Under

embargo until 9am (London Time) on Tuesday 3 March 2015

Strong Increase of Equity Trading Volumes (+17.4%) in 2014

LONDON (March 3, 2015) Today, the World Federation of Exchanges Ltd. released its Annual
Statistics Market Highlights report. The main trends for 2014 were:

- The value of share trading rose 17.4% worldwide to 81 trillion USD from 2013.

- The number of trades rose 23.7% from 2013; the average value of trades continued to
decrease.

- A continuing good performance of equity markets as Global Market Capitalization rose
4.3% to 68 trillion USD from 2013.

- Good performance of IPO markets and investment flows. The number of IPOs rose
24.3% from 2013 to 1421. Total investment flows in USD increased 22.6% from 2013 to
894 billion USD.

- Exchange Traded Derivatives (ETD) volumes rose 2.8% from 2013, mainly driven by
commodity derivatives.

``The numbers illustrate that investor demand for financing and ways to transfer risk continue
to grow, said Nandini Sukumar, Acting CEO of the WFE. ``Exchanges are -- and will remain -- the
natural place for both those needs. Volumes are growing across asset classes, investment flows
are increasing and IPOs are strong. There is confidence that capital markets can provide the
means for growth.

Value of Electronic Order Book (EOB) share trading and
Market Capitalization Annual Growth Rate
EOB Share Trading Volume
2013
2014
Americas
2.1%
16.5%
Asia Pacific
39.2%
18.9%
EMEA
2.1%
17.4%
Total
10.6%
17.4%
Source: WFE database including non-members

Market Capitalization
2013
2014
Americas
22.0%
7.0%
Asia Pacific
7.8%
13.8%
EMEA
25.3%
-9.6%
Total
18.4%
4.3%

``The full year numbers build on the trends we saw back in the first-half when exchange volumes
and IPOs picked up, said Grgoire Naacke, Senior Analyst at the WFE. ``What is marked in 2014
is that equity volumes picked up in all the three regions. Asia Pacific is still the strongest but the
Americas and EMEA are closing the gap.


The full Report is available hereafter.

ABOUT THE WFE:

The World Federation of Exchanges is the trade association for the operators of regulated
financial exchanges. With 64 members from around the globe, the WFE develops and promotes
standards in markets, supports reform in the regulation of OTC derivatives markets, and fosters
international cooperation and coordination among regulators. WFE member exchanges are
home to more than 44,000 listed companies and the WFE statistics database covers more than
350 indicators and 70 years of data from exchanges worldwide.

For additional information please contact:

Intermarket Communications: Stephanie DiIorio, +1 212 -754-5181,
sdiiorio@intermarket.com

The WFE: Nandini Sukumar, Acting CEO, +44 20 7151 4156 nsukumar@world-
exchanges.org

Any statistics used must be attributed to the WFE.

###

Strong Increase of Equity Trading Volumes (+17.4%) in 2014

The World Federation of Exchanges Ltd. published its Annual Statistics Market Highlights report.
The main trends for 2014 were:

- The value of share trading rose 17.4% worldwide to 81 trillion USD from 2013.

- The number of trades rose 23.7% from 2013; the average value of trades continued to
decrease.

- A continuing good performance of equity markets, Global Market Capitalization rose
4.3% to 68 trillion USD from 2013.

- Good performance of IPO markets and investment flows. The number of IPOs rose
24.3% from 2013 to 1421. Total investment flows in USD increased 22.6% from 2013 to
894 billion USD.

- Exchange Traded Derivatives (ETD) volumes rose 2.8% from 2013, mainly driven by
commodity derivatives.


Other highlights of the WFE annual report:

Value of share trading and Market Capitalization:

In 2014, the value of share trading increased by 17.4% worldwide to 81 trillion USD.

All the regions were affected by this increase to a relatively similar extent: +18.9% in Asia-
Pacific, +17.4% in Europe Middle East Africa and +16.5% in Americas.

In Americas and Europe Middle East Africa, the 2014 increase of value of share trading followed
a significant increase of volatility on equity markets:
- In the United-States, S&P 500 Volatility (VIX Index) increased by 39.9% to 19.2
- In Europe, EURO STOXX 50 Volatility (VSTOXX) increased by 51.8% to 26.2

In Asia Pacific, the growth was mainly driven by an impressive increase of value of share trading
in Mainland China during the last quarter of the year. In the rest of the Asia Pacific region, value
of share trading decreased by 5.4% in 2014.

Value of Electronic Order Book (EOB) share trading in trillion USD

Source: WFE database including non-members

35

80

30

70
60

25

50

20

40

15

30

10

20

10

WFE Total

Source: WFE database including non-members

Americas

Asia Pacific

EAME

Toral Worldwide - USD trillion

Total by geographical region - USD

trillion

Global market capitalization increased by 4.3% in 2014. There was a regional difference in trend
between the three time zones. The Europe Middle East Africa fell -9.6%, whereas Americas and
Asia-Pacific increased by 7% and 13.8% respectively. The European decrease was mainly
concentrated on the second half of the year.


