The European Derivatives Exchange · §One of the largest derivatives exchanges in the world...

The European Derivatives Exchange

September 2009

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Today's Presentation ……introduces you to Eurex

ß the companyß its productsß and its technology

…describes the competitive and regulatory landscape in which exchanges are operating

After the presentation:ß Access to our simulation environmentß You can try it yourself: place an order or hit/lift a bid/ask.

Eurex – The International Derivatives Exchange

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AgendaCompany Overview

U.S. vs European Market Model

Products

Exchange Participants

Clearing

Exchange Connectivity

Trading at Eurex

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Eurex Services● Eurex

ß One of the largest derivatives exchanges in the worldß Exchange traded Futures & Optionsß Fully electronic, anonymous trading platformß 2008 total volume ≈ 2.2 Billion contracts

- i.e. an average of 8.5 Million contracts a day.

● Key Products & U.S. Equivalents

ß 2 year Treasury Note Futuresß 5 Year Treasury Note Futuresß 10 Year Treasury Note Futures

ßFixed Income Futures:ß Euro-Schatz Futuresß Euro-Bobl Futuresß Euro-Bund Futures

ßS&P 500 FuturesßDAX® Futures

ßE-mini S&P 500 FuturesßDow Jones EURO STOXX 50® Index Futures

U.S. EquivalentEurex


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Eurex Services● Eurex currently has 405 direct members connected out of 24

countries (80% in Europe, 17% in the U.S. and 1% in Asia)

ß Hundreds of financial institutions located in countries where Eurex can not offer direct connectivity yet route their orders through already established Eurex members

● Eurex offers decentralized access from around the globe to the benchmark futures and options market for European derivatives

ß Hedge funds and Institutional investor groupsß Clearers

ß Market makersß Execution brokers

ß Proprietary trading groupsß Investment banks


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Eurex Ownership Structure

Eurex Zürich AG* European Energy Exchange AG

Eurex Frankfurt AG

* Also an Exchange under Swiss Law

** Exchange under public law according to German law

SWX Swiss Exchange Deutsche Boerse AG

Eurex Deutschland**

50%50%

100%

34.73%

Eurex/US Exchange Holding, Inc. Eurex Repo GmbH Eurex Bonds GmbH

BSP RegionalnaEnergetska Borza d.o.o.

(SouthPool) Eurex Clearing AG

100% 79.44%100% 100% 49%

International SecuritiesExchange Holdings, Inc.

100%


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Historical Evolution1585 Right to regulate official exchange rates granted to the city of Frankfurt

1988 Electronic trading of Swiss stock options launched at SOFFEX

1990 Launch of electronic trading of options and futures on German securities at DTB (Deutsche Terminbörse)

1998 DTB and SOFFEX merge to form Eurex

1998 After eight years of competition with LIFFE, Eurex wins the battle for the Bund Future: electronic trading vs floor trading

1998 EURO STOXX 50®introduced and futures and options trading launched

1999 Eurex’s Bund Future becomes the most actively traded futures contract in the world

2001 IPO of Deutsche Börse AG

2007 Eurex acquires the International Securities Exchange (ISE)

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A Global Marketplace - 405 Members in 24 Countries

Host

Access point (number ofconnected members in brackets)

Additional member sites

Direct exchange connection

Applying for direct exchange connection

USA (74)

Gibraltar (9)

Portugal (1)

Spain (16)

Switzerland (29)

Belgium (3)Netherlands (27)

France (27)

Ireland (4)United Kingdom (85)

Denmark (2)

Sweden (6)

Finland (7)

Austria (6)

Italy (13)

Germany (80)

Greece (8)

Australia (2)

Singapore (1)

UAE [Dubai] (1)

Hong Kong (0)

Japan (0)

Canada (0)


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International Securities Exchange Holdings● The International Securities Exchange Holdings (ISE)

ß 100% subsidiary of Eurexß One of the largest equity option markets in the U.S with a market share

of 30%.

● The ISE traded approx. 1 billion contracts in 2008, i.e. an average of 4 million contracts a day.


