1 2A
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Does your exchange currently provide an electronic trading system? YES YES YES YES YES YES YES YES YES YES YES YES YES YES NO YES YES YES YES YES YES YES NO YES
Does your exchange plan to provide an electronic trading system?
YES
YES YES
YES YES YES YES YES YES YES YES YES YES YES YES YES NO
YES
2B
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
3
When will the system be implemented? What is the name of the system? OM-CLICK SEND
2001 OR 2002
2001 2ND QTR 2001
2002
SAM GLOBAL TRADING SYSTEM ELECTRONIC TRADING SYSTEM A/c/e-Alliance/CBOT/Eurex GLOBEX2 OM-CLICK A/c/e-Alliance/CBOT/Eurex SOMinfo HKATS ETS2 CTS3 TO BE DETERMINED OM EXCHANGE SYSTEM KATS KATS LIFFE CONNECT LME SELECT MATEBA MEFF S/MART TO BE DETERMINED NYMEX ACCESS ENYMEX OSE TRADING SYSTEM MEGABOLSA SGX-ETS AUTOMATED TRADING SYSTEM ATS SYCOM TAIFEX ELECTRONIC TRADING SYSTEM E3 TRADING SYSTEM NONE CTS3 FACTS CORES-FOP MEFF-TRACS OM SYSTEMS TBA
4 5A
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Are your exchange rules What are the hours of operation for made available on trading on your system? (local) your Web site? 10-12:30, 14:00-17:00 PM NO 9:30-16:30 NO 9:15-17:30 YES BASED ON PRODUCTS NO 9:00-10:00, 13:00-14:30, 17:00-19:00 YES 10:00-15:00 YES SEE SURVEY YES 24 HOURS A DAY YES 9:00-17:00 NO 7:30-21:00 YES 10:00-21:00 NO 8-MIDNIGHT YES 8:00-17:30 NO SEE SURVEY NO TO BE DETERMINED NO 9-16:30 YES 8:00-18:00 YES 8:45-12-45, 14:30-15:15 NO 7:00-18:00 YES 7:30-12:30, 13:15-19:30 NO SEASONAL YES 7:30-17:35 YES TO BE DETERMINED YES 16:00-8:00 NO 8:50-11:00, 12:30-15:15 10:00-18:00, 19:00-22:00 7:00-19:00 7:30-17:30 8:30-16:30, 17:10-8:00 8:45-13:45 8:30-15:15 7:50-21:00 SEE SURVEY 9-11:30, 12:30-15:30, 15:40-18:00 8:00-18:45 9:55-17:00 9:00-17:30 N/A
NO NO NO YES YES YES YES NO YES YES NO YES YES YES
5B
What is the Web address? Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
www.borsaitalia.it www.bmf.com.br www.bce.hu www.cbot.com www.cme.com/rulebook www.eurexchange.com www.hkex.com/rulereg/rulereg.htm
www.kofex.com www.kse.or.kr www.liffe.com www.matba.com.ar www.meff.com www.mgex.com
6
Is the system a regulated exchange? YES YES YES YES YES YES YES YES YES YES YES YES YES YES TO BE DETERMINED YES YES NO YES YES YES YES YES YES
YES YES YES www.safex.co.za NO www.sfe.com.au YES www.taifex.com.tw YES www.merchants-exchange.com YES SEE SURVEY www.tge.or.jp/japanese/J1031.html YES www.tiffe.or.jp YES YES www.wtb-hannover.de YES www.wbag.at/e/einfowbag/e_I_recht_boerseg YES www.wce.mb.ca/about/activepages/about.html N/A
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
7
8
Does your exchange provide terminals to be connected directly to your host terminal? YES YES YES NO YES YES YES YES NO YES YES YES NO YES TO BE DETERMINED YES YES NO NO YES YES YES YES YES NO YES YES YES YES YES NO N/A YES YES YES YES YES
Does your exchange permit a third party vendor system to be connected directly to your host terminal? YES YES YES YES YES NO NO YES YES YES YES YES NO NO TO BE DETERMINED YES NO NO YES YES YES NO YES NO YES YES YES YES NO YES NO YES MARKET DATA ONLY NO NO NO NO YES N/A
N/A
9
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Which third party vendor systems have been approved by your exchange? ORC SOFTWARE GL TRADE 6 VENDOR SYSTEMS GL TRADE, ORC SOFTWARE. PATSYSTEMS, FIMATRADE GL TRADE REUTERS, BRIDGE, TELEDATACAST, FORNAX 10 VENDOR SYSTEMS 8 VENDOR SYSTEMS SEE OM ALL ALL GL TRADE, ORC SOFTWARE, TRS REALTIME SYSTEMS BLOOMBERG
BLOOMBERG, REUTERS, TELERATE
12 VENDOR SYSTEMS NONE BLOOMBERG, REUTERS - CMA GL TRADE, PATSYSTEMS TO BE DETERMINED NONE NONE NONE 9 VENDOR SYSTEMS 6 VENDOR SYSTEMS N/A ALL 10 VENDOR SYSTEMS
