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Stock ExchangeIts operations & functionsThis document include a detail about the stock exchange itsfunctions and operations, including the major stock exchange of theworld.

Jahangir AlamBBA (pursuing)

University of Rajshahi

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Contents

1. Over view of market ………………………………………. pg.03Types of financial market

§ Money market …………………………………… pg.04§ Capital market …………………………………… pg.04

Market infra structure2. Stock exchange………………………………………………... pg.05

§ Introduction…………………………………….. pg.06§ History………………………………………….. pg.06§ Securities……………………………………….. pg.07§ Types of operation……………………………… pg.08§ Trading process in S.E………………………….. pg.09§ Role of S.E……………………………………… pg.10§ Listing of securities in S.E……………………… pg.12§ Ownership of S.E……………………………….. pg.14§ Future of S.E……………………………………. pg.14§ Other types of S.E………………………………. pg.15

3. Functions of stock exchange………………………………. pg.164. World major S.E…………………………………………….. pg.21

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1. Overview of market

Market

Financial market

Money market

Non securitymarket

Capital market

Security market

Stockexchanges

Clearing &settlement

Education& training

Ratingagency

Investorproductor

Infra structure

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Overview of market

1. Market:-§ A public place where buyers and sellers make transactions, directly or via intermediaries. Also

sometimes means the stock market.§ A market is a public place where provision and object are exposed for sale.

2. Types of Market:-There are two types of Market as following :

§ Money Market§ Capital Market

Ø Money Market:-

In finance, the money market is the global financial market for short-term borrowing andlending. It provides short-term liquidity funding for the global financial system. The money market iswhere short-term obligations such as Treasury bills, commercial paper and bankers' acceptances arebought and sold.

Ø Capital Market:-

It is defined as a market in which money is provided for periods longer than a year as theraising of short-term funds takes place on other markets (e.g., the money market). The capital marketincludes the stock market (equity securities) and the bond market (debt).

3. Organization of markets:-

A market can be organized as

§ an auction,§ a private electronic market,§ a commodity wholesale market,§ a shopping center,§ a complex institution such as a stock market,§ An informal discussion between two individuals.

Markets of varying types can spontaneously arise whenever a party has interest in a good or service thatsome other party can provide. Hence there can be a market for cigarettes in correctional facilities, anotherfor chewing gum in a playground, and yet another for contracts for the future delivery of a commodity.There can be black markets, where a good is exchanged illegally and virtual markets, such as eBay, inwhich buyers and sellers do not physically interact during negotiation. There can also be markets forgoods under a command economy despite pressure to repress them.

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2. Stock exchange

Stock exchange

Introduction

Listing of securities

Trading process

Owner ships

History

FutureTypes of operators

Role

Types

Securities

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1. Introduction:-§ A stock exchange, (formerly a securities exchange) is a corporation or mutual organization

which provides "trading" facilities for stock brokers and traders, to trade stocks and othersecurities. Stock exchange is a highly organized market where securities are purchased and sold.

§ A stock exchange is an organization of which the members are stock brokers. A stock exchangeprovides facilities for the trading of securities and other financial instruments. Usually facilitiesare also provided for the issue and redemption of securities as well as other capital eventsincluding the payment of income and dividends. The securities usually traded on a stockexchange include the shares issued by companies, unit trusts and other pooled investmentproducts as well as corporate bonds and government bonds.

2. History of Stock ExchangesIn 11th century France the courtiers de change was

concerned with managing and regulating the debts of agricultural communities on behalf of thebanks. As these men also traded in debts, they could be called the first brokers.

Some stories suggest that the origins of the term "bourse" come from the Latin bursa meaning abag because, in 13th century Bruges, the sign of a purse (or perhaps three purses), hung on thefront of the house where merchants met. However, it is more likely that in the late 13th centurycommodity traders in Bruges gathered inside the house of a man called Van der Burse, and in1309 they institutionalized this until now informal meeting and became the "Bruges Bourse".The idea spread quickly around Flanders and neighboring counties and "Bourses" soon opened inGhent and Amsterdam.

In the middle of the 13th century, Venetian bankers began to trade in government securities. In1351, the Venetian Government outlawed spreading rumors intended to lower the price ofgovernment funds. There were people in Pisa, Verona, Genoa and Florence who also begantrading in government securities during the 14th century. This was only possible because thesewere independent city states ruled by a council of influential citizens, not by a duke.

