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Alberto Pravettoni – Managing Director, Corporate Strategy
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Michael March – Director, Corporate Communications
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LCH.Clearnet requests interoperability links under Code of Conduct with Deutsche Börse and Borsa Italiana

London, 09 August 2007

LCH.Clearnet announced today that it has issued formal requests under the Code of Conduct to both Deutsche Börse and Borsa Italiana for full interoperability with Eurex Clearing and Cassa di Compensazione e Garanzia respectively.

Implementation of these links will enable users of those markets to consolidate clearing of cash equities traded on four separate European markets - London Stock Exchange, virt-x, Deutsche Börse and Borsa Italiana - at LCH.Clearnet Ltd, and deliver the choice of central counterparty (CCP) demanded by users in fulfilment of the Code’s intentions. In addition, extending LCH.Clearnet’s clearing services to include Germany and Italy will help lower unit costs, thus giving scope for further fee reductions across all markets.

Roger Liddell, Group Chief Executive at LCH.Clearnet, said: “We look forward to working with both Deutsche Börse and Borsa Italiana on these initiatives and we are confident that access will be swiftly granted. These initiatives should demonstrate that peer-to-peer clearing links, where neither CCP pays the other ongoing fees, can be established across Europe, and will enable us to complete the development of a similar arrangement with x-clear for the London Stock Exchange.”

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Note to Editors

LCH.Clearnet is currently owned 67.6% by users, 17.8% by exchanges with the balance of 14.6% being held by Euroclear. Upon completion of the Euronext share buy-back programme by 2009, the Group will be owned 73.3% by users, 10.9% by exchanges and 15.8% by Euroclear.

LCH.Clearnet is committed to operating under strict principles of non-discrimination across its user base. LCH.Clearnet serves major international exchanges and platforms, equity, exchange-traded derivatives, energy, interbank interest rate swaps markets and the majority of the Euro-denominated and sterling bond and repo markets.