Best Execution and Order Placement Disclosure

Information about BlackRock's Best Execution and Order Placement Policy can be found in the Policy Disclosure tab. BlackRock's annual execution quality reports can be found in the Reports tab. Publication of this information is required under the European Markets in Financial Instruments Directive 2014/65/EU.

Paragraph-2
GLS Related Literature-1

1. Background

The purpose of this document is to explain BlackRock’s Execution and Order Placement Policy (‘the Policy’), as required under the revised Markets in Financial Instruments Directive (MiFID II).

Under such rules, BlackRock is required to take all sufficient steps to obtain consistently over time (and not in relation to every single order) 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 interest of its clients when placing orders on behalf of its clients with other entities (such as brokers and dealers) for execution, to the extent that such obligation is identified as a separate obligation under applicable regulations. The Policy applies when executing client orders directly with an Execution Venue and/or when placing client orders, or transmitting client orders to, another entity for them to execute (collectively referred to as ‘execution’ throughout this policy).

All terms used in this document are defined in accordance with MiFID II. Additionally, a glossary of key terms can be found in Appendix 1.

2. Scope

This document applies to:

  • BlackRock entities regulated by MiFID II which execute orders, place orders with, or transmit orders to, other entities for execution (listed below).
    • BlackRock Investment Management (UK) Limited (“BIM”)
    • BlackRock Advisors (UK) Limited (“BAL”)
    • BlackRock International Limited (“BIL”)
    • BlackRock (Netherlands) B.V.
    • BlackRock Institutional Trust Company N.A, UK Branch (“BTC”)
    • BlackRock Asset Management Deutschland AG
    • BlackRock Investment Management (Dublin) Limited
  • BlackRock Fund Managers Limited (“BFM”), a UCITS Management Company and Alternative Investment Fund Manager located in the United Kingdom, (only those sections of the policy required by relevant regulation)
  • Orders executed for Professional Clients in relation to financial instruments defined by MIFID II.

3. BlackRock's Trade Execution Model

BlackRock operates a trade execution model that involves the centralisation of most trading to various specialised trading desks and the routing of orders typically to one of the specialised trading desks as part of the centralised trading platform. Maintaining a centralized execution model allows BlackRock to enhance its control framework by creating a separation of duties between trading and portfolio management. It also allows BlackRock to optimize trade execution which is beneficial to BlackRock’s clients.

BlackRock’s centralized 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”) follow similar policies, processes and procedures. However, the counterparties and trading methods used may vary from those used in the EEA 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 happens, it is done in accordance with BlackRock's Global Crossing Policy and related procedures, which set out a number of provisions and controls designed to manage potential conflicts of interests between clients participating in such cross trades. In the EEA, BlackRock typically identifies a crossing opportunity and executes the cross trade on a trading venue which facilitates this type of trade.

In the EEA, BlackRock will typically identify a crossing opportunity and execute the cross trade on a trading venue which facilitates these types of trades.

4. Order Handling Protocol

BlackRock takes all sufficient steps to obtain consistently over time, the best possible result for its clients. Subject to the best interests of the client and instructions of the portfolio manager (“PM”), BlackRock must handle otherwise comparable orders for client accounts in the order in which they are received to provide fair and expeditious execution of all client orders.

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.

5. Brokers/Counterparties & Execution Venues

In seeking best execution for its clients, BlackRock may use a variety of execution venues and methods including, but not limited to, agency and principal capacity in very limited circumstances (e.g. block dealing, RFQ platforms, swap execution facilities, and sponsored access to the order books of major execution venues).

BlackRock will either:

  1. Execute an order for a client on an execution venue, or with brokers acting as market makers, liquidity providers or in a principal capacity, or will
  2. Place orders with brokers for them to execute on the execution venue. 

A current list of Execution Venues and brokers used by BlackRock can be found in Appendix 2. and the same entity may, from time to time, either act as an Execution Venue or transmit BlackRock’s orders to an Execution Venue for execution.

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 signaling 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.

6. Broker/Counterparty Approval Process

All prospective and existing counterparties require the approval of BlackRock’s Counterparty and Concentration Risk Group (“CCRG”), which is part of BlackRock’s independent Risk & Quantitative Analysis Department (“RQA”).

The CCRG is responsible for implementing, updating, and maintaining counterparty credit policies and procedures (collectively the “RQA Counterparty Credit Policy”) that are designed to identify and evaluate counterparty credit risk and establish appropriate practices to manage this risk and maintain the overall quality of client and firm counterparty credit exposures. All employees responsible for trade execution are required to comply with the RQA Counterparty Credit Policy.

For a new counterparty to be approved, a requesting PM or trader (or client relationship manager, when the request originates from a client) is required to submit a request to the CCRG. The CCRG will review relevant information to assess the financial strength of the proposed counterparty and the appropriateness of counterparty exposures arising from the financial instruments to be traded.

7. Ongoing Monitoring of Brokers/Counterparties

The CCRG maintains a list of approved 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 counterparties undergo a cyclical formal documented review and renewal on a 12 to 18 month basis, which is documented in a form established and/or agreed by the Chief Counterparty Credit Officer.

8. Best Execution Obligation and Relevant Factors

BlackRock performs its best execution obligation to take all sufficient steps to obtain consistently over time the best possible result 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.

A. Execution Factors

BlackRock may consider any one or more of the following execution factors, as relevant:

  • price of the relevant financial instrument net of brokers’ commissions, Execution Venues’ fees and other applicable execution costs;
  • costs incurred in execution of the transaction speed of execution;
  • likelihood of execution and settlement;
  • size of the order;
  • nature of the order; and
  • any other relevant factors.

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.

B. Execution Factors and Characteristics of the Order

When generating an order, BlackRock’s PMs specify instructions for the strategy they are pursuing on behalf of clients and for the nature of the order that 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 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 point in time in the future (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 it is also generally used by managers when executing orders for passive strategies in order to minimize their tracking error. Trading is typically concentrated around the 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 as a way to 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, are 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 may also need to consider the impact an order imparts on the overall investment outcome. For example, the execution of an order, which is part of 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.

C. Execution Factors and Characteristics of Financial Instruments

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, such that the execution strategy 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 will have to manage the risk of signaling 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 channels 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 bid 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, in order to minimize the potential market impact, traders may choose their counterparty based on its perceived ability to manage large orders in a way that minimizes information leakage, signaling to the market, and market impact.

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 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. 

D. Application of Execution Factors to Individual Classes of Financial Instruments

Listed Financial Instruments and Contracts for Difference

  • Shares & Depositary Receipts
  • Exchange Traded Products (Exchange Traded Funds, Exchange Traded Notes and Exchange Traded Commodities) (“ETP”)
  • Contracts For Difference
  • Securitized Derivatives – Listed Warrants & Certificates

All general PM instructions and considerations based on the nature of the order apply to trades in listed instruments. 

Orders for listed instruments with forward benchmarks typically are executed in the closing auction for markets where such a mechanism exists. If there is not sufficient 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 choose 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

  • Interest Rate Derivatives – Listed Futures & Options
  • Credit Derivatives – Listed Futures & Options
  • Equity Derivatives – Listed Futures & Options
  • Commodities Derivatives – Listed Futures & Options

All general PM instructions and considerations based on the nature of the order apply to trades in futures and listed options. 

Orders for listed instruments with forward benchmarks typically are executed in the closing auction for markets where such a mechanism exists. If there is not sufficient 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 choose 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

  • Bonds
  • Structured Finance 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 typically are executed around the point in time specified by the PM, since there isn’t an 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 takes into account for money market instruments reflect the nature of these orders. Similar to the general considerations, the orders are primarily characterized by PM motivation.

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 and the impact of order size on transaction costs are considered. (See Best Efforts Benchmarks)

  • OTC Derivatives
  • Equity Derivatives
  • Credit Derivatives
  • Interest Rate Derivatives
  • Currency Derivatives
  • Commodity Derivatives
  • Securitized Derivatives

While most derivative instruments are primarily traded in a decentralized OTC manner, some products may be admitted to trading on a trading venue.

All general PM instructions and considerations based on the nature of the order apply to trades in derivative instruments.

Orders for derivative instruments with forward benchmarks typically are executed around the point in time specified by the PM, because there is not an 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, signaling and market impact.

Different regulations could mandate that some of these instruments are required to be traded on venue.

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, taking into account their expertise and subject to BlackRock’s requirement to diversify its counterparty exposure. Typically, such transactions comprise different components and, to satisfy itself that the price proposed by the counterparty is fair, BlackRock may request quotes from more than one counterparty before 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 or empirical data.

