POINT OF VIEW by Vous S.A.

june 2011 - August 2011

point of view M arkets I T re n ds I A n aly sis

Contents : Editorial....................................... 2 Focus.............................................3

Thomson Reuters Eikon

• Winner contest • Prix de la Presse Dexia 2011

Interview...................................... 4 In Luxembourg we trust.............. 6 Thomson Reuters Eikon for wealth management..............7 Reuters Trading for Foreign Exchange.................. 8

FOR WEALTH MANAGEMENT

is live

“ We see significant opportunity in the future growth of wealth management, with Europe remaining the strategic hub. ” John Fennelly

Global Managing Director Wealth Management

editorial Welcome to the THIRD issue of point of view Dear customers, I am delighted to announce the launch of Thomson Reuters Eikon for Wealth Management, our new flagship desktop for wealth managers across Europe and Asia. We see significant opportunity in the future growth of wealth management, with Europe remaining the strategic hub. But with continued industry growth comes new challenges and increased competition for wealth managers. We live in an era where news and information are available anytime, anywhere - information is more prevalent than ever before. Wealth managers need to respond more quickly and more intelligently to clients. In this new era, Thomson Reuters Eikon for Wealth Management delivers new tools - enabling wealth managers to provide insightful, timely advice and a high-touch client service. Eikon for Wealth Management leverages an intuitive, easy-to-use interface with powerful and intelligent search across news and in-depth, global coverage of all asset classes. Uniquely designed for wealth managers, Eikon for Wealth Management includes a range of highly personalized tools, providing insight and analytics as they relate to key client portfolios - all at your fingertips. Powered by Thomson Reuters premium content sets such as IBES fundamentals, Lipper Funds coverage, Reuters News and Reuters Insider Eikon for Wealth Management delivers true insight, not just information, keeping wealth managers ahead of their competitors. The Eikon for Wealth Management launch marks the first step in a journey - our future roadmap includes the integration of value-added workflow tools such as eXimius. As Luxembourg is the largest wealth management center in the Euro zone, your feedback on Eikon for Wealth Management is critical. I am eager to hear directly from you : john.fennelly@thomsonreuters.com. And read more about Eikon for Wealth Management in this newsletter, with an exclusive interview of Peter Schramme, Head of Global Wealth Management Products, and Mark Brusadelli, Product Owner Wealth Management Desktop, Europe Middle East, Africa & Asia. John Fennelly

Global Managing Director Wealth Management

Picture tells us a story - contest In our last issue, we invited you to share with us either a photo you think is great or a photo you took yourself. Our Jury, the whole Thomson Reuters Luxembourg staff, choosed to reward the photo sent by Eric Royen, from Banque Pictet, who is the lucky winner of this contest and won a playstation 3 move. Thanks a lot for your contribution, Eric !

“ It is difficult to choose only one picture that could summarize the beauty of Antelope Canyon in Arizona. The combination of light and shadow on those rocks shaped by nature create a wonderful masterpiece of colors. It makes it one of the most amazing place I had the chance to visit.”

Prix de la Presse Dexia 2011 Yves Herman - photographer at Reuters.

In our last issue, we shared with you the result of the Pictures of the Year international contest where some of Reuters photographers were rewarded for their outstanding contribution. In this issue, we will again emphasize the work of Reuters photographers with Yves Herman, whose talent has been lately rewarded. The award is called Prix de la Presse Dexia 2011. After winning the Dexia Prize, Yves also won the 1st prize in News category of the Nikon Press Awards 2011, with the same picture.

Find out more on : www.pictures.reuters.com

“ This picture has been taken during a NATO Summit in Lisbon last year in November. EU Council President Herman Van Rompuy attended the meeting as a guest representing the European Union. The picture was taken when the NATO leaders were gathering for the family photo. U.S. President Barak Obama was having a chat with some foreign leaders and NATO Secretary General Lars Lokke Rasmussen, when President Van Rompuy arrived. Van Rompuy walked into their direction and then suddenly, for some reason, he decided not to and walked behind the group. He went to the platform far from the group and stayed there alone. He stayed like this for quite a long moment which created a strange atmosphere. He looked a bit embarrassed. After a moment, when the French President Sarkozy arrived, he finally joined their group. It's a funny picture showing a man behaving strangely. He was supposed to join the group and share the moment with them but decided to stay alone ! ’’ says Yves Herman, photographer at Reuters.

