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Michael March – Director, Corporate Communications
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LCH.Clearnet to Implement Code of Conduct Internally

London, 20 September 2007

LCH.Clearnet is pleased to announce its decision to develop implementation of the Access and Interoperability Guideline of the Code of Conduct between LCH.Clearnet Limited and LCH.Clearnet SA in respect of the clearing of trades executed on London Stock Exchange, NYSE Euronext cash markets, virt-x and London Stock Exchange Dutch Trading Service.

This will enable LCH.Clearnet members to concentrate the clearing of their trades executed on these markets within a single central counterparty, delivering lower operating costs and greater business efficiencies. LCH.Clearnet has already requested access to trade feeds from Deutsche Börse and Borsa Italiana.

In announcing the decision, Roger Liddell, Group Chief Executive at LCH.Clearnet, said: “LCH.Clearnet has for some time been embarked upon a rigorous programme of fee reductions across all its business segments, with still further reductions to be announced in the very near future. The development of interoperability between our two central counterparties is a further and very important step in the process, amending our infrastructure to enable the clearing of business at ever lower cost and improving business efficiency. We are sure that this move will be widely welcomed by LCH.Clearnet’s members and stakeholders.”

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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.