Paris - 22 December 2009 - Crédit Agricole Cheuvreux announces its November Market Indicators, produced in conjunction with TAG, are now available. These market indicators provide liquidity benchmarks that identify the most appropriate trading venues for best execution by analysing the performance of Chi-X, Turquoise, Nasdaq OMX, BATS and the primary markets for the following indices: AEX, BEL20, CAC40, DAX, FTSE 100 SMI and EUROSTOXX50. The venues are assessed using a number of different criteria including intraday market share, average daily number of trades, average trading size, volume weighted average spread and auction liquidity.

In November:

1/ The fragmentation of European markets is on its way, event if its slope decreased between August (from a decrease around 3.5 points each month to a monthly decrease of around 1 point)

2/ Chi-X is still the frontrunner in the fight for liquidity, especially on LSE stocks, and its market share has improved on every segment monitored, whilst the London Stock Exchange has suffered the most from fragmentation

3/ The three outages of November (SWX the 12th of Nov and LSE the 9th and 26th) is informative: as investors hesitate to trade more on MTFs in such situations, it questions the fact that a price formation process really takes place outside the primary markets. On another hand if the primary markets want to keep the legitimacy to host the price formation process, they have to avoid such outages in the future.