1 INTRODUCTION

The aim of the manual is to describe the operation and use of the Xtrakter’s bond market transparency website namely; BondMarketPrices.com. The data that supports BondMarketPrices.com is derived from Xtrakter’s OTC trade matching, regulatory reporting and information services system TRAX.

In order to access the bond market transparency data, point your browser to the webpage:

http://www.BondMarketPrices.com/

You should now see the Home page, titled ‘Retail Investor Bond Information Service’.

You do not require a user ID, password or other authentication token to access Bond Market Transparency data as it is a publicly accessible and an open service. However you do need to read, acknowledge and agree to the Terms of Use as displayed on the Home page.

The Web Server supports standard Microsoft Internet Explorer and other compatible web browser products but is best viewed using Internet Explorer version 7 or higher. Always maximise your browser window when using BondMarketPrices.com, to make sure that you see all the items on the page (buttons, links, etc.), since several of them are at a fixed distance and meant to be viewed in a maximised screen. Use scrollbars where available to reach objects that are not displayed, such as navigational buttons at the bottom of long lists.

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1.1 Overview
The purpose of BondMarketPrices.com is to give users access to the TRAX database of trade and price data on bonds meeting the criteria stipulated later in this guide and as agreed with the European Commission.

The site is open to anyone and it is meant as an aid to gauge the current liquidity of the selected bonds. The Home page describes the functional features of www.BondMarketPrices.com.

There is a link to ‘frequently asked questions’ which can be accessed by clicking the FAQs button in the top navigation menu of any webpage on BondMarketPrices.com.

The Legal Information page can be obtained by clicking on the relevant link at the bottom of any page. Contact information is available in a popup box by clicking on the link at the top of any page.

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1.2 Details of the Service
Trade data will be included according to the criteria given below:

• Bonds must have 1 year or more to maturity.
• Bonds must have a current rating of “A-” or above
• Bonds must have an ‘issue amount’ of €1,000MM or above (or currency equivalent).
• Trades must be in bonds (i.e. straights, floating rate notes or convertibles).
• Trade quantities must be between €15,000 and €1,000,000 (or currency equivalent).
• Trade currencies must be able to be settled within the EU.

• International (i.e. syndicated internationally, e.g. World Bank);
• Foreign (i.e. issued in a domestic foreign market, e.g. National Bank of Australia denominated in Japanese Yen);
• Domestic (i.e. issued in its own market in its own currency e.g. Republic of Austria issued in Euro)

• Straight (e.g. Australia, Commonwealth 5.25 15/08/2010 S)
• Floating rate note (e.g. ABN AMRO F/R 09/2011 Q)
• Convertible (e.g. Capitalia 1.625 06/05/2009)

2.1.4 Issuer Classification:

The categories for Issuer Classification are:

Financial, comprising the following industry sectors:

• Banking and finance
• Financial and investment
• Insurance

• Sovereign
• Government

• Government guaranteed
• Government agency
• Municipality
• Supranational agency

• All other industry sectors

• The Short Name;
• The Coupon Rate or “FRN” or “ZERO”;
• The Maturity Date as “DD/MM/YYYY” or “MM/YYYY” for an FRN or “PERP” for a perpetual or undated bond;
• Finally “S” for a semi annual coupon payer, “T” for 3 times a year, “Q” for quarterly, “B” for 6 times a year, “M” for monthly and blank for annual

1. By checking the ‘Starts with’ box and entering ‘EUROPEAN’ all relevant bonds that begin with this will be displayed (e.g. European Investment Bank; European Coal & Steel etc. ).
2. Alternatively if the ‘Contains’ box is checked and ‘4.25’ is entered all relevant bonds that contain this (probably as coupon rate) will be displayed (e.g. Toyota Motor Credit 4.25 15/03/2010 S; National Australia Bank 4.25