CMVM
BENCHMARKS
DAY-TRADING
Quarter: 2nd quarter 15
Table 1 - Aggregate Indicators of Day-Trading
2nd Q 2015
1st Q 2015
2nd Q 2014
22,0
3832,3
395,7
174,2
18,0
5968,5
25,0
2741,0
610,7
109,6
24,4
6802,2
 Quarterly   Year on year

Average number of IFs with Day-Trading
Total Amount (Million)
Total Value (Eur Million)
Average Amount per IF (Million)
Average Value per IF (Million)
PSI-20 (Close)
22,7
2618,4
267,3
115,5
11,8
5551,9
0,0
-31,7%
-32,4%
-33,7%
-34,4%
-7,0%
-0,1
-4,5%
-56,2%
5,4%
-51,7%
-18,4%
NOTE: IF = 'Financial Intermediaries'. The total volume results from the amount of Day-Trading valued at the closing price of the last stock market session in the respective
month.
Table 2 - Weight of Day-Trading on the Market
2nd Q
1st Q
2nd Q
2015
2015
2014
 Quarterly  Year on year

Quantity traded in the share sector Eurolist
(Euronext Lisbon)
Turnover in the share sector Eurolist (Euronext
Lisbon)
11,7%
12,9%
10,9%
-1,3 pp
0,8 pp
3,8%
4,9%
6,0%
-1,2 pp
-2,3 pp
Table 3 - Day-Trading per Type of Financial Intermediary
Credit Institutions
Investment Firms
Average
Number
% Total
IF's
Value (€
Million)
2nd Q 2015
18
80,9%
251,2
94,0%
4
19,1%
16,1
6,0%
1st Q 2015
17
78,8%
378,0
95,5%
5
21,2%
17,6
4,5%
2nd Q 2014
20
80,0%
567,2
92,9%
5
20,0%
43,5
7,1%
1
2,1 pp
-33,5%
-1,5 pp
0
-2,1 pp
-9,0%
1,5 pp
-2
0,9 pp
-55,7%
1,1 pp
-1
-0,9 pp
-63,1%
-1,1 pp
 Quarterly
Year on year
% Total
IF's
1
Average
Number
% Total
IF's
Value (€
Million)
% Total
IF's
CMVM
Table 4 - Day-Trading Value (€ million) per Reception Channel and Type of Investor (except for own
portfolio)

Institutional
Asset Management
Insurance and Pension Funds
Other Investors
Retail
2nd Q 2015
1st Q 2015
2nd Q 2014
Val.
%
Val.
%
Val.
%
207,4 83,3% 319,5 83,4% 451,7 77,6%
1,4
0,6%
3,8
1,0% 16,8
2,9%
0,2
0,1%
0,0
0,0% 10,7
1,8%
0,0
0,0%
0,0
0,0%
0,0
0,0%
1,2
0,5%
3,7
1,0%
6,0
1,0%
206,0 82,7% 315,7 82,5% 434,9 74,7%
Quarterly
-35,1%
-63,3%
837,5%
-67,6%
-34,7%
Other Electronic Means
Institutional
Asset Management
Insurance and Pension Funds
Other Investors
Retail
Others
Institutional
Asset Management
Insurance and Pension Funds
Other Investors
Retail
TOTAL
9,4
3,8% 21,8
5,7% 30,9
5,3%
0,0
0,0%
0,1
0,0%
1,4
0,2%
0,0
0,0%
0,0
0,0%
0,0
0,0%
0,0
0,0%
0,0
0,0%
0,0
0,0%
0,1
0,0%
1,4
0,2%
9,4
3,8% 21,7
5,7% 29,5
5,1%
32,3 13,0% 41,6 10,9% 99,4 17,1%
8,8
3,5% 11,6
3,0% 49,7
8,5%
5,5
2,2%
6,4
1,7% 36,5
6,3%
0,4
0,2%
0,9
0,2%
0,8
0,1%
2,9
1,2%
4,2
1,1% 12,5
2,1%
23,5
9,4% 30,1
7,8% 49,7
8,5%
249,1 100,0% 382,9 100,0% 582,0 100,0%
-56,8%
-80,5%
-86,0%
-80,0%
-56,7%
-22,5%
-24,0%
-15,0%
-52,4%
-31,7%
-21,9%
-34,9%
Internet
Table 5 - Day-Trading Value (€ million) per Residence and Type of Investor
2nd Q 2015
1st Q 2015
2nd Q 2014

