Open/Close Volume for the Asian Markets May/Jun '16

*India close volume represents last 30 mins of trading
*Hong Kong close volume represents last 1 min of trading

Asia Market Activity '15-'16

Annual Turnover Ratio and Index Weight (MSCI Asia Pacific) for the Asian Markets

Intraday Volatility: S&P vs Russell

Price change in 30 min interval for 2014, 2015 and 2016

Volatility and Correlation Jan '13 - Jul '16

S&P 1-month correlation and number of trading days with intraday SPX moves>2%

ETF Percentage of All US Trading

Percentage of all U.S. trading for the period of January 2014 - July 2016

Global Volumes: YoY Change in $Value Traded by Country

U.S. average daily volume YoY (bn shares) and global average daily $notional traded YoY ($bn)

Exchange Market Share Over Time

It is common to see off-exchange volume inversely related to volatility. When volatility is high, traders are less willing to take on risk and value immediacy. Market-makers offer immediacy on exchanges.