# Appendix II – Eligible Securities & Derivatives Markets
With the exception of permitted investments in unlisted securities, the Unit Trust will only invest in securities traded on a stock exchange or market which meets with the regulatory criteria (regulated, operated regularly, be recognised and open to the public) and which is listed below.
For the purpose of the Unit Trust, a market shall be:
In relation to any Investment which constitutes a transferable security or an exchange traded derivative:
- any stock exchange or market which is:
	- located in any Member State of the EEA; or
	- located in any of the following countries:Australia Canada JapanNew Zealand SwitzerlandUnited States of America; or

- any stock exchange or market included in the following list::Abu Dhabi	Abu Dhabi Securities ExchangeArgentina	Bolsa de Comercio de Buenos AiresArgentina	Mercado Abierto ElectronicoBahrain	Bahrain BourseBangladesh	Dhaka Stock Exchange LtdBangladesh	Chittagong Stock ExchangeBrazil	Sociedade Operadora Do Mercado De Ativos S.A.

Brazil	BM & F Bovespa SA
Brazil	Central de Custodia e de Liquidacao Financiera de Titulos
Chile	Bolsa Electronica De Chile
Chile	Bolsa de Comercio de Santiago
China	Shanghai Stock Exchange
China	Shenzhen Stock Exchange
Colombia	Bolsa De Valores De Colombia
Dubai	Dubai Financial Market
Dubai	NASDAQ Dubai Limited
Egypt	The Egyptian Exchange
Ghana	Ghana Stock Exchange
Hong Kong	Stock Exchange Of Hong Kong Ltd
Hong Kong	Hong Kong Futures Exchange
Iceland	NASDAQ OMX ICELAND
India	National Stock Exchange
India	Bombay/Mumbai Stock Exchange
Indonesia	Indonesia Stock Exchange
Israel	Tel Aviv Stock Exchange
Jordan	Amman Stock Exchange
Kazakhstan	Kazakhstan Stock Exchange
Kenya	Nairobi Securities Exchange Korea, Republic of	Korea Stock Exchange Kuwait	Kuwait Stock Exchange
Lebanon	Beirut Stock Exchange
Malaysia	Bursa Malaysia Berhad
Mauritius	Stock Exchange of Mauritius Ltd
Mexico	Bolsa Mexicana De Valores (Mexican Stock Exchange)
Morocco	Casablanca Stock Exchange
Nigeria	Nigerian Stock Exchange
Oman	Muscat Securities Market
Pakistan	Karachi Stock Exchange
Pakistan	Lahore Stock Exchange
Pakistan	Islamabad Stock Exchange
Peru	Bolsa De Valores De Lima
Philippine	Philippine Stock Exchange, Inc.
Qatar	Qatar Exchange
Russia	Moscow Exchange
Saudi Arabia	Saudi Arabia Tadawul Stock Exchange
Serbia	Belgrade Stock Exchange
Singapore	Singapore Exchange
South Africa	JSE Securities Exchange
Sri Lanka	Colombo Stock Exchange
Taiwan	Taiwan Stock Exchange Corporation
Thailand	Stock Exchange of Thailand
Trinidad and Tobago	Trinidad and Tobago Stock Exchange Tunisia	Bourse des Valeurs Mobilieres de Tunis
Turkey	Istanbul Stock Exchange
Ukraine	PFTS Stock Exchange
Uruguay	Bolsa De Valores De Montevideo
Venezuela	Bolsa De Valores De Caracas
Vietnam	Ho Chi Minh Stock Exchange
Vietnam	Hanoi Securities Trading Centre
Zambia	Lusaka Stock Exchange
- any of the following exchanges or markets:
	- the market organised by the International Capital Markets Association;
	- the “listed money market institutions”, as described in the Bank of England publication "The Regulation of the Wholesale Markets in Sterling, Foreign Exchange and Bullion" dated April 1988 (as amended from time to time);
	- the market in US government securities conducted by primary dealers which are regulated by the Federal Reserve Bank of New York;
	- a market comprising dealers which are regulated by the United States National Association of Securities Dealers and the United States Securities and Exchange Commission;
	- NASDAQ in the United States; and
	- the over-the-counter market in Japan regulated by the Securities Dealers Association of Japan.
	- the over-the-counter market in the United States regulated by the National Association of Securities Dealers Inc. (also described as the over-the-counter market in the United States conducted by primary and secondary dealers regulated by the Securities and Exchanges Commission and by the National Association of Securities Dealers (and by banking institutions regulated by the US Comptroller of the Currency, the Federal Reserve System or Federal Deposit Insurance Corporation);
	- the French market for Titres de Créances Négotiables (over-the-counter market in negotiable debt instruments);
	- the over-the-counter market in Canadian Government Bonds, regulated by the Investment Dealers Association of Canada.