Interview At a time when, on the level of the bourses, the markets are in a concentration trend, and in which European finance is the subject of extensive regulatory pressure, the Luxembourg Bourse is maintaining its momentum, independent, specialised and open to new products. Michel Maquil, CEO of the Luxembourg Bourse, discusses with us the challenges that his institution and the Luxembourg financial marketplace will have to meet in order to ensure their common survival. Happily, a few opportunities can be seen on the horizon. How has the small but very dynamic Luxembourg Bourse managed to make a place for itself amongst the major players in this financial world ? Since its creation, the Luxembourg Bourse has always been a specialised bourse. It was founded that way. If we look back, we see that the Luxembourg financial marketplace experienced its greatest development in the mid-1960s. This was in the wake of a new activity that attached itself to the Luxembourg bourse, notably the listing of international marketable securities. This example shows how a local marketplace infrastructure had a decisive influence on the opening to the international activities. Today, how is the Bourse maintaining its acquired position ? How does it view the future ? If the Luxembourg Bourse has been able to survive over the decades, it’s first and foremost through staying open to new activities, and while deciding to list new products. From the start, our institution has been a “ for profit ” company, and not a mutual company. We have always had to make sure to generate sufficient proceeds in order to survive. In my view, the two keys to the longevity and success of the Luxembourg Bourse are its openness to innovation and its dependency on the business that we generate. In general terms, and notably in the context of the concentration of major players, the scope of financial activities is so vast that there is always room for certain niches. This is the first aspect of our general policy. In concrete terms, how is this niche or specialisation policy translated ? We specialise in several activities and, first of all, the listing of international marketable securities. We began with this activity in 1963. Thereafter, the international securities listed with us became more diversified. To manage the significant quantity of information now generated by the tens of thousands of marketable securities that we list, we’ve had to develop cutting-edge IT applications. As such, a very powerful IT system has been set up, this tool also allowing us to deploy other related activities, such as the processing and management of stock market information for the purposes of selling it (and Thomson Reuters is one of our main customers), making this information available to the market, and providing it to the public authorities within a regulatory framework. We’ve also developed market activities that, while still remaining very modest for now, offer a significant potential that we’re working on. Such as on the level of Islamic financing, for example ? That’s one of the aspects that we’re supporting. The government has made a lot of effort in this area, and it has our backing. It was our policy of openness to new products that resulted in the listing of the first sukuk loans by the Luxembourg Bourse. Also, we may already be listing particular securities that could be the subject of Government actions in the future. When an issuer somewhere in the world is considering the launch of an international bond loan, you can be practically certain that he’ll wonder if it should be listed in Luxembourg. Since we list somewhere in the area of 3500 issuers from more than 100 countries, Bourse de Luxembourg is inevitably on the map. How did the Luxembourg Bourse deal with the 2008 crisis ? And how was it affected ? We were affected, no doubt. After September 2008 and the Lehman Brothers bankruptcy, we recorded a decline of new listings by most 40 %. It was a blow. Starting in 2009, after having hit a low point, the Luxembourg Bourse began to turn around. In 2011, we’re back to the pre-crisis level. As indicated by the trend, we particularly recovered

