Exhibit 2 | CM Fintech Is a Small but Growing Portion of the Overall Market INVESTMENT IN CM FINTECHS COMPARED WITH TRENDS IN CM FINTECH EQUITY INVESTMENT IN OTHER FINANCIAL SERVICES SEGMENTS FUNDING BY CLUSTER, 2000–2016 (H1) Share (%)1 Cumulative funding ($millions) 100 9 7 1 4 5,000 Total funding: $4 billion 3 4 Total number of fintechs: 569 7 6 75 7 4,000 $115 million 47 55 35 45 3,000 $591 million 50 50 2,000 $2.2 billion 184 25 $1.1 billion 42 40 43 1,000 240 $96 million 0 0 40 Financial Number Cumulative services revenue of fintechs, equity funding, 2000200120022003200420052006200720082009201020112012201320142015 pool 2015 2016 (H1) 2000–2016 (H1) Retail banking CM Asset management Primary Post-trade 2016 (H1) Corporate banking ecosystem CM Pre-trade Support Wealth management Execution Sources: CB Insights; DealRoom; Tech in Asia; Expand Research; BCG analysis. Note: The CM ecosystem revenues include asset management of $263 billion and investment banks, custodians, exchanges, venues, clearing- houses, and CM-focused information service providers of $330 billion. This results in a total of $593 billion. 1Because of rounding, not all percentages add up to 100. Such differences are partly attributable to the perception of a higher risk of failure in the CM industry, which is highly specialized, heavily regulated, and dominated by a few incumbent players. This reality discourages VC investors who are not in- dustry specialists. In light of this, many CM players have taken up the dual role of investing strategically in new tech ventures as well as representing their traditional client bases. An Attractive Investment Opportunity. Indeed, despite perceptions to the contrary, the overall CM ecosystem has thrived in recent years, generating a sizable revenue pool that is expected to markedly increase over the next five years. (See Global Capital Markets 2016: The Value Migration, BCG report, May 2016.) Given the size and growth of the industry, as well as the less crowded landscape, the CM fintech space is an attractive market for both investors and entrepreneurs. In addition, as we have seen, evidence shows that fintechs supported by banks or other strategic players, such as exchanges, tend to reach maturity faster and be- come more successful than those that are not backed by such players. (See Exhibit 3.) They also attract much greater funding, because VCs tend to follow strategic players in their investment allocations. The presence of such investors in fintechs signals that they are high-quality companies with credible business models and good prospects. On average, industry-backed fintechs reach the exit stage in six 6 Fintech in Capital Markets