Cash 4 7 432 100.0% 100.0% 0 0 0 0
Japan Commodity Clearing House Co., Ltd. - TOCOM Physical/Cash 50 957 514 63 325 840 100.0% 100.0% 353 513 323 553 NA 5 074
Korea Exchange Physical/Cash 0 449 100.0% 100.0% 121 91 0 0
Multi Commodity Exchange of India NA 777 311 388 692 275 912 100.0% 100.0% 978 146 675 171 NA NA
Shanghai Futures Exchange Physical 730 658 758 616 478 280 100.0% 100.0% 1 242 174 1 070 010 NA NA
Singapore Exchange NA 472 764 507 028 100.0% 100.0% 14 084 17 785 NA NA
TAIFEX Cash 124 908 211 682 100.0% 100.0% 627 512 13 10
Zhengzhou Commodity Exchange NA 694 183 066 812 878 914 100.0% 100.0% 1 142 206 935 600 9 009 8 660
Cassa di Compensazione e Garanzia - LSE Group NA 6 726 7 150 100.0% 100.0% 1 441 1 259 NA NA
Eurex Clearing AG Physical/Cash 1 190 244 1 104 340 100.0% 100.0% 297 271 337 855 27 706 36 220
ICE Clear Europe - ICE Futures Europe NA 520 653 718 515 573 404 NA NA NA NA NA NA
Keler CCP Ltd. - Budapest SE Physical 8 992 10 636 100.0% 100.0% 280 221 9 4
LCH Clearnet Ltd. - London Metal Exchange NA 306 402 954 276 975 316 100.0% 100.0% 1 524 344 1 716 740 NA NA
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Physical 20 590 106 16 563 388 100.0% 100.0% 400 478 328 402 7 285 5 388
MEFF Cash 17 097 634 7 512 826 0.0% 0.0% 1 709 602 1 322 433 NA NA
Moscow Exchange Physical/Cash 41 321 532 73 528 350 100.0% 100.0% 325 024 79 845 NA NA
NYSE Liffe Clearing - NYSE Liffe (London and BClear) NA 18 395 078 18 484 764 100.0% 100.0% 383 355 331 342 NA NA
TOTAL 6 098 377 042 5 149 980 373
14b. Commodity Swaps

2012 2011 2012 2011 2012 2011 2012 2011
Singapore Exchange NA 477 512 198 586 0.0% 0.0% NA 11 952 NA NA
15. Other Options
2012 2011 2012 2011 2012 2011 2012 2011
BM&FBOVESPA 3 923 358 22 782 250 100.0% 100.0% 0 0 0 0
OCC Cash NA 9 234 100.0% 100.0% NA 0 NA NA
Japan Securities Clearing Corporation - Tokyo Stock Exchange Physical 78 250 770 100.0% 100.0% 655 340 1 1
Eurex Clearing AG NA 5 457 484 2 717 672 2.2% 3.2% 1 574 271 685 568 10 067 7 074
ICE Clear Europe - ICE Futures Europe NA 1 650 402 1 572 926 100.0% 100.0% NA NA NA NA
TOTAL 12 557 422 28 217 108
16. Other Futures

2012 2011 2012 2011 2012 2011 2012 2011
Bolsa de Valores de Colombia Cash 782 0 100.0% 100.0% NA 0 NA NA
Hong Kong Exchanges and Clearing Cash 411 158 128 500 100.0% 100.0% 50 848 38 730 NA NA
Hong Kong Exchanges and Clearing Cash 3 052 0 100.0% 100.0% 8 0 NA NA
Japan Securities Clearing Corporation - Tokyo Stock Exchange Cash 367 800 225 014 100.0% 100.0% 146 362 41 140 405 125
Osaka SE Cash 25 918 0 100.0% 100.0% 1 739 0 NA NA
Eurex Clearing AG NA 19 555 458 14 492 774 47.2% 46.3% 4 223 222 2 466 081 9 967 8 332
ICE Clear Europe - ICE Futures Europe NA 16 974 082 13 567 796 100.0% 100.0% NA NA NA NA
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Cash 33 424 49 770 100.0% 100.0% 22 327 39 979 42 72
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Physical 0 60 100.0% 100.0% 0 0 0 0
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Cash 192 806 0 100.0% 100.0% 7 335 0 149 0
TOTAL 195 330 508 155 201 566
16b. Other Derivatives

