CM's presentation at IFAP export credit seminar

1
Roy Leighton Chairman Futures Options
Association City of London Markets
2
Financial Services Trade Balance
18.7
7.8
6.3
5.4
4.0
0.8
0.3
0.1
-0.3
-0.3
-1.4
-1.7
Source International Monetary Fund
3
Ignore China at your Peril
Ignore India at your Peril
Source World Federation of Exchanges
4
Location of OTC Derivatives Turnover Average
Daily Turnover in April
Share
1995
2001
UK US Germany France Japan Switzerland Singapore O
thers Total
27.4 19.7 5.1 8.3 12.2 1.6 6.7 19.0 100.0
36.0 17.7 12.7 8.8 2.9 2.0 0.8 19.1 100.0
Source Bank for International Settlements
5
Largest Derivatives Exchanges by Value of
Turnover
Source Exchanges
6
The Client Rules

• Speed
• Transparency
• Accuracy
• Low Cost

Source World Federation of Exchanges
7
Commodity Markets
London Metal Exchange London Bullion
Market International Petroleum Exchange
Source World Federation of Exchanges
8
Foreign Exchange Dealing Daily Average
Share 2001
UK US Singapore Japan Germany Switzerland Hong
Kong France Other Total
31.1 15.7 6.2 9.1 5.4 4.4 4.1 3.0 20.9 100.0
Source World Federation of Exchanges
9
Markets for Foreign Equities January December
2002
Share
London New York Bermuda Nasdaq Germany Italy Stock
holm Euronext Others Total
55.9 18.7 11.0 6.7 2.7 1.6 1.6 0.5 1.4 100.0
Source World Federation of Exchanges
10
Key Elements for Future Success

• Move with the Times
• Open International Marketplace
• Embrace flexible modern technology
• Firm and effective regulation
• Cosmopolitan pool of talent

Source World Federation of Exchanges