The document provides an overview of NYSE Euronext's Investor Day 2012 presentation. The agenda outlines presentations on strategic initiatives across NYSE Euronext's businesses from 1:00-4:45 PM, followed by a Q&A session. Legal disclaimers are also included, noting the use of forward-looking statements and non-GAAP financial measures in the presentation.

1. UNLOCKING THE POWER OF
OUR COMMUNITY
INVESTOR DAY 2012
April 2, 2012

2. Legal Disclaimers
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
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
current 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 its strategic initiatives, economic, political and market conditions and
fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in
NYSE Euronext's 2011 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange
Commission or the French Autorité des Marchés Financiers In addition, these statements are based on a number of
Financiers. addition
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 this date. NYSE Euronext disclaims any duty to update the information
herein.
Non-GAAP Financial Measures
To supplement NYSE Euronext’s consolidated financial statements prepared in accordance with GAAP and to better reflect
period-over-period comparisons, NYSE Euronext uses non-GAAP financial measures of performance, financial position, or cash
flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable
measure,
measure calculated and presented in accordance with GAAP Non-GAAP financial measures do not replace and are not
GAAP. Non GAAP
superior to the presentation of GAAP financial results, but are provided to (i) present the effects of certain merger expenses,
exit costs, the BlueNext tax settlement, disposal activities and discrete tax items, and (ii) improve overall understanding of
NYSE Euronext’s current financial performance and its prospects for the future. Specifically, NYSE Euronext believes the non-
GAAP financial results provide useful information to both management and investors regarding certain additional financial and
business trends relating to financial condition and operating results. In addition, management uses these measures for
reviewing financial results and evaluating financial performance. The non-GAAP adjustments for all periods presented are
based upon information and assumptions available as of the date of this release.
2

3. Agenda
Presentation Speaker Start Time
Strategic Overview Duncan Niederauer 1:00 PM
Financial Update Michael Geltzeiler 1:30 PM
Derivatives Garry Jones 2:00 PM
Clearing Mark Ibbotson
OTC Finbarr Hutchenson
NYSE Liffe U.S. Thomas Callahan
NYSE Amex Options Steve Crutchfield
Break 3:00 PM
Cash Trading & Listings Lawrence Leibowitz 3:15 PM
Global Listings Scott Cutler
European Cash Markets Roland Bellegarde
U.S. Cash Markets Joseph Mecane
Info. Svcs. & Tech. Sol. Dominique Cerutti
q 4:00 PM
NYSE Technologies Stanley Young
Wrap-Up Duncan Niederauer 4:45 PM
Q & A Session All Presenters 4:50 PM
3

4. STRATEGIC OVERVIEW
Duncan Niederauer
Chief Executive Officer

5. OVERVIEW

6. Our Strategy Drives Value for Shareholders
• Our mission is to Empower the World’s Capital Markets Community to
Innovate and Collaborate
• We have been executing effectively against our “community strategy” for 3 years
community strategy
• Increasing risk correlation, asset class convergence and scarcity of capital means
we can drive value for clients and shareholders with our unique combination of
markets, technology assets, and diversified revenue streams
• We are executing our strategy across 3 axes:
Access to GROWTH Operating Leverage and
p g g Flexibility for Strategic
y g
Opportunities EFFICIENCY CAPITAL Deployment
• Faster access to new • Common global / shared • Recurring, diversified
revenue and market infrastructure revenue model
opportunities • Benefits our company and • Strong free cash flow
• Ability to exploit inter- can be leveraged by our generation for growth
asset class opportunities clients investment and steady
dividends
6

7. STRATEGY

8. The Assumptions Underpinning our Strategy are
Truer Than Ever
• Client demand for efficient market access and optimized technology
spend across asset classes / borders is increasing
• We have unparalleled ability to convene capital, investors and decision
makers
• Partnership with key clients enhances the value of our markets and our
ability to penetrate new ones
• Our customer and product sets will be differentiators for emerging market
p g g
exchange partners
• We are in a scale business
Unique value can be derived from diverse markets and technology
assets under one umbrella
8

