global markets handbook3

Global Market Commentary 08 September 2008

Portfolio Strategy

AES® The Standard in Algorithmic Trading

Everything You Ever Wanted to Know about Global Equity Markets (but were too overwhelmed to look up)

AES® Analysis

Global Equity Market Handbook

Ana Avramovic +1 212 325 2438 Murat Atamer + 852 2101 7133

Marwan Abboud +44 20 7888 0082

Portfolio Strategy

2

A Rapidly Changing Global Marketplace

Markets More Integrated Globally, Fragmented Locally Over the past few years we’ve seen an explosion in alternative trading venues, creating a more fragmented marketplace. While this trend began in the US with the SEC’s passage of Regulation NMS which paved the way for Electronic Communication Networks, it is rapidly sweeping across the globe triggering a rise in algorithmic trading and Smart Order Routing technology. We explore some of the effects of fragmentation on pg. 5 for the US and pg. 6 for Europe.

Asian exchanges, to stay competitive, are reducing their minimum tick sizes. We discuss the benefits of reduced tick sizes and extrapolate from previous cases to predict the impact on Japanese spreads in 2008 (pg. 8).

Global Wealth Growing Along with the growth in the number of trading venues, we have seen strong increases in trading volumes worldwide as well (up until the pat few months). Also, despite the recent bear market, worldwide wealth has expanded substantially over the years. Emerging Markets have grown the most, now comprising more than 10% of global benchmarks (p. 11).

Beware the Fundamentals Building global quant portfolios is still a challenge, even using fundamental data such as P/E ratios and dividend yields. The trouble is caused by differing accounting standards and corporate structures, but it is only compounded by recent heavy writedowns. We examine this further on pgs. 12 & 13.

Emerging Markets: More Risk & Return Developed Markets still tend to have tighter spreads and higher turnover, which makes it easier to trade in and out of these markets (pgs. 14 & 15). However, liquidity in many Emerging Markets is improving just as emerging markets have offered relatively attractive returns (p. 18).

Frontier Markets Offer New Investment Opportunities The latest focus seems to be ‘Frontier’ markets. Many index providers have recently started benchmarks in these new regions, which should ultimately help liquidity there as well. We introduce frontier markets in our final section (see The Whole Enchilada below).

The easiest way to reduce risk remains diversification. To help investors identify markets which may offer the best diversification, we calculate country by country correlations over the past year on page 16.

The Whole Enchilada: Country-by Country Market Guides and Volume Curves With so many markets open for trading and rules and market conditions changing so quickly, it’s hard for global traders to keep up. We include 3 sections devoted to comparing rules and features across markets.

The first part (starting on pg. 19) provides an overview of international markets including the primary exchange, benchmark index, settlement currency, sovereign debt ratings and market hours for all 48 countries in the MSCI All-Country World Index.

The second part comprises a side-by-side comparison of average daily volume curves for 32 leading markets (p 23).

Finally, beginning on pg 28, we detail the rules & regulations for trading in each market such as round lot sizes, price limits, special restrictions for foreigners, fees, and more. Here we cover the 48 developed and emerging markets from the first part, as well as 19 additional frontier markets.

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TABLE OF CONTENTS

Part I: KEY MARKET THEMES

US Leads The March of the Algos………………….….5 Europe’s Changing Marketplace…………………….…6 Crossing the Border: Canada’s Dual Listings.…...…..7 Spread Reductions Sweep Across Asia…….………...8 India Focus: A Tale of Two Markets………………..….9

Part II: MARKET CHARACTERISTICS

Global Weightings……………………………………...11 Fundamentals: Price/Earnings Ratio………...………12 Dividend Yields…………………………………….......13 Trading Activity (Velocity)……………………………..14 Spreads and USD Turnover………………….…….....15 1 year Global Correlations…...………………………..16 Price Performance………..……………...…………….18

Part III: STRUCTURE OF GLOBAL MARKETS

Primary Exchange, Index, Futures………….………..20 Sovereign Debt Ratings & Settlement Ccy………….21 Global Trading Hours………………………………….22

Part IV: DAILY VOLUME CURVES

Avg Daily Volume Curves by Country………………..23

Part V: INTERNATIONAL RULES & REGULATIONS

Country by Country Guide to Rules & Regs…………28

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Part I

KEY MARKET THEMES

US Leads The March of the Algos…………...…....5

Europe’s Changing Marketplace…………………...6

Crossing the Border: Canada’s Dual Listings…......7

Spread Reductions Sweep Across Asia…….……...8

India Focus: A Tale of Two Markets………………..9

Portfolio Strategy

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US Leads The March of the Algos Total Daily Value Traded ($ Bn)

$-

$50

$100

$150

$200

$250

$300

$350

Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08

Dai

ly V

alue

Tra

ded

($ B

n)

US Volume Breakdown by Exchange

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4

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9

10

Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08

Vol

ume

(Bill

ion

Sha

res)

NASDAQ

NYSE

PCX

FINRA TRF

NSX

ISE

CHX

BSE

AMEX

PHLX

CBOE

Average Number of Shares per Trade Over Time

0

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400

600

800

1000

1200

1400

1600

1800

2000

Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08

Num

ber

of S

hare

s pe

r Tr

ade

Small Cap

Large Cap

Average Trade Size With the rise in algorithmic trading and an increasingly fragmented marketplace making it difficult to execute large block trades, the US has seen the average trade size fall dramatically over the years, to a current level now around 200 shares per trade. In fact, the average retail print is now larger than the average institutional trade size!

Large cap stocks have seen the most dramatic decline, likely due to the fact that they are more liquid, thus easier to trade algorithmically. It has always been relatively more difficult to print large blocks in small caps. Still, they too have been susceptible to the slicing of algorithms.

Volume Breakdown by Exchange While overall volumes have increased, the once-dominant NYSE’s market share has dropped by almost 50 points from 75% in July 2006 to 27% in July 2008!

In fact, the FINRA TRF (which reports trades executed away from exchange, like dark pools and crossing networks) began printing more NYSE-listed volume than the NYSE itself on 4/3/08 and the NASDAQ did so on 6/3/08!

Daily Value Traded Total volume traded in shares has grown sharply over the years with 10bn share days (listed+OTC) now regular occurrences. Thanks to the steep market sell-off following the tech bubble crash, however, the total value traded stumbled in 2000. Prices have since clawed back to reach new highs, and, coupled with the ever-increasing volumes, US daily value traded is now hovering around $200 Billion USD / day!

Source: Credit Suisse: AES® Analysis



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Europe’s Changing Marketplace MiFID Spurs Growth in Alt Trading Venues Coinciding with the implementation of MiFID in November 2007, the European marketplace has seen accelerated growth in the number of Multilateral Trading Facilities (MTFs). These alternative venues have taken a substantial market share away from the primary exchange as well as created new pools of liquidity for trading European equities.

Indeed, as we see below, the percentage executed on alternative venues via Credit Suisse AES® was around 12% in November 2007. Only 8 months later, that amount crossed 30% and is still climbing.

0%

5%

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15%

20%

25%

30%

35%

Nov-07 Feb-08 May-08 Aug-08

% E

xecu

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on A

ltern

ativ

e Ve

nue

And Often Significant Price Improvement Trading on alternative venues offers substantial benefits, including price improvement, anonymity, and increased liquidity, which allow one to improve performance, reduce slippage, and minimize market impact.

In Q1 2008, price improvement ranged from 2 bps to 15 bps, with every stock realizing at least some improvement over the period. The average cost savings was 5.2 bps. In general, the wider the bid-ask spread, the greater the price improvement. This is caused by the fact that trades on alternative venues are often executed at the mid, and this saves you half the spread. Thus, the larger the spread, the more you save.

The figure to the left demonstrates the relationship between spread and price improvement for all Chi-X listed stocks executed through Credit Suisse AES® from January-March 2008.

0

5

10

15

20

0 5 10 15 20 25 30

Average Spread (bps)

Pri

ce I

mpr

ovem

ent

(bps

)



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Crossing the Border: Canada’s Dual-Listings As regulations have made it easier for Canadian companies to list shares in the US, the number of Canadian companies with dual listings has increased greatly. However, as the volumes have increased, more and more of the trading is taking place on US exchanges rather than the native Canadian exchanges.

In fact, of the 10 largest cross-listings by market cap, on average, around 70% trades in US markets. The average volume traded in the US for all cross-listings is around 50%. More telling: The average value traded in the US for all dual-listed Canadian companies is close to 60% and has been growing over the years.

Value Traded in Dual-Listed Stocks - Broken Down by Exchange

New Markets Offer Benefits for All Even with the relative increase in the US’s market share, exchanges in both US & Canada are benefiting as overall trading activity is increasing.

Traders are the biggest beneficiaries of the expanding US market. Not only have spreads narrowed from increased competition among alternative venues (see US microstructure in focus on pg 5), but new products such as Credit Suisse AES’s BorderCross will agnostically find the best market for trades, thereby saving traders costly FX fees.

.34.29 .26 .23 .19 .23 .24 .21

.15

.16

.14.10 .11 .15

.15 .14 .19 .25

.00

.00

.00 .01 .01.01 .01 .01 .00

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.55.62 .60

.47 .49 .52 .46 .43.47

0%

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2000 2001 2002 2003 2004 2005 2006 2007 2008Annualized

US NYSE US NASDAQ US AMEX US Other Canada

US Exchanges

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2000 2001 2002 2003 2004 2005 2006 2007 2008Annualized

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rade

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Growth in Value Traded over Time

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2000 2001 2002 2003 2004 2005 2006 2007 2008Annualized

Sha

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Growth in Volume



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Spread Reductions Sweep Across Asia Counterpart to Decimalization in US Electronic trading has swept the globe, making it easier for both retail and institutional customers to trade. The internet has afforded retail clients the ability to trade seamlessly 24hrs a day, while algorithms have proliferated, helping institutions execute trades with less price impact and less signaling risk.

While algorithms are in use in Asia, their penetration has been slower than the rest of the world owing to unique characteristics of Asian markets. Spreads tend to be wider (see p. 6) and liquidity lower, forcing many trades to queue up on the order books rather than crossing the large spread.

To help address this issue, various Asian exchanges are implementing reduced tick sizes. Hong Kong was the first to do so, in July 2005, followed by Singapore in Dec 2007. Japan is next in line as the reductions begin this summer with the balance occurring in 2009.

Our Prediction for Japan’s Spread Reductions In a December 21, 2007 report, using Hong Kong as an example, Credit Suisse accurately predicted that a tick size reduction in Singapore would cause spreads to decline by 64% to 22bps (see top left).

Observing that stocks generally trade a few bps above the theoretical spread levels suggested by the minimum tick sizes, we expect that the average bid-ask spread for TOPIX500 constituents will decline from 21bps to 19bps (a 7% reduction), and then to 15bps (a further 26% reduction) by 2H09 (see middle left).

For Nikkei 225 constituents, we expect spreads to decline by 13% and 26% in summer 2008 and 2009, respectively, from the current level of 21bps (see below left).

Note that predictions are based on current prices as of Feb 08, and thus may change considerably. We would also note that soon after tick size changes, spreads in Singapore continued to be much higher than the daily average in the early morning hours (area in box), which is also a possibility in Japan.

Benefits of Tick Size Reduction Using the examples of Hong Kong and Singapore, reduced tick sizes lead to lower spreads; shorter queues with faster order book turnover; and increased volumes with activity more evenly distributed throughout the day and less “catch up” volume concentrated at the close.

We expect a similar phenomenon to occur in Japan, but note that historical premiums over theoretical spreads are more volatile in Japan than in Hong Kong or Singapore, making predictions potentially less accurate.

Credit Suisse AES® performance is also likely to see large improvements due to spread cost saving. In addition, since crossing the spread will become much cheaper, intraday trading strategies are expected to be more profitable.




Portfolio Strategy

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India Focus: A Tale of Two Markets Market Microstructure Matters India has two major stock markets, each with their own flagship index, and many stocks are included in both indexes (all but one as of this writing). However, the same name trades at a 40% lower bid-ask spread on National Stock Exchange (NSE) than the Bombay Stock Exchange (BSE), on average. The NSE discount can be as large as 60-70% for certain names!

The NSE was created to offer a fully electronic, national trading system. Today it is India’s leading stock exchange with much higher daily turnover and tighter spreads compared to the older BSE. The same name trades, on average, four times more on the NSE than its BSE listed counterpart. This is all despite the fact that the market capitalizations of both markets are roughly inline, demonstrating that a market’s microstructure matters a lot.

Indian Markets’ Idiosyncrasies The daily volume curve for the NSE50 is similar to what we are used to seeing. However, the volume curve for the BSE30 is rather unusual. Trading Starts out relatively lightly and gradually increases over the day. In this environment, TWAP may be a more useful strategy than VWAP, especially given the relatively less liquid nature of the market.

On both markets, spreads are wider at the open and gradually decline. With larger volumes at the close, the markets may experience substantial jumps in spreads during the final minutes of trading.

A further quirk of the India market to recognize is the closing mechanism. The opening price is the first print, but the close is the volume weighted average price of the last 30 minutes. This makes trading market-on-close orders much more difficult in India

Source: Credit Suisse: AES® AnalysisSource: Credit Suisse: AES® Analysis


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Part II

MARKET CHARACTERISTICS

Global Weightings………………………...……….11

Fundamentals: Price/Earnings Ratio…...……...…12

Dividend Yields…………………………………....13

Trading Activity (Velocity)……...………………….14

Spreads and USD Turnover...………………….…15

1 year Global Correlations………………………...16

Price Performance.……………...……………..…18

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Global Weightings

USA - the Elephant in the Portfolio So does the world catch a cold when the USA sneezes? That depends on how you invest. If using the MSCI All-Country World Index, the answer is a resounding yes. With the US representing an overwhelming 40% of the MSCI ACWI, portfolios benchmarked to this index will no doubt feel the pain when the US falters. However, an alternative approach that puts a more equal weight on the 23 Developed and 25 Emerging countries currently in the index might not be affected as much.

As The Pie Grows, EM Take Larger Share Worldwide equity market capitalization has exploded over the years, more than doubling to a current value of almost $30 Trillion over the past 5 years!

Not surprisingly, assets into to Emerging Markets have grown the fastest. They are also commanding a larger share of the global pie, increasing their worldwide weight from 5% in 2006 to 11% today.

Aug

2008

Jan

2008

20072006200520042003EmergingAsia PacEuropeN America

$ Tn

$2 Tn

$4 Tn

$6 Tn

$8 Tn

$10 Tn

$12 Tn

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$16 Tn

Emerging Asia Pac Europe N America

US

North America

Europe

Asia Pac

Emerging

0%

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70%

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90%

100%

Aug 2008Jan 200820072006200520042003

US N America (Canada)

Europe Asia Pac Emerging

Regional Weightings Over Time Total Market Cap in USD by Region

August 2008 .

US

44%

MidEast

1%

Europe

29%

Asia Pac

19%

N America

(Canada)

4%

Afria

1%

LatAm

3%




Portfolio Strategy

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Fundamentals: Price-Earnings (P/E) Ratio Thanks to the global credit crisis, Forward P/E ratios have come down almost universally. In fact, only 2 out of the 48 countries in the MSCI All-World Index have higher Forward P/E ratios than they did at the start of 2007! (Not surprisingly, they are both Emerging countries: Peru (up 37%), and Brazil.

However, using P/E ratios to asses the attractiveness of investment opportunities is tricky in the current environment of continued earnings revisions. Using the Historical P/E, ratios currently appear to be fairly high as writedowns and a weak economy dragged down earnings. (A smaller value for earnings in the denominators makes the P/E ratio larger.) Some may argue that the worst has passed so the recent poor historical numbers are not an accurate measure of investment fundamentals.

Unfortunately, the Forward P/E ratio has another set of problems. The forward ratio is based on analysts’ expectations for future earnings. But traditionally analysts have been very slow to update their forecasts in light of changing market conditions. As a result, even as actual EPS growth has gone down, analysts have tended not to revise their forecasts much until very close to the actual earnings announcement date. This leads to overly-optimistic estimates and, consequently, excessively low Forward P/E ratios.

Forward Price/Earnings Ratios

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21

Arge

ntina

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zil

Chile

China

Colom

bia

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gary

India

Indo

nesia

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istan

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Taiw

an

Thailand

Turk

ey

Price

/ F

orec

ast E

arni

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Jan-07

Aug-08

August2008

January2007

August2008

January2007

MSCI All-World 10.9 14.1 14.0 16.8

Developed 10.5 14.7 12.0 16.9

Emerging 11.2 13.4 15.9 16.7

Forward P/E Trailing P/E

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Austra

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Spain

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Pric

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Fore

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Jan-07 Aug-08

Developed Markets

Emerging Markets


Portfolio Strategy

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Dividend Yields (Dividend / Price) The Dividend Yield similarly suffers from reliability issues and discrepancies between historical and forecasted yields. In this case, yields based on historical dividends are most likely too high as many companies will be forced to cut dividends in an effort to preserve capital. However, accurately predicting future dividends is not an easy task. People often try to infer them from the options market but this is complicated by the mismatch in timing between an option’s expiration and a potential dividend date.

Not surprisingly, all but 8 countries - all Emerging - have higher Dividend Yields in August 2008 compared to January 2007 (using actual dividends). This is most likely caused by falling market prices.

Belgium offers the highest dividend yield at 7.6; it’s market has dropped -22% over the past year. Pakistan is highest among the Emerging Markets at 5.5

Ireland’s yield is up the most from Jan 07, increasing from 2.2 to 5.8.