thanks to a very strict concept to which we’ve adhered. For us, a listing doesn’t mean just recording a marketable security as being accepted by the bourse and that’s all. Each security listed within Bourse de Luxemboourg is automatically included in our trading platform hence each security listed can be traded. This is what clearly makes us stand out from one or another of our competitors. In 2008, you were advocating caution. Has your point of view now changed ? On the level of pure stock market activities, we remain cautious. After the recent advances, such as the competition from new trading venues, the bourses have much to straighten out. They’re now required to restructure and reorganise themselves. The concept of a bourse is suffering. Even though, for our part, we work in niches, we were also affected. It’s for that reason that I think that one should remain cautious. But we also see fine opportunities in the future, notably on the level of our subsidiary Finesti, for Luxembourg investment funds. Moreover, the new Ucits IV environment is resulting in significant challenges for the industry. The entire notification process stipulated by Ucits IV requires, for example, strong marketplace infrastructures for information processing and management. Thereby, this directive can also be seen as providing the marketplace with opportunities. What is your view of the merger between NYSE Euronext and Deutsche Börse ? Does it entail any risk of a new distribution of the cards on the level of the world of the bourse, and more particularly in Luxembourg ? I wouldn’t go so far as to say that we remain the last independent island, defending ourselves against a mighty invader. But it obviously gives you something to think about. Actually it redistributes the cards. It’s still very difficult to consider the new deal for the future. I think that one must simply watch the developments, while remaining optimistic. With the merger of NYSE Euronext and Deutsche Börse, we’ll see the emergence of a giant that will be surrounding us. But this can also be a source of opportunities. First of all, we are and remain friends of the NYSE Euronext. We use their platform. This UTP platform will continue to be used by the merged entity. Also, I can see no reason why this new entity would have a hostile policy relative to us. One must continue to believe in luck and grasp it when it comes by. Firm conviction is that a stock exchange is a marketplace institution that has a driving role to play. My belief remains that this will always be the case in the future. But to seize these opportunities, a good understanding and good cooperation between the marketplace actors and the bourse will be needed. It can’t work without that. With a good dialogue, true initiatives for the future can be undertaken. For your part, are you not interested in joining this concentration effort among the actors ? In any event, the market is concentrated. The major business of our banks, in the area of marketable securities, does not involve activities linked to the securities listed with us. What the latter represent is marginal for the main actors, relative to the large flows of orders that they carry out. In this context, the Luxembourg Bourse will continue to play a specific role. What do you think of this exodus, in which we’re seeing a significant number of actors place datacentres in London ? How do you view this concentration in London ? Now this clearly has to do with purely “ trading ” activities. It’s the translation of these new concepts that require greater execution speed, and therefore that the decision centres should be as close as possible to the datacentres. We consider these trends with a certain degree a reservation and apprehension. Fundamentally, a bourse is still the location where the savings of private and public investors are recycled in order to invest in long term capital on the level of the economy. So it is legitimate, in my view, to consider the object concepts such as the ones to which you refer, we have to wonder as to their purpose. Is it really to offer the best opportunity to an individual investor or to pension funds, for example, for an investment in the economy that is safe, certain and lasting ? I have my doubts.

You mentioned the potential opportunities of the Ucits IV directive for Luxembourg. Do you think that the marketplace may be the major beneficiary of this regulatory pressure ? I don’t much care for these concepts of “ big winners ” or “ major beneficiaries ”. Of course, I’m always happy when we have good numbers and a lot of business in Luxembourg. However, we must remain cautious. If we claim to be the best, we’re also telling the surrounding countries that they aren’t. We might keep in mind that as a small country, Luxembourg remains vulnerable. This being said, I think that this regulatory framework can offer fine opportunities, that we will be able to seize if we’re well organised. We won’t be able to avoid more transparency, or the requirements of many authorities to provide considerable information, always with more detail and always more quickly. I’m convinced, and in fact this is a priority for me, that we have so far not given sufficient focus on all of these back office and infrastructure aspects. But the challenge for the future, notably set out by this regulatory framework, will be on the level of the means at our disposal to properly manage the considerable bulk of information, while making it available to both Luxembourg and foreign authorities. In this area, Luxembourg can be considered as a centre of excellence. We already have remarkable back office infrastructures that we don’t sufficiently promote. I think that the latter are likely to attract new business to Luxembourg. For our part, we’re contributing to that. Can you give us the latest status of the fund platform project ? The project is advancing well, but it’s obviously a complex project. As I said, any initiative in the marketplace requires a good understanding between the various actors. For such a project, it’s necessary to get several actors to agree. Competitors must come into line in order to share certain things, and that’s never easy. But it won’t be possible otherwise. And for this purpose, in particular, you must focus on the long term. Can you summarize the major challenges faced by the Luxembourg Bourse in the coming years ? The biggest one will be a technological challenge. On all levels, the bourses and the markets must have the best possible technology. There’s also a big regulatory challenge, and it remains to be seen how that will evolve. There’s still a big marketplace challenge. We’re intimately linked with the financial marketplace, on which the Bourse is kind of dependent. If the financial marketplace in the Grand Duchy were to lose importance, this movement would include us. Technology, regulation and moreover the Luxemburgish market place are the big three challenges that lie before us. Isn’t there also a challenge on the level of the products ? You were one of the first list the “ CoCo ” bonds (Convertible Contingent Bonds). Is this a worthwhile market for the Luxembourg Bourse ? Certainly, but this is part of our traditional policy of being open to new products. Other initiatives with Finesti, on the level of investment funds, have been undertaken in a very precise direction that wasn’t part of our core business. You say that your future is closely tied with that of the marketplace. So with regard to the latter, are you pessimistic or optimistic ? You know, I’ve been in the marketplace for 37 years. During my career, numerous crises have happened. Here is my answer, for now : there was difficult time that we experienced, in which the financial business was not as well-established as it is now. In the end, Luxembourg has always done all right. This is notably due to the fact that we’re a small country, with a certain degree of neutrality. Luxembourg doesn’t scare anyone. It isn’t an entity that’s going to threaten the capital markets in London, for example. And that’s a strength for the future, one that has allowed us to overcome many crises, and to come out stronger. And this is all the more true since, these days, Luxembourg has been able to attract many talented people who have developed within the marketplace, who have seen opportunities and who are ready to take on challenges that they face to develop our market place. Michel Maquil, thank you very much for sharing your time, your view and your strategies with us. It has been very enlightening and informative.