9. And Powerful Proof Points Demonstrate that
our Strategy is Working
Amex Options Market Share
15.3%
• NYSE Amex Options has tripled its market share1 without
5.6%
reducing fees
2009 2010 2011
NYXT Revenue
• NYXT is halfway to its $1B target and within target margin
$444 $490
$363
range
2009 2010 2011
– We attract blue-chip firms and venues as clients
• Listings has fortified its global leadership position
– NYSE has won 63% of U S Technology IPOs year to date2
U.S. year-to-date
– Continued transfer success, including a 3:1 win rate since 2010
NYSE Liffe US
• NYSE Liffe U.S. has gained ~10% market share1 of open
interest in Eurodollars
– New products and partnership with NYPC, DTCC, LCH
• Cross-platform synergies evidenced by our continued ability to
pull out costs
– $670M in constant $ / constant portfolio cost savings since 2008
1 Source: NYSE Euronext
2 Source: Dealogic, based on number of IPOs
9

10. Unlocking the Power of our Community
Our unique combination of diverse Access to the world’s largest
assets allows early insights into liquidity pool with 31% of all
emerging opportunities global cash trading executed on
our US and EU Cash platforms
NYSE Liffe
Core NYSE Liffe enabled NYX expertise in market
the launch of NYSE Liffe EU Cash US Cash operations and regulation
U.S.:
U S : our top 10 NYSE is a competitive
Liffe U.S. clients are all differentiator for NYXT
clients of NYSE Liffe EU
World Class
Technology
NYSE Liffe
Over 80%1 of EU Cash US Options 1500+ NYXT buy side
US
trades are executed by customers give NYX
NYSE Liffe members unique access to the
buy side
NYSE
Our Technologies solutions drive Listings Common technology underpins
Technologies
volume to our markets: 95%1 of our markets: 65%1 of EU
NYSE Liffe U.S. trading is
g colocation clients connect to
conducted by NYXT clients both NYSE Liffe and EU Cash
1Source: NYSE Euronext
10

11. GROWTH

12. Macro Trends Are Leading to a “New Normal”
1 Reduced risk capital • Selective investment
• Difficult volume environment in the
near tterm
2 Enhanced role for non- • CCP use levels credit playing field,
traditional liquidity suppliers enables new entrants
• More direct buyside role
3 Established capital pools • Demand for margin offsets, collateral
will launch new services re-use and capital optimization across New
products and geographies
p g g p Normal
4 Increased competition • EU post trade frictions decline
between execution • SEF + OTF new entrants
p
platforms
5 Higher demand for global • Client cost cutting favors outsourced
infrastructure services tech infrastructure
• Slower US/EU growth turns investors
to emerging markets
12

13. New Normal Creates Opportunities for Growth
Our Strategy Compass Areas of Investment for 2012-2014
Through combination of organic growth and M&A
Index Information
Products Services
• Cl i
1 Clearing
Issuer Analytics
Services • Risk management and capital
2
3
Listings
Market
Data
efficiency
Risk • Issuer services
3
Advocacy Management
1
• Market infrastructure
4
Client
Connectivity
Markets Clearing 2
• Derivatives product expansion
5 p p
Partnerships 5
Capital
in New
Markets
Efficiency • Cross-market innovation
5
Settlement
Technology and • Managed technology infrastructure
6
4 Infrastructure Custodyy
Global
Gl b l Collateral
Exchange Management
Links 6
Managed &
Asset Servicing
Hosted
Services
Minor Presence Expanding Presence Strong Presence
13

14. Highlighted Growth Initiatives for New Normal
1 Clearing 4 Market Infrastructure
Build European derivatives clearinghouse Build liquidity centers and connectivity
• Phase I on-schedule for summer 2013 • Build out Tokyo liquidity center, launched
• Faster time to market for new products Q1 2012
• Operational and capital savings • Offer access to HKEx data center via
Fixnetix
2 Capital Efficiency 5 Market Expansion/Innovation
“Project Trinity” Introduce CFD contracts
• Bringing LCH’s SwapClear into the NYPC • MTF partner model
“one-pot”
“ ” • Leverage our brand to attract retail clients,
• Capital savings from correlated cash, who are rapidly adopting CFDs
futures and swaps positions
3 Issuer Services 6 Managed Technology
Expand into capital markets, board Expand our managed services offering
services and compliance • Completed 25% investment in Fixnetix
• Deepens our relationships with our listed • Provides the ability to manage and deliver
issuers and helps us tap new adjacencies 3rd party solutions, which clients
t l ti hi h li t
increasingly value
14