European Dividends in Focus: Can a higher Dividend Payout compensate the fall in earnings?

Recall that Dividends = Earnings x Payout Ratio

Given the recent hit to earnings following the global credit crisis, companies would need to increase their payout ratio to maintain a constant dividend stream on lower earnings. As an example, if earnings fall by 20%, companies would have to raise the payout by 25% to compensate.

For the companies in the Dow Jones Euro Stoxx 50, an index of 50 blue chip companies in the EMU, the current payout is ~42%. Maintaining the current level of dividends would require an increase to about 52% - a level not seen since the 1970s.

Eurozone Avg Dividend Payout Over Time


Portfolio Strategy

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Trading Activity (Velocity of Shares)

We use Velocity to measure market activity, where velocity is defined as:

Annual Shares Traded Velocity = ----------------------------------

Shares Outstanding (Free Float)

Note that while a higher turnover generally means the market is more active and more liquid, this is not always the case. Pakistan appears to be especially attractive, but this is because the free float available for trading is very low. Consequently, the market is actually very illiquid as most shares (around 80%) are held by insiders and not available to regular investors. This also makes the market very volatile.

Nevertheless, as we would expect, developed markets are indeed more active than emerging markets, turning shares over an average of 2 times per year, compared to 1.71x for emerging markets.

When we take out Pakistan, the average turnover ratio for EM is even lower, at 1.43x.

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Pak

ista

n

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inTu

rkey

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eaTa

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yN

ethe

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sC

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ted

Kin

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and

Japa

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Por

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Developed

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Portfolio Strategy

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Spreads and USD Turnover

10,000

100,000

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100,000,000

1,000,000,000

10,000,000,000

1 10 100 1,000Spread (bps)

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Emerging

100,000

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Latin America

Developed vs. Emerging Markets

Tighter spreads are usually reflective of a more open and competitive market.

As noted previously, the same is often true of higher turnover as well – though we highlighted the notable exception of Pakistan.

As a result, it is not surprising that we generally find much tighter spreads and higher turnover in the developed countries as compared to emerging ones.

Regions within Developed Markets

When we consider different regions within the Developed markets, we see that North America tends to have the tightest spreads and Asia the widest. This is due to the fact that Asian markets were slower to adopt the electronic trading that began with the US marketplace and swept across the pond.

Again we see that tighter spread often go hand in hand with higher turnover as both stem from freer, more competitive markets.

Regions within Emerging Markets

Amongst Emerging market regions, we have a mixed bag. No region is a strong leader in either spreads or turnover.

As the defining characteristic of Emerging markets is a restricted trading environment with each country potentially imposing their own special restrictions, we are not surprised to see a range of liquidity from very high spreads/low turnover (ex. Peru) to tighter spreads/higher turnover (ex. Brazil) within the same region.

This is also partly caused by a smaller sample size in many countries.


Portfolio Strategy

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1 Year Global Correlations

US

A

Arg

entin

a

Aus

tral

ia

Aus

tria

Bel

gium

Bra

zil

Can

ada

Chi

le

Chi

na

Col

ombi

a

Cze

ch R

epub

lic

Den

mar

k

Egy

pt

Finl

and

Fran

ce

Ger

man

y

Gre

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Hon

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ong

Hun

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Indi

a

Indo

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a

Irel

and

Isra

el

Ital

y

USA 100% 54% 3% 32% 49% 69% 77% 50% -8% 32% 23% 43% 4% 40% 51% 45% 27% 5% 29% 7% 10% 47% 46% 50%

Argentina 100% 26% 50% 56% 74% 63% 62% 4% 40% 53% 59% 13% 58% 60% 55% 44% 23% 43% 20% 35% 50% 44% 59%

Australia 100% 38% 34% 21% 10% 18% 27% 27% 45% 36% 32% 42% 36% 39% 32% 74% 31% 56% 62% 29% 24% 26%

Austria 100% 79% 50% 40% 50% 13% 43% 78% 78% 21% 84% 84% 81% 73% 41% 65% 40% 46% 71% 54% 78%

Belgium 100% 57% 51% 60% 6% 47% 70% 75% 23% 83% 91% 86% 70% 31% 57% 33% 38% 72% 55% 84%

Brazil 100% 76% 60% 8% 38% 49% 61% 6% 55% 62% 57% 48% 23% 51% 17% 28% 49% 48% 57%

Canada 100% 53% -2% 36% 38% 52% 9% 50% 52% 48% 35% 11% 34% 13% 20% 43% 43% 53%

Chile 100% 2% 45% 52% 51% 13% 54% 57% 50% 40% 14% 43% 7% 21% 48% 36% 52%

China 100% 16% 18% 14% 7% 10% 6% 9% 9% 45% 12% 31% 28% 0% 1% 5%

Colombia 100% 47% 41% 21% 45% 48% 44% 40% 28% 33% 28% 33% 37% 29% 45%

Czech Republic 100% 65% 23% 71% 71% 72% 71% 36% 61% 38% 43% 56% 46% 65%

Denmark 100% 15% 80% 78% 71% 69% 40% 59% 41% 50% 67% 55% 74%

Egypt 100% 18% 16% 19% 15% 34% 10% 37% 35% 18% 25% 17%

Finland 100% 88% 84% 70% 38% 62% 37% 44% 73% 54% 82%

France 100% 93% 72% 30% 62% 33% 35% 73% 62% 90%

Germany 100% 67% 28% 62% 30% 33% 67% 58% 85%

Greece 100% 35% 54% 34% 36% 55% 50% 69%

Hong Kong 100% 33% 71% 72% 26% 24% 25%

Hungary 100% 28% 34% 49% 42% 61%

India 100% 62% 32% 31% 33%

Indonesia 100% 35% 25% 28%

Ireland 100% 50% 69%

Israel 100% 58%

Italy 100%

Japan

Jordan

Korea

Malaysia

Mexico

Morocco

Netherlands

New Zealand

Norway

Pakistan

Peru

Philippines

Poland

Portugal

Russia

Singapore

South Africa

Spain

Sweden

Switzerland

Taiwan

Thailand

Turkey

United Kingdom

How To Read Correlations

• Correlation tells us how closely returns move together, taking a value between -100% and 100%.

• Markets that move up and down together at the same time will have perfect correlation (100%).

• Conversely, markets that move the same amount but in exactly opposite direction each day will have perfect negative correlation (-100%).

• A value of 0 means the returns are unrelated.

• Low correlations are useful for diversifying a portfolio as the returns from one country will not be related to the other. Negative correlations are useful for hedging.

• Correlations are symmetrical so the correlation between Brazil and Sweden is the same as between Sweden and Brazil. For this reason, the bottom half of the matrix is blank as it is the same as the top half.

• In order to find market correlations, look up the first country by alphabet on the left and the second country along the top.

75% < correlation 50% < correl < 75% 25% < correl < 50%

Data from June 2007 - June 2008 Source: Credit Suisse: AES® Analysis

Portfolio Strategy

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1 Year Global Correlations (p.2)

Ja

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occo

Net

herla

nds

New

Zea

land

Nor

way

Pak

ista

n

Per

u

Phi

lippi

nes

Pol

and

Por

tuga

l

Rus

sia

Sin

gapo

re

Sou

th A

fric

a

Spa

in

Sw

eden

Sw

itzer

land

Taiw

an

Thai

land

Turk

ey

Uni

ted

Kin

gdom

USA 9% -10% 8% 4% 78% -5% 48% 2% 28% 9% 35% 0% 37% 29% 21% 11% 19% 45% 46% 47% 1% 13% 34% 50%

Argentina 17% -3% 25% 25% 58% -1% 59% 17% 54% 8% 56% 28% 47% 50% 48% 29% 45% 52% 57% 50% 27% 31% 51% 59%

Australia 69% 11% 69% 58% 15% 17% 36% 55% 42% 9% 29% 58% 24% 41% 39% 68% 44% 22% 30% 36% 62% 49% 37% 35%

Austria 47% 7% 46% 40% 35% -2% 83% 30% 74% 12% 57% 28% 68% 74% 66% 53% 64% 77% 81% 81% 38% 43% 71% 85%

Belgium 35% 9% 37% 37% 48% 1% 91% 28% 68% 16% 61% 29% 64% 70% 61% 41% 62% 79% 80% 83% 35% 35% 69% 86%

Brazil 24% -6% 27% 23% 72% -8% 59% 19% 54% 3% 56% 18% 48% 45% 44% 32% 42% 53% 55% 53% 24% 30% 51% 59%

Canada 16% -1% 17% 16% 69% -2% 52% 15% 47% 7% 43% 13% 40% 36% 37% 22% 35% 47% 49% 46% 14% 22% 37% 54%

Chile 20% -3% 20% 22% 64% 3% 58% 20% 40% 8% 55% 28% 47% 45% 38% 25% 40% 52% 49% 51% 20% 21% 47% 55%

China 27% 6% 33% 29% 1% 14% 8% 24% 13% 2% 13% 22% 8% 10% 10% 25% 12% -1% 0% 6% 28% 15% 11% 8%

Colombia 26% 10% 29% 21% 30% 10% 49% 26% 39% 9% 45% 21% 40% 47% 38% 32% 29% 45% 37% 43% 22% 21% 40% 47%

Czech Republic 44% 16% 43% 43% 27% 11% 73% 33% 68% 6% 56% 38% 60% 62% 68% 47% 56% 62% 63% 65% 42% 45% 69% 69%

Denmark 41% -2% 44% 40% 45% -6% 78% 30% 75% 12% 67% 29% 64% 69% 66% 52% 68% 69% 78% 75% 40% 49% 66% 79%

Egypt 28% 18% 28% 29% 9% 16% 17% 32% 19% 4% 13% 32% 16% 21% 20% 30% 20% 7% 10% 16% 23% 32% 24% 16%

Finland 43% 3% 44% 41% 41% 1% 88% 29% 77% 12% 59% 29% 68% 73% 69% 51% 69% 82% 87% 81% 40% 42% 70% 87%

France 36% 7% 35% 35% 48% -2% 94% 25% 72% 14% 62% 26% 65% 75% 66% 41% 64% 86% 87% 88% 35% 37% 71% 93%

Germany 34% 11% 34% 38% 40% 5% 89% 28% 68% 11% 58% 28% 61% 74% 63% 36% 57% 80% 80% 83% 35% 37% 68% 86%

Greece 39% 7% 39% 36% 27% -4% 73% 24% 69% 4% 54% 28% 61% 58% 65% 46% 52% 68% 65% 69% 32% 32% 70% 69%

Hong Kong 68% 5% 70% 57% 16% 15% 28% 42% 45% 12% 30% 48% 32% 41% 37% 80% 35% 18% 28% 36% 57% 58% 41% 33%

Hungary 33% 4% 30% 35% 36% 1% 58% 17% 55% 10% 52% 27% 63% 57% 53% 37% 46% 56% 60% 57% 30% 36% 59% 62%

India 50% 9% 55% 47% 7% 6% 30% 26% 43% 10% 28% 32% 31% 39% 36% 62% 32% 24% 32% 33% 43% 50% 42% 36%

Indonesia 55% 2% 64% 70% 21% 17% 38% 31% 49% 12% 36% 46% 32% 45% 41% 70% 42% 23% 32% 35% 55% 60% 38% 37%

Ireland 34% -4% 32% 28% 44% -1% 71% 18% 54% 13% 52% 23% 56% 63% 46% 38% 49% 69% 71% 70% 29% 26% 54% 75%

Israel 29% -4% 29% 21% 39% -5% 60% 18% 52% 10% 44% 15% 53% 47% 48% 34% 43% 54% 55% 57% 30% 31% 60% 61%

Italy 30% 9% 32% 31% 47% -5% 87% 21% 66% 15% 59% 21% 66% 68% 60% 38% 57% 84% 84% 81% 25% 33% 72% 87%

Japan 100% 7% 73% 49% 11% 4% 32% 48% 42% 10% 28% 50% 27% 42% 35% 68% 38% 26% 35% 44% 62% 46% 39% 35%

Jordan 100% -2% 5% -9% 17% 7% 10% 9% 12% 10% 10% -1% 8% 11% -3% 9% -1% 0% 5% 3% 6% 4% 4%

Korea 100% 60% 17% 3% 38% 45% 47% 17% 36% 52% 30% 45% 43% 74% 46% 28% 36% 38% 74% 55% 44% 37%

Malaysia 100% 14% 14% 37% 34% 43% 15% 29% 52% 21% 44% 44% 59% 44% 24% 29% 32% 58% 52% 37% 33%

Mexico 100% 3% 46% 11% 31% 8% 46% 14% 46% 33% 28% 21% 30% 43% 44% 45% 10% 19% 37% 50%

Morocco 100% 0% 5% 1% 6% -4% 6% -3% 3% 2% 7% -1% -6% -5% -2% 3% 7% -3% -3%

Netherlands 100% 28% 74% 14% 63% 26% 66% 71% 67% 41% 65% 84% 84% 85% 35% 37% 70% 91%

New Zealand 100% 29% 3% 20% 51% 19% 25% 29% 40% 29% 19% 23% 28% 39% 30% 28% 22%

Norway 100% 15% 56% 27% 60% 65% 74% 55% 67% 62% 71% 67% 46% 52% 69% 72%

Pakistan 100% 18% -1% 11% 16% 14% 14% 16% 10% 13% 12% 17% 22% 16% 15%

Peru 100% 30% 53% 57% 51% 35% 54% 55% 56% 55% 33% 43% 56% 65%

Philippines 100% 16% 31% 31% 37% 32% 15% 18% 27% 51% 31% 28% 21%

Poland 100% 55% 58% 40% 55% 67% 68% 63% 19% 30% 68% 69%

Portugal 100% 56% 46% 59% 69% 68% 69% 42% 44% 58% 74%

Russia 100% 48% 61% 60% 64% 57% 45% 38% 71% 65%

Singapore 100% 50% 35% 44% 43% 62% 60% 53% 44%

South Africa 100% 60% 64% 59% 42% 46% 56% 69%

Spain 100% 81% 79% 22% 25% 66% 83%

Sweden 100% 81% 28% 35% 70% 85%

Switzerland 100% 32% 36% 66% 85%

Taiwan 100% 53% 40% 33%

Thailand 100% 41% 38%

Turkey 100% 71%

United Kingdom 100%

75% < correlation

25% < correl < 50%

50% < correl < 75%

Data from June 2007 - June 2008 Source: Credit Suisse: AES® Analysis

Portfolio Strategy

18

Price Performance

1 Year Price Returns in USD (June 2007-08) 3 Year Cumulative Price Returns in USD Jordan

BrazilEgypt

MoroccoRussia

Israel

Czech Republic

TaiwanIndonesia

ThailandColombia

IndiaSouth Africa

Mexico

PolandChile

Hungary

MalaysiaKorea

Argent ina

China

Peru

Turkey

PakistanPhilippines

Norway

Hong Kong

Canada

Denmark

AustriaSingaporeAustralia

Netherlands

Spain

Finland

Greece

SwitzerlandJapan

FrancePortugal

BelgiumUSA

United KingdomNew Zealand

SwedenItaly

Ireland

Germany

-30% -10% 10% 30% 50% 70%

Emerging

Developed

BrazilChina

MoroccoRussia

EgyptColombia

MexicoPolandIndia

IndonesiaCzech Republic

IsraelSouth Africa

Korea

ChilePhilippines

TurkeyHungary

Malaysia

Pakistan

TaiwanThailand

Jordan

Argent ina

Peru

Norway

CanadaGermanyAustria

Singapore

FinlandHong KongSpainPortugalDenmark

Australia

GreeceNetherlands

SwedenBelgium

FranceSwitzerland

New Zealand

JapanUnited KingdomItaly

IrelandUSA

0% 100% 200% 300% 400%

Emerging Market Returns Developed Market Returns

Country 1 Year 3 Year 5 Year 1 Year 3 Year 5 YearArgentina -2% 45% 213% -3% 35% 188%

Brazil 35% 177% 443% 57% 314% 888%

Chile -8% 53% 145% 0% 86% 259%

China -14% 233% 119% -5% 297% 162%

Colombia -2% 109% 396% 6% 180% 710%

Czech Republic -9% 45% 199% 20% 126% 398%

Egypt 40% 158% 1386% 50% 183% 1546%

Hungary -17% 31% 165% -1% 75% 268%

India 10% 127% 367% 5% 134% 418%

Indonesia 16% 124% 380% 10% 131% 326%

Israel -1% 64% 159% 23% 121% 248%

Jordan 62% 38% 386% 62% 38% 384%

Korea 8% 91% 185% -2% 88% 235%

Malaysia -7% 46% 88% -2% 73% 122%

Mexico -1% 141% 371% 2% 152% 365%

Morocco 23% 209% 332% 39% 278% 446%

Pakistan -5% 75% 296% -14% 56% 238%

Peru -17% 336% 851% -7% 400% 1071%

Philippines -20% 44% 164% -16% 80% 223%

Poland -23% 53% 143% 0% 138% 324%

Russia 34% 268% 438% 34% 268% 438%

South Africa 15% 137% 271% 5% 112% 283%

Taiwan 6% 46% 86% 16% 52% 114%

Thailand 7% 21% 100% 9% 52% 156%

Turkey -14% 59% 246% -8% 76% 303%

Local Currency USD

Country 1 Year 3 Year 5 Year 1 Year 3 Year 5 YearAustralia -11% 37% 86% 3% 74% 171%

