BlackRock Execution & Order placement policy

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 on a consistent basis the best possible result (an obligation referred to as “best execution”) for its clients. This 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). Additionally, BlackRock is required to establish and implement a policy that demonstrates how we seek to obtain best execution.

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

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 Manger 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 Trade Execution Model

BlackRock centralizes most of its trading in specialized central trading desks separate from the portfolio management function, located in Europe, the United States and Asia, who will then access the most appropriate local market.  Maintaining a centralized trading 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.

For particular investment strategies and financial instruments, due to the uniqueness, orders may be originated and executed by the same BlackRock employee.

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.

We may match and cross client buy and sell orders in the same financial instrument where permitted by applicable laws, regulations and client agreements, and when we believe it is in the best interest of both clients.   By crossing such orders, BlackRock may achieve trading efficiencies and cost-savings for the benefit of clients. 

All cross trades are done in accordance with BlackRock's Global Crossing Policy, which sets out several provisions and controls designed to manage potential conflicts of interest  between clients participating in such cross trades.  

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 the best possible result for its clients. In doing so, it 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 the best interests of the client and instructions of the portfolio manager (“PM”).

Subject to local regulatory requirements, we may, when executing clients’ orders, aggregate those orders with those of one or more of BlackRock’s other clients. While BlackRock will only do so when it is satisfied that it is unlikely that the aggregation of orders will work to the overall disadvantage of any participating client, aggregation may on some occasions operate to the disadvantage of a client in relation to a particular order.  BlackRock’s Global Investment and Trading Allocation Policy sets out how BlackRock handles the aggregation and the fair allocation of aggregated orders and transactions over time.

5. Execution Venues and Methods

In seeking best execution for our clients, BlackRock may use a variety of Execution Venues and trading methods, including block dealing, Request for Quote (RFQ) platforms, swap execution facilities and sponsored access to the order books of major trading venues. We may use one or more Execution Venues or trading methods to fill the entire volume of an order.

We will either execute an order for a client on an Execution Venue or place orders with, or transmit an order to, another entity for them to execute. A current list of Execution Venues and entities used by BlackRock can be found in Annex 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 signalling to the market, to avoid a poor execution outcome. In these cases, we may find it more desirable to trade with a broker acting as a systematic internaliser or in a principal capacity.

Although there are benefits to executing trades outside of a trading venue, it should be noted that there is a risk that a broker will fail to meet its obligations in relation to the transaction (‘counterparty risk’). While contractual rememedies 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”), who are part of BlackRock’s independent Risk & Quantitative Analysis team (“RQA”) and are responsible for implementing, updating, and maintaining counterparty credit policies and procedures (collectively the “RQA Counterparty Credit Policy”) 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 portfolios. 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 appropriateness of counterparty exposures arising from the products traded.

7. Ongoing Monitoring of Brokers/Counterparties

CCRG maintains a list of approved counterparties and reviews the list on an on-going basis via a number of sources including 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. Additionally, all trading counterparties undergo a cyclical formal 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 the best possible result for our clients when executing or placing, or transmitting, client orders by assessing the relative weight and importance of a number of execution factors and other relevant considerations under the particular circumstances.

A. Execution Factors

BlackRock 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;
  • anticipated execution costs;
  • 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 financial instrument or type of exposure.  Such instruction influences the prioritization of the execution factors by BlackRock’s traders. PMs’ instructions 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 this point in time, unless traders believe that there will be insufficient liquidity in the auction or at the close of the market; in such cases traders might extend the trading window to execute outside of the auction while still seeking to manage tracking error appropriately.

Forward benchmark 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.

Price dependent benchmarks inherently prioritize price as the primary execution factor for consideration.  If the price benchmark can be satisfied for the order, traders prioritize additional 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, benchmarks such as “Arrival Price”, price at the time of execution and market price at the point in time when the PM assigns the order to the trading desk, are used whenever they are available and unless otherwise specified.

The PM may assign a higher degree of importance to one factor over another. For example, for orders where fulfillment 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 which an order imparts on the overall investment outcome.  The execution of an order, which is part of larger basket of trades, may introduce portfolio effects which drive the consideration of execution factors, insofar as, for example, the respective timing of purchases and sales of financial instruments that are part of the basket needs to be calibrated, so as to minimize or eliminate unwanted market exposure to the portfolio.  Further, investment objectives and constraints may limit PMs’ and traders’ ability to prioritize 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 or in different market conditions.

Listed Financial Instruments

Financial instruments listed on regulated markets or traded on 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.

