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Security and transparency

are the hallmarks o

NYSE Euronexts debt

trading platorm

nyse euronext

Debt Markets

www.nyseeuronext.co2009 NYSE Euron

All Rights Reser

NYSE Euronexts debt market is rapidly expanding. In the US, the all-electronic NYSE Bondstrading platorm operates the largest centralized bond market o any US exchange, oering

price transparency or a broad range o bonds. Across the Atlantic, NYSE Euronext is home

a well-diversifed and robust European debt market, comprising bonds, medium term notes

and money market instruments.

EuropeBy trading debt instruments on NYSE Euronext, traders are participating in one o the most

transparent and efcient secondary markets in the world. Its dedicated debt market has ove

4,000 securities listed and available or trading.

NYSE Euronext has adopted the Classifcation o Financial Instruments (CFI Code), an

international ISO standard, to provide investors with comprehensive inormation on all

instruments listed and traded on the exchange. The NYSE Euronext oering comprises:

Mney Maet Intument, Meium Tem Nte,

Bn, incluing xe ate, ating ate an ze cupn,

Bn ith aant attache,

Aet-bace ecuitie,

Inex-line bn,

Cvee bn,

Cnvetible bn.

A amlid ad fci adig aciliNYSE Euronext oers a streamlined and efcient secondary trading acility. In December 2008,

the debt markets segment was the frst to successully migrate to the new common trading

platorm, the Universal Trading Platorm. This system acilitates air and transparent price

ormation and provides investors with ultra low latency order execution and centralized

liquidity. The platorm is able to process a ull range o order types and sizes within a single

order book. This single order book, implemented in January 2009, has urther enhanced

liquidity by eliminating ragmentation and concentrating orders and trades on the same

trading line using ungible ISIN codes.

Ma bf adig nyse e Taing i pible uing the hle ay: taing hu fm 09.00 t 17.35 CET (Centra

Order B pene fm 07.15 t 17.40 CET).

Taing tae place n a pice-iven cntinuu bai thugh an auctin mechanim.

Auctions take place once or twice a day (according to the venue and any issuer requests),

in order to improve price discovery or less liquid securities.

By guping tgethe ecuitie by thei elevant miciliatin, thei intument type

(government bonds, agency and municipal bonds, corporate bonds, etc.), their trading mode,

trading hours, thresholds and interruptions, each instrument is in the most appropriate group.

P-ad vicIt is not just the trading acilities, but also NYSE Euronexts post-trade services oer that ensurethe quality o the secondary market. Together with its partners LCH.Clearnet and Euroclear,

NYSE Euronext provides ull Straight Through Processing (STP), rom execution to clearing

and settlement.

LCH.Cleanet bing an extenive tac ec in cental cuntepaty evice, incluing

multilateral netting.

Euclea ffe acce t the l laget ettlement ytem f metic an

international securities, with an extensive presence in Continental Europe.

Cac ep

fxedincome@euronext.com

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nyse euronext

Debt Markets

USIn the US, the all-electronic NYSE Bonds trading platorm operates the largest centralized bond

market o any US exchange, oering price transparency or a broad range o corporate (including

convertibles), agency and government bonds. The main volume is in corporate debt, with some

94% in straight or non-convertible bonds, and 6% in convertible debt issues.

nyse BdThe NYSE Bonds trading platorm provides an efcient and transparent way to trade bonds.

The platorm incorporates the design o the current NYSE Arca all-electronic trading system.

This system is based upon a strict price-time priority and provides investors with the ability to readily

obtain transparent pricing and trading inormation, enabling them to make better investment

decisions. The system has been expanded to include the bonds o all NYSE-listed companies and

their subsidiaries without the companies having to list each bond issued.

How doEs NYsE BoNds work? soME CHArACTErIsTICs

The NYSE Bonds order book displays cumulative bids and oers, displaying the ull depth

o the book. Orders are matched on a strict price-time priority basis. NYSE Bonds conducts

two daily bond auctions: The Opening Bond Auction at 04:00 a.m. ET and The Core Bond

Auctin at 09:30 a.m. ET. oe nt execute in eithe auctin becme eligible f

continuous trading immediately ater the auction. Transactions occurring on the NYSE Bonds

system are locked-in trades and are reported with accrued interest to DTCC.

All trade settlement is in the regular way (three day settlement), and the bonds traded are

CNS eligible.

The NYSE Bond platorm can be accessed by eligible NYSE members or sponsored non-

members. To increase transparency, NYSE Bonds now oers NYSE Web Book. NYSE Web

Book is a ree web based application oering real time price, market depth, and last same

inormation on specifc bond issues. You can view the NYSE Web Book at www.nyse.com/bbook.The NYSE Bond Web Book provides the unique and exclusive opportunity to view a

continuous stream o real-time NYSE Bond depth o book. The data eeds are also available

through various quote vendors.

nyse Am BdAll NYSE Amex (ormerly the American Stock Exchange) listed bonds are currently traded on

NYSE Amex Bonds, an electronic platorm based on NYSE Bonds. NYSE Amex listings include

numerous equity and index linked certifcates that have debt CUSIPs (security identifcation

codes). Like NYSE Bonds, this trading platorm incorporates the design o NYSE Arcas

comprehensive matching technology, allowing NYSE members to enter orders to buy or sell

bonds electronically. The NYSE Bonds Web Book also applies or NYSE Amex Bonds, so also

the entire depth o this market can be seen on a real-time basis.

Cac us

bonds@nyx.com

This publication is solely intended as inormation and does not constitute any investment advice or an oer, solicitation or recommendation to acquire or dispose o any investment or to engage in any transactioAlthough this publication is issued in good aith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by NYSE Euronext or by any o its ofcemployees or agents in relation to the accuracy or completeness o this publication and any such liability is expressly disclaimed.No inormation set out or reerred to in this publication shall orm the basis o any contrThe creation o rights and obligations in respect o fnancial products that are traded on the exchanges operated by NYSE Euronexts subsidiaries shall depend solely on the applicable rules o the market operator. NYEuronext encourages you to reach your own opinion as to whether investments are appropriate or relevant and recommends you not to make any decisions on the basis o the inormation contained in this publicabeore checking it, as you will bear ull responsibility or any use that you make o it. Persons wishing to trade products available on NYSE Euronext markets or wishing to oer such products to third parties are advisbeore doing so, to check their legal and regulatory position in the relevant territory and to understand the related risks.All proprietary rights and interest in or connected with this publication are vested in NYSE EuroneNo part o it may be redistributed or reproduced in any orm or by any means or used to make any derivative work (such as translation, transormation, or adaptation) without the prior written permission o NYSE EuronNYsE Eunext efe t NYsE Eunext an it afliate an efeence t NYsE Eunext in thi publicatin inclue each an any uch cmpany a the cntext ictate. NYsE EunextsM, NYsE an Eunext ae egitee ma f NYsE Eu 2009, NYSE Euronext - All rights reserved.

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