Spain's MEFF Renta Variable Trades DJ STOXX Derivatives Through Euro GLOBEX

Starting July 5, 1999, the members of MEFF Renta Variable, the Spanish market for equity and index derivatives will have direct access to trading in ParisBourseSBF SA on futures on DJ EURO STOXX 50 and DJ STOXX 50 indexes. Through the connection to NSC, the ParisBourseSBF SA trading system, MEFF Renta Variable's 80 members can trade in these contracts from their usual workstations and thus benefit from the attractive conditions applying in Paris, including trading horizons covering five rolling maturities - three monthly and two quarterly. Clearing is handling by MEFF in such as way that MEFF Renta Variable's clearing members can clear these products together with MEFF Renta Variable listed products, with no need to become or use a MONEP clearing member. Alongside MIF and IDEM, the Italian futures markets, MEFF Renta Fija and MEFF Renta Variable are partners of the ParisBourseSBF SA within the framework of the Euro GLOBEX alliance. Following the signature of the founding agreement on June 26, 1998, this is already operational for interest-rate futures on French, Spanish and Italian Markets. The link between ParisBourseSBF SA, MEFF Renta Fija and MIF was implemented very quickly - in less than one year - and boosted liquidity through cross-trading. The tie-up with MEFF Renta Variable represents a new step forward for the Euro GLOBEX alliance, which is now focusing on raising the liquidity of equity and index derivatives for member exchanges.