Information regarding BlackRock’s Execution and Order Placement Policy can be found below. Under the UK and EU MiFID Regulations, BlackRock is no longer required to publish RTS 28 reports for its UK and EU entities and accordingly has ceased to do so.
The purpose of this document is to explain BlackRock’s Execution and Order Placement Policy (‘the Policy’), as required under the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID) and Markets in Financial Instruments Regulation EU 600/2014 (MiFIR) (the Directive and Regulation together “MiFID II”) and the UK version of the regulation EU 600/2014, which is part of UK Law by virtue of the European Union (Withdrawal) Act 2018 UK (Onshoring of MiFID II in the UK).
Under such rules, BlackRock is required to take all sufficient steps to obtain the best possible result when executing clients’ orders. This is an obligation referred to as “best execution.”
This Policy sets out how BlackRock complies with its obligation to act in the best interests of its clients when directly executing orders on behalf of clients and additionally when placing orders with entities (such as brokers and dealers) for execution, pursuant to applicable regulation. References in this Policy to the execution of client orders include the execution of clients’ orders, and/or BlackRock’s decisions to execute orders on behalf of its clients.
All terms used in this document are defined in accordance with MiFID II and the Onshoring of MiFID II in the UK. Additionally, a Glossary of key terms can be found in Appendix 1.
This Policy applies to:
BlackRock’s trade execution model involves the centralisation of its trading platform, whereby orders are routed to specialised trading desks. Maintaining a centralized execution model allows BlackRock to create a separation of duties between trading and portfolio management for most trading activity. It also allows BlackRock to seek to optimize trade execution which is beneficial to BlackRock’s clients, through a globally consistent operating model for order communication to facilitate Global Order Routing.
BlackRock’s specialised trading desks are separate from BlackRock’s portfolio management function, with certain exceptions due to the uniqueness of particular investment strategies and financial instruments and are operated by BlackRock regulated entities in each jurisdiction.
Dealing desks outside the European Economic Area (the “EEA”) and the United Kingdom follow similar policies, processes and procedures. However, the counterparties and trading methods used may vary from those used in the EEA and the United Kingdom given country specific practices.
BlackRock may match and cross orders received in opposite directions in the same financial instrument where permitted by applicable laws, regulations, and client agreements, and when BlackRock believes this is in the best interest of both clients. When this occurs, it is done in accordance with BlackRock's Global Crossing Policy and related procedures, which set out provisions and controls designed to manage potential conflicts of interests between clients participating in such cross trades. In the EEA and the United Kingdom, BlackRock typically identifies a crossing opportunity and executes the cross trade on a trading venue which facilitates that type of trade.
Client orders are typically executed in the order in which they are received by the trading desk unless the characteristics of the order or prevailing market conditions make this impractical, and not in the best interest of the client.
Subject to local regulatory requirements, and consistent with BlackRock’s duty to seek best execution, BlackRock may find it efficient and beneficial to aggregate contemporaneous orders for multiple clients. BlackRock’s Global Investment and Trading Allocation Policy sets out how BlackRock handles the aggregation of client orders and the fair allocation of financial instruments executed as part of an aggregated order over time.
In seeking best execution for its clients, BlackRock may use a variety of execution venues and methods including, but not limited to, brokers acting in an agency or principal capacity, block dealing, Request for Quote (“RFQ”) platforms, swap execution facilities, and sponsored access to the order books of major execution venues).
BlackRock will either:
A current list of Execution Venues and brokers used by BlackRock can be found in Appendix 2. This list is subject to change and may be revised from time to time.
With our clients’ consent and unless there is a regulatory obligation to trade certain financial instruments on Trading Venues, we may execute trades in financial instruments traded on Trading Venues outside such venues. This enables us to access a wider range of sources of liquidity and it is particularly desirable when trading illiquid financial instruments and/or large sizes, where we would likely aim to minimize the risk of information leakage or signalling to the market, to avoid a poor execution outcome. In these cases, we may find it more desirable to trade with a broker acting as a systematic internaliser or in a principal capacity.
Although there are benefits to executing trades outside of a trading venue, it should be noted that there is a risk that a broker will fail to meet its obligations in relation to the transaction (‘Counterparty Risk’). While contractual remedies would be available in these circumstances, protections which may be available when trading on venues (such as buy-in procedures) may not be available. Clients can request additional information from BlackRock about the consequences of transactions being executed outside a Trading Venue.
All prospective and existing trading counterparties require approval from BlackRock’s Counterparty Risk Group (“CRG”), which operates under BlackRock’s independent risk management function, Risk & Quantitative Analysis Department (“RQA”).
The CRG is independent from the trading and investment functions, and is responsible for developing, implementing and updating, firmwide counterparty credit policies and procedures (collectively the “Counterparty Credit Risk Policy”) that are designed to identify and evaluate counterparty credit risks and establish appropriate practices to manage these risks. All employees responsible for trade execution are required to comply with the Counterparty Credit Risk Policy.
The Trading and Investment Teams are required to submit all prospective trading counterparty requests to the CRG for an independent credit assessment. These reviews are undertaken at the legal entity level and consider the intrinsic credit quality of the trading counterparty, together with the expected transaction activities.
The CRG maintains a list of approved trading counterparties and reviews the list on an on-going basis via a number of sources including but not limited to audited and interim financial reports, rating agency reports and bulletins where available, various databases and news media and, if covered, output from the BlackRock Credit Research Group. All trading counterparties undergo a cyclical formal review and renewal on a 12 to 18-month basis. Additional interim trading counterparty reviews may be completed in accordance with local regulatory requirements. Periodic updates are presented to the relevant best execution governance forums on counterparty risk matters, as appropriate.
BlackRock performs its best execution obligation to take all sufficient steps to obtain consistently over time the best possible results for our clients when executing or placing, or transmitting, client orders by assessing the relative weight and importance of various execution factors and other relevant considerations under the particular circumstances.
BlackRock may consider one or more of the following execution factors, including for example:
The relative importance of the execution factors for individual orders varies depending on the characteristics of the order, the financial instrument, the Execution Venues available for execution or placement of that order and the specific market conditions at the time of the trade, such as signals (e.g., indications of interest or axes) about the availability of natural liquidity.
When generating an order, BlackRock’s PMs specify instructions relating to the strategy they are pursuing on behalf of clients and for the nature of the order they are generating. For example, their instructions may vary depending on whether the order was driven by cash inflows or outflows or by changes in the PM’s view regarding a particular investment or type of exposure. Such instructions help influence the prioritization of the execution factors by BlackRock’s traders. The instructions of PMs typically fall into one of the following categories:
Forward Benchmarks
These orders target execution at a price specified by reference to a future point in time (such as “market on close” for stocks or WMR Benchmark Rate for currencies) when the calculation of the price will take place, often by way of an auction mechanism.
This type of benchmark is widely used by index sponsors for index calculation and is also generally used by managers when executing orders for passive strategies in order to minimize their tracking error. Trading is typically concentrated around a specified future point in time, unless a trader believes there will be insufficient liquidity in the auction or at the close of the market; in such cases a trader may extend the trading window to execute outside of the auction while still seeking to manage tracking error appropriately.
Market-on-close orders typically prioritize the execution factors of likelihood and speed of execution at the required time.
Explicit Price Benchmarks
These orders (such as limit or stop orders) specify a price point at which (or at a more advantageous price than which) to buy or sell the relevant amount of a financial instrument. An explicit price benchmark can be used by active investment strategies to help mitigate total expenses. It can also be used by passive strategies, which, for similar reasons, may choose to participate in end-of-day auctions subject to a limit.
Explicit price benchmarks orders inherently prioritise price as the primary execution factor for consideration. If the explicit price benchmark can be satisfied for the order, a trader may prioritise additional execution factors that will most likely lead to complete execution of the order based on prevailing market conditions.
Best Efforts Benchmarks
For orders that are made available to trade immediately, with benchmarks such as arrival price, price at the time of execution or market price at the point in time when the PM assigns the order to the trading desk, being used where available and unless otherwise specified.
PMs may assign a higher degree of importance to one factor over another. For example, for orders where fulfilment of the entire trade is of highest importance, the likelihood of execution is prioritized. This is more often the case when executing orders for active strategies when the PM has a particularly strong view (whether as a result of fundamental analysis or strong quantitative signals) and tends to be less price sensitive to achieve fast execution.
Where the trader has full discretion in the execution of the order, all execution factors are considered and prioritization varies depending on prevailing market conditions, with total consideration and likelihood of execution typically having higher importance.
Contingent Orders
Contingent orders consider the interdependency of two or more financial instruments on one another, such as the roll of futures contracts or the hedging of a credit instrument. In these cases, it is the collective benchmark of the package that drives the execution factors for consideration, rather than the application of the execution factors to the individual financial instruments that form part of the package or contingent order.
Similarly, traders also may need to consider the impact an order imparts on the overall investment outcome. For example, the execution of an order, which is part of a larger basket of orders, may result in a particular investment outcome in the absence of the other orders in the basket also being executed. In such a situation, the calibration of execution timing with regard to the other orders that form the larger basket of orders may drive the consideration of execution factors, so as to minimize or eliminate unwanted market exposure. Further, investment objectives and constraints may limit PMs’ and traders’ ability to prioritise the execution factors.