Michel Maquil “ Bourse de Luxembourg has a role to play as driver for the marketplace ”

“ In the information and virtualisation era, Luxembourg has the unique opportunity to revive its past of “ Gibraltar of the North ”, but as a digital fortress, in the heart of Europe. ” Yves Reding CEO of eBRC

In Luxembourg we Trust Luxembourg, digital “ Gibraltar of the North ” Luxembourg used to be one of the most powerful fortresses in Europe. Over 9 centuries Luxembourg gained its reputation of an unconquerable city, at the crossroads of the European battlefields. Several empires tried to conquer it (Spain, Austria, France). Some others tried to neutralise it (Prussia, England). The demolition of the fortress decided by the London Treaty in 1867, made Luxembourg a neutral country. Today, in the early XXI century, guns don’t fire anymore but battles are still raging. Mastering the information has become the major issue for countries and companies. Competition shifted from empires, kingdoms, duchies and baronies to virtual and globalised ones: the information world is under the domination of new digital empires : Google, Amazon, Facebook… 140 years later, after the demolition of its forteress, Luxembourg has kept its reputation of “ Gibraltar of the North ”, this image of a neutral fortress, right on the borders of the “ big nations ”. ICT in Luxembourg is well perceived by our European neighbours as a fortified town scattered with highly resilient Data Centres, stronghold of European Data Centre of neutral and multilingual competences, with a zest of fiscal spices ! Luxembourg’s neutrality and multiplicity First, Luxembourg managed to safeguard its image of a neutral and international environment, at the very heart of Europe. Indeed, Luxembourg is the right place for a French company having European ambitions: wanting to conquer new markets like Germany, the European economic centre, but who may find the Germanic culture and practices daunting. The same is true for a German firm attracted by the Latin countries but which fears the linguistic and cultural challenges. Luxembourg is one of the most Latin of the Germanic countries and also the most Germanic of the Latin countries and as such, has become an international pole. Luxembourg is at the crossroads of Europe. You can experience the diversity of spoken languages ever day on the streets of Luxembourg or in the nighttime in the “ Grund ”: Spanish, Italian, Polish, Finnish, Hungarian to name but a few. To make a long story short, Luxembourg is a gateway to Europe. Luxembourg, a highly secured Data and Cloud Safe Second, Luxembourg maintained its image of an invincible fortress in the information world.