- All derivatives exchanges on which permitted financial derivative instruments may be listed or traded:
	- in a Member State
	- in a Member State in the European Economic Area (European Union Norway, Iceland and Liechtenstein);
	- in the United States of America, on the
		- Chicago Board of Trade;
		- Chicago Board Options Exchange;
		- Chicago Mercantile Exchange;
		- Eurex US;
		- New York Futures Exchange.
		- New York Mercantile Exchange;

	- in China, on the Shanghai Futures Exchange;
	- in Hong Kong, on the Hong Kong Futures Exchange;
	- in Japan, on the
		- Osaka Securities Exchange;
		- Tokyo Financial Exchange Inc.;
		- Tokyo Stock Exchange;


- in New Zealand, on the NZX Limited;
- in Singapore, on the Singapore Mercantile Exchange.

PROVIDED THAT the Depositary and the Manager shall be entitled without the sanction of an Extraordinary Resolution to modify this definition by adding to or deleting from the countries, markets and exchanges described above.
The markets and exchanges described above are set out herein in accordance with the requirements of the Central Bank which does not issue a list of approved markets.

Translation (ENES, 2018-04-30):
# Apéndice II - Mercados de valores y derivados admisibles
Exceptuando las inversiones autorizadas en valores no cotizados, el Fideicomiso de inversiones tan solo invertirá en valores negociados en una bolsa o mercado que cumpla los criterios reglamentarios (regulado, operado con periodicidad, reconocido y abierto al público) que se enumeran a continuación.
A los efectos del Fideicomiso de inversiones, se entiende por mercado:
En relación con una inversión que constituya un valor mobiliario o un derivado negociado en bolsa:
- cualquier bolsa de valores o mercado que esté:
	- situado en cualquier Estado miembro del EEE; o
	- situado en cualquiera de los siguientes países:Australia CanadáEstados Unidos de América JapónNueva Zelanda Suiza; o

- cualquier bolsa de valores o mercado incluido en la lista siguiente: Abu Dabi	Abu Dhabi Securities ExchangeArabia Saudí	Saudi Arabia Tadawul Stock ExchangeArgentina	Bolsa de Comercio de Buenos AiresArgentina	Mercado Abierto ElectrónicoBangladés	Dhaka Stock Exchange LtdBangladés	Chittagong Stock ExchangeBaréin	Bahrain BourseBrasil	Sociedade Operadora Do Mercado De Ativos S.A.

