Paris, Barcelona, Madrid, June 26, 1998 -- The French and Spanish derivative exchanges (MATIF, MONEP and MEFF) today signed a Memorandum Of Understanding (MOU) to create a partnership called Euro Globex.

Under the terms of this MOU, members of each participating exchange will gain access to contracts of the other exchanges through an interconnection of their respective electronic platforms.

Implementation of cross-access trading will take place before the end of the year for members of MEFF Renta Fija and MATIF. The partnership will then be extended to members of MEFF Renta Variable and MONEP.

Euro Globex, which will be open to other exchanges, is the European component of the Globex Partnership already formed by the Chicago Mercantile Exchange (CME) and Matif SA and based on the principle of cross exchange access, which allows members of one exchange to trade the products of another and thereby expands the distribution network for both exchanges.

"The Euro Globex will enhance liquidity of euro benchmark products by providing easy and cost-effective access. It reflects increased cooperations among exchanges in Europe as the euro approaches." declared Jean-François Théodore, Chairman of Matif SA and SBF-Paris Bourse.

"We are happy to offer our members direct access to important European derivatives contracts throughout our trading platforms. Euro Globex will no doubt contribute to the further internationalization of the Spanish financial system." said Josep Manuel Basanez, Chairman of the MEFF.

"The Chicago Mercantile Exchange and MATIF pioneered the concept of electronic trading alliances when we began working together to develop Globex," CME Chairman Scott Gordon said. "We wholeheartedly welcome the Spanish markets to the Globex world through Euro Globex, as we at the CME anticipate the launch of the Globex2 platform in September. The new alliance furthers our efforts toward industry standardization and increased access across exchanges to products."

MEFF is a fully electronic exchange since its inception in 1990, comprising an interest-rate derivatives market, MEFF Renta Fija, and an equity derivatives market, MEFF Renta Variable. MEFF ranks fourth among European derivatives markets and traded over 35 million contracts in 1997. Its 101 members will be using a well proven electronic trading and clearing system to access European exchanges through Euro Globex.

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