1. 1 SEF Tracker Jan.-Mar. 2014

2. Introducing FIA SEF Tracker FIA is collecting volume information from swap execution facilities registered with the CFTC as well as trading venues that have opted to register as designated contract markets rather than as SEFs. FIA is publishing aggregate volume and market share information based on this volume information, initially in a static PDF format and subsequently through an interactive website. FIA currently provides monthly and annual reports on global exchange-traded futures and options volume and will use its experience in this area to develop SEF Tracker. FIA is a non-profit trade association and plans to provide these reports to the public at no charge. 2

3. SEF Tracker Reports FIA’s SEF Tracker reports currently cover three asset classes: interest rates, credit and foreign exchange. The reports contain tables and charts showing volume by asset class and by SEF. The reports do not include price data or other market data that SEFs may seek to commercialize. FIA is currently consulting with SEFs and other market participants on instrument descriptions and the format of the reports. Details on the reporting methodology can be found at the end of the report. Over the longer term, FIA plans to offer more detail on volume in specific product types within each asset class as well as more detail on maturity and currency. FIA also plans to incorporate data on comparable products that trade on futures exchanges. 3

4. SEF Glossary FIA is currently gathering data from the following venues:  360T 360 Trading Networks, Inc.  BGC BGC Derivatives Markets, L.P.  Bloomberg Bloomberg SEF LLC  DW DW SEF LLC  FXall Thomson Reuters (SEF) LLC  GFI GFI Swaps Exchange LLC  ICAP ICAP SEF (US) LLC  ICE ICE Swap Trade LLC  Javelin Javelin SEF, LLC  MarketAxess MarketAxess SEF Corporation  SwapEx SwapEx LLC  Tradition Tradition SEF, Inc.  trueEX trueEX LLC  Tullett Prebon tpSEF Inc.  TW TW SEF LLC 4

5. Volume by Week (in billions notional USD) 5

6. 6-Jan13-Jan20-Jan27-Jan3-Feb10-Feb17-Feb24-Feb3-Mar10-Mar17-Mar24-Mar Credit 48396812894604686129158187125 FX 180174155191138157145204131158 177 Interest Rate 2,3481,8042,2542,2861,8871,3228801,4911,4001,7311,3971,735 Total 2,5762,0162,4762,6052,1201,5381,0701,7811,6602,0471,7432,037 6

7. IRS: Weekly Volume (in billions notional USD) 7

8. Interest Rate Volume (in billions notional USD) SEFLatest Week Year-to-Date Non-FRAFRATotal Non-FRAFRATotal BGC121.51.4122.9 2,427.313.22,440.5 Bloomberg71.2- 613.1- DW2.8- 52.5- GFI Group12.61.914.5 193.114.9208.0 ICAP222.7792.51,015.2 2,320.48,615.610,936.0 Javelin0.2- 3.7- Tradition148.43.9152.3 1,938.326.31,964.6 trueEX1.5- 4.0- Tullett Prebon183.8122.1305.9 1,890.62,543.04,433.6 TW48.7- 247.7- Total813.3921.71,735.19,690.611,213.020,903.6 Latest Week: Mar. 24-28 8

9. IRS: Volume per SEF (in billions notional USD, including FRAs) 9 Note: Other consists of four SEFs with less than 1% market share each: DW, GFI, Javelin and trueEX

10. IRS: Volume per SEF (in billions notional USD, excluding FRAs) 10 Note: Other consists of three SEFs with less than 1% market share each: DW, Javelin, and trueEX

11. IRS: Volume per SEF in Latest Week (24-28 March, excluding FRAs) 11

12. IRS: Market Share per SEF (excluding FRAs) 12 Note: Other consists of three SEFs with less than 1% market share each: DW, Javelin, and trueEX

13. Credit: Volume (in billions notional USD) 13

14. Credit Volume (in billions notional USD) SEFLatest Week Year-to-Date BGC0.24.2 Bloomberg88.3847.7 DW-- GFI Group9.7116.3 ICAP1.126.7 ICE3.048.2 MarketAxess3.319.4 Tradition0.925.8 Tullett Prebon9.443.1 TW9.063.6 Total124.91,195.0 Latest Week: Mar. 24-28 14

15. Credit: Volume per SEF (in billions notional USD) 15 Note: Other consists of five SEFs with less than 1% market share each: BGC, ICAP, ICE, MarketAxess, and Tradition

16. Credit: Volume per SEF in Latest Week (24-28 March ) 16 Note: Other consists of three SEFs with less than 1% market share each: BGC, ICAP, and Tradition

17. Credit: Market Share per SEF 17

18. FX Volume (in billions notional USD) 18 Note: NDF data includes non-deliverable swaps

19. FX Volume (in billions notional USD) SEFLatest Week Year-to-Date OptionNDFTotal OptionNDFTotal 360 T 0.10.30.48.61.910.4 BGC 25.011.936.9334.1141.5475.6 Bloomberg 0.01.71.819.813.433.1 FXall 0.03.0 0.137.037.1 GFI Group 18.819.838.6244.6237.0481.6 ICAP 0.038.8 5.1322.6327.7 INFX 0.0 SwapEx 0.00.1 0.641.241.8 Tradition 25.18.934.1262.765.6328.3 Tullett Prebon 9.313.622.9119.4170.9290.3 Total 78.598.1176.6994.91,031.02,025.9 Latest Week: Mar. 24-28 19 Note: NDF data includes non-deliverable swaps

20. FX: Volume per SEF (in billions notional USD) 20 Note: Other consists of four SEFs with less than 3% market share each: 360T, Bloomberg, FXall, and SwapEx

21. FX: Volume per SEF in Latest Week (24-28 March) 21 Note: Other consists of four SEFs with less than 3% market share each: 360T, Bloomberg, FXall, and SwapEx

22. FX: Market Share per SEF 22

23. Methodology The data in this report are compiled from the reports published daily by SEFs and DCMs on their websites. Volume is measured by notional value. Information on trade count, an alternative way to measure volume, is not available from all SEFs at present. Notional values are expressed in U.S. dollars. Notional values for swaps that are denominated in other currencies are converted to U.S. dollars using publicly available exchange rates as of the reported day. Interest rate volumes are presented both with FRAs and without. Credit volumes do not include single name credit default swaps as these products are not subject to CFTC reporting requirements. FX volumes combine non- deliverable swaps and forwards. 23

24. Disclaimer: The data presented in this report were collected directly from SEFs and DCMs and may contain errors or omissions. This report should not be relied on as a definitive measure of trading activity on swap execution facilities. © Futures Industry Association 2014 Please send questions or suggestions to Will Acworth at wacworth@futuresindustry.org wacworth@futuresindustry.org FIA SEF Tracker24