Futures and Listed 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 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:

  1. current market pricing to lend or finance the specific security
  2. 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
  3. liquidity of the lending, financing and cash market for the relevant security
  4. 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
  5. the overall utilization of a firm’s balance sheet
  6. 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 clearing broker; and
    • specific or idiosyncratic factors (e.g., a pending corporate actio, 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 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
  • 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:

  1. information or documentation relating to financial instruments or investment services that is generic in nature or personalised to reflect BlackRock’s circumstances;
  2. issuer commissioned research coverage;
  • participation in conferences, seminars or trading events on the benefits and features of specific financial instruments or investment services;
  1. hospitality of de minimis value during meetings or those events specified in clause iii above;
  2. connected research on an issuer in the context of an issuer capital raising;
  3. 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

When a client provides BlackRock with a specific order instruction, this may prevent us from taking steps designed and implemented to obtain the best possible result in the execution of the order.

In instances where a client provides a specific order instruction and BlackRock follows such instruction, BlackRock will be deemed to have complied with its best execution obligation for the aspect of the execution 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 and may involve the receipt of brokerage commissions from transactions for the client in exchange for the provision of services directly to the client or the payment of certain expenses on behalf of the client, subject to any regional regulations governing permitted use of commissions.  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).  Traders use their judgement to decide which trades to execute with such directed brokers and balance clients’ 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.  

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. The specific scope and content 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 the TCA tool along a broad array of attributes, such as by counterparty, trader, benchmark, or market, allowing for focused evaluation of each category.

Governance

BlackRock performs reviews of its trading activity in regular governance committees which review execution quality, the effectiveness of this policy and execution arrangements. Governance committees are charged with making enhancements to BlackRock’s execution arrangements and policy, where deemed appropriate.

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 detection broker selection criteria.

15. Periodic Review of Policy and Order Execution Arrangements

BlackRock will review the policy and its order execution and placement arrangements at least on an annual basis, as well as whenever a material change occurs that affects BlackRock’s ability to continue to obtain the best possible result for our clients.

During the periodic 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.

From time to time, BlackRock may update the policy or its execution arrangements and will notify clients should a material change occur.

16. Information Provided to Clients

Pursuant to MiFID II, BlackRock is required to provide appropriate information to clients on our Execution and Order Placement policy, including how client orders will be executed and the entities chosen for execution, and obtain their prior consent to the policy. As such, a summary of the policy is provided to clients before signing an account opening agreement, which contains a clause that asks clients to consent to the policy.

Additionally, BlackRock will summarise and make public on our website (www.blackrock.com) on an annual basis for each class of financial instrument in which we execute orders for, or on behalf of clients, the following information:

  • The top five Execution Venues (in terms of trading volumes) where we executed client orders in the preceding year; and the quality of execution obtained.
  • The top five entities (in terms of trading volumes) where we placed, or transmitted, client order for execution; and the quality of execution obtained.

 


Appendix 1 – Glossary of Terms 

Execution Venue A Regulated Market, a Multilateral Trading Facility (MTF), an Organised 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.
Organised Trading Facility Amultilateral 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 organised, 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 characterised 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 characterised 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 November 2017)