The hierarchy of execution factors that is expressed by a particular type of instruction is complemented by consideration of the characteristics of the financial instrument, as well as consideration of the size of the order, the market conditions at the time of execution of the order, and other relevant facts and circumstances. As such, the execution strategies employed for a particular order may differ significantly from executions effected in the same class of financial instruments (and even in the same security) but for different trade sizes and/or in different market conditions at the time of execution.
Listed Financial Instruments
Financial instruments listed on or executed on regulated markets or execution venues that display bids and offers, including both securities and listed derivatives, are typically subject to a high degree of price transparency, which typically limits the need for extensive price discovery. This allows traders to focus more on the execution mechanisms that are available from brokers and whether they can easily facilitate prompt execution while mitigating the impact on the market.
When the order size is considered large relative to the average daily trading volume of the relevant financial instrument, traders have to manage the risk of signalling to the market the existence of a large trading interest to avoid the potential detrimental impact that this may have on the execution price. Traders may therefore prioritize the use of block trading mechanisms that manage large order sizes.
For illiquid financial instruments (or financial instruments for which liquidity is not concentrated on regulated markets or venues that display bids and offers), the need for price discovery is evaluated against the risk that information leakage might impact the overall execution outcome negatively, which may result in traders requesting quotes from market participants known to offer liquidity in the specific financial instrument to be traded.
Over-the-Counter (''OTC'’) Financial Instruments
OTC financial instruments that trade in a decentralized market, including both unlisted securities and OTC derivatives, have varying degrees of price transparency. For liquid financial instruments within a reasonable range of tradeable market sizes, traders prioritize trading venues that facilitate price discovery through requests for quotes from multiple market participants. Alternatively, traders may rely on the pricing information contained in alternative pricing sources when selecting a single broker to request a quote for the relevant financial instrument.
For less liquid financial instruments or when the order size is considered large, traders may choose their counterparty based on its perceived ability to reduce the market impact of the execution.
For the execution of trades in illiquid financial instruments, brokers who trade in the same securities or securities with similar characteristics may be prioritized.
For more complex or less liquid OTC products, where prices are not directly observable (e.g. convertible bonds or option packages), traders use available internal and external data or tools to assess the fairness of price, and the expected cost of trading, as accurately as possible under such circumstances.
Listed Financial Instruments and Contracts for Difference
In addition to best execution, all general Portfolio Management (“PM”) instructions and considerations based on the nature of the order apply to trades in listed instruments.
Orders for listed instruments with forward benchmarks are typically executed in the closing auction, in markets where such a mechanism exists. If there is insufficient liquidity in the auction, then trading might also take place earlier or later to mitigate market impact.
For orders with a best-efforts benchmark, BlackRock typically chooses an execution method most suitable for balancing price and likelihood of execution.
Where the size of an order is significant relative to available liquidity in the secondary market, traders may prioritize execution channels which provide supplemental or surrogate sources of liquidity, such as broker capital or primary ETP markets.
Listed Futures and Options
In addition to best execution, all general PM instructions and considerations based on the nature of the order apply to trades in listed futures and options.
Orders for listed instruments with forward benchmarks are typically executed in the closing auction for markets where such a mechanism exists. If there is insufficient liquidity in the auction, then trading might also take place earlier or later to mitigate market impact.
For orders with a best-efforts benchmark, BlackRock typically chooses an execution method most suitable for balancing price and likelihood of execution.
Where the size of an order is significant relative to available liquidity in the secondary market, traders may prioritize execution channels which provide supplemental or surrogate sources of liquidity, such as broker capital markets.
For liquid options within a reasonable range of tradeable market sizes, traders will prioritize trading platforms that facilitate price discovery through requests for quotes from multiple market participants.
Debt Instruments
While some debt instruments are listed, they are commonly traded in a decentralized OTC manner.
All general PM instructions and considerations based on the nature of the order apply to trades in debt instruments.
Orders for debt instruments with forward benchmarks are typically executed around the point in time specified by the PM, since there is not official closing auction in these markets. If sufficient liquidity is not available at that time, then trading might also take place earlier or later to mitigate market impact.
For orders with a best-efforts benchmark, BlackRock applies a variety of execution methods most suitable for balancing price and the impact of order size on transaction costs.
Money Market Instruments
The execution factors and criteria that BlackRock considers for money market instruments reflect the nature of these orders. Similar to the general considerations, the orders are primarily characterized by the PM investment rationale.
For overnight funding transactions, such as time deposits, completion of the order is of highest importance. As such, likelihood of execution is prioritized, with consideration given to the number of available counterparties and capacity.
For orders where completion is at the trader’s discretion, price is considered. (See Best Efforts Benchmarks)
OTC Derivatives
While most derivative instruments are primarily traded in a decentralized OTC manner, some products may be to traded on a centralised trading venue.
In addition to best execution, all general PM instructions and considerations based on the nature of the order apply to trades in OTC derivative instruments.
Orders for OTC derivative instruments with forward benchmarks are typically executed at a point in time specified by the PM, because there is no official closing mechanism in these markets. If sufficient liquidity is not available, then trading might also take place earlier or later to mitigate market impact.
For orders with a best-efforts benchmark, BlackRock applies a variety of execution methods suitable for balancing price and the impact of order size on transaction costs. Further, due to the OTC nature of these instruments, there is a varying degree of price transparency, so traders also need to reduce information leakage, signalling and market impact.
Different regulations could mandate that some of these instruments are required to be executed on a centralised trading venue. Instruments that have a mandatory clearing mandate are centrally cleared with a central counterparty.
Other Structured Financial Instruments
From time to time, BlackRock may decide to enter into bespoke structured transactions. When it does so, it seeks to gather structuring proposals and pricing from one or more brokers, depending on their expertise and subject to BlackRock’s requirement to diversify its counterparty exposure. Typically, such transactions comprise different components and, to satisfy itself on the fairness of the price proposed by the counterparty, BlackRock may request more than one counterparty to provide a quote for entering into the transaction or, alternatively, may break the transactions down into their individual components and analyse the implied pricing of each component based on historical data.
Securities Finance Transactions
For securities finance transactions including securities lending, repurchase agreements and physical/synthetic financing, the execution factors and criteria that BlackRock considers include the supply and demand characteristics for the securities in question and additional considerations such as:
After prioritizing the execution factors based on the characteristics of the order and the financial instruments, BlackRock still has a choice of a number of brokers or Execution Venues that could equally fulfil a given order, the individual broker or Execution Venue will be selected by considering further qualitative and quantitative factors. These further factors are often specific to individual financial instruments or classes of financial instruments as the applicable market structure determines the instrument’s liquidity. These additional factors include, but are not limited to:
Listed Instruments
Listed financial instruments that trade on an exchange may also be traded electronically. Specific factors for consideration of Execution Venue selection may include:
OTC Instruments
Venue consideration for OTC instruments varies depending upon overall liquidity and the manner in which they trade:
Securities Finance Transactions
Money Market Instruments
Specific factors for consideration of venue selection may include:
Availability of venues which may be limited by the issuer in certain instances, such as asset backed commercial paper. Where certain financial instruments are only available directly from the issuer or a small group of brokers, this informs the selection of the Execution Venue.
BlackRock employees are prohibited from considering the following factors when selecting a broker or Execution Venue:
BlackRock from time to time may receive the following services and/or benefits from brokers and Execution Venues:
In instances where a client has provided a specific order instruction, BlackRock will be deemed to have complied with its best execution obligations for the specific part of the trade to which the instruction relates. However, BlackRock will continue to apply this Policy to those aspects of the order not covered by the specific instruction.
From time to time, a client may instruct BlackRock to execute its trades with a particular counterparty or venue or otherwise place limitations on BlackRock’s discretion to determine the counterparty, venue or commission. Directed brokerage arrangements are typically documented in a client’s Investment Management Agreement with BlackRock, or via a side letter. Subject to applicable regional regulations, such arrangements may involve the receipt of brokerage commissions from the client transactions in exchange for the provision of services directly to the client or the payment of certain expenses on behalf of the client. The execution timing, levels and/or trading costs may be compromised when entering directed brokerage arrangements.
Alternatively, a client may direct BlackRock to execute a certain proportion of their overall trading to a broker that meets specific criteria set by the client (e.g., an emerging broker). BlackRock traders use their judgement to decide which trades to execute with such directed brokers and balance a client’s directed brokerage requirements with trying to obtain the best overall result for the client.
Implications on Commission Rates
In directed brokerage arrangements, BlackRock may not be able to freely negotiate commission rates or spreads, obtain volume discounts on aggregated orders or select counterparties on the basis of best price and execution. As a result, directed brokerage transactions may result in higher commissions, greater spreads, or less favourable execution, on same transaction than would be the case if BlackRock were able to choose the broker.
In certain instances where BlackRock is instructed by a client to execute transactions with a specific broker or dealer, BlackRock may “step out” part of an aggregated order in order to have the directed broker or dealer clear and settle that portion of the trade.
BlackRock performs multiple types of monitoring to help ensure its order execution arrangements remain suitable for the purpose of seeking to deliver the best client outcomes. Some aspects of monitoring include transaction cost analysis (TCA), senior management oversight in governance committees (Trading Oversight Committees) and compliance and risk monitoring activities. The specific scope and content of monitoring may vary depending on the data that is available, for the relevant asset class, in the market. As new data sources and pricing models become available, they are assessed for potential inclusion in our monitoring.