Domestic Equity Market Capitalization in trillion USD

Number of trades and average value of trades: In line with the value of share trading, the
number of trades also saw an increase by 23.7% globally. The Americas experienced the highest
increase (+30.8%), followed by Asia-Pacific (+21.0%) and Europe Middle East Africa (+13.0%).
The average value of trades decreased 5.8% in the second half of 2014, compared to first half of
2014. The average transaction size in Asia Pacific remains below the global average indicating a
more active retail market.

Average value of trades

(Thousand USD weighted by trading value)
9.2

35

Total

Americas

Asia Pacific
6.7

25

EAME
5.9

5.5

6
5

30

5.2

4.9

4.4

5.5

5.2

5.2

5.7

5.5

5.4

5.1

20
15

4
3

10

2
5

1
0

1s

Total by region - Thousand USD

Total - Thousand USD

10

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9
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0
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2
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4
11
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13
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ha
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dh
d
d
d
s
s
s
n
n
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1
1
1
2
2
2
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11
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Source: WFE database including non-members

Newly listed companies and investment flows: There was a large increase in the number of
IPOs in 2014 of 24.3% to 1 421 IPOs. The total amount of investment flows through IPOs and
secondary offers in USD increased by 22.6%, compared to 2013.
Number of newly listed companies

Investment Flows (billion USD)

Source: WFE database including non-members

Exchange Trades Derivatives (ETD): The volume of ETD contracts traded increased by 2.8%
globally in 2014.
-

There was a slight increase in Equity derivative volumes (+1.7%). This was mainly due
to a 33.3% increase in the number of index options traded in India. Excluding India,
global equity derivative volumes are down: -1.9% from 2013 to 2014.

The strong increase of Interest Rate derivatives in the US (+18.5%) was not sufficient to
counterbalance the drop observed in Europe (-19.9%), and globally Interest Rate
derivatives decreased by 2.5%.

Commodity derivatives experienced the strongest growth with 12.0% annual growth
rate.

Currency derivatives increased by 3.6%. Russia and India accounted for 76% of the
global number of contracts traded on-exchange in 2014.

Worldwide Exchange Traded Derivatives
(billion contracts)
25
20
15
10
5
0
2004

2005

2006
Equity

2007

2008

Interest Rate

2009

2010

2011

Commodity

2012

Currency

2013

2014

Source: WFE database including non-members

Other products: The value of bond trading decreased in 2014 (-2.9% compared to 2013). EMEA
region, continues to represent the vast majority of the total turnover value (86%), and
decreased by 3.2%, while Asia Pacific increased by 10.3% and Americas decreased by 19.2%.
The number of trades increased 24.4% compared to 2013.
ETFs continued its increase by 14% on the turnover in 2014. The increase was mainly due to the
Americas performance (+13%), which represent 88% of the total turnover. ETFs are mostly
traded off-exchange in the EMEA region.
Volumes for securitized derivatives increased by 3%. Asia Pacific region accounts for 76% of the
total turnover.

Disclaimer:
While the World Federation of Exchanges (WFE) made every effort to check that the data are accurate and complete, it does not
accept liability for any errors or omissions. WFE shall not be liable for any claims or losses of any nature arising directly or indirectly
from use of the data. Please note that some technical footnotes available in the monthly statistics published by WFE are not available
here in the raw data uploaded with the query tool. In order to explain some breaks in the time series or other statistical issues, the
user will probably have to consult those footnotes in the monthly tables published by the WFE or in the WFE annual report. Statistics
definitions are also publicly available in the annual report or on WFE website.
For reproduction, citation, distribution and transmission of any data please contact the WFE. It is otherwise strictly prohibited. The
WFE will always have to be quoted when the statistics are used by a third party.

1. Domestic equity market capitalization

Regional and global domestic equity market capitalization (USD billion)
Time zone

2014

2013

USD billion

USD billion

% change

Americas

30 269

28 299

7.0%

Asia-Pacific

21 082

18 521

13.8%

Europe - Middle East - Africa

16 477

18 224

-9.6%

Total

67 828

65 044

4.3%

Source: WFE database - including non-members

80

30

70
60

25

50

20

40

15

30

10

20

WFE Total

Americas

Asia Pacific

Sep-14

Jan-14

May-14

Sep-13

May-13

Jan-13

Sep-12

Jan-12

May-12

Sep-11

May-11

Jan-11

Sep-10

Jan-10

May-10

May-09

Sep-09

Jan-09

Sep-08

10
May-08

Toral Worldwide - USD trillion

35

Jan-08

Total by geographical region - USD

trillion

Domestic equity market capitalization by time zones in USD trillion

EAME

80

30

70
60

25

50

20

40

15

30

10

20

WFE Total

Americas

EAME

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

Apr-14

Asia Pacific

May-14

Mar-14

Feb-14

Jan-14

Dec-13

Nov-13

Oct-13

Sep-13

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

10
Feb-13

Toral Worldwide - USD trillion

35

Jan-13

Total by geographical region - USD

trillion

Zoom on 2013 and 2014 - Monthly evolution of domestic equity market capitalization by time zones

