Frankfurt Stock Exchange Can Extend Trading Hours Until 8:00 p.m.

On Monday, the Exchange Council approved an extension of the trading hours at the Frankfurt Stock Exchange (FWB) for trading on the floor and in Xetra® from the current 9:00 a.m. to 5:30 p.m. (Frankfurt time) to 9:00 a.m. to 8:00 p.m. The general management of FWB will be authorized to extend the trading hours to 8:00 p.m. as a matter of principle starting June 2, 2000; shorter trading hours are possible for some segments. The details will be elaborated in consultation with the Expert Committee on Equities/Warrants. According to Deutsche Börse, talks are also in progress with other exchanges in the European alliance with the aim of harmonizing the trading hours at all of the exchange centers. With the longer trading hours, Deutsche Börse wants to expand the opportunities for private and institutional investors to react to movements in the market in the United States. Deutsche Börse anticipates a great deal of interest among private investors in particular. On the whole, Frankfurt is expecting turnover to increase by as much as 10 percent.