REGULATION WILL INCREASINGLY DRIVE VALUE TOWARDS TRANSPARENT AND OPEN MARKETS… Pressure of CRD IV  Push for more equity and debt market-based financing disintermediation will Prospectus directive  Easier SME access to public listing remain  Rise of electronic markets for capital intensive products Push of OTC towards EMIR  Push of OTC and dark volumes in equity towards transparent markets transparent market MiFIDII/R  Most standard and liquid OTC derivatives pushed towards on-exchange trading models will increase Benchmark regulation  Push for exchange-based indices  Benchmark regulation ending banks marking their own homework No material move on EMIR  Post 2020 opening of access to index licences, regulation remains silent on pricing market data and post- MiFIDII/R  Post 2020 clearing open access along local exemption possibilities trade before 2020 Benchmark regulation  Increased transparency over market data fees and costs European single CSDR  Pan-European settlement framework and platform market will be further Target 2 Securities  Further European integration of laws on securities incentivised CMU  MiFID III… AGILITY FOR GROWTH 18

Read Article: EU Parliament's Draft of New Prospectus Directive Meets Crowdfunding Sector Demands

Read: Capital Requirements Directive IV

Read Definition: MIFID (II) AND MIFIR

Read Definition: EMIR

Read Definition: Benchmark Regulation

Read Definition: Central Securities Depositories Regulation (CSDR)

Read Definition: TARGET2-Securities (T2S)

Read Definition: Capital markets union (CMU)