Securities Finance Transactions

  • Securities Lending
  • Repurchase Agreements
  • Physical & Synthetic Securities Financing 

For securities finance transactions including securities lending, repurchase agreements and physical/synthetic financing, the execution factors and criteria that BlackRock takes into account include the supply and demand characteristics for the securities in question and additional considerations such as:

  • current market pricing to lend or finance the specific security
  • price discovery will follow a similar process to other OTC markets in that traders will prioritize Trading Venues that facilitate ‘requests for price and capacity’ from multiple market participants
  • liquidity of the lending, financing and cash market for the relevant security
  • current utilisation/availability of the security and the size of supply or demand relative to the lending or financing market will be considered when determining the likelihood of execution
  • the overall utilization of a broker’s balance sheet
  • other factors that may include, but are not limited to:
    • collateral type proposed (e.g., cash or non-cash)
    • proposed duration of the securities finance transaction
    • transaction costs levied by providers such as custodians, triparty banks, or broker; and
    • specific or idiosyncratic factors (e.g., a pending corporate action, or expected stability of financing).

9. Broker/Counterparty & Execution Venue Selection

General Considerations

After prioritizing the execution factors based on the characteristics of the order and the financial instruments, if BlackRock has a choice of a number of brokers or Execution Venues that could equally fulfill a given order, it selects 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:

  • trade confirmation and settlement capabilities
  • ability to avoid information leakage
  • breadth of liquidity access across markets, currencies and products
  • execution quality
  • operational resilience and responsiveness to errors
  • pre- and post-trade execution insights
  • personnel coverage of the venue or broker
  • product offering and customizations
  • research provided, where permitted under applicable regulation
  • liquidity sourcing capabilities (such as the ability to source natural liquidity)
  • willingness to commit capital
  • risk concentration

Further Considerations, by Instrument, in the Selection of Execution Venues

Listed Instruments
Listed financial instruments that trade on an exchange often can be traded electronically. Specific factors for consideration of Execution Venue selection may include:

  • types, quality and breadth of brokers’ traded financial instruments and functionalities
  • quality of execution measured against benchmark exchange prices
  • availability of algorithms and ability to adapt products to BlackRock’s workflows
  • access to liquidity

OTC Instruments
Venue considerations for OTC instruments vary depending on overall liquidity and the manner in which they trade:

  • for liquid OTC instruments that trade electronically consideration is given to the type, quality and breadth of Execution Venues; and
  • for instruments that do no trade electronically, consideration is given to venue liquidity, coverage of instruments and sectors and competitive quoting

Securities Finance Transactions

  • Lending and Financing transact only with approved counterparties, up to any applicable credit limit determined by Blackrock’s RQA Team.
  • As securities lending does not involve the execution of orders to trade but rather the allocation of loan requests submitted by brokers, BlackRock agrees and settles a requested trade provided the broker has been approved, the value of the proposed transaction does not exceed the aggregate value of loans permitted, and the other execution factor considerations have been met.

Money Market Instruments
Specific factors for consideration of venue selection may include:

  • liquidity and availability of instruments offered by the counterparty
  • willingness of counterparties to bid back on paper;
  • product availability, as some issuers will limit the size of issuances available for certain maturities.

Available venues are 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.

10. Prohibited Considerations in Selecting Broker/Counterparties & Execution Venues

BlackRock employees are prohibited from considering the following factors when selecting a broker or Execution Venue:

  • a counterparty’s placement of, or purchase of, any BlackRock products or BlackRock managed funds;
  • any personal relationships, including former employment relationships;
  • any gifts or entertainment received;
  • a broker-dealer’s historical initial public offering or new issue allocations to BlackRock;
  • a broker-dealer’s willingness to accommodate BlackRock’s trading errors.

11. Services and Benefits Received from Execution Venues

BlackRock from time to time may receive the following services and/or benefits from brokers and Execution Venues:

  • information or documentation relating to financial instruments or investment services that is generic in nature or personalized to reflect BlackRock’s circumstances;
  • issuer commissioned research coverage;
  • participation in conferences, seminars or trading events on the benefits and features of specific financial instruments or investment services;
  • hospitality of de minimis value during meetings or those events specified in clause iii above;
  • connected research on an issuer in the context of an issuer capital raising;
  • research provided for a trial period; and
  • such other services and/or benefits that can be considered minor non-monetary benefits under Applicable Law from time to time.

12. Receiving a Specific Client Instruction

In instances where a client has provided a specific order instruction, BlackRock will be deemed to have complied with its best execution obligation 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.

13. Directed Brokerage

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 counterparty, venue or commission. Directed brokerage arrangements typically are documented in a client’s Investment Management Agreement with BlackRock, or 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 into 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 judgment 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 in a position 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 favorable execution, than would normally 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. 

14. Monitoring

BlackRock performs multiple types of monitoring to maintain order execution arrangements that remain suitable for the purpose of delivering the best possible results for clients consistently over time and to assess our best execution obligation. The key types of monitoring include transaction cost analysis (TCA), compliance monitoring and senior management oversight in governance committees (Trading Oversight Committees). 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 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 along 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 Transaction Surveillance and Forensic Testing team, a part of the Regulatory Risk and Review team within Legal and Compliance, is responsible for ongoing post trade second line monitoring. The team conducts ongoing, routine, sample based and risk based tests for adherence to the policy, currently with a focus on pricing, timeliness of execution and broker selection criteria.

15. Periodic Review of Policy and Order Execution Arrangements

BlackRock is required, under applicable regulations, to review this policy and its order execution arrangements at least on an annual basis for its adequacy and the effectiveness of its 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. Any of the following events may, but will not necessarily in all circumstances, amount to such a material change: regulatory changes that materially alter the market structure for certain classes of financial instruments or that otherwise require changes to BlackRock’s arrangements and processes; BlackRock’s observation of a significant and consistent deterioration in the liquidity offered and in the quality of execution achieved on a trading venue or from a broker or dealer.

As part of the annual review, BlackRock will consider whether it could consistently obtain better execution results if it were to:

  • include additional or different Execution Venues or entities;
  • remove any existing Execution Venues or entities;
  • assign a different relative importance to the best execution factors;
  • or modify any other aspects of this policy and/or execution arrangements.

The effectiveness of BlackRock’s order execution arrangements is tested and monitored by Global Trading 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.

16. Conflicts of Interest

Conflicts of interest are a key regulatory risk for any asset manager. The Global Conflicts of Interest Policy (the “Conflicts Policy”) governs BlackRock’s responsibility to place its clients’ interests first and identify and manage any conflicts of interest inherent in BlackRock’s business. The Conflicts Policy requires that BlackRock employees report any actual or potential conflicts of interest to their supervisor and to Legal & Compliance. Amongst other things the Conflicts Policy also 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.

17. Information Provided to Clients

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. Upon a reasonable request from a client, BlackRock shall provide clients or potential clients with information about entities where the orders are transmitted or placed for execution.

In addition, in EMEA BlackRock has an obligation to publish on a website annual reports on the quality of execution attained for 22 classes of financial instruments, separating reports for:

  1. trades executed by Blackrock,
  2. orders placed by BlackRock with third parties for execution and
  3. trades in securities financing transaction