Austria -11% 55% 241% 3% 97% 351%

Belgium -22% 20% 90% -9% 53% 151%

Canada 9% 64% 125% 16% 104% 207%

Denmark -9% 38% 116% 6% 76% 185%

Finland -16% 40% 128% -3% 79% 202%

France -20% 18% 62% -7% 50% 114%

Germany -12% 55% 129% 2% 97% 203%

Greece -17% 33% 151% -4% 70% 232%

Hong Kong 21% 79% 158% 21% 79% 157%

Ireland -39% -3% 45% -29% 23% 91%

Italy -24% 2% 30% -12% 30% 72%

Japan -20% 27% 69% -6% 33% 92%

Netherlands -12% 29% 67% 2% 64% 122%

New Zealand -16% 21% 74% -11% 36% 136%

Norway 4% 100% 306% 23% 153% 434%

Portugal -20% 38% 82% -8% 76% 141%

Singapore -8% 52% 135% 3% 87% 198%

Spain -14% 39% 102% -1% 77% 167%

Sweden -23% 25% 92% -11% 56% 148%

Switzerland -21% 22% 59% -6% 47% 99%

United Kingdom -10% 20% 45% -11% 30% 75%

USA -10% 15% 43% -10% 15% 43%

Local Currency USD

1yr Return from June 2007-08; 3yr Return June 2005-08; 5yr Return June 2003-08 Source: Credit Suisse: AES® Analysis

Portfolio Strategy

19

Part III

STRUCTURE OF GLOBAL

MARKETS

Primary Exchange, Index, Futures…………...…...20

Sovereign Debt Ratings & Settlement Currency….21

Global Trading Hours….......................................22

Portfolio Strategy

20

Market Basics: Primary Exchange; Benchmark Index; Futures

Country Status Main Exchange Abbr Benchmark Index Ticker Weighting Futures (Index Based on)

Argentina Emerging Bolsa de Comercio de Buenos Aires BCBA MERVAL MERVAL basketAustralia Developed Australian Stock Exchange ASX S&P/ASX 200 AS51 mkt cap ASX 200Austria Developed Wiener Bourse WBAG Austrian Traded Index ATX mkt cap ATXBelgium Developed Euronext Brussels BEL20 BEL20 mod mkt cap BEL 20Brazil Emerging Bolsa de Valores de Sao Paulo Bovespa iBovespa Index IBOV traded volume IBOVCanada Developed Toronto Stock Exchange TSX S&P/TSX 60 SPTSX60 mkt cap S&P/TSX 60Chile Emerging Santiago Stock Exchange SSE Select Stock Market Index IPSA mkt capChina Emerging Shanghai Securities Exchange

Shenzhen Stock ExchangeSSE

SZSECSI 300(composite of both Shanghai & Shenzhen)

SHSZ300 mkt cap

Colombia Emerging Bolsa de Valores de Columbia BVC General Index IGBC priceCzech Republic Emerging Prague Stock Exchange PSE PX Index PX priceDenmark Developed OMX Nordic Exchange Copenhagen OMX OMX Copenhagen 20 KFX mkt cap KFXEgypt Emerging Cairo & Alexandria Stock Exchanges CASE CASE 30 CASE mkt capFinland Developed OMX Nordic Exchange Helsinki OMX OMX Helsinki 25 HEX25 mod mkt cap HEX 25France Developed Euronext Paris CAC 40 CAC mod mkt cap CACGermany Developed Frankfurt Stock Exchange (Deutsche Bourse) DAX DAX mkt cap DAXGreece Developed Athens Stock Exchange ASE ASE General

FTSE/ASE 20 IndexASEFTASE

mkt cap FTSE/ASE 20

Hong Kong Developed Hong Kong Exchanges and Clearing HKEx Hang Seng HSI mkt cap HSIHungary Emerging Budapest Stock Exchange BSE Budapest Stock Index BUX mkt cap BUXIndia Emerging Bombay Stock Exchange

National Stock ExchangeBSENSE

BSE Sensex (aka BSE 30)S&P CNX Nifty

SENSEXNIFTY

both mkt cap SENSEXNIFTY

Indonesia Emerging Indonesia Stock Exchange IDX JSX Composite (from former Jakarta Stock Exchange)

JCI mod mkt cap

Ireland Developed Irish Stock Exchange ISE ISEQ Overall Index ISEQ mkt capIsrael Emerging Tel-Aviv Stock Exchange TASE Tel Aviv 25 TA-25 mkt capItaly Developed Borsa Italiana S&P MIB SPMIB mkt cap SPMIBJapan Developed Tokyo Stock Exchange TSE Nikkei 225

TOPIXNKYTPX

NKY - priceTPX - mkt cap

Nikkei 225TOPIX

Jordan Emerging Amman Stock Exchange ASE ASE General JOSMGNPR mkt capKorea Emerging Korea Exchange KRX KOSPI 200 Index KOSPI mkt cap KOSPI 200Malaysia Emerging Bursa Malaysia MYX Kuala Lumpur Composite Index KLCI mkt cap KLCIMexico Emerging Bolsa Mexicana de Valores BMV Mexican Bolsa Index

(aka IPC - Indice de Precios y Cotizaciones)MEXBOL mkt cap MEXBOL

Morocco Emerging Casablanca Stock Exchange CSE Morocco All Shares Index MASI MOSENEW mkt capNetherlands Developed Euronext Amsterdam AEX (from former Amsterdam EXchange) AEX mkt cap AEXNew Zealand Developed New Zealand Exchange NZX New Zealand Exchange 50 NZSE50FG mod mkt capNorway Developed Oslo Stock Exchange OBX OBX (for Oslo Bors) OBX mkt cap OBXPakistan Emerging Karachi Stock Exchange KSE KSE 100 KSE100 mkt capPeru Emerging Bolsa de Valores de Lima BVL Indice General Bolsa de Valores de Lima IGBVL mkt capPhilippines Emerging Philippine Stock Exchange PSE PSEi Index (formerly PSE Composite) PCOMP mkt capPoland Emerging Warsaw Stock Exchange WSE WSE WIG 20 WIG20 mod mkt cap WIG20Portugal Developed Euronext Lisbon Portuguese Stock Index 20 PSI20 mkt cap PSI 20Russia Emerging Moscow Interbank Currency Exch

RTS Stock ExchangeMICEXRTS

MICEX IndexRTS Index

INDEXCFRTSI$

mkt cap RTS

Singapore Developed Singapore Exchange SGX Straits Times Index FSSTI mkt cap SGY (1)

South Africa Emerging Johannesburg Stock Exchange JSE FTSE/JSE Africa Top 40 TOP40 mkt cap TOP40Spain Developed Bolsas y Mercados Espanoles(2) BME IBEX 35 IBEX mkt cap IBEXSweden Developed OMX Nordic Exchange Stockholm OMX OMX Stockholm 30 OMX mkt cap OMXSwitzerland Developed SWX Swiss Exchange SWX Swiss Market Index SMI mkt cap SMITaiwan Emerging Taiwan Stock Exchange TSE TAIEX Index TWSE mkt cap TWSE/TAIEXThailand Emerging Stock Exchange of Thailand SET SET SET mkt cap SET50Turkey Emerging Istanbul Stock Exchange ISE ISE National 100 XU100 mkt cap ISE 30United Kingdom Developed London Stock Exchange LSE FTSE 100 UKX mkt cap FTSE 100USA Developed NYSE Euronext

NASDAQS&P 500Dow Jones Industrial AvgNASDAQ Composite

SPXINDUCCMP

SPX: mkt capINDU: PriceCCMP: mkt cap

SPXDJIANASDAQ 100

(1) SGY = MSCI Singapore Free Index (2) Bolsas y Mercados Espanoles is comprised of the regional stock exchanges in Madrid, Barcelona, Bilbao, and ValenciaSource: Credit Suisse: AES® Analysis

Portfolio Strategy

21

Sovereign Debt Ratings & Settlement Currencies

Foreign Ccy Local Ccy Foreign Ccy Local Ccy

Argentina Emerging Stable B B B B Argentine Peso ARSAustralia Developed Stable AAA AAA A-1+ A-1+ Australian Dollar AUDAustria Developed Stable AAA AAA A-1+ A-1+ Euro EURBelgium Developed Stable AA+ AA+ A-1+ A-1+ Euro EURBrazil Emerging Stable BBB- BBB+ A-3 A-2 Brazil Real BRLCanada Developed Stable AAA AAA A-1+ A-1+ Canadian Dollar CADChile Emerging Stable A+ AA A-1 A-1+ Chilean Peso CLPChina Emerging Stable A+ A+ A-1 A-1 China Renminbi CNYColombia Emerging Stable BBB- BBB+ B A-2 Colombian Peso COPCzech Republic Emerging Stable A A+ A-1 A-1 Czech Koruna CZKDenmark Developed Stable AAA AAA A-1+ A-1+ Danish Krone DKKEgypt Emerging Stable BB+ BBB- B A-3 Egyptian Pound EGPFinland Developed Stable AAA AAA A-1+ A-1+ Euro EURFrance Developed Stable AAA AAA A-1+ A-1+ Euro EURGermany Developed Stable AAA AAA A-1+ A-1+ Euro EURGreece Developed Stable A A A-1 A-1 Euro EURHong Kong Developed Stable AA+ AA+ A-1+ A-1+ Hong Kong Dollar HKDHungary Emerging Negative BBB+ BBB+ A-2 A-2 Hungarian Forint HUFIndia Emerging Stable BBB- BBB- A-3 A-3 Indian Rupee INRIndonesia Emerging Stable BB- BB+ B B Indonesian Rupiah IDRIreland Developed Stable AAA AAA A-1+ A-1+ Euro EURIsrael Emerging Stable A AA- A-1 A-1+ Israeli Shekel ILSItaly Developed Stable A+ A+ A-1+ A-1+ Euro EURJapan Developed Stable AA AA A-1+ A-1+ Japanese Yen JPYJordan Emerging Stable BB BBB B A-3 Jordanian Dinar JODKorea Emerging Stable A A+ A-1 A-1 South Korean Won KRWMalaysia Emerging Stable A- A+ A-2 A-1 Malaysian Ringgit MYRMexico Emerging Stable BBB+ A+ A-2 A-1 Mexican Peso MXNMorocco Emerging Stable BBB- BBB B A-3 Moroccan Dirham MADNetherlands Developed Stable AAA AAA A-1+ A-1+ Euro EURNew Zealand Developed Stable AA+ AAA A-1+ A-1+ New Zealand Dollar NZDNorway Developed Stable AAA AAA A-1+ A-1+ Norwegian Krone NOKPakistan Emerging Negative B BB- B B Pakistani Rupee PKRPeru Emerging Stable BBB- BBB- A-3 A-2 Peruvian New Sol PENPhilippines Emerging Stable BB- BB+ B B Philippines Peso PHPPoland Emerging Stable A- A+ A-2 A-1 Polish Zloty PLNPortugal Developed Stable AA- AA- A-1+ A-1+ Euro EURRussia Emerging Positive BBB+ A- A-2 A-2 US Dollar USDSingapore Developed Stable AAA AAA A-1+ A-1+ Singapore Dollar SGDSouth Africa Emerging Stable BBB+ A+ A-2 A-1 South African Rand ZARSpain Developed Stable AAA AAA A-1+ A-1+ Euro EURSweden Developed Stable AAA AAA A-1+ A-1+ Swedish Krona SEKSwitzerland Developed Stable AAA AAA A-1+ A-1+ Swiss Franc CHFTaiwan Emerging Stable AA- AA- A-1+ A-1+ Taiwan Dollar TWDThailand Emerging Stable BBB+ A A-2 A-1 Thai Baht THBTurkey Emerging Negative BB- BB B B New Turkish Lira TRYUnited Kingdom Developed Stable AAA AAA A-1+ A-1+ British Pound GBPUSA Developed Stable AAA AAA A-1+ A-1+ US Dollar USD

Denotes Non-Investment Grade

Short Term DebtCurrency SymbolCountry Status Outlook

Long Term Debt


Portfolio Strategy

22

Global Trading Hours

Market Pre-Open CloseNew York Time 17 18 19 20 21 22 23 24 1am 2 3 4 5 6am 7 8 9 10 11 12 13 14 15 16

London Time 22 23 24 1am 2 3 4 5 6am 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Tokyo Time 6am 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1am 2 3 4 5

NEW ZEALAND (A)* 9:00-9:55 Random close in last 5 mins

AUSTRALIA (A) 7:00-10:00 (A) 16:00-16:10

JAPAN(A) 8:00-9:00(A) 12:05-12:30

(A) 11:00(A) 15:00

KOREA (A) 8:00-9:00 (A) 14:50-15:00

TAIWAN (A) 8:30-9:00 (A) 13:25-13:30

SINGAPORE (A) 8:30-9:00 (A)17:00-17:06

MALAYSIA(A) 8:30-9:00(A) 14:00-14:30 Last print

CHINA (A) 9:15-9:25 Last Print-Shanghai 3 minute-Shenzhen

PHILIPPINES (A) 9:00-9:30 Trading-at-Last - 12:00-12:10

VIETNAM(A) 8:20-8:40; 9:00-9:20; 10:00-10:30 (HSTC) Last print (HaSTC)

HONG KONG (A) 9:30-9:50 (A) 16:00-16:10

INDONESIA (A) 9:10-9:25** Last print

THAILAND(A) 9:30-9:55(A) 14:00-14:25 (A) 16:30-16:40

PAKISTAN (A) 9:30-9:45*** Last print

INDIA First print VWAP of last 30 mins

RUSSIA (A) 10:15-10:30 (MICEX) Last print-RTSVWAP of last 30 mins - MICEX

TURKEY (A) 9:30-9:40 Last print

ISRAEL^ (A) 9:45-9:50 (A) 17:25-17:30

SOUTH AFRICA (A) 8:35-9:00 (A) 16:50-17:00

BELGIUM (A) 7:15-9:00 (A) 17:30-17:35Trading-at-Last - 17:35-17:40

DENMARK (A) 8:00-9:00 (A) 16:50-random close

FINLAND (A) 8:30-10:00 (A) 18:20-18:30

NETHERLANDS (A) 7:15-9:00 (A) 17:30-17:35Trading-at-Last - 17:35-17:40

PORTUGAL (A) 7:30-8:00 (A) 16:30-16:35Trading-at-Last - 16:35-16:40

SWEDEN (A) (A) 17:20-17:30

FRANCE (A) 7:15-9:00 (A) 17:30-17:35Trading-at-Last - 17:35-17:40

UK (A) 16:30-16:35

SPAIN (A) 8:30-9:00:30 (A) 17:35-17:40

IRELAND (A) 6:30-8:00 (A) 16:28-16:30

SWITZERLAND (A) 6:00-9:00:30 (A) 17:15-17:30

GERMANY(A) 7:30-9:00 - DAX(A) 7:30-9:04 - STOXX (A) 17:30-17:35

NORWAY (A) 8:15-9:00 (A) 16:20-16:30

HUNGARY (A) 8:30-9:02 (A) 16:30-16:35 or 16:36

ITALY(A) 8:00-9:00:59Opening print 9:01-9:05 (A) 17:25-17:30

CZECH REPUBLIC(A) 8:00-9:15 (SPAD)(A) 7:30-9:10 (KOBOS) Last print

AUSTRIA (A) 8:30-9:20:30 (A) 17:30-17:33

POLAND (A) 8:30-9:30 (A) 16:10-16:20

EGYPT^ Day's VWAP

GREECE (A) 10:00-10:30 (A) 16:30-16:39 or 16:41Trading-at-Last - 16:41-16:50

MOROCCO (A) 9:00-10:00 (A) 15:25-15:30

BRAZIL (A) 9:45-10:00 (A) 16:55-17:00

CANADA (A) 7:30-9:30 Last Print 16:10Trading-at-Last - 16:10-17:00

USA (A) 15:50-16:00

CHILE (A) 9:20-9:30 (A) 16:20-16:30

MEXICO VWAP of last 20 min

ARGENTINA Last Print

COLOMBIA Last Print

PERU (A) 9:00-9:30 Trading-at-Last - 13:30-14:30

New York Time 17 18 19 20 21 22 23 24 1am 2 3 4 5 6am 7 8 9 10 11 12 13 14 15 16

London Time 22 23 24 1am 2 3 4 5 6am 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Tokyo Time 6am 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1am 2 3 4 5

Notes

* (A) = Auction** Indonesia: on Fridays, first session ends at 11:30 AM and second session begins at 14:00 PM.*** Pakistan: on Fridays, (A) 9:15-9:30, 14:15-14:30, with two sessions from 9:30-12:00 and 14:30-16:00 PM.^ Egypt and Israel are open Sunday - Thursday^^ Effective 29 September 2008, Greece will extend trading hours until 17:00. Auctions will be similarly moved to 30 min later.

