Euronext Issues Two New Licences For CAC 40® Index Trackers

On 3 September 2004, Euronext launched a request for proposal for the purpose of granting new licences for CAC 40® index trackers and has now accepted those submitted by Crédit Agricole Asset Management, a wholly-owned subsidiary of Crédit Agricole S.A., and by Harewood Asset Management, a wholly-owned subsidiary of BNP Paribas.

The two organizations intend to make the necessary preparations for each to launch a CAC 40® tracker in the first quarter of 2005, subject to the approval of the AMF (Autorité des Marchés Financiers).

Coming four years after the launch of NextTrack®, the Euronext compartment dedicated to ETFs, the new licences are intended to expand distribution of the CAC 40® trackers among both institutional and retail investors.

Backed by the sales and marketing resources of three major asset-management organizations — Crédit Agricole Asset Management from the Crédit Agricole group, Harewood Asset Management from BNP Paribas and BNP Paribas Asset Management, and Lyxor Asset Management from the Société Générale group — the CAC 40® index trackers should benefit from rises in trading volumes and new subscriptions.