Paris, June 22, 1998 - - Matif commodity contracts, currently traded by open outcry, will all be switched to the electronic system on Friday, June 26, 1998.

As of that date, trading will take place exclusively through NSC, the system that has been used for Matif interest-rate futures since April 7 this year.

Trading hours will be:

• from 10.45 a.m. to 1 p.m., and from 3 p.m. to 6.30 p.m., Paris time, for rapeseed and milling wheat futures
• from 10.45 a.m. to 7.30 p.m., Paris time, for 45 and 100 Icumsa white sugar contracts.

This change represents a further stage in a process which began with the adoption of clearing procedures identical to those for financial products in September 1997. The aim is once again to enhance the competitive appeal of this compartment of the market and broaden its international scope.

Matif SA, responding to clear signals from members, has been the first major futures market to abandon open outcry trading and go fully electronic with an open-architecture system embodying the latest in market technology. This has significantly reduced access costs whatever the geographical location of participants. Those already trading Matif financial products over the 254 NSC screens so far installed in Paris, London and Chicago will also be able to trade commodity futures as of June 26.

Contacts:
Antoinette Bouvier-Darpy - Tel: 33 1 40 28 83 89
Nathalie Boschat - Tel.: 44 171 332 5920