Transaction Cost Analytics ("TCA")
BlackRock utilizes in-house TCA systems, to assess whether trading costs are in line with BlackRock’s expectations.
BlackRock’s TCA platform quantifies the full cost of trading, which includes cost contributions from commissions, spreads, market impact, and the opportunity costs that arise from not executing a trade. The total impact from order handling and routing decisions is captured by these measures. Transactions are evaluated against a range of pre-trade, intra-day, and post-trade benchmarks to holistically assess trading performance against the market context. Trading results can be examined in a TCA tool taking into account a broad array of attributes, such as by counterparty, trader, benchmark, or market, allowing for a focused evaluation of each category.
Governance
BlackRock performs reviews of its trading activity in regular Trading Oversight Committees, which review execution quality, the effectiveness of execution arrangements and the effectiveness of this Policy. The Trading Oversight committees are also charged with making enhancements to BlackRock’s execution arrangements and this Policy, where deemed appropriate. The oversight committees are global in nature and cover all asset classes. Trading, Investments, Risk, and Legal & Compliance are represented on each Committee.
Compliance Monitoring
The Global Trade Surveillance and Forensic Testing team, within Legal & Compliance, is responsible for post trade, second line monitoring. The team conducts ongoing, routine, sample based and risk-based tests for adherence to this Policy, currently with a focus on pricing, timeliness of execution and broker selection criteria. Any deficiencies identified are escalated to the relevant Trading Oversight Committee.
RQA Oversight
Where applicable, RQA meets regularly with the relevant business to review and examine execution outlier patterns. The key objectives are to evaluate that execution decisions made by the business over time appear consistent with policy requirements, and ensuring adequate records are kept when point-in-time analysis is undertaken on outlier trades.
BlackRock is required, under applicable regulations, to review this Policy and its order execution arrangements at least annually for adequacy and the effectiveness of implementation. It is also required to review this Policy whenever a material change occurs that affects BlackRock’s ability to continue to obtain the best possible result for its clients.
A material change means a significant event of an internal or external nature, that could materially impact the relevant best execution factors listed in this Policy or the execution venues or entities to which BlackRock transmits client orders for execution, on which BlackRock places significant reliance in meeting its overarching best execution requirement. The following events may, but will not necessarily in all circumstances, amount to such a material change:
As part of Trading and RQA’s continuous framework for evaluating execution quality and governance, along with oversight processes related to monitoring best execution, on an ongoing basis, BlackRock will consider whether it can obtain better execution results if it were to:
The effectiveness of BlackRock’s order execution arrangements is tested and monitored by Trading business and any identified deficiencies are escalated to the relevant Oversight Committees. As new data sources and pricing models become available, they are assessed for potential inclusion in our monitoring. BlackRock tests both the effectiveness of the execution venues that it selects when executing client orders and the execution quality of the entities where it places orders for clients.
BlackRock’s Global Conflicts of Interest Policy (the “Conflicts Policy”) governs BlackRock’s responsibility to place its clients’ interests first and to identify and manage any conflicts of interest inherent to BlackRock’s business. The Conflicts Policy requires that BlackRock employees report any actual, potential, or perceived conflicts of interest to their supervisor or appropriate senior business personnel and to Legal & Compliance.
Among other things, the Conflicts Policy requires employees to act solely in the best interests of clients and avoid or otherwise mitigate conflicts of interest, which may involve curtailing or terminating an activity or seeking client consent.
In accordance with relevant regulatory requirements, BlackRock is required to disclose certain information to clients regarding this Policy, including appropriate information about BlackRock and its services, and in some jurisdictions, additional information about the consequences of executing outside a trading venue and the entities chosen for execution.
This list is subject to change and may vary from time to time. Arrangements may vary depending on contractual arrangements with clients.
EQUITIES - Shares & Depositary Receipts
ABG SUNDAL COLLIER ASA
ABSA BANK LTD
ACADEMY SECURITIES INC
AXIS BANK LTD
BANCROFT CAPITAL LLC
BANK OF AMERICA CORP
BANK OF MONTREAL
BARCLAYS CAPITAL INC.
BARCLAYS CAPITAL SECURITIES LTD
BARCLAYS PLC
BARRENJOEY MARKETS PTY LIMITED
BERNSTEIN AUTONOMOUS LLP
BLOOMBERG TRADEBOOK LLC
BMO CAPITAL MARKETS CORP.
BNP PARIBAS
BNP PARIBAS SECURITIES CORPORATION
BOFA SECURITIES INC.
BRADESCO SECURITIES INC
BTG PACTUAL US CAPITAL, LLC
BTIG LIMITED
BTIG SINGAPORE PTE LTD
BTIG, LLC
CABRERA CAPITAL MARKETS LLC
CANACCORD GENUITY (AUSTRALIA) LTD
CANACCORD GENUITY CORP.
CANACCORD GENUITY GROUP INC
CANACCORD GENUITY LIMITED
CANTOR FITZGERALD EUROPE
CANTOR FITZGERALD L.P.
CAPITAL SECURITIES CORPORATION
CARNEGIE INVESTMENT BANK AB
CASA DE BOLSA FINAMEX SAB DE CV
CASA DE BOLSA SANTANDER SA
CASTLEOAK SECURITIES, L.P.
CAVENDISH SECURITIES PLC
CGS INTL SECS SINGAPORE PTE. LTD
CHINA INTERNATIONAL CAPITAL CORP
CHINA INTL CAPITAL CORPORATION
CIBC WORLD MARKETS CORP.
CITADEL SECURITIES LLC
CITIBANAMEX CASA DE BOLSA SA DE CV CASA DE BOLSA INTEGRANTE DEL GRUPO FINANCIERO
CITIC SECURITIES
CITIC SECURITIES COMPANY LIMITED
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS LIMITED
CITIGROUP GLOBAL MARKETS TAIWAN SECURITIES CO LTD
CITIGROUP INC
CLSA LIMITED
CRAIGS INVESTMENT PARTNERS LTD
DAIWA CAPITAL MARKETS EUROPE LTD
DAIWA SECURITIES GROUP INC
DANSKE BANK A/S
DEUTSCHE BANK AG
EUROZ HARTLEYS GROUP LTD
EUROZ HARTLEYS LTD
EVANS AND PARTNERS PTY LTD
FINANCIAL BROKERAGE GROUP S.A.E.
FINANCIERE IDAT SASU
FLEXTRADER
FORSYTH BARR LTD
FUBON SECURITIES CO., LTD
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS (ASIA) L.L.C.TAIPEI BRANCH
GOLDMAN SACHS GROUP INC/THE
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS MEXICO CASA DE BOLSA SA DE CV
GOODBODY STOCKBROKERS
GREAT PACIFIC SECURITIES
GUZMAN & COMPANY
HAITONG INTERNATIONAL SECURITIES CO LTD
HAITONG SECURITIES CO LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC HOLDINGS PLC
HSBC SECURITIES (TAIWAN) CO., LTD.
HSBC SECURITIES (USA) INC
ICAP SECURITIES LIMITED
ICICI BANK LIMITED
ICICI SECURITIES LIMITED
IIFL CAPITAL SERVICES LIMITED
INSTINET EUROPE LIMITED
INSTINET LLC
INVESTEC BANK PLC
INVESTEC PLC
ITAU BBA USA SECURITIES, INC.
J & E DAVY
J.P. MORGAN CASA DE BOLSA, S.A. DE
J.P. MORGAN SECURITIES LLC
J.P.MORGAN SECURITIES (TAIWAN) LTD.
JANE STREET CAPITAL, LLC
JANE STREET EXECUTION SERVICES, LLC
JARDEN SECURITIES LTD
JEFFERIES FINANCIAL GROUP INC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JM FINANCIAL INSTITUTIONAL SECURITIES LTD
JOH. BERENBERG, GOSSLER & CO. KG
JONESTRADING INSTITUTIONAL SERVICES
JP MORGAN SAUDI ARABIA COMPANY
JP MORGAN SECURITIES PLC
JPMORGAN CHASE & CO
KEEFE BRUYETTE AND WOODS INC
KEPLER CHEUVREUX S.A.
KEYBANC CAPITAL MARKETS INC.
KGI SECURITIES CO., LTD
KOREA INVESTMENT & SECURITIES CO LTD
KOTAK MAH BK
KOTAK SECURITIES LIMITED
LEERINK PARTNERS LLC
LEVEL MARKETS LLC
LIQUIDNET ASIA LTD
LIQUIDNET EUROPE LIMITED
LIQUIDNET INC
LOOP CAPITAL MARKETS, LLC
MACQUARIE CAPITAL (EUROPE) LIMITED
MACQUARIE CAPITAL (USA) INC.
MACQUARIE GROUP LTD
MALAYAN BANKING BHD
MAREX FINANCIAL LIMITED
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH MEXICO SA DE CV CASA DE BOLSA
MERRILL LYNCH SECURITIES (TAIWAN) LTD
MIB SECURITIES (HONG KONG) LIMITED
MIRAE ASSET SECURITIES CO LTD.
MISCHLER FINANCIAL GROUP, INC.
MIZUHO FINANCIAL GROUP INC
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES USA LLC
MORGAN STANLEY
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
MORGAN STANLEY MEXICO CASA DE BOLSA
MORGAN STANLEY SAUDI ARABIA
MORGAN STANLEY TAIWAN LIMITED
MOTILAL OSWAL FINANCIAL SERVICES LI
NATIONAL BANK FINANCIAL INC.
