Borsa Italiana: Futures Based On The S&P/MIB Index: "No-Action Letter" By The CFTC - Futures And MiniFutures Based On The S&P/MIB Can Now Be Offered And Sold In The United States

The Commodity Futures Trading Commission's (CFTC's) Office of General Counsel issued a no-action letter on August 31, 2004, permitting the offer and sale in the United States of the Mercato Italiano Dei Derivati's ("IDEM's") futures contracts based on the S&P/MIB Index ("S&P/MIB") %u2014 the S&P/MIB Futures Contract and the miniFutures Contract - in accordance with the relevant US Regulations.

Starting from 20 Sept 04, the following contracts will be traded:

• a futures contract on S&P/MIB
• a minifutures contract on S&P/MIB
• an option contract on S&P/MIB

The contractual specifications for the new products are identical to those of the products they will be replacing on the MIB30 index.

Steps are being taken to facilitate an orderly transition from contracts on the MIB30 index to the S&P/MIB index. By allowing issuers to negotiate combinations between the old and new indices, a spread between the two contracts will be quoted in the market. This action will enable participants to roll their positions over from MIB30 to S&P/MIB contracts gradually and sustain an orderly transition in terms of liquidity.