Cross-Membership Between The SWX Swiss Exchange And Parisbourse SBF SA

The first substantive steps have been taken within the framework of the partnership agreement concluded in January 1999 between the SWX Swiss Exchange and ParisBourse SBF SA. This development was made possible by reciprocal recognition of SWX and the ParisBourse SBF SA by the respective supervisory authorities. This agreement has now become operative through the cross-membership of several pilot Members of SWX and the ParisBourse SBF SA. SWX Members Bank J. Vontobel & Cie. AG, Zurich, and Pictet & Cie., Banquiers, Geneva, will commence dealings as of 1 December 1999 on the ParisBourse SBF SA. Simultaneously, French participants CDC Bourse, Paris, and CLC Bourse, Paris, will initiate trading on SWX. This interrelationship enables the pilot participants to trade French and Swiss equities and debt instruments at the best possible conditions.