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
BAADER BANK AG
BAADER HELVEA INC
BANCA IMI SPA
BANK AM BELLEVUE AG
BANK OF MONTREAL
BANQUE DEGROOF PETERCAM SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BBVA SECURITIES INC
BELL POTTER SECURITIES LTD
BERENBERG BANK
BGC BROKERS LP
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
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
BRADESCO SECURITIES INC
BTG PACTUAL US CAPITAL LLC
BTIG LIMITED
BTIG LLC
CANACCORD GENUITY INC
CANACCORD GENUITY CORP
CANACCORD GENUITY LTD
CANTOR FITZGERALD & CO
CANTOR FITZGERALD EUROPE
CARNEGIE INVESTMENT BANK AB
CASA DE BOLSA FINAMEX SAB DE CV
CASTLEOAK SECURITIES LP
CENKOS SECURITIES PLC
CHARLES STANLEY & CO LTD
CHINA INTERNATIONAL CAPITAL CORP LTD
CIBC WORLD MARKETS INC
CIBC WORLD MARKETS PLC
CIMB SECURITIES (SINGAPORE) PTE LTD
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 AMERICAS LLC
CLSA 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
CV BROKERAGE INC
DA DAVIDSON & CO
DAIWA CAPITAL MARKETS AMERICA INC
DAIWA CAPITAL MARKETS EUROPE LTD
DANSKE BANK A/S
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
EDELWEISS SECURITIES LIMITED
EQUITA SIM SPA
EVERCORE GROUP LLC
EVLI BANK PLC
EXANE INC
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 INTERNATIONAL
GOODBODY STOCKBROKERS
GUGGENHEIM SECURITIES LLC
HAITONG INTERNATIONAL SECURITIES CO LTD
HAITONG SECURITIES CO LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC SECURITIES (USA) INC
ICBC STANDARD BANK PLC
ICHIYOSHI SECURITIES CO LTD
ICICI SECURITIES LIMITED
IMPERIAL CAPITAL LLC
INDIA INFOLINE 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 SECURITIES (TAIWAN) LIMITED
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
KBC SECURITIES NV
KCG EUROPE LTD
KEEFE BRUYETTE & WOODS INC
KEMPEN & CO NV
KEPLER CHEUVREUX SA
KEYBANC CAPITAL MARKETS INC
KOTAK SECURITIES LTD
LEERINK PARTNERS LLC
LIBERUM CAPITAL LIMITED
LIQUIDNET EUROPE LIMITED
LIQUIDNET INC
LUMINEX TRADING & ANALYTICS LLC
LOOP CAPITAL MARKETS LLC
MACQUARIE BANK LTD
MACQUARIE CAPITAL (USA) INC
MAINFIRST BANK AG
MARKETAXESS CORPORATION
MAYBANK KIM ENG SECURITIES PTE LTD
MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA
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 SECURITIES CO LTD
MIZUHO INTERNATIONAL PLC
MIZUHO SECURITIES USA LLC
MONNESS CRESPI HARDT & CO INC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
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
NATIXIS SA
NH INVESTMENT & SECURITIES CO LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES CO LTD
NOMURA SECURITIES INTERNATIONAL INC
NORDEA BANK AB
NPLUS1 SINGER CAPITAL MARKETS LIMITED
NUMIS SECURITIES LIMITED
ODDO BHF SCA
OPPENHEIMER & CO INC
OPTIVER VOF
ORD MINNETT LTD
PANMURE GORDON (UK) LIMITED
PARETO SECURITIES AS
PAVILION GLOBAL MARKETS LTD
PEEL HUNT LLP
PENSERRA SECURITIES LLC
PIPER JAFFRAY & CO
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 BOLSA SOCIEDAD DE VALORES SA
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
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
SUNTRUST ROBINSON HUMPHREY INC
SUSQUEHANNA FINANCIAL GROUP LLLP
SVENSKA HANDELSBANKEN AB
TD SECURITIES (USA) LLC
TD SECURITIES INC
TEB YATIRIM MENKUL DEGERLER AS
UBS AG
UBS LTD
UBS SECURITIES LLC
UBS SECURITIES PTE LTD
VIRTU AMERICAS LLC
WEDBUSH SECURITIES INC
WEEDEN & CO LP
WELLS FARGO SECURITIES LLC
WH IRELAND LIMITED
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
BAADER BANK AG
BAADER HELVEA INC
BANCA IMI SPA
BANK AM BELLEVUE AG
BANK OF MONTREAL
BANQUE DEGROOF PETERCAM SA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BBVA SECURITIES INC
BELL POTTER SECURITIES LTD
BERENBERG BANK
BGC BROKERS LP
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
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
BOCI SECURITIES LIMITED
BOKF NA
BRADESCO SECURITIES INC
BRED BANQUE POPULAIRE
BROWNSTONE INVESTMENT GROUP LLC
BTIG LLC
CABRERA CAPITAL MARKETS LLC
CAIXABANK SA
CAMBRIDGE INTERNATIONAL SECURITIES LLC
CANACCORD GENUITY INC
CANACCORD GENUITY CORP
CANACCORD GENUITY LTD
CANADIAN IMPERIAL BANK OF COMMERCE
CANTOR FITZGERALD & CO
CANTOR FITZGERALD EUROPE
CAPITAL ONE NA
CASA DE BOLSA FINAMEX SAB DE CV
CASTLEOAK SECURITIES LP
CHALKHILL PARTNERS LLP
CHINA CONSTRUCTION BANK CORP
CHINA INTERNATIONAL CAPITAL CORP HONG KONG
SECURITIES LTD
CHINA INTERNATIONAL CAPITAL CORP LTD
CIBC WORLD MARKETS INC
CIMB BANK BHD
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
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
