Contacts: 

Pierre-Dominique Renard
Director, Customer and Market Management
Tel: + 33 1 70 37 66 99

Michael March – Director, Corporate CommunicationsPress relations
Tel: +44 (0)20 7426 7234

LCH.Clearnet announces further 35% fee reductions on Euronext cash markets

Paris, 4 June 2007

LCH.Clearnet, the leading European central counterparty, is pleased to announce further reductions in clearing and current membership fees for continental cash markets which will come into effect on 1 October 2007.

These reductions follow those announced for London cash markets last February and constitute a further step in the extensive general group tariff restructuring program which began in the latter part of 2006.

The first continental cash markets fee reductions, announced last October jointly by LCH.Clearnet SA and Euronext, came into force on 1 January 2007 with an average reduction of 15% for trades executed on Euronext cash markets. A market discount of 20% on clearing volumes exceeding 740,000 postings was also implemented.

From 1 October 2007, an additional reduction, averaging 35%, will be applied to clearing and current membership fees⁽¹⁾. In addition to the tariff cuts, LCH.Clearnet SA will introduce a harmonised and redesigned structure which will enable its members to benefit from a simplified and transparent tariff, whilst incentivising large volume providers.

Clearing and membership fees will be harmonised across all trading locations - Amsterdam, Brussels, Lisbon and Paris - allowing LCH.Clearnet SA to achieve its commitment to harmonise its clearing fees across cash markets. Whatever the scope of clearing business, members will be able to select a single package⁽²⁾ to suit their level of activity. Details of the revised tariff structure will be issued in the near future, and LCH.Clearnet SA will make tools available to assist members in their choice.

Christophe Hémon, Chief Executive of LCH.Clearnet SA, said: “ In harmonising and reducing its tariffs, LCH.Clearnet SA demonstrates once again its determination to deliver value at competitive pricing levels and delivers a powerful and positive response to the strong market desire to see firm downward pressure on infrastructure costs.“

Footnotes:

⁽¹⁾ Excludes fees collected on behalf of Exchanges which remain separate and unchanged

⁽²⁾ Consisting of an annual band fee and an ad valorem posting fee

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