Strictly Private and Confidential 1

Global Transformation of Over-the-Counter (OTC) derivatives markets – 2011

reflection and what’s ahead in 2012

3%

17%

63%

17%

1. Do you expect the first iterations of the G20 regulatory reforms to be implemented during 2012 as outlined by Dodd Frank and the CFTC?

1. Yes in the times outlined

2. Within 6 months of the stated times

3. Within 12 months of the stated times

4. No, I do not expect them to happen

59%

10%

3%

28%

2. Is your organization having to invest in technology or services to meet the anticipated requirements of the derivatives reform?

1. Yes we have projects underway

2. We are planning to start in 2012

3. No but we need to do something

4. No – it does not affect us

27%

60%

7%

3. Do you think a Central Limit Order Book operating as a “Swap Execution Facility” will improve liquidity?

1. Yes, a central market improves liquidity by offering anonymous & transparent trading.

2. It will take time to adopt

3. No it will impair market behaviour

44%

9%

6%

4. Do you have a readiness plan (regulation, compliance & process) for the upcoming changes?

1. Yes we have suitable project committees in place

2. We are planning to start in 2012

3. No but we need to do something

6%

10%

84%

0%

5. Will Central Counterparty service providers (Clearing Houses) become too big to fail?

1. No, this is a proven and trusted model of risk management

2. It depends on controls, governance and reporting

3. Yes, we are just moving the problem down the chain

4. I don’t have an opinion

48%

10%

42%

6. Do you think this regulatory change will represent a positive return on investment and that cost benefits are understood in the long term?

1. It’s going to happen no matter what the cost

2. We will undertake our own justification as requirements become clear

3. The industry has not undertaken a cost/benefits review