The Dutch later started joint stock companies, which let shareholders invest in business venturesand get a share of their profits—or losses. In 1602, the Dutch East India Company issued the firstshares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds. In1688, the trading of stocks began on a stock exchange in London.

On May 17, 1792, twenty-four supply brokers signed the Buttonwood Agreement outside 68Wall Street in New York underneath a buttonwood tree. On March 8, 1817, properties gotrenamed to New York Stock & Exchange Board. In the 19th century, exchanges (generallyfamous as futures exchanges) got substantiated to trade futures contracts and then choicescontracts. There are now a large number of stock exchanges in the world.

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3. Securities:-The securities traded on a stock exchange include:

§ Shares issued by companies.§ Debentures.§ Bonds.

To be able to trade a security on a certain stock exchange, it has to be listed there. Usually thereis a central location at least for recordkeeping, but trade is less and less linked to such a physicalplace, as modern markets are electronics networks, which gives them advantages of speed andcost of transactions. Trade on an exchange is by members only. The initial offering of stocks andbonds to investors is by definition done in the primary market and subsequent trading is done inthe secondary market.

A stock exchange is often the most important component of a stock market.

Supply and demand in stock markets is driven by various factors which, as in all free markets,affect the price of stocks.

There is usually no compulsion to issue stock via the stock exchange itself, nor must stock besubsequently traded on the exchange. Such trading is said to be off exchange or over the counter.This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are partof a global market for securities

Shares:-

The total authorized capital in the company is divided into small units and each is individuallycalled “Share”. You can buy large or small lots to match the amount of money you want to invest.When the company does well, its shares can rise in value. If the company hits a bad patch, its sharecan fall in value. The shares are considered as the main source to raise company’s capital.

Share Holder:-

The people who provide finance to company by purchasing shares are called shareholders.

Types of shares:-

1. Preference Shares:

These are shares whose holders have preferential rights in respect of the payment of dividend andrepayment of capital in the event of winding up. The rate of dividend on these shares is fixed. Thereare further two types of preference shares.

§ Cumulative preference shares: If the profit if company is not enough to pay dividend on any kindof shares at the end of financial year than the right of dividend on these shares accumulates until allarrears of unpaid dividend have been paid.§ Non-Cumulative preference shares: These are the shares on which if dividend is not paid out ofcurrent years profit in any year then it is never paid.

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2. Ordinary Shares:

These shares are the shares on which dividend is not paid at fixed rate. Ordinary shareholdersreceive the dividend proportionally out of profit earned by the company after the payment of fixeddividend on preference shares.

3. Deferred Shares:

The share issued to promoters of the company is called deferred or founders shares. The dividendon these shares is paid after the payment of dividend on all other types of shares.

4. Types of operators on stock exchangeThe operators who buy and sell securities on stock

exchange are of several types. Some of them are described below:

1. Brokers:

A broker is a member of the stock exchange. He buys and sells the securities on the behalf of theoutsiders who are not the members. He charges brokerage for his services. He does not specialize inany particular security. He buys sells all types of securities according to the orders placed by hisclients.

2. Jobbers:

The jobber is a member of stock exchange but he buys and sells securities on his own behalf. He isa dealer in securities. He usually specializes in one type of security. His income comes from theprofit or price difference in the purchase and sale of securities. A jobber normally deals for himselfbut he is not prohibited from buying and selling securities on the behalf of others.

3. Bulls:

A bull is a speculator who expects a rise in prices. Therefore, he buys securities with a view to sellthem in future at a higher price thereby make profit. When the conditions in the stock exchange aredominated by bulls, it is called a “bullish market”. When the prices fall and bulls have to sell at loss,it is called “bull liquidation”.

4. Bears:

A bear is a speculator expects fall in prices. Therefore, he sells securities for future delivery. Hesells securities, which he does not possess. He sells with the hope to buy the securities at lowerprice before the date of delivery. The efforts of bears to bring down the prices artificially are knownas “bear raids”. When bears dominate the market, it is called a “bearish market”. When prices arerise and bears have to make purchases to meet their commitments, it is called “bear covering”.

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5. Trading procedure on Stock Exchange In order to purchase or sell securities on a stock exchange, the following steps have to be taken:

1.Selection of Broker:

A broker is a member of stock exchange and securities can only be purchased and sold through him.After selecting the broker the investor has to convince the broker to buy or sell securities on hisbehalf. For this purpose, the investor may have to make an advance or give references of a bank orsome other persons.