NOMURA HOLDINGS INC
NATIONAL BANK OF CANADA
NOMURA INT HK LTD (TAIPEI BRANCH)
NOMURA SECURITIES INTERNATIONAL INC
NORDEA BANK ABP
NORTHERN TRUST SECURITIES LLP
NUVAMA WEALTH MANAGEMENT LIMITED
ODDO BHF SCA
OPPENHEIMER & CO. INC.
OPTIVER V.O.F.
PANMURE LIBERUM LIMITED
PEEL HUNT LLP
PEEL HUNT LTD
PENSERRA SECURITIES LLC
PIPER SANDLER & CO.
PIPER SANDLER COMPANIES
RAYMOND JAMES & ASSOCIATES INC
RAYMOND JAMES FINANCIAL INC.
RAYMOND JAMES LTD.
RBC CAPITAL MARKETS, LLC.
RBC EUROPE LTD
REDBURN (EUROPE) LIMITED
ROBERT W BAIRD & CO INC
ROTH CAPITAL PARTNERS, LLC
ROYAL BANK OF CANADA
SAMSUNG SECURITIES CO., LTD
SAMUEL A. RAMIREZ & CO., INC
SANTANDER US CAPITAL MARKETS LLC
SBI SECURITIES HONG KONG LTD
SCOTIA CAPITAL (USA), INC
SHORE CAPITAL STOCKBROKERS LIMITED
SIEBERT WILLIAMS SHANK & CO. LLC
SINGER CAPITAL MARKETS SEC LTD
SINOPAC SECS CORP (CLST BRANCH)
SKANDINAVISKA ENSKILDA BANKEN AB
SMBC NIKKO SECURITIES INC.
SNB CAPITAL COMPANY SJSC
SOCIETE GENERALE
STANDARD BANK OF SOUTH AFRICA LTD
STERN BROTHERS & CO.
STIFEL FINL CORP
STIFEL NICOLAUS EUROPE LIMITED
STONEX FINANCIAL INC
STUART FRANKEL & CO. INC.
SUMITOMO MITSUI FIN GRP INC
SUSQUEHANNA FINANCIAL GROUP LLLP
SVENSKA HANDELSBANKEN AB
TD EXECUTION SERVICES LIMITED
TD SECURITIES (USA) LLC
TD SECURITIES INC
TOURMALINE PARTNERS, LLC
TRADEWEB MARKETS LLC
UBS AG
UBS GROUP AG
UBS SECURITIES LLC
UBS SECURITIES PTE LTD, TAIPEI BRANCH
VAN LANSCHOT KEMPEN N.V.
VIRTU AMERICAS LLC
VIRTU EUROPE TRADING LIMITED
VIRTU ITG HONG KONG LIMITED
WELLS FARGO & COMPANY
WELLS FARGO SECURITIES LLC
WINTERFLOOD SECURITIES LIMITED
XP INVESTMENTS US, LLC
YUANTA SECURITIES CO., LTD.
ZKB SECURITIES UK LTD
DEBT INSTRUMENTS – Bonds
ABN AMRO BANK NV
ABSA BANK LTD
ACADEMY SECURITIES INC
ADVISORS ASSET MANAGEMENT, INC.
AGRICULTURAL BANK OF CHINA LIMITED
AMERICAN VETERANS GROUP PBC
ANZ GROUP HOLDINGS LTD
ANZ SECURITIES INC.
ASL CAPITAL MARKETS INC
AUREL BGC
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
BAIRD FINANCIAL GROUP INC
BANCO BILBAO VIZCAYA ARGENTARIA S.A
BANCO BRADESCO S.A.
BANCO CITI MEXICO, S.A.
BANCO HSBC S.A.
BANCO J.P. MORGAN COLOMBIA S.A.
BANCO J.P. MORGAN S.A. (BRAZIL)
BANCO JP MORGAN SA INSTITUCION DE BANCA MULTIPLE JP MORGAN GRUPO FINANCIERO
BANCO NACIONAL DE MEXICO SA
BANCO SANTANDER MEXICO SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO SANTANDER MEXICO
BANCO SANTANDER SA
BANK OF AMERICA CORP
BANK OF AMERICA MEXICO SA INSTITUCION DE BANCA MULTIPLE
BANK OF AMERICA NA
BANK OF CHINA (HONG KONG) LIMITED
BANK OF COMMUNICATIONS CO., LTD
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC.
BARCLAYS CAPITAL SECURITIES LTD
BARCLAYS PLC
BARCLAYS SECURITIES JAPAN LIMITED
BARRENJOEY MARKETS PTY LIMITED
BAY CREST PARTNERS, LLC
BAYERISCHE LANDESBANKEN
BBVA MEXICO, S.A.
BBVA SECURITIES INC.
BC ZIEGLER & CO.
BCP SECURITIES, INC
BENCHMARK SECURITIES LLC
BLAYLOCK VAN, LLC
BLOOMBERG TRADEBOOK LLC
BMO CAPITAL MARKETS CORP.
BMO NESBITT BURNS INC
BNP PARIBAS
BNP PARIBAS (CHINA) LIMITED
BNP PARIBAS ARBITRAGE
BNP PARIBAS SECURITIES CORPORATION
BNP PARIBAS SECURITIES JAPAN LTD
BNY MELLON CAPITAL MARKETS LLC
BOFA SECURITIES INC.
BOFA SECURITIES JAPAN CO., LTD
BOK FINANCIAL CORPORATION
BOKF, NA
BPCE SA
BRADESCO SECURITIES INC
BREAN CAPITAL, LLC
BROWNSTONE INVESTMENT GROUP, LLC
BTG PACTUAL US CAPITAL, LLC
BTIG LIMITED
BTIG, LLC
C.L. KING & ASSOCIATES, INC
CABRERA CAPITAL MARKETS LLC
CAIXABANK, SA
CANADIAN IMPERIAL BANK OF COMMERCE
CANTOR FITZGERALD EUROPE
CANTOR FITZGERALD L.P.
CASA DE BOLSA FINAMEX SAB DE CV
CASGRAIN & COMPANY (USA) LIMITED
CASTLEOAK SECURITIES, L.P.
CHINA CITIC BANK INTERNATIONAL LTD
CHINA INTERNATIONAL CAPITAL CO. HK
CHINA INTL CAPITAL CORPORATION
CIBC WORLD MARKETS CORP.
CIMB BANK BERHAD
CITADEL SECURITIES (EUROPE) LIMITED
CITADEL SECURITIES INSTITUTIONAL LLC
CITIBANAMEX CASA DE BOLSA SA DE CV CASA DE BOLSA INTEGRANTE DEL GRUPO FINANCIERO
CITIBANK (CHINA) COMPANY LIMITED
CITIBANK KOREA INC
CITIBANK NA
CITIC SEC INTL GLOBAL MARKETS LTD
CITIC SECURITIES COMPANY LIMITED
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS JAPAN INC
CITIGROUP GLOBAL MARKETS LIMITED
CITIGROUP INC
CITIZENS JMP SECURITIES LLC
CLSA AMERICAS, LLC
CMB INTERNATIONAL GLOBAL MARKETS LTD
COMMERZ MARKETS LLC
COMMERZBANK AG
COMMONWEALTH BANK OF AUSTRALIA
COOPERATIEVE RABOBANK U.A.
CREDICORP CAPITAL, LLC
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT AGRICOLE SECURITIES (USA) INC
CREDIT INDUSTRIEL ET COMMERCIAL
DA DAVIDSON & COMPANY
DAIWA CAPITAL MARKETS AMERICA INC.
DAIWA CAPITAL MARKETS EUROPE LTD
DAIWA SECURITIES CO LTD
DAIWA SECURITIES GROUP INC
DANSKE BANK A/S
DAVENPORT & COMPANY LLC
DBS BANK LTD (SINGAPORE BRANCH)
DESJARDINS SECURITIES INC
DEUTSCHE BANK (CHINA) CO., LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC.
DEUTSCHE SECURITIES INC.
DNB BANK ASA
DZ BANK AG DEUTSCHE ZENTRAL GENOSSENSCHAFTSBANK FRANKFURT AM MAIN
ERSTE GROUP BANK AG
FHN FINANCIAL SECURITIES CORP.
FIDELITY CAPITAL MARKETS, DIV. OF NATIONAL FINANCIAL SERVICES LLC
FIRST ABU DHABI BANK PJSC
FIRST HORIZON BANK, N.A.
FIRST HORIZON CORP
FIRST TRYON SECURITIES, LLC
FIRSTRAND BANK LIMITED
FLEXTRADER
FLOW TRADERS B.V.
FLOW TRADERS U.S. INSTITUTIONAL TRADING LLC
FMSBONDS, INC.
Fifth Third Securities, Inc.
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS GROUP INC/THE
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO. LTD.
GOLDMAN SACHS MEXICO CASA DE BOLSA SA DE CV
GOODBODY STOCKBROKERS
GREAT PACIFIC SECURITIES
GUGGENHEIM CAPITAL LLC
GUOTAI JUNAN SECURITIES (HONG KONG)
GUOTAI JUNAN SECURITIES CO., LTD
HAITONG INTERNATIONAL SECURITIES CO LTD
HERBERT J SIMS & CO., INC
HILLTOP HOLDINGS INC
HILLTOP SECURITIES INC.
