Keefe Bruyette's Exchanges & Order Execution Summary

Keefe, Bruyette & Woods analyzes key growth drivers at the exchange and order execution firms for the week ending September 15 and include how volume is tracking vs. expectations. Here are KBW's ratings:

CBOE Holdings, Inc (NASDAQ: CBOE)
Target Price: $25.00
Risk Factors:
Risks to our price target include the following: market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility
in the markets carries the potential for shifts in confidence among investors. Investment in securities invariably involves risk and potential for loss of
principal.

CME Group, Inc. (NASDAQ: CME)
Target Price: $345.00
Risk Factors:
Risks to our price target include the following: market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility
in the markets carries the potential for shifts in confidence among investors.

Intercontinental Exchange, Inc. (NYSE: ICE)
Target Price: $122.00
Risk Factors:
Risks to our price target include the following: Market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility
in the markets carries the potential for shifts in confidence among investors. Investment in securities invariably involves risk and potential for loss of
principal.

Investment Technology Group (NYSE: ITG)
Target Price: $15.00
Risk Factors:
Risks to our price target include the following: Market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility
in the markets carries the potential for shifts in confidence among investors. Investment in securities invariably involves risk and potential for loss of
principal.

Knight Capital Group, Inc. (NYSE: KCG)
Target Price: $17.00
Risk Factors:
Risks to our price target include the following: market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility
in the markets carries the potential for shifts in confidence among investors. Investment in securities invariably involves risk and potential for loss of
principal.

Nasdaq OMX Group (NASDAQ: NDAQ)
Target Price: $25.00
Risk Factors:
Risks to our price target include the following: market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility
in the markets carries the potential for shifts in confidence among investors. Investment in securities invariably involves risk and potential for loss of
principal.

NYSE Euronext (NYSE: NYX)
Target Price: $32.00
Risk Factors:
Risks to our price target include the following: market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility
in the markets carries the potential for shifts in confidence among investors. Investment in securities invariably involves risk and potential for loss of
principal.

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