European Equity and Index Derivative Markets Central Orderbook and OTC Services Dec 2010

1. � NYSE Euronext. All Rights Reserved. European Equity and Index Derivative MarketsCentral Orderbook and OTC ServicesDec 2010

2. 2 Evolution of NYSE Liffe

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4. 4 NYSE Liffe Markets in Europe In Europe, NYSE Liffe runs futures and options markets in Amsterdam, Brussels, Lisbon, London and Paris where every day approximately two trillion euros worth of derivatives business is traded by customers Each of these markets is based on an order driven market model with prices contributed by buy-side institutions, banks and market makers into a Central Order Book (COB) whilst facilitating wholesale trading In London, in addition to providing a COB, the exchange provides an OTC service that enables users to register pre-negotiated trades for centralised clearing. This service is called Bclear Over time the market structure will develop leading to single memberships and clearing arrangements

5. 5 Central Order Book (COB) Markets: Product Overview London FTSE 100 index futures and options FTSE 100 dividend index futures FTSE 250 index futures 94 UK equity options 131 UK & Int�l stock futures Paris CAC 40 index futures and options CAC 40 dividend index futures FTSEurofirst 80 &100 index futures FTSE EPRA index futures 110 French equity options

6. 6 OTC Services: Product Overview Bclear Equity derivatives: Futures on over 1,000 pan-European, Russian and U.S. blue-chip and mid cap equities from 22 countries Options on over 500 pan-European, Russian and U.S. blue-chip equities from 17 countries Options and futures on 12 country and pan-European indices e.g. FTSE 100, CAC40 and FTSEurofirst 100 13 MSCI regional and country specific index futures e.g. MSCI World, MSCI EM and MSCI EAFE 26 MSCI European Industry Group futures FTSE 100 dividend futures Cscreen Cscreen is a dynamic, real time, web based application that provides intelligent price dissemination for the brokerage and trader community. The system provides a secure, automated link to Bclear

7. 7 Centralised Clearing for COB and Bclear Today The Amsterdam, Brussels, Lisbon and Paris markets are centrally cleared by LCH Clearnet SA based in Paris London COB and Bclear equity, index and commodity products are cleared by NYSE Liffe Clearing Ltd based in London with outsourcing of certain clearing functions to LCH.Clearnet Ltd including the provision of risk management activities and clearing guarantee arrangements Going Forward Subject to regulatory approval, NYSE Liffe will commence clearing its European securities and derivatives business through two new, purpose-built, clearing houses based in London and Paris in late 2012 The clearing of NYSE Euronext�s European business will also be re-aligned along asset class lines better to meet customers� needs, so that the new clearing house in London will clear listed interest rate, commodities and FX products and the new clearing house in Paris will clear equities and equities derivatives products

8. 8 Benefits of the exchange mechanism: COB and Bclear Central counterparty clearing Straight through processing All contracts are Exchange-listed Independent, daily, mark-to-market valuations Standardised corporate actions regime �instant� trade confirmation Exchange delivered EDSP Automated exercise Trusted� back office systems

9. 9 Central counterparty clearing (CCP) & straight through processing The Amsterdam, Brussels, Lisbon and Paris markets are centrally cleared by LCH Clearnet SA based in Paris and in London, for COB and Bclear products, NYSE Liffe acts as CCP to all transactions, however LCH.Clearnet Ltd provides risk management and clearing guarantee arrangements: Mitigation of counterparty risk SPAN portfolio margining is provided for all open positions Efficient margining, freeing up balance sheet capital and credit lines Account segregation, firms can choose to ring fence their positions Tried and tested default management

10. 10 Bclear Bclear is NYSE Liffe�s award winning service for processing and clearing OTC derivatives within the secure environment of a Recognised Investment Exchange (RIE) and Recognised Clearing House (RCH): Since launching in Q4 2005, Bclear has cleared over 950 million contracts with a notional value of over US$14 trillion Trades are pre-negotiated in the OTC market, then brought to the exchange for processing and clearing Bclear combines many of the benefits of the OTC world, such as flexibility and anonymity, with the benefits of exchange clearing, such as central counterparty and provision of independent daily mark-to-market Wide coverage of equity and commodity derivatives

11. 11 Additional benefits of Bclear Operational efficiency vs. OTC Optional trade publication Flexible trade terms Broad product and geographic coverage and low cost Exchange listed & independent, daily, mark-to-market pricing No technology requirement for buy-side

12. 12 Bclear�s operational efficiency vs. OTC Streamlines the processing of OTC derivatives: automated, straight through processing (STP) uses existing NYSE Liffe market structure �instant� trade confirmation give-ups and close-outs follow standard exchange practice Standardised corporate actions regime One hour reporting time to the exchange No ISDA� Master Agreements or pre-trade agreements

13. 13 Optional trade publication & flexible trade terms Publication of trade information is optional Published trades are sent to: http://bcleartrades.euronext.co.uk Bclear offers much of the flexibility of OTC, including: Both �standard� exchange look-alike and �flexible� trades Choice of cash or physical settlement Choice of maturity out to five years for single stock products and five and half years for index products Broad strike range from the minimum strike interval to 1,000% of the underlying stock price or index for most options Choice of American or European style exercise for options