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK (CHINA) COMPANY LIMITED
HSBC BANK PLC
HSBC HOLDINGS PLC
HSBC MEXICO SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO HSBC
HSBC SECURITIES (USA) INC
HUATAI FINANCIAL HOLDINGS (HONG KONG) LTD
HUATAI SECURITIES CO LTD
HUNTINGTON BANCSHARES INC
HUNTINGTON SECURITIES, INC.
ICBC STANDARD BANK PLC.
ICE BONDS SECURITIES CORPORATION
ICICI BANK LIMITED
ICICI SEC PRIMARY DEAL LTD
IMPERIAL CAPITAL (INTERNATIONAL) LLP
IMPERIAL CAPITAL LLC
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD
ING BANK NV
ING FINANCIAL MARKETS LLC
ING GROEP NV
INSPEREX LLC
INTESA SANPAOLO IMI SECURITIES CORP
INTESA SANPAOLO SPA
ITAU BBA USA SECURITIES, INC.
J & E DAVY
J.P. MORGAN SECURITIES LLC
JANE STREET EXECUTION SERVICES, LLC
JANE STREET FINANCIAL LIMITED
JANNEY MONTGOMERY SCOTT LLC
JEFFERIES FINANCIAL GROUP INC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN CHASE BANK N.A.
JP MORGAN SECURITIES PLC
JPMORGAN CHASE & CO
JPMORGAN CHASE BANK (CHINA) COMPANY
JPMORGAN SECURITIES JAPAN CO LTD
KBC BANK N.V.
KEPLER CHEUVREUX S.A.
KEYBANC CAPITAL MARKETS INC.
KEYCORP
LANDESBANK BADEN WUERTTENBERG
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LARRAIN VIAL SA CORREDORA DE BOLSA
LAURENTIAN BANK SECURITIES INC.
LIQUIDNET EUROPE LIMITED
LIQUIDNET INC
LIQUIDNET INC
LLOYDS BANK CORPORATE MARKETS PLC
LLOYDS SECURITIES INC
LONDON STOCK EXCHANGE GROUP PLC
LOOP CAPITAL MARKETS LLC
MADIR
MALAYAN BANKING BERHAD
MARKETAXESS CAPITAL LIMITED
MARKETAXESS CORPORATION
MARKETAXESS EUROPE LTD
MEDIOBANCA
MERRILL LYNCH INTERNATIONAL
MESIROW FINANCIAL HOLDINGS INC
MESIROW FINANCIAL INC
MIDDLEGATE SECURITIES LTD.
MILLENNIUM ADVISORS, LLC
MILLENNIUM EUROPE LIMITED
MIRAE ASSET SECURITIES CO LTD.
MISCHLER FINANCIAL GROUP, INC.
MITSUBISHI UFJ FINANCIAL GROUP
MITSUBISHI UFJ MORGAN STANLEY SECURITIES CO LTD
MIZUHO FINANCIAL GROUP INC
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES ASIA LIMITED
MIZUHO SECURITIES CO.,LTD
MIZUHO SECURITIES USA LLC
MORGAN STANLEY
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
MORGAN STANLEY MEXICO CASA DE BOLSA
MORGAN STANLEY MUFG SECURITIES CO LTD
MS INDIA PRIMARY DEALER PVT LTD
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
MULTI-BANK SECURITIES, INC
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL BANK FINANCIAL INC.
NATIONAL BANK OF CANADA
NATIXIS S.A.
NATIXIS SECURITIES AMERICAS LLC
NATWEST MARKETS PLC
NATWEST MARKETS SECURITIES INC
NEDBANK LIMITED
NH INVESTMENT & SECURITIES CO., LTD
NOMURA FIXED INCOME SECURITIES LTD
NOMURA HOLDINGS INC
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES COMPANY LIMITED
NOMURA SECURITIES INTERNATIONAL INC
NORDDEUTSCHE LANDESBANK
NORDEA BANK ABP
NYKREDIT BANK A/S
ODDO BHF SCA
OKASAN SECURITIES CO LTD
OLD MISSION MARKETS LLC
OP CORPORATE BANK PLC
OPPENHEIMER & CO. INC.
ORIENT SECURITIES COMPANY LIMITED
OVERSEA-CHINESE BANKING CORPORATION
PENSERRA SECURITIES LLC
PERFORMANCE TRUST CAPITAL PARTNERS LLC
PING AN BANK CO LTD
PING AN SECURITIES COMPANY LTD
PIPER SANDLER & CO.
PIPER SANDLER COMPANIES
PNC CAPITAL MARKETS LLC
R. SEELAUS & CO., LLC.
RAYMOND JAMES & ASSOCIATES INC
RAYMOND JAMES FINANCIAL INC.
RAYMOND JAMES LTD.
RBC CAPITAL MARKETS, LLC.
RBC DOMINION SECURITIES INC.
RBC EUROPE LTD
ROBERT W BAIRD & CO INC
ROOSEVELT & CROSS, INC
ROYAL BANK OF CANADA
RUE LA BOETIE SAS
SAMUEL A. RAMIREZ & CO., INC
SANTANDER US CAPITAL MARKETS LLC
SCOTIA CAPITAL (USA), INC
SCOTIA CAPITAL INC
SCOTIABANK CHILE
SCOTIABANK INVERLAT SA
SEAPORT GLOBAL SECURITIES LLC
SG AMERICAS SECURITIES LLC
SHINKIN SECURITIES CO., LTD
SIEBERT WILLIAMS SHANK & CO. LLC
SKANDINAVISKA ENSKILDA BANKEN AB
SMBC BANK INTERNATIONAL PLC
SMBC NIKKO SECURITIES AMERICA, INC.
SMBC NIKKO SECURITIES INC.
SOCIETE GENERALE
STANDARD CHARTERED BANK
STANDARD CHARTERED BANK (CHINA) LTD
STATE STREET GLOBAL MARKETS, LLC
STEPHENS INC
STERN BROTHERS & CO.
STIFEL FINL CORP
STIFEL NICOLAUS AND CO INC
STIFEL NICOLAUS EUROPE LIMITED
STONEX FINANCIAL INC
STONEX FINANCIAL LTD
SUMITOMO MITSUI FIN GRP INC
SUMRIDGE PARTNERS, LLC
SUSQUEHANNA FINANCIAL GROUP LLLP
SUSQUEHANNA INTERNATIONAL SECURITIES LIMITED
SVENSKA HANDELSBANKEN AB
SWBC INVESTMENT SERVICES, LLC
SWEDBANK
TD FINANCIAL PRODUCTS LLC
TD SECURITIES (USA) LLC
TD SECURITIES INC
TDCOWEN
THE SEAPORT GROUP EUROPE LLP
THE TORONTO DOMINION BANK
TMC BONDS L.L.C.
TOKAI TOKYO SECURITIES CO LTD
TRADEWEB DIRECT LLC
TRADEWEB EUROPE LIMITED
TRADEWEB EXECUTION SERVICES LTD
TRADEWEB MARKETS LLC
TRB CAPITAL MARKETS LLC
TRUIST FINANCIAL CORP
TRUIST SECURITIES, INC.
U.S. BANCORP INVESTMENTS, INC.
UBS AG
UBS EUROPE SE
UBS FINANCIAL SERVICES INC
UBS GROUP AG
UBS SECURITIES LLC
UMB BANK, N.A.
UNICREDIT BANK AG
UNICREDIT SPA
UNITED OVERSEAS BANK LIMITED
VIRTU AMERICAS LLC
WALL STREET ACCESS CORP
WELLS FARGO & COMPANY
WELLS FARGO BANK NA
WELLS FARGO SECURITIES INTERNATIONAL LTD
WELLS FARGO SECURITIES LLC
WESTPAC BANKING CORP ABN
XP INVESTMENTS US, LLC
ZIONS BANCORPORATION NATIONAL ASSOCIATION
ZUERCHER KANTONALBANK
DEBT INSTRUMENTS – Money Market Instruments
ABN AMRO BANK NV
ACADEMY SECURITIES INC
AGRICULTURAL BANK OF CHINA LIMITED
ASL CAPITAL MARKETS INC
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
BANCO BILBAO VIZCAYA ARGENTARIA S.A
BANCO CITI MEXICO, S.A.
BANCO JP MORGAN SA INSTITUCION DE BANCA MULTIPLE JP MORGAN GRUPO FINANCIERO
BANCO NACIONAL DE MEXICO SA
BANCO SANTANDER MEXICO SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO SANTANDER MEXICO
BANCO SANTANDER SA
BANK OF AMERICA CORP
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC.
BBVA MEXICO, S.A.
BBVA SECURITIES INC.
BLOOMBERG TRADEBOOK LLC
BMO CAPITAL MARKETS CORP.
BMO NESBITT BURNS INC
BNP PARIBAS
BNP PARIBAS SECURITIES CORPORATION
BNP PARIBAS SECURITIES JAPAN LTD
BNY MELLON CAPITAL MARKETS LLC
BOFA SECURITIES INC.
BOFA SECURITIES JAPAN CO., LTD
CABRERA CAPITAL MARKETS LLC
CASA DE BOLSA FINAMEX SAB DE CV
CHINA CONSTRUCTION BANK CORPORATION
CHINA INTL CAPITAL CORPORATION
CIBC WORLD MARKETS CORP.