Continuous Trading (hours listed are local times)

10:00 16:10

10am

11:00 17:00

9:00 12:30

13 15:00

10:00 12:30 14:30

9:55 15:30

9:05 17:30

9:00 17:35

9:00 11 12:30 15:00

9:00 15:00

9:00 17:00

9:00:30 17:35

9:00:30 17:30

9:00 13:30

8:00 16:35

9:30 11:30

9:00 17:35

10:30 18:00

10:00 17:00

9:30 16:00

9:20 17:33

9:00 17:35

9:00 16:50

8:00:30 16:30

10:00 18:30

10:30 16:30^^

9:00 17:35

9:05 16:30

10 :00 17:00

8:00 16:35

14:00 17:06

9:00 17:30

9:30 12:00 13:30 16:00

9:00 12:30 14:30 17:00

10:00 12:30 14:30

9:30 16:20

9:05 16:35

9:50 17:30

9:45 12:00 14:00 17:00

9:45 14:15

9:30 12:00

16:10

16:40

9:00 11

9:30 16:00

9:30 16:30

9:00 13:00

9:15 16:00

10:30 14:30

8:30 15:00

10:00 15:30

9:30 13:30


Portfolio Strategy

23

Part IV

DAILY VOLUME CURVES

Australia……….24 Hungary..…....25 Russia-RTS…...26 Austria…………24 India………….25 Singapore……..26 Belgium………..24 Ireland……….25 South Africa…..26 China…………..24 Italy…………..25 Spain………….27 Czech Republic..24 Japan………..25 Sweden……….27 Denmark……....24 Korea………..25 Switzerland……27 Finland…………24 Malaysia……..26 Taiwan……......27 France…………24 Netherlands….26 Thailand……….27 Germany……....25 Norway………26 Turkey...………27 Greece………...25 Poland……….26 United Kingdom.27Hong Kong…....25 Russia-MICEX.26 United States….27

Portfolio Strategy

24

Australia

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

9:55

10:2

5

10:5

5

11:2

5

11:5

5

12:2

5

12:5

5

13:2

5

13:5

5

14:2

5

14:5

5

15:2

5

15:5

5

Vol

ume

(%AD

V)

0

5

10

15

20

25

30

Spr

eads

(bp

s)

Austria

0%

1%

2%

3%

4%

5%

6%

7%

8%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

Belgium

0%

1%

2%

3%

4%

5%

6%

7%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

China

0%

1%

2%

3%

4%

9:15

9:45

10:1

5

10:4

5

11:1

5

11:4

5

12:1

5

12:4

5

13:1

5

13:4

5

14:1

5

14:4

5

Vol

ume

(%A

DV

)

0

7

14

21

28

Spr

eads

(bp

s)

Czech Republic(SPAD & KOBOS)

0%

2%

4%

6%

8%

10%

12%

8:00

8:30

9:00

9:30

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

US

EconoUS

KOBOS

Open

SPAD

Open

Denmark

0%

1%

2%

3%

4%

5%

6%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

Finland

0%

1%

1%

2%

2%

3%

3%

4%

4%

5%

5%

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

18:0

0

18:3

0

France

0%

1%

2%

3%

4%

5%

6%

7%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0


Portfolio Strategy

25

Germany

0%

2%

4%

6%

8%

10%

12%09

:00

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

Greece

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

10:2

0

10:5

0

11:2

0

11:5

0

12:2

0

12:5

0

13:2

0

13:5

0

14:2

0

14:5

0

15:2

0

15:5

0

16:2

0

16:5

0

US Economic

Data

US Open

Hong Kong

0%

1%

2%

3%

4%

5%

6%

7%

9:30

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

Vol

ume

(%A

DV

)

0

5

10

15

20

25

30

Spr

eads

(bp

s)

Hungary

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

9:00

9:30

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

India – see pg. 9

Ireland

0%

1%

2%

3%

4%

5%

6%

7%

08:0

0

08:3

0

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

Italy

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

Japan

0%

1%

2%

3%

4%

5%

6%

7%

9:00

9:30

10:0

0

10:3

0

11:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

Vol

ume

(%AD

V)

0

4

8

12

16

20

24

28

Spr

eads

(bp

s)

Topix spreads

Korea

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

8:55

9:25

9:55

10:2

5

10:5

5

11:2

5

11:5

5

12:2

5

12:5

5

13:2

5

13:5

5

14:2

5

14:5

5

Vol

ume

(%AD

V)

0

3

6

9

12

15

18

21

24

27

30Spr

eads

(bp

s)


Portfolio Strategy

26

Malaysia

0%

1%

2%

3%

4%

5%

6%

7%

8:30

9:15

9:45

10:1

5

10:4

5

11:1

5

11:4

5

12:1

5

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

Vol

ume

(%A

DV)

60

70

80

90

100

110

120

Spr

eads

(bp

s)

Netherlands

0%

1%

2%

3%

4%

5%

6%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

Norway

0%

1%

2%

3%

4%

5%

6%

7%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

Poland

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

Russia - MICEX

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

US Economic

Data

US Open

UK

Open

Russia - RTS

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

UK Open

US Economic

Data

US Open

Singapore

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

8:30

9:15

9:45

10:1

5

10:4

5

11:1

5

11:4

5

12:1

5

13:4

5

14:1

5

14:4

5

15:1

5

15:4

5

16:1

5

16:4

5

Volu

me

(%A

DV)

50

52

54

56

58

60

62

64

66

68

70

Spr

eads

(bp

s)

South Africa

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

9:00

9:30

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0


Portfolio Strategy

27

Spain

0%

2%

4%

6%

8%

10%

12%

14%

16%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

Sweden

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

Switzerland

0%

2%

4%

6%

8%

10%

12%

09:0

0

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

17:0

0

17:3

0

Taiwan

0%

1%

2%

3%

4%

5%

6%

7%

9:00

9:30

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

Vol

ume

(%A

DV

)

0

3

6

9

12

15

18

21

24

27

30

Spr

eads

(bp

s)

Thailand

0%

1%

2%

3%

4%

5%

6%

7%

9:30

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

Volu

me

(%A

DV)

60

62

64

66

68

70

72

74

76

78

80

Spr

eads

(bp

s)

Turkey

0%

1%

2%

3%

4%

5%

6%

7%

9:40

10:0

0

10:2

0

10:4

0

11:0

0

11:2

0

11:4

0

12:0

0

12:2

0

12:4

0

13:0

0

13:2

0

13:4

0

14:0

0

14:2

0

14:4

0

15:0

0

15:2

0

15:4

0

16:0

0

16:2

0

16:4

0

US OpenUS

Economic

Data

UK Open

United Kingdom

0%

2%

4%

6%

8%

10%

12%

8:00

8:30

9:00

9:30

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0

16:3

0

US OpenUS

Economic

Data

United States

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

09:3

0

10:0

0

10:3

0

11:0

0

11:3

0

12:0

0

12:3

0

13:0

0

13:3

0

14:0

0

14:3

0

15:0

0

15:3

0

16:0

0


Portfolio Strategy

28

Part V

INTERNATIONAL RULES &

REGULATIONS

Country by Country Guide to Exchange Rules & Regulations

Credit Suisse does not guarantee the accuracy of the information contained in this guide.

Argentina……...30 Indonesia…...40 Poland…………50

Australia…........30 Ireland………40 Portugal………..50

Austria…..........31 Israel………..41 Qatar…………..50

Bahrain……......31 Italy…………41 Romania……….51

Belgium….....…32 Japan……….42 Russia………….51

Bulgaria….....…32 Jordan………42 Singapore…...…52

Brazil….….....…33 Kazakhstan....42 Slovenia……..…52

Canada... .........33 Kenya…….…43 South Africa……52

Chile….....…….33 Korea……….43 Spain…………..53

China…….....…34 Kuwait………44 Sri Lanka………53

Columbia.....…..34 Lebanon….…44 Sweden………..53

Croatia…………34 Malaysia……..45 Switzerland…….54

Czech Republic..35 Mauritius…….45 Taiwan…………54

Denmark…........35 Mexico….…...46 Thailand………..55

Egypt……......…35 Morocco…..…46 Tunisia…………56

Estonia…......….36 Netherlands....46 Turkey………….56

Finland…......….36 New Zealand..47 Ukraine………...56

France...… .......36 Nigeria……....47 UAE……………56

Germany…........37 Norway………47 United Kingdom.57

Greece…......….37 Oman………..48 United States….57

Hong Kong .......38 Pakistan……..48 Vietnam………..58

Hungary......…...39 Peru………....49

India…......…….39 Philippines.…..49

Portfolio Strategy

29

Access Market Guides Online on EDGE EDGE is Credit Suisse’s web portal designed specifically for traders and portfolio managers. Much of the information contained in this Handbook is available on-line in our Market Guide section, as well as global Market Holidays and an interactive global Settlement Calendar.

In addition, the site offers many useful tools to help:

• Identify trades, catalysts (such as earnings, M&A and index changes), and hedges

• Calculate portfolio risk, performance and market impact

• Track executions of program trades - live

• Search for reports from Credit Suisse’s global Portfolio and Derivatives Strategy team in a library of over 4 years, including other AES Analysis reports like this one

Individual Market Holidays

Market Guides to Rules & Regs

(as in this handbook)

Latest Global Markets Coverage

To Access EDGE Go to https://www.credit-suisse.com/edge

If you do not already have a username & password, send an email to your Derivatives & Portfolio Strategy contact, or to [email protected].

If you are already permissioned but forgot your login information, go to the site and enter your email in the “Forgot your password” box. We will reset your credentials and send you a new one.


Portfolio Strategy

30

Argentina Monday - Friday: • Continuous Trading (11:00am to 5:00pm): The market trades continuously on a price/time basis. Market Hours • Last Print (5:00pm)

Circuit Breakers 10% from the previous closing price. Trading is stopped for 15 minutes. After another 5%, trading is halted for an additional 15 minutes.

Round Lot Sizes 100 shares. An additional market may exist for odd lots, depending upon the stock. Settlement T+3, DVP Clearer Securities Central Depository, Caja de Valores S.A

Tax

Exchange fees: • 9.51bps to be paid to the exchange • 12.8bps to be paid to the local broker • 2.69bps = VAT of 19% to be paid on top of commissions

Total fee of 25 bps on both buy and sell side. Short Sell Rules Short selling is not permitted.

Australia Monday – Friday: • Pre-Opening (7:00am to 10:00am / 10:09am): Alphabetically staggered opening. Orders may be entered, modified, and deleted to join the opening auction at 10:00am. No market orders are allowed. • Normal Trading (10:00am to 4:00pm): The market trades continuously on a price/time priority basis. No Market orders are allowed. • Closing Auction (4:00pm to 4:10pm / 4:12pm): Orders may be entered/modified/deleted to join the closing auction at 4:10pm. Actual close is a random time up to 59 seconds after 4:10pm; late closings have been abolished. No market orders are allowed. Closing auction ends at 4:12pm.

Market Hours

• Overnight Trading (4:12pm to 6:50pm / 7:00pm): Orders may be cancelled or amended. New orders cannot be entered and ITS does no execute trades. Brokers can trade through the phone.

Daily Price Limits No circuit breakers or daily price movement limits. Round Lot Sizes 1 share.

Market Price Minimum Bid Up to 10c 0.1c

Over 10c up to $2.00 0.5c Over $2.00 up to $998.99 1.0c

Spreads

Over $999 $1.00 Settlement T+3, DVP Clearer Australian Stock Exchange Settlement and Transfer Corporation (ASTC) Tax No tax for offshore accounts. 10% GST * (Commission) for onshore accounts only.

Short Sell Rules Naked short selling is illegal. Corporate definition of short selling is different from the Exchange definition, i.e., if borrow is in place, the sale is marked long.

Foreign Ownership Restrictions

A foreign investor requires the approval of the Foreign Investment Review Board (FIRB) when the overseas ownership exceeds 10% per shareholder or 40% overall foreign holdings. Notably, there are other rules concerning the media, transportation and banking sectors. Either special or on-market. Special crossings (including large trades and portfolios) may take place off-market at any time, including during Normal Trading. Depending upon the type, the minimum consideration (total sale price) ranges between $1MM and $5MM.

Single Stock: any stock, unless under takeover, worth at least AUD 1M (500K for warrants), can be put through at any price. Under AUD 1MN, needs to be crossed on market, at or in between market prices. Portfolio: min of 10 Stocks each worth AUD 200K with a total of AUD 5M can be put to the market at any price. Offshore: If at least one side of an order is taken after market hours, a stock can be put through the market the next morning before 9:45am at an agreed price, as long as the client’s home exch is open at the time the deal is executed.

Crossing

All crosses require a change of beneficial ownership.

AES® Accessible

Portfolio Strategy

31

Austria Monday - Friday: • Pre-Opening (8:30am to 9:15am): Orders may be entered/mod/del to join the auction at 9:15am • Opening Auction (9:15am to 9:20:30am): Orders may be entered/mod/deleted prior to uncrossing. • Continuous Trading (9:20:30am to 5:30pm): An auction prints approximately 3 minutes after 9:15am. The

market trades continuously on a price/time priority basis. • Closing Auction (5:30pm to 5:32pm): Orders may be entered/mod/del to join the auction at 5:32pm. • Intraday Auction (12:00pm): Orders may be entered/modified/deleted to join the auction at 12:00pm.

Market Hours

• Special Auction (12:30pm): Orders may be entered/mod/deleted to join this auction for illiquid stocks.

Circuit Breakers 15% from the previous closing price. Also activates when receiving price sensitive information or when there is any technical problem in the system

Round Lot Sizes 1 share. Settlement T+3, DVP Clearer Oesterreichische Kontrollbank AG Tax No tax applicable.

Short Sell Rules Short selling is allowed as long as a lending agreement is concluded before the order entry. Broker does not need to declare short sells to exchange.

Bahrain Exchange Bahrain Stock Exchange (50 listed companies) Market Cap $30.8 Billion USD

Sunday - Thursday

Hours • Pre-Opening: 09:15 - 09:30 • Regular Trading: 09:30 - 12:30 • Closing: 12:30

Platform All trades must be carried out through ATS, the Exchange’s Automated Trading System. Volume approx 11 million shares/day Types of Markets IPOs, Regular, Special Orders (min BD 500,000), Mutual Funds, Bonds Tracking Indices Bahrain All Share Index, Dow Jones Bahrain Index, Estirad Index

Foreign Investment

Foreigners who reside in Bahrain for one year or more are entitled to purchase, own, and/or trade up to 49% of a domestic joint-stock company's equities. An individual foreigner may not own more than 1% of a companies issued capital. There are ten companies completely open to foreigners. Taxation policy is uniform for domestic and foreign investors.

Most Active Securities

Al Salam Bank (SALAM), Al-Khaleej Development Co. (TAMEERK), Bahrain Middle East Bank (BMB), Albaraka Banking Group (BARKA)

Settlement T+2 Currency Bahraini Dinar (BD). Certain Securities trade in USD rather than BD. Price Limits Max of 10% either way from last closing

AES® Accessible

Portfolio Strategy

32

Belgium Monday - Friday: • Pre-Opening (7:15am to 8:55am): Orders may be entered/modified/deleted to join the opening auction. • Opening Auction (8:55am to 9:00am): Orders may be entered/modified/deleted prior to uncrossing. • Continuous Trading (9:00am to 5:30pm): The market trades continuously on a price/time priority basis. • Closing Auction (5:30pm to 5:35pm): Orders may be entered/mod/del to join the auction at 5:35pm. • Trading-at-Last (5:35pm to 5:40pm): Shares can be traded at the closing prices.

Market Hours

• Special Auctions (7:15am to 4:30pm): Double fixing stocks are traded at 11:30am and 4:30pm, single ones at 3:00pm. After each fixing, the stock trades for another half an hour at the fixing price.

Circuit Breakers 10% (5% for BEL 20) from the static reference price reset every time the market breaks its upside/downside threshold; this is the last closing price for the opening. Trading resumes after a 4-minute halt. If the traded price deviates more than 5% (2% for BEL20) from the last traded price, the market stops for 1 minute.

Round Lot Sizes 1 share. Settlement T+3, DVP Clearer CIK (Caisse Interprofessionnelle de Depots et de Virements de Titres) Tax No tax applicable.


Bulgaria Exchange Bulgarian Stock Exchange (388 listed companies ) Market Cap $17.8 Billion USD

Regular Market Monday - Friday

• Pre - Trading 09:00 - 09:20 • Opening Auction 09:20 - 09:30 • Continuous Trading 09:30 - 10:50 • Intraday Auction 10:50 - 11:00 • Continuous Trading 11:00 - 13:40 • Closing Auction 13:40 - 13:45 • Post-Trading 13:45 - 16:00

Auction-Only Securities Monday - Friday

• Pre - Trading 09:00 - 10:50 • Opening Auction 10:50 - 11:00 • Closing Auction 13:40 - 13:45

Hours

• Post-Trading 13:45 - 16:00 Platform Use electronic trading system Xetra, which provides IPO and OTC functionalities Volume Approx 2.28 million shares/day Securities Traded Shares, Corporate and municipal bonds, Units of UCITs, Compensatory Instruments, Subscription rights Tracking Indices Sofia, BG40

Foreign Investment

The entities eligible for membership in the BSE-Sofia are local investment intermediaries and banks, or such seated in a European Union member countries, which have been licensed within the terms and procedures of the Markets of Financial Instruments Act (MFIA) to provide investment services and perform investment activities, and are admitted to trade financial instruments on BSE-Sofia. Taxation policy for domestic and foreign investors is uniform.

Settlement T+2 Currency Bulgarian Lev (BGN) Additional Bulgarian government owns about 44%

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Brazil Monday - Friday: • Pre-Opening (9:45am to 10:00am): Orders may be entered/modified/deleted to join the opening auction. If the order is better than the theoretical price of the auctions, it CANNOT be cancelled or reduced - can only be increased. • Continuous Trading (10:00am to 4:55pm): The market trades continuously on a price/time priority basis. • Closing Auction (4:55am to 5:00pm). Auction is postponed by 1 minute if the size or price of the auctions changes in the last 30 seconds.

