| PARISBOURSESBF
SA LAUNCHES THE WINEFEXR PROJECT, THE WORLD'S FIRST FUTURES MARKET
FOR FINE WINES Bordeaux, 10 May 2000 - ParisBourseSBF SA (1), one of the founder members of Euronext, the first European bourse, today announced the launch of the Wine Futures Exchange project (Winefex). The first step consists of a feasibility study for the creation of a regulated futures market for categories of fine wines. This innovative project, announced at a conference/debate organized by Paris Europlace at Bordeaux, is based on a finished product - namely homogeneous categories of sought-after fine wines - that is ready to be consumed. The first contract is expected to be a future on the top growths of the Bordeaux region, based on a 12-bottle case en primeur for delivery in 32 months' time. In late summer, when the results of the study are in, ParisBourseSBF SA will analyze the economic, technical and financial interest of setting up an organized market in fine wines. If it deems that such an interest exists, the first futures contract - on the 2000 vintage of the top Bordeaux chateaux - could be launched before year's end. A team of specialists set up by ParisBourseSBF SA will participate in the feasibility study, contributing their expert knowledge of the wine trade. Many key players in the Bordeaux market - top chateaux, shippers and
personalities from the wine world - have already expressed their interest in
the initiative. The first futures contract on top Bordeaux wines will give participants in the Bordeaux market a risk management tool that is unrivalled anywhere in the world. And, amid intensifying competition in the wine market, it will allow them to offer additional services to their customers. Winefex will benefit from ParisBourseSBF SA 's expertise in order centralization and price dissemination and from its advanced technology, notably the NSC trading system used by all the Paris financial markets. Participants will also enjoy the financial security provided by a central counterparty and a guarantee of final settlement through ClearnetSBFSA, a subsidiary of ParisBourseSBF SA. (1) With a market capitalization of Eur 1,600 billion, ParisBourseSBF SA is the leading stock exchange in mainland Europe and a founder member of Euronext. The company runs France's stock exchange and its financial and commodity futures markets. In March 2000, ParisBourseSBFSA merged with the exchanges of Amsterdam (AEX) and Brussels (BXS) to form Euronext, Europe's first equity market PRESS OFFICE : |
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