30.1%

2008 Equity Options Industry Market Share by Exchange

30.1%

AMEX; 6,09%

BOX; 5,41%

CBOE; 28,43%

NSDQ; 0,95%

NYSE; 12,68%

PHLX; 16,41%

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Eurex Clearing• Eurex Clearing

• 100% subsidiary of Eurex• One of the largest clearing houses in the world, clearing stock, bonds

and derivatives

• The clearing house through its role as central counterparty (CCP) acts as principal to both sides of the trade thus mitigating counterparty credit issues

• Eliminate counterparty risk• Anonymity

• Centrally cleared contracts allow all the benefits of:• Netting• Real time position keeping• Trade validation and • All of the post-trade processes necessary for settlement and risk

management purposes

• Standardized Clearing in combination with harmonized products • Increase speed of trading• Increase liquidity and transparency


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One of the Top Derivatives Markets Worldwide


Traded Contracts

0

500

1,000

1,500

2,000

2,500

3,000

3,500

CME Group Eurex Euronext Liffe CBOE ISE BM&F

Millions

2007 2008

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Strong Growth in Contract Volume

● Eurex reached the 1 billion threshold in traded contracts for the first time in 2003

● Surpassed the 1.5 billion contracts and grew more than 22% in 2006

● In 2008 roughly 2.17 billion contracts were traded at Eurex, an increase of 14% compared to 2007

* As of December 31, 2008

Traded Contracts

-

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Millions

Interest Rate Derivatives Equity Index Derivatives Equity Derivatives Other


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Benefits of Exchange Trading

• Direct Market Access provides complete anonymity and independence• Memberships are unlimited in number and are open to a broad customer base• Flexible connection options (proprietary and FIX like connection types)

• Trading is not rerouted through an intermediary• Co-Location services allow further reduction of order roundtrip times (~ 5 ms)• Network uptime 99.997%

• No Membership fees – Line fees only• High liquidity and low transaction fees• A variety of fee rebate programs• Free trading and clearing system• Free access to market data• Exchange trading eliminates OTC contract administration and reduces costs

Speed

Anonymity

Lower Cost

• Single counterparty, therefore limited risk of counterparty default

• Similar costs for entering and exiting positions• All members are equal to the exchangeFairness

Reduced Risk

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Products


Clearing


Trading at Eurex

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Deutsche Boerse Group

Settlement CustodyClearingTrading

ClearstreamEurex Clearing

Derivatives: Eurex

Cash Market: Xetra

n Physical custody of securities

n Related services, e.g. tax, corporate actions

n Delivery of securities

(in exchange for payment)

n Financing services

n Verification of trade-related information

n Central counterparty (CCP)

n Risk management

n Operation of open electronic order books

n Connectivity to international trading participants

Information Technology

Market Data & Analytics

n Streaming data, data terminals, indices, reference data


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The Competition

●Global competition:ß CME Groupß NYSE-Euronext Groupß Nasdaq-OMX Group

●Local competitionß ICE ß CBOE ß Box


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Market Model: Eurex

●Eurex is a combined futures and options exchange

●Eurex and ISE are fully electronic exchanges

●Eurex has a fully integrated clearing house: Eurex Clearing


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Market Model: U.S. Exchanges● Futures and Options exchanges are separately regulated

ß Separate organizationsß Multiple listingsß Trading Floors and Specialist Systemß Payment for Order Flow

● Floors and Specialist system exist along-side electronic platform

●Clearing Housesß Futures: exchange-affiliated, no bank status (CME Clearing,

ICE Clearing, OCC Futures Clearing)ß Options: one clearer for all options exchanges, the Options

Clearing Corporation (OCC)

●Custody and Settlement services are provided by DTCC


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Products


Clearing


Trading at Eurex

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Tradable Eurex Products from the U.S.

Please find the current products available for trade in the U.S. and the current trading hours on our website: www.eurexchange.com:

ÿTrading > Products > Trading in the U.S.

