The Board of Trade Clearing Corporation And Nasdaq Liffe Markets Sign Agreement On Processing "Give-Ups"

The Board of Trade Clearing Corporation (the "Clearing Corporation") and Nasdaq Liffe Markets LLC ("NQLX") today jointly announced that they have entered into an agreement under which the Clearing Corporation will process "give-up" -related brokerage payments for NQLX member firms.

NQLX, a joint venture of the Nasdaq Stock Market, Inc. (Nasdaq) and the London International Financial Futures and Options Exchange (LIFFE), will offer futures contracts on individual stocks. The market is scheduled to begin trading in Q-2, 2002.

Under the agreement, the Clearing Corporation will provide brokerage fee collection and payment services for member firms executing "give-up" transactions. In addition, the Clearing Corporation will develop the interface with NQLX necessary to provide the payment service.

A give-up transaction occurs when a member firm (the "Carrying Member") contracts with another firm (the "Executing Member") to execute a trade. The Executing Member then "gives up" the transaction to the Carrying Member. BOTCC will process the brokerage fees associated with such transactions using *GAINS® (Give-up Automated Invoicing System). Dennis Dutterer, President and CEO of the Clearing Corporation, said: "Our agreement illustrates the Clearing Corporation's strategic decision to offer value-added clearing, processing and problem-solving services in new and emerging marketplaces of the 21st Century. Both our shareholders and the exchanges for which we provide clearing services benefit as we broaden our client base."

Bob Fitzsimmons, President of NQLX, said: "We are very pleased with this agreement because it further enhances the suite of tools we are making available to our members."