Paris, April 3, 1998 -- Starting Tuesday, April 7, 1998, interest-rate contracts on Matif will be traded off-hours (from 4.30 p.m. to 10.00 p.m. Paris time) on the NSC-VF electronic system (Nouveau Système de Cotation - Version Future), replacing the Globex® system developed by Reuters.

Wednesday, April 8, 1998 will be the first full day of trading using a dual system - electronic trading and open outcry. In concrete terms, all Matif futures contracts will be traded on-screen with NSC-VF from 7.00 a.m. to 10.00 p.m. (Paris time), and simultaneously by open outcry while the trading floor is open from 8.30 a.m. to 16.30 p.m. (Paris time).

1. Starting April 1, 1998, the commission collected by Matif SA for the execution and clearing of orders was set at FRF 1.70 for clients trading more than 3,000 lots a day each month. This is 57% lower than commissions on maturities after January 1, 1999 (FRF 4) and 72% lower than commissions on 1998 deliveries of the Notional contract (FRF 6).
2. Special measures were adopted for locals (NIPs), regardless of the trading method used:
   • Matif SA commission waived for a six-month period
   • A FRF 10 million bonus distributed on the basis of business in interest-rate contracts until the end of the year.

" The addition of NSC-VF electronic trading to existing open outcry brings a new vector for distribution of Matif products. With these two complementary trading methods, our aim is to raise liquidity, and our very competitive pricing structure will give business an extra boost," said Gérard Pfauwadel, Chairman and CEO of Matif SA.

Contact: A. Bouvier-Darpy - Tel: +33 1 40 28 83 89