REUTERS FINANCIAL PRODUCTS

The pdf files below provide monthly reports at a summarised level by markets and index constituents in Pan European Equities. These show the market share in terms of all trades published across the different European exchanges and other reporting venues.

Please note that:

• Since February the data for Xetra and the Frankfurt Stock Exchange have been consolidated into one value for Deutsche Boerse.
• Since June the data for London Stock Exchange & Italian Stock Exchange have been consolidated into one value for LSE Group.
• From September the data for OMX Copenhagen, OMX Helsinki & OMX Stockholm have now been consolidated into one value for OMX Nordic Exchanges.

There are currently some limitations in the methodology used in the calculation of these reports:

• The reports do not differentiate between trades executed through the various order book and quote driven markets operated by the exchanges and MTFs from trades reported in an "OTC" capacity through these same venues.
• The volume figures used in the calculation of these statistics are based, in the majority of cases, on the “official” accumulated volume figures for each individual stock as published by the Exchanges.
• In many cases the rules for what types of trades are included in the official volume numbers are not consistent between exchanges nor completely transparent and are difficult to reconcile to the full records of trades that are published by those exchanges.
• It is clear that these "official" daily accumulated volumes only reflect trades executed and reported on the same day and do not reflect trades which are of a size that allows their publication to be delayed until the next trading day or later.
• For venues that do not provide official volume data, such as MarkitBOAT, Thomson Reuters, to be consistent, has calculated the daily volume data on the same basis as described above.
• As a consequence the market share for venues such as MarkitBOAT and Euronext OTC may be materially impacted as they carry a significant number of Block trades whose publication is permitted to be delayed until the following trading day or later.
• In addition the use of the "official" accumulated volume figure for the Euronext markets does not include the OTC trades published outside of the NSC market. These trades are therefore not reflected in the current market share reports.

It is our intention to address all of the above issues with new reports that will be calculated from Thomson Reuters comprehensive and unrivalled cross venue tick data. These new reports will be produced in early December to cover the November market share reports. These will be produced alongside the existing reports for November & December and the current reports phased out from January 2009.

For more information about these reports, how to access the underlying data on a per stock level, and Reuters MiFID services, please email mifid@reuters.com. You can also register to receive a notification when new monthly reports are available by sending an email to the same address.