2.Placing the order:

There are three parties involved in the dealing of shares:

§ The Stock Broker§ The Client§ The Jobber

The stock broker simply acts as agent and contacts the particular jobber in the stock exchange onbehalf of the client. He does not disclose to the jobber whether he is a buyer or seller of shares. Hetherefore, asks him to quote two prices:

I. The upper prices at which he is ready to sell the shares.II. The lower prices at which he is ready to buy the shares.

For Example, Mr. Ali wants to sell one thousand shares of a Company. He contacts a broker dealingon the stock exchange. The broker asks a jobber to give quotations. He does not disclose the jobberwhether he wants buy or sell the shares of a company. The jobber gives two prices, one at which heis willing to sell and the other at which he is ready to buy. For instance, the two quoted prices areRs.21.90 and Rs.22.00 in a thousand. This means broker is willing to purchase at Rs.21.90 and sellat Rs.22.00 per share. If the broker is not satisfied, he can go to another jobber or ask the first one tomake it closer (i.e. to reduce the margin between buying and selling). If the broker is satisfied withthe new quotation, he then contacts with his client informs him the bid of the share. If the clientagrees to the bid price, then bargain is struck

3.Preparing the contract note:

The stock broker prepares a contact note, one copy of which is given to the client; second one to thejobber and the third remains with the broker. The contact note generally contains the followinginformation:

§ Name and the address of the stockbroker.§ The name and address of the jobber.§ The type and price of the share.§ The commission of the broker.§ The date of transaction

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4.Settlement:

§ In case of ready delivery contract, the buyer pays the money and the seller delivers thesecurities one same day.

§ In the case of forward delivery contracts settlements are done in a week or once in a month.

On the settlement day, the difference in the purchase and the sell price may be paid without anydelivery of securities. The parties may also postpone the deal to the next settlement date throughmutual consent. This is known as “carryover” or “budla”.

6.Role of Stock Exchange in economyStock exchanges have multiple roles in the economy, this may include the following:

1. Raising capital for businesses:

The Stock Exchange provides companies with the facility to raise capital for expansion throughselling shares to the investing public. It induces people to save and invest in securities. There isregular publicity of its operations, which encourages savings and investments. People know thatwhen they need money, they can easily sell there securities on stock exchange. Therefore, they aremore willing to invest there savings in securities. Thus a stock exchange serves as an instrument forraising capital.

2. Mobilizing savings for investment:

When people draw their savings and invest in shares, it leads to a more rational allocation ofresources because funds, which could have been consumed, or kept in idle deposits with banks, aremobilized and redirected to promote business activity with benefits for several economic sectorssuch as agriculture, commerce and industry, resulting in stronger economic growth and higherproductivity levels and firms.

3. Facilitating company growth:

Companies view acquisitions as an opportunity to expand product lines, increase distributionchannels, hedge against volatility, increase its market shares, or acquire other necessary businessassets. A takeover bid or a merger agreement through the stock market is one of the simplest andmost common ways for a company to grow by acquisition or fusion.4. Redistribution of wealth: Stock exchanges do not exist to redistribute wealth. However,

both casual and professional stock investors through dividends and stock price increases that mayresult in capital gains will share in the wealth of profitable businesses.

5. Corporate governance:

By having a wide and varied scope of owners, companies generally tend to improve on theirmanagement standards and efficiency in order to satisfy the demands of these shareholders and themore stringent rules for public corporations imposed by public stock exchanges and thegovernment. Consequently, it is alleged that public companies (companies that are owned byshareholders who are members of the general public and trade shares on public exchanges) tend tohave better management records than privately-held companies (those companies where shares arenot publicly traded, often owned by the company founders and/or their families and heirs, or

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otherwise by a small group of investors). However, some well-documented cases are known whereit is alleged that there has been considerable slippage in corporate governance on the part of somepublic companies. The dot-com bubbles in the early 2000s, and the subprime mortgage crisis in2007-08, are classical examples of corporate mismanagement. Companies like Pets.com (2000),Enron corporation (2001), One.Tel (2001), Sunbeam (2001), Webvan (2001), Adelphia (2002),MCI WorldCom (2002), Parmlat (2003), American International Group (2008), Lehman Brothers(2008), and Satyam Computer Services (2009) were among the most widely scrutinized by themedia.