Appendix 1 – Glossary of Terms 

Execution Venue A Regulated Market, a Multilateral Trading Facility (MTF), an organized Trading Facility (OTF), a Systematic Internaliser, or a Market Maker or other Liquidity Provider or an entity that performs a similar function in a third country to the functions performed by any of the foregoing.
Multilateral System Any system or facility in which multiple third-party buying and selling trading interests in financial instruments are able to interact in the system.
Regulated Market A multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with Title III of MIFID II.
Multilateral Trading Facility (MTF) A multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract in accordance with Title II of MIFID II.
Organized Trading Facility A multilateral system which is not a regulated market or an MTF and in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract in accordance with Title II of MIFID II.
Trading Venue A regulated market, an MTF or an OTF
Systematic Internaliser A investment firm which, on an organized, frequent systematic and substantial basis, deals on own account when executing client orders outside a regulated market, an MTF or an OTF without operating a multilateral system.
Market Maker A person who holds himself out on the financial markets on continuous basis as being willing to deal on own account by buying and selling financial instruments against the person’s proprietary capital at prices defined by that person.
Other Liquidity Provider A firm that hold themselves out as being willing to deal on own account, and which provide liquidity as part of their normal business activity, whether or not they have formal agreements in place or commit to providing liquidity on a continuous basis
Professional Client A client who possess the experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs. A client meeting the criteria laid out in Annex II of MIFID II is considered to be a Professional Client.
Bid/Ask Spread The difference between the market price quotations, for buying and for selling particular securities.
Liquidity 1) The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity. 2) The ability to convert an asset to cash quickly. Investing in illiquid assets is riskier because there might not be a way for you to get your money out of the investment. Examples of assets with good liquidity include blue chip common stock and those assets in the money market. A fund with good liquidity would be characterized by having enough units outstanding to allow large transactions without a substantial change in price.
Market Impact The effect a market participant has when it buys or sells an asset and the extent to which the buy or sell moves the price against the buyer or seller.
Programme Trades Trades for a basket of securities placed through a single broker and priced as a portfolio and not by reference to the individual constituents of the basked.
Securities Lending The process by which securities are transferred to a counterparty, subject to an obligation for return of the equivalent securities at a future date. The lender is remunerated by way of a fee.
Volatility The relative rate at which the price of a security or fund moves up and down. Volatility is found by calculating the annualised standard deviation of daily change in price. If the price of a stock moves up and down rapidly over short time periods, it has high volatility. If the price almost never changes, it has low volatility.
Commission Recapture The process whereby a client directs a manager to place trades for his account through a specific broker, in exchange for which the client will receive a rebate of a portion of the total commission in addition to execution services. The arrangement can be managed by a third party, such as an investment consultant, or managed by the client’s investment manager.
Crossing Network An electronic execution venue that enables the matching of orders directly between buyers and sellers. Commissions are typically lower while market impact and bid/ask spreads are removed altogether. Liquidity is often a constraint to order completion.
Direct Market Access (“DMA”) Direct access to the market floor by managers who wish to deal anonymously in the market, without the use of execution services provided by a broker.
Electronic Communication Network (“ECNs”) An electronic system that connects major brokerages and individual traders so that they can trade financial products outside of stock exchanges, directly between themselves. The primary products that are traded on ECNs are stocks and currencies.
Execution Services Those services related to trade execution that meet the criteria laid down by the FCA for payment out of commission.

Appendix 2 – List of Execution Venues and Brokers (as of December 2019)

Arrangements may vary depending on contractual arrangements with clients

Equity
ABG SUNDAL COLLIER ASA
ABN AMRO BANK NV
ACTINVER CASA DE BOLSA SA DE CV GRUPO FINANCIERO ACTINVER
ARDEN PARTNERS PLC
AXIS CAPITAL LTD
BANCA IMI SPA
BANCROFT CAPITAL LLC
BANK AM BELLEVUE AG
BANK OF MONTREAL
BANK VONTOBEL EUROPE AG
BANQUE DEGROOF PETERCAM SA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BBVA SECURITIES INC
BCP SECURITIES LLC
BELL POTTER SECURITIES LTD
BERENBERG BANK
BGC BROKERS LP
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK EXECUTION SERVICES
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BLOOMBERG TRADEBOOK LLC
BMO CAPITAL MARKETS CORP
BMO CAPITAL MARKETS LTD
BMO NESBITT BURNS INC
BNP PARIBAS ARBITRAGE
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BOCI SECURITIES LIMITED
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BRADESCO SA CORRETORA DE TITULOS EVELORES MOBILIARIOS
BRADESCO SECURITIES INC
BTG PACTUAL CHILE SA CORREDORES DE BOLSA
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
BTG PACTUAL SA COMISIONISTA DE BOLSA
BTG PACTUAL US CAPITAL LLC
BTIG LIMITED
BTIG LLC
CANACCORD GENUITY CORP
CANACCORD GENUITY INC
CANACCORD GENUITY LTD
CANTOR FITZGERALD & CO
CANTOR FITZGERALD EUROPE
CARNEGIE INVESTMENT BANK AB
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CASA DE BOLSA FINAMEX SAB DE CV
CASTLEOAK SECURITIES LP
CENKOS SECURITIES PLC
CHARLES STANLEY & CO LTD
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA INTERNATIONAL CAPITAL CORP LTD
CHINA MERCHANTS SECURITIES CO LTD
CIBC WORLD MARKETS INC
CIBC WORLD MARKETS PLC
CIMB SECURITIES (SINGAPORE) PTE LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIC SECURITIES CO LTD
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS JAPAN INC
CITIGROUP GLOBAL MARKETS LIMITED
CITIGROUP GLOBAL MARKETS TAIWAN SECURITIES CO LTD
CL KING & ASSOCIATES INC
CLSA (UK)
CLSA AMERICAS LLC
CLSA LTD
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
CORMARK SECURITIES INC
COWEN AND CO LLC
COWEN EXECUTION SERVICES LLC
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT AGRICOLE SECURITIES (USA) INC
CREDIT SUISSE AG
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DA DAVIDSON & CO
DAIWA CAPITAL MARKETS AMERICA INC
DAIWA CAPITAL MARKETS EUROPE LTD
DANSKE BANK A/S
DBS BANK CHINA LTD
DBS VICKERS SECURITIES (SINGAPORE) PTE LTD
DESJARDINS SECURITIES INC
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE SECURITIES ASIA LTD
DEUTSCHE SECURITIES INC (TOKYO DST
DNB BANK ASA
DREXEL HAMILTON LLC
DSP MERRILL LYNCH LTD
ECURITIES CO LTD
EDELWEISS SECURITIES LIMITED
EVERCORE GROUP LLC
EVLI BANK PLC
EXANE INC
EXANE SA
FIDENTIIS EQUITIES SV SA
FINANCIAL BROKERAGE GROUP SAE
FINNCAP LTD
FLOW TRADERS BV
GBM GRUPO BURSATIL MEXICANO SA DE CV CASA DE BOLSA
GFI SECURITIES LLC
GMP SECURITIES LLC
GMP SECURITIES LP
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS (ASIA) LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GOODBODY STOCKBROKERS
GUGGENHEIM SECURITIES LLC
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HAITONG INTERNATIONAL SECURITIES CO LTD
HAITONG SECURITIES CO LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
ICBC STANDARD BANK PLC
ICHIYOSHI SECURITIES CO LTD
ICICI SECURITIES LIMITED
IMPERIAL CAPITAL LLC
INDIA INFOLINE LTD
INDUSTRIAL BANK CO LTD
ING BANK NV
INSTINET EUROPE LIMITED
INVESTEC BANK LTD
INVESTEC BANK PLC
INVESTMENT TECHNOLOGY GROUP LIMITED
ITAU BBA USA SECURITIES INC
ITG CANADA CORP
ITG HONG KONG LIMITED
ITG INC
J & E DAVY
JANE STREET FINANCIAL LTD
JANNEY MONTGOMERY SCOTT LLC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JMP SECURITIES LLC
JP MORGAN CASA DE BOLSA SA DE CV JP MORGAN GRUPO FINANCIERO
JP MORGAN SECURITIES (TAIWAN) LIMITED
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
KBC SECURITIES NV
KEEFE BRUYETTE & WOODS INC
KEMPEN & CO NV
KEPLER CHEUVREUX SA
KEYBANC CAPITAL MARKETS INC
KOTAK SECURITIES LTD
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LEERINK PARTNERS LLC
LIBERUM CAPITAL LIMITED
LIQUIDNET EUROPE LIMITED
LIQUIDNET INC
LOOP CAPITAL MARKETS LLC
LUMINEX TRADING & ANALYTICS LLC
MACQUARIE BANK LTD
MACQUARIE CAPITAL (USA) INC
MAINFIRST BANK AG
MAYBANK KIM ENG SECURITIES PTE LTD
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MIRABAUD SECURITIES LLP
MIRAE ASSET DAEWOO CO LTD
MISCHLER FINANCIAL GROUP INC
MITSUBISHI UFJ MORGAN STANLEY
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES USA LLC
MONNESS CRESPI HARDT & CO INC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED
MORGAN STANLEY MUFG SECURITIES CO LTD
MORGAN STANLEY TAIWAN LIMITED
MOTILAL OSWAL SECURITIES LTD
MUFG SECURITIES AMERICAS INC
NATIONAL BANK FINANCIAL INC
NATIONAL FINANCIAL SERVICES LLC
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NH INVESTMENT & SECURITIES CO LTD
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES CO LTD
NOMURA SECURITIES INTERNATIONAL INC
NORDEA BANK AB
NORTHERN TRUST SECURITIES LLP
NPLUS1 SINGER CAPITAL MARKETS LIMITED
NUMIS SECURITIES LIMITED
ODDO BHF SCA
OPPENHEIMER & CO INC
OPTIVER VOF
ORIENT SECURITIES CO LTD
PANMURE GORDON (UK) LIMITED
PARETO SECURITIES AS
PAVILION GLOBAL MARKETS LTD
PEEL HUNT LLP
PENSERRA SECURITIES LLC
PIPER JAFFRAY & CO
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RAYMOND JAMES & ASSOCIATES INC
RAYMOND JAMES LTD
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
RBC EUROPE LTD
REDBURN (EUROPE) LIMITED
RENAISSANCE SECURITIES (CYPRUS) LIMITED
ROBERT W BAIRD & CO INCORPORATED
SAMSUNG SECURITIES CO LTD
SANFORD C BERNSTEIN & CO LLC
SANFORD C BERNSTEIN LIMITED
SANTANDER INVESTMENT SECURITIES INC
SCOTIA CAPITAL INC
SCOTIA CAPITAL USA INC
SEAPORT GLOBAL SECURITIES LLC
SG SECURITIES (HK) LIMITED
SHORE CAPITAL STOCKBROKERS LTD
SKANDINAVISKA ENSKILDA BANKEN AB
SMBC NIKKO CAPITAL MARKETS LIMITED
SMBC NIKKO SECURITIES INC
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STATE STREET BANK AND TRUST COMPANY
STATE STREET GLOBAL MARKETS INTERNATIONAL LTD
STATE STREET GLOBAL MARKETS LLC
STEPHENS INC.
STIFEL NICOLAUS & CO INC
STIFEL NICOLAUS EUROPE LTD
STOCKDALE SECURITIES LIMITED
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SUNTRUST ROBINSON HUMPHREY INC
SUSQUEHANNA FINANCIAL GROUP LLLP
SVENSKA HANDELSBANKEN AB
TD SECURITIES (USA) LLC
TD SECURITIES INC
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UBS SECURITIES PTE LTD
VIRTU AMERICAS LLC
WEDBUSH SECURITIES INC
WEEDEN & CO LP
WELLS FARGO SECURITIES LLC
WHITMAN HOWARD LIMITED
WILLIAM BLAIR & COMPANY LLC
WILLIAMS CAPITAL GROUP LP (THE)
WINTERFLOOD SECURITIES LTD
YUANTA SECURITIES CO LTD

