SWX Group Opts For Independence - Remains Open For Cooperative Ventures And Alliances

The SWX Group Board of Directors has opted in favour of its existing strategy: the SWX Group is to remain an independent organisation. At its meeting on 20 August, the Board ruled out for the time being any sale, merger or total integration of the SWX Group into another securities exchange organisation. By arriving at this conclusion, the Board of the SWX Group is expressing its desire to preserve the competitive advantage of the Swiss financial marketplace, as well as to maintain and further develop the Swiss Value Chain.

At its regular meeting held on 20 August 2004, the Board of Directors of the SWX Group resolved not to pursue proposals from Deutsche Börse AG regarding the integration of SWX, but will remain open to discussions on potential affiliations. Hence the Board has confirmed its position, according to which the SWX Group desires to maintain its independence and, by means of partnerships, cooperative undertakings, alliances or other financial interrelationships, play a key role in shaping the consolidation process within Europe's securities exchange landscape and thus achieve further gains in the cost effectiveness and efficiency of the Swiss financial marketplace. The SWX Group, with its London-based virt-x exchange, is well positioned in Europe and has a solid financial base.

The SWX Group and Deutsche Börse AG have created what today represents the world's most successful example of collarboration among securities exchanges: the Eurex derivatives exchange. Eurex is successfully operated by both partner organisations. At its meeting on 20 August, the SWX Group Board of Directors reiterated its willingness to engage in cooperation talks, also with Deutsche Börse AG, within the framework of the current structure, i.e. between two independent organisations.