1. Atos Euronext Market Solutions Syn~ Market Liquidity: Efficiency in Market Infrastructure Donal O’Brien November 2006

2. Atos Euronext Market Solutions 2 Market Liquidity: Agenda Introduction Operating Model Efficiency Clearing Model Settlement Model Depository Management - Hybrid Model Registry Management Short-Selling Controls Infrastructure Efficiency Localisation Easy Deployment Integration with Exchanges and Banks Integration with Brokers and Custodians Whole Market Infrastructure

3. Atos Euronext Market Solutions 3 Market Liquidity: AEMS - Ownership Premier Global IT Services Provider Leading Global Exchange 50:50 ownership Atos Origin and Euronext

4. Atos Euronext Market Solutions 4 Market Liquidity: AEMS - What do we do? IT Services to Exchanges, Clearing houses, Banks and Brokers Financial IT Solutions Global Data Centre Operations Dedicated Financial Network for Trading Our Product Range Regulatory:ARAMIS Exchange: NSC, CONNECT Clearing & SettlementSyn~Clear, CLEARING 21, SARA Capital MarketsSyn~Broker, Investiciel, Apollo InterbankingCrystal, Diamis

5. Atos Euronext Market Solutions 5 Market Liquidity: AEMS Global Service Provision Warsaw Stock Exchange Euronext.liffe ICE Futures LCH.Clearnet Euronext TFX Bursa Malaysia Beirut Stock Exchange BVM TunisCasablanca Amman Stock Exchange Tehran Stock Exchange DIFX Muscat Securities Market BM&F Bovespa Montréal Toronto CME CBOT Winnipeg Minneapolis Kansas City Board of Trade BOX BSX NSC® CONNECT®

6. Atos Euronext Market Solutions 6 Market Liquidity: Agenda Introduction Operating Model Efficiency Clearing Model Settlement Model Depository Management - Hybrid Model Registry Management Short-Selling Controls Infrastructure Efficiency Localisation Easy Deployment Integration with Exchanges and Banks Integration with Brokers and Custodians Whole Market Infrastructure

7. Atos Euronext Market Solutions 7 Market Liquidity: Clearing Model Risks: Buyer does not provide Cash Seller does not provide Securities Trade Novation into Clearing House name Anonymity of Settlement Liquidity of Market Allows efficient net settlement of securities and cash Clearing House: Controls risk for open trades between Trade and Settlement Date

8. Atos Euronext Market Solutions 8 Market Liquidity: Clearing Model Margin Requirement Initial Margin Calculation – Risk of change in price going forward Variation Margin Calculation – Risk of change in price since trade was done Multi-asset offsets Collateral Management Member firm specific account structure Pledge of Securities or Cash Intra-day Margin Calls

9. Atos Euronext Market Solutions 9 Market Liquidity: Settlement Models Free of Payment Settlement High Risk Inefficient No Guarantee Three ‘Against Payment’ Models: DVP1: Gross settlement of Securities and Cash DVP2: Gross settlement of Securities, Net Settlement of Cash DVP3: Net settlement of Securities and Cash CSD Provides: Guaranteed Settlement Efficiency Lower Cost OTC Markets: Typically DVP1 settlement Exchanges: Move towards DVP2 or DVP3 Settlement

10. Atos Euronext Market Solutions 10 Market Liquidity: Settlement Efficiency Settlement Cycle Net Settlement by Broker (Securities and Cash) Instruction Generation Settlement Cycles –Securities Blocked until Cash Settled via RTGS Cash Delivery Management –ISO 15022 Cash Instructions sent to Central/Clearing Banks (RTGS) –Full response tracking –Unblocking and settlement of Securities Fails Management Settlement Tracking Lending Pools and Auto-Borrowing Buy-In Process Compensation

11. Atos Euronext Market Solutions 11 Market Liquidity: Depository Management Position-Keeping Models: Direct Holding – –Final Investor is directly known to the Issuer and the CSD (Current Model) Indirect Holding –Final Investor known only to Broker (European and US Model) Hybrid Model –Final Investor position with Broker known to the Issuer and the CSD Advantages of Hybrid Model: Full disclosure of Final Investor known at CSD Corporate Action processing well defined Allows efficient Netting at Broker level for DVP3 settlement

12. Atos Euronext Market Solutions 12 Market Liquidity: Registry Management Central Registry held at CSD Real-time Investor Positions Tradeable Blocked Borrowed and Lent Encumbered Pledged Held for Inheritance Support for Corporate Actions Benefits, Re-orgs, Advices and IPOs Calculation of Entitlements Transformation of Pending Trades Cash Distribution

13. Atos Euronext Market Solutions 13 Market Liquidity: Short-Selling Controls Short-Selling in US and Europe: Trade-date position allowed to be negative Automatic overnight borrow based upon projected Settlement-date position Trade allowed to Fail (as of Settlement Date) Claim process for fails Short-Selling Restrictions: Today – No Short-Selling (should be restricted within Exchange system) Tomorrow – Allow Sell of Security before Buy is Settled Uncleared Selling Levels 1.No Short Selling allowed 2.Short Sell allowed on Trade Date but checks for pending Buy 3.Full Short Selling Allowed (European Model) Control Systems: CSD Pledging Fee Fee calculated on Short Position between Trade and Settlement Date Configurable rate to control Market Liquidity

14. Atos Euronext Market Solutions 14 Market Liquidity: Agenda Introduction Operating Model Efficiency Clearing Model Settlement Model Depository Management - Hybrid Model Registry Management Short-Selling Controls Infrastructure Efficiency Localisation Easy Deployment Integration with Exchanges and Banks Integration with Brokers and Custodians Whole Market Infrastructure

15. Atos Euronext Market Solutions 15 Market Liquidity: Localisation Multiple Languages Arabic, Farsi, English, French, Spanish … Multiple Calendars Gregorian, Persian Holidays Settlement Date Intervals Bond Accruals Ownership point Trade date vs. Settlement Date Corporate actions Registry updates

16. Atos Euronext Market Solutions 16 Market Liquidity: Easy Deployment Core Processing Infrastructure Grid Processing – Scale Linux / Windows – Low-cost Service Oriented Architectures – Flexibility –Lifecycle Models –Workflow –Messaging (XML, ISO15022, FIX) Web-based Front Ends Zero Footprint Scales Reporting and Queries Denormalised relational model of all data (separate from the OLTP) Standardised third-party Report Writer support

17. Atos Euronext Market Solutions 17 Market Liquidity: Integration with Exchanges and Banks

18. Atos Euronext Market Solutions 18 Market Liquidity: Integration with Brokers and Custodians

19. Atos Euronext Market Solutions 19 Market Liquidity: Whole Market Infrastructure Entire Market Infrastructure Exchange Systems Clearing Systems CSD Systems On-line Client Portals Brokerage Systems Central ASP Provision Shared infrastructure - Low cost Standardised Data Centre Management - Low risk Large infrastructure – Inherent scale Easily deployed Regulatory and Market Changes

20. Atos Euronext Market Solutions 20 Market Liquidity: Questions Questions