1. « What services are expected from a Dealing-Room in Luxembourg and what has changed since the financial crisis ? » Carlo FRIOB ACI Conference à Luxembourg, le 27 octobre 2009

2. The Wealth Manager’s perspective Services expected : 1. Access to platforms : delivery of a network Market orientation Positions, size, volumes 2. Execution process : delivery of quality Pre trade and post trade information 3. « Eyes and ears » on the markets : delivery of information Research, corporate actions, trends

3. The Wealth Manager’s perspective What has changed since the financial crisis ? 1.Liquidity New Issues, secondary market Fund/ Hedge Fund industry 2.Transparency On execution On underlyings On products : guarantor, issuers, product features