2012 2011 2012 2011 2012 2011 2012 2011
Argentina Clearing - Rofex Cash 50 078 1 532 100.0% 100.0% 3 652 670 3 1
BM&FBOVESPA 21 944 73 282 100.0% 100.0% 67 500 95 750 3 368 4 814
Australian Securities Exchange NA 203 481 306 339 281 512 100.0% 100.0% 4 756 443 5 896 760 61 59
TOTAL 203 748 304 339 537 482
17. Credit Default Swap

2012 2011 2012 2011 2012 2011 2012 2011
CME Group NA NA NA 0.0% 0.0% NA NA 49 291 21 120
ICE Clear Credit NA NA NA 0.0% 0.0% NA NA 841 894 813 000
Japan Securities Clearing Corporation - Tokyo Stock Exchange NA 250 192 0.0% 0.0% 250 190 5 911 3 133
ICE Clear Europe NA NA NA 0.0% 0.0% NA NA 748 190 734 000
LCH Clearnet SA - NYSE Liffe (Amsterdam, Brussels, Lisbon and Paris) Cash 2 796 1 436 0.0% 0.0% 1 055 1 864 16 340 5 999
TOTAL 1 661 626 1 577 252

2012 IOMA Derivatives Market Survey PDF

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WFE/IOMA Derivatives Market Survey 2012

2012 Derivatives Market Survey

WFE/IOMA Derivatives Market Survey 2012 1

Single Stock Options and Futures

Stock Index Options and Futures

Exchange Traded Funds Options and Futures

Short-term interest rate (STIR) Options and Futures

Long-term interest rate (LTIR) Options and Futures

Currency Options and Futures

Commodity Options and Futures

Other derivatives Options and Futures

WFE/IOMA Derivatives Market Survey 2012 2

Zhengzhou Commodity Exchange

WFE/IOMA Derivatives Market Survey 2012 3

01. Single Stock Options

02. Single Stock Futures

03. Stock Index Options

04. Stock Index Futures

05. ETF Options

06. ETF Futures

07. STIR Options

08. STIR Futures

09. LTIR Options

10. LTIR Futures

11. Currency Options

12. Currency Futures

13. Commodity Options

14. Commodity Futures

Share of Open Outcry versus Electronic transactions on CME Group volumes

WFE/IOMA Derivatives Market Survey 2012 4

Compensation method used by exchanges for liquidity providers

High-Frequency Trading share in US Listed Options Markets

43% 45% 45%

Source: TABB Group

WFE/IOMA Derivatives Market Survey 2012 5

WFE/IOMA Derivatives Market Survey 2012 6

Number of ETD traded worldwide (bn contracts)

WFE/IOMA Derivatives Market Survey 2012 7

60% 3.4 4.2 5.0 6.3 9.1 9.9 7.6

20% 4.3 5.5 7.6 7.6 7.4 9.0

WFE/IOMA Derivatives Market Survey 2012 8

STIR Options 379 481 -21.2% Total IR opt Total IR opt.

WFE/IOMA Derivatives Market Survey 2012 9

1.1 Equity derivatives trading

S&P 500 Volatility (VIX): - 23% (13.02 historical low level)

Number of equity ETD traded worldwide (bn contracts)

WFE/IOMA Derivatives Market Survey 2012 10

Comparison of volumes on cash and derivative markets in the US and Europe

United States Europe (Ex. stock futures)

Millions of equity derivative contracts

Millions of cash EOB trades

Millions of cash EOB trades

Comparison of equity derivatives volumes and volatility in the US and Europe

Millions of contracts traded

Volatility index level

WFE/IOMA Derivatives Market Survey 2012 11

Average size and turnover velocity of main equity derivative exchanges

CBOE 10.8 - 138.3 - 10.1 3 - 19 - 4

Nasdaq OMX 1.5 1.2 15.6 15.5 - 8 17 11 61 -

WFE/IOMA Derivatives Market Survey 2012 12

WFE/IOMA Derivatives Market Survey 2012 13

2 500 700 2 500 180

WFE/IOMA Derivatives Market Survey 2012 14