ÿTrading > Trading Calendar > Trading Hours

Fixed Income Derivatives

Fixed Income FuturesEuro-Schatz, Euro-Bobl, Euro-Bund and Euro-Buxl® FuturesCONF Futures (CONF)

Options on Fixed Income FuturesOptions on Euro-Schatz, Euro-Bobl and Euro-Bund Futures

Commodity Derivatives

CO2 DerivativesEUA Futures (F2PE)CER Futures (FCER)Options on EUA Futures (O2PE)

Gold DerivativesGold Futures (FGFX)Gold Options (OGFX)

Inflation DerivativesEuro-Inflation Futures (HICP)

Equity Index Derivatives

Benchmark Equity Index FuturesDAX® Index, MDAX® Index, TecDAX® Index, Dow Jones EURO STOXX 50® Index, Dow Jones STOXX 50® Index, SLI Swiss Leader Index® and RDxxt® USD - RDX Extended Index Futures

Sector Index FuturesDow Jones STOXX® Large 200 Index, Dow Jones STOXX® Mid 200 Index, Dow Jones STOXX® Small 200 Index, Dow Jones EURO STOXX® Banks Index, Dow Jones STOXX® 600 Banks Index, Dow Jones STOXX® 600 Industrial Goods & Services Index, Dow Jones STOXX® 600 Insurance Index, Dow Jones STOXX® 600 Media Index, Dow Jones STOXX® 600 Personal & Household Goods Index, Dow Jones STOXX® 600 Travel & Leisure Index, Dow Jones STOXX® 600 Utilities Index, Dow Jones EURO STOXX® Select Dividend 30 Index, Dow Jones STOXX® 600 Index, Dow Jones Global Titans 50 SM Index, SMIM® Index

Money Market Derivatives

Money Market FuturesOne-Month EONIA Futures (FEO1)Three-Month EURIBOR Futures (FEU3)

Options on Money Market FuturesOptions on Three-Month EURIBOR Futures (OEU3)

http://www.eurexchange.com

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Eurex Offers Some of the Most Actively Traded Derivatives Products Worldwide

● Euro-Bund Futuresß More than 330 million contracts traded in 2007ß More than 250 million contracts traded in 2008

● DJ Euro Stoxx 50® Index Futuresß More than 327 million contracts traded in 2007ß More than 430 million contracts traded in 2008

Traded Contracts

0

100

200

300

400

500

600

700

EurodollarFutures, CME

Group

E-mini S&P500 Index

Futures, CMEGroup

10-Year T-Note Futures,CME Group

Euro-BundFutures, Eurex

DJ Euro Stoxx50 Futures,

Eurex

EurodollarOptions, CME

Group

EuriborFutures,

Euronext Liffe

Euro-BoblFutures, Eurex

2007 2008


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Products


Clearing


Trading at Eurex

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Customer Groups Trading at Eurex –End Customer Flow Providers

● Banksß Execution of client business in Eurex products by means of telephone

brokerage or execution on behalf of a client in public order booksß Many banks have developed electronic order routing solutions to provide

institutional clients such as mutual funds and hedge funds with direct market access to Eurex

ß Execution of banks’ internal proprietary business for different asset classes ß Hedging off-exchange/OTC transactions with exchange-listed derivatives

● Brokersß Execution of client business in Eurex products by means of telephone

brokerage or execution on behalf of a client in public order booksß In addition, some brokers have developed electronic order routing solutions

or online trading platforms to provide institutional and retail clients with direct market access to Eurex


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Customer Groups Trading at Eurex –Liquidity Providers

● Proprietary Tradersß Firms trading at Eurex with their own money and a speculative trading motivationß Strategies can be algorithmic, trend following, contrarian or scalping institutional flows

(earning off the bid/offer spreads) for bigger-sized orders from banks and brokers.ß By buying and selling derivatives on a speculative basis, existing liquidity is utilized, and

additional liquidity is provided.

● Options Market Makersß Liquidity is provided by hedging option positions with comparable products or with cash

market instruments, with the intention of earning the bid/offer spread.ß Fee rebates apply for Market Makers who fulfill the exchange’s quotation obligations.

● Liquidity Providers in Futuresß In the early stage of a new futures contract, institutional and retail trading flows often require

provision of liquidity by Market Makers specialized on providing liquidity in futures markets.ß Such liquidity is provided by hedging futures positions with comparable products or with

cash market instruments, with the intention of earning the bid/offer spread.ß Fee rebates also apply for such activities.