15. EFFICIENCY
C C

16. Strategic Cost Efficiency Will Add Fuel for Growth
• Our goal is to leverage our asset base more efficiently and create an
optimized shared platform for growth
• “Project 14” will deliver $250 million in annual savings by the end of 2014
• “Project 14” will be co-led by Larry Leibowitz and Michael Geltzeiler with
regular progress reports to shareholders
g p g p
• Series of short-, medium- and long-term actions focused on:
Technology
Organizational Efficiency / Infrastructure
O i ti l Effi i I f t t
Business Optimization
• Offensive action to maximize the operating leverage of our p
p g g platform to
deliver best in class service for clients, optimize our infrastructure, and
create value for shareholders
16

17. CAPITAL

18. Disciplined Stewards of Strategic Capital
• We have a track record of being responsible stewards of cash flow and when we
have invested, we have sought initiatives that meet or exceed our return metrics
Spectrum of capital deployment options:
Portfolio Return of Excess Targeted Organic
Rationalization: Capital: Acquisitions: Growth:
• Discipline to exit or
p • $315M in dividends • Strategic M&A with
g • Executable new
restructure under- annually realized synergies, initiatives that
performing • $550M share e.g.: leverage the value of
investments buyback underway • NYSE Amex our community, e.g.:
• e.g.: NSE, SecFinex • More capital return
p • NYFIX • NYSE Liffe Clearing
than anyone else in • Metabit • NYSE Liffe U.S.
industry • Fixnetix • NYSE Amex Options
• CFDs1
1Contracts For Differences
18

19. KEY TAKEAWAYS

20. Key Takeaways
• In light of the macro environment, we have retested, validated
and focused our corporate strategy
• As you will hear today, we believe we can unlock further
value in our franchise by building better adjacencies between
our businesses
• We have opportunities to grow through new business
initiatives and targeted M&A
g
• “Project 14” cost efficiency program enhances our capacity
to invest and better execute our strategy
• Our focus is on disciplined, strategic capital deployment
20

21. FINANCIAL UPDATE
Michael Geltzeiler
Group EVP & CFO

22. GROWTH

23. Financial Progress: 2011 vs. 2009
• Net revenue¹ up 8% over 2 years
• Reduced cost base by ~$380M on a constant $ / constant portfolio basis
• Operating margin2 up 500 basis points
• Reduced tax rate by 87 basis points
• Debt decreased from $2.8B to $2.1B; leverage reduced from 2.6x to 1.6x
• Returned over $1B to shareholders via dividends and share buybacks, with another $550M
in buybacks underway
• Capital expenditures returned to maintenance levels (sub $200M)
• Total shareholder return over 100% since the March 2009 low
¹ Net revenues defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments, routing and clearing fees.
² Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.
23

24. Financial Highlights
$ in M, except EPS
$2.55 Diluted EPS²
$2,700 Net Revenue¹ & 49%
Adjusted EBITDA Margin² $2,672 $2.48
48% $2.45
$2 45
$2,650 EPS CAGR: 10%
48%
47%
$2.35
$2,600
46%
$2.25
$2,550 45%
$2,511 $2.15
44% $2.09
$2,500
$2,478 44% $2.04
$2.05
43%
$2,450 43%
$
$1.95
42%
$2,400 $1.85
41%
$2,350 40% $1.75
2009 2010 2011 2009 2010 2011
¹ Net revenues defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments, routing and clearing fees.
² Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.
24

25. Revenue Diversification
$ in M
2011 Net Revenue¹ 2011 Net Revenue¹
By Product By Geography
2011 Net Revenue1:
$2,672
Other
8% UK
Tech
T h Derivs
D i 20%
Services Trading $523
13% 29%
US
52%
$1,394 EU
Listings 28%
EU Cash
17% $754
Trading
11%
US Cash
Market
Trading
Data
8%
14%
¹ Net revenues defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments, routing and clearing fees.
25

26. Segment Performance – Net Revenue¹
$ in M
$1,600
$1,386
$1,400
$1 400 $1,323
$1 323
$1,241
$1,200
$1,000
$861
$826
$800 $723
$600
$490
$444
$400 $363
$200
Derivatives Info. Services & Tech. Cash Trading & Listings
Solutions
S l ti
2009 2010 2011
¹ Net revenues defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments, routing and clearing fees.
26

27. Cash Trading & Listings Net Revenue¹
$ in M
$500
$446
$450 $422
$407
$400
$350 $332
$300 $288
$265
$250 $235
$221
$206
$200
$150
$100
$50
$0
st gs
Listings European Cash
u opea Cas U S Cash
U.S. Cas
2009 2010 2011
¹ Net revenues defined as total revenues, less transaction-based expenses comprised of Section 31 fees, liquidity payments, routing and clearing fees.
27