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 LTD
DEKABANK DEUTSCHE GIROZENTRALE
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-
GENOSSENSCHAFTSBANK
EASTERN BANK
ED&F MAN CAPITAL MARKETS INC
ERSTE GROUP BANK AG
EVERCORE GROUP LLC
EXANE INC
EXOTIX USA INC
FIRST ABU DHABI BANK PJSC
FIRST TENNESSEE BANK NA
FIRSTRAND BANK LTD
FLOW TRADERS BV
FTN FINANCIAL SECURITIES CORP
GFI SECURITIES LTD
GMP SECURITIES LLC
GMP SECURITIES LP
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS INTERNATIONAL BANK
GOLDMAN SACHS JAPAN CO LTD
GOODBODY STOCKBROKERS
GUGGENHEIM SECURITIES LLC
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED
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 SECURITIES (USA) INC
ICBC STANDARD BANK PLC
IMPERIAL CAPITAL LLC
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 SECURITIES JAPAN CO LTD
KBC SECURITIES NV
KEEFE BRUYETTE & WOODS INC
KEPLER CHEUVREUX SA
KEYBANC CAPITAL MARKETS INC
KGS ALPHA CAPITAL MARKETS LP
LANDESBANK BADEN-WUERTTEMBERG
LARRAIN VIAL SA CORREDORA DE BOLSA
LAURENTIAN BANK SECURITIES INC
LAZARD FRERES & CO LLC
LEERINK PARTNERS LLC
LIQUIDITY FINANCE LLP
LIQUIDNET INC
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
MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA
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 MUFG SECURITIES CO LTD
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL BANK FINANCIAL INC
NATIONAL BANK OF CANADA
NATIONAL BANK OF CANADA FINANCIAL INC
NATIONAL FINANCIAL SERVICES LLC
NATIXIS SA
NATIXIS SECURITIES AMERICAS LLC
NEDBANK LTD
NOMURA CAPITAL (INDIA) PRIVATE LIMITED
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES CO LTD
NOMURA SECURITIES INTERNATIONAL INC
NORDDEUTSCHE LANDESBANK GIROZENTRALE
NORDEA BANK AB
NYKREDIT BANK A/S
ODDO BHF SCA
OKASAN SECURITIES CO LTD
OP CORPORATE BANK PLC
OPPENHEIMER & CO INC
OVERSEA-CHINESE BANKING CORPORATION LTD
PARETO SECURITIES AS
PARETO SECURITIES INC
PENSERRA SECURITIES LLC
PIPER JAFFRAY & CO
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
ROYAL BANK OF SCOTLAND PLC
SAMSUNG SECURITIES CO LTD
SANTANDER INVESTMENT SECURITIES INC
SCOTIA CAPITAL INC
SCOTIA CAPITAL USA INC
SCOTIABANK CHILE
SCOTIABANK EUROPE PLC
SEAPORT GLOBAL SECURITIES LLC
SEAPORT GROUP EUROPE LLP/THE
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
STATE STREET GLOBAL MARKETS LLC
STEPHENS INC.
STIFEL NICOLAUS & CO INC
STIFEL NICOLAUS EUROPE LTD
STORMHARBOUR SECURITIES LLP
SUMITOMO MITSUI BANKING CORPORATION
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
TRADITION SECURITIES AND DERIVATIVES INC
TULLETT PREBON (SECURITIES) LIMITED
UBS AG
UBS FINANCIAL SERVICES INC
UBS LTD
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 SANTANDER SA
BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LTD
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BBVA SECURITIES INC
BGC BROKERS LP
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
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
BRED BANQUE POPULAIRE
CABRERA CAPITAL MARKETS LLC
CAIXABANK SA
CANTOR FITZGERALD & CO
CASTLEOAK SECURITIES LP
CIMB BANK BHD
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
COMMERZBANK AG
COOPERATIEVE RABOBANK UA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
DAIWA CAPITAL MARKETS AMERICA INC
DAIWA CAPITAL MARKETS EUROPE LTD
DANSKE BANK A/S
DESJARDINS SECURITIES INC
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DREXEL HAMILTON LLC
FIRST TENNESSEE BANK NA
FTN FINANCIAL SECURITIES CORP
GFI SECURITIES LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS INTERNATIONAL
GUGGENHEIM SECURITIES LLC
HSBC BANK CANADA
HSBC BANK PLC
HSBC SECURITIES (USA) INC
ING BANK NV
INTL FCSTONE FINANCIAL INC
JANE STREET FINANCIAL LTD
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
KBC SECURITIES NV
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
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL BANK FINANCIAL INC
NATIXIS SA
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
NORDEA BANK AB
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
RBC EUROPE LTD
RBS SECURITIES INC
ROYAL BANK OF SCOTLAND PLC
SANTANDER INVESTMENT SECURITIES INC
SCOTIA CAPITAL INC
SCOTIA CAPITAL USA INC
SG AMERICAS SECURITIES LLC
SMBC NIKKO CAPITAL MARKETS LIMITED
SMBC NIKKO SECURITIES INC
SOCIETE GENERALE SA
TD SECURITIES INC
TORONTO-DOMINION BANK/THE
TRADITION LONDON CLEARING LIMITED
UBS LTD
UBS SECURITIES LLC
UNICREDIT BANK AG
WELLS FARGO SECURITIES LLC
WILLIAMS CAPITAL GROUP LP (THE)

