2010 IOMA Survey

IOMA/IOCA Derivatives Market Survey 2010
Conducted by Romain Devai and Grgoire Naacke May 2011
WFE/IOMA Derivatives Market Survey 2010 May 2011
International Options Market Association (IOMA) 2010 Derivatives Market Survey
Table of Contents
Introduction .................................................................................................................................................... 4 Offers of derivatives....................................................................................................................................... 5 The global derivatives market ....................................................................................................................... 7 Exchange and products trends ...................................................................................................................... 9 A1 Equity products trading .................................................................................................................. 11
Stock Options..................................................................................................................... 14 Stock Futures ..................................................................................................................... 19 Index Options ..................................................................................................................... 22 Index Futures ..................................................................................................................... 26 ETF Options ....................................................................................................................... 29
A2 Equity products clearing................................................................................................................. 31 B1 Interest rate products trading ......................................................................................................... 32
STIR Options and Futures ................................................................................................. 34 LTIR Options and Futures ................................................................................................. 37
B2 Interest rate products clearing ....................................................................................................... 40 C Currency products ........................................................................................................................... 41 D Commodity derivatives .................................................................................................................... 45 D Exotic derivatives ............................................................................................................................. 50 Conclusion ................................................................................................................................................... 51 Annex 1 Trading data ............................................................................................................................... 53 Annex 2 Clearing data .............................................................................................................................. 61
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.
Introduction
This report is the result of the annual survey conducted by the World Federation of Exchanges for the International Options Markets Association (IOMA) derivatives exchanges and International Options Clearing Association (IOCA). This report deals with the trading and clearing of derivatives products and covers 54 exchanges. Some of these exchanges trade in a wide range of derivatives contracts, while many specialize in a single area of the market. The survey covers height groups of underlying assets:
Single equity Equity indices Exchange Traded Funds Short-term interest rates (STIR) Long-term interest rates (LTIR) Currencies Commodities Exotic (volatility index, weather)
The survey was compiled from questionnaire responses sent by IOMA/IOCA members 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.
The report begins with an overview of the offering of exchanges in terms of listed products. The section The Global Derivatives Market describes the overall developments in derivative volumes. The section Exchange and Product Trends examines volumes and value at each exchange within each major product type. It shows changes from 2009 for all exchanges. The study ends with Concluding Remarks, which raise further questions for consideration.
Offers of derivatives
Derivatives remain an area of choice for innovation as shown by the introduction of new products by several exchanges. The number of products that were dropped (in roughly the same proportion of products added) also show that liquidity tends to concentrate on few products and that it is sometimes difficult to build sufficient liquidity to make new products viable.
Products added or dropped during 2010 Added Stock futures Index Options ETF options STIR futures LTIR futures Currency Options Currency Futures Commodity Options Thailand Futures Exchange Thailand Futures Exchange National Stock Exchange of India NASDAQ OMX PHLX MexDer, TAIFEX, Tehran SE NASDAQ Options Market (U.S.)
Dropped
Australian SE, NYSE Liffe (European Markets) Budapest SE Bursa Malaysia, TAIFEX Australian SE Budapest SE
The average for the number of different product lines per exchange (excluding exotic products) is 4.7 and the median is 4. NYSE Liffe in Europe is the only exchange whose offers include all classes. At the other end of the spectrum, 10 exchanges offer only one class of products, the majority being Asian exchanges offering commodity futures.
Exchanges should continue to propose new products in 2011 as several exchanges indicated that they were considereing launching new products. Besides the most common ones, several echanges are considering launching exotic derivatives (e.g. volatility index, credit derivatives).
Number of product lines
Zhengzhou Commodity Exchange Tokyo Grain Exchange Tokyo Commodity Exchange (TOCOM) Tehran SE Shanghai Futures Exchange Rofex One Chicago Multi Commodity Exchange of India MCX-SX Dalian Commodity Exchange Tokyo Financial Exchange Inc. Mercado a Trmino de Buenos Aires London Metal Exchange ICE Futures Europe ICE Futures Canada Buenos Aires SE Bombay Stock Exchange NYSE Arca Options NYSE Amex NASDAQ Options Market (U.S.) Micex Boston Options Exchange Wiener Brse Warsaw SE Turkish Derivatives Exchange Tel Aviv SE Oslo Brs International Securities Exchange (ISE) Bursa Malaysia Athens Derivatives Singapore Exchange Osaka SE MEFF Chicago Board Options Exchange (CBOE) Budapest SE Borsa Italiana Tokyo Stock Exchange Group Thailand Futures Exchange (TFEX) NASDAQ OMX PHLX ICE Futures U.S. National Stock Exchange of India NASDAQ OMX Nordic Exchanges Hong Kong Exchanges TAIFEX MexDer Korea Exchange RTS Montral Exchange Eurex CME Group Johannesburg SE BM&FBOVESPA Australian SE NYSE Liffe (European markets) 0 1 2 3 4 5 6 7
List of product lines Single Stock Options Single Stock Futures Stock Index Options Single Index Futures ETF Options STIR Options STIR Futures LTIR Options LTIR Futures Currency Options Currency Futures Commodity Options Commodity Futures -
10
11
12
13
The global derivatives market

Trading in derivatives contracts on regulated exchanges worldwide surged 25% in 2010. 22.4 billion derivative contracts were traded on exchanges worldwide (11.3 billion futures and 11.1 billion options) against 17.9 billion in 2009. The share of futures in the total number of traded contracts nearly doubled between 2005 and 2010. In 2010, the number of futures traded surpassed for the first time the number of options.
The highest growth rate (+41%) was observed in the Asia-Pacific region and for the first time volumes traded in this geographical zone were higher than in the two other zones.
2010 worldwide derivatives volume 22 billion contracts traded
Breakdown of volumes by geographical zone in 2010

21%
11.3
39%
11.1
40%
Options
Futures
Americas
Asia-Pacific
Europe-Africa-Middle East
Derivatives Volume Growth

25 20 15 2007 10 5 2010 0 Options Futures Total 2008 2009 2004 2005 2006
The growth rate (+25%) is one of the highest observed since 2005. The number of futures traded increased faster (+36%) than options (+16%).
Derivatives Volume Growth Rate

50% 40% 30% 20%
39% 33% 33%
36%
36% 25%
2005/04 2006/05 2007/06 2008/07
16% 12% 10% 6%
15% 5%
Futures
19% 9% 13% 8% 1%
10% 0% Options -10% -20%
2009/08 2010/09
Total
3%
Exchange and products trends

Equity derivatives grew rapidly (+14%) in 2010. Asia Pacific region experienced the highest growth rate (+20%) followed by the Americas (+10%) and Europe Africa Middle East region (+8%).
Interest rate segment that had been the most heavily hit by the financial crisis grew substantially (+29%), but did not reach again pre-crisis volumes.
Currency derivatives, with 2.4 billion contracts traded in 2010, remain the smallest segment of organized markets. Nevertheless, driven by the Indian exchanges that accounted for 71% of the volumes traded in 2010, they have experienced triple-digit growth rates in 2010 (+142%). When the Indian exchanges are excluded from statistics, the growth rate of traded volumes in 2010 was still very strong ( + 36%).
Commodity derivatives continued to grow rapidly in 2010 (+33%). Chinese exchanges accounted for 51% of the traded volumes.
Contracts traded by Product Group (billion contracts)

16 14 Equity 3.5 3.0 2.5 2.0 1.5 6 4 2 0 2004 2005 2006 2007 2008 2009 2010 1.0 0.5 0.0
12 10 8
Currency Commodity
Currency and commodity
Equity and interest rate
Interest rate
2010 volume and 2010/2009 growth rate Single Stock Millions of Options 3 905 1 269 9% 17% Stock Index 5 019 2 283 20% 5% ETF 1 242 16% STIR 491 1 281 21% 27% LTIR 157 1 251 31% 33% Currency 56 2 339 36% 146% Commodities 194 2 829 48% 32% Exotic 64 10 88% 75%
contracts traded Futures Growth rate of Options
contracts traded Futures
10
A1 Equity products trading
Equity products still represent the dominant share of derivatives trading in terms of number of traded contracts although their relative weight slightly decreased to 61% in 2010 (against 68% in 2009 and 70% in 2010).
The comparison of volumes and notional values of equity derivatives shows that Single Stock and ETF derivatives are rather used by retail investors and index products by institutions.
Equity Products Volume Growth (billion contracts)

7 Stock options 6 Index & ETF options 5
Options
2.8 2.4 Stock futures Index futures 2.0 1.6 1.2 0.8 0.4 0.0 2004 2005 2006 2007 2008 2009 2010
Futures
4 3 2 1 0
11
When comparing the monthly volumes of EURO Stoxx 50 options and futures traded on Eurex since 2008 with the volatility of the underlying index, we can see that the peak of volumes are generally observed when the volatility increases sharply.
Monthly volumes of EURO Stoxx 50 options and futures traded on Eurex

80% EURO Stoxx 50 derivatives traded on EUREX 70% 60% 50% 40% 30% 20% 10% 0% 0 30 60 Monthly volatility of EURO Stoxx 50 Index 90 120
In 2010 a significant peak of volatility, though much smaller than the one observed after Lehman bankruptcy, occurred in May following the flash crash.
120% 100% 80% 60% 40% 20% 0%
200801 200802 200803 200804 200805 200806 200807 200808 200809 200810 200811 200812 200901 200902 200903 200904 200905 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103
Global equity indices volatility

(Annualized volatility of global indexes over 20 days)
Dow Jones Nikkei 225 STOXX 600
12
At it is shown by the statistics of the Bank of International Settelments (BIS), equity on-exchange traded derivatives were representing, at the end of june 2010, 47% of the total notional values outstanding of equity derivatives. In terms of notional turnover, a study commissioned by the WFE and conducted by TABB Group was estimating that the weight of on-exchange trades was 68% in 2009 1 . Since 1999, onexchange trades and OTC have evolved with similar trends.
Notional outstanding amounts of on-exchange and OTC equity derivatives (billion USD)
9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0
Source: BIS
OTC On-exchange
Dec. 1999
Dec. 2000
Dec. 2001
Dec. 2002
Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
June 2010
The study (The Global Risk Transfer Market: Developments in OTC and Exchange-Traded Derivatives) is available on WFE website : http://www.world-exchanges.org/files/statistics/excel/V08-030%20Global%20Risk%20Transfer%20Market.pdf
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Stock Options
In 2010, the number of stock options traded grew by 9% driven by South American and Asian exchanges.
The United States still dominate this maket with 60% of the traded volumes. The important 2010 growth rates of NYSE Amex, NASDAQ Options Market (US), NASDAQ OMX PHLX and NYSE Arca were offset by negative growth rates observed on ISE, CBOE and Boston Options Exchange.
The stock options market is less concentrated than other segments of derivatives markets especially in the United States where seven exchanges (CBOE, NASDAQ OMX PHLX, ISE, NYSE Arca, NYSE Amex, NASDAQ Options Market US and Boston Options Exchange) traded important volumes in 2010 and were thus represented in the group of the ten most active exchanges worldwide.
In South America, BM&FBOVESPA surged again in 2010 (+47%) and became the largest exchange in the world for its trading volumes. Vale and Petrobas options remain the most actively traded stock options in the world. Other markets in South America, namely Buenos Aires and Mexder also experienced impressive growth rates in 2010.
Volumes remained much smaller in the Asia-Pacific region but very important growth rates were observed in 2010 in this region.
In Europe, on the two biggest exchanges (Eurex and NYSE Liffe) volumes remained nearly stable in 2010. Those two exchanges have developed platforms allowing investors to register and clear OTC trades on the exchange. On Eurex, volumes are equaly reparted between OTC and non-OTC trades.
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2010/2009 % Change in stock options volume
-125% -100% -75% -50% -25% Korea Exchange Tel Aviv SE National Stock Exchange of India MexDer Buenos Aires SE NYSE Amex NASDAQ Options Market (U.S.) Athens Derivatives Exchange (Exc. REPOs) BM&FBOVESPA Oslo Brs NASDAQ OMX PHLX Hong Kong Exchanges Tokyo Stock Exchange Group Montral Exchange (OTC) NASDAQ OMX Nordic Exchanges Montral Exchange (Exc. OTC) NYSE Arca Options MEFF Australian Securities Exchange (Inc. LEPOs) Eurex (Exc. OTC) NYSE Liffe (European markets - Exc. OTC) Eurex (OTC) Wiener Brse Borsa Italiana NYSE Liffe (European markets) (OTC) Osaka SE Boston Options Exchange Chicago Board Options Exchange (CBOE) Johannesburg SE (Inc. ETF Options) RTS International Securities Exchange (ISE) TAIFEX ALL EXCHANGES -1% -1% -2% -3% -7% -9% -10% -21% -29% -31% -99%
0%
25% 1081% 204% 102% 79% 71% 68% 57% 56% 47% 37% 29% 28% 26% 25% 14% 13% 11% 6% 5% 4% 4%
50%
75% 100% 125% 150%
9%
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Top 10 exchanges by number of single stock options contracts traded in 2010 Millions of Notional Value % Exchange contracts traded (bn USD) 2010 2009 change 2010 2009 802 547 +47% 1 730 931 1 BM&FBOVESPA 573 635 -10% 2 700 2 188 2 Chicago Board Options Exchange (CBOE) 549 426 +29% NA NA 3 NASDAQ OMX PHLX 470 683 -31% NA NA 4 International Securities Exchange (ISE) 309 305 +1% 881 752 5 Eurex (1) NYSE Arca Options 305 274 +11% NA NA 6 287 171 +68% NA NA 7 NYSE Amex 175 171 +3% 587 455 8 NYSE Liffe (European markets) (1) 82 52 +57% 0 0 9 NASDAQ Options Market (U.S.) 68 75 -9% NA 25 10 Boston Options Exchange Others 283 243 +17% NA NA Total 3 905 3 581 +9% 14 653 10 576
(1) Including OTC Business registered on the Exchange
% change +86% +23% +17% +29% +80% -
Stock options contract volume by geographical zone