28. Multi-Year Net Revenue Outlook¹
Segment Revenue Growth Drivers
Derivatives Medium • NYSE Liffe U.S.
• Cl i / OTC
Clearing
• Contracts-for-Differences (CFDs)
• Interest Rate Environment
Cash Trading &
g Low • Expand Issuer Services
p
Listings • New Issuance
Information Services High • Asia Expansion
and Technology • Managed Services
Solutions • Leverage Data Center Capacity / Connectivity
• M&A
NYSE Euronext Medium
Growth Level Definition
High Double digit % growth
Medium Mid-to-upper single digit % growth
Low Low single digit % growth
¹ Assumes volume neutral environment.
28

29. EFFICIENCY
C C

30. Track Record of Successful Integration & Cost
Discipline
$ in M
$250 Annual Expense¹ Savings
(Constant $ / Constant Portfolio Basis)
$200 $195
Initiative 2009 2010 2011
Amex Integration X
$150
NYSE / Euronext
X X
$113 Technology Integration
NYFIX Synergies X X
$100
Data Center Consolidation X X
$70
Organizational Efficiencies X X X
$50
$0
2009 2010 2011
¹ Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.
30

31. Expense Base Detail
$i M
in
2011 Expenses¹ 2011 Expenses¹
By Type 2011 Expenses¹: By Area
$1,666
$1 666
6%
SG&A Corp.
p 17%
16% Derivatives
$105
$261 Comp $288
38% 27% $638
Pro
$638 Internal IT
I t l
Svcs $299
18% $453 Cash Trading
& Listings
$188
Sys & Info. Svcs. 34%
$280
Comms & Tech Sol. $560
11% D&A 16%
17% $260
¹ Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.
31

32. Project 14 – Overview and Focus Areas
• The project will deliver $250M in annualized cost savings by 2014
• Series of short, medium and long-term action plans designed to better leverage our asset
base and create a shared platform for growth primarily focused on the following areas:
• Further harmonize technology platform and
standards across businesses
Technology • Retire legacy systems Other Points to Note
$90M • Reduce costs through near-shoring / off shoring
near shoring off-shoring • 1x costs will be
• Data Center and Telecommunications optimization communicated as
incurred
• Centralize market ops and expand shared
Organizational services model • We will track savings
g
Efficiency / • Rationalize contractor relations and report regularly
Infrastructure • Streamline organization
$90M • Rationalize real estate footprint and facilities costs • At this point, we project
run-rate savings
g
• Rationalize business portfolio realization of 25% by
Business • In-source UK risk management (Liffe Clearing) year end 2012 and 60%
• Geography by 2013
Optimization
$70M
32

33. Updated Expense Guidance for 2012
$i M
in
Expenses1
• 2011 expense base of $1,666 million; prior 2012 guidance was for C$/CP
expenses to be < $1,666 million excluding new business initiatives
• Current 2012 expense guidance revised downward as follows:
Category 2012 Expenses¹ Notes
Core Expense Base $1,580 - $1,600
CFD Initiative $12 Expected to generate positive returns by
2014 and will be self-funding thereafter
Clearing build-out $15 Expected to generate positive returns by
2014 and will be self-funding thereafter
NYXT I
Incremental
t l $20-$25
$20 $25 Represents variable expenses; f
R t i bl focus i
is
Growth revenue growth & margin improvement
2012 Range $1,627 - $1,652
¹ Excludes the impact of merger expenses, exit costs and other discrete non-recurring items. All expense estimates are at FX rates of $1.35/€ and $1.60/£.
33

34. 1,2
Segment Performance – Adjusted EBITDA
$ in M
$1,400
$1,286
$1,200 $1,114
$1 114
$1,068
$1,000
$800
$687 $715
$618
$600
$514 $523
$416
$400
$200 $
$174
$124
$78
$0
Derivatives Cash Trading & Info. Services & Tech. NYX Consolidated
Listings
Li ti Solutions
S l ti
2009 2010 2011
¹ Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.
2 Corporate and eliminations segment not shown.
34

