Eurex - The World's Leading Derivatives Exchange

With a posted volume of over 454 million contracts traded during the year 2000, surpassing the previous year's total of 379, Eurex is by far the world's leading international derivatives exchange. Current membership has reached 432 participants from 17 different countries.

A fully electronic exchange, Eurex allows market participants decentralized and standardized access to its markets on a global scale. Providing access to benchmarks like the BUND future, Eurex has set a new standard for a fast and secure global network. Further enhancement of the Eurex software has led to the development of Release 4.0, introduced on June 26, 2000. Modifications include a new clearing graphical user interface (GUI) as well as system performance improvements. The latest Eurex Release, 4.1, introduced in two steps on October 30, 2000 and on November 27, 2000 brought enhancements for the new clearing GUI X-tract. Another focus were system preparations for the launch of EEX Release 1.0. EEX, the European Energy Exchange Derivatives Market will provide a facility to trade commodity derivatives where the underlying is electricity. (for further details please visit www.eex.de) Additionally pre-requisites were done for the launch of the new Java-based trading GUI called @X-ceed planned for the end of February. Innovative products, high liquidity and standardized clearing and trading platform(s) have made Eurex the world's largest exchange.

Eurex was created by Deutsche Börse AG and the Swiss Exchange in December 1996 and founded through the merger of DTB Deutsche Terminbörse and SOFFEX (Swiss Options and Financial Futures Exchange). Both parties agreed to develop and implement a single platform for their derivatives markets and trade a harmonized product range. The operational and technical merger of the two markets was completed on 28 September 1998, when all DTB and SOFFEX participants united on a common trading and settlement platform and the newly established Eurex clearing house commenced its activities.

Trading on the fully computerized Eurex platform is distinctively different from trading on traditional open-outcry markets - it transcends borders and offers members technical access from any location, thereby creating a unique global liquidity network. Members are linked to the Eurex system via a dedicated wide-area communications network (WAN). To facilitate access to Eurex outside of Switzerland and Germany, access points have so far been installed in France, Finland, Netherlands, Spain, UK and USA.