3 500 3 000 2 500 2 903 3 197 2009 2010
Millions
2 000 1 500 1 000 500 0 Americas Asia Pacific Europe, Africa, Middle East 86 106 592 601
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The most actively traded stock options in the world Underlying Equity Vale R Doce PNA Petrobras PN Citigroup Inc. Citigroup Inc. Citigroup Inc. Citigroup Inc. Bank of America Bank of America Citigroup Inc. OGX Petroleo Apple Inc. Bank of America Allianz General Electric ING Bank of America Apple Inc. Bank of America Arcelor Mittal Apple Inc. Pfizer UBS Royal Dutch Shell Deutsche Telekom TOTAL Exchange BM&FBOVESPA BM&FBOVESPA CBOE NASDAQ OMX PHLX ISE NYSE Amex CBOE NASDAQ OMX PHLX NYSE Arca Options BM&FBOVESPA CBOE ISE Eurex (1) NASDAQ OMX PHLX NYSE Liffe (1) NYSE Amex NASDAQ OMX PHLX NYSE Arca Options NYSE Liffe (1) ISE NASDAQ OMX PHLX Eurex (1) NYSE Liffe (1) Eurex (1) Millions of traded cont. 2010 2009 420.1 265.5 333.0 260.8 46.8 67.2 38.3 24.9 30.6 54.9 25.8 27.2 24.2 40.5 21.4 18.3 20.5 27.4 19.9 NA 19.6 13.4 18.5 28.9 17.3 16.1 17.2 11.1 16.1 17.2 14.8 6.7 13.5 6.2 12.6 15.3 11.9 10.1 11.7 15.6 11.3 2.8 10.4 10.6 10.1 10.9 10.1 9.5 1 176 961 Market share Opt. Prem. (excluding OTC) billion $ 2010 2009 2010 2009 11.3% 7.8% 25.4 14.5 9.0% 7.7% 12.9 12.7 1.3% 2.0% 2.1 5.0 1.0% 0.7% NA NA 0.8% 1.6% NA NA 0.7% 0.8% NA NA 0.7% 1.2% 2.0 4.7 0.6% 0.5% NA NA 0.6% 0.8% NA NA 0.5% NA 1.1 NA 0.5% 0.4% 13.8 6.4 0.5% 0.9% NA NA 0.5% 0.5% 2.3 (2) 2.4 (2) 0.5% 0.3% NA NA 0.4% 0.5% 1.3 2.6 0.4% 0.2% NA NA 0.4% 0.2% NA NA 0.3% 0.5% NA NA 0.3% 0.3% 2.5 2.7 0.3% 0.5% NA NA 0.3% 0.1% NA NA 0.3% 0.3% 0.4 (2) 1.1 (2) 0.3% 0.3% 1.4 1.9 0.3% 0.3% 1.8 (2) 3.5 (2) 31.6% 28.3% NA NA
(1) Excluding OTC business registered on the exchange (2) Including OTC business registered on the exchange
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Special focus on single stock flexible options
In order to offer the advantages of the on-exchange environment (mostly: transparency and clearing) to OTC products, several exchanges have developed flexible products allowing investors to customize the exercise price, the expiration date or the exercise style of options.
In the United States, the Options Clearing Corporations figures on single stock options provides the breakdown between flexible options and regular standardized options. With 0.63% of the volumes and 1% of the paid premium they still represent a relatively small part of the market, but their growth is impressive. In 2010 their volumes doubled while the total number of single stock options cleared by OCC only increased by 3% that year. CBOE who first introduced these products in 1993 is still the leader in the United States and had the largest growh rate in 2010.
Number of single stock flexible options cleared by OCC Exchange NYSE Amex NYSE Arca Options Chicago Board Options Exchange (CBOE) NASDAQ OMX PHLX Total flexible options on OCC Market share of flexible options
Source : OCC
Number of contracts traded 2010 1 176 235 2 838 681 8 904 617 1 845 886 14 765 419 0.63% 2009 1 161 462 3 168 528
% change +1% -10%
Premiums (Mio USD) 2010 165 1 092 4 029 201 5 487 514 591 1.07% 2009 169 848 1 759 142 2 917 494 038 0.59%
% change -2% +29% +129% +41% +88% +4% -
2 404 363 +270% 710 446 +160% 7 444 799 0.32% +98% +3% -
Memo : Total single stock options on OCC 2 361 987 452 2 298 970 496
These flexible options are also developing in other jurisdictions. In Europe for instance, Eurex offers flexible options. They offer the buy-side the benefit and flexibility of customized OTC options with the efficiency and safety of standardized clearing and settlement processes and the mitigation of counterparty risk with a central counterparty. In South Africa, those flexible derivatives are called Can-Do options and futures and were representing 10 billions of contracts traded in 2010.
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Stock Futures
Stock Futures inceased rapidly in 2010 (+17%) driven by OTC trades registered on Eurex and NYSE Liffe in Europe that grew respectively by 70% and 46% and that were accounting for 38% of the traded volumes worldwide in 2010 (against 29% in 2009).
RTS is also very active in that segment but volumes decreased in 2010 and it is worth noting that the contracts traded on RTS are much smaller than those traded on most other exchanges.
As in 2009, the biggest exchange in terms of Notional Value is National Stock Exchange of India.
Equity CFDs (contract for difference) traded on Australian Stock Exchanges have been reported with single stock futures nevertheless the nature of the product is different in particular because these are leverage products without expery date. In other countries, CFDs are generally traded OTC. The number of equity CFDs traded in Australia is important (153 millions of contracts in 2010) but the notional value is much smaller than for single stock futures.
Dividend futures traded in Johannesbourg have also been included here. With 22 millions of traded contracts in 2010 they were representing 19% of the number of stock futures traded and 0.3% of the notional value. These contracts enable investors to protect themselves against dividend risks on a specific stock are also traded on EUREX but volumes are much smaller. Dividend index derivatives can be found too in several trading venues (NYSE Liffe, Eurex, CBOE, Tokyo Stock Exchange) but here again with relatively small volumes.
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2010/2009 % Change in stock futures volume

-70% -50% -30% -10% 10% 30% 50% 70% 90% Eurex (Exc. OTC) MICEX Thailand Futures Exchange (TFEX) One Chicago Eurex (OTC) NYSE Liffe (European markets - OTC) Oslo Brs Korea Exchange Borsa Italiana National Stock Exchange of India Johannesburg SE (Inc. Dividend and ETF Futures) Australian Securities Exchange (Equity CFDs) Athens Derivatives Exchange (Exc. REPOs) RTS Hong Kong Exchanges Budapest SE NYSE Liffe (European markets - Exc. OTC) Wiener Brse Warsaw SE MEFF NASDAQ OMX Nordic Exchanges ALL EXCHANGES -5% -9% -12% -14% -16% -19% -19% -56% -63% 17% 2065% 1223% 565% 81% 70% 46% 25% 21% 16% 9% 9% 8%
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Top 10 exchanges by number of single stock futures contracts traded in 2010 Millions of Notional Value % Exchange contracts traded (bn USD) 2010 2009 change 2010 2009 289 199 +45% 980 491 1 NYSE Liffe (European markets) (1) 227 249 -9% 85 67 2 RTS 202 117 +73% 533 382 3 Eurex (1) 176 161 +9% 1 210 968 4 National Stock Exchange of India 153 142 +8% 2 2 5 Australian Securities Exchange (2) 116 107 +9% 39 30 6 Johannesburg SE (3) 45 37 +21% 19 13 7 Korea Exchange 20 45 -56% 30 59 8 MEFF 13 11 +16% 48 48 9 Borsa Italiana 13 1 +1223% 6 0.4 10 MICEX Others 17 18 -5% NA NA Total 1 269 1 085 +17% 3 012 2 094
(1) Including OTC Business registered on the Exchange (2) Equity CFDs (3) Including Dividend Futures and ETF Futures
% change +99% +26% +39% +25% +26% +30% +50% -48% -0% +1576% -
Stock futures contract volume by geographical zone

1 000 900 800 700 2009 2010 743 889
Millions
600 500 400 300 200 100 0 Americas Asia Pacific Europe, Africa, Middle East 3 5 340 375
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Index Options
Among equity derivatives, stock index options have experienced the highest growth rate in 2010 with volumes increasing by 20%.
The global growth rate is heavily influenced by KOSPI 200 options traded in Korea that accounted for 70% of the index options volume traded worldwide in 2010 with 3.5 billion contracts, but all other exchanges in the world taken as a whole increased at the same pace (+20%) as Korea (+21%). It is important to keep in mind that KOSPI 200 options are much smaller contracts than those traded in most other exchanges escpecially in the United States.
All other Asian exchanges also experienced remarkable and even higher growth rates in 2010 for stock index options.
In the American continent, volumes increased by 9.6%, at the same pace as the largest market namely CBOE.
In the Europe, Africa and Middle East region, contrasting trends were observed: some exchanges increased sharply such as RTS, Athens, Warsaw or Borsa Italiana while others decreased significantly. The global growth rate was negative (-5.1%).
22
2010/2009 % Change in index options volume

-60% Bombay Stock Exchange Singapore Exchange MexDer RTS Tokyo Stock Exchange Group Montral Exchange Wiener Brse National Stock Exchange of India Athens Derivatives Exchange (Exc. REPOs) Hong Kong Exchanges Warsaw SE Australian Securities Exchange (Inc. LEPOs) BM&FBOVESPA (Excl. OTC) Borsa Italiana ICE Futures U.S. TAIFEX CME Group Osaka SE Korea Exchange Tel Aviv SE Thailand Futures Exchange (TFEX) Chicago Board Options Exchange (CBOE) NYSE Liffe (European markets - Excl. OTC) Eurex (Excl. OTC) Oslo Brs NASDAQ OMX Nordic Exchanges Eurex (OTC) NASDAQ OMX PHLX International Securities Exchange (ISE) MEFF NYSE Liffe (European markets - OTC) BM&FBOVESPA (OTC) NYSE Amex Johannesburg SE Boston Options Exchange ALL EXCHANGES -12% -13% -14% -29% -35% -42% -44% -48% -59% 20% -3% 0% -40% -20% 0% 20% 918% 452% 262% 160% 129% 129% 79% 65% 60% 57% 53% 48% 44% 33% 28% 27% 27% 25% 21% 13% 12% 10% 8% 5% 40% 60% 80% 100% 120%
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Top 10 exchanges by number of stock index options contracts traded in 2010 Millions of Notional Value % Exchange contracts traded (bn USD) 2010 2009 change 2010 2009 3 526 2 921 +21% 69 913 43 921 1 Korea Exchange 530 321 +65% 3 220 1 385 2 National Stock Exchange of India 369 402 -8% 13 422 13 081 3 Eurex (1) 208 189 +10% 22 473 16 531 4 Chicago Board Options Exchange (CBOE) 97 76 +27% 1 218 717 5 TAIFEX 70 62 +13% 2 207 1 404 6 Tel Aviv SE 57 63 -10% 3 519 3 436 7 NYSE Liffe (European markets) (1) 44 35 +25% NA NA 8 Osaka SE 40 32 +27% 5 140 3 590 9 CME Group 14 14 -3% NA NA 10 NASDAQ OMX Nordic Exchanges Others 64 58 +12% NA NA Total 5 019 4 175 +20% 69 184 83 354
% change +59% +132% +3% +36% +70% +57% +2% +43% -
Index options contract volume by geographical zone

Millions
4 000 3 526 3 500 3 000 2 500 2 000 1 500 1 000 500 0 Americas Korea Ex. Asia Pacific Excl. Korea Europe, Africa, Middle East 243 267 444 689 566 537 2 921 2009 2010
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The most actively traded index options in the world Underlying Index Kospi 200 S&P CNX Nifty Euro Stoxx 50 S&P 500 TAIFEX TA 25 Euro Stoxx 50 DAX Nikkei 225 AEX DAX E-MINI S&P 500 S&P 100 Russell 2000 TOTAL Exchange Korea Exchange NSE India Eurex (OTC) CBOE TAIFEX Tel-Aviv SE Eurex (Exc. OTC) Eurex (OTC) Osaka SE NYSE Liffe (Exc. OTC) Eurex (Exc. OTC) CME Group CBOE CBOE Millions of contracts 2010 3 526 530 215 175 96 70 70 50 44 26 26 23 11 10 4 870 2009 2 921 321 232 155 72 62 68 71 35 25 25 18 9 12 4 026 Market share in 2010 Ex. Total Korea 70.2% NA 10.6% 35.5% 4.3% 14.4% 3.5% 11.7% 1.9% 6.4% 1.4% 4.7% 1.4% 4.7% 1.0% 3.3% 0.9% 2.9% 0.5% 1.8% 0.5% 1.7% 0.5% 1.5% 0.2% 0.7% 0.2% 0.7% 97% 90% Opt. Prem. billion $ 2010 NA 33.9 334.2 (1) 385.2 9.7 20.5 334.2 (1) 59.5 (1) 49.5 16.3 59.5 (1) NA 4.7 12.3 NA 2009 202.1 24.9 432.8 (1) 403.5 9.0 18.0 432.8 (1) 86.7 (1) 55.5 19.4 86.7 (1) NA 5.6 14.9 NA
(1) Including on-exchange trades and OTC business registered on the exchange
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Index Futures
Index Futures were accounting for half of the notional value of equity derivatives traded in 2010. The larger size of those contracts shows that they are probably most often used by institutional investors for hedging purpose.
In 2010 volumes increased slower (+5%) compared to other derivatives markets.
In the Americas, the market is still dominated by CME Group where 87% of the contacts were traded in 2010 but volumes slightly decreased on CME Group.
In Asia, the market is much less concentrated. Five Asian exchanges are represented in the list of the ten most active exchange in the world for volumes of index futures traded: Hong Kong Exchanges, Korea Exchange, National Stock Exchange of India, Osaka SE and Singapore Exchange. Increase in Osaka and Singapore was offset by the deacrease perceived in India.
In the Europe, Africa and Middle East timezone, the three largest exchanges for index futures, namely Eurex, RTS and NYSE Liffe experienced substantial growth rate in 2010 allowing this region to grow much fatser than Asia and the Americas.
26
2010/2009 % Change in index futures volume

-50% MICEX Bombay Stock Exchange ELX NASDAQ OMX PHLX RTS Borsa Italiana Athens Derivatives Exchange (Exc. REPOs) Budapest SE Wiener Brse BM&FBOVESPA MexDer MEFF Singapore Exchange Osaka SE Eurex (Exc. OTC) Australian Securities Exchange (Inc. CFDs) Warsaw SE NYSE Liffe (European markets - Exc. OTC) Korea Exchange ICE Futures U.S. TAIFEX Bursa Malaysia Johannesburg SE Hong Kong Exchanges CME Group Thailand Futures Exchange (TFEX) Montral Exchange Tokyo Stock Exchange Group Eurex (OTC) NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets - OTC) Oslo Brs Turkish Derivatives Exchange National Stock Exchange of India Tel Aviv SE ALL EXCHANGES 0% -1% -1% -1% -2% -2% -2% -2% -4% -7% -10% -14% -20% -43% 5% -25% 0% 25% 1474% 183% 163% 81% 51% 27% 26% 26% 24% 22% 17% 15% 14% 13% 13% 6% 6% 5% 4% 3% 1% 50% 75% 100%
27
Top 10 exchanges by number of stock index futures contracts traded in 2010 Millions of Notional Value % Exchange contracts traded (bn USD) 2010 2009 change 2010 2009 698 708 -1% 39 785 33 359 1 CME Group 436 395 +10% 22 803 18 177 2 Eurex (1) 227 150 +51% 679 303 3 RTS National Stock Exchange of India 156 196 -20% 890 777 4 148 130 +13% 3 996 3 550 5 Osaka SE 96 93 +4% 6 465 5 230 6 NYSE Liffe (European markets) (1) 87 83 +4% 8 570 6 027 7 Korea Exchange 59 52 +14% NA NA 8 Singapore Exchange 57 65 -14% 277 200 9 Turkish Derivatives Exchange 43 43 -1% 4 104 3 497 10 Hong Kong Exchanges Others 276 249 +11% NA NA Total 2 283 2 164 +5% 102 715 82 906
% change +19% +25% +124% +15% +13% +24% +42% +39% +17% -
Index futures volume by geographical zone

1 000 791 800 600 400 200 0 Americas Asia Pacific Europe, Africa, Middle East 576 565 800
2009
2010 797
918
Millions
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ETF Options
Trading on ETF options increased 16% in 2010. The ETF options market remains mainly a US market, with very low volumes in Europe, mainly OTC on Eurex (NYSE Liffe didnt trade ETF options in 2010), in Asia and in South America. 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. As a result the size of the underlying market in the US is still very predominant. The US represent 68% (USD 929.1 bn) of the worldwide ETFs assets under management (February 2011 figures) 2 .
In the United States, the market of ETF options is 4.7 times bigger than stock index options market in terms of number of contracts traded, but the size of the contracts is much smaller. For example the size of SPDR SP500 ETF options traded on CBOE are one-tenth the size of SP500 options. Volumes of ETF options in the US increased faster in 2010 (+16.3% against +9.6% for index options).
2010/2009 % Change in ETF options volume