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Products


Clearing


Trading at Eurex

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Clearinghouse: What makes futures & options special?● Buyer to every seller, seller to every buyer

● Anonymity or no anonymity

● Joe not as trustworthy as John, but you can still do business with him

(Trading Member) (Clearing Member) (Clearing Member)

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Risk ManagementMain role of clearinghouse

Especially in today’s marketsß OTC trades gone wildß Counterparty creditworthiness

Looking for safetyß Clearinghouse role (next slide)ß Risk Tools

- Pre-Trade- Post-Trade (automated margin calls, risk profile every 10 minutes)- Stop-Button

ß Lines of Defense - Clearing Member admission requirements- Clearing Member margins- Clearing Fund- Eurex reserves and own capital- Stress testing

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Default protection for Non Clearing Members and Clearing Members

● Losses resulting from a default of a Non Clearing Member are covered by the corresponding Clearing Member

ß Approx. 110 mn. EUR (12/2008)

ß Min. 1,0 mn EUR / DCM or 5,0 mmn. EUR / GCM

ß Collateral Sell-Out to cover potential shortfall

ß Close-out of all positions results in a surplus or shortfall

ß Approx. 2 bn EUR (12/ 2008)

ß Approx. 5 mn EUR (12/2008)

Position Netting

Collaterals of memberin default

Clearing fund contributionof member in default

Reserve fund of EurexClearing AG

Clearing fund contributionof other members

Liable equity of EurexClearing AG

Coverage in normal market conditions

Coverage in extreme market conditions

Letter of comfort(DBG/ SWX)

ß 700 mn. EUR (12/2008)

Total collateral held at Eurex Clearing

Approx 72* bn EUR(12/2008)

* Collateral Value after haircuts.

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ß iTraxx® Europe, iTraxx® HiVol, iTraxx® Crossover indices from day 1- Series 7, 8, 9 ,10 and 11, Maturities 3, 5, 7 and 10 years

ß To be followed by CDX®, iTraxx/CDX Tranches and Single Name CDSProducts

ß Direct feed from DTCC Warehouse to Eurex Clearingß Warehouse continues to service the CDS contractß Advanced margin model designed to cover all relevant credit market specifics

using CVar for initial margin calculationß Pre risk checks prior to novation and real time intra day marginingß Separate CDS clearing license and separate clearing default fund

Functional & Risk Model

ß Economic participation for shareholdersß Users control CDS product scopeß Competitive fee model

Governance & Fees

ß Counterparty risk mitigation via Central Counterparty (CCP), Eurex Clearingß Multilateral netting and transparency of risk positionsß Balance sheet reliefß Efficient use and management of collateral

Beneficial Impacts

Eurex Clearing’s OTC solution is tailored to the CDS market’s needs based on its proven processes

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Products


Clearing


Trading at Eurex

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Connectivity Solutions

VALUES (MISS) – (Trading/Data Interface)● Direct access to the Eurex Trading & Clearing System via Internet, dedicated E1/T1 or channel on a

higher bandwidth Ethernet connection via a proprietary protocol (VALUES)● Including 250 ms pulsed Market Data Broadcast● Free MISS Gateway software● Free proprietary Trading & Clearing GUI for Windows and Sun Solaris

Enhanced Trading Solution (Trading Interface)● Low latency trading access to Eurex via a FIX like interface with FAST compression● No specific operating system, using any compiler version of any programming language. No additional

Eurex software required● No specific hardware, therefore easy to integrate into existing IT infrastructure● Reduction of round-trip time to as low as 4msecs (from co-location facility in Frankfurt)

Enhanced Broadcast Solution (Real-Time Data Interface)● Optional low latency, un-netted public IP Multicast market data broadcast● Order book depth up to 20 deep for all benchmark futures products and up to 10 deep for all other

futures and options products (Futures spreads included)● No specific operating system, compiler version and programming language. No additional Eurex

Software needed

Access via a Service Provider● Eurex does have several service providers which offer access to the Eurex system. If you are interested

in a contact list, please contact a Eurex representative

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Co-Location Services

Eurex offers Co-Location services in Frankfurt via Equinix and Colt to access its markets. Benefits:

● Lowest latency access available (Order roundtrip times of ~5 ms.)

