THE NEXT THREE YEARS WILL BE SHAPED BY A SET OF KEY DRIVERS  Economic conditions to remain supportive of the core business  Quantitative easing (QE) and low rates will continue to drive investor search for yield  Volatility will continue as theme; Brexit “pause” will pass  Capital requirements and profitability challenges will change behaviour of major intermediaries: • Low-touch, capital light, cleared activities to dominate activity • Investors to exercise greater discretion and control • HFT activities to continue amidst tighter regulation • SME demand for capital markets to increase  Regulatory direction of travel remains positive for regulated exchanges  Pan-European FTT unlikely to materialise, but stays on the agenda  Exchange consolidation more likely than not - few new entrants AGILITY FOR GROWTH 10