-75% Osaka SE Eurex (OTC) Tokyo Stock Exchange Group Hong Kong Exchanges BM&FBOVESPA (Exc. OTC) NYSE Amex NASDAQ OMX PHLX Eurex (Exc. OTC) NYSE Arca Options Montral Exchange Chicago Board Options Exchange (CBOE) International Securities Exchange (ISE) NASDAQ Options Market (U.S.) Boston Options Exchange NYSE Liffe (European markets) Australian Securities Exchange ALL EXCHANGES 0% -4% -5% -63% Stopped trading in 2010 Stopped trading in 2010 16% -50% -25% 0% 220% 148% 3933% 314% 295% 96% 68% 45% 23% 19% 25% 50% 75% 100%
Source : Blackrock, ETF Landscape - Global Handbook Q1 2011
29
Top 10 exchanges by number of ETF options contracts traded in 2010 Millions of % Exchange contracts traded 2010 2009 change 294 175 +68% 1 NASDAQ OMX PHLX 276 277 -0% 2 Chicago Board Options Exchange (CBOE) 264 274 -4% 3 International Securities Exchange (ISE) 182 148 +23% 4 NYSE Arca Options 151 77 +96% 5 NYSE Amex 47 50 -5% 6 NASDAQ Options Market (U.S.) 23 62 -63% 7 Boston Options Exchange 3.3 2.8 +19% 8 Montral Exchange 1.0 0.2 +299% 9 BM&FBOVESPA 0.5 0.1 +314% 10 Hong Kong Exchanges Others 0.2 0.0 +1756% Total 1 242 1 067 +16%
Notional Value (bn USD) 2010 2009 NA NA 2 047 1 655 NA NA NA NA NA NA 0 0 NA NA 23 20 0 1 3 3 NA NA 8 848 6 077
% change +24% -8% +16% -24% +18% -
30
A2 Equity products clearing
The Options Clearing Corporation is the world's largest equity derivatives clearing organization in terms of number of cleared contracts. The OCC's participant exchanges include: the Boston Options Exchange, Chicago Board Options Exchange, International Securities Exchange, NASDAQ OMX PHLX, NYSE Amex and NYSE Arca. In 21010, volumes of equity derivatiives contracts cleared by OCC increased by 8.3%.
Equity derivatives clearing in America in 2010
(contracts single counted - millions) 109 738 2% 13% 843 15%
3 926 70% OCC BM&FBOVESPA CME Group Others
In the Europe, Africa and Middle East region, the three largest clearing organisations are Eurex, NYSE Liffe Clearing and LCH.Clearnet. Eurex clearing house clears the Eurex on-exchange trades as well as an important part of OTC trades. NYSE Liffe Clearing 3 covers all products on the London derivatives market, including OTC trades booked through its Bclear facility. LCH.Clearnet is clearing of other NYSE Liffe onexchange trades. The Other exchanges have their own clearing houses that clear 100% of the onexchange trades.
Equity derivatives clearing in Europe , Africa, Middle East in 2010
(contracts single counted - millions) 151 81 5% 3% 476 16% Eurex OTC 231 37% 341 55% 46 8% NYSE Liffe Clearing non-OTC
Eurex NYSE Liffe RTS Johannesburg SE NASDAQ OMX Nordic Others
304 10%
680 52%
636 48%
Eurex non-OTC
NYSE Liffe Clearing OTC (Bclear)
LCH Clearnet non-OTC 618 21% 1 316 45%
In the Asia Pacific region, all exchanges have their own clearing houses that clear 100% of the onexchange trades.
London derivatives (including Bclear) were previously cleared by LCH.Clearnet. NYSE Liffe continues to outsource certain clearing functions to LCH.Clearnet Ltd (LCH.Clearnet) including the provision of risk management activities and clearing guarantee arrangements. As part of the arrangements all London market clearing members must also remain LCH.Clearnet clearing members.
31
B1 Interest rate products trading
After two years of decline, trading in all types of interest rate products increased significantly in 2010 (+29%). Neverthelss, these growth rates were not sufficient to reach again the record volumes observed in 2007.
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). Thats why - as it is shown in the following graph - short term interest rate derivatives account for such a large part of the notional value (83%).
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 for institutional investors. Nevertheless, the recent development of swap clearing facilities by various clearing houses should boost on-exchange trades. In terms of notional turnover, the weight of on-exchange volumes was estimated to be 70% in 2009 4 .
Source: The Global Risk Transfer Market: Developments in OTC and Exchange-Traded Derivatives
32
Evolution of notional outstanding amounts of on-exchange and OTC interest rate derivatives (trillion USD)
500 450 400 350 300 250 200 150 100 50 0 Dec. 1999 OTC swaps OTC FRAs & opt. On-exchange fut. & opt. 100 90 80 70 60 50 40 30 20 10 0 Dec. 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec. 2008 Dec. 2009 June 2010
On-exchange derivatives
OTC derivatives
Source: BIS
Dec. 2000
Dec. 2001
Dec. 2002
Since 2009, Interest Rate derivatives have been evolving in a context of near-zero interest rates policy from several major Central Banks. This trend however may reverse in 2011, the ECB raised its main refinancing interest rate from 1% to 1.25% in April and may be followed by the FED and the Bank of England. This anticipation on interest rates increase has led to a surge in interest rate derivative volumes in the first months of 2011 5 .
Interest rate products volume growth (billion contracts)

0.7 0.6 0.5 STIR Options STIR Futures LTIR Options LTIR Futures 1.5 1.2 0.9 0.6 0.3 0.0 2004 2005 2006 2007 2008 2009 2010 2.1 1.8
Options
0.4 0.3 0.2 0.1 0.0
The relationship between inflation expectation, interest rates and interest rates derivatives volumes is explained in Opportunities in derivates exchanges in an inflationary environment, B. Mariano, D. Perfumo, Focus, April 2010.
Futures
33
Main refinancing operations interest rates

6 5 4 3 2 1
31.01.2004 30.04.2004 31.07.2004 31.10.2004 31.01.2005 30.04.2005 31.07.2005 31.10.2005 31.01.2006 30.04.2006 31.07.2006 31.10.2006 31.01.2007 30.04.2007 31.07.2007 31.10.2007 31.01.2008 30.04.2008 31.07.2008 31.10.2008 31.01.2009 30.04.2009 31.07.2009 31.10.2009 31.01.2010 30.04.2010 31.07.2010 31.10.2010 31.01.2011
10Y treasury bonds interest rates

6
ECB BankofEngland FED BankofJapan
5 4 3 2 1 Germany UK US Japan
31.01.2004 30.04.2004 31.07.2004 31.10.2004 31.01.2005 30.04.2005 31.07.2005 31.10.2005 31.01.2006 30.04.2006 31.07.2006 31.10.2006 31.01.2007 30.04.2007 31.07.2007 31.10.2007 31.01.2008 30.04.2008 31.07.2008 31.10.2008 31.01.2009 30.04.2009 31.07.2009 31.10.2009 31.01.2010 30.04.2010 31.07.2010 31.10.2010 31.01.2011
STIR Options and Futures
In 2010, volumes of STIR derivatives increased 27% after the sharp decline observed in 2009 particularly in North America. Nevertheless volumes did not reach again the record levels of 2007.
In the Americas, CME Group volumes - that accounted for 59% of the volumes traded in this region in 2010 and for 95% of the notional value increased by 16% after a decline of 27% in 2009. Most trading in the CME Group is concentrated on Eurodollar futures which remain the most active STIR contracts in the world. Volumes nearly doubled on BMF&Bovespa, the third biggest exchange in the world for STIR derivatives volumes. In terms of notinonal value, BMF&Bovespa is nonetheless much smaller than CME Group and NYSE Liffe (European Markets).
In the Europe, the market is also highly concentrated with NYSE Liffe accounting for 97% of the volumes. NYSE Liffe remains the largest exchange in the world for STIR options despite a slight decrease of volumes in 2010 while STIR futures in creased rapidly in 2010 (+22%).
In Asia volumes of STIR options and futures remain negligible compared to Europe and Americas.
34
2010/2009 % Change in STIR options & futures volume

-100% Johannesburg SE Fut. BM&FBOVESPA (Exc. OTC) Opt. BM&FBOVESPA Fut. Montral Exchange Fut. NASDAQ OMX Nordic Ex Opt. Eurex (OTC) Fut. Montral Exchange Opt. Australian Securities Exchange Fut. NASDAQ OMX Nordic Ex Fut. NYSE Liffe (European markets) Fut. CME Group Fut. Australian Securities Exchange Opt. CME Group Opt. NYSE Liffe (European markets) Opt. Bursa Malaysia Fut. MexDer Fut. Eurex (Exc. OTC) Fut. Hong Kong Exchanges Fut. CBOE Opt. BM&FBOVESPA (OTC) Opt. TAIFEX Fut. Budapest SE Fut. ALL EXCHANGES -25% -29% -34% -62% -87% -91% -100% -100% 27% -1% -50% 0% 275% 123% 85% 79% 75% 3698% 220% 148% 27% 22% 17% 16% 14% 50% 100%
35
Top 10 exchanges by number of short term interest rate* derivatives contracts traded in 2010 Millions of Notional Value % Exchange contracts traded (bn USD) 2010 2009 change 2010 2009 695 599 +16% 695 684 600 032 1 CME Group 557 492 +13% 644 482 556 523 2 NYSE Liffe (European markets) 431 222 +94% 23 198 14 110 3 BM&FBOVESPA (1) 30 42 -29% 236 310 4 MexDer Australian Securities Exchange 24 18 +34% 30 423 17 270 5 20 15 +31% NA NA 6 NASDAQ OMX Nordic Exchanges 14 8 +78% 13 570 6 959 7 Montral Exchange 0.3 0.4 -34% 350 523 8 Eurex (1) 0.1 0.1 -25% 30 36 9 Bursa Malaysia 0.2 0.1 +275% 13 6 10 Johannesburg SE Others 0.0 0.0 -93% NA NA Total 1 772 1 398 +27% 1 423 899 1 208 867
% change +16% +16% +64% -24% +76% +95% -33% -17% +120% -
* Derivatives w here original term to maturity of underlying asset is equal to or less than 12 months (treasury bills, deposits etc) (1) Including OTC Business registered on the Exchange
STIR options and futures contract volume by geographical zone

1 400 1 200 1 000 872 1 170 2009 2010
Millions
800 600 400 200 18 0 Americas Asia Pacific Europe, Africa, Middle East 24 508 578
36
LTIR Options and Futures
LTIR derivatives had experienced the worst decline among all classes of products in 2009. The market recovered in 2010 with a growth rate (+33%) even higher than that of STIR derivatives. Here again the growth rate was nevertheless not sufficient to reach record levels of 2007.
EUREX and CME Group still hold an overwhelming market share for LTIR derivatives trading globally, amounting to 89%.
In the Americas, CME Group experienced one of the higest growth rate (+44%) driven by 10 Year Treasury Note futures traded on CBOT which remained the most active LTIR contracts in the world. In the two other exchanges with significant volumes namely Montral Exchange and Mexder volumes also increased very rapidly (repectively + 20% and +50%).
In Asia Pacific, four exchanges are trading significant numbers of LTIR derivatives: Australian Securities Exchange, Korea Exchange, Tokyo Financial Exchange Inc. and Tokyo Stock Exchange Group. Three of them experienced positive growth rate in 2010.
In Europe, Eurex grew rapidly (+23%) but at a slower pace than CME Group and the two largest Asian Exchanges: ASX and Korea Exchange. The Euro-Bund futures on Eurex remained the second most active contracts worldwide. NYSE Liffe and NASADQ OMX Nordic also increased fast (respectively +19% and +29%) but volumes remains much lower than on Eurex.
37
2010/2009 % Change in LTIR options & futures volume
-100% Buenos Aires SE Opt. Turkish Derivatives Exchange Fut. RTS Fut. MexDer Fut. Australian Securities Exchange Opt. CME Group Fut. Australian Securities Exchange Fut. CME Group Opt. Korea Exchange Fut. Johannesburg SE Fut. Eurex (Exc. OTC) Opt. NASDAQ OMX Nordic Ex Fut. Eurex (OTC) Opt. Johannesburg SE Opt. Eurex (Evx. OTC) Fut. Eurex (OTC) Fut. Montral Exchange Fut. NYSE Liffe (European markets) Fut. Tokyo Stock Exchange Group Fut. Singapore Exchange Fut. Tokyo Financial Exchange Inc. Fut. Tokyo Stock Exchange Group Opt. MEFF Fut. Montral Exchange Opt. BM&FBOVESPA Fut. NYSE Liffe (European markets) Opt. CBOE Opt. National Stock Exchange of India Fut. TAIFEX Fut. Bursa Malaysia Fut. ALL EXCHANGES
-75%
-50%
-25%
0%
25% 109628% 890% 380% 50% 48% 45% 39% 35% 35% 34% 31% 29% 25% 3698% 220% 148% 20% 20% 19% 7%
50%
-14% -18% -22% -22% -47% -52% -57% -87% -100% -100% 33%
38
Top 10 exchanges by number of long term interest rate* derivatives contracts traded in 2010 Millions of Notional Value % % Exchange contracts traded (bn USD) 2010 2009 change 2010 2009 change 684 474 +44% 170 379 123 902 +38% 1 CME Group 574 465 +23% 91 101 71 186 +28% 2 Eurex (1) 50 36 +40% 4 598 2 821 +63% 3 Australian Securities Exchange 30 25 +19% 4 656 3 763 +24% 4 NYSE Liffe (European markets) Korea Exchange 27 20 +35% 2 599 1 740 +49% 5 Tokyo Financial Exchange Inc. 11 13 -14% NA NA 6 10 9 +9% 16 184 13 577 +19% 7 Tokyo Stock Exchange Group 7.4 5.7 +29% NA NA 8 NASDAQ OMX Nordic Exchanges 6.4 5.3 +20% 620 470 +32% 9 Montral Exchange 4.8 3.2 +50% 48 31 +58% 10 MexDer Others 3.2 1.5 +109% NA NA Total 1 408 1 059 +33% 294 590 221 600
* Derivatives w here original term to maturity of underlying asset is greater than 12 months (treasury bonds, corporate bonds, Eurobonds (1) Including OTC Business registered on the Exchange
LTIR options and futures contract volume by geographical zone

800 696 700 600 2009 483 2010 497 612
Millions
500 400 300 200 100 0
79
99
Americas
Asia Pacific
Europe, Africa, Middle East
39
B2 Interest rate products clearing
As already noted, the interest rate derivatives market is dominated by OTC products that were accounting for 87% of the notional outstanding amount at the end of 2010. Among those OTC contracts, interest rate swaps represent 77% of the notional outstanding amount (348 trillion USD). With 249 trillion USD of notional outstanding cleared, the clearing facility for interest rate swaps developed by LCH.Clearnet and first launched in 1999, namely SwapClear, was by far the leader in that market at the end of 2010.
In the United States, IDCG (International Derivatives Clearing Group), which is largely owned by NASDAQ OMX Group, has also proposed a clearing solution for OTC interest rate swaps since December 2008. CME Group has recently offered this service since October 2010.
Interest rate derivatives clearing at the end of 2010

(estimated notional outstanding amounts - USD trillions)
26 23 6
NYSE Liffe on-exchange CME Group on-exchange
Other on-exchange trades
249
LCH Clearnet OTC (SwapClear)
Evolution of notional outstanding amounts and volumes on SwapClear

350 Month end notional outstanding amount 90 85 237 247 248 249 252 267 277 300 250 200 150 100 50 0 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11
Source: LCH Clearnet
Monthly trade registrations (thousands)
Notional outstanding amount (USD trillions)
Monthly number of trades 212 219 225 229 234 229
80 75 70 65 60 55 50 45 40
40
C Currency products With 2.4 billion contracts traded in 2010, currency derivatives remain the smallest segment of organized markets but due to the huge development of this market in India, currency derivatives experienced - as in 2009 - the highest growth rate (+142%) when compared to other segments of the derivatives market.
Currency products volume growth (million contracts)

60 Currency Options 50 Currency Futures 40 1 600 1 200 800 400 0 2004 2005 2006 2007 2008 2009 2010 2 000 2 400
Options
30 20 10 0
Evolution of notional outstanding amounts of on-exchange and OTC currency derivatives (billion USD)
60 000 50 000 OTC options OTC currency swaps 40 000 30 000 20 000 10 000 0
Source: BIS
600
500 400 300 200 100 0
OTC derivatives
OTC forward and forex swaps On-exchange fut. & opt.
Dec. 1999
Dec. 2000
Dec. 2001
Dec. 2002
Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
June 2010
Futures
On-exchange derivatives
41
The impressive growth rate of currency derivative volumes mainly reflects the situation of the two largest exchanges in terms of number of contracts traded namely MCX-SX and National Stock Exchange of India, where the number of contracts traded surged by 294% and 221% respectively and that were accounting for 68% of the volumes traded worldwide in 2010. In other Asian exchanges, Tokyo Financial Exchange Inc., Korea Exchange and Osaka SE, volumes also increased very fast.
In the Americas, CME Group and BM&FBOVESPA, the two largest exchanges, are smaller than Indian exchanges in terms of number of contracts traded but much bigger in terms of notional value. With a notional value of 30 trillion USD, the contracts traded on CME Group in 2010 were reprensenting an amount 18 times bigger than what was traded in India the same year. CME Group volumes increased 48% and BM&FBovespa 22%. In the United States, ICE Futures is also present with smaller volumes but those volumes doubled in 2010. In South America, Rofex and Mexder increased respectively by 21% and 245%.
In Europe, the volume growth was driven by RTS that experienced a 166% growth rate in 2010 but as on Indian exchanges the notional value is much smaller than on CME Group and BM&FBOVESPA. Volumes on other European exchanges decreased or remained stable.
42
2010/2009 % Currency options & futures volume

