1. A DTCCThomson Reuters Company Stock exchange integration and the need to increase operational efficiency Thomas Trepanier, Director 3 rd ACSDA Leadership Forum Buenos Aires, Argentina November 2011

2. A DTCCThomson Reuters Company 2 Omgeo LLC Omgeo LLC is a global joint venture of the Depository Trust & Clearing Corporation (DTCC) and Thomson Reuters. It is the strength and resources of these two, influential organizations that inform and underpin our innovative, market-leading work. We have partnered with 700 investment manager and more than 1,600 broker dealer clients across 46 countries worldwide, working with them to create automated solutions that improve the speed and efficiency of their post-trade processes. Our expertise enables investment managers, broker/dealers and custodian banks to simplify their operations, with advanced technologies that speed up transaction processing, reduce costs and minimize risk. Our network of resources and depth of expertise enables us to keep our clients at the forefront of a fast-evolving industry, and our close partnerships with regulators enable us to ensure that all industry standards are met.

3. A DTCCThomson Reuters Company 3 Local Market Infrastructure: Current Observations & Challenges Promoting STP in post-trade operations: As Direct Market Access (DMA) and algorithmic trading become more popular, trading systems increasingly diversify themselves. Front offices turn to automated processes for their operations to manage an increasing number of transactions. However, post-trade operations are still often manual and tend to fall behind in terms of automation: Streamlining post-trade operations from trade confirmation through settlement increases accuracy and reduces costs and risks through increased operational efficiency. This would help participants decrease settlement risk and improve operational efficiency. Key challenges: Trade participants are under increasing pressure to lower risk, whilst simultaneously achieving both cost and time efficiencies Need across markets for reliable technology to minimize delays. Processing capacity is also critical to handle peak volumes. Market participants are now looking to have the workflow and trade status communicated to them in real time regardless of the time zone or domicile. Need for central matching of allocations and confirmations. This would remove manual intervention and consequently reduce operational risk.

4. A DTCCThomson Reuters Company 4 Local Market Infrastructure: How Firms Measure Efficiency / Counterparty Perspectives 25% of Investment Managers use fails as a key efficiency measure -Exception Mgt/Matching (including fails)- 56% -Transaction Volumes- 16% -Benchmarking-13% -Speeds, Frequencies, & Quality Stats- 7% -Other- 7% 29% of Custodians use fails as a key efficiency measure -Exception Mgt/Matching (including fails)- 36% -STP (Manual vs. Electronic Trades)- 24% -Cost of Exceptions- 12% -Transaction Volumes- 10% -Benchmarking- 10% -Other- 7% 22% of Broker/Dealers use fails as a key efficiency measure -Exception Mgt/Matching (including fails)- 57% -Transaction Volumes- 13% -STP (Manual vs. Electronic Trades)-11% -Speeds, Frequencies, & Quality Stats- 11% -Other- 8%

5. A DTCCThomson Reuters Company 5 Local Market Infrastructure: Counterparty Pain Points Investment Manager -Managing External STP & Connectivity- 25% -Managing Fixed Income / Derivatives & Product Complexity- 21% -Managing Technology Upgrades & Infrastructure- 21% -Data Management / Standards / Corporate Actions-18% -Other- 13% Custodian -Generating Industry Priority, Critical Mass & Incenting Automation- 31% -Data Management / Standards / Corporate Actions- 23% -Managing Technology Upgrades & Infrastructure- 15% -Client Reporting and Customization, Managing FI / Derivatives & Product- 15% -Complexity- 8% -Internet- 8% Broker/Dealer -Generating Industry Priority, Critical Mass & Incenting Automation- 18% -Data Management / Standards / Corporate Actions- 17% -Managing Fixed Income / Derivatives & Product Complexity- 13% -Managing Technology Upgrades & Infrastructure- 11% -Managing External STP & Connectivity- 11% -Streamline Post Trade / Pre Settlement- 9% -Fail & Exception Reporting- 8% -Other- 13%

6. A DTCCThomson Reuters Company 6 Austria, Belgium, Czech Rep., Denmark, Finland, France, Germany, Greece, Ireland Italy, Luxembourg, Netherlands, Norway, Portugal, Romania, Russia, Spain, Sweden, Switzerland, UK Australia Omgeo Cross Border Products Used In 46 Countries Globally China, Hong Kong, India, Indonesia, Japan, Pakistan, Malaysia, Singapore, South Korea, Taiwan, Thailand Bermuda, Canada, Mexico, USA Egypt, South Africa Brazil New Zealand Israel, Turkey, UAE Chile

7. A DTCCThomson Reuters Company 7 Post Trade Workflow Investment Manager Omgeo CTM Settlement Notification Central Depository Custodian Bank Break-down Confirmation Omgeo ALERT SSI Database Block Confirm Messages Allocations Affirm 10. Release for Settlement 11. Settlement Notification 9. Trade Notification via SWIFT Broker 3 rd Party via SWIFT and Flat File Stock Exchange 2. Notice of order executed 9/ Trade Notification 11. Settlement Notification 3. Block 1. Order Input Block MQ Interface

8. A DTCCThomson Reuters Company 8 Local Market Infrastructure: Links Between Omgeo and Central Depositories Links Today Canada – CDS EuroCCP Japan – Jasdec South Korea – KSD United States – DTCC Links in the Future Brazil Chile Colombia India México Perú Pakistán South Africa

9. A DTCCThomson Reuters Company 9 Local Market Infrastructure: Beneficios del Central Trade Manager (CTM) CTM enables you to take advantage of the following: -Affirmation rate of 90 percent on the same day of the trade (T) -Affirmation rate of 95 percent on the day after the trade (T+1). Affirmation rates rise above 94 percent by mid-day of T+2 -The ability for an investment manager to match their cross-border trades on T enables them to book their foreign exchange (FX) transactions in a timely manner. Liquidity volumes are more present in the spot FX market compared to the next day or same day market. The use of CTM enables the investment manager to recover transactions on T instead of T+2 or T+3.

10. A DTCCThomson Reuters Company 10 Local Market Infrastructure: Affirmation Percentage in Central Trade Manager IntervalTotal Trades matched Running Total Intervals Total Trade Details Matche d Runnin g Total % Matched Runnin g Total 0 - 3 Hrs1,627,67347.60%0-3 Hrs1,627,67347.60% 3 - 6 Hrs415,67612.16%0-6 Hrs2,043,34959.76% 6 - 12 Hrs612,89117.92%0-12 Hrs2,656,24077.68% 12 - 18 Hrs373,83910.93%0-18 Hrs3,030,07988.61% 18-24 Hours (T)184,6685.40%0-24 hours (T)3,214,74794.01% T+1 days118,6803.47%T+1 days3,333,42797.48% T+2 days47,9951.40%T+2 days3,381,42298.89% T+3 days29,9840.88%T+3 days3,411,40699.76% T+4 days4,4330.13%T+4 days3,415,83999.89% T+5 days1,6070.05%T+5 days3,417,44699.94% T+6 days6860.02%T+6 days3,418,13299.96% T+7 days5340.02%T+7 days3,418,66699.98% >T+7 days8510.02%>T+7 days3,419,517100.00% 3,419,517100.00% 3,419,517100.00%

11. A DTCCThomson Reuters Company 11 Omgeo LLC Thank You

12. A DTCCThomson Reuters Company