Market Hours

• Post Trading (5:45pm to 7:00pm). Circuit Breakers 10% and 15% down in the Bovespa index; trading resumes in 30 minutes and 1 hour, respectively.

Round Lot Sizes 1 or 1,000, depending on the price of the stock. Also, all the stocks are quoted in lots – whether it is one or 1,000 – this has to be taken into account when calculating the value of a trade.

Settlement T+3, DVP Clearer Brazilian Clearing and Depository Corporation (CBLC) Tax Exchange Fee: 3.5 bps (Gross) for both sell and buy side. The commission can be reported including this 3.5 bps fee. Short Sell Rules Shares have to be located. No uptick needed. Can also borrow and not sell short if desired.

Additional Info Bovespa and CVM numbers (local client accounts) are required to trade. Bovespa usually identifies client, and CVM account, and client local custodian. The account can be identified with by Bovespa only, but never by CVM, as one CVM could have multiple Bovespa numbers.

Canada Monday - Friday: • Pre-Opening (7:30am to 9:30am): Orders may be entered/mod/deleted to join the opening auction at 9:30am • Continuous Trading (9:30am to 4:00pm): The market trades continuously on a price/time priority basis. • Last Print (4:10pm): executes all Market-On-Close orders and the official closing print

Market Hours

• Last Sale Trading (4:10pm to 5:00pm): Shares can be traded at the closing prices.

Circuit Breakers 10%, 20% and 30% declines in the Dow Jones Industrial Average. The numerical points are decided each quarter, using the average closing from the previous month. Without a set designation, TSE oversees the pending for each name.

Round Lot Sizes • 1,000: 1c - 9c stock price/share. • 500: 10c - 99c stock price/share. • 100: CAD1.00+ stock price/share.

Settlement T+3, DVP Clearer Canadian Depository for Securities (CDS) Tax No tax applicable. Short Sell Rules It can only be done up tick. Brokers need to flag the order as “short sell.” Dual listed issues not subject to uptick rule.


The federal government restricts non-Canadian investment in regulated industries such as broadcasting, banking, insurance, transportation and public utilities. Limits vary by sector. The issuing agent is responsible for tracking restricted issues to ensure the limits are not exceeded.

Chile Monday - Friday: • Pre-Open (9:20am to 9:30am): Orders are entered to join the open at 9:30. • Continuous Trading (9:30am to 4:20pm): The market trades continuously on a price/time basis. • Pre-Close (4:20pm to 4:30pm): Orders are entered for the closing at 4:30.

Market Hours

• Close (4:30): Orders are matched and a closing price is given.

Circuit Breakers 10% from previous closing price for securities that also have an ADR. 20% from previous closing price for securities that do not have an ADR.

Round Lot Sizes 100 shares. An additional market may exist for odd lots, depending upon the stock. Settlement T+2

Tax

Exchange fees: • 21bps to be paid to broker and exch (sliding scale based on vol. per client; brokers get a rebate per vol.) • 4bps = VAT of 19%

Total fee of 25 bps on both buy and sell side. Short Sell Rules Short selling is allowed. Additional Info Investors must register and receive an ID from the Central Bank.

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China Monday - Friday: • Opening Call Auction (9:15am - 9:25am). Orders cannot be cancelled between 9:20am and 9:25am. • Continuous Auction (9:30am-11:30am & 1:00pm - 3:00pm): The market trades continuously on price/time basis

Market Hours

• The closing price for Shenzhen is the VWAP of the last 3 min (closing call auction from 14:57pm - 15:00pm)

Daily Price Limits 10% from the last closing price for normal stocks (and mutual funds). 5% for stocks under special treatment (ST shares). Price limit does not apply to IPOs, further issues, and other cases as determined by the exchange.

Round Lot Sizes 100 shares on the buy side and 1 share on the sell side. SHSE B Shares Min Price Fluctuation (USD) SZSE B Shares Min Price Fluctuation (HKD)

0.001 0.01 Spreads A Shares: RMB 0.01

Settlement T+3 for B shares (T+1 for A shares), DVP

Clearer China Securities Central Clearing & Registration Corporation in Shanghai and Shenzhen Securities Settlement Company in Shenzhen

SHSE B (bps) SZSE B (bps) Stamp Duty 10 bps (Gross) 10 bps (Gross)

Service Charge

8 bps (Gross) 8.41 * (Gross) & (min HKD 50)

SHSE A (bps) SZSE A (bps) Stamp Duty 10 bps (Gross) 10 bps (Gross)

Tax

Service Charge

8 bps (Gross) 2.175 bps (Gross)

Short Sell Rules Not permitted. Shanghai A Shares: at least 500,000 shares or RMB 3M (adjusted for market conditions) can be traded within day low and day high or last price (if no transactions on the day) and must be registered with the exchange from 3:00 to 3:30pm of the same day. If the stock is suspended before 3:00pm, there is no block trading. Shanghai B Shares: must be at least 500,000 shares or USD 300K and placed by floor traders with confirmation of floor supervisors between 9:45am and market close. Trading must be within day low and day high or previous close and last price (if only one trade on the day) or closing price (if no trades on the day). Shenzhen: At least 500,000, no restrictions in terms of RMB 3MN amount.

Crossing

No amendments can be made to crossings. Additional Info Investor ID needed.

Columbia Monday - Friday: • Continuous Trading (9:00am to 1:00pm): The market trades continuously on a price/time basis. Market Hours • Last Print: (1:00 pm)

Round Lot Sizes 100 shares. An additional market may exist for odd lots, depending upon the stock. Settlement T+3 Short Sell Rules Short selling is not permitted.


Direct investment inflows into Colombia from countries with which it does not have a free trade agreement are required to remain in the country for at least 2 years. Early withdrawal penalties of at least 6.67% (depending on time remaining) will be applied.

Additional Info Investors must register and receive an ID from the Central Bank.

Croatia Exchange Zagreb Stock Exchange Market Cap $52.5 Billion USD Hours Monday - Friday • Regular Trading: 10:00 - 16:00 Securities Traded Stocks, Bonds, Commercial Bills Tracking Indices CROBEX (stocks), CROBIS (bonds) Foreign Investment Must abide by the London Stock Exchange Listing Rules Settlement T+3 Currency Croatian Kuna (KN)

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Czech Republic Monday - Friday:

SPAD (Stock Market Support System) - quote driven • Pre-Opening (8:00am to 9:15am): Closed trading for OTC reporting and block trading only • Continuous Trading (9:15am to 4:00pm): The market trades continuously on a price/time priority basis. • Last Print (4:00pm) • Post-Trading (5:00pm to 8:00pm): OTC trading

KOBOS - order driven • Pre-Opening: (7:30am to 9:10am): Orders can be entered/mod/del to join the auction at 9:10am. • Continuous Trading (9:15am to 3:55pm): The market trades continuously on a price/time priority basis. • Last Print (4:00pm)

Market Hours

• Post-Trading (5:00pm to 8:00pm): OTC trading

Circuit Breakers SPAD: 20% away from opening price for more than 2 minutes. After a 15 min suspension, 10% additional move for more than 2 minutes triggers additional 15-min halt. Continues up to cumulative move of 50% from opening price.

Round Lot Sizes 1 share Settlement T+3, DVP Tax 5 bps

Denmark Monday - Friday: • Pre-Opening (8:00am to 8:56am): Orders may be entered/mod/deleted to join the auction at 9:00am. • Opening Auction (8:56am to 9:00am): Orders may be entered/modified/deleted prior to uncrossing. • Continuous Trading (9:00am to 4:50pm): The market trades continuously on a price/time priority basis.

Market Hours

• Closing Auction (4:50 - random end): Orders may be entered/modified/deleted to join the closing auction at 4:50 with a random end.

Circuit Breakers Activates only when price sensitive information is received. Trading halts for 5 min. Round Lot Sizes 1 Trading Block at approximately DKK 20,000 or DKK 10,000, depending on the security. Settlement T+3, DVP Clearer Danish Securities Centre Tax No tax applicable.


Egypt Sunday - Thursday: Listed Securities: • Continuous Trading (10:30am to 2:30pm): The market trades continuously on a price/time priority basis.

Crossing orders with the same buy and sell broker have the lowest priority. Orders with greater restrictions will also have lower priority.

• Closing Price: The closing price is the day's weighted average price (total value traded / total volume traded), if more than 100 shares trade; otherwise, the closing price is yesterday's close

OTC Market: • Deals Market (9:45am to 11:15am)

Market Hours

• Orders Market (2:45pm to 3:15pm) Settlement T+2, DVP Clearer MCDR (Misr for Clearing, Depository and Central Registry)

Tax

Exchange fees: • 1.2bps of notional amount on buy and sell sides for listed securities, capped at LE 5000. • 10bps of notional on both sides for OTC and other unlisted securities, capped at LE 5000. • DRs have a fee of .025bps of the value, to be paid in USD.

Foreigner Restrictions None.

Additional Info Investors must open a trading account with a licensed member or brokerage firm by the Capital Market Authority. They also must open accounts with custodians, so that the EGX can verify their outstanding balances prior to any sell transactions. Members must trade using the EGX Trading System, CTS.

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Estonia Exchange Tallinn Stock Exchange (62% owned by NASDAQ OMX Nordic Exchange)

Monday - Friday • Pre-trading session 09:30 - 09:45 • Period before the opening call 09:45 – 10:00 • Opening call 10:00 • Continuous trading 10:00 – 13:50 • Period before closing call 13:50 – 14:00 • Closing call 14:00

Hours

• Post-trading session 14:05 – 14:30 Currency Euros (EUR)

Finland Monday - Friday: • Pre-Opening (8:30am to 9:55am): Orders may be entered/mod/del to join the auction at 10:00am. • Opening Auction (9:55am to 10:00am): Orders may be entered/modified/deleted prior to uncrossing. • Continuous Trading (10:00am to 6:20pm): The market trades continuously on a price/time basis. • Closing Auction (6:20:30pm to 6:30pm): Orders may be entered/modified/deleted to join the closing auction.

Stocks uncross after a minimum of 1 minute 50 seconds in the same order as the opening auction, with the last stock uncrossing at 6:30pm.

Market Hours

• Post-Trading (6:30pm to 7:00pm): Orders may be entered/modified/deleted.

Circuit Breakers 15% from the previous closing price. The limit is often widened when volatile. Activates also at the Managing Directors discretion or the company’s request from the MD.

Round Lot Sizes 1 -1,000, dependent on the stock’s liquidity. The odd lot market exists away from the board lot. Settlement T+3, DVP Clearer HEX Tax No tax applicable.


France Monday - Friday: • Pre-Opening (7:15am to 8:55am): Orders may be entered/mod/deleted to join the opening auction. • Opening Auction (8:55am to 9:00am): Orders may be entered/modified/deleted prior to uncrossing. • Continuous Trading (9:00am to 5:30pm): The market trades continuously on a price/time basis. • Closing Auction (5:30pm to 5:35pm): Orders may be entered/mod/del to join the auction at 5:30pm. • Trading-at-Last (5:35pm to 5:40pm): Shares can be traded at the closing prices.

Market Hours

• Restricted (9:00am to 5:30pm): A separate order book illiquid stocks. Brokers can enter orders, which will only be matched at designated auction periods depending on the sector of the stock.

Circuit Breakers 10% from the static reference price (5% for CAC40 or IPO) reset every time the market breaks its upside/downside threshold; this is the last closing price for the opening. Trading resumes after the 4-minute halt. If the traded price deviates more than 5% (2% for CAC40 of IPO) from the last traded price, the market stops for 1 minute.

Round Lot Sizes 1 share.

Settlement T+3 for the cash market last business day for the Monthly Market Stocks, DVP

Clearer Euroclear France Tax No tax applicable.


Foreign Ownership Ownerships of 5% (i.e. at 5%, 10%...) need be reported to the Conseil des Marches Financiers (CMF).

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Germany Monday - Friday: DAX & STOXX • Pre-Opening (7:30am to 8:55am): Orders may be entered/mod/del to join the auction at 9:00am. • Opening Auction (8:50/8:51am to 9:00/9:04am): Orders may be entered/modified/deleted prior to uncrossing.

Auction times vary by stock segment. • Continuous Trading (9:00am to 5:30pm): The market trades continuously on a price/time priority basis except for

the 2 following auctions. • Intraday Auction (1:00/1:15pm to 1:02/1:17pm): Orders may be entered/modified/deleted to join the auction.

Auction times vary by stock segment. • Closing Auction (5:30pm to 5:35pm): Orders may be entered/modified/deleted to join the auction.

Market Hours

• Special Auction (1:20pm to 1:25pm): Orders may be entered/mod/del to join this auction for illiquid stock.

Circuit Breakers Activated when the maximum price range deviation is exceeded. Static price is the maximum percentage deviation of a reference price, generally the last-held auction price. All trade halts and suspensions are decided by DBAG.


Settlement T+2, DVP; however most clients prefer to settle T+3

Clearer German Central Securities Depository and Intl. Securities Clearing Center Tax No tax applicable.


Greece Monday - Friday: • Pre-Opening (10:00am to 10:30am): Orders may be entered/modified/deleted from 10:00am to 10:28 to join the

opening auction which takes place at a random time from 10:28 to 10:30. • Continuous Trading (10:30am to 4:30pm): Orders can be entered, modified, and deleted. Trades continuously

occur as orders match • Closing Auction (4:30pm to 4:41pm): Closing pricing occurs randomly at any price between 4:39pm and 4:41pm • Trading-at-Last (4:41pm to 4:50pm): Shares can be traded at the closing prices. • Intraday Auction (3rd Friday of the Month: 1:45pm - 2pm): print occurs randomly between 1:54pm and 2pm

Market Hours

Effective September 29, 2008: • Continuous Trading (10:30am to 5:00pm) • Closing Auction (5:00pm to 5:11) • Trading-at-Last (5:11-5:20)

Circuit Breakers 10% from the previous closing price. Limits do not apply in the first three days of a company's listing. Round Lot Sizes 1 share for most stocks (10 shares for remaining). Settlement T+3, DVP Clearer Central Securities Depository (CSD) Tax 15 bps (Gross) sell side only; 6pbs registration fee both sides


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Hong Kong Monday - Friday:

• Pre-Opening (9:30am to 9:50am): Orders may be entered/modified/deleted until 9:45am. From 9:45am to 9:50am, only market orders are allowed. • Continuous Trading (10:00am to 12:30pm & 2:30pm to 4:00pm): market trades continuously on a price/time priority basis. Orders must be within 24 ticks up/down of nominal price. Max 3,000 board lots / order. During the break, orders cannot be amended until 2:30pm, but could be cancelled after 2:00pm. • Closing Auction (4:00pm to 4:10pm): Orders may be entered/modified/deleted until 4:08pm. From 4:08pm to 4:10pm, only market orders are allowed.

Market Hours

• Closing price is the indicative equilibrium price (IEP) that maximizes the tradable quantity in the auction. If there is an order imbalance and no IEP is generated, then the closing price is determined via the old system: the median of five 15 second snapshots taken during the last minute of the continuous trading session.

Circuit Breakers +/- 24 spreads from nominal price. Maximum order size of 3000 lots.

Round Lot Sizes Various lot sizes between 100 and 2,000 shares. Decided by the issuer. Odd lots can only be sold to odd lot brokers at the discount (usually 1-2 spreads).

Stock Price/Share (HKD) Min Price Fluctuation (tick) – 0.250 0.001

0.25 – 0.50 0.005 0.50 – 10.00 0.01

10.00 – 20.00 0.02 20.00 – 100.00 0.05

100.00 – 200.00 0.1 200.00 – 500.00 0.2

500.00 – 1000.00 0.5 1000.00 – 2,000.00 1 2,000.00 – 5,000.00 2

Spreads

5,000.00 – 10,000.00 5 Settlement T+2, DVP Clearer HK Securities Clearing Company (HKSCC).

Stamp: 10 bps (Gross), rounded up to the nearest HKD. Levy: 0.4 bps (Gross), rounded mathematically to the nearest HK cent. Tax Fee: 0.5 bps (Gross), rounded mathematically to the nearest HK cent.

Short Sell Rules Must be a SEHK approved short sale stock and a lending agreement must already be in place. The broker must flag the order as a “short sell” and must be placed at or above the current best ask price.

Crossing

No limit on quantity or value but price should be within the range of the lowest of twenty-four spreads below the previous closing price, the lowest bid and the lowest ask price up to the time of the transaction on the day and the highest of twenty-four spreads above the previous closing price, the highest bid and the highest ask price up to the time of the transaction on the day. Cross trades need to be reported to the exchange within 15 minutes of execution or within 15 minutes of open on the next trading day for crosses executed after market close.

Additional Info Buy In: Day after fail (T+3). Additional 25bps penalty. Orders are not carried overnight. The pre-market opens at 9:30am. Can put market or limit orders in from 9:30 until 9:45am. From 9:45 to 9:50am orders may not be cancelled and only market orders allowed (no limit orders). Orders are matched at 9:50am (market orders are NOT guaranteed of getting filled) with continuous trading begin at 10:00am.

Trading in the Opening Auction

DMA orders sent to the open auction need to be flagged specially as OPEN orders otherwise they will be rejected. The pre-closing period starts at 4:00pm. Can put market or limit orders in from 4:00 until 4:08pm. From 4:08 to 4:10pm orders may not be cancelled and only market orders allowed (no limit orders). Orders are matched at 4:10pm (market orders are NOT guaranteed of getting filled).

