Paris, February 5, 1998 -- As of February 27, 1998, trading increments (the "tick") for Notional and Pibor contracts will be halved.

In the case of the Notional bond future, the increment for trading in all maturities will be 0.01% of the nominal amount, or FF 50 instead of 0.02% (i.e., two basis points or FF 100). This means it will be the same as the tick for Matif 5-year contracts, which remains unchanged.

In the case of Pibor future, the increment for trading in all maturities will be 0.005% of the nominal amount or FF62.5 instead of 0.01% (i.e., one basis point or FF125). Contract prices will thus be quoted with a third decimal which may be either 0 or 5.

The change is designed to allow market participants to fine-tune strategies against a backdrop of low volatility as European interest rates converge.

Contact : Antoinette Bouvier-Darpy - Tél. :01 40 28 83 89 - 01 40 28 80 26