Contents 03 Ne w Perspectives wit h Eurex Bonds 03 Organisat io nal Struct ure 04 Shareholders 04 Products 05 T rading Procedure 07 T rading Hours 07 T ransaction Fees 08 Market Making 08 Clearing und Sett le ment 09 T echnolog y 10 Participat ion in Eurex Bonds 10 Contacts -1- .

c l ea r i n g a n d s et t l em en t f o r c a s h s ec u r i t i es a n d d er i v a ti v es o n a si n g l e p l a tf o rm .ef f ec t i v e p a r t i c i p at i o n i n t h e i n t er n a t i o n a l f i n a nc i al m ar k et s . cl ea r i n g a n d s et t l em en t s y st em s – r eg a r d l es s o f t h e p a r t i c i p a nt ’s l o c a ti o n – i s t h e k ey t o ef f i c i en t a n d c o s t. a s a j o i n t i n it i at i v e o f Eu r e x Fr a n k f u r t AG a n d l ea d i n g f i n a n c i al i n s ti t ut i o n s. h a s p r o v en i t s a b i l it y t o m a s t er t h i s c h al l en g e i n t h e a r ea o f f u t u r es a n d o p t i o n s t r a d i n g f o r y ea r s . Nec es s a r y l i q u i d it y i n t h e b o n d a n d b a s i s t r a di n g m a r k et s i s p r o vi d ed b y Ma r k et Ma k er s . -2- . wh i c h i n t eg r a t es t r a d i n g. Organizational Structure Eu r e x Bo n d s Gm b H wa s f o u n d ed i n O c t o b er 2 0 0 0 . Eu r e x Cl ea r i n g AG p r o v i d es t h e c en t r a l c o u n ter p a r t y ( CCP) b et we en b u y er s a n d s el l er s o n Eu r e x Bo n d s .New Perspectives Rem o t e a c c es s t o r el i a b l e t r a d i n g. p er f ec t l y c om pl em en t i n g t h e r a n g e o f Eu r e x’ p r o d u c t s a n d s er v i c es . wh o l es a l e t r a d i n g i n f i xed i n c om e s ec u r i ti es a n d t r ea s u r y d is c o u n t p a p er s . A u n i q u e f ea t u r e o f t h e Eu r e x Bo n d s t r a d i n g p l a t f o rm i s t h e d i r ec t l i n k b et we en t h e c a s h a n d f u t u r es m a r k et s : Thi s en a b l es el ec t r o n i c b a s i s t r a d i n g vi a a c en t r a l or d er b o o k .b o r d er r i s k m a n a g em en t . Eu r ex. Pa r t i ci p a n t s i n Eu r ex Bo n d s b en ef i t f r om a l ea d i n g el ec t r o n i c t r a d i n g p l a tf o rm f or o ff e xc h a n g e. Th e m a j or a d v a nt a g e o f Eu r ex Bo n d s f o r a ll m a r k et p a rt i ci p a n t s i s t h e s t r ai g h t t h r o u g h p r o c es s i n g . I n a d d i t i o n t o c en t r a li zed c r o s s . Net t i n g o p p o r t u n i ti es wi t h p o s i ti o n s o f Eu r ex Rep o a n d Eu r e x D er i v a t i v es a r i s e t h r o u g h t h e CCP. t h u s s a f eg u a r d i n g a n o n ym it y i n t r a di n g a n d s et t l em en t . Eu r e x Bo n d s Gm b H o f f er s t h e s a m e s t r o n g b en ef i t s f o r fi xed i n c o m e s ec u r i t i es a n d t r ea s u r y d i s c o u n t p a p er s . t h e w o r l d ’s l ar g es t d er i v a t i v es m ar k et . It i s a p r i v a t e.l a w j o i n t v en t u r e wi t h t h e p u r p o s e o f es t a b l i s h i n g a n d o p er a t i n g a n el ec t r o n i c p l at f o rm f o r b o n d a n d b a si s t r a d i n g i n d eb t s ec u r i t i es . m ar k et p a r t i ci p a n t s b en ef i t f r om a r ed u c t i o n i n m a r gin r eq u i r em en t s t h a n k s t o t h e j oi n t a s s es s m en t o f c a s h a n d d er i v at i v e p o s it i o n s ( c r os s m ar g i n i n g) .