6. Creating investment opportunities for small investors:

As opposed to other businesses that require huge capital outlay, investing in shares is open to boththe large and small stock investors because a person buys the number of shares they can afford.Therefore the Stock Exchange provides the opportunity for small investors to own shares of thesame companies as large investors.

7. Government capital-raising for development projects:

Governments at various levels may decide to borrow money in order to finance infrastructureprojects such as sewage and water treatment works or housing estates by selling another category ofsecurities, known as bonds. These bonds can be raised through the Stock Exchange wherebymembers of the public buy them, thus loaning money to the government. The issuance of suchbonds can obviate (to remove) the need to directly tax the citizens in order to finance development,although by securing such bonds with the full faith and credit of the government instead of withcollateral (side by side), the result is that the government must tax the citizens or otherwise raiseadditional funds to make any regular coupon payments and refund the principal when the bondsmature.

8. Barometer of the economy:

At the stock exchange, share prices rise and fall depending, largely, on market forces. Share pricestend to rise or remain stable when companies and the economy in general show signs of stabilityand growth. An economic recession, depression, or financial crisis could eventually lead to a stockmarket crash. Therefore the movement of share prices and in general of the stock indexes can be anindicator of the general trend in the economy.

9. Regulation of companies:

The stock exchange exercises a wholesome influence on the management of companies. A companythat wants to be listed on stock exchange must bind itself to the rules and regulations prescribed bythe stock exchange.

10. Employment Opportunities:

Stock exchange provides employment opportunities to the jobbers and other members who performthere activities in the stock exchange. So it is an important source of employment not only forinvestors but also for the members and there employees.

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7. Listing of Securities on Stock ExchangeAll securities are not dealt on stock exchange. Only those securities are sold or purchased which areincluded in trading list of the stock exchange. In order to get a security listed on stock exchange fortrading purposes, the company issuing such a security must make an application along withfollowing prescribed documents.

1) Copies of memorandum, articles, prospects, directors’ report, balance sheet and agreementwith underwriters.

2) Specimen copies of shares, debentures, certificates, letter of allotment and acceptance, etc.

3) Particulars regarding capital structures.

4) A statement showing the distribution of shares.

5) Particulars of dividends and each bonus declared since its incorporation.

6) Particulars of shares and debentures for each, permission are required.

7) A brief history of the company’s activities since its incorporation.

After the scrutiny of application, if the stock exchange authorities are satisfied, they call upon thecompany to execute the ‘listing agreement’. The listing agreement contains the following conditionsand obligations:

1) The company must be fair to all the applicants for shares. In the case of over subscription, noundue preference will be shown to any particular class of applicants.

2) To notify stock exchange about the date of the board meeting at which decision of dividend istaken.

3) To forward the copies of its annual accounts duly audited to the stock exchange.

4) To notify the stock exchange, about any material change or nature or feature of the company’sbusiness.

5) To notify the stock exchange any change in the capital of the company.

6) To notify the issue of any new shares including bonus shares.

7) To comply with all the requirements of the listing agreement and not to commit any breach ofany condition.

8) To notify the stock exchange of any occasion this will result in redemption or cancellation ofany listed security.

9) To avoid, the establishment of a false market for the listed securities.

10) To supply the stock exchange any other information necessary to enable the shareholders toknow about the company’s position.

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8. Ownership of Stock ExchangeStock exchanges originated as mutual organizations, owned by its member stock brokers. There hasbeen a recent trend for stock exchanges to demutualize, where the members sell their shares in aninitial public offering. In this way the mutual organization becomes a corporation, with shares thatare listed on a stock exchange. Examples are Australian Securities Exchange (1998), Euro next(merged with New York Stock Exchange), NASDAQ (2002), the New York Stock Exchange(2005), Bolsas y Mercados Españoles, and the São Paulo Stock Exchange (2007). The Shenzhenand Shanghai stock exchanges can been characterized as quasi-state institutions insofar as they werecreated by government bodies in China and their leading personnel are directly appointed by theChina Securities Regulatory Commission.

9. The future of stock exchangesThe future of stock trading appears to be electronic, as competition is continually growing betweenthe remaining traditional New York Stock Exchange specialist system against the relatively new, allElectronic Communications Networks, or ECNs. ECNs point to their speedy execution of largeblock trades, while specialist system proponents cite the role of specialists in maintaining orderlymarkets, especially under extraordinary conditions or for special types of orders. UK basedexchanges such as PLUS Markets are increasing competition with traditional exchanges.