DEBT INSTRUMENTS - Bonds
ABG SUNDAL COLLIER ASA
ABN AMRO BANK NV
ACTINVER CASA DE BOLSA SA DE CV GRUPO FINANCIERO ACTINVER
ARDEN PARTNERS PLC
AXIS CAPITAL LTD
BANCA IMI SPA
BANCO MERCANTIL DEL NORTE SA
BANCROFT CAPITAL LLC
BANK AM BELLEVUE AG
BANK OF AMERICA MEXICO SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO BANK OF AMERICA
BANK OF MONTREAL
BANQUE DEGROOF PETERCAM SA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BBVA BANCOMER SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO
BBVA SECURITIES INC
BCP SECURITIES LLC
BELL POTTER SECURITIES LTD
BERENBERG BANK
BGC BROKERS LP
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK EXECUTION SERVICES
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO.LTD
BMO CAPITAL MARKETS CORP
BMO NESBITT BURNS INC
BNP PARIBAS ARBITRAGE
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BNP PARIBAS SECURITIES JAPAN LTD
BNY MELLON CAPITAL MARKETS LLC
BNY MELLON NA
BOC INTERNATIONAL (USA) INC
BOCI SECURITIES LIMITED
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BOKF NA
BRADESCO SA CORRETORA DE TITULOS E VALORES MOBILIARIOS
BRADESCO SECURITIES INC
BRED BANQUE POPULAIRE
BROWNSTONE INVESTMENT GROUP LLC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
BTIG LLC
CABRERA CAPITAL MARKETS LLC
CAIXABANK SA
CAMBRIDGE INTERNATIONAL SECURITIES LLC
CANACCORD GENUITY CORP
CANACCORD GENUITY INC
CANACCORD GENUITY LTD
CANADIAN IMPERIAL BANK OF COMMERCE
CANTOR FITZGERALD & CO
CANTOR FITZGERALD EUROPE
CAPITAL ONE NA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CASA DE BOLSA FINAMEX SAB DE CV
CASTLEOAK SECURITIES LP
CHALKHILL PARTNERS LLP
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA CONSTRUCTION BANK CORP
CHINA INTERNATIONAL CAPITAL CORP HONG KONG
CHINA INTERNATIONAL CAPITAL CORP LTD
CHINA MERCHANTS SECURITIES CO LTD
CIBC WORLD MARKETS INC
CIMB BANK BHD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITADEL SECURITIES INSTITUTIONAL LLC
CITIBANK COLOMBIA SA
CITIBANK NA
CITIC SECURITIES CO LTD
CITIGROUP GLOBAL MARKETS AUSTRALIA PTY LTD
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS INDIA PRIVATE LIMITED
CITIGROUP GLOBAL MARKETS JAPAN INC
CITIGROUP GLOBAL MARKETS LIMITED
CL KING & ASSOCIATES INC
CMB INTERNATIONAL SECURITIES LTD
COMMERZ MARKETS LLC
COMMERZBANK AG
COMMONWEALTH BANK OF AUSTRALIA
COOPERATIEVE RABOBANK UA
COWEN AND CO LLC
COWEN EXECUTION SERVICES LLC
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE AG
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DA DAVIDSON & CO
DAIWA CAPITAL MARKETS AMERICA INC
DAIWA CAPITAL MARKETS EUROPE LTD
DAIWA CAPITAL MARKETS SINGAPORE LTD
DAIWA SECURITIES CO LTD
DANSKE BANK A/S
DBS BANK CHINA LTD
DBS BANK LTD
DESJARDINS SECURITIES INC
DEUTSCHE BANK (CHINA) CO LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE CAPITAL MARKETS AUSTRALIA LTD
DEUTSCHE SECURITIES INC (TOKYO DST
DNB BANK ASA
DREXEL HAMILTON LLC
DZ BANK AG DEUTSCHE ZENTRAL-
EASTERN BANK
ED&F MAN CAPITAL MARKETS INC
ERSTE GROUP BANK AG
EVERCORE GROUP LLC
EXANE INC
EXANE SA
EXOTIX USA INC
FIRST ABU DHABI BANK PJSC
FIRST TENNESSEE BANK NA
FIRSTRAND BANK LTD
FLOW TRADERS BV
FTN FINANCIAL SECURITIES CORP
GENOSSENSCHAFTSBANK
GFI SECURITIES LTD
GMP SECURITIES LLC
GMP SECURITIES LP
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS INTERNATIONAL BANK
GOLDMAN SACHS JAPAN CO LTD
GOLDMAN SACHS MEXICO CASA DE BOLSA S.A. DE C.V
GOODBODY STOCKBROKERS
GUGGENHEIM SECURITIES LLC
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HAITONG INTERNATIONAL SECURITIES CO LTD
HILLTOP SECURITIES INC
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK AUSTRALIA LTD
HSBC BANK CANADA
HSBC BANK PLC
HSBC BANK USA NA
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
ICBC STANDARD BANK PLC
IMPERIAL CAPITAL LLC
INDUSTRIAL BANK CO LTD
ING BANK NV
ING FINANCIAL MARKETS LLC
INTL FCSTONE FINANCIAL INC
INVESTEC BANK LTD
INVESTEC BANK PLC
ITAU UNIBANCO SA
ITG INC
J & E DAVY
JANE STREET FINANCIAL LTD
JANNEY MONTGOMERY SCOTT LLC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN MARKETS LTD
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN SECURITIES JAPAN CO LTD
KBC BANK NV
KBC SECURITIES NV
KEEFE BRUYETTE & WOODS INC
KEPLER CHEUVREUX SA
KEYBANC CAPITAL MARKETS INC
KGS ALPHA CAPITAL MARKETS LP
LANDESBANK BADEN-WUERTTEMBERG
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LARRAIN VIAL SA CORREDORA DE BOLSA
LAURENTIAN BANK SECURITIES INC
LAZARD FRERES & CO LLC
LEERINK PARTNERS LLC
LIQUIDITY FINANCE LLP
LIQUIDNET INC
LLOYDS BANK CORPORATE MARKETS PLC
LLOYDS BANK PLC
LLOYDS SECURITIES INC
LOOP CAPITAL MARKETS LLC
MACQUARIE BANK LTD
MANUFACTURERS AND TRADERS TRUST CO
MARKETAXESS CORPORATION
MARKETAXESS EUROPE LTD
MAXIM GROUP LLC
MERRILL LYNCH CANADA INC
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH JAPAN SECURITIES CO LTD
MERRILL LYNCH PIERCE FENNER & SMITH INC
MESIROW FINANCIAL INC
MILLENNIUM ADVISORS LLC
MILLENNIUM EUROPE LIMITED
MIRAE ASSET DAEWOO CO LTD
MISCHLER FINANCIAL GROUP INC
MITSUBISHI UFJ MORGAN STANLEY SECURITIES CO LTD
MITSUBISHI UFJ SECURITIES HOLDINGS CO LTD
MITSUBISHI UFJ TRUST INTERNATIONAL LTD
MIZUHO BANK LTD
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES ASIA LIMITED
MIZUHO SECURITIES CO LTD
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY AUSTRALIA SECURITIES LIMITED
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
MORGAN STANLEY MUFG SECURITIES CO LTD
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL BANK FINANCIAL INC
NATIONAL FINANCIAL SERVICES LLC
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NATIXIS SECURITIES AMERICAS LLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NEDBANK LTD
NOMURA CAPITAL (INDIA) PRIVATE LIMITED
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES CO LTD
NOMURA SECURITIES INTERNATIONAL INC
NORDDEUTSCHE LANDESBANK GIROZENTRALE
NORDEA BANK AB
NORTHERN TRUST SECURITIES LLP
NYKREDIT BANK A/S
ODDO BHF SCA
OKASAN SECURITIES CO LTD
OP CORPORATE BANK PLC
OPPENHEIMER & CO INC
ORIENT SECURITIES CO LTD
OVERSEA-CHINESE BANKING CORPORATION LTD
PARETO SECURITIES AS
PARETO SECURITIES INC
PENSERRA SECURITIES LLC
PIPER JAFFRAY & CO
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RAIFFEISEN BANK INTERNATIONAL AG
RAIFFEISEN BANK SA
RAYMOND JAMES & ASSOCIATES INC
RAYMOND JAMES LTD
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
RBC EUROPE LTD
RBS SECURITIES INC
ROBERT W BAIRD & CO INCORPORATED
ROYAL BANK OF CANADA
SAMSUNG SECURITIES CO LTD
SANTANDER INVESTMENT SECURITIES INC
SCOTIA CAPITAL INC
SCOTIA CAPITAL USA INC
SCOTIABANK CHILE
SCOTIABANK EUROPE PLC
SCOTIABANK INVERLAT SA
SEAPORT GLOBAL SECURITIES LLC
SEAPORT GROUP EUROPE LLP/THE
SECURITIES LTD
SG AMERICAS SECURITIES LLC
SKANDINAVISKA ENSKILDA BANKEN AB
SMBC NIKKO CAPITAL MARKETS LIMITED
SMBC NIKKO SECURITIES AMERICA INC
SMBC NIKKO SECURITIES INC
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STATE STREET GLOBAL MARKETS LLC
STEPHENS INC.
STIFEL NICOLAUS & CO INC
STIFEL NICOLAUS EUROPE LTD
STOEVER GLASS & CO INC
STORMHARBOUR SECURITIES LLP
SUMITOMO MITSUI BANKING CORPORATION
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SUMRIDGE PARTNERS LLC
SUNTRUST BANK
SUNTRUST ROBINSON HUMPHREY INC
SUSQUEHANNA FINANCIAL GROUP LLLP
SUSQUEHANNA INTERNATIONAL SECURITIES LIMITED
SVENSKA HANDELSBANKEN AB
SWEDBANK AB
TD SECURITIES (USA) LLC
TD SECURITIES INC
TOKAI TOKYO SECURITIES CO LTD
TORONTO-DOMINION BANK/THE
TRADEWEB EUROPE LIMITED
TRADITION SECURITIES AND DERIVATIVES INC
TSAF OTC S.A.
TULLETT PREBON (SECURITIES) LIMITED
UBS AG
UBS EUROPE SE
UBS FINANCIAL SERVICES INC
UBS SECURITIES LLC
UMB BANK NA
UNICREDIT BANK AG
UNICREDIT CAPITAL MARKETS LLC
UNITED OVERSEAS BANK LTD
US BANCORP INVESTMENTS INC
VINING-SPARKS IBG LP
VIRTU AMERICAS LLC
WEDBUSH SECURITIES INC
WELLS FARGO BANK NA
WELLS FARGO SECURITIES INTERNATIONAL LTD
WELLS FARGO SECURITIES LLC
WESTPAC BANKING CORP
WILLIAM BLAIR & COMPANY LLC
WILLIAMS CAPITAL GROUP LP (THE)
WINTERFLOOD SECURITIES LTD
YUANTA SECURITIES CO LTD
ZB NATIONAL ASSOCIATION
ZUERCHER KANTONALBANK

