The Tokyo International Financial Futures Exchange Announces Introduction Of New Exchange System

The Tokyo International Financial Futures Exchange (TIFFE) announces today a decision to upgrade its trading and clearing systems. LIFFE CONNECT ™, developed by the London International Financial Futures and Options Exchange (LIFFE), is selected as the next generation trading platform. Fujitsu Limited (Fujitsu) will be undertaking the development of the clearing and settlement system. The launch of the new system is targeted for the end of 2002.

TIFFE's decision to upgrade its systems reflects the recent evolution in information technology. To respond to investors' demand for efficient exchange systems and to meet the challenges of the competitive environment surrounding exchanges, TIFFE is convinced the move to the new open, flexible trading platform will add strength to the TIFFE market; the home market for yen-denominated derivatives.

LIFFE CONNECT ™, the state-of-the-art electronic trading system with sophisticated functions like complex combination orders, will increase activities in its Euroyen futures, TIFFE's flagship product. TIFFE believes the adoption of LIFFE CONNECT™, with its global network connected to 426 sites in 23 countries worldwide, will bring advantages in developing new products and new business fields.

In connection with this, TIFFE and LIFFE will strengthen their strategic partnership, as outlined in the attached press release.

Fujitsu will provide system maintenance and operational support as well.