2. Share trading value

Regional and global Electronic Order Book share trading value (USD billion)
Time zone

2014

2013

USD billion

USD billion

% change

Americas

43 623

37 438

16.5%

Asia-Pacific

23 674

19 906

18.9%

Europe - Middle East - Africa

13 593

11 582

17.4%

Total

80 890

68 926

17.4%

Source: WFE database - including non-members

WFE Total

Americas

Jul-14

Oct-14

Apr-14

Jan-14

Jul-13

Oct-13

Apr-13

Jan-13

Jul-12

Asia - Pacific

Oct-12

Apr-12

Jan-12

Jul-11

Oct-11

Total Worldwide - USD trillion

Apr-11

Jan-11

Jul-10

Oct-10

Apr-10

Jan-10

Jul-09

Oct-09

Apr-09

Jan-09

10

Jul-08

Oct-08

12

Apr-08

Jan-08

Total by geographical region - USD

trillion

Electronic Order Book share trading value by time zones in USD trillion

Europe - Middle East - Africa

WFE Total

Americas

Asia - Pacific

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Mar-14

Feb-14

Jan-14

Dec-13

Nov-13

Oct-13

Sep-13

Aug-13

Jul-13

Jun-13

May-13

Apr-13

Mar-13

Jan-13

Total Worldwide - USD trillion

Feb-13

Total by geographical region - USD

trillion

Zoom on 2013 and 2014 - Monthly evolution of EOB share trading value by time zone in USD trillion

Europe - Middle East - Africa

3. Number of trades in equity shares & average value of trades

Regional and global Electronic Order Book number of trades (in thousand)
Time zone

2014

2013

% change

Americas

5 836 421

4 460 713

30.8%

Asia-Pacific

8 002 402

6 615 037

21.0%

Europe - Middle East - Africa

1 510 384

1 336 437

13.0%

15 349 206

12 412 188

23.7%

Total
Source: WFE database - including non-members

1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4

Total

Americas

Jul-14

Oct-14

Apr-14

0.0

Europe - Middle East - Africa

Average value of trades (weighted by trading value)

Time zone

Jan-14

Jul-13

Oct-13

Apr-13

Jan-13

Jul-12

Asia - Pacific

Oct-12

Apr-12

Jan-12

Jul-11

Oct-11

Apr-11

Jan-11

Jul-10

Oct-10

Apr-10

Jan-10

Jul-09

Oct-09

Apr-09

Jan-09

Jul-08

Oct-08

0.2
Apr-08

1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0

Jan-08

Total by geographical region (in

billion)

Electronic Order Book number of trades by time zones in USD trillion

2nd Half

1st Half

2014

2014

% change

Americas

7900

8 024

-1.5%

Asia-Pacific

4626

5 061

-8.6%

Europe Africa Middle East

10666

11 535

-7.5%

Total WFE

23192

24 620

-5.8%

4. Bonds
Bond trading value (USD million)
Time zone

2014

2013

% change
2014/2013

Americas

957 390

1 184 725

-19.2%

2 082 760

1 887 731

10.3%

Europe Africa Middle East

18 700 295

19 323 866

-3.2%

Total WFE

21 740 445

22 396 321

-2.9%

2014

2013

Asia-Pacific

5. Securitized derivatives
Securitized derivatives trading value (USD million)
Time zone

% change
2014/2013

Americas

394

452

Asia-Pacific

476 538

447 773

-12.6%
6.4%

Europe Africa Middle East

150 640

160 861

-6.4%

Total WFE

627 573

609 086

3.0%

2014

2013

6. ETFs
ETFs trading value (USD million)
Time zone

% change
2014/2013

Americas

11 801 999

10 476 237

12.7%

Asia-Pacific

846 177

626 338

35.1%

Europe Africa Middle East

816 831

696 341

17.3%

13 465 007

11 798 916

14.1%

Total WFE

8. Derivatives markets
Worldwide volumes of Exchange Traded Derivatives by product (millions of contracts)
Product

Millions of contracts Millions of contracts

% change

traded in 2014

traded in 2013

2014/2013

Single stock options

3 795

3 977

-4.6%

Single stock futures

965

953

1.2%

Stock index options

3 319

2 929

13.3%

Stock index futures

2 347

2 263

3.7%

ETF options

1 348

1 458

-7.6%
1.7%

Total equity derivatives

11 773

11 581

Interest rate options

554

564

-2%

Interest rate futures

2 683

2 756

-2.7%

Total interest rate derivatives

3 236

3 320

-2.5%

180

170

6.1%

Comodity futures

3 501

3 116

12.3%

Total commodity derivatives

Commodity options

3 681

3 286

12.0%

Currency options

239

301

-20.7%

Currency futures

1 584

1 458

8.6%

Total Currency derivatives

1 823

1 759

3.6%

20 513

19 946

2.8%

GRAND TOTAL (1)