Interest Rate Derivatives – Futures & options admitted to trading on a trading venue

AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANCO SANTANDER SA
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BGC FINANCIAL LP
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) 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
BTIG LLC
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
COMMERZBANK AG
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
DANSKE BANK A/S
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE SECURITIES INC (TOKYO DST)
ED&F MAN CAPITAL MARKETS INC
GFI SECURITIES LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC SECURITIES (USA) INC
ICAP CORPORATES LLC
ICAP SECURITIES LIMITED
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK NA
KYTE BROKING LTD
LANDESBANK BADEN-WUERTTEMBERG
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 CAPITAL SERVICES LLC
MORGAN STANLEY MUFG SECURITIES CO LTD
NATIXIS SA
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
RBC EUROPE LTD
RBS SECURITIES INC
ROYAL BANK OF CANADA
ROYAL BANK OF SCOTLAND PLC
SANFORD C BERNSTEIN & CO LLC
SOCIETE GENERALE CAPITAL CANADA INC
SOCIETE GENERALE INTERNATIONAL LTD
SOCIETE GENERALE SA
SUSQUEHANNA FINANCIAL GROUP LLLP
TD SECURITIES INC
UBS AG
UBS LTD
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
BANK OF AMERICA NA
BANK OF NOVA SCOTIA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
COOPERATIEVE RABOBANK UA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (USA) LLC
DBS BANK LTD
DEUTSCHE BANK AG
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC BANK USA NA
HSBC SECURITIES (USA) INC
ING BANK NV
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK NA
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 CAPITAL SERVICES LLC
NATIONAL AUSTRALIA BANK LIMITED
NATIXIS SA
NOMURA INTERNATIONAL PLC
ROYAL BANK OF CANADA
ROYAL BANK OF SCOTLAND PLC
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
UBS AG
UBS LTD
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

BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BBVA SECURITIES INC
BGC FINANCIAL LP
BGC PARTNERS MENKUL DEGERLER AS
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) 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
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
COMMERZBANK AG
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
DANSKE BANK A/S
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE SECURITIES INC (TOKYO DST
ED&F MAN CAPITAL MARKETS INC
GFI SECURITIES LLC
GFI SECURITIES LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC SECURITIES (USA) INC
ICAP SECURITIES LIMITED
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK NA
LANDESBANK BADEN-WUERTTEMBERG
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 MUFG SECURITIES CO LTD
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
RBC CAPITAL MARKETS LLC
RBS SECURITIES INC
ROYAL BANK OF CANADA
ROYAL BANK OF SCOTLAND PLC
SANFORD C BERNSTEIN & CO LLC
SOCIETE GENERALE CAPITAL CANADA INC
SOCIETE GENERALE INTERNATIONAL LTD
SOCIETE GENERALE SA
SUSQUEHANNA FINANCIAL GROUP LLLP
TD SECURITIES INC
UBS AG
UBS LTD
UBS SECURITIES LLC
UNICREDIT BANK AG
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC

Credit Derivatives – other credit derivatives

BANK OF AMERICA NA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
COMMONWEALTH BANK OF AUSTRALIA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (USA) LLC
DEUTSCHE BANK AG
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC BANK USA NA
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK NA
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY CAPITAL SERVICES LLC
NATIXIS SA
NOMURA INTERNATIONAL PLC
SOCIETE GENERALE SA
UBS AG

Currency Derivatives – Futures & options admitted to trading on a trading venue

AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANK OF AMERICA NA
BARCLAYS BANK PLC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
CITIBANK NA
CREDIT SUISSE INTERNATIONAL
DEUTSCHE BANK AG
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
JPMORGAN CHASE BANK NA
MORGAN STANLEY & CO INTERNATIONAL PLC
NOMURA INTERNATIONAL PLC
ROYAL BANK OF CANADA
ROYAL BANK OF SCOTLAND PLC
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
TORONTO-DOMINION BANK/THE
UBS AG