Quarterly
Val.
%
Val.
%
Val.
%
Resident
242,3 97,3% 371,4 97,0% 560,7 96,3%
-34,8%
Institutional
7,2
2,9%
9,0
2,3% 54,1
9,3%
-19,8%
Asset Management
3,4
1,4%
2,6
0,7% 39,6
6,8%
30,7%
Insurance and Pension Funds
0,4
0,2%
0,9
0,2%
0,7
0,1%
-52,4%
Other Investors
3,4
1,4%
5,5
1,4% 13,7
2,4%
-38,3%
Retail
235,1 94,4% 362,4 94,7% 506,6 87,1%
-35,1%
Non-Resident
6,8
2,7% 11,5
3,0% 21,3
3,7%
-40,7%
Institutional
3,0
1,2%
6,4
1,7% 13,8
2,4%
-53,5%
Asset Management
2,2
0,9%
3,9
1,0%
7,6
1,3%
-41,9%
Insurance and Pension Funds
0,0
0,0%
0,0
0,0%
0,0
0,0%
Other Investors
0,7
0,3%
2,6
0,7%
6,2
1,1%
-71,0%
Retail
3,8
1,5%
5,1
1,3%
7,5
1,3%
-24,4%
TOTAL
249,1 100,0% 382,9 100,0% 582,0 100,0%
-34,9%
2
 Year
on year
-54,1%
-91,8%
-98,4%
-100,0%
-80,0%
-52,6%
-69,5%
-99,2%
-94,9%
-99%
-68,1%
-67,5%
-82,3%
-85,0%
-44,0%
-76,8%
-52,8%
-57,2%
 Year
on year
-56,8%
-86,7%
-91,4%
-42,0%
-75,4%
-53,6%
-68,0%
-78,4%
-70,6%
-100,0%
-88,0%
-48,8%
-57,2%
CMVM
Table 6 - Day-Trading per Own Portfolio and Third-Party Portfolio (€ million)
2nd Q 2015
1st Q 2015
2nd Q 2014
 Year

Quarterly  on year
Val.
%
Val.
%
Val.
%
Own Portfolio
18,2
6,8%
12,8
3,2%
28,8
4,7%
42,6%
-36,7%
Third-Party Portfolio
249,1
93,2%
382,9
96,8%
582,0
95,3%
-34,9%
-57,2%
TOTAL
267,3
100,0%
395,7
100,0%
610,7
100,0%
-32,4%
-56,2%
Table 7 - Market Concentration (Day-Trading Value)
2nd Q 2015 1st Q 2015 2nd Q 2014
C3 (Monthly average)
C5 (Monthly average)
HHI (Monthly average)
 Quarterly
 Year on
year
62,4%
58,7%
53,9%
3,7 pp
8,5 pp
76,0%
75,0%
68,4%
1,0 pp
7,6 pp
1 622,3
1 514,5
1 273,4
7,1%
27,4%
NOTE: The index of concentration Cn is obtained by adding 'n' largest market shares of financial intermediaries. The HHI (Herfindahl-Hirschman Index) is
obtained by the sum of the squared market shares of financial intermediaries. Theoretically, this Index varies from close to zero to 10,000. It is generally considered
that a result of less than 1,000 to be a competitive marketplace; a result of 1,000-1,800 to be a moderately concentrated marketplace; and a result of 1,800 or greater
to be a highly concentrated marketplace.
This report relates to the day-trading activity carried out by financial intermediaries registered with the CMVM for providing the services for the reception and
transmission of orders on behalf of others.
The information contained in this report is submitted monthly by financial intermediaries pursuant to CMVM Instruction No. 3/2005 and only relates to assets
constituting the PSI-20 Index of Euronext Lisbon.
Day-trading is characterised by:

the transactions involving purchases and sales being carried out on the same day, from the accounts of a single owner and involving the same
security;

each transaction is considered in terms of the quantity subject to settlement between the purchase and sale;

transactions originating from orders transmitted by "retail investors", insurance firms and pension funds", "asset management institutions", "other
institutional investors" and "financial intermediaries' own portfolio".
The day-trading volume taken into account in the report results from the amount of day-trading valued at the closing price of the last stock market session in the
respective month.
The information used dates back to 23 august 2015 and any information reported or corrected after said period was not taken into account.
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