PRESS RELEASES

Euronext Brussels successfully transfers to new derivatives and trading systems

24 March 2004

Cash and derivatives markets migration completed in Brussels

Brussels, 24 March 2003 – Euronext Brussels has today successfully migrated its derivatives products on to the Euronext trading and clearing technology systems: LIFFE CONNECT^® and Clearing 21®, respectively. The transfer was made on schedule.

The migration of Brussels derivatives products on to LIFFE CONNECT^®, the world's most advanced derivatives trading platform, is the first major step in creating a single market for all Euronext derivatives products, facilitating cross-border trading. This major achievement will be followed by the transfer on the derivatives trading system for Paris products on 14 April 2003 and for Dutch products by the end of the first half of 2004.

As the latest step in the move to a single clearing platform for the Euronext derivatives markets, Euronext Brussels has today also successfully implemented Clearing 21^®, a real time clearing and netting system. Clearing 21^® is already in use for the derivatives markets in Paris and will be implemented in Amsterdam in September 2003.

Jean-François Théodore, Chairman and CEO of Euronext said: "The double migration we successfully achieved today on the Brussels derivatives market will enable our customers to benefit from the rationalisation of their infrastructure and greater efficiency in their cross-border trading. Both of these synergies result directly from today’s integration of our systems. All Euronext Brussels cash and derivatives products are now on the Euronext trading and clearing platforms. Following the harmonisation of our cash trading platforms in 2001 and of our clearing systems in 2002, our integration of the derivatives markets in 2003 is another significant step towards the realisation of the Euronext model".

Migration Euronext cash and derivatives markets

For further information, please call:

Notes to Editors:

1. LIFFE CONNECT^® is now the world’s most widely accessible electronic trading platform for derivatives, taking the market direct to traders at over 550 locations in 26 countries worldwide. As the world’s most advanced electronic trading system, it offers unrivalled execution, speed and flexibility. The Chicago Board of Trade (CBOT), the Tokyo Financial Futures Exchange (TIFFE), Nasdaq LIFFE Markets (NQLX) and Euronext have chosen LIFFE CONNECT^® to trade a wide range of fixed income and equity derivatives products.

2. Clearing 21^® is an advanced clearing system providing a standard for the CCP (Central Counter Part) industry. It is the only fully operational system able to clear trades in both equities and derivatives in real time while using a single tool and enabling multilateral netting of positions.