Currency Derivatives – Swaps, forwards & other currency derivatives

AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANCO SANTANDER SA
BANK OF AMERICA NA
BANK OF MONTREAL
BANK OF NEW YORK MELLON/THE
BARCLAYS BANK PLC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD.
BNP PARIBAS SA
BROWN BROTHERS HARRIMAN & CO
CANADIAN IMPERIAL BANK OF COMMERCE
CITIBANK NA
COMMONWEALTH BANK OF AUSTRALIA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA 
CREDIT SUISSE INTERNATIONAL
DANSKE BANK A/S
DEUTSCHE BANK AG
DEUTSCHE SECURITIES INC (TOKYO DST
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
JPMORGAN CHASE BANK NA
LANDESBANK BADEN-WUERTTEMBERG
MORGAN STANLEY & CO INTERNATIONAL PLC
NATIONAL AUSTRALIA BANK LIMITED
NOMURA INTERNATIONAL PLC
NORTHERN TRUST COMPANY (THE)
NYKREDIT BANK A/S
ROYAL BANK OF CANADA
ROYAL BANK OF SCOTLAND PLC
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
STATE STREET BANK AND TRUST COMPANY
TORONTO-DOMINION BANK/THE
UBS AG
UNITED OVERSEAS BANK LTD
WESTPAC BANKING CORP

Structured 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
BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LTD
BANK OF AMERICA NA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BAY CREST PARTNERS LLC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
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
BROWNSTONE INVESTMENT GROUP LLC
CAMBRIDGE INTERNATIONAL SECURITIES LLC
CANTOR FITZGERALD & CO
CASTLEOAK SECURITIES LP
CHALKHILL PARTNERS LLP
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CL KING & ASSOCIATES INC
COOPERATIEVE RABOBANK UA
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
DAIWA CAPITAL MARKETS AMERICA INC
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DREXEL HAMILTON LLC
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTS BANK
ED&F MAN CAPITAL MARKETS INC
FIRSTRAND BANK LTD
FLOW TRADERS BV
FTN FINANCIAL SECURITIES CORP
GMP SECURITIES LLC
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS INTERNATIONAL
GUGGENHEIM SECURITIES LLC
HILLTOP SECURITIES INC
HSBC BANK PLC
HSBC SECURITIES (USA) INC
IMPERIAL CAPITAL LLC
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
KEYBANC CAPITAL MARKETS INC
KGS ALPHA CAPITAL MARKETS LP
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
MUFG SECURITIES AMERICAS INC
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL BANK FINANCIAL INC
NATIXIS SA
NATIXIS SECURITIES AMERICAS LLC
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
OPPENHEIMER & CO INC
PIPER JAFFRAY & CO
RAYMOND JAMES & ASSOCIATES INC
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
RBS SECURITIES INC
ROBERT W BAIRD & CO INCORPORATED
ROYAL BANK OF SCOTLAND PLC
SCOTIA CAPITAL INC
SCOTIA CAPITAL USA INC
SEAPORT GLOBAL SECURITIES LLC
SG AMERICAS SECURITIES LLC
SMBC NIKKO SECURITIES AMERICA INC
SOCIETE GENERALE SA
STEPHENS INC.
STIFEL NICOLAUS & CO INC
STIFEL NICOLAUS EUROPE LTD
STORMHARBOUR SECURITIES LLP
SUMRIDGE PARTNERS LLC
SUNTRUST ROBINSON HUMPHREY INC
TD SECURITIES (USA) LLC
TD SECURITIES INC
UBS LTD
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
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BGC FINANCIAL LP
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) 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
CANTOR FITZGERALD & CO
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
ED&F MAN CAPITAL MARKETS INC
GFI SECURITIES LLC
GFI SECURITIES LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC BANK USA NA
HSBC SECURITIES (USA) INC
ICAP CORPORATES LLC
ICAP SECURITIES LIMITED
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK NA
LANDESBANK BADEN-WUERTTEMBERG
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 CAPITAL SERVICES LLC
NATIXIS SA
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
RBS SECURITIES INC
ROYAL BANK OF CANADA
ROYAL BANK OF SCOTLAND PLC
SANFORD C BERNSTEIN & CO LLC
SOCIETE GENERALE CAPITAL CANADA INC
SOCIETE GENERALE INTERNATIONAL LTD
SOCIETE GENERALE SA
SUSQUEHANNA FINANCIAL GROUP LLLP
TD SECURITIES INC
UBS AG
UBS LTD
UBS SECURITIES LLC
UNICREDIT BANK AG
WEEDEN & CO LP
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC

