1. REGIS-TR – the Trade Repository for OTC Derivatives Oct 2011 – AMEDA Meeting

2. 2 REGIS-TR Oct 2011 1.Regulation in the making – European Perspective 2.Regulation driving structural changes in the industry 3.Trade Repository Offering – REGIS-TR Agenda

3. 3 REGIS-TR Oct 2011 European Market Infrastructure Regulation – Draft Proposal Proposed European Regulation Key components in respect to trade repositories are: The risk mitigation goals impact financial and non-financial (i.e. corporate) market participants Clearing: Clearing to be mandatory also for non-financial market participants beyond a certain activity threshold Reporting: non-standardised, non-clearable contracts should be electronically confirmed with an auditable monitoring process for all participants – no threshold applies Timing: A reporting obligation for OTC derivatives positions no later than trade date plus 1 to record and report contracts with ESMA- registered trade repositories Live contracts are to be “backloaded” into trade repositories before regulation materialises ESMA to define the technical standards for reporting by June 2012 The new regulations apply from end-2012

4. 4 REGIS-TR Oct 2011 1.Regulation in the making – European Perspective 2.Regulation driving structural changes in the industry 3.Trade Repository Offering – REGIS-TR Agenda

5. 5 REGIS-TR Oct 2011 Trades Mandatory reporting trades of market participants with legal HQ in the EU/Eurozone All market participants’ report details (e.g. volume, name of counterparty) of OTC derivatives trades to TRs or CCPs via an identification/reference number concept Improving transparency in the OTC derivatives market Trade repository A Trades Regulators/ authorities Function of trade repository Market participants / User of OTC derivatives CCP N Trade repository B CCP M Market participant A ESMA collects data via TRs and CCPs ESMA to define standards with TRs/CCPs and market participants ESMA coordinates with third country authorities exchange of data or reports to an international institution Levels of involved parties ESMA All TRs and CCPs active in EU/Eurozone need to be registered with ESMA Information flows Regulatory requirements Third country authority e.g. IOSCO, IMF, BIS Global institutions Market participant B Market participant C Market participant D

6. 6 REGIS-TR Oct 2011 SWAP USERS/TRADERS Hundreds of new electronic connections between dealers and clients SWAP EXEC FACILITY CLEARING HOUSE TRADE REPOSITORY Connection to between 20 – 30 execution facilities Over 15 CCPS looking to capture OTC derivatives Between 3 and max. 6 TRs will exist globally Key issues for the market participants: Timely processing of electronically available position data Selection of provider(s) of choice Selection of reliable partners and establishment of reliable connectivity Connectivity Environment Post-implementation of global OTC Derivative Regulation Source: Own research, TABB Group Research August 2011

7. 7 REGIS-TR Oct 2011 Participants choice in a changing environment Primary questions to be addressed Direct vs. indirect interaction with Execution Facilities, Clearing Houses and/or Trade Repositories One partner vs. divers network (multiple Facilities, CCPs and TRs) Service Scope of provider - flexible offering and value-added services What jurisdictions are involved when entering into new agreements/where is my data held Can the regulatory change help increase internal operational efficiency and/or reduce existing legal risks Project launch and project budgeting

8. 8 REGIS-TR Oct 2011 1.Regulation in the making – European Perspective 2.Regulation driving structural changes in the industry 3.Trade Repository Offering – REGIS-TR Agenda

9. 9 REGIS-TR Oct 2011 50% Two European market infrastructures cooperate to provide a sophisticated trade repository responding to regulatory requirements Shareholders: Well known European Market Infrastructures – reputation is top priority Providing exchange trading, clearing, settlement and custody services – demonstrating reliability and security Allowing for added-value services well beyond regulatory compliance – collateral management, matching, third-country domestic solutions… European based (Luxembourg) entity with global reach Open governance structure

10. 10 REGIS-TR Oct 2011 Full Registry Stamp Informative Stamp Registration Communication Matching Affirmation Reconciliation Consolidation Administration Regulators Participants Markets Reporting Core service offering for all OTC derivative classes Any market Any asset class Interest rates and fixed- income Equities Foreign exchange Credit default swaps Commodities Bespoke products Thanks to its «flexible option» registration, REGIS- TR allows reporting of bespoke products

11. 11 REGIS-TR Oct 2011 Future developments Parallel development of optional value-added services for the industry Value-added Services Exposure Management:  Existing international or domestic collateral pools for collateralisation of exposures in OTC derivatives Exposure valuation:  Inclusion of pricing and valuation data:  Directly by the participant – bilateral exposure agreements  Independent third-party exposure valuation White-labelled Trade Repository services:  Provision of REGIS-TR expertise to domestic repository solutions – discussions ongoing in Americas, Africa and Asia/Pacific Benefits Increased efficiency of available collateral, freeing cash for other activities Flexibility and means of validation of provided exposure calculation (particularly for buy-side clients) Increased coverage of global positions without costly interoperability with external providers *Authorised Reporting Mechanism

12. 12 REGIS-TR Oct 2011 Customer of REGIS-TR (Domestic Trade Repository) BME HARDWARE INFRASTRUCTURE EUROPEAN TRADE REPOSITORY Domestic TRADE REPOSITORY Customer of REGIS-TR (European Trade Repository) Supervisor of REGIS-TR (Domestic Trade Repository) Supervisor of REGIS-TR (European Trade Repository) Operations Helpdesk Global response - based on our White-labelling Concept Solution for a global architecture – REGIS-TR technical solution Operations Helpdesk

13. 13 REGIS-TR Timing of delivery and roll-out Continues evolution of the service under the involvement of the customer base Dedicated FTE resources serving customers and developing the service offering: 4 project managers and 7 IT specialists dedicated full-time to the development and enhancement of the product and service portfolio 4 full-time client relations managers (RM) dedicated to customer support, additional leveraging of the Clearstream UK Office and its relationship managers (team of 8) dedicated to supporting UK based participants as well as the remaining sales forces of Clearstream and Iberclear in Luxembourg, Frankfurt and Madrid (further 25 RMs) Helpdesk of 7 customer service employees fully-dedicated to the operations and helpdesk activities Further resources can be leveraged, if needed, from the shareholders to support during peak times Product roll-out* Nov 2011Dec 2011June 2012 ongoing Customer Consult. July 2011Mar 2012 Functional Enhance. ongoing Equities/Commodities CDS** FX & White-labeling Nov 2012 Exposure Mgmt. * Transaction reporting foreseen for 2013 – depending on MiFID Reviw developments ** CDS repository services possibly earlier, latest in November 2012 Oct 2011

14. 14 REGIS-TR Contact Details REGIS-TR 42, Avenue J.F. Kennedy L - 1855 Luxembourg Tel: +352 243 36481 Email: tderenbach@regis-tr.com