CIBC WORLD MARKETS INC
CIMB BANK BERHAD
CITADEL SECURITIES INSTITUTIONAL LLC
CITIBANAMEX CASA DE BOLSA SA DE CV CASA DE BOLSA INTEGRANTE DEL GRUPO FINANCIERO
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS JAPAN INC
CITIGROUP GLOBAL MARKETS LIMITED
COMMERZBANK AG
COOPERATIEVE RABOBANK U.A.
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT AGRICOLE SECURITIES (USA) INC
DAIWA CAPITAL MARKETS AMERICA INC.
DAIWA CAPITAL MARKETS EUROPE LTD
DAIWA SECURITIES CO LTD
DANSKE BANK A/S
DESJARDINS SECURITIES INC
DEUTSCHE BANK (CHINA) CO., LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC.
DZ BANK AG DEUTSCHE ZENTRAL GENOSSENSCHAFTSBANK FRANKFURT AM MAIN
ERSTE GROUP BANK AG
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO. LTD.
GOLDMAN SACHS MEXICO CASA DE BOLSA SA DE CV
HSBC BANK (CHINA) COMPANY LIMITED
HSBC BANK PLC
HSBC MEXICO SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO HSBC
HSBC SECURITIES (USA) INC
INTESA SANPAOLO SPA
J.P. MORGAN SECURITIES LLC
JEFFERIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN SECURITIES JAPAN CO LTD
KBC BANK N.V.
LANDESBANK BADEN WUERTTENBERG
LAURENTIAN BANK SECURITIES INC.
LOOP CAPITAL MARKETS, LLC
MALAYAN BANKING BERHAD
MARKETAXESS CORPORATION
MARKETAXESS EUROPE LTD
MERRILL LYNCH INTERNATIONAL
MITSUBISHI UFJ MORGAN STANLEY SECURITIES CO LTD
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES CO.,LTD
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
MORGAN STANLEY MUFG SECURITIES CO LTD
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
NATIONAL BANK FINANCIAL INC.
NATIXIS S.A.
NATWEST MARKETS PLC
NATWEST MARKETS SECURITIES INC
NH INVESTMENT & SECURITIES CO., LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES COMPANY LIMITED
NOMURA SECURITIES INTERNATIONAL INC
NORDEA BANK ABP
ORIENT SECURITIES COMPANY LIMITED
OVERSEA-CHINESE BANKING CORPORATION
RBC CAPITAL MARKETS, LLC.
RBC DOMINION SECURITIES INC.
RBC EUROPE LTD
SANTANDER US CAPITAL MARKETS LLC
SCOTIA CAPITAL (USA), INC
SCOTIA CAPITAL INC
SCOTIABANK INVERLAT SA
SMBC BANK INTERNATIONAL PLC
SMBC NIKKO SECURITIES AMERICA, INC.
SMBC NIKKO SECURITIES INC.
SOCIETE GENERALE (NY BRANCH)
STANDARD CHARTERED BANK
SUMITOMO MITSUI BANKING CORP (SYDNEY BRANCH)
TD FINANCIAL PRODUCTS LLC
TD SECURITIES INC
TDCOWEN
THE TORONTO DOMINION BANK
TRADEWEB EUROPE LIMITED
TRADEWEB MARKETS LLC
TRUIST SECURITIES, INC.
UBS AG
UBS SECURITIES LLC
UNICREDIT BANK AG
WELLS FARGO SECURITIES INTERNATIONAL LTD
WELLS FARGO SECURITIES LLC
WESTPAC BANKING CORP ABN
GOVERNMENT BOND DERIVATIVES - Futures & Options admitted to trading on a trading venue
HSBC BANK PLC
J.P. MORGAN SECURITIES PLC
MERRILL LYNCH INTERNATIONAL
INTEREST RATE DERIVATIVES – Futures & Options admitted to trading on a trading venue
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL,INVESTMENT BANKING
BNP PARIBAS
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES INC.
CACEIS BANK
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
DEUTSCHE BANK AG
DZ BANK AG DEUTSCHE ZENTRAL GENOSSENSCHAFTSBANK FRANKFURT AM MAIN
FLEXTRADER
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC CONTINENTAL EUROPE SA
HSBC SECURITIES (USA) INC
J.P. MORGAN SECURITIES LLC
J.P. MORGAN SECURITIES PLC
LANDESBANK BADEN WUERTTENBERG
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTL PLC
MORGAN STANLEY EUROPE SE
RBC CAPITAL MARKETS LLC
SG AMERICAS SECURITIES, LLC
UBS AG
UBS SECURITIES LLC
WELLS FARGO SECURITIES LLC
INTEREST RATE DERIVATIVES –Swaps, forwards & other interest rates derivatives
ANZ GROUP HOLDINGS LTD
BANCO BILBAO VIZCAYA ARGENTARIA SA
BANCO SANTANDER SA
BANK OF AMERICA CORP
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS PLC
BLOOMBERG TRADEBOOK LLC
BNP PARIBAS SA
BPCE SA
CANADIAN IMPERIAL BANK OF COMMER
CITADEL SECURITIES SWAP DEALER LLC
CITIGROUP GLOBAL MARKETS LIMITED
CITIGROUP INC
COMMONWEALTH BANK OF AUSTRALIA
CSHC EUROPE LLC
DANSKE BANK A/S
DEUTSCHE BANK AG
GOLDMAN SACHS GROUP INC/THE
GOLDMAN SACHS INTERNATIONAL
HSBC HOLDINGS PLC
ING GROEP NV
J.P. MORGAN SECURITIES PLC
JPMORGAN CHASE & CO
LLOYDS BANKING GROUP PLC
MERRILL LYNCH INTERNATIONAL
MIZUHO FINANCIAL GROUP INC
MORGAN STANLEY
MORGAN STANLEY & CO. INTERNATIONAL
NATWEST GROUP PLC
NOMURA HOLDINGS INC
NORDEA BANK ABP
ROYAL BANK OF CANADA
RUE LA BOETIE SAS
SKANDINAVISKA ENSKILDA BANKEN AB
SOCIETE GENERALE SA
STANDARD CHARTERED PLC
STICHTING ADMINISTRATIEKANTOOR CONTINUITEIT ABN AMRO BANK
TDCOWEN
TRADEWEB EUROPE LIMITED
TRADEWEB MARKETS LLC
UBS GROUP AG
UNICREDIT SPA
WELLS FARGO & COMPANY
WESTPAC BANKING CORP
COMMODITIES DERIVATIVES – Futures & Options admitted to trading on a trading venue
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL,INVESTMENT BANKING
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES INC.
CITIGROUP GLOBAL MARKETS INC
FLEXTRADER
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC SECURITIES (USA) INC
J.P. MORGAN SECURITIES LLC
J.P. MORGAN SECURITIES PLC
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTL PLC
RBC CAPITAL MARKETS LLC
SG AMERICAS SECURITIES, LLC
UBS SECURITIES LLC
CREDIT DERIVATIVES – other credit derivatives
BANK OF AMERICA CORP
BANK OF AMERICA NA
BARCLAYS BANK PLC
BARCLAYS PLC
BLOOMBERG TRADEBOOK LLC
BNP PARIBAS SA
CITIBANK NA
CITIGROUP GLOBAL MARKETS LIMITED
CITIGROUP INC
DEUTSCHE BANK AG
GOLDMAN SACHS GROUP INC/THE
GOLDMAN SACHS INTERNATIONAL
HSBC HOLDINGS PLC
ICE BONDS
J.P. MORGAN SECURITIES PLC
JP MORGAN CHASE BANK
JPMORGAN CHASE & CO
MERRILL LYNCH INTERNATIONAL
MIZUHO FINANCIAL GROUP INC
MORGAN STANLEY
MORGAN STANLEY
MORGAN STANLEY & CO. INTERNATIONAL
ROYAL BANK OF CANADA
TRADEWEB EUROPE LIMITED
TRADEWEB MARKETS LLC
UBS GROUP AG
WELLS FARGO & COMPANY
CURRENCY DERIVATIVES – Futures & Options admitted to trading on a trading venue
BARCLAYS CAPITAL INC
BNP PARIBAS FUTURES
FLEXTRADER
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
J.P. MORGAN SECURITIES LLC
JP MORGAN CHASE BANK
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO. INTL PLC
WELLS FARGO SECURITIES LLC
CURRENCY DERIVATIVES – Swaps, forwards & other currency derivatives
360T
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
BANCO SANTANDER SA
BANK OF AMERICA NA
BANK OF AMERICA SECURITIES EUROPE SA
BANK OF MONTREAL
BANK OF NEW YORK MELLON
BANQUE PICTET ET CIE SA
BARCLAYS BANK IRELAND PLC
BARCLAYS BANK PLC
BNP PARIBAS
BROWN BROTHERS HARRIMAN & CO
CANADIAN IMPERIAL BANK OF COMMERCE
CITIBANK EUROPE PLC
CITIBANK NA
CITIGROUP GLOBAL MARKETS LIMITED
COMMONWEALTH BANK OF AUSTRALIA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CUSTODY FX-JPM CHASE
DEUTSCHE BANK AG
DEUTSCHE SECURITIES INC.
FLEXTRADER
GOLDMAN SACHS BANK EUROPE, SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO. LTD.