Trading in the Closing Auction

All other points above that apply to the opening auction also apply to the closing auction.

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Hungary Monday - Friday: • Pre-Opening (8:30am to 9:00am / 9:01 am): Orders can be entered/modified/deleted to join the opening auction

at 9:00am / 9:01am. Random end to this period to prevent price manipulation. • Opening Auction (9:00am/ 9:01am to 9:02am) • Continuous trading (9:05am to 4:30pm): Orders can be entered/modified/deleted. The market trades

continuously on a price/time priority basis.

Market Hours

• Closing Auction (4:30pm to 4:35pm/ 4:36pm): Orders may be entered/modified/deleted to join the auction at 4:35pm / 4:36pm. Random end to this period to prevent price manipulation.

Circuit Breakers 10% from the previous closing price. Trading suspension lasts 2-15 min, at the discretion of the Exchange Round Lot Sizes 1 share. Settlement T+3, DVP

India Monday – Friday (both National Stock Exchange & Bombay Stock Exchange:

Market Hours Continuous Trading (9:55am to 3:30pm): The market trades continuously on a price/time priority basis. The first print is the opening price, and the closing price is the VWAP of all trades in the last 30 minutes of the continuous trading session. However, if no trade during the last 30 minutes, the last traded price in the trading session is the closing price. 10%, 15% and 20% up or down in the BSE Sensex or the NSE S&P CNX Nifty. For details, please check http://www.nseindia.com/content/equities/eq_circbreakers.htm. Daily Price Limits

& Circuit Breakers For top 200 stocks, 20% up or down from the previous closing price (first 8%, then a 30-min cooling period and then another 8%).

Round Lot Sizes Generally 1 share.

Settlement T+2, DVP. For details, please check http://www.bseindia.com/about/tradnset.asp and http://www.nseindia.com/content/nsccl/nsccl_eqrollsett.htm. Securities Transaction Tax: 12.5 bps (Gross).

Tax Stamp Duty: 1 paise per 100 Rs.

Short Sell Rules Not allowed. Foreign Ownership

Foreign investors can automatically hold 24% of a listed co. The limit may be raised to 49% upon request.

Crossing Crossing is not allowed and we can only keep matching the buy / sell side orders at intervals; so the buy & sell orders get almost the same prices. There is no guarantee that the buy & sell sides will be the same as there could be another buyer/seller at / around that price in the market.

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Indonesia Monday – Thursday:

• Pre-Opening (9:10 am to 9:25 am). • Morning Session (9:30am to 12:00pm): The market trades continuously on a price/time priority basis. The first

print is the opening price. • Afternoon Session (1:30pm to 4:00pm): The market trades continuously on a price/time priority basis. The last

print is the closing price. Friday:

• Pre-Opening (9:10 am to 9:25 am). • Morning Session (9:30am to 11:30pm): Market trades continuously on a price/time priority basis. The first print

is the opening price.

Market Hours

• Afternoon Session (2:00pm to 4:00pm): Market trades continuously on a price/time priority basis. The last print is the closing price.

Stocks may not trade outside of the previous closing price by the percentage indicated in the price ranges below: Below 100 IDR: 50% change 100 to 500 IDR: 35% change 500 to 2500 IDR: 30% change 2500 to 5000 IDR: 25% change

Daily Price Limits

5000 and above: 20% change

Round Lot Sizes 500 shares. 500 rights. Trading odd lots can be very difficult in Indonesia; the odd lot market is very illiquid without any special board. Brokers have to find a willing counterparty.

Stock Price/Share (IDR) Minimum Price Fluctuation (IDR) 0– 500 5

500 – 5,000 25 Spreads

5,000+ 50 Settlement T+3, DVP Clearer Indonesian Clearing & Guaranteed Corp. (PT KDEI)

Levy: 4 bps (Gross) on both buys and sells. VAT: 1 bps (Gross) sales tax on the buys and sells. Tax Sales Tax: 10 (Gross) on sells only.

Short Sell Rules Not Allowed. Failure to deliver on settlement will result in “Alternate Cash Settlement” which is 125% of the 3-days highest price of the traded stock.

Crossing No limit on quantity or value; no transaction price limit (although typically +/- 25% from previous close). Every cross transaction has to go through the Exchange. Settlement can take place at any time with agreement of both counterparties.

Ireland Monday - Friday: • Pre-Trading (6:30am to 7:55am): Orders may be entered/mod/del to join the auction at 8:00am. • Opening Auction (7:50am to 8:00am): Orders may be entered/modified/deleted prior to uncrossing. • Continuous Trading (8:00am to 4:28pm): The market trades continuously on a price/time priority basis. • Closing Auction (4:28pm to 4:30pm): Orders may be entered/mod/del to join the auction at 4:30pm.

Market Hours

• Post-Trading (4:30pm to 5:15pm): New orders can be entered and existing orders can be modified/deleted. Participants can also input OTC deals. New orders are present on the order book the following morning.

Circuit Breakers If the price movements for individual shares exceed certain volatility limits, the system will intervene to cease continuous trading and change the continuous to an auction phase for that particular share and for a short period of time.

Round Lot Sizes 1 share. Settlement T+3, DVP Clearer ISE

Tax • Levy: EUR 1.25, if (Gross) exceeds EUR 12,500, for both sell and buy sides. • Stamp: 100bps (Gross + Commission), rounded to the nearest EUR cent, for the buy side only.


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Israel Sunday - Thursday: • Opening (9:45am to 9:50am): Random auction open and close • Continuous trading (9:50am to 5:16pm/ 5:17pm): Orders can be entered/modified/deleted. The market trades

continuously on a price/time priority basis. Close is random. Market Hours

• Closing Auction (5:25pm to 5:30pm): Orders may be entered/modified/deleted to join the auction at 5:25pm. After 5:25pm, cannot cancel orders that impact price or volume.

Circuit Breakers No price limits. All stocks suspended for 45min following significant announcements (earnings, M&A, etc). Round Lot Sizes 1 share. Settlement T+1 Short Sell Rules Short selling is allowed as long as a lending agreement is concluded before the order entry.

Italy Monday – Friday: • Pre-Opening (8:00am to 9:00am): Orders may be entered/modified/deleted to join the opening auction. Period

ends at 10:55am for MTA Standard Segment. • Pre-Open End (9:00:00am to 9:00:59am): Orders may be entered/modified/deleted prior to uncrossing. Occurs

10:55:00am to 10:55:59am for MTA Standard Segment. • Interim Close (9:01am to 9:05am): Closed for uncrossing. Occurs 10:56am to 11:00 am for MTA Standard

Segment. • Continuous Trading (9:05am to 5:25pm): The market trades continuously on a price/time priority basis. 11:00am

to 4:25pm for MTA Standard Segment Class 1. • Closing Auction (5:25 pm to 5:30pm): Orders can be entered/modified/deleted for the closing auction. 4:25pm to

4:30pm for MTA Standard Segment Class 1. All segments have the same 1 min random close as at the open.

Market Hours

• After Hours Trading (6:00pm to 8:30pm): Only MIB30, Midex, S&P MIB, and STAR shares with specialist intervention can be traded on OTC basis.

Circuit Breakers 10% (7.5% for S&P/MIB) from the prev closing price or 5% (3.5% for S&P/MIB) from the last traded price. Round Lot Sizes 1 share. Settlement T+3, DVP Clearer Bank of Italy Tax No tax applicable.


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Japan Monday – Friday: • Morning Session Pre-Opening (8:00am to 9:00am): Orders may be entered/modified/deleted to join the opening auction at 9:00am. • Morning Session (9:00am to 11:00am): The market trades continuously on a price/time priority basis. An auction decides the closing price at 11:00am. • Afternoon Session Pre-Opening (12:05pm to 12:30pm): Orders may be entered/modified/deleted to join the opening auction at 12:30pm.

Market Hours

• Afternoon Session (12:30pm to 3:00pm): The market trades continuously on a price/time priority basis. An auction decides the closing price at 3:00pm.

Daily Price Limits Daily price limits are based on stocks' previous closing prices. For details, please check http://www.tse.or.jp/english/faq/list/stockprice/p_g.html

Round Lot Sizes Lots range as follows: 1/10/50/100/500/1000/2000/3000 Stock Price/Share (JPY) Minimum Price Fluctuation (JPY)

-1,999 1 2,000 - 2,995 5

3,000 – 29,990 10 30,000 - 49,950 50 50,000 – 99,900 100

100,000 – 999,000 1,000 1,000,000 – 19,990,000 10,000

20,000,000 – 29,950,000 50,000

Spreads

30,000,000 + 100,000 Settlement T+3, DVP Clearer Japan Securities Depository Center (JASDEC) Tax No applicable taxes.

Short Sell Rules Orders must abide by the uptick rule. Orders can be placed at or above the last price if it is an uptick but can only be placed above the last traded price if it is a downtick. A number of exemptions exist including those for hedging and arbitrage. Failure to comply may incur a fine of up to JPY 300K.

Crossing There are no special restrictions for offshore crossing in Japan.

Jordan Exchange Amman Stock Exchange Market Cap $313 Million USD

Sunday – Thursday Hours • First and Second Markets: 9:30 - 12:00

• Block Trading: 12:00 - 12:15 Platform Electronic trading Volume approx 36.7 millions shares/day Most Active Securities Jordan Petroleum Refinery (JOEP) (~25%), Jordan Phosphate Mines (JOPH), Arab Bank (ARBK) Foreign Investment 100% allowed in general; certain limited to 49% or 50% Settlement T+2 Currency Jordanian Dinar (JOD)

Kazakhstan Exchange Kazakhstan Stock Exchange Market Cap $96.5 Billion USD

Monday - Friday Hours

• Regular Trading: 11:30 - 17:00 Currency Kazakhstan Tenge (KZT)

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Kenya Exchange Nairobi Stock Exchange Market Cap $19.7 Million USD


• Regular Trading: 10:00 - 13:00 Currency Kenyan Shilling (KES)

Korea Monday - Friday: • Pre-Opening (8:00am to 9:00am for KSE and 7:50am to 9:00am for Kosdaq): Orders may be

entered/modified/deleted to join the opening auction at 9:00am. • Pre-Open off market crossings (7:30am to 8:30am). • Continuous Trading (9:00am to 2:50pm): The market trades continuously on a price/time priority basis. • Closing Auction (2:50pm to 3:00pm): Orders may be entered/modified/deleted to join the closing auction at

3:00pm. • Post Market Auction (3:00pm to 3:10pm): Orders, including odd lots, may be entered/modified/deleted to

trade at the closing price. • Trading-at-Last (3:10pm to 3:30pm): Shares can be traded at the closing prices.

Market Hours

• After Market (3:30pm to 6:00pm): Shares can be traded via auction every 30 minutes (+/-5% from closing price).

Daily Price Limits and Circuit Breakers

Stocks are restricted to 15% limit up / down from previous closing prices. Trading is suspended if there is a 10% fall (and remains there for at least 1 minute) in the KOSPI from the previous close. Trading resumes after a 20-minute halt and 10-minute auction. This can only take place once per day and is not applicable from 2:20pm.

Round Lot Sizes For KOSPI listed shares – 1 share for stocks trading > KRW 50,000 based on previous close, anything below this threshold is 10 shares. 1 share for KOSDAQ listed shares.

Stock Price/Share (KRW) Minimum Price Fluctuation (KRW) -4,995 5

5,000 – 9,990 10 10,000 – 49,950 50 50,000 – 99,900 100

100,000 – 495,500 500

Spreads

500,000 + 1,000 Settlement T+2, DVP Clearer KSE

Tax Agricultural Tax: 15bps (Gross) for KSE sell trades, rounded up to the nearest KRW. Trade Tax: 15bps (Gross) for KSE sell trades, rounded up to the nearest KRW.

Short Sell Rule

Short Sell: Short selling is permitted. Effective September 17, 2007 short sell orders can be placed at current price for once if the stock is moving higher. The old short sale regulation, i.e. the uptick rule, applies before the market open (closing price +1 tick). Exceptions exist for index arbitrage. It is required to indicate on order & offer note that it is a short sale. 500 trading lots / KRW 100MN for KOSPI and KRW 100MN for KOSDAQ. Effective September 17, 2007, cross trades are available for foreign ownership limited stocks in the off market if both the buyer and the seller are foreign investors. Under the current rules, one cannot buy or cross shares for foreigners if the foreign ownership limit is filled. Pre-Market (7:30am – 8:30am): May trade either VWAP or +/- 15% of previous close within limit up/limit down. Normal Trading Hours: Only on the open market within day high / low.

Crossing

After Market (3:10pm – 6:00pm): Same as pre-market but within +/- 15%of day close within daily limit up / limit down or VWAP. Account: QFII number (local client account) is required to trade for foreign investors. Korea also has an omnibus facility.

Additional Info Investor IDs must be sent with the order unless all orders are traded via omnibus. Sell orders in foreign ownership restricted stocks must be sent via ID (no omnibus).

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Kuwait Exchange Kuwait Stock Exchange Market Cap $213.4 Billion USD

Sunday - Thursday • Order Acceptance 8:50 • Pre-Auction 9:50 • Open and Continuous Trading 9:00 • Regular Close 12:30 • Forward Quote Entry 12:32 • Forward Trading 12:55

Hours

• Forward Close 13:15 Currency Kuwaiti Dinar (KWD)

Lebanon Exchange Beirut Stock Exchange Market Cap $14.9 Billion USD

Monday - Friday • Pre-Opening 9:00 - 9:30 • Opening 9:30 • Trading Session 9:30 - 12:30

Hours

• Closing 12:30 Currency Lebanese Pound (LBP)

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Malaysia Monday – Friday: • Pre Open (8:30am to 9:00am): Open is a random print. • Morning Session (9:00am to 12:30pm): Orders are matched based on price and time priority. • Pre Market (2:00pm to 2:30pm): Open is a random print. • Afternoon Session (2:30pm to 5:00pm): Continuous trading on price/time priority basis. The last print is the

closing price.

Market Hours

• Last Print (5:00pm).

Circuit Breakers 10%, 15% and 20 declines in the Kuala Lumpur Composite Index (KLCI). For details, please check http://www.klse.com.my/website/bm/bursa_basics/faqs/circuit_breaker.html

Round Lot Sizes Mostly 100 shares. Odd lots sell at odd lot market at discount. Stock Price/Share (RM) Minimum Price Fluctuation (RM)

-0.995 0.005 1.00 – 2.99 0.01 3.00- 4.98 0.02 5.00 – 9.95 0.05

10.00 - 24.90 0.1 25.00 – 99.75 0.25

Spreads

100.00 + 0.5 Settlement T+3, DVP Clearer ISS

Tax Stamp: 10 bps (Gross rounded up to nearest RM 1000) on both buys and sells. Max. RM 200. Levy: 4 bps (Gross) on both buys and sells. Min./Max. RM 10/RM 500. Permitted for designated securities - closely regulated. Must be done in the Regulated Short Sell (RSS) account. Can only be done uptick. The order needs to be defined as a short sale. Cannot short sell more than the borrowed amount.

RSS shall not be executed for 21 days after a takeover announcement and for the period where a security has been declared as a designated security.

Short Sell Rules

Bursa requires confirmations that the client has borrowed the shares, and that the client is not related to the issuer of the securities.


A foreign investor requires the approval of the Foreign Investment Committee (FIC) when the overseas ownership exceeds 15% per shareholder or 30% overall foreign holdings. Some other rules concerning financial institutions exist. No limit on quantity or value. Every cross transaction has to go through the Exchange.

Within 10% of previous day's VWAP: No prior approvals needed. Within 10%-15% of previous day's VWAP: Need to provide details of beneficial owners. Outside of 15% of previous day's VWAP: Prior approval needed from KLSE 10 days before crossing. If settlement via FDSS, no breakdown of quantity needed and bookings can be done post crossing, i.e. MCD numbers provided after crossing. If ISS settlement, need exact breakdown of quantity/allocations to the specific MCD number. Otherwise, the crossing will fail. No amendments can be made to crossings. Failure of a DBT to settle = RM 250K fine.

Crossing

Off market crossings are not allowed in 1st day of IPO listing & ex-day for dividend/share split/bonus issue/rights issue.

Additional Info Account: MCD number (local client account) is required to trade.

Mauritius Exchange Stock Exchange of Mauritius Market Cap $4 Billion USD

Monday - Friday • Pre-Opening 09:00 - 10:00 • Opening 10:00 • Trading Session 10:00 - 13:30

Hours

• Closing 13:30 Currency Indian Rupees (Rs)

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Mexico Monday - Friday: • Continuous Trading (8:30am to 3:00pm): The market trades continuously on a price/time basis. Market Hours • Closing Price: VWAP of the last 20 minutes

Circuit Breakers 15% from the previous closing price. Trading is halted at the discretion of the exchange, until further notice Round Lot Sizes 100 shares. An additional market may exist for odd lots, depending upon the stock. Settlement T+3, DVP Short Sell Rules A pre-borrow must be in place.

