Paris, August 13, 1998 - From Friday, 21 August 1998, market participants will once again be able to trade long-term gilt futures on Matif.

PARIS and CHICAGO, August 14, 1998 -- MATIF and the Chicago Mercantile Exchange (CME) announced today the development of additional front-end software interfaces to the NSC/GLOBEX2 electronic network. The CME is on target to launch its GLOBEX2 electronic trading system, based on the NSC platform, in September.

Two new major software vendors, PAT Systems Ltd. and Trading Technologies Inc. (TT), are developing front-end software packages for derivatives users of the NSC/GLOBEX2 electronic network. The CME also has begun working with a third software vendor planning to connect its existing front-end application to the NSC/GLOBEX2 trading engine.

These vendors join seven other firms to date that have developed or are developing software packages compatible with the NSC platform: GL trade, ATOS, Reuters, Tradeware, Datastream-ICV, Royal Blue and MKS.

In addition, trading firms are developing proprietary software packages to take advantage of the open architecture of the NSC platform.

"NSC/GLOBEX2 is based on NSC open architecture technology which has become a standard for equities trading. Announcements like today's show that it will give traders the most open and the best available instrument to benefit from the ever faster changes taking place in the world of futures," MATIF and SBF Chairman and CEO Jean François Théodore said.

"The CME is making rapid progress toward the implementation of its vision of shaping a global electronic network," CME Chairman Scott Gordon said. "We are extremely pleased with the openness of the NSC system and our ability to work with firms like PAT and Trading Technologies to offer the broadest possible access to our markets."

According to Gary Kemp, CEO of Trading Technologies: "TT trading screens will be NSC/GLOBEX2 market capable by January 1, 1999. The global importance of the NSC/GLOBEX2 network as well as heavy demand by our current and prospective users mandates this enhancement. Customers want seamless, reliable access to CME and MATIF world-class products. Our high performance, easily adapted interface will provide that."

"PAT Systems can offer NSC and GLOBEX2 users remote access to MATIF and CME products with software flexible enough to sit on any Windows-based PC, laptop or even hand-held device," said Thomas Theys, managing director of PAT Systems. "These exchanges clearly understand the needs of today's customers and recognize our ability to provide customized trading solutions that overcome the need for a dedicated computer terminal."

The NSC system is the world's most powerful trading system, providing a worldwide network on which equities (NSC-VE), options (NSC-VO) and futures (NSC-VF) can trade and offering unparalleled levels of functionality, openness, scalability and ease of implementation, said officials of the exchanges. To connect to NSC or GLOBEX2, users may choose from among four front-end alternatives:

• a vendor supplied software package
• the "GL station" terminal
• a firm's proprietary system
• the GL application programming interface (API) supplemented with some proprietary software.

The two exchanges provide the core message formats and communications protocols to software developers and trading firms, enabling them to use virtually any hardware platform.

Mock trading for GLOBEX2 is beginning this month. The system, modified to CME specifications, is run by the CME's information technology department. Current GLOBEX users have been provided GL station terminals for the launch of GLOBEX2, and they will be able subsequently to add vendor or in-house packages.

The CME, the SBF group-SBF MATIF and MONEP-and a dozen exchanges worldwide use NSC, including BOVESPA, South America's largest exchange, in Sao Paulo, as well as exchanges in Toronto, Brussels, Lisbon and Warsaw. The Montreal Futures Exchange is using NSC in a facilities management configuration to accommodate the early trading session of its BAX contract. The NSC system is able to increase performance smoothly, as well as to boost system capacity, add additional products and bring more exchanges online.

Trading Technologies provides trading software to many of the world's premier money center banks, securities brokers and trading institutions, among them JP Morgan, Chase Manhattan Bank, Citibank, Deutsche Morgan Grenfell, Dresdner Bank and Fimat. TT's high-performance X_TRADER trading system is the fastest, most adaptable interface available for futures, options, stocks, bonds and OTC derivatives trading. Pat Systems Ltd offers a total software solution for any broker wishing to offer customers direct access to a growing number of electronic futures and securities markets throughout the world.

PAT Systems PTS (personal trading system) allows users to enter orders and receive fills while matching real time market quotes, track positions and calculate real-time P&L. The user also can receive news and electronic mail and access online market analysis.

Contacts:
Bruno Rossignol, +33-1-49 27 1131 (France)
Ellen G. Resnick, +1-312/930-3435 (USA)
William Burks, +1-312/930-3446 (USA)