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC BANK USA, NA
HSBC CONTINENTAL EUROPE SA
J.P. MORGAN SE
J.P. MORGAN SECURITIES PLC
LLOYDS BANK CORPORATE MARKETS PLC
MERRILL LYNCH INTERNATIONAL
MITSUBISHI UFJ TRUST AND BANKING CO
MORGAN STANLEY & CO. INTERNATIONAL
MORGAN STANLEY CAPITAL SERVICES LLC
MORGAN STANLEY EUROPE SE
MORGAN STANLEY MUFG SECURITIES CO LTD
MUFG BANK, LTD
NATIONAL AUSTRALIA BANK LIMITED
NATWEST MARKETS NV
NATWEST MARKETS PLC
NOMURA INTERNATIONAL PLC
ROYAL BANK OF CANADA
SKANDINAVISKA ENSKILDA BANKEN AB
SOCIETE GENERALE
STANDARD CHARTERED BANK
STATE STREET BANK AND TRUST COMPANY
THE NORTHERN TRUST COMPANY
THE TORONTO-DOMINION BANK
UBS AG
UBS EUROPE SE
WELLS FARGO BANK NA
WESTPAC BANKING CORP
STRUCTURED FINANCE INSTRUMENTS
ACADEMY SECURITIES INC
BANCO SANTANDER SA
BANK OF AMERICA CORP
BANK OF NOVA SCOTIA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC.
BAY CREST PARTNERS, LLC
BLOOMBERG TRADEBOOK LLC
BMO CAPITAL MARKETS CORP.
BMO NESBITT BURNS INC
BNP PARIBAS
BNP PARIBAS SECURITIES CORPORATION
BNY MELLON CAPITAL MARKETS LLC
BOFA SECURITIES INC.
BOKF, NA
BPCE SA
BREAN CAPITAL, LLC
BRED BANQUE POPULAIRE
BROWNSTONE INVESTMENT GROUP, LLC
BTIG, LLC
CANTOR FITZGERALD L.P.
CIBC WORLD MARKETS CORP.
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS LIMITED
CITIGROUP INC
COMMONWEALTH BANK OF AUSTRALIA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
DA DAVIDSON & COMPANY
DAIWA CAPITAL MARKETS AMERICA INC.
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC.
DZ BANK AG DEUTSCHE ZENTRAL GENOSSENSCHAFTSBANK FRANKFURT AM MAIN
FHN FINANCIAL SECURITIES CORP.
FIRST TRYON SECURITIES, LLC
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS GROUP INC/THE
GOLDMAN SACHS INTERNATIONAL
GREENSLEDGE CAPITAL MARKETS LLC
HSBC BANK PLC
HSBC SECURITIES (USA) INC
HUNTINGTON SECURITIES, INC.
ING FINANCIAL MARKETS LLC
INSPEREX LLC
INTESA SANPAOLO IMI SECURITIES CORP
INTESA SANPAOLO SPA
J.P. MORGAN SECURITIES LLC
JANE STREET EXECUTION SERVICES, LLC
JANE STREET FINANCIAL LIMITED
JANNEY MONTGOMERY SCOTT LLC
JEFFERIES FINANCIAL GROUP INC
JEFFERIES INTERNATIONAL LTD
JP MORGAN SECURITIES PLC
KEYBANC CAPITAL MARKETS INC.
LLOYDS BANK CORPORATE MARKETS PLC
LLOYDS SECURITIES INC
LOOP CAPITAL MARKETS, LLC
MARKETAXESS CORPORATION
MERRILL LYNCH INTERNATIONAL
MESIROW FINANCIAL INC
MISCHLER FINANCIAL GROUP, INC.
MITSUBISHI UFJ MORGAN STANLEY SECURITIES CO LTD
MIZUHO FINANCIAL GROUP INC
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL BANK FINANCIAL INC.
NATIXIS S.A.
NATIXIS SECURITIES AMERICAS LLC
NOMURA HOLDINGS INC
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES COMPANY LIMITED
NOMURA SECURITIES INTERNATIONAL INC
OPPENHEIMER & CO. INC.
PERFORMANCE TRUST CAPITAL PARTNERS LLC
PIPER SANDLER & CO.
PNC CAPITAL MARKETS LLC
RAYMOND JAMES & ASSOCIATES INC
RBC CAPITAL MARKETS, LLC.
RBC EUROPE LTD
ROBERT W BAIRD & CO INC
ROYAL BANK OF CANADA
SANTANDER US CAPITAL MARKETS LLC
SCOTIA CAPITAL (USA), INC
SCOTIA CAPITAL INC
SEAPORT GLOBAL SECURITIES LLC
SMBC BANK INTERNATIONAL PLC
SMBC NIKKO SECURITIES AMERICA, INC.
SMBC NIKKO SECURITIES INC.
SOCIETE GENERALE
STANDARD CHARTERED BANK
STEPHENS INC
STIFEL NICOLAUS AND CO INC
STIFEL NICOLAUS EUROPE LIMITED
STONEX FINANCIAL INC
TD SECURITIES (USA) LLC
TD SECURITIES INC
THE SEAPORT GROUP EUROPE LLP
TRADEWEB EUROPE LIMITED
TRADEWEB EXECUTION SERVICES LTD
TRADEWEB MARKETS LLC
TRUIST SECURITIES, INC.
U.S. BANCORP INVESTMENTS, INC.
UBS AG
UBS SECURITIES LLC
UMB BANK, N.A.
WELLS FARGO & COMPANY
WELLS FARGO SECURITIES INTERNATIONAL LTD
WELLS FARGO SECURITIES LLC
WESTPAC BANKING CORP ABN
NON-EQUITY INDEX DERIVATIVES – Futures & Options admitted to trading on a trading venue
BARCLAYS CAPITAL INC
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES INC.
CITIGROUP GLOBAL MARKETS INC
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC SECURITIES (USA) INC
J.P. MORGAN SECURITIES LLC
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO. INTL PLC
TRADEWEB MARKETS LLC
WELLS FARGO SECURITIES LLC
EQUITY DERIVATIVES – Futures & Options admitted to trading on a trading venue
BANK OF AMERICA NA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BLOOMBERG TRADEBOOK LLC
BNP PARIBAS
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES INC.
BOFA SECURITIES INDIA LIMITED
CITIBANK NA
CITIGROUP GLOBAL MARKETS LIMITED
FLEXTRADER
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC SECURITIES (USA) INC
J.P. MORGAN SECURITIES LLC
J.P. MORGAN SECURITIES PLC
JP MORGAN CHASE BANK
JPMORGAN INDIA PRIVATE LTD
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
RBC CAPITAL MARKETS LLC
ROYAL BANK OF CANADA
SG AMERICAS SECURITIES, LLC
TD SECURITIES (USA) LLC
TRADEWEB MARKETS LLC
UBS AG
UBS SECURITIES LLC
WELLS FARGO SECURITIES LLC
EQUITY DERIVATIVES – Swap & other equity derivatives
BANK OF AMERICA CORP
BANK OF AMERICA NA
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BERNSTEIN AUTONOMOUS LLP
BNP PARIBAS
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES INC.
BTIG LIMITED
CABRERA CAPITAL MARKETS LLC
CANACCORD GENUITY LIMITED
CANTOR FITZGERALD EUROPE
CARNEGIE INVESTMENT BANK AB
CAVENDISH SECURITIES PLC
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS LIMITED
CITIGROUP INC
CLSA LIMITED
China International Capital Corp
DAIWA CAPITAL MARKETS EUROPE LTD
DAIWA SECURITIES GROUP INC
DANSKE BANK A/S
DEUTSCHE BANK AG
DNB BANK ASA
FINANCIERE IDAT SASU
FLEXTRADER
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS GROUP INC/THE
GOLDMAN SACHS INTERNATIONAL
GOODBODY STOCKBROKERS
HAITONG INTERNATIONAL SECURITIES CO LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC HOLDINGS PLC
HSBC SECURITIES (USA) INC
ICAP SECURITIES LIMITED
INSTINET EUROPE LIMITED
INSTINET LLC
INVESTEC BANK PLC
J & E DAVY
J.P. MORGAN SECURITIES LLC
J.P. MORGAN SECURITIES PLC
JANE STREET FINANCIAL LIMITED
JEFFERIES FINANCIAL GROUP INC
JEFFERIES INTERNATIONAL LTD
JOH. BERENBERG, GOSSLER & CO. KG
JP MORGAN CHASE BANK
JPMORGAN CHASE & CO
KBC SECURITIES NV
KEPLER CHEUVREUX S.A.
LIQUIDNET EUROPE LIMITED
MACQUARIE BANK LIMITED
MACQUARIE CAPITAL (EUROPE) LIMITED
MACQUARIE CAPITAL (USA) INC.
MACQUARIE GROUP LTD
MAREX FINANCIAL LIMITED
MERRILL LYNCH INTERNATIONAL
MIZUHO FINANCIAL GROUP INC
MIZUHO INTERNATIONAL PLC
MORGAN STANLEY
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
NOMURA HOLDINGS INC
NOMURA INTERNATIONAL PLC
NORDEA BANK ABP
NORTHERN TRUST SECURITIES LLP
ODDO BHF SCA
OPTIVER V.O.F.