Morocco Monday - Friday: Central Market is divided into three equity markets - the main market, the development market, and the growth market (with companies in each determined by size, shares outstanding, number of certified financial years). Trading is as follows: • Pre-Opening (9:00am to 10:00am): Orders of the most liquid securities ("Group 1") may be submitted to the system

to trade at the open. • Open (10:00am): Orders are matched and an opening price is displayed. • Continuous Trading (10:00am to 3:25pm): The market trades continuously on a price/time basis. • Pre-Close (3:25pm to 3:30pm): Orders are entered to trade at the close. • Close (3:30pm): Orders entered at pre-close are matched, if possible, and a closing price is displayed. • Special Auction: For securities of average liquidity ("Group 3"), a pre-open is held at 9:00am, in which orders may be

entered onto the book. Three separate auctions are then held at 11:00am, 1:00pm, and 3:00pm, at which orders are matched and a price is displayed.

• Secondary lines of Groups 1 & 3 securities are quoted on a continuous basis at 9:00am, with Open at 2:30pm and 3:15pm, respectively, and Close at 3:30pm.

Market Hours

• A separate Block-Trade Market exists for OTC trades, which must meet a minimum block size (according to liquidity and volume traded). Must trade at a price given by the Central Market, either the auction price or within a range as defined by continuous trading.

Circuit Breakers The Casablanca Stock Exchange reserves the right to temporarily suspend any transactions or to limit price movements, if in the interests of the market.

Settlement T+3 Clearer The Casablanca Stock Exchange Tax Exchange fees: 10bps on both buy and sell side.

Netherlands Monday - Friday: • Pre-Opening (7:15am to 8:55am): Orders may be entered/modified/deleted to join the opening auction. • Opening Auction (8:55am to 9:00am): Orders may be entered/modified/deleted prior to uncrossing. • Continuous Trading (9:00am to 5:30pm): The market trades continuously on a price/time priority basis. • Closing Auction (5:30pm to 5:35pm): Orders may be entered/modified/deleted to join the closing auction at 5:30pm. • Trading-at-Last (5:35pm to 5:40pm): Shares can be traded at the closing prices.

Market Hours

• Restricted (9:00am to 5:30pm): A separate order book for illiquid stocks. Brokers can enter orders, which will only be matched at designated auction periods depending on the sector of the stock.

Circuit Breakers 10% (5% for AEX) from the static reference price reset every time the market breaks its upside/downside threshold; this is the last closing price for the opening. Trading resumes after a 4-minute halt. If the traded price deviates more than 5% (2% for AEX) from the dynamic reference price, the last traded price, the market stops for one minute.

Round Lot Sizes 1 share. Settlement T+3, DVP Clearer NECIGIF Tax No tax applicable.


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New Zealand Monday - Friday: • Pre-Opening (9:00am to 9:55am): Orders may be entered/mod/deleted to join the opening auction at 10:00am. • Continuous Trading (10:00am to 4:55pm): The market trades continuously on a price/time priority. • Random Close (4:55pm to 5:00pm): The market may close at anytime in this interval, there is no auction.

Closing price is last traded price.

Market Hours

• Post-Trading (5:00pm to 5:30pm): Need to call broker(s) on the bid/offer on the screen to trade. Circuit Breakers No circuit breakers or daily price movement limits. Round Lot Sizes 1 share.

Stock Price/Share (NZD) Minimum Price Fluctuation (NZD) -0.209 0.001 Spreads 0.210 + 0.01

Settlement T+3 for over NZD 100K, T+0 to +3 for trades under NZD 100K Clearer NZSE Tax No tax applicable.

Short Sell Rules Short selling is permitted in designated securities. Not more than 10% of the issued stocks in the security are short sold. A short sell order may not be placed below the last traded price. However, short sells can be negotiated at any price off market after 5:00pm but the net short sold positions must be reported to NZSE after each trading day.

Foreign Ownership A foreign investor requires the approval from the Overseas Investment Commission when the overseas ownership exceeds 25% per shareholder. Single Stock: any stock, unless under takeover, worth at least NZD 3MN can be put through at any price. Under NZD 3MN, needs to be crossed on market, at or in between market prices. Portfolio: minimum of 10 stocks each worth NZD 200K with a total of NZD 5MN can be put through the market at any price. Crossing Offshore: If at least one side of an order is taken after market hours, a stock can be put through the market the next morning before 10:00am at an agreed price, as long as the client’s home exchange is open at the time the deal is executed.

Nigeria Exchange Nigerian Stock Exchange Market Cap $100 Billion USD

Monday – Friday Hours

• Regular Trading: 10:00 - 13:00 Currency Nigerian Niara (NGN)

Norway Monday – Friday: • Pre-Opening (8:15am to 9:00am): Orders may be entered/mod/deleted to join the opening auction. • Opening Auction (9:00am to 9:05am): Orders may be entered/mod/deleted prior to uncrossing. • Continuous Trading (9:05am to 4:20pm): The market trades continuously on a price/time basis.

Market Hours

• Close Auction (4:20pm to 4:30pm): An auction will decide the closing price.

Circuit Breakers An abnormal price movement or any other unexpected event may activate a break. Matching may be halted when announcements are to be made in the system.

Round Lot Sizes 1 trading block (approx NOK10,000) in size. Odd lots will be matched automatically at the end of the market hours at the latest official traded prices.

Settlement T+3, DVP Clearer Norwegian Registry of Securities Tax No tax applicable.


Foreign Ownership 10% of the share/voting capital is the limit per domestic or foreign shareholder.

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48

Oman Exchange Muscat Securities Market Market Cap $12.4 Billion USD

Sunday - Thursday

Hours • Regular Market: 10:00-11:00 • Parallel Market: 11:30 - 12:30 • Third Market: 12:34-12:55

Platform Automated electronic trading system Volume Approx 39 million shares/day

Types of Markets Stocks, Commercial and Government Bonds, Mutual Funds, OTC Market, Currently contemplating introduction of derivatives

Tracking Indices MSM-30 Index Foreign Investment Up to 70% with some further restrictions at company level. There is no tax on capital returns or profits. Most Active Al Anwar Holding, Bank Sohar, Bank Muscat Settlement T+3 Currency Omani Rial (OMR)

Pakistan Monday - Thursday: • Pre-Opening (9:30am to 9:45am): Orders may be entered/modified/deleted to join the opening auction at

9:45am. • Continuous Trading (9:45am to 2:15pm): The market trades continuously on a price/time priority.

Friday • First Session Pre-Opening (9:15am to 9:30am): Orders may be entered/modified/deleted to join the opening

auction at 9:30am. • First Session (9:30am to 12:00pm): The market trades continuously on a price/time priority basis. • Second Session Pre-Opening (2:15pm to 2:30pm): Orders may be entered/modified/deleted to join the

opening auction at 2:30pm.

Market Hours

• Second Session (2:30pm to 4:00pm): The market trades continuously on a price/time priority basis. Daily Price Limits +/-5% from previous close. Round Lot Sizes Typically 500 but 100 for stocks > Rs. 50. Settlement T+2 DVP. Spot or T+1 in case of certain corporate actions. Clearer KSE Clearing House

Tax Stamp: 1.5% of the face value of the shares under the physical form of transfer. No stamp duty on transfers under the Central Depository System. Capital Value Tax / With-holding Tax: (Gross) 2 bps on buy / 1 bps on sell.

Short Sell Rules Not allowed in the regular market. It is allowed in the futures market, however, required margins (mark to market) will be given to the exchange on daily basis (usually twice a day).

Crossing Market crossings can be done through KATS which provides an option to cross a trade provided it is done near the market rate. Cross trades are not allowed during pre opening, if outside the acceptable price range, and/or there is a one-sided / no market. Additionally, a limit price must be specified.

Foreign Ownership There are no foreign ownership limits in general.

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Peru Monday - Friday:

• Pre-Open (9:00am to 9:30am) • Continuous Trading (9:30am to 1:30pm): The market trades continuously on a price/time priority basis. • Pre-Close (1:30pm to 2:00pm): Orders trade only off the last sale price as of 1:30pm. • Close (2:00pm)

Securities which are simultaneously traded in international markets follow a different schedule: • Pre-Open (8:20am to 8:30am) • Trading (8:30am to 3:00pm) • Pre-Close (3:00pm to 3:10pm)

Market Hours

• Close (3:10pm) Circuit Breakers 15% from the previous closing price. Trading is limited at the discretion of the exchange. Round Lot Sizes 100 shares. An additional market may exist for odd lots, depending upon the stock. Settlement T+3

Tax

Exchange fees: • 9bps to the exchange (BVL) • 0.5bps to the CAVALI • 6.5bps to the supervisory commission (CONASEV) • 10.51bps to the agents (SAB) • 6bps = VAT of 19%

Total fee of 37.5 bps on both buy and sell side. Additional Info Investors must register and receive an ID from the Central Bank.

Philippines Monday - Friday: • Pre-Opening (9:00am to 9:30am): Orders may be entered to join the opening auction at 9:30am. Postings

cannot be cancelled if it is fully or partially matched (met the price on bid/offer). If unmatched, postings can be cancelled without penalty before 9:15am and with penalty after 9:15am.

• Continuous Trading (9:30am to 12:00pm): The market trades continuously on a price/time priority basis. Last Print is at 12:00pm.

Market Hours

• Trading-at-Last (12:00pm to 12:10pm): Shares can be traded at closing prices. Circuit Breakers 50% up or 40% down from the last closing price. Round Lot Sizes 10 -1,000,000, depending on the stock price. There is a separate odd lot market.

Spreads Depending on the price of the stock, the minimum price fluctuation varies from 0.0002 to 5.00. For details, please check http://www.pse.org.ph/html/InvestingInPSE/investing_pse.html.

Settlement T+3, DVP Clearer Securities Clearing Corporation of the Philippines (SCCP)

BUY SELL VAT 12 % (Commission) 12 % (Commission) Stock Transaction Tax None 50 bps (Gross)

Tax

SCCP Fees 1 bps (Gross) 1 bps (Gross)

Short Sell Rules Approved by regulatory agency but has not yet been implemented by the Philippine Stock Exchange. Limited to a list of qualified securities to be announced.


Foreign investment is limited to 40% for public utilities, banking and corporations in the natural resource sector. Foreigners cannot purchase retail or mass media companies.

Crossing

Should be approved by the Floor Trading and Arbitration Committee. The transaction value must not be less than P20 million. A transaction is defined as one entry to the system. However, a block sale involving one listed issue to be done at two different prices shall be counted as two transactions. Each of the transactions must be more than the minimum amount to qualify.

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Poland Monday - Friday: • Pre-Opening (8:30am to 9:30am): Orders may be entered/modified/deleted to join the opening auction at

9:30am. • Continuous Trading (9:30am to 4:10pm): Orders can be entered, modified, and deleted. Trades continuously

occur as orders match • Closing Auction (4:10pm to 4:20pm): Orders may be entered/modified/deleted to join the closing auction at

4:20pm. • Post Trading (4:20pm to 4:30pm). • Next Day Pre-Open Period (4:30pm to 4:35pm): Orders may be submitted for the following trading day’s pre-

open period.

Market Hours

Auction System: Trading Hours as normal with auctions at 11:15am and 3:00pm. Auctions are preceded by a 15 min intervention (no new orders) and followed by 30 min of trading at the auction price.

Round Lot Sizes 1 share. Settlement T+3, DVP

Portugal Monday – Friday: • Pre-Opening (7:30am to 7:55am): Orders may be entered/mod/del to join the auction at 8:00am • Opening Auction (7:55am to 8:00am): Orders may be entered/modified/deleted prior to uncrossing. • Continuous Trading (8:00am to 4:30pm): The market trades continuously on a price/time priority basis.• Closing Auction (4:30pm to 4:35pm): Orders may be entered/mod/del to join the auction at 4:30pm. • Trading-at-Last (4:35pm to 4:40pm): Shares can be traded at the closing prices.

Market Hours

• Restricted (8:00am to 4:30pm): A separate order book for illiquid stocks. Brokers can enter orders, which will only be matched at designated auction periods depending on the sector of the stock.

Circuit Breakers

10% (5% for PSI20) from the static reference price reset every time the market breaks its upside/downside threshold; this is the last closing price for the opening. Trading resumes after a 4-minute halt. If the traded price deviates more than 5% (2% for PSI20) from the dynamic reference price, i.e. the last traded price, the market stops for one minute.

Round Lot Sizes 1 share. Settlement T+3, DVP Clearer Central de Valores Mobiliarios (CENTRAL) Tax No tax applicable.


Foreign Ownership

No general restrictions. A simple notification is needed, for statistical purposes, to the Investimentos Comercio e Turismo de Portugal (ICEP) within 30 days following the transaction.

Qatar Exchange Doha Securities Market Market Cap $142 Billion USD

Sunday - Thursday Hours

• Regular Trading: 10:00 - 12:30 Currency Qatar Rial (QAR)

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51

Romania Exchange Bucharest Stock Exchange Market Cap $52.9 Billion USD

Monday - Friday • Pre-Open 09:30 - 10:00 • Continuous Trading 10:00 - 16:15 • Pre-Close 16:15 - 16:30

Hours

• Closing Auction 16:30 Platform HORIZON, An electronic trading system Volume Approx 26 million shares/day Types of Markets Regular Market, Odd Lot Market, Deal Market Tracking Indices BET, ROTX Foreign Investment Must trade through a Romanian brokerage firm Most Active Banca Transilvania (TLV), Amonil (AMO), Sif Transilvania (SIF3), Settlement T+3 Currency Romanian New Leu (RON) Securities Traded Stocks, Unlisted Stocks and Bonds, Rights, Corporate Bonds, Municipal Bonds, Futures Additional RASDAQ, another Romanian stock exchange, recently joined to Bucharest Stock Exchange

Russia Monday - Friday

MICEX • Pre-Opening (10:15am to 10:30am): Orders may be entered/modified/deleted to join the opening auction at

10:30am. • Continuous Trading (10:30am to 5:45pm): The market trades continuously on a price/time basis. • Closing Print: VWAP of last 30 minutes. • Post-Trading (5:45pm to 5:50pm)

RTS • Continuous Trading (10:30am to 6:00pm): The market trades continuously on a price/time priority basis. The

first print is the opening price.

Market Hours

• Last Print (6:00pm)

Circuit Breakers 10% from opening price or 15% from close on opening triggers a 1 hour halt. 15% from opening price or 25% from close on opening triggers indefinite halt. (MICEX)


Settlement MICEX: varies: T+0 to T+5 RTS: T+4 Both ruble and foreign currency settlement is allowed.

Tax MICEX: 1bp RTS 0.5 bps

Short Sell Rules With the liquid borrow market, short selling is possible. However, it is not allowed on MICEX.


If a foreign investor buys more than 30% of a company, it must inform the Anti-Monopoly Committee. If a foreign investor buys more than 15% of the shares of a company, it must notify the Ministry of Finance of the Russian Federation. A non-resident must receive approval by the State Anti-Monopoly Committee before he can acquire 35% of a company's shares or a package providing for 50% of total shareholders' votes.

Additional Info

Foreign investors must obtain a license from the Federal Securities and Exchange Committee before trading in Russian securities. In general, foreign investors may engage in transactions in equity securities on the same terms as Russian investors, although in some cases foreign participation is restricted by legislation or by the charter or operating procedures of the issuer of the securities.

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Singapore Monday - Friday: • Pre-Opening (8:30am to 9:00am): Orders may be entered/modified/deleted to join the opening auction at

9:00am. No market orders. • Continuous Trading (9:00am to 12:30pm and 2:00pm to 5:00pm): The market trades continuously on a

price/time priority basis.

Market Hours

• Closing Auction (5:00pm to 5:06pm): Orders may be entered/modified/deleted to join the closing auction at 5:05pm. No market orders.

Circuit Breakers No set designation. SGX intervenes when deems necessary. Also, each listed company may appeal to SGX to halt trading for some desired duration.

Round Lot Sizes 1,000 shares. Odd lots trade at a discount on a separate Unit Share Market, which is quite liquid. Stock Price/Share (SGD/USD) Min. Price Fluctuation (SGD/USD)

-0.955 0.005 1.00 – 9.99 0.01

Spreads

10.00 + 0.02 Settlement T+3 for SGD trades and T+5 for USD trades, DVP Clearer Securities Clearing & Computer Services (SCCS)

Tax

Clearing Fee: 4 bps (Gross), max SGD600 for SGD trades/USD110 for USD trades, rounded to the nearest SG/USD cent. GST: 7% (Commission and Clearing Fees) for onshore accounts only. SGX Access: 0.75 bps (Gross). This fee is sometimes absorbed by the broker.

Short Sell Rules Short selling is permitted as long as there is borrow in place for delivery on the same day. There are no uptick rules. Collateral of 105% of the borrowed securities must be deposited and must be maintained at least 105% of the market value each day.

Crossing

Crosses on the SGX must be at least 50,000 units of securities or SGD150K and price must be with in a reasonable range from the last traded price. Counterparties can cross off exchange by entering instructions into Central Depository (Offshore crosses are frowned upon by SGX). Crossing transactions executed during trading hours must be reported within 10 minutes of execution and transactions executed after trading hours must be reported in the first half hour of trading on the following market day.

Additional Info Buy In: Day after fail (T+4).

Slovenia Exchange Ljubljana Securities Market Market Cap $34 Billion USD


• Regular Trading: 09:30-13:00 Currency Slovenian Tolar (SIT)

South Africa Monday - Friday: • Pre-Opening (8:35am to 9:00am): Orders may be entered/mod/del to join the opening auction at 9:00am. • Continuous Trading (9:00am to 4:50pm): The market trades continuously on a price/time priority basis through

the JET system (Johannesburg Equities Trading system). Market Hours

• Closing Auction (4:50pm to 5:00pm): Orders may be entered/mod/del to join the closing auction at 5:00pm. Circuit Breakers 5% in leader stocks and 10% in non-leader stocks from the last price (not open and not closing price). Round Lot Sizes 1 share. Settlement T+5 Tax 25bps (Gross) on the buy side only.