-100% -75% Osaka SE Fut. MexDer Opt. MCXSX Fut. MexDer Fut. National Stock Exchange of India Fut. RTS Fut. CME Group Opt. BM&FBOVESPA (OTC) Opt. ICE Futures U.S. Fut. Johannesburg SE Opt. Tokyo Financial Exchange Inc. Fut. Korea Exchange Fut. CME Group (Exc. OTC) Fut. BM&FBOVESPA Fut. Rofex Fut. BM&FBOVESPA (Exc. OTC) Opt. Tel Aviv SE Opt. Budapest SE Fut. NYSE Liffe (European markets) Fut. Johannesburg SE Fut. International Securities Exchange (ISE) Opt. MICEX Fut. Warsaw SE Fut. RTS Opt. NYSE Liffe (European markets) Opt. Montral Exchange Opt. Turkish Derivatives Exchange Fut. NASDAQ OMX PHLX Opt. ICE Futures U.S. Opt. Budapest SE Opt. Australian Securities Exchange CFDs ALL EXCHANGES -5% -11% -14% -21% -26% -27% -30% -32% -41% -48% -53% -60% -87% Stopped trading in 2010 142% -50% -25% 0% 25% 684% 564% 294% 245% 218% 174% 143% 111% 108% 71% 56% 48% 45% 25% 21% 11% 3% 50% 75% 100%
43
Top 10 exchanges by number of currency derivatives contracts traded in 2010 Millions of Notional Value % Exchange contracts traded (bn USD) 2010 2009 change 2010 2009 885 224 +294% 908 221 1 MCXSX 726 226 +221% 734 224 2 National Stock Exchange of India 233 157 +48% 29 979 20 125 3 CME Group (1) 133 109 +22% 6 728 5 439 4 BM&FBOVESPA (1) 123 46 +166% 138 52 5 RTS 110 71 +56% NA NA 6 Tokyo Financial Exchange Inc. 62 51 +21% NA NA 7 Rofex 62 42 +48% NA 548 8 Korea Exchange 13 18 -27% 14 19 9 MICEX 8 8 +3% NA NA 10 Tel Aviv SE Others 41 39 +6% NA NA Total 2 395 991 +142% 43 431 33 240
% change +310% +228% +49% +24% +164% -25% -
Currency options & futures volume contract by geographical zone

2 000 1 787 1 800 1 600 1 400
2009 2010
Millions
1 200 1 000 800 600 400 200 0 Americas Asia Pacific Europe, Africa, Middle East 324 102 167 565 441
44
D Commodity derivatives
Since 2004, the development of commodity derivatives markets is impressive. Volumes only stopped growing during one year in 2008. In 2010 the growth rate of volumes (+35%) was higher than for all other segments of organized derivatives markets except currency derivatives.
Commodity products volume growth (million contracts)

240 Commodity Options 200 Commodity Futures 160 2 000 1 500 1 000 500 0 2004 2005 2006 2007 2008 2009 2010 2 500 3 000
Options
120 80 40 0
Futures
45
CME Group still dominates the scene for commodity derivatives and is present with important volumes on all the segments (Agricultural, Energy and Metal) via its various trading platforms: CME, CBOT and NYMEX. CME Group has also developed clearing facilities to process OTC trades with its platform Clearport. In 2010, OTC trades registered on CME Group decreased slightly (-9%) whereas pure onexchange trades increased by 48%. Other exchanges active in the trading of Agricultural derivatives in the Americas, namely ICE and BM&FBovespa also increased rapidly in 2010 but volumes remain significantly lower.
In Asia Pacific, the growth rate of volumes that was close to the one observed in Americas (+36% agains +35%) was mainly driven by Chinese exchanges that were accounting for 87% of the volumes traded in that region. Evolutions were however contrasted among those Chinese exchanges: Shanga and Zhengzhou surged (respectively by +43% and +118%) whereas Dalian Commodity Exchange slightly decreased (-3%).
In Europe, ICE Futures increased significantly on energy derivatives (+31%) whereas London Metal Exchange slightly decreased (-1%) on metal derivatives. Other exchanges experienced high growth rates but volumes remain much lower.
46
2010/2009 % Change in commodity options & futures volume

-100% Eurex (Exc. OTC) Fut. Thailand Futures Exchange (TFEX) Fut. Eurex (OTC) Fut. Zhengzhou Commodity Exchange Fut. CME Group (Exc. OTC) Opt. RTS Opt. NYSE Liffe (European markets) Opt. RTS Fut. Australian Securities Exchange Opt. ICE Futures Europe Opt. Shanghai Futures Exchange Fut. CME Group (Exc. OTC) Fut. NYSE Liffe (European markets) Fut. ICE Futures Europe Fut. London Metal Exchange Opt. ICE Futures U.S. Opt. Turkish Derivatives Exchange Fut. Multi Commodity Exchange of India Fut. ICE Futures Canada Fut. BM&FBOVESPA Fut. CME Group (OTC) Opt. Australian Securities Exchange Fut. & CFDs ICE Futures Canada Opt. ICE Futures U.S. Fut. Borsa Italiana Fut. Johannesburg SE Opt. Johannesburg SE Fut. Bursa Malaysia Fut. London Metal Exchange Fut. Dalian Commodity Exchange Fut. Tokyo Commodity Exchange (TOCOM) Fut. BM&FBOVESPA Opt. Eurex Opt. Hong Kong Exchanges Fut. CME Group (OTC) Fut. Budapest SE Fut. Tokyo Grain Exchange Fut. TAIFEX Fut. TAIFEX Opt. Budapest SE Opt. ALL EXCHANGES -75% -50% -25% 0% 337% 212% 143% 118% 93% 70% 65% 59% 57% 52% 43% 41% 33% 31% 30% 30% 25% 22% 21% 21% 18% 18% 16% 15% 15% 14% 12% 1% -2% -3% -5% -13% -14% -17% -22% -37% -41% -98% -99% -100% 34% 25% 50% 75% 100%
47
Top 10 exchanges by number of commodity derivatives contracts traded in 2010 Millions of Notional Value % Exchange contracts traded (bn USD) 2010 2009 change 2010 2009 843 619 +36% NA NA 1 CME Group (1) 622 435 +43% 9 134 5 399 2 Shanghai Futures Exchange 496 227 +118% NA 1 399 3 Zhengzhou Commodity Exchange 403 417 -3% 3 085 2 756 4 Dalian Commodity Exchange 211 161 +31% NA NA 5 ICE Futures Europe 197 161 +22% NA 1 232 6 Multi Commodity Exchange of India 111 112 -1% NA 6 833 7 London Metal Exchange 59 50 +19% NA NA 8 ICE Futures U.S. 28 29 -5% 807 605 9 Tokyo Commodity Exchange (TOCOM) 18 11 +59% 18 8 10 RTS Others 35 40 -15% NA NA 3 023 2 262 +34% 57 551 40 456
% change +69% +12% +33% +124% -
Commodity options & futures contract volume by geographical zone

2 000 1 800 1 600 1 400 1 287 910 675 303 366 1 200 1 000 800 600 400 200 0 Americas Asia Pacific Europe, Africa, Middle East 1 754 2009 2010
Millions
48
Breakdown of commodity derivatives volumes by product group in 2010
27%
46%
27%
Agricultural
Metals
Energy
Breakdown of commodity derivatives volumes by product group in 2010 Total CME Group (inc. OTC) 843 Shanghai Futures Exchange 622 Zhengzhou Commodity Exchange 496 Dalian Commodity Exchange 403 ICE Futures Europe 211 Multi Commodity Exchange of India 197 London Metal Exchange 111 ICE Futures U.S. 59 Tokyo Commodity Exchange (TOCOM) 28 RTS 18 NYSE Liffe (European markets) 17 ICE Futures Canada 4 Bursa Malaysia 4 Others 9 Total 3 023
Agr. 230 167 496 403 0 0 0 59 3 0.1 17 4 4 -
Metals 82 444 0 0 0 144 111 0 20 7 0 0 0 -
Energy 532 11 0 0 211 53 0 0 5 11 0 0 0 -
The highest growth rate of volumes in 2010 was observed for agricultural products (+41%) followed by metal derivatives (+33%) and energy (+11%).
In China, exchanges are generally specialized in one type of agricultural product. On Shanghai Futures Exchange, 99% of the volumes are concentrated on metals and rubber, Dalian Exchange is specialized in soybean products (63% of the volumes) and in Zhengzhou 79% of the contracts traded are linked to white sugar and cotton.
CME Group acquired platforms for each type of products: CBOT for agricultural products, COMEX for metal derivatives and NYMEX for energy.
49
D Exotic derivatives
The CBOE Volatility Index (VIX) options introduced in 2006 are very successful. Volumes nearly doubled in 2010. The initiative has been followed by Eurex with EURO STOXX 50 Volatility index options and mini-futures and by TOCOM with Nikkei-TOCOM Commodity Index futures.
Exotic derivatives also comprise weather options and futures that are traded on CME Group and emissions derivatives traded on CME Group, ICE Futures Europe and Bluenext. On those products volumes remain much smaller.
Number of exotic derivatives contracts traded in 2010 Thousands of Exchange contracts traded 2010 2009 CBOE - volatility index 62 452 33 329 ICE Futures Europe - emissions 6 166 5 124 CBOE Futures Ex. - volatility index 4 403 1 156 CME Group - weather 460 454 CME Group - emmissions 105 NA Eurex (non-OTC) - volatility index 417 15 Eurex (OTC) - volatility index 578 0 TOCOM - volatility index 72 0 Total 74 651 40 078
% change +87% +20% +281% +1% +2732% +86%
Notional Value (million USD) 2010 2009 141 964 104 916 NA NA 99 876 36 129 7 295 5 770 NA NA 1 455 63 2 185 0 1 101 0 253 876 146 878
% change +35% +176% +26% +2224% -
50
Conclusion
2010 was a remarkable year for on-exchange derivatives. After a net decrease of volumes growth in 2008-2009, derivatives volumes are back to their pre-crisis growth rate : + 25% in 2010.
This performance is due to the overall better market conditions that prevailed in 2010. It is also a sign of confidence in the on-exchange infrastructure. At a time where systematic riskis still a major issue 6 , the onexchange environment providing price transparency and central counterparty offers a valuable framework to mitigate risk and improve efficiency.
Obviously, all OTC products will not be eligible to the on-exchange environment, but the vast majority of OCT derivatives exposures are sufficiently standardized to be applicable to both SEFs and CCPs (90% according to Tabb Group).
The major regulatory changes taking place in the US and in the EU may provide the relevant framework to mitigate systemic risk and encourage the migration to the the on-exchange multilateral paradigm and its associated benefits. Several successful initiatives from various exchanges and clearing houses in various products (interest swaps, CDS, flexible options) have shown how some OTC products can benefit from an on-exchange environment which can address the some of the OTC needs.
Several studies (The Global Risk Transfer Market: Developments in OTC and Exchange-Traded Derivatives, Tabb Group (2010); as well as Making OTC Derivatives Sage A fresh Look, M. Singh (2011), IMF Working Paper) evaluates the OTC Derivatives markets under collateralization at about USD 2 trillion.
51
The first figures available for volumes in 2011 confirmed that on-exchange volumes continue to rise substantially in most products and indicate that exchanges are prepared to cope with substantial growing volumes.
Derivative markets Jan. - Mar. 2011 YTD number of contracts traded Single stock options Single stock futures Stock index options Stock index futures ETF options Bond options Bond futures Source : WFE Monthly statistics 687 544 283 149 357 007 1 460 082 038 491 203 464 152 542 639 69 157 141 293 733 103
% change / 2011 Q1/2010 Q1 0.5% 9.1% 30.4% 9.7% 22.0% -14.3% 14.2%
But the momentum and dynamics towards a shift to the on-exchange paradigm that appeared after the financial crisis should not be lost. A recent Financial Stability Board paper 7 evaluated the G-20 Leaders commitments concerning standardisation, central clearing, exchange or electronic platform trading, and reporting of transactions to trade repositories by end-2012. It noted that although implementation is still in its early stages, the FSB is concerned that many jurisdictions may not meet the end-2012 deadline, and believes that in order for this target to be achieved, jurisdictions need to take substantial, concrete steps toward implementation immediately.
The recent initiatives from exchanges and clearing houses, as well as the on-exchange rising volumes are an indication that the on-exchange infrastructure is ready to take an active role in the paradigm shift to more price transparency and risk mitigation through central counterparty. With the end of 2012 objective in mind, exchanges are expected to be a driving force.
Progress in the Implementation of the G20 Recommendations for Strengthening Financial Stability, FSB, 10 April 2011
52
Annex 1 Trading data

1 Single Stock Options
Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 802 229 293 68 293 793 42 993 383 572 863 914 469 691 085 618 790 16 353 284 179 000 549 082 761 82 438 266 287 207 967 305 235 039 15 998 696 60 638 909 11 602 28 363 426 379 715 70 272 833 995 105 764 20 081 028 151 916 338 156 942 350 12 358 594 37 607 374 32 753 857 146 893 768 28 334 839 3 504 368 9 153 070 979 336 469 216 3 904 583 092 2009 2010 2009 Notional value (USD millions) 1 730 007 NA NA 2 700 334 NA 154 1 794 NA NA 193 NA NA 308 429 162 407 1 206 728 NA 146 1 555 155 75 119 439 151 442 227 NA 63 814 NA 435 188 152 001 NA 3 911 4 441 694 2010 2009 Open Interest (Nber of contracts) 2010 2009 Number of trades 19 559 926 NA 614 976 41 361 954 NA 2 368 1 114 522 78 25 424 129 8 810 039 NA NA 1 614 448 NA NA 22 713 827 16 30 730 NA 2 225 420 019 2 995 929 84 444 6 502 NA NA 3 545 642 14 252 NA 331 807 17 616 NA 14 842 470 7 869 962 535 375 46 078 979 44 122 185 3 288 839 596 74 23 782 783 5 195 820 NA NA 1 460 904 NA 21 10 928 922 78 242 518 NA 3 218 459 087 2 822 091 78 133 6 960 NA NA 3 406 750 12 197 NA 225 123 5 165 14 290 2010 2009 Option premium (USD millions) 41 174 NA 342 103 173 NA 5 2 345 NA 181 835 NA NA NA 16 410 7 026 NA 4 220 27 2 64 0 NA 44 664 44 664 545 NA 2 373 22 096 13 480 NA 204 176 42 28 676 24 902 241 111 455 NA 4 2 060 NA 123 339 NA NA NA 23 405 9 627 0 2 998 110 19 46 10 NA 57 663 57 663 984 NA 2 279 24 969 15 369 NA 240 84 55
Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
BM&FBOVESPA Boston Options Exchange Buenos Aires SE Chicago Board Options Exchange (CBOIncluding FLEX Options International Securities Exchange (ISE) MexDer Montral Exchange Excluding OTC business registered on the ex. Montral Exchange (OTC) OTC business registered on the ex. NASDAQ OMX PHLX NASDAQ Options Market (U.S.) NYSE Amex NYSE Arca Options Australian Securities Exchange Including LEPOs Hong Kong Exchanges Korea Exchange National Stock Exchange of India Osaka SE TAIFEX Tokyo Stock Exchange Group Athens Derivatives Exchange Excluding REPOs Borsa Italiana Eurex Excluding OTC business registered on the ex. Eurex (OTC) OTC business registered on the ex. Johannesburg SE Including options on ETF MEFF NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) Excluding OTC business registered on the ex. NYSE Liffe (European markets) (OTC) OTC business registered on the ex. Oslo Brs RTS Tel Aviv SE Wiener Brse and Option Premium figures include OTC and non-OTC trades
546 547 550 74 924 326 25 132 711 634 710 477 682 776 891 345 718 14 507 261 143 000 426 245 722 52 469 412 170 978 207 273 769 123 15 242 798 47 322 248 982 14 066 778 408 612 8 240 390 660 875 67 590 20 462 240 146 286 451 158 266 852 15 670 869 35 527 914 28 775 091 141 604 460 29 263 659 2 549 140 12 962 387 321 735 474 697 3 580 726 166
931 053 7 826 064 7 299 503 24 902 NA NA NA 1 188 832 747 190 2 187 581 209 185 157 188 281 057 NA NA NA 73 58 468 3 960 76 246 2 316 811 1 547 120 NA 17 500 5 000 NA 214 054 047 193 253 211 107 NA NA NA NA NA NA NA NA 196 892 1 181 635 1 451 359 159 657 5 298 564 3 836 130 0 NA NA 88 173 88 678 41 012 NA 174 017 20 897 14 824 2 629 1 292 772 299 191 102 789 133 2 149 1 615 71 873 2 786 014 2 719 744 353 285 44 584 147 45 010 576 398 823 44 584 147 45 010 576 NA 1 837 783 2 814 565 56 253 8 553 069 7 728 251 NA 4 291 472 3 844 093 325 405 24 045 386 29 444 269 129 222 2 948 373 3 217 018 NA 552 111 377 825 3 373 244 104 354 241 1 200 70 780 23 192 596 77 337 70 363
2 Single Stock Futures

Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 12 044 4 758 640 152 724 068 Check 239 259 44 711 133 175 674 069 724 375 969 353 4 767 973 12 713 330 1 033 190 4 445 532 197 749 697 116 274 041 19 684 108 12 634 797 2 468 839 1 127 117 288 206 994 1 466 739 226 505 131 2 383 375 496 4 895 1 269 273 203 2009 2010 2009 Notional value (USD millions) 3 NA 2 036 NA 907 18 999 1 210 161 1 832 NA 4 138 48 333 5 946 13 107 520 168 38 529 30 276 6 225 NA 3 505 976 217 NA 84 511 6 696 16 0 NA 1 617 NA 900 12 643 967 702 0 NA 5 779 48 478 5 251 627 381 778 29 671 58 502 371 NA 2 400 488 765 NA 66 841 NA 459 13 2010 2009 Open Interest (Nber of contracts) 3 170 NA 7 086 149 NA 11 514 481 203 1 300 580 11 026 35 356 247 139 33 354 35 138 2 513 096 2 513 096 10 477 811 1 679 496 133 415 359 321 2 149 770 1 928 861 301 502 733 156 752 7 735 3 235 2010 2009 Number of trades 0 NA 95 527 NA NA 2 179 087 126 369 656 0 70 151 449 268 43 382 71 299 9 026 13 082 610 429 NA 171 911 NA 5 337 11 423 NA 26 990 657 NA 297 144 242
Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
MexDer One Chicago Australian Securities Exchange Bombay Stock Exchange Hong Kong Exchanges Korea Exchange National Stock Exchange of India TAIFEX Thailand Futures Exchange (TFEX) Athens Derivatives Exchange Borsa Italiana Budapest SE Eurex Eurex (OTC) Johannesburg SE MEFF MICEX NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) NYSE Liffe (European markets) (OTC) Oslo Brs RTS Tehran SE Warsaw SE Wiener Brse figures include OTC and non-OTC trades
Equity CFDs
Excluding REPOs
Excluding OTC business registered on the ex. OTC business registered on the ex. Including Dividend Futures and ETF Futures
Excluding OTC business registered on the ex. OTC business registered on the ex.
Began trading in July 2010
0 2 623 688 141 662 095 NA 271 766 36 970 994 161 053 345 0 145 758 5 037 065 10 956 303 1 204 849 205 299 116 565 830 107 065 386 44 586 779 954 685 6 718 987 1 336 290 197 708 667 1 172 473 248 669 083 NA 465 757 6 053 1 085 381 152
0 91 635 217 NA 5 219 817 100 818 NA NA 4 407 NA 459 340 NA 869 188 136 659 625 0 461 841 3 337 157 447 228 486 435 111 15 874 27 147 53 086 70 556 2 348 826 97 015 2 348 826 13 974 8 471 799 461 835 798 728 NA 4 939 4 701 737 325 458 NA 2 085 804 3 336 2 570 023 11 731 NA NA 542 071 30 429 762 NA 710 6 315 238 243 290 NA
3 Stock Index Options

Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 281 815 358 463 185 312 207 554 007 40 297 218 211 635 11 298 985 147 411 77 820 3 257 612 78 319 1 940 116 1 012 594 5 753 977 4 804 11 922 207 3 525 898 562 529 773 463 43 791 011 632 983 97 116 723 107 317 120 040 615 122 3 375 497 101 234 881 267 603 233 5 325 232 3 072 418 13 761 881 40 397 075 16 786 679 743 726 13 179 587 70 465 202 711 352 33 593 5 019 127 872 2009 2010 2009 Notional value (USD millions) 107 633 13 772 NA 22 472 509 5 139 622 NA NA 3 806 5 288 NA 1 NA NA 289 748 28 1 423 877 69 912 603 3 219 636 NA NA 1 217 868 NA 12 926 3 466 230 793 3 786 574 9 635 208 NA 41 314 NA 2 118 549 1 400 659 NA 39 280 2 207 019 5 582 356 51 743 17 146 NA 16 530 863 3 590 422 NA NA 694 1 834 51 863 0 NA NA 140 181 2 792 873 43 921 360 1 385 043 NA NA 716 837 NA 5 118 2 883 184 641 3 149 818 9 931 505 NA 56 929 NA 1 606 114 1 830 349 NA 10 310 1 404 002 2 688 497 2010 2009 Open Interest (Nber of contracts) 20 075 392 311 NA 13 274 707 1 326 516 NA NA 13 549 16 320 NA NA NA NA 341 472 NA 298 137 4 095 555 1 833 549 1 762 715 190 954 1 157 266 797 9 677 7 925 115 983 38 730 707 38 730 707 965 681 544 420 715 821 2 941 145 1 825 036 43 173 139 633 328 638 56 864 4 312 2010 2009 Number of trades 13 048 2 157 NA 3 763 194 15 826 115 NA 1 468 321 3 390 1 594 230 583 0 NA NA 187 663 NA NA 258 850 555 70 651 208 4 112 567 NA 42 424 378 46 477 NA 42 252 689 244 2 679 632 172 765 9 742 NA NA 6 564 252 17 616 NA 612 938 18 439 220 151 622 2 190 2010 2009 Option premium (USD millions) 2 065 NA NA 441 795 NA NA NA 142 132 3 814 NA NA NA 8 419 NA NA NA 33 875 49 458 NA 9 809 NA 248 139 NA 398 014 398 014 5 573 NA 2 861 32 062 37 554 NA 1 241 21 431 72 45 1 727 NA NA 469 048 NA NA NA 10 68 4 036 NA NA NA 7 236 NA NA 202 053 24 937 55 542 NA 9 031 NA 223 108 NA 528 932 528 932 8 611 NA 3 136 34 721 68 252 NA 632 18 969 64 35
Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
BM&FBOVESPA Excluding OTC business registered on the ex. BM&FBOVESPA (OTC) OTC business registered on the ex. Boston Options Exchange Chicago Board Options Exchange (CBOE) CME Group ICE Futures U.S. International Securities Exchange (ISE) MexDer Montral Exchange NASDAQ OMX PHLX NASDAQ Options Market (U.S.) NYSE Amex NYSE Arca Options Australian Securities Exchange Including LEPOs Bombay Stock Exchange Hong Kong Exchanges Korea Exchange National Stock Exchange of India Osaka SE Singapore Exchange TAIFEX Thailand Futures Exchange (TFEX) Tokyo Stock Exchange Group Athens Derivatives Exchange Excluding REPOs Borsa Italiana Eurex Excluding OTC business registered on the ex. Eurex (OTC) OTC business registered on the ex. Johannesburg SE MEFF NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) Excluding OTC business registered on the ex. NYSE Liffe (European markets) (OTC) OTC business registered on the ex. Oslo Brs RTS Tel Aviv SE Warsaw SE Wiener Brse and Option Premium figures include OTC and non-OTC trades
196 147 622 374 449 064 189 452 556 31 808 915 165 116 13 214 284 40 723 34 056 3 765 371 0 3 483 301 NA 3 884 560 472 7 615 125 2 920 990 655 321 265 217 34 986 005 114 671 76 177 097 95 504 52 523 383 564 2 537 625 96 457 090 305 799 232 10 326 359 4 357 260 14 225 611 37 456 478 25 931 554 743 589 5 062 653 62 335 094 463 809 18 814 4 174 512 468
11 356 18 570 449 769 1 634 NA NA 13 728 510 4 301 485 954 532 20 014 902 NA NA NA NA 642 3 008 2 241 2 837 NA 246 016 NA 14 356 NA NA NA NA 328 965 271 355 NA NA 303 301 NA 3 271 808 NA 1 325 294 116 463 257 1 590 726 5 086 786 11 795 NA 696 581 33 566 060 302 53 857 17 608 NA 10 650 40 838 120 096 686 695 44 488 304 2 567 959 44 488 304 168 446 2 116 306 8 816 941 380 NA 1 227 069 NA 3 955 262 6 892 592 1 931 614 13 177 28 922 NA 47 937 1 674 134 333 568 21 103 303 33 975 176 771 4 617 NA
54
4 Stock Index Futures

Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 38 683 263 697 580 318 13 142 541 40 150 492 1 321 686 4 070 620 4 758 640 10 454 570 5 035 1 994 907 42 760 553 86 762 976 156 351 505 147 597 639 59 230 325 41 728 751 2 471 302 15 834 007 2 992 422 8 014 525 3 635 407 378 694 842 57 578 776 16 621 746 9 860 262 6 237 229 32 427 695 88 967 835 7 511 705 8 016 450 227 162 075 24 460 56 519 304 13 514 631 331 207 2 283 009 701 2009 2010 2009 Notional value (USD millions) 898 224 39 785 291 NA NA 34 925 551 370 NA 1 056 540 29 43 239 4 103 510 8 569 993 890 320 3 995 530 NA 1 530 692 NA 1 482 984 16 565 811 082 3 962 20 349 253 2 453 900 451 391 905 778 29 399 NA 5 908 998 556 300 NA 678 910 768 277 442 110 573 10 144 631 397 33 359 016 NA NA 21 428 446 290 NA 752 745 5 29 947 3 496 546 6 026 513 776 559 3 550 000 NA 1 165 288 NA 1 409 703 17 554 618 078 2 387 15 946 414 2 231 070 336 220 747 883 1 568 NA 4 687 109 543 244 NA 303 224 973 199 744 80 426 6 907 2010 2009 Open Interest (Nber of contracts) 248 299 4 903 415 NA NA 90 197 116 355 NA 220 800 NA 21 837 195 184 105 097 501 667 736 393 671 576 120 356 25 553 403 200 28 603 46 135 62 027 2 951 660 2 951 660 433 446 51 344 33 020 522 755 1 523 296 63 901 148 874 146 268 2 542 116 025 114 820 41 589 2010 2009 Number of trades
Americas Americas Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
BM&FBOVESPA CME Group ELX ICE Futures U.S. MexDer Montral Exchange NASDAQ OMX PHLX Australian Securities Exchange Bombay Stock Exchange Bursa Malaysia Hong Kong Exchanges Korea Exchange National Stock Exchange of India Osaka SE Singapore Exchange TAIFEX Thailand Futures Exchange (TFEX) Tokyo Stock Exchange Group Athens Derivatives Exchange Borsa Italiana Budapest SE Eurex Eurex (OTC) Johannesburg SE MEFF MICEX NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) NYSE Liffe (European markets) (OTC) Oslo Brs RTS Tel Aviv SE Turkish Derivatives Exchange Warsaw SE Wiener Brse figures include OTC and non-OTC trades
Including CFDs
Excluding REPOs
31 588 752 707 806 848 5 003 983 39 148 752 1 130 528 4 158 141 2 623 688 9 841 538 1 778 1 997 955 43 201 921 83 117 062 195 759 414 130 107 633 52 140 365 41 426 429 2 522 465 16 234 911 2 371 733 6 324 536 2 881 483 336 192 689 59 051 008 16 737 680 8 585 281 396 289 33 700 054 84 820 916 8 046 459 8 920 753 150 057 414 43 025 65 399 748 12 796 597 267 064 2 164 404 892
142 881 10 110 395 4 081 826 12 503 164 ########### ########### NA NA NA NA NA NA 71 605 85 322 66 144 115 320 219 782 1 019 066 NA 104 781 143 184 206 232 3 906 094 3 541 287 NA NA NA 14 827 NA NA 147 968 NA NA 106 151 NA 37 665 915 520 508 50 348 592 61 341 981 634 173 11 170 085 13 233 061 607 014 NA NA 84 255 52 403 315 58 686 017 18 961 1 263 357 1 234 697 373 938 NA NA 21 561 457 423 436 620 32 011 6 008 039 4 991 958 52 755 476 349 360 456 2 661 947 54 200 823 54 492 813 2 661 947 109 333 112 347 463 240 1 061 073 717 852 59 612 NA NA 3 218 1 904 227 135 858 496 051 NA NA 1 386 508 42 595 407 42 131 036 9 367 9 838 11 367 231 756 NA NA 131 088 77 079 355 43 610 738 2 977 226 326 141 241 NA NA 102 020 3 323 687 3 848 864 35 210 NA 10 098
5 ETF Options
Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 959 093 10 648 23 275 016 276 229 822 263 916 880 1 090 3 312 650 293 973 253 47 218 888 150 873 151 181 846 127 0 486 738 11 090 121 4 879 136 839 0 1 242 256 285 2009 2010 2009 Notional value (USD millions) 467 1 NA 2 047 200 NA 0 22 630 NA 79 NA NA 0 3 350 NA 0 47 1 176 0 617 NA NA 1 655 434 NA 0 19 586 NA 86 NA NA 11 2 836 NA 0 11 13 7 2010 2009 Open Interest (Nber of contracts) 351 536 6 692 NA 68 155 543 NA 10 638 865 68 229 725 NA NA NA 0 82 651 5 930 0 10 829 10 829 0 4 450 NA NA 63 072 235 NA 0 578 520 63 469 303 NA NA NA 14 11 987 10 1 79 79 NA 2010 2009 Number of trades 905 247 NA 8 441 717 NA 30 46 278 9 073 711 2 927 807 NA NA 0 NA NA NA 304 76 0 865 NA NA 8 745 127 10 802 158 0 44 360 7 888 784 2 530 920 NA NA 56 NA 0 NA 123 2 389 2010 2009 Option premium (USD millions) 25 NA NA 45 212 NA 0 155 66 946 NA NA NA 0 125 2 0 62 62 NA 42 NA NA 53 141 NA 0 202 46 425 NA NA NA 0 6 0 0 1 1 0
Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
BM&FBOVESPA Excluding OTC business registered on the ex. BM&FBOVESPA (OTC) OTC business registered on the ex. Boston Options Exchange Chicago Board Options Exchange (CBOE) International Securities Exchange (ISE) MexDer Montral Exchange NASDAQ OMX PHLX NASDAQ Options Market (U.S.) NYSE Amex NYSE Arca Options Australian Securities Exchange Hong Kong Exchanges Osaka SE Tokyo Stock Exchange Group Eurex Excluding OTC business registered on the ex. Eurex (OTC) OTC business registered on the ex. NYSE Liffe (European markets) and Option Premium figures include OTC and non-OTC trades
242 863 NA 62 411 236 277 266 218 274 263 956 0 2 783 762 175 222 024 49 599 174 77 141 654 147 580 272 336 117 648 140 3 3 375 2 140 2 246 1 066 637 047
55
6 Short Term Interest Rate Options

Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 116 055 467 14 885 21 183 581 817 349 675 42 040 371 000 2 043 400 188 607 110 491 065 415 2009 2010 2009 Notional value (USD millions) 2010 2009 Open Interest (Nber of contracts) 25 860 896 95 514 0 15 868 177 43 309 2 950 197 500 400 200 14 819 080 12 155 944 91 832 40 15 902 743 84 023 5 290 0 807 500 18 968 968 2010 2009 Number of trades 22 016 6 4 4 883 881 637 53 81 NA 96 977 15 760 14 12 5 186 857 953 62 0 NA 93 322 2010 2009 Option premium (USD millions) 1 010 227 NA 0 NA 67 0 0 NA NA NA NA 0 NA 45 0 0 NA NA
Americas Americas Americas Americas Americas Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total
BM&FBOVESPA Excluding OTC business registered on the ex. BM&FBOVESPA (OTC) OTC business registered on the ex. Chicago Board Options Exchange (CBOE) CME Group Montral Exchange Australian Securities Exchange Eurex (OTC) OTC business registered on the ex. NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets)
52 070 304 7 003 349 6 219 617 159 582 970 8 648 160 0 0 161 031 702 183 581 817 161 030 502 234 861 337 774 206 798 36 246 38 565 28 480 0 482 823 0 1 170 505 NA NA 190 137 814 222 915 897 221 387 824 404 841 174
7 Short Term Interest Rate Futures

Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 315 226 299 511 365 417 30 011 416 13 698 870 23 889 353 95 477 1 069 NA 2 1 0 261 205 6 780 210 478 17 758 067 368 722 985 1 281 247 419 2009 2010 2009 Notional value (USD millions) 2010 2009 Open Interest (Nber of contracts) 14 589 027 7 186 111 23 909 285 299 345 893 237 21 770 267 NA 0 0 0 26 473 26 473 82 502 1 315 480 4 674 954 2010 2009 Number of trades 575 855 578 686 641 18 640 499 697 680 528 NA NA NA 980 0 4 14 976 5 335 NA 49 795 095
Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
BM&FBOVESPA CME Group MexDer Montral Exchange Australian Securities Exchange Bursa Malaysia Hong Kong Exchanges Singapore Exchange TAIFEX Thailand Futures Exchange (TFEX) Budapest SE Eurex Eurex (OTC) Johannesburg SE NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) figures include OTC and non-OTC trades
170 190 085 16 193 706 7 881 262 438 095 073 512 102 046 439 001 882 42 423 271 236 336 310 279 7 668 781 13 232 640 6 752 471 17 886 845 30 384 602 17 241 469 126 690 29 735 35 997 2 777 706 2 054 161 492 NA NA 13 149 1 3 274 0 NA NA 300 0 0 398 743 340 985 517 541 4 500 8 870 5 870 56 179 12 997 5 921 13 964 992 NA NA 301 886 363 421 566 108 335 135 377 992 879 240
8 408 958 737 039 6 418 257 560 830 092 31 309 193 12 079 308 098 623 549 988 299 688 878 31 948 NA 103 NA 41 035 NA 7 4 0 1 300 0 28 749 12 801 28 749 9 7 970 1 234 1 110 198 NA 5 824 663 50 256 064
56
8 Long Term Interest Rate Options

Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 1 580 090 2 396 85 144 737 9 742 3 002 192 1 999 282 12 800 981 52 016 773 81 142 184 618 156 821 953 2009 2010 2009 Notional value (USD millions) NA 9 41 420 953 941 275 405 3 223 745 2 078 386 8 330 816 NA 27 939 NA 20 27 196 710 1 103 159 084 3 585 367 1 532 104 6 412 990 NA 57 283 2010 2009 Open Interest (Nber of contracts) 115 455 49 3 401 174 2 675 7 400 3 779 1 496 102 1 496 102 9 500 0 666 92 3 010 758 1 697 150 3 338 911 549 911 549 3 000 3 552 2010 2009 Number of trades 22 942 92 11 763 363 16 8 317 NA 235 110 60 224 306 938 58 935 7 842 997 49 6 098 NA 169 372 50 916 87 1 164 2010 2009 Option premium (USD millions) 28 1 NA 0 1 4 496 NA NA 32 NA 0 3 NA 2 1 6 117 NA NA 22 NA
Americas Americas Americas Americas Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
Buenos Aires SE Chicago Board Options Exchange (CBOE) CME Group Montral Exchange Australian Securities Exchange Tokyo Stock Exchange Group Eurex Excluding OTC business registered on the ex. Eurex (OTC) OTC business registered on the ex. Johannesburg SE NYSE Liffe (European markets) figures include OTC and non-OTC trades
1 440 5 637 62 891 994 12 531 2 024 663 2 433 217 9 797 368 41 766 803 65 207 384 145 119 383 005
9 Long Term Interest Rate Futures

Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 15 633 598 490 093 4 783 535 6 406 397 47 124 262 0 27 078 212 18 974 741 764 0 40 11 275 325 8 021 458 471 494 624 37 858 838 583 580 14 7 401 693 29 834 167 133 048 5 584 1 251 267 241 2009 2010 2009 Notional value (USD millions) 3 149 96 705 356 30 668 468 662 2 661 632 122 1 740 054 555 NA 17 349 NA NA 9 992 053 58 521 495 4 719 255 5 998 2 NA 3 705 907 295 3 2010 2009 Open Interest (Nber of contracts) 2 624 4 441 994 283 452 156 715 726 242 0 NA 1 11 473 0 0 1 174 991 49 335 2 674 185 2 674 185 80 379 0 377 822 270 035 10 681 100 2010 2009 Number of trades 617 539 022 957 9 615 768 778 1 283 186 NA 1 615 906 16 235 NA 2 736 0 NA NA 30 215 873 66 203 639 NA NA 4 672 844 148 NA
Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
BM&FBOVESPA CME Group MexDer Montral Exchange Australian Securities Exchange Bursa Malaysia Korea Exchange National Stock Exchange of India Singapore Exchange TAIFEX Thailand Futures Exchange (TFEX) Tokyo Financial Exchange Inc. Tokyo Stock Exchange Group Eurex Eurex (OTC) Johannesburg SE MEFF NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) RTS Turkish Derivatives Exchange figures include OTC and non-OTC trades
29 700 1 783 411 531 727 128 957 773 3 188 129 48 334 5 323 743 618 870 33 874 590 4 322 490 4 300 0 20 050 796 2 598 932 145 226 76 694 655 NA 103 949 0 0 NA 13 098 108 NA 6 765 074 12 960 666 382 770 178 74 748 556 30 945 739 5 943 351 436 004 8 677 18 2 5 715 755 NA 24 850 507 4 628 295 27 745 364 564 33 939 556 507
427 255 4 068 944 715 549 010 125 248 10 490 130 932 152 448 683 319 1 367 986 0 NA 140 381 NA 2 305 1 225 16 759 NA 0 0 0 34 1 002 846 NA 55 581 NA 2 858 210 35 598 010 2 858 210 64 200 41 601 1 695 0 NA 313 429 NA 253 829 6 762 569 5 855 968 0 NA
57
10 Currency Options
Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 25 566 945 752 349 11 022 125 22 248 268 161 963 17 705 581 739 6 277 165 29 750 1 256 826 296 264 1 297 838 8 409 596 55 799 674 2009 2010 2009 Notional value (USD millions) 1 313 700 38 193 1 593 840 NA NA 10 111 714 NA 6 271 39 NA 3 813 1 391 NA 1 142 024 16 736 643 044 NA NA 1 263 291 NA 0 312 NA 5 543 2 206 NA 2010 2009 Open Interest (Nber of contracts) 1 367 210 41 390 489 263 NA NA 30 1 165 127 526 442 075 6 850 201 476 13 706 57 035 262 392 1 586 499 98 328 425 076 NA NA 70 1 584 94 326 0 12 650 407 074 19 725 21 803 185 199 2010 2009 Number of trades 28 946 897 7 932 733 NA NA 62 1 471 55 720 96 700 94 373 11 036 13 052 341 419 33 909 372 4 307 053 NA 21 232 24 1 838 194 187 0 665 504 10 073 15 747 577 704 2010 2009 Option premium (USD millions) NA NA NA NA NA 0 6 153 40 NA 37 73 11 3 017 NA NA NA NA NA 0 9 304 0 NA 116 107 23 1 639
Americas Americas Americas Americas Americas Americas Americas Americas Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Total
Middle East Middle East Middle East Middle East Middle East
BM&FBOVESPA Excluding OTC business registered on the ex. BM&FBOVESPA (OTC) OTC business registered on the ex. CME Group ICE Futures U.S. International Securities Exchange (ISE) MexDer Montral Exchange NASDAQ OMX PHLX National Stock Exchange of India Began tarding on October 29, 2010 Budapest SE Johannesburg SE NYSE Liffe (European markets) RTS Tel Aviv SE
23 116 425 357 381 4 532 101 55 822 339 496 145 29 902 1 225 835 0 224 205 735 285 434 091 1 863 930 8 141 347 41 055 965
11 Currency Futures
Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 106 547 391 221 534 347 29 924 7 507 582 5 698 630 15 573 61 889 297 0 61 859 171 884 606 842 719 349 282 4 570 824 109 935 079 7 121 542 6 207 947 12 938 918 6 610 122 095 098 7 279 797 119 075 2 339 312 929 2009 2010 2009 Notional value (USD millions) 5 376 494 28 385 633 NA NA 57 470 NA NA 0 NA 907 822 727 361 49 740 NA 8 896 6 632 14 057 166 136 584 7 376 1 274 4 280 698 19 482 280 NA NA 17 210 0 NA 673 548 021 221 498 223 705 6 911 NA 10 087 7 385 18 757 189 50 058 14 539 1 886 2010 2009 Open Interest (Nber of contracts) 1 006 870 916 180 NA NA 256 686 NA NA 0 NA 814 370 994 774 103 465 799 657 250 480 440 827 798 256 226 601 078 63 261 1 949 2010 2009 Number of trades 2 946 462 634 904 794 NA NA 2 961 0 NA 1 989 2 821 539 7 304 235 6 101 494 76 424 NA 34 587 19 295 3 845 1 753 2 324 146 NA 117 168
Americas Americas Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Total
Middle East Middle East Middle East Middle East Middle East Middle East Middle East
BM&FBOVESPA CME Group CME Group (OTC) ICE Futures U.S. MexDer NASDAQ OMX PHLX Rofex Australian Securities Exchange Korea Exchange MCXSX National Stock Exchange of India Osaka SE Tokyo Financial Exchange Inc. Budapest SE Johannesburg SE MICEX NYSE Liffe (European markets) RTS Turkish Derivatives Exchange Warsaw SE
Currency CFDs
85 289 490 152 694 240 10 405 3 606 333 1 652 185 0 51 119 654 1 003 633 41 744 890 224 273 548 226 362 368 583 019 70 579 936 7 524 780 7 177 562 17 807 960 7 417 44 546 503 13 912 680 162 239 950 058 842
807 705 4 303 829 740 406 895 704 403 NA NA NA NA 95 053 3 448 0 1 309 NA NA 18 864 0 948 299 NA 425 451 17 832 136 406 200 12 597 845 4 986 580 418 607 600 NA 185 835 31 243 396 547 23 775 1 774 286 167 408 201 1 951 386 067 6 485 857 47 154 NA 1 864 85 308
58
12 Commodity Options
Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 393 969 121 996 203 46 451 081 100 228 14 449 139 16 169 76 873 0 11 367 623 030 303 869 7 026 027 2 545 093 145 457 194 138 505 2009 2010 2009 Notional value (USD millions) 751 NA NA NA NA 5 026 576 0 1 335 NA NA NA 2 357 201 282 NA NA NA NA 3 288 34 096 3 1 121 NA NA 384 389 1 416 84 2010 2009 Open Interest (Nber of contracts) 89 456 NA NA NA NA 6 943 456 0 644 NA 51 384 NA 555 736 3 040 62 109 NA NA NA NA 3 675 1 332 0 2 513 NA 51 246 832 112 361 947 10 731 2010 2009 Number of trades 6 054 NA NA NA NA 746 34 787 0 1 971 NA 36 447 NA 30 951 7 579 2 110 NA NA NA NA 529 107 070 8 1 043 NA 36 542 NA 16 592 4 499 2010 2009 Option premium (USD millions) NA NA NA NA NA 0 6 NA 5 NA 300 NA 856 0.1 NA NA NA NA NA 0 41 NA 18 NA 291 NA 317 0.1
Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Total
BM&FBOVESPA CME Group CME Group (OTC) ICE Futures Canada ICE Futures U.S. Australian Securities Exchange TAIFEX Budapest SE Eurex ICE Futures Europe Johannesburg SE London Metal Exchange NYSE Liffe (European markets) RTS
Agricultural Options Agricultural, Energy and Metal - Exc. OTC Energy and Metal Options - OTC Agricultural Options Agricultural Options Energy Options Metal Options Agricultural Options Metal Options Energy Options Agricultural Options Metal Options Agricultural Options
451 773 63 091 236 39 220 624 86 075 11 088 811 10 303 5 821 638 140 13 287 444 425 266 738 5 384 527 1 540 313 85 500 127 505 390
13 Commodity Futures
Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 2 275 100 608 255 614 66 715 057 4 204 171 44 956 065 230 293 4 064 361 NA 403 167 751 5 642 NA 197 206 801 621 898 215 75 895 971 423 27 564 721 2 866 588 495 904 984 5 947 6 854 227 056 37 709 210 401 720 1 834 924 104 157 840 14 133 913 17 784 436 147 492 2 829 100 572 2009 2010 2009 Notional value (USD millions) 35 984 NA NA NA NA 11 747 87 118 NA 3 084 973 102 NA 1 905 339 9 133 739 1 215 NA 807 233 49 850 NA 1 409 166 4 630 1 175 NA 30 932 9 917 489 304 149 18 296 576 22 793 NA NA NA NA 8 709 64 134 NA 2 755 671 96 101 1 231 732 5 399 408 38 401 NA 605 275 75 013 1 399 095 NA 236 1 133 316 NA 27 680 6 448 296 202 905 8 192 381 2010 2009 Open Interest (Nber of contracts) 41 687 NA NA NA NA 46 816 88 544 NA 1 489 899 85 NA NA 1 032 316 979 16 249 346 157 NA 793 956 2 726 506 24 850 24 850 NA 82 024 NA 662 954 93 178 2 352 58 725 NA NA NA NA 50 360 76 366 NA 1 784 487 119 65 244 759 1 415 753 949 5 681 325 451 NA 1 097 484 NA 610 14 778 14 778 NA 54 812 2 010 512 532 589 45 448 581 2010 2009 Number of trades 492 817 NA NA NA NA 12 806 NA NA NA NA NA NA NA 91 195 412 964 NA NA NA 632 1 759 21 434 132 NA 253 153 NA 3 477 061 936 407 NA 335 742 NA NA NA NA 17 072 NA NA NA NA 7 602 106 195 445 NA 183 532 171 447 NA NA NA NA 3 081 9 189 314 NA 222 618 NA 2 475 283 505 125 NA
Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
BM&FBOVESPA CME Group CME Group (OTC) ICE Futures Canada ICE Futures U.S. Australian Securities Exchange Bursa Malaysia Central Japan Commodity Exchanges Dalian Commodity Exchange Hong Kong Exchanges Korea Exchange Multi Commodity Exchange of India Shanghai Futures Exchange TAIFEX Thailand Futures Exchange (TFEX) Tokyo Commodity Exchange (TOCOM) Tokyo Grain Exchange Zhengzhou Commodity Exchange Borsa Italiana Budapest SE Eurex Eurex (OTC) ICE Futures Europe Johannesburg SE London Metal Exchange NYSE Liffe (European markets) RTS Turkish Derivatives Exchange figures include OTC and non-OTC trades
Agricultural Futures Agricultural, Energy and Metal - Ex. OTC Agricultural, Energy and Metal Futures - OTC Agricultural Futures Agricultural Futures Including Commodity CFDs Agricultural Futures Agricultural Futures Metal Futures Agricultural and Metal Futures Agricultural, Energy and Metal Futures Agricultural, Energy and Metal Futures Metal Futures Metal Futures Agricultural, Energy and Metal Futures Agricultural Futures Agricultural Futures Energy Futures Agricultural Futures Excluding OTC business registered on the ex. OTC business registered on the ex. Energy Futures Agricultural, Energy and Metal Futures Metal Futures Agricultural Futures Agricultural, Energy and Metal Futures Agricultural and Metal Futures
1 885 552 431 067 053 85 294 731 3 483 271 38 959 981 194 669 4 008 882 1 773 603 416 782 261 6 773 15 434 161 173 737 434 864 068 3 343 043 311 591 28 881 948 4 829 183 227 112 521 5 188 10 874 51 909 15 511 160 157 444 1 641 842 106 456 832 10 600 717 11 164 828 118 351 2 134 211 797
59
14 Exotic Options
Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 102 62 452 232 315 979 62 533 500 212 821 073 64 152 131 2009 2010 2009 Notional value (USD millions) 2 141 964 5 552 214 1 905 NA 2010 2009 Open Interest (Nber of contracts) 0 3 167 874 NA 0 0 NA 2010 2009 Number of trades NA 841 946 7 414 2 273 174 NA 0 472 176 113 720 0 0 NA 2010 2009 Option premium (USD millions) NA 9650 NA 143 143 NA NA 5225 NA 0 0 NA
Americas Americas Americas Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total NB: For Eurex, Open Interest
CBOE Futures Exchange (CFE) Volatility index Chicago Board Options Exchange (CBOVolatility index CME Group Weather Eurex Volatility index - Excluding OTC Eurex (OTC) Volatility index - OTC ICE Futures Europe Emissions figures include OTC and non-OTC trades
0 33 329 161 303 970 0 0 507 697 34 140 828
0 22 104 916 3 820 251 4 036 117 212 0 32 333 0 Inc Non-OTC NA NA
15 Exotic Futures
Region Stock Exchange Footnote 2010 Volume traded (Nber of contracts) 4 402 514 143 723 71 646 354 159 77 510 5 344 690 10 394 242 2009 2010 2009 Notional value (USD millions) 99 873 1 742 1 101 1 241 280 NA 36 129 1 734 0 63 0 NA 2010 2009 Open Interest (Nber of contracts) 142 759 21 261 1 875 58 700 58 700 NA 64 646 NA 0 1 300 1 300 NA 2010 2009 Number of trades 1 886 524 13 557 NA 17 984 63 NA 485 082 13 495 NA 375 0 NA
Americas Americas Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East Total
CBOE Futures Exchange (CFE) CME Group Tokyo Commodity Exchange (TOCOM) Eurex Eurex (OTC) ICE Futures Europe
Volatility index Weather Volatility index Volatility index - Excluding OTC Volatility index - OTC Emissions
1 155 969 150 492 0 14 715 0 4 615 922 5 937 098
60
Annex 2 Clearing data