14. 14 Broad equity derivative coverage delivered at low cost Bclear is competitively priced: The fee structure is per lot per side with many contracts enjoying fee caps Per lot fee is the same for all types of customer Differentiation between per lot fees and caps for published and non-published trades No upfront fees No minimum activity charge The 2010 Bclear fee schedule is available on our website

15. 15 Exchange cleared & independent, daily, mark-to-market pricing All pre-negotiated transactions, once registered, validated and confirmed as a Bclear trade, will novate into an Exchange listed contract: No requirement for ISDA� agreements Standardised exchange look-alike Bclear contracts are fungible with equivalent NYSE Liffe listed central-order-book (COB) contracts Access to a wider range of counterparties UCITS III and COLL compliant Daily Settlement Prices (DSPs) are established for all open series and are available after market: Settlement price data files are available from http://www.liffe.com/reports/eod or via Bloomberg, BCLR <GO> Where contracts created through Bclear have equivalent contracts available on NYSE Liffe�s central order books (�COBs�), the DSP will be taken directly from the COB For all other products market data is obtained and volatility surfaces re-updated before prices are derived from trinomial pricing models Where dividend forecasts are required, these are supplied by Markit Dividends

16. 16 Bclear access Buy-side firms can immediately access and benefit from Bclear via their brokers: No technology requirements Only requirement is to request, at point of trade, that the transaction is booked to Bclear Trade confirmations follow the same route as NYSE Liffe exchange-traded contracts and should be processed in the same manner Lists of Bclear brokers and clearers are available via the website Sell-side firms must fulfil the following requirements: Be Members of the London Derivatives Market Ensure the correct Member subscriptions are in place for Bclear products Ensure that clearing agreements are in place for the Bclear products Request Bclear User IDs for the Bclear live service Confirm the Bclear Technical Requirements are met Install the certificates in each user's web browser

17. 17 Bclear users Since launch, Bclear has been extensively used by leading investment banks and buy-side firms to register OTC derivatives transactions Early adoption led by a core group of hedge funds and asset managers Over 85 NYSE Liffe member firms are registered to input and clear Bclear trades for proprietary and customer transactions

18. 18 Cscreen A global pre-trade price discovery platform for equity derivatives A dynamic, real-time, web-based application for brokers and traders An essential tool to reduce administrative burden Two versions available, depending on user�s requirements: Cscreen Pro: web based application requiring a simple installation on a PC Cscreen API: allows users to build their own interface against the Cscreen server Since 2005: number of clients using Cscreen quadrupled Cscreen interfaces with Bclear

19. 19 Bclear: the best of both worlds

20. 20 Further information Equity Derivatives & OTC Services Business Development: James Brown +44 20 7379 2872 jmbrown@nyx.com James Woodley +44 20 7379 2429 jwoodley@nyx.com Jon Garner +44 20 7379 2873 jgarner@nyx.com Cscreen Jason Lee +44 20 7379 2971 jalee@nyx.com Websites: www.nyx.com/bclear

21. 21 Disclaimer NYSE Euronext refers to NYSE Euronext and its affiliates and references to NYSE Euronext herein include each and any such company at the context dictates. NYSE Liffe is the brand name of the derivatives business of NYSE Euronext, comprising the derivatives markets in Amsterdam, Brussels, Lisbon, London and Paris; and the futures markets in the U.S. NYSE Euronext shall not be liable (except to the extent required by law) for the use of the information contained herein however arising in any circumstances connected with actual trading or otherwise. Neither NYSE Euronext, nor its servants nor agents, is responsible for any errors or omissions contained in this publication. This publication is for information only and does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. All information, descriptions, examples and calculations contained in this publication are for guidance purposes only, and should not be treated as definitive. Those wishing either to trade in any products available at NYSE Liffe or to offer and sell them to others should consider both their legal and regulatory position in the relevant jurisdiction and the risks associated with such products before doing so. Potential users of NYSE Liffe contracts should familiarise themselves with the full contract specification of the product concerned and any associated information. Bclear is operated as a clearing service by LIFFE Administration and Management, which is regulated by the Financial Services Authority as a Recognised Investment Exchange. The Bclear service is currently not available to United States persons, with the exception of certain options based on UK stocks and the FTSE 100 Index. Those wishing to use NYSE Liffe�s wholesale services should consider their regulatory position in the relevant jurisdiction before doing so. This presentation may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. �Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext�s plans, objectives, expectations and intentions and other statements that are not historical or true facts. �Forward-looking statements are based on NYSE Euronext�s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.� Factors that could cause NYSE Euronext�s results to differ materially from current expectations include, but are not limited to: NYSE Euronext�s ability to implement government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext�s reference document for 2009 (�document de reference�) filed with the French Autorit� des March�s Financiers (Filed on April 22, 2010 under No. D. 10-0304), 2009 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorit� des March�s Financiers. �In addition, these statements are based on a number of assumptions that are subject to change. �Accordingly, actual results may be materially higher or lower than those projected. �The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. �This presentation speaks only as of the date of its publication. NYSE Euronext disclaim any duty to update the information herein.