The ECNs contend that an array of special interests profit at the expense of investors in even themost mundane exchange-directed trades. Machine-based systems, they argue, are much moreefficient, because they speed up the execution mechanism and eliminate the need to deal with anintermediary.

Historically, the 'market' (which, as noted, encompasses the totality of stock trading on allexchanges) has been slow to respond to technological innovation, thus allowing growing purespeculation to continue. Conversion to all-electronic trading could erode/eliminate the tradingprofits of floor specialists and the NYSE's "upstairs traders", who, like in September and October2008, earned billions of dollars selling shares they did not have, and days later buying the sameamount of shares, but maybe 15 % cheaper, so these shares could be handed to their buyers, therebymaking the market fall deeply.

William Lupine, founder of the Instinet trading system and the Optima system, has been quoted assaying "I'd definitely say the ECNs are winning... Things happen awfully fast once you reach thetipping point. We're now at the tipping point."

One example of improved efficiency of ECNs is the prevention of front running, by which manualWall Street traders use knowledge of a customer's incoming order to place their own orders so as tobenefit from the perceived change to market direction that the introduction of a large order willcause. By executing large trades at lightning speed without manual intervention, ECNs makeimpossible this illegal practice, for which several NYSE floor brokers were investigated andseverely fined in recent years Under the specialist system, when the market sees a large trade in aname, other buyers are immediately able to look to see how big the trader is in the name, and makeinferences about why s/he is selling or buying. All traders who are quick enough are able to use thatinformation to anticipate price movements.

ECNs have changed ordinary stock transaction processing (like brokerage services before them)into a commodity-type business. ECNs could regulate the fairness of initial public offerings(IPO’s), oversee Hambrecht's Open IPO process, or measure the effectiveness of securities researchand use transaction fees to subsidize small- and mid-cap research efforts.

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However, believe the answer will be some combination of the best of technology and "upstairstrading" — in other words, a hybrid model.

Trading 25,000 shares of General Electric stock (recent quote: $7.54; recent volume: 216,266,000)would be a relatively simple e-commerce transaction; trading 100 shares of Berkshire HathawayClass A stock (recent quote: $72,625.00; recent volume: 877) may never be. The choice of systemshould be clear (but always that of the trader), based on the characteristics of the security to betraded.

Even with ECNs forming an important part of a national market system, opportunities presumablyremain to profit from the spread between the bid and offer price. That is especially true forinvestment managers that direct huge trading volume, and own a stake in an ECN or specialist firm.For example, in its individual stock-brokerage accounts, "Fidelity Investments runs 29% of itsundesignated orders in NYSE-listed stocks, and 37% of its undesignated market orders through theBoston Stock Exchange, where an affiliate controls a specialist post."

10. Other types of exchangesIn the 19th century, exchanges were opened to trade forward contracts on commodities. Exchangetraded forward contracts are called futures contracts. These commodity exchanges later startedoffering future contracts on other products, such as interest rates and shares, as well as optionscontracts. They are now generally known as futures exchanges.

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3.Functions of stock exchange

Function of SE

Function asMain activities

In favor of investor

In favor of companies

An organization

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The functions of stock exchange are as following

1. Main activities:

§ To promote the savings and for them to be canalized towards of carrying through

investment projects that otherwise wouldn’t be possible you need that the issuing

institution of the securities to be admitted for quoting. The negotiations will be done on

the primary market.

§ To provide liquidity to the investors. The investor can recuperate the money invested

when needed. For it, he has to go to the stock exchange market to sell the securities

previously acquired. This function of the stock market is done on the secondary market.

2. Functions as an organization are:

§ To guarantee the legal and economic security of the agreed contracts.

§ To provide official information about the quantities that are negotiated and of the quoted

prices.

§ To fix the prices of the securities according to the fundamental law of the offer and the

demand.

Specifying a bit more and centering on the two main agents that intervene in the market, investors and

companies, we could do the following classification:

3. Functions in favor of the investor:

§ It permits him the access to the profitable activities of the big companies.

§ It offers liquidity to the security investments, through a place in which to sell or buy

securities.

§ It permits for the investor to have a political power in the companies in which he invests

its savings due that the acquisition of ordinary shares gives him the right (among other

things) to vote in the general shareholders meetings of the company in question.