DEBT INSTRUMENTS - Money market instruments
ABN AMRO BANK NV
AMHERST PIERPONT SECURITIES LLC
BANCA IMI SECURITIES CORP
BANCA IMI SPA
BANCO BILBAO VIZCAYA ARGENTARIA SA
BANCO NACIONAL DE MEXICO SA
BANCO NACTIOAL DE OBRAS Y SERVICIOS PUBLICOS SNC
BANCO SANTANDER SA
BANCROFT CAPITAL LLC
BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LTD
BANK OF AMERICA MEXICO SA INSTITUCION DE BANCA MULTIPLE GRUPO FiNANCIERO BANK OF AMERICA
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BBVA SECURITIES INC
BCP SECURITIES LLC
BGC BROKERS LP
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK EXECUTION SERVICES
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO.LTD
BLOOMBER TRADEBOOK LLC
BMO CAPITAL MARKETS CORP
BMO NESBITT BURNS INC
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BNY MELLON CAPITAL MARKETS LLC
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BRED BANQUE POPULAIRE
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CABRERA CAPITAL MARKETS LLC
CAIXABANK SA
CANTOR FITZGERALD & CO
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CASTLEOAK SECURITIES LP
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CIMB BANK BHD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
COOPERATIEVE RABOBANK UA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DAIWA CAPITAL MARKETS AMERICA INC
DAIWA CAPITAL MARKETS EUROPE LTD
DANSKE BANK A/S
DBS BANK CHINA LTD
DESJARDINS SECURITIES INC
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DREXEL HAMILTON LLC
EXANE SA
FIRST TENNESSEE BANK NA
FTN FINANCIAL SECURITIES CORP
GFI SECURITIES LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GUGGENHEIM SECURITIES LLC
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK CANADA
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
INDUSTRIAL BANK CO LTD
ING BANK NV
INTL FCSTONE FINANCIAL INC
JANE STREET FINANCIAL LTD
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
KBC SECURITIES NV
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LLOYDS BANK CORPORATE MARKETS PLC
LLOYDS BANK PLC
LOOP CAPITAL MARKETS LLC
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MISCHLER FINANCIAL GROUP INC
MITSUBISHI UFJ MORGAN STANLEY SECURITIES CO LTD
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES CO LTD
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
NACIONAL FINANCIERA SNC INSTITUCION DE BANCA DE DESARROLLO
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL BANK FINANCIAL INC
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORDEA BANK AB
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
RBC EUROPE LTD
RBS SECURITIES INC
SANTANDER INVESTMENT SECURITIES INC
SCOTIA CAPITAL INC
SCOTIA CAPITAL USA INC
SCOTIABANK INVERLAT SA
SG AMERICAS SECURITIES LLC
SMBC NIKKO CAPITAL MARKETS LIMITED
SMBC NIKKO SECURITIES INC
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
TD SECURITIES INC
TORONTO-DOMINION BANK/THE
TRADEWEB EUROPE LIMITED
TRADITION LONDON CLEARING LIMITED
UBS EUROPE SE
UBS SECURITIES LLC
UNICREDIT BANK AG
WELLS FARGO SECURITIES LLC
WILLIAMS CAPITAL GROUP LP (THE)
YIELDBROKER