PANMURE LIBERUM LIMITED
PEEL HUNT LLP
PEEL HUNT LTD
RBC EUROPE LTD
REDBURN (EUROPE) LIMITED
SG AMERICAS SECURITIES, LLC
SHORE CAPITAL STOCKBROKERS LIMITED
SINGER CAPITAL MARKETS SEC LTD
SKANDINAVISKA ENSKILDA BANKEN AB
SMBC NIKKO SECURITIES INC.
SOCIETE GENERALE
STIFEL NICOLAUS EUROPE LIMITED
SUSQUEHANNA INTERNATIONAL SECURITIES LIMITED
SVENSKA HANDELSBANKEN AB
TD EXECUTION SERVICES LIMITED
TRADEWEB EUROPE LIMITED
TRADEWEB MARKETS LLC
UBS AG
UBS GROUP AG
UBS SECURITIES LLC
VAN LANSCHOT KEMPEN N.V.
VIRTU EUROPE TRADING LIMITED
WELLS FARGO SECURITIES LLC
WINTERFLOOD SECURITIES LIMITED
ZKB SECURITIES UK LTD
SECURITIZED DERIVATIVES – Warrants & Certificate Derivatives
BARCLAYS CAPITAL INC.
BARCLAYS CAPITAL SECURITIES LTD
BERNSTEIN AUTONOMOUS LLP
BMO CAPITAL MARKETS CORP.
BNP PARIBAS
BNP PARIBAS SECURITIES CORPORATION
BOFA SECURITIES INC.
BTG PACTUAL US CAPITAL, LLC
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS LIMITED
CLSA LIMITED
DNB BANK ASA
FLEXTRADER
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC SECURITIES (USA) INC
INSTINET LLC
J.P. MORGAN SECURITIES LLC
JEFFERIES INTERNATIONAL LTD
JP MORGAN SECURITIES PLC
MACQUARIE CAPITAL (USA) INC.
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
SANTANDER US CAPITAL MARKETS LLC
SOCIETE GENERALE
UBS AG
UBS SECURITIES LLC
SECURITIZED DERIVATIVES – Other Securitized Derivatives
N/A
CREDIT DERIVATIVES – Futures & Options admitted to trading on a trading venue
BANK OF AMERICA CORP
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL,INVESTMENT BANKING
BNP PARIBAS
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES INC.
CACEIS BANK
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS LIMITED
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC.
DZ BANK AG DEUTSCHE ZENTRAL GENOSSENSCHAFTSBANK FRANKFURT AM MAIN
FLEXTRADER
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS BANK EUROPE, SE
GOLDMAN SACHS GROUP INC/THE
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC CONTINENTAL EUROPE SA
HSBC SECURITIES (USA) INC
J.P. MORGAN SECURITIES LLC
J.P. MORGAN SECURITIES PLC
JP MORGAN CORRETORA DE CAMBIO E VALORES MOBILIARIOS SA
JP MORGAN, SE (NON-SEGREGATED)
LANDESBANK BADEN WUERTTENBERG
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
MORGAN STANLEY EUROPE SE
MORGAN STANLEY MUFG SECURITIES CO.
NOMURA SECURITIES INTERNATIONAL INC
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
SEB
SG AMERICAS SECURITIES, LLC
SOCIETE GENERALE INTERNATIONAL LTD
TRADEWEB EUROPE LIMITED
TRADEWEB MARKETS LLC
UBS AG
UBS EUROPE, SE
UBS SECURITIES LLC
WELLS FARGO SECURITIES LLC
COMMODITIES DERIVATIVES – Other commodities derivatives
BANK OF AMERICA NA
BARCLAYS CAPITAL INC
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES INC.
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
COINBASE, INC.
CUMBERLAND DRW LLC
FLEXTRADER
GALAXY DIGITAL TRADING CAYMAN LLC
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC SECURITIES (USA) INC
J.P. MORGAN SECURITIES PLC
JP MORGAN CHASE BANK
JSCT LLC
MACQUARIE BANK LIMITED
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTL PLC
RBC CAPITAL MARKETS LLC
ROYAL BANK OF CANADA
SOCIETE GENERALE
UBS AG
UBS SECURITIES LLC
VIRTU FINANCIAL SINGAPORE PTE LTD
EXCHANGE TRADED PRODUCTS
ACADEMY SECURITIES INC
BARCLAYS CAPITAL INC.
BARCLAYS CAPITAL SECURITIES LTD
BERNSTEIN AUTONOMOUS LLP
BLOOMBERG TRADEBOOK LLC
BMO CAPITAL MARKETS CORP.
BNP PARIBAS
BNP PARIBAS SECURITIES CORPORATION
BOFA SECURITIES INC.
BTIG, LLC
CABRERA CAPITAL MARKETS LLC
CANTOR FITZGERALD LP
CASA DE BOLSA FINAMEX SAB DE CV
CASA DE BOLSA SANTANDER SA
CASTLEOAK SECURITIES, L.P.
CITADEL SECURITIES LLC
CITIBANAMEX CASA DE BOLSA SA DE CV CASA DE BOLSA INTEGRANTE DEL GRUPO FINANCIERO
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS LIMITED
CLSA LIMITED
DEUTSCHE BANK AG
DRW EUROPE B.V.
FLEXTRADER
FLOW TRADERS B.V.
FLOW TRADERS HONG KONG LTD
FLOW TRADERS U.S. INSTITUTIONAL TRADING LLC
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS MEXICO CASA DE BOLSA SA DE CV
HSBC BANK PLC
INSTINET LLC
J.P. MORGAN CASA DE BOLSA, S.A. DE
J.P. MORGAN SECURITIES LLC
JANE STREET EXECUTION SERVICES, LLC
JANE STREET FINANCIAL LIMITED
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JONESTRADING INSTITUTIONAL SERVICES
JP MORGAN SECURITIES PLC
KEPLER CHEUVREUX S.A.
LEVEL MARKETS LLC
Loop Capital Markets, LLC
MACQUARIE CAPITAL (USA) INC.
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH MEXICO SA DE CV CASA DE BOLSA
MISCHLER FINANCIAL GROUP, INC.
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
MORGAN STANLEY MEXICO CASA DE BOLSA
NATIONAL BANK FINANCIAL INC.
NATIONAL BANK OF CANADA
OLD MISSION EUROPE LLP
OLD MISSION MARKETS LLC
OPPENHEIMER & CO. INC.
OPTIVER V.O.F.
PENSERRA SECURITIES LLC
PIPER SANDLER & CO.
RBC CAPITAL MARKETS, LLC.
RBC EUROPE LTD
SAMUEL A. RAMIREZ & CO., INC
SCOTIA CAPITAL (USA), INC
SIEBERT WILLIAMS SHANK & CO. LLC
SMBC NIKKO SECURITIES INC.
SOCIETE GENERALE PARIS
SUSQUEHANNA FINANCIAL GROUP LLLP
SUSQUEHANNA INTERNATIONAL SECURITIES LIMITED
TD SECURITIES (USA) LLC
TOURMALINE PARTNERS, LLC
TRADEWEB EUROPE LIMITED
TRADEWEB MARKETS LLC
UBS AG
UBS SECURITIES LLC
VIRTU AMERICAS LLC
VIRTU EUROPE TRADING LIMITED
WELLS FARGO SECURITIES LLC
EMISSION ALLOWANCES
N/A
OTHER INSTRUMENTS
BANK OF AMERICA NA
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC.
BARCLAYS CAPITAL SECURITIES LTD
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORPORATION
BOFA SECURITIES INC.
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS LIMITED
CITIZENS BANK, NATIONAL ASSOCIATION
DEUTSCHE BANK TRUST COMPANY AMERICAS
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
J.P. MORGAN SECURITIES LLC
J.P. MORGAN SECURITIES PLC
JEFFERIES LEVERAGED CREDIT PRODUCTS LLC
JP MORGAN CHASE BANK
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO LLC
MORGAN STANLEY & CO. INTERNATIONAL
MUFG SECURITIES AMERICAS INC
NATIXIS S.A.
NOMURA CORPORATE FUNDING AMERICAS LLC
ROYAL BANK OF CANADA
SANTANDER US CAPITAL MARKETS LLC
SOCIETE GENERALE
TD SECURITIES INC
TRUIST SECURITIES, INC.
UBS AG
WELLS FARGO BANK NA
SECURITIES FINANCING TRANSACTIONS
BANCO BILBAO VIZCAYA ARGENTARIA S.A
BANK OF AMERICA SECURITIES EUROPE SA
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS BANK PLC
BNP PARIBAS
BOFA SECURITIES INC.
CANADIAN IMPERIAL BANK OF COMMERCE
CITIGROUP GLOBAL MARKETS INC.
CITIGROUP GLOBAL MARKETS LIMITED
COMMONWEALTH BANK OF AUSTRALIA
CREDIT AGRICOLE CIB (NEW YORK)
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
ING BANK NV
J.P. MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES USA LLC
MUFG SECURITIES EMEA PLC
NATIONAL AUSTRALIA BANK LIMITED
NATIXIS S.A.
NATWEST MARKETS PLC
RBC EUROPE LTD
ROYAL BANK OF CANADA
ROYAL BANK OF CANADA (NEW YORK BRANCH)
SANTANDER UK PLC
SMBC BANK INTERNATIONAL PLC
SOCIETE GENERALE
TD SECURITIES (USA) LLC
TRADEWEB EUROPE LIMITED
TRADEWEB MARKETS LLC
WELLS FARGO SECURITIES LLC