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Beirut 28 April 2010

Beirut 28 April 2010. Joint Venture partners. Ten leading CSDs. Link Up Markets. - 2 -. Key achievements to date. Successful launch in March 2009 with just 12 months time-to-market Development cost well within announced budget of EUR 10 million

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Beirut 28 April 2010

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  1. Beirut 28 April 2010

  2. Joint Venture partners Ten leading CSDs Link Up Markets -2-

  3. Key achievements to date • Successful launch in March 2009 with just 12 months time-to-market • Development cost well within announced budget of EUR 10 million • 8 CSDs live: CBF, CSE, Helex, Iberclear, OeKB, SIX SIS, VP, VP LUX • Production running smoothly • 3 new members – CSE, Strate and MCDR underpinning global ambition • Solution well positioned as showcase for interoperability as well as facilitator for T2S

  4. Volumes increasing gradually • 4 million messages processed in 2009, representing approx. 1 million settlement instructions • Migrated volumes on links between Austria, Germany and Switzerland as benchmark, first activities on new links • Each new market with additional volume potential – inbound & outbound • Implementation of links extending into 2010 • Building sales pipeline for new services and/or markets takes time

  5. Financial markets becoming more integrated and interoperable • Integration of European financial markets started seriously 10 years ago, interoperability as key principle • Code of Conduct for Clearing & Settlement • Securities Law Directive (in market consultation) • Parallel developments in other regions with variety of drivers • Political incentives for cross-border investments • Co-operation between trading venues • Interoperability among Central Banks • Single currencies • Case for interoperability in post-trading on regional and global level -5-

  6. Link Up Markets with potential to become global CSD network

  7. Business opportunities for CSDs • Fastest way to enter cross border post trading • Gateway into own regional network • Access 50% of European market and 90% of African market • New business opportunity • Generate new revenue stream • Diversify services and build cross border capabilities • Leverage existing infrastructure • Expansion of customer base • Direct holdings at lower scale  -7-

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