Equity Derivatives – Swaps, forwards & other currency derivatives

AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
BANCO SANTANDER SA
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BGC FINANCIAL LP
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) 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
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
COMMERZBANK AG
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
ED&F MAN CAPITAL MARKETS INC
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS JAPAN CO LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC SECURITIES (USA) INC
ICAP SECURITIES LIMITED
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK NA
KYTE BROKING LTD
LANDESBANK BADEN-WUERTTEMBERG
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 CAPITAL SERVICES LLC
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
RBC CAPITAL MARKETS LLC
RBC DOMINION SECURITIES INC
RBC EUROPE LTD
RBS SECURITIES INC
ROYAL BANK OF SCOTLAND PLC
SOCIETE GENERALE INTERNATIONAL LTD
SOCIETE GENERALE SA
TD SECURITIES INC
UBS AG
UBS LTD
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

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LTD
BANK OF AMERICA NA
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) 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
CANACCORD GENUITY LTD
CAPITAL ONE NA
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
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
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE BANK TRUST COMPANY AMERICAS
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
GOLDMAN SACHS LENDING PARTNERS LLC
HSBC BANK (CHINA) CO LTD
HSBC BANK PLC
ING BANK NV
JEFFERIES FINANCE LLC
JEFFERIES INTERNATIONAL LTD
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK NA
KEYBANC CAPITAL MARKETS INC
KEYBANK NATIONAL ASSOCIATION
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
MUFG SECURITIES AMERICAS INC
MUFG SECURITIES EMEA PLC
NATIXIS SA
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
RAYMOND JAMES LTD
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
ROBERT W BAIRD & CO INCORPORATED
ROYAL BANK OF CANADA
ROYAL BANK OF SCOTLAND PLC
SOCIETE GENERALE SA
STANDARD CHARTERED BANK
STATE STREET BANK AND TRUST COMPANY
STIFEL NICOLAUS & CO INC
STIFEL NICOLAUS EUROPE LTD
SUNTRUST BANK
SUNTRUST ROBINSON HUMPHREY INC
TORONTO-DOMINION BANK/THE
UBS AG
UBS LTD
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

BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BTIG LLC
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
ICAP SECURITIES LIMITED
JEFFERIES LLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
MACQUARIE BANK LTD
MERRILL LYNCH INTERNATIONAL
MERRILL LYNCH PIERCE FENNER & SMITH INC
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
RBC CAPITAL MARKETS LLC
SANFORD C BERNSTEIN & CO LLC
SOCIETE GENERALE CAPITAL CANADA INC
SOCIETE GENERALE INTERNATIONAL LTD
UBS AG
UBS LTD
UBS SECURITIES LLC
WELLS FARGO SECURITIES LLC

Commodities Derivatives – Other commodity derivatives

BANK OF AMERICA NA
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CREDIT SUISSE INTERNATIONAL
CREDIT SUISSE SECURITIES (USA) LLC
DEUTSCHE BANK AG
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
JP MORGAN SECURITIES LLC
JP MORGAN SECURITIES PLC
JPMORGAN CHASE BANK NA
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY & CO INTERNATIONAL PLC
MORGAN STANLEY & CO LLC
MORGAN STANLEY CAPITAL SERVICES LLC
SOCIETE GENERALE SA
UBS AG

Contracts for Difference

ABG SUNDAL COLLIER ASA
ABN AMRO BANK NV
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BERENBERG BANK
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN CO. LTD
BTIG LIMITED
CANACCORD GENUITY LTD
CANTOR FITZGERALD & CO
CARNEGIE INVESTMENT BANK AB
CENKOS SECURITIES PLC
CHARLES STANLEY & CO LTD
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
COMMERZBANK AG
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
DANSKE BANK A/S
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DNB BANK ASA
EXANE INC
FINNCAP LTD
GMP SECURITIES LP
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS INTERNATIONAL
GOODBODY STOCKBROKERS
HSBC BANK PLC
HSBC SECURITIES (USA) INC
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
KCG EUROPE LTD
KEMPEN & CO NV
KEPLER CHEUVREUX SA
LIBERUM CAPITAL LIMITED
LIQUIDNET EUROPE 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
NORDEA BANK AB
NPLUS1 SINGER CAPITAL MARKETS LIMITED
NUMIS SECURITIES LIMITED
ODDO BHF SCA
PANMURE GORDON (UK) LIMITED
PEEL HUNT LLP
RBC EUROPE LTD
REDBURN (EUROPE) LIMITED
SANFORD C BERNSTEIN & CO LLC
SHORE CAPITAL STOCKBROKERS LTD
SOCIETE GENERALE SA
STIFEL NICOLAUS EUROPE LTD
SVENSKA HANDELSBANKEN AB
UBS AG
UBS SECURITIES LLC
WINTERFLOOD SECURITIES LTD

