Exhibit 4 | CM Fintech Investment Has Focused on Execution and Pre-Trade Activities Funding CAGR, 2013–2016 (H1) (%) 200 Blockchain High growth Algorithms, smart order routing, Client data analytics and pre-trade risk Collaboration, communication, 150 & KYC1 and connectivity Primary market intelligence Pricing & 100 OMS/EMS3 Electronic brokerage Alternative 2 funding and HFT platforms Trading-market data, Risk, Core trading technology, analytics, and research 50 collateral infrastructure, and user experience Clearing, management, reconciliation, and trade and settlement surveillance Mature Venues/platforms Shared services 020406080 100 120 140 Primary Pre-trade Execution Post-trade Support Number of fintechs Sources: CB Insights; DealRoom; Tech in Asia; Expand Research; BCG analysis. Note: Bubble size represents cumulative equity funding since 2000; the execution bubble includes brokerages. 1 KYC = know your customer. 2 HFT = high-frequency trading. 3 OMS = order management systems; EMS = execution management systems. sent 15% to 20% of the total cost base, the implicit costs arising from cash flow ineffi- ciencies, such as excess collateral for clearing, can weigh down capital resources. Ultimately, data and analytics underlie the entire value chain, and investment banks have started to recognize data as a strategic asset that offers differentiation opportunities. (See the sidebar “The Focus Is on Data and Research.”) The Fintech Value Proposition Banks are constantly in search of measures that can help them restore ROE. In ad- dition to monetizing existing assets and mutualizing costs, fintechs can come to their aid by building capabilities to improve existing client relationships and experi- ences, streamlining front-to-back costs, and optimizing regulatory compliance. Improving Client Relationships. Fintechs can help prioritize profitable clients and optimize pricing and sales strategies. For example, transaction cost analysis can help establish a complete internal view of client profitability through rigorous analytics, allowing banks to raise their game on pricing, increase hit ratios, and capture client flow. Such initiatives can shield banks from increased competition, as client flow is expected to become more price-sensitive with the advent of the second Markets in Financial Instruments Directive (MiFid II) and its best-execution requirements covering nonequity asset classes. In addition, banks can provide more coverage and high-touch resources to clients that have a more profitable flow. The Boston Consulting Group 9