1 Single Stock Options
Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 1 604 458 586 4 723 974 904 NA 1 237 580 33 064 568 31 997 392 121 277 818 23 204 56 726 852 759 430 140 544 NA 211 528 NA 617 717 376 24 717 188 75 214 748 NA 282 880 217 NA NA 20 591 102 1 958 672 938 432 1 093 095 100 4 597 940 992 NA 691 436 29 300 522 30 485 596 94 644 496 1 964 28 133 556 817 224 16 480 780 NA 135 180 NA 609 106 606 31 341 738 71 055 828 NA 272 320 417 84 400 000 NA 28 640 370 643 470 949 394 2010 2009 Of which traded on-exchange 100.0% 100.0% NA 100.0% 100.0% 100.0% NA 100.0% 100.0% 100.0% 100.0% NA 100.0% NA 49.2% 100.0% 100.0% NA 100.0% NA NA 100.0% 100.0% 100.0% 2010 2009 Open Positions (Nber of contracts) 2010 2009 Notional amount outstanding (USD millions) NA NA NA 10 NA NA NA NA 1 146 NA 0 NA NA NA 128 996 NA NA NA 5 906 NA NA 286 NA NA NA NA NA 124 NA NA NA NA 549 NA 0 NA NA NA 109 865 NA 27 202 NA 7 786 NA NA 236 51 NA
Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East
BM&FBOVESPA OCC Buenos Aires SE MexDer Montral Exchange Australian Securities Exchange Hong Kong Exchanges and Clearing Limited (HKEx) Korea Exchange National Stock Exchange of India Osaka SE TAIFEX Tokyo Stock Exchange Group Athens Derivatives Exchange Borsa Italiana Eurex Clearing AG Johannesburg SE (Inc. ETF options) MEFF NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) - LCH Clearnet SA NYSE Liffe (European markets) - LCH Clearnet Ltd Oslo Brs RTS Tel Aviv SE Wiener Brse
Physical NA NA Physical NA Physical Physical NA NA Physical Cash NA Physical NA Physical NA Physical NA Physical Physical/Cash NA Physical NA physical
100.0% 7 826 064 7 299 503 100.0% 282 283 772 256 722 514 NA NA NA 100.0% 58 468 3 960 100.0% 2 334 311 1 552 120 100.0% 1 181 635 1 451 359 NA 5 298 564 3 836 130 100.0% NA NA 100.0% 88 678 41 012 100.0% 174 017 20 897 100.0% 2 629 1 292 NA NA NA 100.0% 2 149 1 615 NA NA NA 48.0% 44 584 147 45 010 576 100.0% 1 837 783 2 814 565 100.0% 8 553 069 7 728 251 NA NA NA 100.0% 36 425 979 43 744 273 55.4% NA NA NA NA NA 100.0% 244 104 354 241 100.0% 70 780 23 192 100.0% 77 337 70 363
2 Single Stock Futures

Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 24 088 9 517 280 305 448 136 NA 478 518 89 422 266 351 348 138 1 448 750 1 938 706 9 535 946 NA 2 066 380 404 390 458 232 548 082 39 368 216 NA NA 186 796 NA NA 455 295 224 NA NA 9 790 0 5 247 376 283 324 190 NA 543 532 73 941 988 322 106 690 0 291 516 10 074 130 NA 2 409 698 233 542 258 214 130 772 89 173 558 NA NA 348 428 NA NA 500 053 508 NA NA 12 106 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% NA NA 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% 2.2% 100.0% 100.0% NA NA 100.0% NA NA 100.0% NA NA 100.0% 100.0% 100.0% 100.0% NA NA 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% 0.2% 100.0% 100.0% NA NA 100.0% NA NA 100.0% NA NA 100.0% 2010 2009 Open Positions (Nber of contracts) 3 170 NA 7 086 149 NA 11 514 481 203 1 300 580 11 026 35 356 247 139 NA 35 138 2 513 096 10 477 811 1 679 496 NA NA 7 456 NA NA 733 156 NA NA 3 235 0 NA 5 219 817 NA 4 407 459 340 869 188 0 3 337 228 486 NA 53 086 2 348 826 8 471 799 798 728 NA NA 25 601 NA NA 542 071 NA NA 290 2010 2009 Notional amount outstanding (USD millions) 1 NA NA NA NA NA 15 817 32 38 NA NA NA 7 489 NA NA NA NA 1 NA NA 655 NA NA NA 0 NA NA NA NA NA 11 901 0 2 NA NA NA 5 913 NA 2 751 NA NA 0 NA NA 399 NA NA NA
Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East
MexDer OCC Australian Securities Exchange Bombay Stock Exchange Hong Kong Exchanges and Clearing Limited (HKEx) Korea Exchange National Stock Exchange of India TAIFEX Thailand Futures Exchange (TFEX) - Thailand Clearing House Athens Derivatives Exchange Borsa Italiana Budapest SE Eurex Clearing AG Johannesburg SE (Inc. div. Futures and ETF) MEFF MICEX NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) - LCH Clearnet SA NYSE Liffe (European markets) - LCH Clearnet Ltd Oslo Brs RTS Tehran SE Warsaw SE Wiener Brse
Physical NA NA NA Cash NA NA Cash Cash Physical NA NA Cash NA Physical/Cash NA NA Cash NA NA Physical NA NA cash
61
3 Stock Index Options

Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 5 104 458 577 263 478 80 594 436 423 270 294 822 155 640 11 507 954 NA 23 844 414 7 051 797 124 1 059 546 926 87 582 022 1 265 966 194 233 446 214 634 NA 1 230 244 NA 737 676 228 10 650 464 6 144 836 NA 64 839 861 NA NA 27 130 660 140 930 404 NA 67 186 4 237 804 491 339 594 63 617 830 330 232 81 446 68 112 7 769 120 NA 15 230 250 5 841 981 310 642 530 434 69 972 010 229 342 152 354 194 191 008 NA 767 128 NA 804 512 644 20 652 718 8 714 520 NA 61 335 641 NA NA 10 554 698 124 670 188 NA 37 628 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% NA NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% NA 27.4% 100.0% 100.0% NA 100.0% NA NA 100.0% 100.0% NA 100.0% 2010 2009 Open Positions (Nber of contracts) 2010 2009 Notional amount outstanding (USD millions) 42 NA NA NA 413 NA NA NA NA NA 24 595 NA NA 135 109 NA NA NA 1 505 583 NA NA NA 4 941 NA NA 920 NA NA NA 31 NA NA NA 15 NA NA NA NA NA 14 250 NA NA 109 34 NA NA NA 1 744 816 NA 28 875 NA 8 611 NA NA 246 2 592 NA NA
Americas Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East
BM&FBOVESPA OCC CME Group ICE Trust U.S. MexDer Montral Exchange Australian Securities Exchange Bombay Stock Exchange Hong Kong Exchanges and Clearing Limited (HKEx) Korea Exchange National Stock Exchange of India Osaka SE Singapore Exchange TAIFEX Thailand Futures Exchange (TFEX) - Thailand Clearing House Tokyo Stock Exchange Group Athens Derivatives Exchange Borsa Italiana Eurex Clearing AG Johannesburg SE MEFF NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) - LCH Clearnet SA NYSE Liffe (European markets) - LCH Clearnet Ltd Oslo Brs RTS Tel Aviv SE Warsaw SE Wiener Brse
Cash NA NA NA Cash NA NA NA Cash NA NA Cash Cash Cash Cash NA Cash NA Cash NA Cash NA Cash NA NA Cash NA NA cash
100.0% 97 603 52 824 100.0% 17 367 280 17 198 515 100.0% 1 326 516 954 532 100.0% Not received Not received 100.0% 13 549 642 100.0% 16 320 2 241 100.0% 341 472 328 965 NA NA NA NA 298 137 303 301 100.0% 4 095 555 3 271 808 100.0% 1 833 549 1 325 294 100.0% 1 762 715 1 590 726 100.0% 190 954 11 795 100.0% 1 157 266 696 581 100.0% 797 302 NA NA NA 100.0% 7 925 10 650 NA NA NA 24.0% 38 730 707 44 488 304 100.0% 965 681 2 116 306 100.0% 544 420 941 380 NA NA NA 100.0% 1 437 887 1 805 369 NA NA NA NA NA NA 100.0% 139 633 47 937 100.0% 328 638 333 568 NA NA NA 100.0% 4 312 4 617
62
4 Stock Index Futures

Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 73 613 718 1 395 160 636 43 618 664 80 300 984 2 643 372 8 141 240 20 909 140 NA NA 85 521 106 173 525 952 312 703 010 295 195 278 118 460 650 83 457 502 4 942 604 NA 5 984 844 NA 7 270 814 872 547 236 33 243 492 19 720 524 NA NA 113 947 044 NA NA 455 095 636 48 920 113 038 608 NA 662 414 60 648 940 1 415 613 696 19 305 174 78 297 504 2 261 056 8 316 282 19 683 076 NA NA 86 403 842 166 234 124 391 518 828 260 215 266 104 280 730 82 852 858 5 044 930 NA 4 743 466 NA 5 762 966 790 487 394 33 475 360 17 170 562 NA NA 106 178 596 NA NA 300 544 220 86 050 130 799 496 NA 534 128 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% NA NA NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% NA 100.0% 86.8% 100.0% 100.0% NA NA 100.0% NA NA 100.0% 100.0% 100.0% NA 100.0% 2010 2009 Open Positions (Nber of contracts) 2010 2009 Notional amount outstanding (USD millions) 6 512 NA NA NA 2 752 NA NA NA NA NA NA 6 400 NA NA 5 541 578 NA NA NA NA 146 643 NA NA NA NA 41 916 NA NA 1 040 NA NA NA NA 3 801 NA NA NA 1 692 NA NA NA NA NA NA 5 447 NA NA 3 259 285 NA NA NA NA 124 771 NA 17 146 NA NA 41 685 NA NA 731 NA NA NA NA
Americas Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East
BM&FBOVESPA CME Group OCC ICE Trust U.S. MexDer Montral Exchange Australian Securities Exchange Bombay Stock Exchange Bursa Malaysia Hong Kong Exchanges and Clearing Limited (HKEx) Korea Exchange National Stock Exchange of India Osaka SE Singapore Exchange TAIFEX Thailand Futures Exchange (TFEX) - Thailand Clearing House Tokyo Stock Exchange Group Athens Derivatives Exchange Borsa Italiana Budapest SE Eurex Clearing AG Johannesburg SE MEFF MICEX NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) - LCH Clearnet SA NYSE Liffe (European markets) - LCH Clearnet Ltd Oslo Brs RTS Tel Aviv SE Turkish Derivatives Exchange Warsaw SE Wiener Brse
Cash NA NA NA Cash NA NA NA NA Cash NA NA Cash Cash Cash Cash NA Cash NA NA Cash NA Cash NA NA Cash NA NA Cash NA NA NA cash
100.0% 170 986 113 218 100.0% 4 903 415 12 503 164 100.0% NA NA 100.0% Not received Not received 100.0% 90 197 71 605 100.0% 116 355 115 320 100.0% 220 800 206 232 NA NA NA NA NA NA NA 195 184 147 968 100.0% 105 097 106 151 100.0% 501 667 520 508 100.0% 736 393 634 173 100.0% 671 576 607 014 100.0% 120 356 84 255 100.0% 25 553 18 961 NA NA NA 100.0% 28 603 21 561 NA NA NA 100.0% 62 027 52 755 85.1% 2 951 660 2 661 947 100.0% 433 446 463 240 100.0% 51 344 59 612 NA NA NA NA NA NA 100.0% 742 780 779 100 NA NA NA NA NA NA 100.0% 146 268 131 088 100.0% 2 542 2 977 100.0% 116 025 141 241 NA NA NA 100.0% 41 589 35 210
5 ETF Options
Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 1 918 186 2 496 898 958 2 180 6 625 300 0 973 476 22 180 NA 283 436 1 652 485 726 2 135 993 650 0 5 567 524 672 235 296 280 NA 11 090 NA 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% NA 3.4% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% NA 61.4% NA 2010 2009 Open Positions (Nber of contracts) 351 536 NA 10 638 865 0 82 651 5 930 NA 10 829 6 4 450 NA 0 578 520 14 11 987 10 NA 79 NA 2010 2009 Notional amount outstanding (USD millions) NA NA 0 NA NA NA NA NA 40 0 NA NA 0 NA NA NA NA NA 0 NA
Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East
BM&FBOVESPA OCC MexDer Montral Exchange Australian Securities Exchange Hong Kong Exchanges and Clearing Limited (HKEx) Osaka SE Tokyo Stock Exchange Group Eurex Clearing AG NYSE Liffe (European markets) - LCH Clearnet SA
Physical NA Physical NA NA Physical Physical NA Physical Physical
63
6 Short Term Interest Rate Options

Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 203 481 664 367 163 634 699 350 84 080 0 742 000 NA NA 83 324 934 322 063 404 469 722 72 492 0 0 NA NA 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% NA NA 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% NA NA 2010 2009 Open Positions (Nber of contracts) 25 106 156 15 868 177 43 309 2 950 0 197 500 NA NA 10 076 044 15 902 743 84 023 5 290 0 0 NA NA 2010 2009 Notional amount outstanding (USD millions) 2 057 NA NA NA NA 257 092 NA NA 1 385 NA NA NA NA 0 NA NA
Americas Americas Americas Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East
BM&FBOVESPA CME Group Montral Exchange Australian Securities Exchange Singapore Exchange Eurex Clearing AG NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) - LCH Clearnet Ltd
Cash NA NA NA Cash Physical NA NA
7 Short Term Interest Rate Futures

Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 430 562 330 1 022 730 834 60 022 832 27 397 740 47 778 706 NA 2 138 0 NA 4 2 0 535 970 420 956 NA NA 226 502 322 876 190 146 84 846 542 15 337 562 35 773 690 NA 5 554 0 322 984 26 298 0 600 806 486 112 358 NA NA 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% 100.0% 100.0% NA NA 100.0% 100.0% 100.0% 100.0% 100.0% 97.5% 100.0% NA NA 100.0% 100.0% 100.0% 100.0% 100.0% NA NA 100.0% 100.0% 100.0% 100.0% 100.0% 98.9% 100.0% NA NA 2010 2009 Open Positions (Nber of contracts) 9 157 159 7 186 111 23 909 285 299 345 893 237 NA 267 NA NA 0 0 0 26 473 82 502 NA NA 4 722 071 6 418 257 31 309 193 308 098 988 299 NA 103 0 41 035 7 0 300 28 749 7 970 NA NA 2010 2009 Notional amount outstanding (USD millions) 504 558 NA 189 236 NA NA NA NA NA NA 0 0 NA 34 508 NA NA NA 230 288 NA 230 309 NA NA NA NA NA NA 2 0 NA 37 405 NA NA NA
Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
Middle East Middle East Middle East Middle East Middle East
BM&FBOVESPA CME Group MexDer Montral Exchange Australian Securities Exchange Bursa Malaysia Hong Kong Exchanges and Clearing Limited (HKEx) Korea Exchange Singapore Exchange TAIFEX Thailand Futures Exchange (TFEX) - Thailand Clearing House Budapest SE Eurex Clearing AG Johannesburg SE NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) - LCH Clearnet Ltd
Cash NA Cash NA NA NA Cash NA Cash Cash Cash NA Physical NA NA NA
64
8 Long Term Interest Rate Options

Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 2 888 246 NA 170 289 474 19 484 6 004 384 NA 129 635 508 162 284 NA 8 818 722 NA 125 783 988 25 062 4 049 326 NA 103 128 342 130 414 NA 2010 2009 Of which traded on-exchange 100.0% NA 100.0% 100.0% 100.0% NA 19.7% 100.0% NA 100.0% NA 100.0% 100.0% 100.0% NA 19.0% 100.0% NA 2010 2009 Open Positions (Nber of contracts) 754 740 NA 3 401 174 2 675 7 400 NA 1 496 102 9 500 NA 2 079 900 NA 3 010 758 1 697 150 NA 911 549 3 000 NA 2010 2009 Notional amount outstanding (USD millions) 170 NA NA NA NA NA 238 569 NA NA 463 NA NA NA NA NA 139 860 NA NA
Americas Americas Americas Americas Asia Pacific Asia Pacific Europe, Africa, Middle East Europe, Africa, Middle East Europe, Africa, Middle East
BM&FBOVESPA Buenos Aires SE CME Group Montral Exchange Australian Securities Exchange Tokyo Stock Exchange Group Eurex Clearing AG Johannesburg SE NYSE Liffe (European markets) - LCH Clearnet Ltd
Cash NA NA NA NA NA Physical NA NA
9 Long Term Interest Rate Futures

Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 215 372 676 1 196 980 186 9 567 070 12 812 794 94 248 524 NA 54 156 424 37 948 1 483 528 0 80 NA NA 1 018 706 924 1 167 160 28 NA NA 266 096 11 168 122 315 822 823 063 454 6 376 258 10 647 486 67 749 180 NA 40 101 592 290 452 1 389 310 207 898 0 NA NA 827 431 834 872 008 36 NA NA 55 490 1 128 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% 100.0% 100.0% 100.0% 100.0% NA NA 92.6% 100.0% 100.0% NA NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% 100.0% 100.0% 100.0% 100.0% NA NA 92.5% 100.0% 100.0% NA NA 100.0% 100.0% 2010 2009 Open Positions (Nber of contracts) 5 431 868 4 441 994 283 452 156 715 726 242 NA NA 1 11 473 0 0 NA NA 2 674 185 80 379 0 NA NA 10 681 100 3 686 887 4 068 944 125 248 130 932 683 319 NA 140 381 2 305 16 759 0 0 NA NA 2 858 210 41 601 0 NA NA 5 855 0 2010 2009 Notional amount outstanding (USD millions) 246 704 NA 2 890 NA NA NA NA 0 NA 0 0 NA NA 412 664 NA NA NA NA 10 NA 153 606 NA 1 273 NA NA NA NA 17 NA 0 0 NA NA 426 228 NA NA NA NA 31 NA
Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
BM&FBOVESPA CME Group MexDer Montral Exchange Australian Securities Exchange Bursa Malaysia Korea Exchange National Stock Exchange of India Singapore Exchange TAIFEX Thailand Futures Exchange (TFEX) - Thailand Clearing House Tokyo Financial Exchange Inc. Tokyo Stock Exchange Group Eurex Clearing AG Johannesburg SE MEFF NASDAQ OMX Nordic Exchanges NYSE Liffe (European markets) - LCH Clearnet Ltd RTS Turkish Derivatives Exchange
Cash NA Physical/Cash NA NA NA NA NA Cash Physical Cash NA NA Physical NA NA NA NA Cash NA
Interest Rate Swaps

Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) NA NA 2010 2009 Of which traded on-exchange NA NA 2010 2009 Open Positions (Nber of contracts) 1 761 128 NA 2010 2009 Notional amount outstanding (USD billions) 248 677 NA
Europe, Africa, Middle East
SwapClear - LCH Clearnet
NA
65
10 Currency Options
Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 50 613 770 22 044 250 44 496 1 926 35 410 12 554 330 59 500 2 513 652 590 530 2 644 376 16 819 192 45 594 614 9 064 202 111 644 290 59 804 0 448 410 1 470 570 865 790 3 753 046 16 282 694 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 2010 2009 Open Positions (Nber of contracts) 2010 2009 Notional amount outstanding (USD mios) 1 276 NA NA 0 NA 868 NA NA 5 124 NA 1 321 NA NA 1 NA 0 NA NA NA 41 616
Americas BM&FBOVESPA Americas CME Group Americas ICE Trust U.S. Americas MexDer Americas Montral Exchange Asia Pacific National Stock Exchange of India (1) Europe, Africa, Middle East Budapest SE Europe, Africa, Middle East Johannesburg SE Europe, Africa, Middle East NYSE Liffe (European markets) - LCH Clearnet SA Europe, Africa, Middle East RTS Europe, Africa, Middle East Tel Aviv SE (1) Began tarding on October 29, 2010
Cash NA NA Physical NA NA NA NA Cash Cash NA
100.0% 1 367 210 1 586 499 100.0% 489 263 425 076 100.0% Not received Not received 100.0% 30 70 100.0% 1 165 1 584 100.0% 442 075 0 100.0% 6 850 12 650 100.0% 201 476 407 074 100.0% 23 918 40 480 100.0% 57 035 21 803 100.0% 262 392 185 199
11 Currency Futures
Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 217 504 894 443 128 542 15 015 164 11 397 260 NA 0 123 718 342 1 769 213 684 1 438 698 564 9 141 648 NA 14 243 084 12 415 894 NA 13 192 244 238 896 14 559 594 NA 171 306 288 305 409 290 7 212 666 3 304 370 NA 2 007 266 83 489 780 448 547 096 452 724 736 1 166 038 NA 15 049 560 14 355 124 NA 14 812 89 118 192 27 825 360 NA 2010 2009 Of which traded on-exchange 100.0% 100.0% 100.0% 100.0% NA 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% 100.0% NA 100.0% 100.0% 100.0% NA 2010 2009 Open Positions (Nber of contracts) 2010 2009 Notional amount outstanding (USD mios) 48 766 NA NA 2 452 NA NA NA 2 261 2 000 NA NA NA NA NA 8 1 336 NA NA 36 289 NA NA 914 NA NA NA 1 132 784 NA NA NA NA NA NA 839 NA NA
Americas Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
BM&FBOVESPA CME Group ICE Trust U.S. MexDer Rofex Australian Securities Exchange Korea Exchange MCXSX National Stock Exchange of India Osaka SE Tokyo Financial Exchange Inc. Budapest SE Johannesburg SE MICEX NYSE Liffe (European markets) - LCH Clearnet SA RTS Turkish Derivatives Exchange Warsaw SE
Cash NA NA Physical/Cash NA NA NA Cash NA Cash NA NA NA NA Cash Cash NA NA
100.0% 1 017 566 812 806 100.0% 916 180 740 406 100.0% Not received Not received 100.0% 256 686 95 053 NA NA NA 100.0% 0 18 864 100.0% NA 948 299 100.0% 2 233 612 1 170 584 100.0% 994 774 406 200 100.0% 103 465 4 986 NA NA NA 100.0% 250 480 185 835 100.0% 440 827 396 547 NA NA NA 100.0% 258 300 100.0% 601 078 386 067 100.0% 63 261 47 154 NA NA NA
66
12 Commodity Options
Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 1 420 248 336 894 568 NA 28 898 278 32 338 153 746 0 22 734 NA 607 738 NA 2 618 456 NA 323 906 904 906 204 623 720 NA 22 177 622 20 606 11 643 276 280 26 574 NA 533 476 NA 1 480 408 NA 190 072 2010 2009 Of which traded on-exchange 100.0% 72.4% NA 100.0% 100.0% 100.0% 100.0% 100.0% NA 100.0% NA 100.0% NA 100.0% 2010 2009 Open Positions (Nber of contracts) 2010 2009 Notional amount outstanding (USD mios) 41 NA NA NA NA 0 NA 84 NA NA NA 594 NA 9 19 NA NA NA NA 0 NA 206 NA NA NA 1 NA 23
Americas Americas Americas Americas Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East
BM&FBOVESPA CME Group ICE Futures Canada ICE Trust U.S. Australian Securities Exchange TAIFEX Budapest SE Eurex Clearing AG ICE Clear Europe Johannesburg SE London Metal Exchange NYSE Liffe (European markets) - LCH Clearnet SA NYSE Liffe (European markets) - LCH Clearnet Ltd RTS
Physical/Cash NA NA NA NA Cash NA Cash NA NA NA Physical NA Cash
100.0% 137 072 62 109 61.7% NA NA NA NA NA 100.0% Not received Not received 100.0% 6 943 3 675 100.0% 456 1 332 100.0% 0 0 100.0% 644 2 513 NA NA NA 100.0% 51 384 51 246 NA NA NA 100.0% 367 494 186 994 NA NA NA 100.0% 3 040 10 731
13 Commodity Futures
Region Stock Exchange Settlement 2010 2009 Number of Postings (contracts double counted) 4 712 060 1 349 941 342 NA 89 912 130 460 586 NA NA 11 284 NA NA NA 151 790 1 942 846 56 155 110 NA NA NA 13 708 107 084 NA 3 669 848 NA 11 645 340 NA 35 601 864 294 984 3 912 542 1 032 723 568 NA 77 919 962 389 338 NA NA 13 546 30 868 NA NA 6 686 086 623 182 64 445 882 NA NA NA 21 748 43 006 NA 3 283 684 NA 5 775 406 NA 22 348 728 236 702 2010 2009 Of which traded on-exchange 100.0% 90.1% NA 100.0% 100.0% NA NA NA 100.0% NA NA 100.0% 100.0% 100.0% NA NA NA 100.0% 100.0% NA 100.0% NA 100.0% NA 100.0% 100.0% 2010 2009 Open Positions (Nber of contracts) 2010 2009 Notional amount outstanding (USD mios) 702 NA NA NA NA NA NA NA NA NA NA 20 369 10 231 NA NA NA NA 83 NA NA NA 6 589 NA 269 NA 557 NA NA NA NA NA NA NA NA NA NA 15 145 8 506 NA NA NA NA 17 NA NA NA 2 376 NA 105 NA
Americas Americas Americas Americas Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Asia Pacific Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa, Europe, Africa,
Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East Middle East
BM&FBOVESPA CME Group ICE Futures Canada ICE Trust U.S. Australian Securities Exchange Bursa Malaysia Dalian Commodity Exchange Hong Kong Exchanges and Clearing Limited (HKEx) Korea Exchange Multi Commodity Exchange of India Shanghai Futures Exchange TAIFEX Thailand Futures Exchange (TFEX) - Thailand Clearing House Tokyo Commodity Exchange (TOCOM) Tokyo Grain Exchange Zhengzhou Commodity Exchange Borsa Italiana Budapest SE Eurex Clearing AG ICE Clear Europe Johannesburg SE London Metal Exchange NYSE Liffe (European markets) - LCH Clearnet SA NYSE Liffe (European markets) - LCH Clearnet Ltd RTS Turkish Derivatives Exchange
Physical/Cash NA NA NA NA NA NA Cash NA NA NA Cash Cash Physical/Cash NA NA NA NA Cash NA NA NA Physical NA Physical/Cash NA
100.0% 41 687 58 805 83.5% NA NA NA NA NA 100.0% Not received Not received 100.0% 46 816 50 360 NA NA NA NA NA NA NA 85 119 100.0% NA 65 NA NA NA NA NA NA 100.0% 979 949 100.0% 16 249 5 681 100.0% 425 739 435 191 NA NA NA NA NA NA NA NA NA 100.0% 506 610 62.9% 7 124 3 864 NA NA NA 100.0% 82 024 54 812 NA NA NA 100.0% 351 926 200 194 NA NA NA 100.0% 93 178 45 448 100.0% 2 352 581
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2010 IOMA Survey

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IOMA/IOCA Derivatives Market Survey 2010

Conducted by Romain Devai and Grgoire Naacke May 2011

WFE/IOMA Derivatives Market Survey 2010 May 2011

International Options Market Association (IOMA) 2010 Derivatives Market Survey

WFE/IOMA Derivatives Market Survey 2010 May 2011

WFE/IOMA Derivatives Market Survey 2010 May 2011

WFE/IOMA Derivatives Market Survey 2010 May 2011

Number of product lines

WFE/IOMA Derivatives Market Survey 2010 May 2011

The global derivatives market

2010 worldwide derivatives volume 22 billion contracts traded

Breakdown of volumes by geographical zone in 2010

WFE/IOMA Derivatives Market Survey 2010 May 2011

Derivatives Volume Growth

Derivatives Volume Growth Rate

39% 33% 33%

2005/04 2006/05 2007/06 2008/07

16% 12% 10% 6%

10% 0% Options -10% -20%

WFE/IOMA Derivatives Market Survey 2010 May 2011

Exchange and products trends

Contracts traded by Product Group (billion contracts)

WFE/IOMA Derivatives Market Survey 2010 May 2011

Currency and commodity

Equity and interest rate

contracts traded Futures Growth rate of Options

contracts traded Futures

WFE/IOMA Derivatives Market Survey 2010 May 2011

A1 Equity products trading

Equity Products Volume Growth (billion contracts)

WFE/IOMA Derivatives Market Survey 2010 May 2011

Monthly volumes of EURO Stoxx 50 options and futures traded on Eurex

120% 100% 80% 60% 40% 20% 0%

WFE/IOMA Derivatives Market Survey 2010 May 2011

Global equity indices volatility

Dow Jones Nikkei 225 STOXX 600

WFE/IOMA Derivatives Market Survey 2010 May 2011

WFE/IOMA Derivatives Market Survey 2010 May 2011

2010/2009 % Change in stock options volume

75% 100% 125% 150%

WFE/IOMA Derivatives Market Survey 2010 May 2011

% change +86% +23% +17% +29% +80% -

Stock options contract volume by geographical zone

WFE/IOMA Derivatives Market Survey 2010 May 2011

WFE/IOMA Derivatives Market Survey 2010 May 2011

Special focus on single stock flexible options

% change +1% -10%

% change -2% +29% +129% +41% +88% +4% -

WFE/IOMA Derivatives Market Survey 2010 May 2011

WFE/IOMA Derivatives Market Survey 2010 May 2011

2010/2009 % Change in stock futures volume

WFE/IOMA Derivatives Market Survey 2010 May 2011

Stock futures contract volume by geographical zone

WFE/IOMA Derivatives Market Survey 2010 May 2011

WFE/IOMA Derivatives Market Survey 2010 May 2011

2010/2009 % Change in index options volume

WFE/IOMA Derivatives Market Survey 2010 May 2011

% change +59% +132% +3% +36% +70% +57% +2% +43% -

Index options contract volume by geographical zone