Euronext Introduces Futures On Fortis shares

Euronext Amsterdam Derivative Markets N.V. will list futures on Fortis shares as from 2 November 2001, thereby expanding the number of futures listed on major securities. Futures on ABN Amro, Aegon, ING, Philips, Royal Dutch, Unilever, KPN and Ahold shares were introduced previously. Each contract has an underlying value of 100 shares.

The introduction of share futures will strengthen liquidity in the underlying equities and further expand Euronext's attractive range of financial instruments.

Contract specifications for Fortis (NL) equity futures:

• Symbol, FFOR
• Contract size, 100 shares
• Trading unit, 100
• Pricing unit, 1
• Currency, Euro
• Minimum price difference, s 0.05 (= s 5 per contract)
• Trading hours, 9 a.m. - 5.30 p.m. CET
• Contract months, Initial period to maturity: one and two months
  Cycle: all months
  Initial period to maturity: three and six months
  Cycle: January, April, July, October
• Last day of trading, Trading possible until 5.30 p.m. CET on the third Friday of the contract month. If this is not a business day, the last day of trading will be the business day preceding this Friday.
• Settlement of open positions after the last day of trading, Open positions remaining after the last day of trading will lead to the automatic delivery of 100 shares per contract at the futures contract's closing price. Holders of long positions will receive shares, while holders of short positions will deliver shares. Delivery before the end of the last day of trading is not possible.
• Settlement, Delivery via Clearnet's Amsterdam branch
• Clearing organisation, Clearnet S.A.
• Position limit, No position limit, except:
  5 contracts or 15 spreads in the case of local traders
• Reporting limit, 1) 1,000 contracts in the case of clearing members, off-floor traders and traders
  2) 500 contracts in the case of members of the public
• Fees for opening and closing transactions, Broker: s 0.55
  Off-floor trader, clearing member: s 0.45
  Trader: s 0.25
• Transaction fee for delivery, Broker: s 2.25
  Off-floor trader, clearing member: s 2.25
  Trader: s 0.50
• Initial margin, The initial margin will be announced on a monthly basis as a fixed amount. This fixed amount will be calculated on the basis of the margin percentage used for equity options with the same underlying value.
  Profs: initial margin 300, spread margin 100
  Public: initial margin 450, spread margin 100
• Security code , 30083
• ISIN, NL0000300838