Therefore, the Cloud hype is becoming a real opportunity for a digital forteress like Luxembourg. The Cloud represents a real paradigm change in the information world. ICT is becoming a commodity but more and more difficult to manage. The new internet empires are surfing on the wave that is Cloud : people save their data on Amazon, their pictures on Flick’r and companies are solicited to host their information systems on the “ net ”, somewhere in the world. Nobody can stay away from this irreversible trend. A parallel can be drawn with Agriculture : today you buy milk in a supermarket instead of milking the cow. Same for energy, you buy your electricity “ on demand ”. Tomorrow, everybody, private or professional, will buy their ICT resources in the “ Cloud ”, and on demand. Cloud and Distrust The main issue with the “ Cloud “ is related to the sensibility of information. Each of us is perfectly right to be worried about the confidentiality and the availability of the information in a Cloud. Today, the Cloud still means distrust : “ My information system is hosted in a Cloud : where exactly ? How is my data managed ? Who has access to it ? What are my guarantees ? ” All these questions are quite legitimate. Cloud and Trust Tomorrow‘s world will be based on information. But the future is becoming increasingly uncertain. Information is a critical resource that requires strict controls and protection. In Luxembourg, the “ Gibraltar of the North ”, information security is our sole priority. ebrc’s mission and core business is to manage sensitive, that means confidential, critical or high availability, information. ebrc is a company who believes that in a digital uncertain world it is absolutely necessary to provide clients with guarantees at all levels. These guarantees should ensure confidence, transparency and an audit trail of information. This could be guaranteed through strict processes and backed up with industry recognised certifications. In the Luxembourg fortress, you will find the Only Data Centre and IT Managed Services provider in the world with two Tier IV certified Data Centres (the highest standard in terms of security), with ISO 27001 (Information Security), ISO 20000 (IT Service Management) and PCI-DSS (Payment Card Industry Data Security Standard) certifications.

Our world is more and more dependent on information, whose complexity and quantity keep growing exponentially.

In the context of this paradigm shift and the high security requirements of e-business players, Luxembourg revives its role as the Fortress of Europe, positioning itself as a real centre for information confidentiality in the heart of Europe.

Today, a person or a company can no longer afford, to invest and maintain its own IT complex infrastructure.

Yves Reding

Thomson Reuters Eikon FOR WEALTH MANAGEMENT

With the release of Eikon for Wealth Management on May 5, private banks and retail wealth managers in EMEA and Asia can now be counted among the growing list of Thomson Reuters Eikon target customers. We sat down with Mark Brusadelli, APO Wealth Management Desktop and Peter Schramme, Head of Global Wealth Management Products, to discuss this new offering. Eikon for Wealth Management is hitting the market, happy ? Mark Brusadelli : “ Extremely happy. It was a huge and demanding challenge for the all those involved - from development, QA through to the product and delivery team - so getting this point is very rewarding. It was very important that after the successful launch of the premium Eikon product the Wealth Management SBU of Thomson Reuters introduced a tailored offering for the Wealth Managers and Private Banks, which we did with Eikon for Wealth Management. ” Peter Schramme : “ It is hard to underestimate the importance of this new offering. Eikon for Wealth Management is a key plank in our strategic objective to build the global footprint of the Thomson Reuters Wealth Management business. It will bring us into a completely new playing field. I believe that’s the way a market leader as Thomson Reuters should behave : running upfront. ” Who is the target audience for Eikon for Wealth Management ? Mark Brusadelli : “ This offering should appeal to a broad audience, but our initial focus will be staff in Front office functions. These users include relationship managers, financial advisors and private bankers who work for financial services firms in EMEA and Asia that provide financial services or advisory services to retail investors ranging from mass affluent/HNW/UHNW. Firms types include Private Banks, Universal banks and Retail Wealth Management firms across all our customer segments. ” What makes Eikon for Wealth Management so different in your eyes? Mark Brusadelli : “ Eikon for Wealth Management delivers everything finance professionals should come to expect from a company like Thomson Reuters : an intuitive interface that allows them to easily navigate and access our high value content like Reuters News and the Lipper funds database, combined with the personalization features to make the product relevant to their workflow. The extremely good news is that through our Early Access and Beta programs, user feedback re-enforced these themes. They found the product extremely easy to use - the smarter search and filtering being recognized as a major step change compared to their previous experiences with our products. They also really appreciate how we have improved the integration and accessibility of our content through our new intelligent views and capabilities like PDF factsheets for equities and funds which were specifically designed based on customer feedback. This combination allows wealth managers to reduce their time to insight and spend more time providing value to their end clients.

