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Partnership Deal between Eurex and The Clearing Corporation completed Dennis A. Dutterer President and CEO November 5, 2003. Partnership Deal between Eurex and The Clearing Corporation completed. Shareholders have approved partnership deal with Eurex and new CCorp equity structure

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Partnership deal between eurex and the clearing corporation completed

Partnership Deal between Eurex andThe Clearing Corporation completedDennis A. DuttererPresident and CEONovember 5, 2003


Partnership deal between eurex and the clearing corporation completed
Partnership Deal between Eurex andThe Clearing Corporation completed

  • Shareholders have approved partnership deal with Eurex and new CCorp equity structure

    • 50 out of 87 shareholders for,34 against, 2 abstentions

    • Equity stake oversubscribed in new equity; $105.6 million total equity capital

  • Shareholders have approved Eurex equity stakein CCorp

    • 48 shareholders hold 86% of CCorp capital

    • Eurex holds 14% of CCorp capital


Partnership deal between eurex and the clearing corporation completed cont
Partnership Deal between Eurex andThe Clearing Corporation completed (cont.)

  • New governance structure

    • Nine member Board of Directors

    • Eurex takes seat on Board of Directors

    • Other shareholders elect remaining 8 Board members

    • One share – one vote

  • New capital structure

    • Separate Guaranty Fund

    • Shareholder capital of $ 105.6 million

    • Shareholders need not be clearing participants

    • Non-shareholders can become clearing participants, expanding the range of clearing business partners


Ccorp shareholder structure
CCorp Shareholder structure

  • Broad range of all market user groups representedin new shareholder structure, including small firmsand individuals


Highlights of the clearing solution
Highlights of the Clearing Solution

  • CCorp to clear for Eurex US

  • CCorp to offer clearing for Eurex AG in the US

  • Global Clearing Agreement gives CCorp customers direct access to Eurex’s European products

  • Eurex customers worldwide can choose Eurex Clearing or CCorp to clear Eurex US products

  • CCorp retains its independence

    • Nearly 80 years of experience in clearing and processing derivatives products for a variety of clients


Partnership deal between eurex and the clearing corporation completed

Partnership Deal between Eurex andThe Clearing Corporation completedRudolf FerschaCEO EurexNovember 5, 2003


Eurex s role as ccorp shareholder
Eurex‘s Role as CCorp Shareholder

  • Eurex has paid in full its $ 15 million contribution and received 14.3 percent in CCorp

  • Eurex has taken seat on CCorp Board

  • Due to positive shareholder vote clearing services contract is now unconditional and final

  • Clearing services contract will run for seven years with automatic three year renewal


Eurex ownership structure
Eurex Ownership Structure

  • 14.3 percent stake in CCorp is held by U.S. Exchange Holdings, which is held 100 percent by Eurex AG, Zurich

  • Ownership in Eurex

    • Deutsche Börse AG – 50 % of equity/85 % of revenue share

      • Listed in Frankfurt, majority owned (53 percent) by U.S. and UK institutional investors

      • 100 percent free float, more than 36,000 shareholders

      • Only 2 Shareholders above 5 percent

      • German banks have sold most of their shares inDeutsche Börse and now own less than 1 percent od Deutsche Börse AG shares

    • SWX Swiss Exchange – 50 % of equity/15 % of revenue share

      • owned by 55 financial institutions


Leveraging existing infrastructure
Leveraging existing infrastructure

  • Clearing platform currently used by the industry will continue to be available

  • Eurex US will leverage existing CCorp participant network and infrastructure

  • Deal between Eurex und CCorp marks an important milestone in establishing Eurex US

  • Deal forms basis for long term clearing partnership