Shareholders I n a d d i t i o n t o Eu r ex Fr a n k f u r t AG . Ba r c l a ys Ba nk Pl c Ba ye r i s c he H ypo. Products Th e Eu r e x Bo n d s t r a d i n g p l a tf o rm is a c c es s i b l e o n a p a n . a n d Eu r o . p l us b a s i s i n s t r um en ts o n s el ec t ed .und Ve r e i ns ba nk AG BNP Pa r i ba s Com m e r zba nk AG Cr e di t Sui s s e Fi r st Bos t on Züri c h AG De ut s c he Ba nk AG Dr e s dne r Kl e i nwor t Wa s s e r s t e i n O nli ne Ve nt ure s Lt d. o f f er i n g t h e f o l l o wi n g eu r o .Ba n k För d er b a n k J um b o Pf a n d b ri ef e o f G er m a n i s s u er s . a n d Sc h a t z i s s u es ) Sel ec t ed Eu r o p ea n St a t e Sec u r i t i es No n . London M or ga n St a nl e y De a n Wi t t e r Fi x e d I nc om e Ve ntur e s We s t LB AG Eu r e x Bo n d s r em a i n s o p en t o a d d it i o n al p ar t n er s a n d c o o p er a t i v e v en t u r es . Ba nc o Bi l ba o Vi zc a ya Ar ge nt a r i a S.Bu n d Fu t ur es ) . n o n . wh ic h a r e el i g i b l e f o r d el i v er y i nt o Eu r e x Fi x ed I n c o m e Fu t u r es ( Eu r o Sc h a t z. Ba n k a n d o f L . A.i n t er es t . t h e Eu r o p ea n I n v es t m en t Ba n k ( EI B) .d el i v er a b l e d e b t s ec u r i t i es o f t h e Fed er a l Re p u b l i c of G erm a n y -3- . es p ec i a l l y Fi n a n c i al s Ba s i s i n s t r um en ts r el a t ed t o a l l d eb t s ec u r i t ies o f t h e F ed er a l R ep u b l i c o f G erm a n y . Eu r o .Eu r o p ea n n et wo r k . Bo bl . a n d fi xed i n c o m e G erm a n f ed er a l s t a t e bonds Co v er ed b o n d s o f d if f er en t eu r o p ea n I s s u er s Sel ec t ed Eu r o p ea n c o r p o r a t e b o n d s . t h e f i n an c i a l i n st it u ti o n s l i st ed b el o w a r e s h a r eh o l d er s o f Eu r ex Bo n d s Gm b H: ABN Am r o Ba nk N.Bo b l . V.b ea r i n g t r ea s u r y d i s c o u n t p a p er s ( Bu b i l ls ) o f t h e Fed er a l Rep u b l i c o f G erm a n y Fi xe d i n c om e d eb t s ec u r i t i es o f KfW .d en o m i n at ed p r o d u c t s: • • • • • • • • Al l fi xed i n c o m e d eb t s ec u r i t i es o f t h e Fed er a l Rep u b l i c o f G erm a n y ( Bu n d . NRW .