Brasil	BM & F Bovespa SA
Brasil	Central de Custodia e de Liquidacao Financiera de Titulos
Catar	Qatar Exchange
Chile	Bolsa Electrónica De Chile
Chile	Bolsa de Comercio de Santiago
China	Shanghai Stock Exchange
China	Shenzhen Stock Exchange
Colombia	Bolsa De Valores De Colombia Corea, República de	Korea Stock Exchange
Dubái	Dubai Financial Market
Dubái	NASDAQ Dubai Limited
Egipto	The Egyptian Exchange
Filipinas	Philippine Stock Exchange, Inc.
Ghana	Ghana Stock Exchange
Hong Kong	Stock Exchange Of Hong Kong Ltd
Hong Kong	Hong Kong Futures Exchange
India	National Stock Exchange
India	Bombay/Mumbai Stock Exchange
Indonesia	Indonesia Stock Exchange
Islandia	NASDAQ OMX ICELAND
Israel	Tel Aviv Stock Exchange
Jordania	Amman Stock Exchange
Kazajistán	Kazakhstan Stock Exchange
Kenia	Nairobi Securities Exchange
Kuwait	Kuwait Stock Exchange
Líbano	Beirut Stock Exchange
Malasia	Bursa Malaysia Berhad
Marruecos	Casablanca Stock Exchange
Mauricio	Stock Exchange of Mauritius Ltd
México	Bolsa Mexicana De Valores (Mexican Stock Exchange)
Nigeria	Nigerian Stock Exchange
Omán	Muscat Securities Market
Pakistán	Karachi Stock Exchange
Pakistán	Lahore Stock Exchange
Pakistán	Islamabad Stock Exchange
Perú	Bolsa De Valores De Lima
Rusia	Moscow Exchange
Serbia	Belgrade Stock Exchange
Singapur	Singapore Exchange
Sri Lanka	Colombo Stock Exchange
Sudáfrica	JSE Securities Exchange
Tailandia	Stock Exchange of Thailand
Taiwán	Taiwan Stock Exchange Corporation Trinidad y Tobago	Trinidad and Tobago Stock Exchange Túnez	Bourse des Valeurs Mobilieres de Tunis
Turquía	Istanbul Stock Exchange
Ucrania	PFTS Stock Exchange
Uruguay	Bolsa De Valores De Montevideo
Venezuela	Bolsa De Valores De Caracas
Vietnam	Ho Chi Minh Stock Exchange
Vietnam	Hanoi Securities Trading Centre
Zambia	Lusaka Stock Exchange
- cualquiera de las siguientes bolsas de valores o mercados:
	- el mercado organizado por la Asociación Internacional de Mercados de Capitales;
	- las “instituciones del mercado monetario admitidas a cotización”, tal como aparecen en la publicación del Banco de Inglaterra “The Regulation of the Wholesale Markets in Sterling, Foreign Exchange and Bullion” de abril de 1988 (y enmiendas posteriores);
	- el mercado de valores del Tesoro de EE.UU., operado por agentes primarios regulados por el Banco de la Reserva Federal de Nueva York;
	- un mercado compuesto por los intermediarios regulados por la Asociación Nacional de Intermediarios Financieros de los Estados Unidos y la Comisión de Valores y Bolsa de los Estados Unidos;
	- el NASDAQ en Estados Unidos; y
	- el mercado extrabursátil de Japón regulado por la Asociación de Intermediarios Financieros de Japón.
	- el mercado extrabursátil de Estados Unidos regulado por la National Association of Securities Dealers Inc. (descrito también como el mercado extrabursátil de Estados Unidos operado por agentes primarios y secundarios regulados por la Comisión de Valores y Bolsa y por la Asociación Nacional de Intermediarios Financieros (y por instituciones financieras reguladas por el Interventor General Monetario de EE.UU., el Sistema de la Reserva Federal o la Federal Deposit Insurance Corporation);
	- el mercado francés de Titres de Créances Négotiables (mercado extrabursátil de instrumentos de deuda negociables);
	- el mercado extrabursátil canadiense de bonos públicos, regulado por la Asociación de Agentes de Inversión de Canadá.

- Todos los mercados de derivados en que puedan cotizar o negociarse instrumentos financieros derivados permitidos:
	- de un Estado miembro
	- de un estado miembro del Espacio Económico Europeo (Unión Europea, Noruega, Islandia y Liechtenstein);
	- de los Estados Unidos de América, en
		- Chicago Board of Trade;
		- Chicago Board Options Exchange;
		- Chicago Mercantile Exchange;
		- Eurex US;
		- New York Futures Exchange.
		- New York Mercantile Exchange;

	- de China, en el Shanghai Futures Exchange;
	- de Hong Kong, en Hong Kong Futures Exchange;
	- de Japón, en
		- Osaka Securities Exchange;
		- Tokyo Financial Exchange Inc.;


- Tokyo Stock Exchange;
- de Nueva Zelanda, en NZX Limited;
- de Singapur, en Singapore Mercantile Exchange.

ENTENDIÉNDOSE QUE el Depositario y la Entidad gestora tendrán derecho, sin la sanción de un Acuerdo Extraordinario, a modificar esta definición añadiendo o eliminando alguno de los países, mercados y bolsas descritos anteriormente.
Los mercados y bolsas descritos anteriormente se exponen en la presente conforme a los requisitos del Banco Central, que no publica una lista de mercados aprobados.