§ It offers the possibility of diversifying your portfolio by enlarging the field of strategy of

investments due to alternative options, as could be the derived market, the money market,

etc.

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4. Function in favor of the companies:

§ It supplies them with the obtaining of long-term funds that permits the company to make

profitable activities or to do determine projects that otherwise wouldn’t be possible to

develop for lack of financing. Also, this funding signifies a less cost than if obtained at

other channels.

§ The securities quoted at the stock exchange market usually have more fiscal purpose

advantages for the companies.

§ It offers to the company’s free publicity, which in other way would suppose considerable

expenses. The institution is objecting of attention of the media (television, radio, etc.) in

case any important change in its owners (the share holders).

5. Constant following of the quotations.

Therefore we can see how the stock exchange market supposes a great advantage to the companies, but

there are also some inconveniences to have in mind:

§ First of all, they need of a series of conditions to be apt to enter to the quotations, not all the

companies that apply can do it.

§ The issuing of shares may suppose a loss of power for the founders of the company. Anyway, this

is very relative because it will depend on the grade of atomization on the participations of the new

shareholders and of the percentage of shares that the founders keep over the total capital of the

company.

§ If for example a 49% of the share capital is in hands of the founders, these could loose the control

of in case the other 51% would be in hands of one main shareholder. However, this rarely

happens, due that the share capital that usually goes to the stock market tends to be distributed

between a great number of shareholders that acquire modest participations in respect to that of the

capital of the company the founders may still keep control with share capital is distributed

between a great number of participants.

§ Now then, the property of these shares implies the possession of certain rights over the company

in which you participate.

These are: political rights, among which appears the possibility of participating in the general shareholders meetings and in the administration of the company by means of the execution of your rights tovote; and the economic right, which embraces the possibility of receiving dividends, preferential rights ofsubscription, the transmission of shares (selling) and the right to the liquidity value.

This last implies that at the moment in which the company is liquidated, what remains is proportionallydivided between the shareholders.

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5. The possession of all these rights is what reduces the power of the founders.

· The shares may pass to be property of unknown people to the founders. At the moment in which

they are object of quotations at the stock exchange market any supplier of capital may have them.

If it’s a company that previously knew all its shareholders, considering this as an asset of value to

the company. The stock market quotation may generate an important change that will not always

be positive.

· The companies that are quoted at the stock market offer a better transparency, in a way that the

general public may have access to any information related to their evolution and activities.

· This makes them have a greater control and to supervise every movement done.

3. Major stock exchange

Twenty Major Stock Exchanges In The World: Market Capitalization & Year-to-date Total Turnover atthe end of August 2009

World major SE

Regions

EuropeAfricaAmerica Asia

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Region Stock ExchangeMarket Value

(millionsUSD)

Total ShareTurnover

(millions USD)

Africa Johannesburg Securities Exchange 690,797.5 210,180.8

Americas NASDAQ 2,847,535.2 19,343,868.3

Americas São Paulo Stock Exchange 1,032,518.4 361,959.0

Americas Toronto Stock Exchange 1,432,877.0 798,193.1

Americas New York Stock Exchange 10,842,001.9 12,158,620.6

Asia-Pacific Australian Securities Exchange 1,066,513.2 560,912.8

Asia-Pacific Bombay Stock Exchange 1,082,572.0 171,176.2

Asia-Pacific Hong Kong Stock Exchange 1,945,517.7 970,227.6

Asia-Pacific Korea Exchange 727,125.3 1,050,473.8

Asia-Pacific National Stock Exchange of India 1,019,109.0 506,652.3

Asia-Pacific Shanghai Stock Exchange 2,142,756.8 3,315,768.5

Asia-Pacific Shenzhen Stock Exchange 596,320.2 1,701,256.8

Asia-Pacific Tokyo Stock Exchange 3,478,602.5 2,675,983.3

Europe Euro next 2,605,097.6 1,195,962.2

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Europe Frankfurt Stock Exchange (Deutsche Börse) 1,204,292.0 1,589,736.7

Europe London Stock Exchange 2,560,491.1 2,321,518.5

Europe Madrid Stock Exchange (Bolsas y Mercado’sEspañoles) 1,178,525.6 1,040,751.1

Europe Milan Stock Exchange (Bursa Italiana) 636,674.8 565,759.3

Europe Nordic Stock Exchange Group OMX1 781,146.3 503,049.9

Europe Swiss Exchange 992,356.4 520,867.5