INTEREST RATE DERIVATIVES – Futures & options admitted to trading on a trading venue
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANCO SANTANDER SA
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BCP SECURITIES LLC
BGC FINANCIAL LP
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO.LTD
BLOOMBERG TRADEBOOK LLC
BMO NESBITT BURNS INC
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
BTIG LLC
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIC FUTURES COMPANY LIMITED
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DANSKE BANK A/S
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE SECURITIES INC (TOKYO DST)
ED&F MAN CAPITAL MARKETS INC
EXANE SA
GFI SECURITIES LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO LTD
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
ICAP CORPORATES LLC
ICAP SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN FUTURES CO LIMTIED
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
KYTE BROKING LTD
LANDESBANK BADEN-WUERTTEMBERG
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LLOYDS BANK PLC
MACQUARIE BANK LTD
MAKO FINANCIAL MARKETS PARTNERSHIP LLP
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY CAPITAL SERVICES LLC
MORGAN STANLEY EUROPE SE
MORGAN STANLEY MUFG SECURITIES CO LTD
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
RBC EUROPE LTD
RBS SECURITIES INC
ROYAL BANK OF CANADA
SANFORD C BERNSTEIN & CO LLC
SOCIETE GENERALE CAPITAL CANADA INC
SOCIETE GENERALE INTERNATIONAL LTD
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SUSQUEHANNA FINANCIAL GROUP LLLP
TD SECURITIES INC
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UNICREDIT BANK AG
WELLS FARGO BANK NA
WELLS FARGO SECURITIES INTERNATIONAL LTD
WELLS FARGO SECURITIES LLC

INTEREST RATE DERIVATIVES – Swaps, forwards & other interest rate derivatives
ABN AMRO BANK NV
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BANK OF NOVA SCOTIA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COOPERATIEVE RABOBANK UA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DBS BANK LTD
DEUTSCHE BANK AG
EXANE SA
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC BANK USA NA
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
INDUSTRIAL BANK CO LTD
ING BANK NV
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LLOYDS BANK CORPORATE MARKETS PLC
LLOYDS BANK PLC
MERRILL LYNCH CAPITAL SERVICES INC
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH INTERNATIONAL BANK DAC
MERRILL LYNCH PIERCE FENNER & SMITH INC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY CAPITAL SERVICES LLC
MORGAN STANLEY EUROPE SE
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
ROYAL BANK OF CANADA
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
TRADEWEB EUROPE LIMITED
TRUEEX GROUP
UBS AG
UBS EUROPE SE
UNITED OVERSEAS BANK LTD
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC
WESTPAC BANKING CORP

CREDIT DERIVATIVES – Futures & options admitted to trading on a trading venue
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BBVA SECURITIES INC
BCP SECURITIES LLC
BGC FINANCIAL LP
BGC PARTNERS MENKUL DEGERLER AS
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BLOOMBERG TRADEBOOK LLC
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DANSKE BANK A/S
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE SECURITIES INC (TOKYO DST
ED&F MAN CAPITAL MARKETS INC
EXANE SA
GFI SECURITIES LLC
GFI SECURITIES LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO LTD
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
ICAP SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
LANDESBANK BADEN-WUERTTEMBERG
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
MACQUARIE BANK LTD
MAKO FINANCIAL MARKETS PARTNERSHIP LLP
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
MORGAN STANLEY MUFG SECURITIES CO LTD
NATIONAL WESTMINSTER BANK PLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
RBS SECURITIES INC
ROYAL BANK OF CANADA
SANFORD C BERNSTEIN & CO LLC
SOCIETE GENERALE CAPITAL CANADA INC
SOCIETE GENERALE INTERNATIONAL LTD
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SUSQUEHANNA FINANCIAL GROUP LLLP
TD SECURITIES INC
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UNICREDIT BANK AG
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC

CREDIT DERIVATIVES – other credit derivatives
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COMMONWEALTH BANK OF AUSTRALIA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
EXANE SA
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK PLC
HSBC BANK USA NA
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY CAPITAL SERVICES LLC
MORGAN STANLEY EUROPE SE
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
UBS AG
UBS EUROPE SE

CURRENCY DERIVATIVES – Futures & options admitted to trading on a trading venue
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BLOOMBERG TRADEBOOK LLC
BNP PARIBAS SA
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIC FUTURES COMPANY LIMITED
CMB INTERNATIONAL SECURITIES LTD
CREDIT SUISSE INTERNATIONAL
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
EXANE SA
FX ALLIANCE LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
JP MORGAN FUTURES CO LIMITED
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
NATIONAL WESTMINSTER BANK PLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
ROYAL BANK OF CANADA
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
TORONTO-DOMINION BANK/THE
UBS AG
UBS EUROPE SE

CURRENCY DERIVATIVES – Swaps, forwards & other currency derivatives
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANCO SANTANDER SA
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD.
BLOOMBERG TRADEBOOK LLC
BNP PARIBAS SA
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BROWN BROTHERS HARRIMAN & CO
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CANADIAN IMPERIAL BANK OF COMMERCE
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CMB INTERNATIONAL SECURITIES LTD
COMMONWEALTH BANK OF AUSTRALIA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DANSKE BANK A/S
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE SECURITIES INC (TOKYO DST
EXANE SA
FX ALLIANCE LLC
FX CONNECT LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO LTD
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
INTEGRAL
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
LANDESBANK BADEN-WUERTTEMBERG
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL WESTMINSTER BANK PLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NORTHERN TRUST COMPANY (THE)
NORTHERN TRUST SECURITIES LLP
NYKREDIT BANK A/S
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
ROYAL BANK OF CANADA
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STATE STREET BANK AND TRUST COMPANY
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
TORONTO-DOMINION BANK/THE
UBS AG
UBS EUROPE SE
UNITED OVERSEAS BANK LTD
WESTPAC BANKING CORP

STRUCTURE FINANCE PRODUCTS
ABN AMRO BANK NV
ABN AMRO CLEARING BANK NV
ACADEMY SECURITIES INC
AMHERST PIERPONT SECURITIES LLC
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANCA IMI SPA
BANCO BILBAO VIZCAYA ARGENTARIA SA
BANCO SANTANDER SA
BANCROFT CAPITAL LLC
BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LTD
BANK OF AMERICA NA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BAY CREST PARTNERS LLC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK EXECUTION SERVICES
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BMO CAPITAL MARKETS CORP
BMO NESBITT BURNS INC
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BNY MELLON CAPITAL MARKETS LLC
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BROWNSTONE INVESTMENT GROUP LLC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CAMBRIDGE INTERNATIONAL SECURITIES LLC
CANTOR FITZGERALD & CO
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CASTLEOAK SECURITIES LP
CHALKHILL PARTNERS LLP
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CL KING & ASSOCIATES INC
CMB INTERNATIONAL SECURITIES LTD
COOPERATIEVE RABOBANK UA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DAIWA CAPITAL MARKETS AMERICA INC
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DREXEL HAMILTON LLC
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTS BANK
ED&F MAN CAPITAL MARKETS INC
EXANE SA
FIRSTRAND BANK LTD
FLOW TRADERS BV
FTN FINANCIAL SECURITIES CORP
GMP SECURITIES LLC
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GUGGENHEIM SECURITIES LLC
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HILLTOP SECURITIES INC
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
IMPERIAL CAPITAL LLC
INDUSTRIAL BANK CO LTD
ING BANK NV
INTL FCSTONE FINANCIAL INC
JANE STREET FINANCIAL LTD
JANNEY MONTGOMERY SCOTT LLC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
KEYBANC CAPITAL MARKETS INC
KGS ALPHA CAPITAL MARKETS LP
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LLOYDS BANK PLC
LLOYDS SECURITIES INC
LOOP CAPITAL MARKETS LLC
MACQUARIE BANK LTD
MARKETAXESS EUROPE LTD
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MESIROW FINANCIAL INC
MILLENNIUM ADVISORS LLC
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
MUFG SECURITIES AMERICAS INC
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL BANK FINANCIAL INC
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NATIXIS SECURITIES AMERICAS LLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORTHERN TRUST SECURITIES LLP
OPPENHEIMER & CO INC
ORIENT SECURITIES CO LTD
PIPER JAFFRAY & CO
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RAYMOND JAMES & ASSOCIATES INC
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
RBS SECURITIES INC
ROBERT W BAIRD & CO INCORPORATED
SCOTIA CAPITAL INC
SCOTIA CAPITAL USA INC
SEAPORT GLOBAL SECURITIES LLC
SG AMERICAS SECURITIES LLC
SMBC NIKKO SECURITIES AMERICA INC
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STEPHENS INC.
STIFEL NICOLAUS & CO INC
STIFEL NICOLAUS EUROPE LTD
STOEVER GLASS & CO INC
STORMHARBOUR SECURITIES LLP
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SUMRIDGE PARTNERS LLC
SUNTRUST ROBINSON HUMPHREY INC
TD SECURITIES (USA) LLC
TD SECURITIES INC
UBS EUROPE SE
UBS SECURITIES LLC
UNICREDIT BANK AG
WEDBUSH SECURITIES INC
WELLS FARGO SECURITIES INTERNATIONAL LTD
WELLS FARGO SECURITIES LLC
WESTPAC BANKING CORP
WILLIAMS CAPITAL GROUP LP (THE)