wh i c h c an n o t b e e x ec u t ed i m m ed i at el y .f o r . g o o d. A n um b er o f m ar k et p a r t ic i p a n t s h a v e c om m it t ed t o a c t a s Ma r k et Ma k er s t o g u a r a n t ee s u f f i c i en t li q u i di t y i n a ll p r o d u ct s . 5 y ea r s a g a i ns t t h e c u r r en t Eu r o . Deu t s c h e Bu n d es b a n k .t il l.c a n c el l ed ( v a l i d u n t i l c a n c el l ed .d a y ( v a l i d f or t h e c u r r en t t r a di n g d a y o n l y ).Bu n d Futu r es ( FG BL ) Sel ec t ed G er m a n g o v er nm en t b o n d s whi c h a r e n ot d el i v er a b l e i n t o t h e c u r r en t Eu r e x Fi x ed I n c om e Fu t u r es a g a i n s t s el ec t ed Eu r e x f u t u r es c o n t r a c ts Th e Eu r ex Bo n d s Ma n a g em en t d et er m i n es a n d a pp r o v es t h e t r a d a b l e c om b i n at i o n s.til l. i n wh i c h q u o t es a n d o r d er s a r e en t er ed i n t o a c en t r a l o r d er b o o k . 5 y ea r s a n d 5 . o r u n t i l m at u ri t y o f t h e b o n d o r u n d er l yi n g f ut u r es co n t r a c t) . wh er e t h e s eq u en c e o f o r d er en t r y d et er m i n es ex ec u t i o n p r i o ri t y f o r o r d er s o r q u ot es wi t h t h e s am e p r i c e l im i t. the G er m a n Fi n a n c e Ag en c y p er f o rm s i ts m a r k et m a n a g em en t and r eg u l a t i n g o p er a t i o n s v i a Eu r ex Bo n d s . Th ey m a y en t er l im it o r d er s o r q u o t es i nt o t h e s y s t em . 2 5 y ea r s a g a i ns t t h e c u r r en t Eu r o . 5 y ea r s a n d 1 0 .Sc h at z Fu t u r es ( FG BS) G erm a n g o v er nm en t b o n d s wi t h a r em ai n i n g t er m t o m a t ur i ty o f b et we en 4 . a r e p o s t ed i n t o t h e o r d er b o o k . Bu y i n g t h e b a s i s i n v o l v es t he p u r c h a s e o f a c er t a i n am o u n t o f s ec u r i t i es a n d t h e s i m ul t a n eo u s s a l e o f a c o r r es p o n d i n g n um b er o f f u t u r es c o n t r a ct s .Bo bl Fu t ur es ( FG BM) G erm a n g o v er nm en t b o n d s wi t h a r em ai n i n g t er m t o m a t ur i ty o f b et we en 8 . Or d er s o r q u o t es . s u b j ec t t o a m a xim um v al i di t y o f 9 0 d a y s ) .A b a s i s t r a d e i s a c om bi n a t i o n o f a s ec u r it i es l eg a n d a f u t u r es l eg . 5 y ea r s a g ai n s t t h e c u r r en t Eu r o . Mo r eo v er . Tr a d i n g o n Eu r ex Bo n d s i s b a s ed o n a m a r k et m o d el . t h e G erm a n c en t r al b a n k . o r g o o d . -4- . or d er s a n d q u o t es en t er ed i n t o t h e s y s t em a r e ex ec u t ed o n t h e p r i n c i p l e o f p ri c e/ t im e p ri o ri t y. i s a l s o a t r a d i n g p a rt i ci p a n t at Eu r ex Bo n d s .d a t e ( v al i d un t i l a s p ec i fi ed t r a d i n g d a t e. Du r i n g c o n t i n u o u s tr a d i n g . 7 5 y ea r s a n d 2 . Th e r ev er s e c o m bi n a ti o n is r ef er r ed t o a s “s el l i n g t h e b a s i s ”. O r d er s m a y b e p l a c ed a s g o o d . wh i c h i s tr a d ed a t a s i n g l e p r i c e. Th e f o l l o wi n g b a si s t r a d es a r e a v a i l a bl e o n Eu r ex Bo n d s : G erm a n g o v er nm en t b o n d s wi t h a r em a i n i n g t er m t o m a t ur it y o f b et we en 1 . Trading Procedure Al l m a r k et p a rt i ci p a n t s have eq u a l p r i vi l eg e s wh en trading bonds and b a si s i n s t r um en t s o n Eu r ex Bo n d s .

