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Deutsche Börse and Liquidnet Announce Cooperation to Make Block Trading of German Equities More Efficient

  Deutsche Börse and Liquidnet Announce Cooperation to Make Block Trading of
  German Equities More Efficient

   Cooperation creates more efficient structure for institutional investors

 Better performance for large-scale trades with less market impact and price
                                 improvement

Business Wire

FRANKFURT, Germany & NEW YORK -- July 18, 2013

Deutsche Börse will launch a new block trading service on Xetra MidPoint on 29
July and named Liquidnet, the global institutional trading network, as the
Block Agent for this new service.

This new block trading model provides a platform where more than 240 Xetra
members will have the opportunity to trade directly with Liquidnet’s network
of more than 700 of the world’s leading asset management firms safely and
efficiently with minimal market impact and maximum price improvement. Xetra
MidPoint’s Block Agent model will combine the liquidity of multiple sources,
increasing the probability that large orders will be executed at midpoint.

“Connecting Liquidnet provides our members the opportunity to execute block
sized orders in a manner that serves the specific requirements of this
segment, with all advantages of exchange trading via Xetra MidPoint. The Block
Agent model offers access to considerably greater block liquidity for Xetra
MidPoint execution, increasing execution probability for all Xetra
participants,” said Martin Reck, Cash Market Managing Director at Deutsche
Börse.

Mark Pumfrey, Head of EMEA, Liquidnet, said: “We have long championed
borderless equity trading by opening up investment opportunities for our
members in markets where they can create value and improve their investment
performance. When combined with an average execution size of €1.1 million on
our platform, the Xetra MidPoint liquidity will significantly enhance
institutional block trading in German stocks. We believe this cooperation will
make trading of these stocks more efficient, drive performance, and lead to an
increase in foreign institutional investment.”

All German shares that can be settled via the CCP may be traded using the
Block Agent model, including those of the four selection indices DAX, MDAX,
TecDAX and SDAX, as well as other small and midcaps.

About Liquidnet

Liquidnet is the global institutional trading network that connects over 700
of the world’s top asset managers to large-scale equity trading opportunities
across the globe — 41 markets across five continents. With an average trade
size of more than 44,000 shares in the US, 68,800 in Canada, and approximately
$1 million in Europe, Africa and Asia Pacific*, Liquidnet is a leader in large
block trading globally. Liquidnet does this by going beyond what the retail
market can provide by defending and securing the integrity and the anonymity
of the block trade while continuously looking for ways to bring in new sources
of safe, actionable liquidity from asset management firms, exchanges, brokers
and corporations. Asset Managers rely on Liquidnet to help them protect the
performance of their portfolios by allowing them to enter and exit their
portfolio positions more efficiently. For more information on the Liquidnet
community, its liquidity, block executions, and additional investment
capabilities, visit www.liquidnet.com.

*as of 1H 2012

About Xetra MidPoint

Xetra MidPoint allows trading participants to enter equities orders in a
closed order book and to execute them at the midpoint between the best bid and
best ask price in the open Xetra order book, without disclosing volume or
order limit. Xetra MidPoint thus enables market participants to execute larger
orders on a market-neutral basis. Execution at midpoint between the best bid
and best ask price reduces implicit transaction costs to investors. Price
determination on Xetra MidPoint is fully transparent, thus also minimising
trading costs to participants.

Xetra®, DAX®, MDAX®, TecDAX® and SDAX® are registered trademarks of Deutsche
Börse AG.

© 2013 Liquidnet Holdings, Inc. and its subsidiaries. Liquidnet, Inc. is a
member of FINRA/SIPC. Liquidnet Europe Limited is authorized and regulated by
the Financial Conduct Authority in the UK, is licensed by the Financial
Services Board in South Africa, and is a member of the London Stock Exchange
and a remote member of the Warsaw Stock Exchange and SIX Swiss Exchange.
Liquidnet Canada Inc. is a member of IIROC and a member of the Canadian
Investor Protection Fund. Liquidnet Asia Limited is regulated by the Hong Kong
Securities and Futures Commission as a licensed dealer and a provider of
automated trading services pursuant to the Securities and Futures Ordinance
and is regulated by the Monetary Authority of Singapore as a Recognized Market
Operator. Liquidnet Japan Inc. is regulated by the Financial Services Agency
of Japan and is a member of JSDA/JIPF. Liquidnet Australia Pty Ltd. is
registered with the Australian Securities and Investment Commission as an
Australian Financial Services Licensee, AFSL number 312525,and is registered
with the New Zealand Financial Markets Authority as a Financial Service
Provider, FSP number FSP3781.

Contact:

Liquidnet
Melissa Kanter, +1-646-660-8469
Global Marketing & Communications
mkanter@liquidnet.com
or
Liquidnet
Jacky Howe, +44 (0) 20 7614 1626
EMEA Marketing
jhowe@liquidnet.com
or
Deutsche Börse
Andreas von Brevern, +49 (0) 69 2 11 1 15 00
Andreas.von.Brevern@deutsche-boerse.com