1. Shanghai 20 July 2011 ACI - The Financial Markets Association FOREX Innovation China 2011 The Global Impact of (FX) Foreign Exchange by Manfred Wiebogen ACI Presiden

2. FOREX Innovation – Shanghai 2011 1.Deutsche BankGER15.64% 2.Barclays CapitalUK10.75% 3.UBS AGCH10.59% 4.CitiUS8.88% 5.JP MorganUS6.43% 6.HSBCUK6.26% 7.Royal Bank of ScotlandUK6.20% 8.Credit SuisseCH4.80% 9.Goldman SachsUS4.13% 10.Morgan StanleyUS3.64% ________________________________________________ Intro – 10 Banks do count for some 77% volume ________________________________________________ According to the Euromoney FX survey 5/2011

3. FOREX Innovation – Shanghai 2011 ________________________________________________ 1. World Currency Reserves (in US$) ________________________________________________ In ‚90s20012003200520072011 Some 1.5 trn2.0 trn3.0 trn4.2 trn6.4 trn9.7 trn

4. FOREX Innovation – Shanghai 2011 ________________________________________________ 1. World Currency Reserves (in US$) ________________________________________________ FX res.20003/2011 Ad. Ec.$ 1.2 trn$ 3.2 trn Em. Ec.$ 0.7 trn$ 6.5 trn

5. FOREX Innovation – Shanghai 2011 ________________________________________________ 1. World Currency Reserves (in US$) ________________________________________________

6. FOREX Innovation – Shanghai 2011 ________________________________________________ 2. World Gold Reserves (in US$) ________________________________________________ EuroArea = 35,3% / USA = 26,6% / Germany = 11,1 % / Italy/France each 8% / Switzerland/China each 3,4%

7. FOREX Innovation – Shanghai 2011 ________________________________________________ 2. World Gold Reserves (in tonnes) ________________________________________________ FXGold in $ Gold in tn Reserves9.7001.57230.562 Estimated Reserves 2.41847.000 9.7003.990

8. FOREX Innovation – Shanghai 2011 ________________________________________________ 3. The FX markets and its underlying ________________________________________________ Daily traded volume/average by BIS Daily traded volume/average by BIS report 20072010The market doubled 3.3 trn $4.0 trn $Since 2004 !

9. FOREX Innovation – Shanghai 2011 ________________________________________________ 3. The FX markets and its underlying ________________________________________________ Daily traded volume/average by BIS 19982001200420072010In US-$ trn $ 0,6$ 0,4$ 0,6$ 1,0$ 1,5FX-Spot $ 0,7 $ 1,0$ 1,7$ 1,8FX-Swaps $ 0,2$0,1$ 0,3$ 0,6$ 0,7Others $ 1,5$ 1,2$ 1,9$3,3$ 4,0Total Vol.

10. by Manfred Wiebogen ACI President c/o VOLKSBANK AG Vienna Head of International Treasury Markets Phone: +43 (0) 50 4004 3668 Fax: +43 (0) 50 4004 83668 E-mail: manfred.wiebogen@volksbank.com