EQUITY DERIVATIVES – Futures & Options admitted to trading on a trading venue
BANCO SANTANDER SA
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BCP SECURITIES LLC
BGC FINANCIAL LP
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BLOOMBERG TRADEBOOK LLC
BMO NESBITT BURNS INC
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CANTOR FITZGERALD & CO
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIC FUTURES COMPANY LIMITED
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
ED&F MAN CAPITAL MARKETS INC
EXANE SA
GFI SECURITIES LLC
GFI SECURITIES LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK PLC
HSBC BANK USA NA
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
ICAP CORPORATES LLC
ICAP SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
JEFFERIES LLC
JP MORGAN FUTURES CO LIMITED
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
LANDESBANK BADEN-WUERTTEMBERG
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LLOYDS BANK PLC
MACQUARIE BANK LTD
MAKO FINANCIAL MARKETS PARTNERSHIP LLP
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MIZUHO SECURITIES CO LTD
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY CAPITAL SERVICES LLC
MORGAN STANLEY EUROPE SE
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
RBS SECURITIES INC
ROYAL BANK OF CANADA
SANFORD C BERNSTEIN & CO LLC
SOCIETE GENERALE CAPITAL CANADA INC
SOCIETE GENERALE INTERNATIONAL LTD
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SUSQUEHANNA FINANCIAL GROUP LLLP
TD SECURITIES INC
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UNICREDIT BANK AG
WEEDEN & CO LP
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC

EQUITY DERIVATIVES – Swaps, forwards & other equity derivatives
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANCO SANTANDER SA
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BCP SECURITIES LLC
BGC FINANCIAL LP
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BLOOMBERG TRADEBOOK LLC
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
ED&F MAN CAPITAL MARKETS INC
EXANE SA
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO LTD
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
ICAP SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
KYTE BROKING LTD
LANDESBANK BADEN-WUERTTEMBERG
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LLOYDS BANK PLC
MACQUARIE BANK LTD
MAKO FINANCIAL MARKETS PARTNERSHIP LLP
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY CAPITAL SERVICES LLC
MORGAN STANLEY EUROPE SE
NATIONAL WESTMINSTER BANK PLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
RBC EUROPE LTD
RBS SECURITIES INC
SOCIETE GENERALE INTERNATIONAL LTD
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
TD SECURITIES INC
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UNICREDIT BANK AG
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC

SECURITIZED DERIVATIVES – Warrants & Certificate Derivative
N/A

SECURITIZED DERIVATIVES – Other Securitized Derivatives
BANCROFT CAPITAL LLC
BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LTD
BANK OF AMERICA NA
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CANACCORD GENUITY LTD
CAPITAL ONE NA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
COOPERATIEVE RABOBANK UA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE BANK TRUST COMPANY AMERICAS
EXANE SA
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS LENDING PARTNERS LLC
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK (CHINA) CO LTD
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
ING BANK NV
JEFFERIES FINANCE LLC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
KEYBANC CAPITAL MARKETS INC
KEYBANK NATIONAL ASSOCIATION
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LLOYDS BANK PLC
MACQUARIE BANK LTD
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MITSUBISHI UFJ TRUST INTERNATIONAL LTD
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RAYMOND JAMES LTD
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
ROBERT W BAIRD & CO INCORPORATED
ROYAL BANK OF CANADA
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STATE STREET BANK AND TRUST COMPANY
STIFEL NICOLAUS & CO INC
STIFEL NICOLAUS EUROPE LTD
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SUNTRUST BANK
SUNTRUST ROBINSON HUMPHREY INC
TORONTO-DOMINION BANK/THE
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UNICREDIT BANK AG
US BANCORP INVESTMENTS INC
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC

COMMODITIES DERIVATIVES – Futures & Options admitted to trading on a trading venue
BANCROFT CAPITAL LLC
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
BTIG LLC
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIC FUTURES COMPANY LIMITED
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
EXANE SA
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
ICAP SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
JEFFERIES LLC
JP MORGAN FUTURES CO LIMITED
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
MACQUARIE BANK LTD
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
NATIONAL WESTMINSTER BANK PLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
SANFORD C BERNSTEIN & CO LLC
SOCIETE GENERALE CAPITAL CANADA INC
SOCIETE GENERALE INTERNATIONAL LTD
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
WELLS FARGO SECURITIES LLC

COMMODITIES DERIVATIVES – Other commodity derivatives
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
EXANE SA
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
MAREX FINANCIAL LIMITED
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY CAPITAL SERVICES LLC
MORGAN STANLEY EUROPE SE
NATIONAL WESTMINSTER BANK PLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
UBS AG
UBS EUROPE SE

CONTRACTS FOR DIFFERENCE
ABG SUNDAL COLLIER ASA
ABN AMRO BANK NV
BANCROFT CAPITAL LLC
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BCP SECURITIES LLC
BERENBERG BANK
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN CO. LTD
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
BTIG LIMITED
CANACCORD GENUITY LTD
CANTOR FITZGERALD & CO
CARNEGIE INVESTMENT BANK AB
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CENKOS SECURITIES PLC
CHARLES STANLEY & CO LTD
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DANSKE BANK A/S
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DNB BANK ASA
EXANE INC
EXANE SA
FINNCAP LTD
GMP SECURITIES LP
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GOODBODY STOCKBROKERS
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
INDUSTRIAL BANK CO LTD
INSTINET EUROPE LIMITED
INVESTEC BANK LTD
INVESTEC BANK PLC
INVESTMENT TECHNOLOGY GROUP LIMITED
ITG INC
J & E DAVY
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JPMORGAN CHASE BANK (CHINA) CO LTD
KEMPEN & CO NV
KEPLER CHEUVREUX SA
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LIBERUM CAPITAL LIMITED
M WARBURG & CO (AG & CO) KGAA
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
NATIONAL WESTMINSTER BANK PLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NORDEA BANK AB
NORTHERN TRUST SECURITIES LLP
NPLUS1 SINGER CAPITAL MARKETS LIMITED
NUMIS SECURITIES LIMITED
ODDO BHF SCA
ORIENT SECURITIES CO LTD
PANMURE GORDON (UK) LIMITED
PEEL HUNT LLP
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC EUROPE LTD
REDBURN (EUROPE) LIMITED
SANFORD C BERNSTEIN & CO LLC
SHORE CAPITAL STOCKBROKERS LTD
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STIFEL NICOLAUS EUROPE LTD
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SVENSKA HANDELSBANKEN AB
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
WINTERFLOOD SECURITIES LTD