● Actual network availability of more than 99.999%

● Prompt line orders (Market data feeds of 10 - 120 Mbit available)

● Scalable hardware and rack requirements to your needs

● Trading Connections via E1 or Ethernet

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Connectivity Cost ExamplesExample 2: In co-location (Frankfurt)Example 1: In Chicago/New York

2 VALUES channels = € 1,4002 ETS Channels = € 1,400(including 2 session IDs)2 Enhanced Broadcast Solution on a 70 Mbit line = € 4,000Total per month = € 6,800*

2 VALUES channels = € 1,4002 ETS Channels = € 1,400(including 2 session IDs)2 Enhanced Broadcast Solution on a 20 Mbit line = € 7,000Total per month € 9,800

1Mbit VALUES channel

1Mbit ETS

channel

18Mbit Enhanced Broadcast Solution


1Mbit ETS

channel



1Mbit ETS

channel



1Mbit ETS

channel


* A link will be necessary from co-location to the customer location

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Products


Clearing


Trading at Eurex

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Euro-Bund Futures - Average Daily Volume & Open Interest

Euro-Bund Futures

0200,000400,000600,000800,000

1,000,0001,200,0001,400,0001,600,000

Dec/0

7

Jan/0

8

Feb/0

8

Mar/0

8

Apr/0

8

May/0

8

Jun/0

8Ju

l/08

Aug/0

8

Sep/0

8

Oct/0

8

Nov/0

8

Dec/0

8

Ave

rage

Dai

ly V

olum

e

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Ope

n In

tere

st

Average Daily Volume Open Interest

● The average daily volume for 2008 is over 1 million contracts with an open interest of above 1.4 million contracts

● The bid-offer spread is 1 tick wide most of the time, with the depth of market several thousand contracts deep, make Euro-Bund futures the most liquid and most heavily traded fixed income futures in the world

FGBL Dec. 2008 Contract / Inside Market


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European Market Outlook e-Newsletter● Free weekly e-newsletter

●Covers week ahead in European Marketsß What’s driving marketsß Economic calendar

● Sign up under www.eurexchange.comß Step 1 – Go to the ‘Education’ tabß Step 2 – Click on ‘Investor Newsletter’ on the left panelß Step 3 – Enter your e-mail address and confirmß If you sign up after Monday’s e-newsletter is sent out,

you will receive first newsletter NEXT week!

Eurex – The International Derivatives Exchange | EMO

http://www.eurexchange.com

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Introduction to the Trading GUI (page 1/2)

1. Log-Inß System Connection (page 27)ß Trader Log-In (page 28)ß Message Log (page 29)

2. Overview of GUIß Menu Structure (page 24-25)

3. Market Informationß Market Overview Window (page 41)ß Major Futures Contractsß Fast Order Entry (page 45)ß On-line Time and Sales Sheet (page 62)ß Rapid Order Entry (page 49)ß Market Depth Trading (page 51)ß Contract Overview (page 43)

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Introduction to the Trading GUI (page 2/2)