35. Segment Performance – Margins
60% 55% 55% Operating Margin¹
47%
40% 37% 35% 40% 38%
32% 33%
26%
20%
20% 15%
0%
Derivatives Cash Trading & Info.
Info Services & Tech.
Tech NYX Consolidated
Listings Solutions
2009 2010 2011
70% 62% 61% EBITDA Margin¹
58%
60% 54%
50% 50% 48%
50% 43% 44%
40% 36%
28%
30%
21%
20%
10%
0%
Derivatives Cash Trading & Info. Services & Tech. NYX Consolidated
Listings Solutions
2009 2010 2011
¹ Excludes the impact of merger expenses, exit costs, the BlueNext tax settlement, disposal activities and discrete tax items.
35

36. Margin Expansion Drivers (2012 – 2014)
• Information Services & Technology Solutions segment achieves 30% or
higher operating margin
• NYSE Liffe U.S. becomes profitable
• Maintenance level CapEx resulting in some D&A runoff
• Cost-efficiency program ($250M) – “P j t 14”
C t ffi i “Project
• Clearing revenue and efficiencies
g
36

37. CAPITAL

38. Debt and Cash Flows
• In 2011, debt leverage improved significantly as we paid down debt,
generated an increase in EBITDA and reduced CapEx year-over-year
Metric
M i YE 2009 YE 2010 YE 2011
Cash $0.5B $0.4B $0.4B
Debt $2.8B $2.4B $2.1B
Debt / EBITDA Ratio 2.6x
2 6x 2.2x
2 2x 1.6x
1 6x
Credit Rating S&P AA Negative Outlook A+ Stable Outlook1
Credit Rating Moody’s A2 Negative Watch A3 Stable Outlook1
$ in M Cap Ex $ in M Free Cash Flows2
$600 $1,000
$497 $8703
$500 $800
$400
$305 $600
$300
$400 $327 $357
$200 $170
$100 $200
$0 $0
2009 2010 2011 2009 2010 2011
¹ S&P and Moody’s affirmed the stable outlooks assigned in 2010 on February 3, 2012 and February 17, 2012, respectively.
2 Free Cash Flows = Operating Cash Flows (after adjusting for certain non operating items such as purchases and sales of businesses) – Capital Expenditure.
3 Including the impact of exceptionally low tax payments in 2011 ($25m tax paid in 2011).
38

39. Minority Investments: Potential Sources of
Additional Capital
Investment Ownership Position
• MCX • 5% stake
• Qatar Exchange • 20% stake
• LCH • 9% stake
39

40. Dividend
• NYX has paid a $0.30 Dividend per share per quarter ($1.20 annually) since Q2‘08
• The 2012 dividend payout on 2011 profits is 47%, in-line with historical levels
NYSE Euronext 2007-2012 Peers 2012
98%
100% 100%
80% 80%
59% 60%
57% 60%
60% 51% 52%
49% 47%
44% 39% 41% 41% 37%
40% 40%
20% 20%
0% 0%
2008 (on 2009 (on 2010 (on 2011 (on Current (on LSE DBAG CME
2007 profit) 2008 profit) 2009 profit) 2010 profit) 2011 profit)
Payout ratio on adjusted net income (NI) Payout 2012 (on 2011
adjusted net income)
Payout ratio on cash earnings (NI+D&A-CapEx)
(NI D&A CapEx)
• 4.1% annualized yield based on NYX stock price of $29.00 per share
• Target payout ratio has historically been between 35-45%
40

41. Share Buyback
• During Q4 2011, a total of 3.7 million shares were repurchased at an
average price of $26.96 per share ($100M in capital)
• The previously announced $550M buyback is underway and we intend to
complete this program by the end of 2012
• The buyback will be accretive to our EPS and preserves future cash flows
as each share repurchased saves 4% in future cash dividends
p
41

42. Guidance for 2012 Capital
Capital
• CAPEX is expected to be above FY 2011 ($170 million) due to the
clearing b ild t and will approximate $200 million i 2012
l i build-out d ill i t illi in
• Expect to complete $550 million buy-back in 2012
• Long-term financial policy remains between 2 to 2.25x Debt-to-EBITDA;
g p y
this ratio is more shareholder friendly than most of our peers
M&A Discipline
• Strategic fit
• Realizable synergies
• Return exceeds our marginal cost of capital within 2-3 years
42

43. Delivering Double-Digit Shareholder Returns
Targeting double-digit TSR over the next few years driven by a 4%
dividend yield and earnings growth from the three axes:
1– Targeted Growth and New Business Initiatives
2– Cost Efficiency Initiative of $250M
3– D l
Deployment of Excess C it l
t fE Capital
43

