Euronext Moves Closer To System Harmonisation - Derivatives Traded In Paris And Brussels Migrating To LIFFE CONNECT™- Clearing Of Brussels-Based Derivatives Switching To Clearing 21®

Derivatives traded on the markets of Euronext Brussels and Euronext Paris will migrate to the LIFFE CONNECT™ electronic system on 24 March and 14 April 2003, respectively. The Dutch and Portuguese derivatives markets will follow at a later date. And on 24 March 2003, Brussels will switch to the Clearing 21® system to clear its derivatives trades.

By migrating all its derivatives business to LIFFE CONNECT™, Euronext is giving customers access to an enhanced product range and a larger pool of liquidity. Also, using a single trading platform will reduce members' connection and capacity costs and will help Euronext to cut its technology outlays.

LIFFE CONNECT™ is the most sophisticated electronic trading system in the derivatives industry. Its key benefits are speedy order execution, technical reliability and functional reach.

With these moves, Euronext is forging ahead with its overarching integration process. This consists in creating a technologically unified pan-European market that will facilitate cross-border trading among different exchanges in the Euronext zone. The process, which is already well advanced, will eventually culminate in full system harmonisation: NSC® for cash-market products, LIFFE CONNECT™ for derivatives, and Clearing 21® for all Euronext products except those traded in London, which will continue to be processed through the systems of London Clearing House (LCH). Euroclear, Euronext's key partner for settlement, is also unifying its systems in Amsterdam, Brussels and Paris.