EXCHANGE TRADED PRODUCTS
BANCA IMI SPA
BANCO BILBAO VIZCAYA ARGENTARIA SA
BANCROFT CAPITAL LLC
BANK OF MONTREAL
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BBVA SECURITIES INC
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK EXECUTION SERVICES
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BLOOMBERG TRADEBOOK LLC
BLUEFIN EUROPE LLP
BMO CAPITAL MARKETS CORP
BNP PARIBAS ARBITRAGE
BNP PARIBAS SA
BNP PARIBAS SECURITIES CORP
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
BTIG LLC
CABRERA CAPITAL MARKETS LLC
CANACCORD GENUITY CORP
CANACCORD GENUITY INC
CANTOR FITZGERALD & CO
CANTOR FITZGERALD EUROPE
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CASTLEOAK SECURITIES LP
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITADEL SECURITIES LLC
CITIGROUP GLOBAL MARKETS AUSTRALIA PTY LTD
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CLSA AMERICAS LLC
CLSA LTD
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
COWEN AND CO LLC
COWEN EXECUTION SERVICES LLC
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE SECURITIES ASIA LTD
DEUTSCHE SECURITIES INC (TOKYO DST)
DREXEL HAMILTON LLC
EVERCORE GROUP LLC
EXANE INC
EXANE SA
FLOW TRADERS BV
FLOW TRADERS U.S. INSTITUTIONAL TRADING LLC
GFI SECURITIES LLC
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS INTERNATIONAL
GUGGENHEIM SECURITIES LLC
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
INDUSTRIAL BANK CO LTD
INSTINET EUROPE LIMITED
INVESTMENT TECHNOLOGY GROUP LIMITED
ITG INC
JANE STREET EXECUTION SERVICES LLC
JANE STREET FINANCIAL LTD
JANNEY MONTGOMERY SCOTT LLC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES (TAIWAN) LIMITED
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LOOP CAPITAL MARKETS LLC
MACQUARIE CAPITAL (USA) INC
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MISCHLER FINANCIAL GROUP INC
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES USA LLC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
MORGAN STANLEY TAIWAN LIMITED
NATIONAL BANK FINANCIAL INC
NATIONAL FINANCIAL SERVICES LLC
NATIONAL WESTMINSTER BANK PLC
NATIXIS SA
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORTHERN TRUST SECURITIES LLP
OPPENHEIMER & CO INC
OPTIVER VOF
ORIENT SECURITIES CO LTD
PENSERRA SECURITIES LLC
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
SANFORD C BERNSTEIN & CO LLC
SCOTIA CAPITAL INC
SG AMERICAS SECURITIES LLC
SG SECURITIES (HK) LIMITED
SMBC NIKKO SECURITIES INC
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STATE STREET GLOBAL MARKETS INTERNATIONAL LTD
STIFEL NICOLAUS & CO INC
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SUSQUEHANNA FINANCIAL GROUP LLLP
SUSQUEHANNA INTERNATIONAL SECURITIES LIMITED
TD SECURITIES INC
TRADEWEB EUROPE LIMITED
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UBS SECURITIES PTE LTD
UNICREDIT BANK AG
VIRTU AMERICAS LLC
WEEDEN & CO LP
WELLS FARGO SECURITIES LLC
WILLIAMS CAPITAL GROUP LP (THE)

EMISSION ALLOWANCES
N/A

OTHER INSTRUMENTS
BANCROFT CAPITAL LLC
BANK AM BELLEVUE AG
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BCP SECURITIES LLC
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CANACCORD GENUITY LTD
CANTOR FITZGERALD EUROPE
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CENKOS SECURITIES PLC
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CLSA LTD
CMB INTERNATIONAL SECURITIES LTD
COWEN EXECUTION SERVICES LLC
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DBS BANK LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
EVERCORE GROUP LLC
EXANE INC
EXANE SA
FINNCAP LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK PLC
HSBC BANK USA NA
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
INDUSTRIAL BANK CO LTD
INSTINET EUROPE LIMITED
INVESTEC BANK LTD
INVESTEC BANK PLC
INVESTMENT TECHNOLOGY GROUP LIMITED
ITG INC
JANNEY MONTGOMERY SCOTT LLC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
JPMORGAN CHASE BANK NA
KEPLER CHEUVREUX SA
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LIBERUM CAPITAL LIMITED
LIQUIDNET EUROPE LIMITED
LLOYDS BANK CORPORATE MARKETS PLC
LLOYDS BANK PLC
LOOP CAPITAL MARKETS LLC
MERRILL LYNCH CAPITAL SERVICES INC
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY CAPITAL SERVICES LLC
MORGAN STANLEY EUROPE SE
NATIONAL WESTMINSTER BANK PLC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NORTHERN TRUST SECURITIES LLP
NPLUS1 SINGER CAPITAL MARKETS LIMITED
NUMIS SECURITIES LIMITED
ORIENT SECURITIES CO LTD
PANMURE GORDON (UK) LIMITED
PEEL HUNT LLP
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
REDBURN (EUROPE) LIMITED
ROYAL BANK OF CANADA
SOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STIFEL NICOLAUS EUROPE LTD
STOCKDALE SECURITIES LIMITED
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
SVENSKA HANDELSBANKEN AB
UBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UNITED OVERSEAS BANK LTD
VIRTU AMERICAS LLC
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC
WINTERFLOOD SECURITIES LTD

SECURITIES FINANCING TRANSACTIONS
BANCROFT CAPITAL LLC
BANK OF AMERICA NA
BANK OF NOVA SCOTIA
BARCLAYS BANK MEXICO SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BCP SECURITIES LLC
BNP CAPITAL MARKETS
BNP PARIBAS (NY BRANCH)
BNP PARIBAS ARBITRAGE
BNP PARIBAS SA
BNP PRIME BROKERAGE INTERNATIONAL LIMTIED
BNP SECURITIES CORP
BOFA SECURITIES EUROPE SA
BOFA SECURITIES INC
BTG PACTUAL CORRETORA DE TITULOS E VALORES MOBILIARIOS SA
CASA DE BOLSA BBVA BANCOMER GRUPO FINANCIERO BBVA BANCOMER SA DE CV
CHASE LINCOLN FIRST COMMERCIAL CORP
CHINA MERCHANTS SECURITIES CO LTD
CIBC WORLD MARKETS INC
CITADEL CLEARING LLC
CITADEL SECURITIES (EUROPE) LIMITED
CITIBANK NA
CITICORP SECURITIES SERVICES, INC
CITIGROUP GLOBAL MARKETS LIMITED
CMB INTERNATIONAL SECURITIES LTD
COMMERZBANK AG
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
CREDIT SUISSE AG
CREDIT SUISSE AG DUBLIN BRANCH
CREDIT SUISSE AG NY BRANCH
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE PRIME SECURITIES SERVICES (USA) LLC
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CREDITEX SECURITIES CORPORATION
CSI GLOBAL MARKETS LTD
DBS BANK CHINA LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES NYC
DRESDNER BANK A.G.
EQUILEND EUROPE LIMITED
EXANE SA
GOLDMAN SACHS & CO
GOLDMAN SACHS BANK EUROPE SE
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GUOTAI JUNAN SECURITIES CO LTD
HAITONG INTERNATIONAL SECURITIES (USA) INC
HSBC BANK PLC
HSBC FRANCE SA
HSBC QIANHAI SECURITIES LIMITED
HSBC SECURITIES (USA) INC
INDUSTRIAL BANK CO LTD
ING FINANCIAL MARKETS LLC
JEFFRIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK (CHINA) CO LTD
LANDESBANK HESSEN THUERINGEN GIROZENTRALE
LLOYDS BANK PLC
MACQUARIE BANK LTD
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH INTERNATIONAL BANK LTD
MERRILL LYNCH MARKETS (AUSTRALIA) PTY LTD
MERRILL LYNCH, PIERCE, FENNER & SMITH
MERRILL LYNHC PROFESSIONAL CLEARING CORP
MIZUHO SECURITIES USA INC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY BANK NA
MORGAN STANLEY EUROPE SE
MUFG SECURITIES AMERICAS INC
NATIONAL BANK FINANICAL INC.
NATIONAL FINANCIAL SERVICES LLC
NATIONAL WESTMINSTER BANK PLC
NATIXIS S.A.
NATIXIS SECURITIES AMERICAS LLC
NATWEST MARKETS PLC
NATWEST MARKETS PLC CONNECTICUT BRANCH
NATWEST MARKETS SECURITIES INC
NBC GLOBAL FINANCE LIMITED (IRISH BROKER DEALER)
NESBITT BURNS
NOMURA FIXED INCOME SECURITIES PVT LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORTHERN TRUST SECURITIES LLP
ORIENT SECURITIES CO LTD
PNC CAPITAL MARKETS LLC
POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA
RBC CAPITAL MARKETS LLC
RBC DOMINION
RBC EUROPE LTD
ROYAL BANK OF CANADA
SCOTIA CAPITAL (USA) INC
SEB SECURITIES INC
SG AMERICAS SECURITIES LLC
SG NEW YORK BRANCH
SKANDINAVISKA ENSKILDA BANKEN ABSOCIETE GENERALE SA
STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC
STATE STREET BANK & TRUST COMPANY
STOEVER GLASS & CO INC
SUMITOMO MITSUI BANKING CORPORATION EUROPE LTD
TD PRIME SERVICES LLC
TD SECURITIES INC
THE BANK OF NOVIA SCOTIA
TORONTO DOMINION BANKUBS AG
UBS EUROPE SE
UBS SECURITIES LLC
UNICREDIT BANK AG
WELLS FARGO BANK, N.A.
WELLS FARGO SECURITIES