44. BREAK

45. DERIVATIVES
NYSE LIFFE | NYSE LIFFE U.S. | NYSE LIFFE CLEARING | NYSE ARCA OPTIONS | NYSE AMEX OPTIONS

46. DERIVATIVES
Garry Jones
Group EVP, Head of
Global D i i
Gl b l Derivatives

47. OVERVIEW

48. Contents
– Strategy
– Metrics and Trends
– Growth Drivers
• EU Derivatives
• Clearing & OTC
• U.S. Futures
• U.S. Options
– Key Takeaways
48

49. STRATEGY

50. NYSE Euronext Global Derivatives
Global Derivatives
Americas Europe Global Partners
Warsaw Stock Exchange
NYSE Arca NYSE Amex NYSE Liffe NYSE Liffe
Tokyo Stock Exchange
Options Options US
LIFFE Euronext Euronext Euronext Euronext
A&M Paris Ams’dam Brussels Lisbon
Equity Options Equity Options Financials
Index Options Tokyo Financial Exchange
Index Options Precious Financials
ETF & ETN ETF & ETN Metals Equity index products
Options Options Index Futures Individual equity products
Soft and Agricultural commodities Zhengzhou Commodity Exchange
e g ou Co od ty c a ge
NYSE Liffe
Cleared through
Cleared through the OCC Clearing Cleared through LCH.Clearnet SA
NYPC1 Dalian Commodity Exchange
/LCH.C Ltd
Under US Regulation Under EU Regulation
1 Joint venture with DTCC.
50

51. Expanding Global Footprint
~20%1 of volume in
Strong relationships Expanding presence
benchmark European ~10%1 of U.S. options
with Tokyo, in Asia, establishing
equity index and STIR volume comes from
NYSE Liffe listing MOUs with Chinese
contracts comes from Europe
JGB and TOPIX exchanges
US
1Source: NYSE Euronext
51

52. The Power of the Community for Derivatives
Over 80%1 of EU Cash Common technology
trades are executed by underpins our markets:
NYSE Liffe members NYSE Liffe 65%1 of EU colocation
clients connect to both
NYSE Liffe and EU Cash
EU Cash US Cash
World Class
Technology
NYSE Liffe
US Options
US
NYSE
Listings Core NYSE Liffe enabled the
Technologies
Partnership models at NYSE launch of NYSE Liffe U.S.: our
Liffe U.S. and NYSE Amex top 10 NYSE Liffe U.S. clients
p
Options facilitate growth are all NYSE Liffe EU clients
1Source: NYSE Euronext
52

53. Global Derivatives Led Growth Opportunities
Our Strategy Compass Areas of Investment for 2012-2014
Through combination of organic growth and M&A
Index Information
Products Services
• Cl i
1 Clearing
Issuer
Services
Analytics • EU derivatives clearing project
3
Listings
Market
Data
• Risk management and capital
2
efficiency
Risk
Advocacy Management • NYSE Liffe U.S. + Project Trinity
1
•
3 Issuer services
Client
Connectivity
Markets Clearing 2
5
• Market infrastructure
4
Partnerships
Capital
in New
Markets
Efficiency
• Derivatives product expansion
5
Technology
Settlement
and
• Swapnote, Gilt futures, MSCI
4 Infrastructure
Global
Gl b l
Custodyy
Collateral
• Market routing partnerships
Exchange
Links 6
Management •
5 Cross-market innovation
Managed &
Asset Servicing
• CFDs
Hosted
Services • US options innovation
Minor Presence Expanding Presence Strong Presence
• Managed technology infrastructure
6
53

54. METRICS AND TRENDS

55. Steady Growth and Diversification of Volumes
NYX Global Derivatives NYX Global Derivatives
Monthly average traded contracts (m lots) 2011 volume breakdown
250 14% CAGR
Including US Options Commodities
1%
12% CAGR
Excluding US Options Index
200 6%
150 93
Fixed Income
25%
US Options
100 48%
12
40
50
48 Equity
20%
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Commodities Fixed Income Equity Index US Options
Source: NYSE Euronext
55

56. NYSE Liffe Volume Breakdown
Interest rate products Equity products Commodity products
Soft Futures Soft Options
Equity Futures Equity Options
Options Futures
Index Options Index Futures Agricultural Options Agricultural Futures
2.5 3.0 90
ADV (m lots)
ADV (m lots)
ADV (k lots)
80
V
V
V
2.5
2.0
70
2.0 60
1.5
50
1.5
40
1.0
1.0 30
20
0.5
0.5
10
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
Source: NYSE Euronext
56

