Exhibit 3 | Industry Support Is Key to CM Fintech Success FINTECHS BACKED BY THE CM INDUSTRY ATTRACT HIGHER FUNDING… … AND MOVE FASTER TO MATURITY Average size of funding round ($millions) Average number of years to event 60 56 9 ~7 years 45 ~6 years 6 30 28 24 7.1 6.7 3 5.7 5.6 13 5.3 15 11 4.5 8 9 10 3.1 3.4 6 5 7 2.9 2 4 1.8 1.5 1.7 1 0 0 2010 2011 2012 2013 2014 2015 2016 Backed by VCs only Backed by the CM industry (H1) Backed by VCs only Seed Round A Round B Backed by the CM industry Round C Round D M&A Sources: CB Insights; DealRoom; Tech in Asia; Expand Research; BCG analysis. years, compared with seven years for firms backed only by VCs. Also, the average funding for industry-backed fintechs in the first half of 2016 was $24 million, com- pared with less than $11 million for those backed only by VCs. Investment banks, however, have been facing revenue headwinds that are far more powerful than those faced by other players in the CM ecosystem. Indeed, informa- tion service providers are growing strongly and commanding price-to-earnings (P/E) multiples as high as 30 (compared with an average of 10 for investment banks). Banks have also been constrained in redistributing cash to shareholders because of recapitalization and deleveraging. Equity investments, therefore, provide avenues to reinvest retained earnings in projects with high returns on investment, helping to deliver long-term value to shareholders. Fintechs can help investment banks across the value chain by monetizing existing assets, such as data and algorithms, as well as by mutualizing industry costs. So-called know your customer (KYC) tasks, market data, client-reference data, and trade surveillance currently amount to $4.4 billion in annual IT and operations costs. And the opportunity will be even larger where efficiency is a primary goal, such as in the automation of trade processing. (See the sidebar “Blockchain-Based Solutions.”) Execution and Pre-Trade Take Center Stage. Investors have been choosing fintechs that focus on enabling execution and pre-trade activities (with funding of about The Boston Consulting Group 7