“ Eikon for Wealth Management delivers everything finance professionals should come to expect from a company ! ” Peter Schramme : “ On a higher level, one can state that Eikon for Wealth Management brings indeed a contemporary user experience, but besides that also delivers on market drivers such as simple Drill Down to details, Time Efficiency : Productivity and ROI, Creativity and Flexibility. It is the combination of answers that we give to these expectations of the digital generation that makes us such a strong contender. ”

screening and navigation enabling you to reduce your time to insight and ; Personalisation - your own Home page and enhanced Flex Sheets allowing you to make your experience relevant to your workflow. Our test users told us that if we were able to meet these market drivers we would be at the start of a successful global journey ”

“ The great news is this is only the start & we are already evolving the product ! ” As the anytime, anywhere world of news and information increases, so do demands on wealth managers to have a broad perspective of the market so they can respond intelligently and quickly to clients. It is clear wealth managers require personalized, easy to use tools and timely, relevant content to compete in this new era. Eikon for Wealth Management was created specifically to enable wealth managers to leverage our technology to provide their clients with the best advice and service possible. That shows a lot of confidence in the product, how come ?

Mark Brusadelli : “ We really focused on client needs and key workflow. As well as previews with our largest customers we worked closely with the Business Execution team to engage with customers through an extensive Early Access and Beta program and they gave us open and honest feedback. As a result, we are pretty confident that we crafted something that resonates with the real day to day needs in the Wealth Management market of today. ” Peter Schramme : “ Indeed, the extensive Beta program reassured that launching Eikon for Wealth Management allows us to continue expanding globally with an innovative platform that enables Wealth Managers to build their business and enhance client service. EMEA and Asia offer terrific opportunities for growth and Wealth Managers in these regions are ready for a solution which offers the global content and workflow capabilities that only Thomson Reuters can provide. ” What is the go to market strategy ? Mark Brusadelli : “ We are working very closely with our Wealth Management Client Specialists (led by Isabelle Thomas in EMEA) and the front line to focus on new business opportunities across our target customer segments in the short term. Surprisingly we remain very underpenetrated so there is significant opportunity to grow. Later this year we will also start up campaigns to commence our RWM migrations. ”

Making the right investment decisions today and anticipating events that might impact your client portfolios tomorrow requires the right mix of content and capabilities. Thomson Reuters Eikon for Wealth Management is your go-to source for critical market monitoring content and analysis. It is tailored to your workflow and features smarter search and intelligent tools that provide instant access to indispensable, high value content. With a single glance at your personalized home page, you can stay one step ahead of the market. So when an unexpected event unfolds, a major merger takes place, or a company replaces its CEO, you can quickly assess your client portfolios and recommend the right moves. Thomson Reuters Eikon for Wealth Management enables you to navigate effortlessly from news to analysis to communication to action - whenever, wherever you do business.  INTELLIGENTLY DESIGNED FOR YOUR WORKFLOW  THE MOST COMPLETE VIEW  PERSONALIZED, SMARTER SEARCH  YOUR SOURCE FOR DEEPER MARKET INSIGHT  GET THE BROADEST VIEW OF THE MARKETS  LIPPER INVESTMENT FUND INTELLIGENCE  ANALYSE INVESTMENT PERFORMANCE  MOBILE SOLUTIONS

Learn more about Thomson Reuters Eikon for Wealth Management at our website : http://thomsonreuters.com/products_services/ financial/youreikon

How will Eikon for Wealth Management further evolve ? Peter Schramme : “ If there is one thing that I would like the people to remember from the launch of Eikon for Wealth Management that it is a “ platform ”, meaning that it allows us to further enrich the content, extend the vertical capabilities and further excel in user experience with regular updates made available to the users without any effort. It is the start of a long term journey and forms the center piece of the global Wealth Management strategy of Thomson Reuters. ” Mark Brusadelli : “ The great news is this is only the start and we are already evolving the product. Over the coming months we are planning a number of key content, functional and performance enhancements. Much of this will be focused on core market monitoring and investment selection workflow but we are starting to investigate how we can build additional tools to support the broader workflow of our end users. We will be adding support for mobile devices. This is a logical and also necessary next step in responding to our users’ experience in today’s anytime, anywhere world of news and information. By the end of the year our customers will be able to access key market data and news via their BlackBerry, iPad and iPhone.

Personalize your experience and organize the content that matters to you.

Mark Brusadelli : ” Eikon for Wealth Management is all about the capabilities of translating complex market data into simple, comprehensive and easy to find information for our customers, accessible anytime, anywhere. We wanted this mantra of simplification to be reflected in the value proposition we now promote to the market. That means : Go to source - access to detailed and relevant information from the most trusted financial information provider, Intuitive experience - smarter search, Tailor your home page for fast access to news, market data and more.

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