Swedish Securities Dealers Association New European Market Places Seminar 8 th October 2008 ©Copyright Turquoise Services Ltd1

Turquoise Live trading

Weekly traded value Weeks 18/08/2008 to 03/10/ © Copyright Turquoise Services Total Value of Trades (EUR Billions) Week Commencing

4 © Copyright Turquoise Services Ltd Market share Total

Turquoise Getting to launch

6 © Copyright Turquoise Services Ltd Our people From a project to a company

Our partners Specialist providers 7 © Copyright Turquoise Services

Trading members Public members 8 © Copyright Turquoise Services

9 © Copyright Turquoise Services Ltd Technology Proactive engagement with vendors ISVNetworkMDV

Turquoise Our offering

11 © Copyright Turquoise Services Ltd Turquoise Overview FSA Regulated MTF Live in 13 Markets Clearing via EuroCCP Technology Tested Low Latency Surveillance Market Operations Dedicated Client Relationship Manager Technical Account Manager Integrated Visible and Dark Trading

Trading on Turquoise Tariff schedule Trading Fee bps Passive-0.15 Aggressive0.35 Dark0.50 Order ManagementFREE MembershipFREE Market DataFREE 12 © Copyright Turquoise Services Ltd Market wide volume (daily executions) Gross executions 0 – 400,000€ ,001 – 800,000€ Over 800,000€ SettlementNet sides € 0.90

Technology High capability Observed Latency ms average 30 million inbound messages per day 209,248 trades on 16 th September 2,000 messages per second observed peaks Twin sites with ‘synchronous’ hot standby Choice of connectivity – FIX or native API 13 © Copyright Turquoise Services Ltd

14 © Copyright Turquoise Services Ltd Integrated platform –Allows dark orders to maintain exposure to order book trading volume –Enables smaller orders to trade at improved prices when hitting a dark order inside the spread Dark orders –Orders exceeding MiFID Large in Scale placed as dark orders are not displayed within Turquoise market data –Dark orders trade against both other dark orders and visible orders Minimum Acceptable Quantity (MAQ) –Ensures that information on your order is only given up when a significant trading opportunity arises –MAQ calculation performed against a combination of orders Trading functionality Sophisticated order controls

15 © Copyright Turquoise Services Ltd Matching criteria –Turquoise matching logic is Price, Visibility, Time –Visible orders execute before dark, iceberg balance and discretion orders at the same price point Pegging –Orders can track the best bid or offer from either Turquoise or a combination of European markets –Dark orders can peg inside the BBO in 1/10 th tick increments Price discretion –Discretion applied to limit orders ensures first reaction to rapid market changes –Execution secured before information on the incoming order is made public Trading functionality Sophisticated order controls

16 © Copyright Turquoise Services Ltd Trading functionality

Summary Averaging over €1 billion of matched trades Peak at €2.2 billion – October 7 Averaging over 4% of FTSE, CAC and AEX, over 3% overall Best of breed technology Diverse member network Choice of ISV’s, MDV’s and Network providers 13 markets live, 1,300+ securities Integrated Visible and Dark trading Competitive Maker-Taker pricing model 17 © Copyright Turquoise Services

18 © Copyright Turquoise Services