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53

Spain Monday - Friday: • Pre-Opening (8:30am to 8:55am): Orders may be entered/mod/del to join the opening auction at 9:00am. • Opening Auction (8:55am to 9:00:30am): Orders may be entered/modified/deleted prior to uncrossing. • Continuous Trading (9:00:30am to 5:30pm): The market trades continuously on a price/time basis. • Closing Auctions (5:30pm to 5:35pm): Orders may be entered/modified/deleted to join the closing auction at

5:30pm. If there is no auction or if less than 500 trading units were traded in the auction, the closing price is the last 500 traded units closest to the weighted average price.

Market Hours

• Special Actions (8:30am to 12:00pm and 12:00pm to 4:00pm): Orders may be entered/modified/deleted to join the two auctions for the exchange published names.

Circuit Breakers Activates when either the static or dynamic price limits are exceeded. An auction follows the break, lasting 5 minutes with a 30-second random end.

Round Lot Sizes 1 share. Settlement T+3, DVP Clearer Clearing & Settlement Service (SCL) Tax No tax applicable.


Sri Lanka Exchange Colombo Stock Exchange (234 listed companies from 20 sectors) Market Cap $7.2 Billion USD

Monday - Friday • Pre-Open 9:00 - 9:30 • Open Auction 9:30 • Normal Trading 9:30 - 14:30

Hours

• Close 14:30 Platform Automated Trading System (ATS) Volume Approx 4.4 Million shares/day Types of Markets Equity, Debt Tracking Indices ASPI, MPI Foreign Investment No restrictions. Investment must take place through Share Investment External Rupee Accounts (SIERA) Settlement Sales T+4; Purchases T+3 Currency Sri Lanka Rupee (LKR) Additional A Derivatives Market is planned

Sweden Monday - Friday: • Pre-Opening (8:00am to 8:55am): Orders may be entered/mod/del to join the opening auction at 9:00am. • Opening Auction (8:55am to 9:00:30am): Orders may be entered/modified/deleted prior to uncrossing. The

auction for less liquid A and O list stocks will finish at 9:08am. • Continuous Trading (9:00am to 5:20pm): The market trades continuously on a price/time priority basis.

Market Hours

• Closing Auction (5:20pm to 5:30pm): Orders may be entered/modified/deleted to join the closing auction. Stocks uncross after a minimum of 1 minute 50 seconds in the same order as the opening auction, with the last stock uncrossing at 5:30pm.

Round Lot Sizes 1 – 1,000. For an A list stock, it is half the base amount. For any other stock, it is 1/4 of the base amount. Settlement T+3, DVP Clearer Swedish Central Securities Depository Tax No tax applicable.


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Switzerland Monday - Friday: • Pre-Opening (6:00am to 8:55am): Orders may be entered/mod/del to join the opening auction at 9:00am. • Opening Auction (8:55am to 9:00:30am): Orders may be entered/mod/deleted prior to uncrossing. • Continuous Trading (9:00:30am to 5:20pm): The market trades continuously on a price/time basis.

Market Hours

• Closing Auction (5:20pm to 5:30pm): Orders may be entered/modified/deleted to join the auction at 5:30pm.

Circuit Breakers For Swiss equities, a 2% or more deviation from the last sale price brings a 15 min halt. 5 min interruption for deviation more than 25% for securities priced less than 10 CHF, more than 2% for foreign equities, and more than 3% in sponsored segment.

Round Lot Sizes 1 share (100 for some foreign stocks). Settlement T+3, DVP Clearer Swiss Securities Clearing Corporation (SEGA) Tax Stamp: 7.5 bps (Gross) on buy and sell. There are a variety of ways for clients to obtain exemption from the Stamp Tax


Taiwan Monday - Friday: • Pre-Opening (8:30am to 9:00am): Orders may be entered, modified, or deleted to join the opening auction at

9:00am. No market orders. • Continuous Trading (9:00am to 1:25pm): The market trades via auction every 25 seconds (can vary by one or

two seconds). No market orders. • Closing Auction (1:25pm to 1:30pm): Orders may be entered / modified / deleted to join the closing auction at

1:30pm. No market orders. • Off-hour Trading (2:00pm to 2:30pm): Shares can be traded at the closing prices. • Odd-lot Trading (1:40pm to 2:30pm): Transactions may be done at a price range of +/-7% of the stocks

opening price in the regular exchange.

Market Hours

• Block Trading (9:30-9:50am / 11:30-11:50am / 1:35-1:50pm): Paired trade method added. For details contact your Credit Suisse representative or visit http://www.tse.com.tw/en/products/trading_rules/new_block.php


Daily price limits are set at 7% from the previous closing price. Intraday volatility interruptions kick in once a security moves +/-3.5% from previous price. Trades resume in 2 to 3 minutes. The volatility interruptions are not applicable during the opening and between 1:20pm and 1:30pm. They also do not apply to stocks opening below NTD 1 or whose matching is restricted to every 5/10 minutes.

Round Lot Sizes

1,000 shares. Odd lots orders can be entered from 1:40pm to 2:30pm with the price determined by a closing match at 2:30pm (prices are subject to the same 7% fluctuation restriction as normal trading). Orders are considered as happening in the current trading day rather than on T+1 and there are no trading restrictions for ex div., day before New Year or day before Chinese New Year dates.

Stock Price/Share (NTD) Minimum Price Fluctuation (NTD) -9.99 0.01

10.00 – 49.95 0.05 50.00 – 99.90 0.1

100.0 0– 499.50 0.5 500.00 – 999.00 1

Spreads

1,000 + 5 Settlement Settlement deadline on T+1, shares/cash valued on T+2, DVP Clearer Taiwan Stock Exchange (TSE); GreTai Securities Market (GTSM); Taiwan Depository & Clearing Corp (TDCC) Tax 30 bps (Gross) from seller transactions truncated to nearest NTD. Short Sell Rules Foreign investors are not allowed to short sell. Foreign Ownership Rules depend upon sector; e.g., telecoms.

During market hours: 9:30-9:50am and 11:30-11:50am. After market hours: 1:35-1:50pm (1:35pm-5:00pm for paired trades). Price range: Within 7% of the auction reference price at market opening of the regular trading session for the day. Crossing Minimum amount / volume: At least 500 units or more than NTD 15 mm for single securities and at least five types of stocks and over NTD 15 mm for a basket of securities.

Additional Info Account: FINI number (local client account) is required to trade. Omnibus accounts are available.

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Thailand Monday - Friday: • Morning Session Pre-Opening (9:30am to 9:55am): Orders may be entered/modified/deleted to join the opening

auction occurring randomly from 9:55am to 10:00am. • Morning Session (10:00am to 12:30pm): The market trades continuously on a price/time priority basis. • Afternoon Session Pre-Opening (2:00pm to 2:25pm): Orders may be entered/modified/deleted to join the

opening auction occurring randomly from 2:25pm to 2:30am. • Afternoon Session (2:30pm to 4:30pm): The market trades continuously on a price/time priority basis. • Closing Auction (4:30pm to 4:40pm): Orders may be entered/modified/deleted to join the closing auction, which

closes randomly between 4:35pm and 4:40pm.

Market Hours

• Block Trading (4:40pm to 5:00pm): There is no evening trading. Block crosses are allowed after random close and until 5:00pm.


10% and 20% falls of the SET index from the previous close will halt all trading in listed securities for 30 minutes and one hour respectively. If trading time left in a session is less than 30 minutes, or one hour after the circuit breaker comes into effect, trading will be halted until the closing time of that session, and will then resume in the next session. 30% daily limit up or down for local board traded shares. Foreign board traded shares do not have any limits.

Round Lot Sizes 100 shares for most stocks. 50 shares for stocks priced THB 500 or more for 6 consecutive months. The local shares’ odd lots can be traded on a separate board, and foreign shares lose premium.

Stock Price/Share (THB) Minimum Price Fluctuation (THB) -2 0.01

2.00 – 5.00 0.02 5.00 – 10.00 0.05

10.0 0– 25.00 0.1 25.00 – 50.00 0.25

50.00 – 100.00 0.5 100.00 – 200.00 1 200.00 – 400.00 2 400.00 – 800.00 4

Spreads

800.00 + 6 Settlement T+3, DVP Clearer Thailand Securities Depository Co. (TSD)

Tax Stamp Duty: 10 bps (Gross) VAT: 7% (Commission)

Short Sell The borrow has to be onshore and one must abide by the uptick rule.


Foreign shareholding is generally limited to a maximum of 49%. There are other rules concerning the finance sector, investment promotion licenses, concession permits etc. (e.g. 25% for financial institutions). When the foreign percentage is full, foreign investors can purchase local shares (sometimes at a premium) on the foreign board of the SET. Foreign investors are allowed to purchase local shares; however, they are not legally entitled to rights and privileges of local shareholders (i.e. dividends, corporate action, voting rights).

Crossing

All crosses must be done within the SET. No limit on quantity or value. No limit on price but should not be outside of day low or high (authorities reserve right to query any transactions outside this range). Local shares < THB 3MN may be crossed after market close at closing price or exchange VWAP. Crosses < THB 3MN will be included in VWAP price. Crosses above THB 3MN or more than 1MN shares can be traded in the Big-Lot Board via put-through trading with no price or time restrictions. Such trades can be crossed with other brokers as well as internally and will not impact VWAP price.

‡One Touch DMA only

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Tunisia Exchange Bourse de Tunis Market Cap $4 Billion USD

Monday - Friday • Fixing Trade 09:00-11:05

Continuous Trading • Pre- Opening 09:00 - 10:00 • Trading Session 10:00 - 11:30

Hours

• Closing 11:35 - 11:40 Currency Tunisian Dinar (TND)

Turkey Monday - Friday: • Pre-Opening (9:30am to 9:40am): Orders can be entered/mod/del to join the auction at 9:40am. • Continuous Trading (Morning 9:45am – 12:00pm; Afternoon 2:00pm – 5:00pm): Orders, once entered,

may not be cancelled and may only be revised aggressively. The exception to this is the first five minutes of the 2nd session, during which orders may be revised passively. Orders are valid for either the 1st session only or the whole day. An order in the morning session valid for the whole day may be revised to morning session only up until the end of the 1st session.

Market Hours

• Last Print (5:00pm) Circuit Breakers 10% from the previous session's VWAP. ISE can also suspend trading at any time. Round Lot Sizes 1 share. Settlement T+2, DVP

Ukraine Exchange Ukrainian Stock Exchange Market Cap $252.6 Million USD


• Regular Trading: 11:00-17:00 Currency Ukraine Hryvnia (UAH)

United Arab Emirates Exchange Abu Dhabi Securities Exchange Market Cap $121.1 Billion USD

Sunday - Thursday Hours • Pre-Opening: 9:30 - 10:00

• Continuous Trading: 10:00 - 12:00 Platform Fully automated central limit order matching screen trading system Volume Approx 353.38 million shares/day Types of Markets Equity, Debt Tracking Indices General Index

Foreign Investment The percentage allowed to be invested in particular stocks varies from stock to stock. 100% investment by foreigners is allowed only in Fujairah Trade Center stock. The next highest percentage of an individual stock allowed to be owned by a foreigner is 49%

Most Active Securities Methaq Takaful Insurance (METHAQ), Arkan Building Materials (ARKAN), Dana Gas (DANA) Settlement T+2 Currency Emirati dirham (AED)

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United Kingdom Monday - Friday: • Pre-Opening (7:50am to 8:00am): Orders may be entered/modified/deleted to join the opening auction at Orders

may be entered/modified/deleted to join the opening auction at 8:00am. • Continuous Trading (8:00am to 4:30pm): The market trades continuously on a price/time priority basis.

Market Hours

• Closing Auction (4:30pm to 4:35pm): Orders may be entered/modified/deleted to join the closing auction at 4:35pm.

Circuit Breakers 5% from the last traded price. The trading resumes after 5 minutes. Round Lot Sizes 1 share. Settlement T+3, DVP Clearer CREST

Tax • Levy: GBP1 for tickets in excess of £10,000. • Stamp: 50bps (Gross + Commission), rounded to the nearest GB pence, on the buy side only


United States Monday - Friday:

NYSE Continuous Trading (9:30am to 4:00pm): The market opens with the auction around 9:30am and trades continuously on a price/time priority basis.

NASDAQ Pre-Opening 7:00am to 9:28am): Orders may be entered/mod/del to join the opening cross at 9:30am. Opening Auction (9:28am to 9:30am): Limit orders are treated as Imbalance-Only (IO) orders for the opening cross. Orders not fully executed are returned. Can enter new IO orders but not modify or cancel existing ones. New Market Orders are not allowed. Continuous Trading (9:30am to 4:00pm): The market trades continuously on a price/time priority basis. Closing Auction (3:50 to 4:00pm): On-Close orders must be entered prior to 3:50pm.

Market Hours

Post Trading (4:00pm to 8:00pm)

Circuit Breakers 10%, 20% and 30% declines in The Dow Jones Industrial Average. The numerical points are decided each quarter, using the average closing from the previous month. Without a set designation, both markets oversee the pending for each name.

Round Lot Sizes 100 shares for most stocks (both NYSE and NASDAQ). Settlement T+3, DVP Clearer The Depositary Trust Company (DTC) Tax SEC Fee: 0.056 bps (Gross), rounded up to the nearest US cent, on the sell side only. Short Sell Rules No up-tick rule. Dealer must declare short sell and stock locate. Other Stock below $5 is non-marginable.

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Vietnam Ho Chi Minh Securities Trading Center (HSTC) (main board)

Monday - Friday: • Order-matching • First Auction (8:20am to 8:40am): Orders are matched with the following priority: (1) price (2) size (3) time (4)

individual before institutional orders. Orders are in the form of either limit orders (effective until close of the day) or ATO (At-the-open - effective during the session of matching orders).

• Second Auction (9:00am to 9:20am): Orders are received and matched in a similar fashion to the first auction. • Third Auction (10:00am to 10:30am): Orders are received and matched similar to the 1st auction. • Put-through trading between 10:30am and 11:00am.

Hanoi Securities Trading Center (HaSTC) (the SME market)

Market Hours

• Continuous Trading (9:00am to 11:00am): The market trades continuously on a price/time priority.

Circuit Breakers HSTC: +/-5% from previous match (adjusted for dividends). HaSTC: +/-10% from previous match (adjusted for dividends).

Round Lot Sizes HSTC: 10 shares; orders are limited to 9,990 shares. HaSTC: 100 shares.

Stock Price / Share (VND) Minimum Price Fluctuation (VND) – 49,900 100

50,000 – 99,500 500 Spreads

100,000+ 1,000 Settlement T+3. Tax Sales Tax: 10bps (Gross) for sell trades; this charge is typically included in brokerage commissions.

Restrictions Orders: for HSTC, a buy order can not be placed in the same session as a sell order and orders may not be cancelled. ATO orders are also available.

Short Sell Not allowed, i.e. when a sell order is placed, clients must have the full amount in his/her account. Foreign Ownership

30% for banks and telcos; 49% for others. No QFII needed.

Crossing Blocks (10,000 shares or more) can be executed with Credit Suisse (blocks can be done at prices other than the daily auction prices). Market Access: Credit Suisse suggests trading via swap or p-notes. Alternatively, foreign investors can either set-up their own Securities Trading Code (“STC”) and appoint a local custodian, broker and setup a bank account with USD. Dividends: must be announced at least 4 weeks before ex-div on the HSTC daily bulletin.

Other Information

IPOs: Credit Suisse can participate in IPOs.

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Market Commentary Disclaimer Please follow the attached hyperlink to an important disclosure: http://www.credit-suisse.com/legal_terms/market_commentary_disclaimer.shtml

Structured securities, derivatives and options are complex instruments that are not suitable for every investor, may involve a high degree of risk, and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. Supporting documentation for any claims, comparisons, recommendations, statistics or other technical data will be supplied upon request. Any trade information is preliminary and not intended as an official transaction confirmation. Use the following links to read the Options Clearing Corporation's disclosure document: http://www.cboe.com/LearnCenter/pdf/characteristicsandrisks.pdf

Because of the importance of tax considerations to many option transactions, the investor considering options should consult with his/her tax advisor as to how taxes affect the outcome of contemplated options transactions.

This material has been prepared by individual traders or sales personnel of Credit Suisse and its affiliates ('CS') and not by the CS research department. It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. It is provided for informational purposes, is intended for your use only and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. The information provided is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of individual traders or sales personnel, which may be different from, or inconsistent with, the observations and views of CS research department analysts, other CS traders or sales personnel, or the proprietary positions of CS. Observations and views expressed herein may be changed by the trader or sales personnel at any time without notice. Trade report information is preliminary and subject to our formal written confirmation.

CS may, from time to time, participate or invest in transactions with issuers of securities that participate in the markets referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof. The most recent CS research on any company mentioned is at http://www.csfb.com/researchandanalytics.

Backtested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retroactive application of a backtested model itself designed with the benefit of hindsight. The backtesting of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied is made regarding future performance. The information set forth above has been obtained from or based upon sources believed by the trader or sales personnel to be reliable, but each of the trader or sales personnel and CS does not represent or warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes in market factors. This material does not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view of a particular market.

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