Exchange Traded Products

BANCA IMI SPA
BANCO BILBAO VIZCAYA ARGENTARIA SA
BANK OF MONTREAL
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BBVA SECURITIES INC
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
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
BTIG LLC
CABRERA CAPITAL MARKETS LLC
CANACCORD GENUITY INC
CANACCORD GENUITY CORP
CANTOR FITZGERALD & CO
CANTOR FITZGERALD EUROPE
CASTLEOAK SECURITIES LP
CITADEL SECURITIES LLC
CITIGROUP GLOBAL MARKETS AUSTRALIA PTY LTD
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CLSA AMERICAS LLC
CLSA LTD
COMMERZBANK AG
COWEN AND CO LLC
COWEN EXECUTION SERVICES LLC
CREDIT SUISSE SECURITIES (EUROPE) LTD
CREDIT SUISSE SECURITIES (USA) LLC
CV BROKERAGE INC
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
DEUTSCHE SECURITIES ASIA LTD
DEUTSCHE SECURITIES INC (TOKYO DST)
DREXEL HAMILTON LLC
EVERCORE GROUP LLC
EXANE INC
FLOW TRADERS BV
FLOW TRADERS U.S. INSTITUTIONAL TRADING LLC
GFI SECURITIES LLC
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS INTERNATIONAL
GUGGENHEIM SECURITIES LLC
HONGKONG AND SHANGHAI BANKING CORPORATION LTD
HSBC BANK PLC
HSBC SECURITIES (USA) INC
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
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 TAIWAN LIMITED
NATIONAL BANK FINANCIAL INC
NATIONAL FINANCIAL SERVICES LLC
NATIXIS SA
NOMURA INTERNATIONAL PLC
NOMURA SECURITIES INTERNATIONAL INC
OPPENHEIMER & CO INC
OPTIVER VOF
PENSERRA SECURITIES LLC
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
STATE STREET GLOBAL MARKETS INTERNATIONAL LTD
STIFEL NICOLAUS & CO INC
SUSQUEHANNA FINANCIAL GROUP LLLP
SUSQUEHANNA INTERNATIONAL SECURITIES LIMITED
TD SECURITIES INC
UBS AG
UBS LTD
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

BANK AM BELLEVUE AG
BANK OF AMERICA NA
BANK OF MONTREAL
BARCLAYS BANK PLC
BARCLAYS CAPITAL INC
BARCLAYS CAPITAL SECURITIES LTD
BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED
BLACKROCK (SINGAPORE) LIMITED
BLACKROCK FINANCIAL MANAGEMENT, INC
BLACKROCK INSTITUTIONAL TRUST COMPANY, NATIONAL ASSOCIATION
BLACKROCK INTERNATIONAL LIMITED
BLACKROCK JAPAN, CO. LTD
BNP PARIBAS SA
CANACCORD GENUITY LTD
CANTOR FITZGERALD EUROPE
CENKOS SECURITIES PLC
CITIBANK NA
CITIGROUP GLOBAL MARKETS INC
CITIGROUP GLOBAL MARKETS LIMITED
CLSA 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
DBS BANK LTD
DEUTSCHE BANK AG
DEUTSCHE BANK SECURITIES INC
EVERCORE GROUP LLC
EXANE INC
FINNCAP LTD
GOLDMAN SACHS & CO LLC
GOLDMAN SACHS BANK USA
GOLDMAN SACHS INTERNATIONAL
HSBC BANK PLC
HSBC BANK USA NA
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 NA
KCG EUROPE LTD
KEPLER CHEUVREUX SA
LIBERUM CAPITAL LIMITED
LIQUIDNET EUROPE LIMITED
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 CAPITAL SERVICES LLC
NOMURA INTERNATIONAL PLC
NPLUS1 SINGER CAPITAL MARKETS LIMITED
NUMIS SECURITIES LIMITED
PANMURE GORDON (UK) LIMITED
PEEL HUNT LLP
RBC CAPITAL MARKETS LLC
RBC EUROPE LTD
REDBURN (EUROPE) LIMITED
ROYAL BANK OF CANADA
ROYAL BANK OF SCOTLAND PLC
SANTANDER INVESTMENT BOLSA SOCIEDAD DE VALORES
SOCIETE GENERALE SA
STIFEL NICOLAUS EUROPE LTD
STOCKDALE SECURITIES LIMITED
SVENSKA HANDELSBANKEN AB
UBS AG
UBS SECURITIES LLC
UNITED OVERSEAS BANK LTD
VIRTU AMERICAS LLC
WELLS FARGO BANK NA
WELLS FARGO SECURITIES LLC
WINTERFLOOD SECURITIES LTD