1. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. Influencing policy makers WFE Workshop on Leadership & Communication February 19 – 20, 2009 Zurich Ludovic Aigrot, Head of EU Affairs NASDAQ OMX Chairman of FESE Management Committee

2. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 2 Main points How to elaborate messages Topics for messages Targets to influence Ways to deliver messages Based on a European perspective but to be applied at international level

3. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 3 How to elaborate messages Determining topical issues -Market and business developments -Regulatory agenda -Plan of action will give general lines Creating messages -Worked out by a restricted group but sufficiently representative coordinated by the Secretariat -Strict validation process with clear deadlines to ensure support of the final message -In general final approval at management level (Board): coordination and ownership -To ensure credibility, once agreed the message should in principle not be changed but can be reviewed in light of an evolving environment

4. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 4 Topics for messages Value proposition of exchanges -transparency -neutrality -independence -surveillance

5. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 5 Topics for messages Improve the functioning of financial markets -Price transparency: appropriate transparency (incl. across venues and delays for publication of large trades) -Improve the control of the systemic risk in OTC derivative markets: Transparency and standardisation of products Transparency of OTC trading Central clearing to mitigate counterparty risks Market integrity/surveillance of OTC markets

6. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 6 Topics for messages Ensure a level playing field between execution venues -Maintain a level playing field between regulated markets and alternative execution venues -Reduce differences in the way organisational requirements for regulated markets and alternative execution venues are implemented -Protection of investors, incl. implementation of order handling rules and best execution

7. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 7 Topics for messages Improve the supervisory framework -Supervisory framework and consistent enforcement of legislation - Supervision of cross-border groups - Having a full picture of the overall financial market

8. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 8 Targets to influence Policy makers European Commission, European Parliament, EU Member States (EU Presidency) => Various Governments groupings (G7, G20, FSF) Supervisors CESR, National supervisors, ECB, National central banks =>IOSCO => Bank of International Settlements (BIS) + Basel Committee on Banking Supervision (BCBS)/Committee on the Global Financial System (CGFS)/Committee on Payment and Settlement Systems (CPSS) => International Accounting Standards Board (IASB)

9. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 9 Targets to influence Expert or Wise persons groups (de Larosière Group, CEPS) => ICMB International Center for Monetary & Banking Studies (Geneva report) Center for Research in International Finance (CIFRA) International organizations and grouping => OECD, IMF, The World Bank, IBRD International professional associations (banks, issuers, investors) => ICMA, ISDA, IBFed - International Banking Federation, IIB - Institute of International Bankers The media / press

10. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved. 10 Ways to deliver messages Deliver the message directly Build alliances Have the message delivered by a third party

11. © Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.