4. Trading with Fast Order Entry● Account Structure ● Own Order Overview (page 56)● Own Trade Overview (page 60)

5. Strategy Trading● Strategy Market Overview (page 65)● ATM Straddle (STRD)● Delta-Neutral Call (Call-U)

6. OTC Trading● OTC Block Trade (page 73)● OTC Flexible Options (page 78)

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Major Futures Contracts

10,000 Yen0.01 point = 100 YenTSEJGB Asia

$100,000½ of a 32nd point = $15.625CBOTTreasury NoteAmerica

100,000 Euro0.01 point = 10 EuroEurexBundEurope

1000 Yen per index point 0.01 points = 10 YenOSENikkei 225Asia

$ 50 per index point0.25 point = $12.50CMES&P 500 miniAmerica

10 Euro per index point1 point = 10 EuroEurexEuro STOXX 50Europe

Contract SizeTickExchangeFutureTime Zone


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© Eurex 2008Deutsche Börse AG (DBAG), Clearstream Banking AG (Clearstream), Eurex Bonds GmbH (Eurex Bonds), Eurex Repo GmbH (Eurex Repo), Eurex Clearing AG (Eurex Clearing) and Eurex Frankfurt AG are corporate entities and are registered under German law. Eurex Zürich AG is a corporate entity and is registered under Swiss law. Clearstream Banking S.A. (Clearstream) is a corporate entity and is registered under Luxembourg law. Eurex Frankfurt AG (Eurex) is the administrating and operating institution of Eurex Deutschland. Eurex Deutschland and Eurex Zürich AG are in the following referred to as the “Eurex Exchanges”. All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof (other than certain trademarks and service marks listed below) are owned by DBAG and its affiliates and subsidiaries including, without limitation, all patent, registered design, copyright, trademark and service mark rights. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication DBAG, Eurex, Eurex Bonds, Eurex Repo, the Eurex Exchanges, Eurex Clearing and Clearstream and their respective servants and agents (a) do not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication. This publication is published for information purposes only and shall not constitute investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only.Eurex offers services directly to members of the Eurex exchanges. Those who desire to trade any products available on the Eurex market or who desire to offer and sell any such products to others, should consider legal and regulatory requirements of those jurisdictions relevant to them, as well as the risks associated with such products, before doing so.Eurex derivatives (other than Dow Jones EURO STOXX 50® Index Futures contracts, Dow Jones STOXX 50® Index Futures contracts, Dow Jones STOXX® 600 Index Futures contracts, Dow Jones STOXX® Mid 200 Index Futures contracts, Dow Jones EURO STOXX® Banks Sector Futures contracts, Dow Jones STOXX® 600 Banks Sector Futures contracts, Dow Jones Global Titans 50SM Index Futures contracts, DAX® Futures contracts, MDAX® Futures contracts, and Eurex interest rate derivatives) are currently not available for offer, sale or trading in the United States or by United States persons. Trademarks and Service MarksBuxl®, DAX®, Eurex®, Eurex Bonds®, Eurex Repo®, Euro GC Pooling®, Eurex Strategy WizardSM, FDAX®, iNAV®, MDAX®, ODAX®, SDAX®, StatistiX®, TecDAX®, VDAX-NEW®, Xetra® and XTF Exchange Traded Funds® are registered trademarks of DBAG. Xemac® is a registered trademark of Clearstream Banking AG. Vestima® is a registered trademark of Clearstream International S.A. RDXxt® is a registered trademark of Wiener Börse AG (Vienna Stock Exchange).iTraxx® is a registered trademark of International Index Company Limited (IIC) and has been licensed for the use by Eurex. IIC does not approve, endorse or recommend Eurex or iTraxx® Europe 5-year Index Futures, iTraxx® Europe HiVol 5-year Index Futures and iTraxx® Europe Crossover 5-year Index Futures. Eurex is solely responsible for the creation of the Eurex iTraxx® Credit Futures contracts, their trading and market surveillance. ISDA®neither sponsors nor endorses the product’s use. ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.SMI®, SLI®, SMIM® and VSMI® are registered trademarks of SWX Swiss Exchange. STOXX®, Dow Jones STOXX® 600 Index, Dow Jones STOXX® Large 200 Index, Dow Jones STOXX® Mid 200 Index, Dow Jones STOXX® Small 200 Index, Dow Jones STOXX® TMI Index, VSTOXX® Index, Dow Jones EURO STOXX® Select Dividend 30 Index, Dow Jones EURO STOXX®/STOXX®600 Sector Indexes as well as the Dow Jones EURO STOXX 50® Index and Dow Jones STOXX 50® Index are service marks of STOXX Ltd. and/or Dow Jones & Company, Inc.Dow Jones and Dow Jones Global Titans 50SM Index are service marks of Dow Jones & Company, Inc. The derivatives based on these indexes are not sponsored, endorsed, sold or promoted by STOXX Ltd. or Dow Jones & Company, Inc., and neither party makes any representation regarding the advisability of trading or of investing in such products.The names of other companies and third party products may be trademarks or service marks of their respective owners.

The European Derivatives Exchange · §One of the largest derivatives exchanges in the world...

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Transcript of The European Derivatives Exchange · §One of the largest derivatives exchanges in the world...