57. Customer Types by Product
Interest rate products
p Equity p
q y products Commodity p
y products
End user
Retail
Bank 4% Bank
16% 15%
End User
28% Bank
37% End user
Institutional
30%
Prop End user
Prop 22% Commercial
24% 51%
Market
Maker Market
16% Prop
Maker Algo/HFT
Algo/HFT 6%
18% 3%
16% Algo/ HFT
5% Market End user
maker Financial
Fi i l
5% 4%
Key trends
• Stable, balanced market participation
• Increasing participation from proprietary traders in commodities
Source: NYSE Euronext
Based on 2011 volume estimates. Different analysis basis to previously presented statistics
57

58. Cautious Sentiment, but Positive Macro Outlook
Risky macro environment dampened NYSE Liffe volumes
4.5
trading activity in late 2011/early 2012
ADV (m lots)
4.0
l
– Major indices recovered from the lows of Q3 3.5
3.0
2011, but on thin volumes 2.5
– Participants reduced capital at risk 2.0
1.5
– Uncertainty about th rate of economic
U t i t b t the t f i 1.0
recovery and the Greek crisis 0.5
0.0
– Substantial risk reduction by retail investors October November December January February March
Q4 2011 Q1 2012
Real GDP growth and forecast
5%
Steady real GDP growth expected from 4%
2012 onwards 3%
2%
– US consumer spending is accelerating 1%
0%
– Probability of global recession has declined 1% 2005 2006 2007 2008 2009 2010 2011 2012E 2013F 2014F
2%
U.S
3%
UK
4%
Eurozone
5%
Source: NYSE Euronext trading volumes through March 26, 2012, Bloomberg
58

59. GROWTH

60. Compelling Opportunities for Core Growth
Areas of Investment for 2012-2014
Through combination of organic and M&A • European derivatives
Index Information
Products
• Cl i
1 Clearing
Services
– New growth initiatives
• EU cash clearing project
Issuer – New order routing initiative
Analytics
Services
• Risk management and capital
2 Listings
Market–
Data
New market: CFDs
efficiency • Clearing Risk
• NYSE Liffe U.S. + Project Trinity
Advocacy
–
Management
Full service CCP build
•
3 Issuer services
Client
Connectivity
Markets • OTC
Clearing
• Emerging marketsPartnerships
4 infrastructure – Trinity partnership
Capital
in New
• Cross-market innovation
5 Markets • NYSE Liffe U.S.
Efficiency
Settlement
• CFDs Technology and – Innovative new products
Infrastructure
• US options innovation Custody
Global
Exchange • NYSE A Amex & NYSE A
Collateral Arca
•
5 Derivatives product expansion Management
Links
Options
• Swapnote, Gilt futures, MSCIManaged &
Asset Servicing
Hosted – Significant technology investment
• Market routing partnerships Services
• Managed technology infrastructure
6
60

61. EUROPEAN DERIVATIVES

62. Growth Driver: Swapnote® Futures
• Increased regulatory pressure for centralised trading & clearing
– Swapnote provides the opportunity to get IR swap exposure in a post- EMIR scenario
8
• Increasing Euro-zone
Yield (%)
10 YR Euro swaps
7
tensions creating demand
10YR German for better correlated,
6
government bond
innovative risk
management tools
5
4
• Swapnote provides the
returns of the swap
3 curve, instead of
referencing a single
2 sovereign yield curve
1
99% 99% 95% 57% 3% -11% Correlation (in calendar year)
0
2006 2007 2008 2009 2010 2011 2012
Source: NYSE Euronext analysis, Bloomberg.
62

63. Growth Driver: Gilt Futures
Long Gilt futures UK Gilt issuance
ADV (k lots)
olume
160 30%
Long Gilts
% of Bund vo
140
(
25%
120 13 yrs+ Super-long Gilts
20%
100
80 15% 8 13 yrs Long Gilts
60
10%
40 4 7 yrs Medium Gilts
5%
20
0 0% 1 4 yrs Short Gilts
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
YTD
Supportive macroeconomic environment Structural market changes
• In light of the European sovereign debt crisis, investors see • Full Gilt product suite increases trading opportunities
UK gilts as a safe haven
• Innovative Short Gilt incentive scheme driving strong
• As central banks indicated a lack of change in interest rates volume growth
in short term, there is strong interest towards the long end
• Opportunities for Super-long Gilt futures
• UK d bt i
debt issuance h i
has increased substantially
d b t ti ll
Source: NYSE Euronext trading volumes through March 26, 2012, Eurex monthly reports January 2012-February 2012 and UK Debt Management Office.
63