8 VENDOR SYSTEMS N/A
10
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Does your exchange permit a member’s proprietary system to be connected to your host terminal? YES YES YES YES YES NO YES YES SEE OM YES NO YES NO NO TO BE DETERMINED YES YES NO YES YES NO YES YES NO YES YES YES YES YES YES YES YES SEE SURVEY NO YES YES NO YES N/A
12 Are these order routing systems subject to regulation in your country? NO YES YES YES NO YES YES YES YES NO NO
TO BE DETERMINED NO YES NO YES YES YES NO YES YES/NO YES/NO YES YES YES YES NO NO NO YES YES YES NO N/A
15
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
17
Do you provide direct access to your system Are there any to non-exchange limitations to access? members? YES NO YES NO YES NO YES NO YES NO NO NO YES NO YES NO NO NO NO NO NO NO NO YES NO YES NO TO BE DETERMINED TO BE DETERMINED YES NO YES NO YES NO YES NO YES NO NO NO NO YES NO YES NO NO NO YES YES YES NO NO YES YES YES NO YES NO NO NO NO YES YES NO YES NO NO NO NO NO YES NO NO NO N/A N/A
20
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Is a member permitted to provide access to your exchange system to a nonmember through a frontend system? NO NO YES NO NO NO YES YES NO YES YES NO NO TO BE DETERMINED NO NO NO YES YES NO YES YES NO YES NO NO YES YES YES YES YES YES NO YES NO NO YES N/A
24
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
What type of market data do you provide to firms licensed and authorized to have direct access to your system? REAL-TIME, DELAYED REAL-TIME REAL-TIME, DELAYED REAL-TIME REAL-TIME, DELAYED REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME, DELAYED, BATCH DATA REAL-TIME, DELAYED REAL-TIME, DELAYED REAL-TIME REAL-TIME REAL-TIME REAL-TIME, DELAYED REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME, DELAYED, HISTORICAL REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME REAL-TIME, DELAYED, END OF SESSION PRICES REAL-TIME REAL-TIME N/A
25 Are fees charged by your exchange for access to such information? YES NO YES YES YES YES NO NO YES AND NO YES YES YES YES YES YES NO YES NO NO NO NO TO BE DETERMINED YES YES YES NO YES YES YES NO YES YES YES YES NO YES N/A
26
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Are fees waived under any circumstances? YES NO YES YES YES NO YES N/A YES NO YES NO NO YES YES NO NO N/A NO NO
27
What type of market depth information do you provide? UNLIMITED TOP 3 BIDS AND OFFERS TOP 5 BIDS AND OFFERS, UNLIMITED UPON REQUEST TOP 5 BIDS AND OFFERS UNLIMITED UNLIMITED TOP 10 BIDS AND OFFERS TOP 5 BIDS AND OFFERS UNLIMITED TOP 10 BIDS AND OFFERS TOP 5 BIDS AND OFFERS TOP 5 BIDS AND OFFERS UNLIMITED
BID/OFFER/LAST SALE TOP 5 BIDS AND OFFERS TOP 5 BIDS AND OFFERS BEST BID/OFFER UNLIMITED TOP 5 BIDS AND OFFERS/UNLIMITED TO MEMBERS TOP TWO SUM OF SIX BIDS AND OFFERS TO BE DETERMINED TO BE DETERMINED YES UNLIMITED YES UNLIMITED NO TOP 3 BIDS AND OFFERS YES NO NO YES NO NO YES NO N/A NO N/A
UNLIMITED TOP 9 BIDS AND OFFERS TOP 3 LEVELS OF BID AND ASK TOP 5 BIDS AND OFFERS TOP 5 BIDS SEE SURVEY TOP 3 BIDS AND OFFERS (OPTIONS) TOP 30 BID AND OFFER PRICES 3 BIDS AND OFFERS TO PUBLIC; ALL TO MEMBERS TOP THREE BIDS AND OFFERS TOP FIVE BIDS AND OFFERS N/A
28 29
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Are there restrictions on who market depth information can be How many gateways does your distributed to? system have? YES 200 NO 30 YES 5 NO MULTIPLE NO 174 NO NO 7 NO 150 YES SAME AS OM YES NO MINIMUM OF 2/MEMBER YES CLIENT:150; BACKEND:30 YES N/A NO N/A TO BE DETERMINED NO 8 NO 10 NO N/A NO FINANCIALS:282; EQUITIES:105 NO NONE NO 40 NO FIXED:12; EQUITIES:32 TO BE DETERMINED TO BE DETERMINED YES PROPRIETARY YES PROPRIETARY NO NOT AVAILABLE YES NO NO NO YES YES NO YES YES NO NO N/A
1 N/A 1000 N/A UNLIMITED 700 0 14 9 N/A 164 N/A
30
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
What is the absolute maximum number of users per gateway? 20 20 DEPENDS DEPENDS 7 STATIONS PER FIRM 60 UNLIMITED SAME AS OM N/A DEPENDS CLIENT:5; BACKEND:12 N/A TO BE DETERMINED 70 40 N/A 20 N/A 4 10 PROPRIETARY PROPRIETARY NOT AVAILABLE 62 1000 N/A FULL PARTICIPANT'S DISCRETION N/A 40 700 6 100 OPEN 1 N/A
31 32A
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Does your system permit options on futures contracts and/or options on other products (such as single stock options) to be traded? YES YES YES YES NO YES YES YES YES YES YES YES NO NO TO BE DETERMINED YES NO YES YES NO YES YES
Do you have plans to add options to your system? NO YES YES YES
N/A NO
YES YES YES TO BE DETERMINED YES YES N/A N/A YES NO YES
YES NO YES YES YES YES YES NO YES NO YES YES YES NO YES N/A
YES NO YES
YES YES YES
NO YES N/A
32B
33
If so, when? Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
MID 2001
Jun-01 2002
2001 END OF 2001 N/A SUMMER 2001
2001
2001
Dec-01 2001 2003
END OF 2001
Does your system permit the use of “market makers?" YES YES YES YES NO YES YES YES YES YES YES YES NO NO TO BE DETERMINED YES NO YES YES NO NO YES TO BE DETERMINED NO NO NO NO YES NO YES NO YES NO YES YES NO YES YES N/A
36 Do you allow “requests for quotes” to be provided by market makers? YES YES YES YES YES YES YES YES YES NO YES YES NO TO BE DETERMINED YES NO N/A YES YES YES
YES NO YES YES NO NO YES YES YES N/A
40
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Does your front-end system have checks against orders entered at prices away from current market prices? YES YES YES YES YES YES YES YES YES YES YES YES NO NO TO BE DETERMINED YES YES YES NO YES NO YES TO BE DETERMINED YES YES NO YES YES YES YES YES YES NO YES YES YES YES YES N/A
41 Does your front-end system have checks against orders entered with quantities outside norms? YES NO YES YES YES YES NO YES NO YES YES YES YES NO TO BE DETERMINED YES YES YES NO YES YES YES TO BE DETERMINED YES YES NO YES YES YES YES YES YES YES NO YES YES YES YES N/A
42
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Will your system limit the size of any order or all orders combined from a single source? NO NO NO NO NO
44
When do clearing member firms have access to such information? INSTANTANEOUSLY REAL-TIME REAL-TIME SEE SURVEY REAL-TIME 1-2 HOURS AFTER CLOSE YES NEAR REALTIME YES REAL-TIME ON CONFIRMS NO 6 HOURS AFTER CLOSE YES AND NO REAL-TIME NO REAL-TIME NO REAL-TIME NO REAL-TIME NO WITHIN 1 HOUR TO BE DETERMINED TO BE DETERMINED YES REAL-TIME YES REAL-TIME YES NO NEAR REALTIME NO MATCHING:IMMEDIATELY; CLEARING: NEXT DAY YES WITHIN 1 HOUR AFTER CLOSE NO 1-2 HOURS AFTER CLOSE TO BE DETERMINED INTRADAY YES REAL-TIME YES REAL-TIME NO NEXT MORNING (3-4 HOURS FOR FEE) NO YES REAL-TIME NO REAL-TIME YES WITHIN 1 HOUR YES/NO WITHIN ONE HOUR AFTER CLOSE YES WITHIN ONE HOUR AFTER CLOSE YES/NO 8:00 NEXT MORNING NO WITHIN 1 HOUR AFTER CLOSE NO 1-2 HOURS AFTER CLOSE YES MATCHING:REAL-TIME; CLEARING: VARIES YES REAL-TIME REAL-TIME N/A N/A
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
45A
45B
47
Can a trade executed on the system by one firm be “given up” to another firm? YES NO YES YES YES YES YES YES YES YES YES YES YES YES TO BE DETERMINED YES NO N/A YES NO NO YES YES YES YES NO NO YES YES YES NO YES YES YES YES NO YES YES N/A