64. Growth Driver: Bclear MSCI Index Futures
• Over $7 trillion1 benchmarked to MSCI indices globally
• Index futures listed exclusively on Bclear in Europe
• Building on momentum of ongoing migration from OTC swaps to exchanges
Bclear MSCI indices
9 180
ts)
s)
ADV (k lots
Ope Interest (k lot
ADV
8 160
2009 – 2011 Open Interest
• Launched Bclear MSCI franchise: 7 140
Developed & Emerging Markets 6 120
en
Over 1 million lots,
Large & Mid Caps
5 $35B notional traded in 2011 100
Sector & Industry Groups
4 80
From 2012 3 60
• Build on upward momentum
2 40
• Broaden coverage:
1 20
Emerging Market Countries
Regional Small Cap Futures 0 0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1*
2009 2010 2011 2012
Source: NYSE Euronext.
1 As of 30 June 2011, based on data from eVestment, Lipper and Bloomberg.
* NYSE Euronext, Q1 2012 to 26 March. 64

65. Growth Driver: “Market Route”
Access multiple exchanges through one connection to SFTI
Trading other
partners
partners’ products
Existing partner
members
Trading partners’ products
NYX Markets SFTI Partner Markets
Trading NYX products
Existing
E i ti NYX
members
NYX members trading partner markets
b t di t k t New t d
N traders for NYX products
f d t
• New trading opportunities for existing NYX customers • Partner exchange members accessing NYX products
• Revenue share arrangements with partner markets • Low cost and low time-to-market will broaden international
participation in NYX benchmark products
New revenue streams for NYX
65

66. Growth Driver: Retail Derivatives Market - CFDs
• Contracts For Differences (CFD)
– Provide leveraged, margined exposure for retail clients
– Regulated financial instruments, MiFID allowed expansion to EU markets
– Fast growing market segment with significant opportunities, rapidly globalising
USD billions
Retail derivatives(1) - Industry growth
12
10
• Retail FX is a truly
1
global market,
l b l k
8 1
2
including US
2
6 1 • CFDs now expanding
globally, excluding US
4 1 8
1
1 6
2
5 • The global market for
2
3 3
3
retail FX, CFDs, FSBs
was over $8B in 2011
2006 2007 2008 2009 2010 2011 2012 E
Retail FX Revenue in USD CFDs revenue in USD FSB revenue in USD
1 Including FX CFDs
Source: Company Reports, Aite and market research
66

67. Growth Driver: A New CFD Model
New business model, utilising an MTF and a ‘partner’
model, leveraging the NYX brand and community
Targeting retail and professional clients, brokers and
liquidity providers in the UK and Europe initially
NYX CFD
Derivatives
Phased introduction through 2013, with products based
on commodities, currency pairs, equities and indices
Expected to be earnings positive in 2014
67

68. DERIVATIVES CLEARING
AND OTC

69. CLEARING
Mark Ibbotson
EVP & Head of Global Clearing

70. Unlocking the Power of the Community in Clearing
Definition Strategy Delivery
Existing clearing presence Full service CCP UK jurisdiction RCH
Proven technology
P t h l UCP platform
l tf Expanded services
E d d i
Expanded community Derivatives consolidation Integrated solution
Partnering OTC clearing User participation
Creating value Improved offering Capital and operating
efficiencies
70

71. Strategy for EU Clearing
European
Listed Full-service clearing house completion in the UK for all listed
Derivatives Derivatives
Clearing
European
OTC
Derivatives OTC clearing proposition creating new revenue streams
Clearing
European
Cash Long term solution for Cash clearing
Clearing
71

72. Fragmented NYSE Liffe Landscape
Self-clearing RIE
Existing London footprint
~1B contracts cleared in 2011
Average daily initial margin
~€10B
Bclear
NYSE LCH.
Liffe Clearnet
C ea g
Clearing Ltd.
London
Amsterdam
Brussels
Continental footprint
~200M co t acts c ea ed in
00 contracts cleared LCH.Clearnet SA
2011
Average daily initial margin Lisbon
~€4B
P i
Paris
Source: NYSE Euronext.
72