Does your system permit a large “bulk” If so, does this require trade to be given up to manual intervention? multiple member firms? YES YES NO NO NO YES YES YES YES YES NO NO YES NO YES NO NO YES AND NO YES NO YES YES NO YES YES YES YES TO BE DETERMINED YES NO NO NO ANSWER NO ANSWER YES YES NO NO NO YES TO BE DETERMINED TO BE DETERMINED NO YES NO YES NO NO YES YES YES YES YES YES NO YES YES YES NO YES YES YES YES YES NO NO YES NO N/A
48
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Do exchange rules permit disclosure of client interests prior to execution (pre-trade execution discussions)? YES NO NO NO NO NO YES NO NO YES YES NO YES NO TO BE DETERMINED NO NO NO ANSWER NO N/A NO NO TO BE DETERMINED NO NO NO NO NO NO YES NO NO NO NO NO YES NO N/A
54 Does your system require a customer account number to be entered before the order can be sent? NO YES NO NO YES NO YES NO NO NO NO NO NO TO BE DETERMINED YES YES YES NO NO YES YES YES YES YES NO NO YES NO YES YES YES NO NO NO NO YES YES N/A
59
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
If there is a host failure, are orders that have been entered into the system cancelled? YES NO YES YES DEPENDS YES YES NO SEE OM NO YES YES YES YES TO BE DETERMINED NO NO NO YES YES YES YES TO BE DETERMINED YES YES NO NO NO YES USER'S DISCRETION NO NO NO YES NO NO NO NO N/A
60
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Can a trade executed on an order that was entered in error be broken? YES YES YES YES NO YES YES NO YES YES YES YES NO TO BE DETERMINED YES NO NO YES YES YES YES NO YES YES NO YES YES DEPENDS YES NO NO NO NO NO NO YES SEE SURVEY N/A
63 Are the administrators allowed discretion in administering the policy? NO NO YES YES YES YES YES YES YES YES YES
YES YES NO NO YES YES TO BE DETERMINED YES YES NO NO YES YES YES NO YES
NO NO NO N/A
68
69
Does your exchange require its Does your exchange members to execute special agreements have any rules, policies or agreements that contain certain or procedures with clauses with their customers? respect to audit trails? Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
YES NO YES YES NO YES YES YES NO YES NO NO YES TO BE DETERMINED YES YES NO NO ANSWER NO NO NO TO BE DETERMINED NO NO YES NO NO YES YES YES YES YES YES NO YES NO N/A
YES YES YES NO YES YES NO YES NO YES YES NO TO BE DETERMINED YES YES YES NO ANSWER YES YES YES SEE RULES YES YES YES YES YES NO YES YES NO YES NO YES YES YES YES N/A
70
Australian Stock Exchange Bolsa de Valores de Lisboa e Porto Borsa Italiana Bourse de Montreal Inc Brazilian Mercantile & Futures Exchange Budapest Commodity Exchange Chicago Board of Trade CME Copenhagen Stock Exchange Eurex Helsinki Exchanges Hong Kong Futures Exchange Limited International Petroleum Exchange Kanmon Commodity Exchange Kansas City Board of Trade Korea Futures Exchange Korea Stock Exchange Kuala Lumpur Options & Financial Futures London International Financial Futures and Options Exchange London Metal Exchange Mercado a Termino de Buenos Aires Mercado Espanol de Futuros Financieros Minneapolis Grain Exchange NYMEX (ACCESS) NYMEX (enymex) Osaka Securities Exchange Sao Paulo Stock Exchange Singapore Exchange Limited South African Futures Exchange Sydney Futures Exchange Taiwan Futures Exchange The Merchants' Exchange of St. Louis Tokyo Commodity Exchange Tokyo Grain Exchange Tokyo International Financial Futures Exchange Tokyo Stock Exchange Warenterminboerse Hannover Wiener Borse AG Winnipeg Commodity Exchange
Does your exchange have any rules, policies or procedures with respect to force majeure events? YES YES YES YES NO YES YES YES YES YES YES YES YES TO BE DETERMINED YES YES YES NO ANSWER YES NO YES SEE RULES YES YES YES YES YES NO YES YES YES YES YES YES YES YES YES N/A