Th e t i c k s i ze i s q u o t ed wi t h t h r ee d ec i m al p l a c es f o r b o n d s wit h a r em ai n i n g l if et im e o f l es s t h a n s ev en y ea r s .a r r a n g ed t r a d e f a c i l it y c a n b e u s ed f o r tr a d es i n a ll s ec u r it i es wi t h a m i n im um s i ze o f EUR 1 m i ll i o n ( EUR 0 . o r t h e o r d er i s c a n c el l ed . whi c h c a n b e d ef i n ed b y t h e p a r t i c ip a n t en t er i n g t h e i c eb er g o r d er i s o p en l y d i s p l a y ed i n t h e c en t r a l o r d er b o o k . a n d f o r G erm a n a n d Eu r o p ea n g o v er n m en t / s o v er ei g n i s s u es ( e xc ep t f o r 3 0. r es p ec t i v el y . wi t h a g g r eg a t ed o r d er q u a n t i ti es f o r ea c h lim i t i n t h e b o o k . To s a f eg u a r d m a r k et t r a n s p a r en c y . E UR 1 0 m il li o n f o r a g en c y i s s u es . Pri c es i n b a si s t r a di n g a r e a l s o ex p r es s ed wi t h t hr ee d ec i m al pl a c es . a n d a r e t h en en t er ed i n t o t h e s y s t em o ut s i d e t h e o r d er b o o k .o r . wi t h t h r ee d ec i m a l p l a c es . 5 m ill i o n ( f o r c o r p o r a t e b o n d s ) . Su c h tr a d e s h a v e b e en a g r e ed u p o n b i l a t er a ll y b et w e en t wo m a r k et p a r t ic i p a n ts . O n c e t h e p ea k q u a n t i t y h a s b ee n e x ec u t e d . W it h both r es t r i c tio n s .f o r . t h e o r d er b o o k i s d y n am i c a ll y u p d a t ed t o d i s pl a y u p t o t en b es t b i d a n d a s k p r ic es .d a y b y d ef a u l t .c a n c el ” (im m ed i at e full or p a r ti a l ex ec u t i o n ) . t h i s p r o c es s i s c o n t i n u ed u n t i l t h e f u l l o r d er q u a n t i t y h a s b e en e x ec u t ed .o r . Th e m i n im um q uo t e s i z e i s EUR 5 m il li o n f o r G erm a n J um b o Pf a n d b r i ef e. W it h a n i c eb er g o r d er . Q u o t es a n d i c eb er g o r d er s a r e g o o d . 5 m il li o n f or corporate bonds). o r EUR 0 . G erm a n f ed er a l s t a t e b o n d s a n d Eu r o p ea n c o v er ed b o n d s . EUR 5 m i ll i o n ( f or b a s i s i ns t r um en t s ). u n e x ec u t ed o r d er parts are c a n c el l ed . Th e m i n im um or d er s i z e ( r o u n d l o t ) i n t h e c en t r a l o r d er b o o k h a s b e en s et a t EUR 1 m il li o n (f o r b o n d s ). t h e Eu r e x Bo n d s s y s t em al s o s u p p or t s i c eb er g o r d er s . t h e s y s t em wi ll a ut om at i c al l y s u bm i t th e n e xt p ea k q u a n t i t y t o t h e c en t r a l o r d er b o o k . a n d a r e a u t om a ti c a ll y d el et ed b y t h e s y s t em a ft er t h e c l o s e o f t r a d i n g. f o r wh i c h i t i s EUR 5 m il li o n ).Bes i d es q u o t es a n d n o r m al o r d er s . a ll ma r k et p a r t i ci p a n t s h av e t h e o p t i o n o f u s i n g t h e p r e. Pr i c es f o r g o v er nm en t b o n d s ar e e xp r es s ed a s a p er c en t a g e o f t h ei r n om i n a l v a l u e. a n d t wo d ec im a l pl a c es f o r a ll t h o s e wi t h l o n g er r em a i ni n g l i f et im es . a n d EUR 1 5 m il li o n f o r b a si s i n s tr um en t s . Su c h t r a d es a r e c l ea r ed a n d s et t l ed i n t h e s a m e wa y a s t r a d es c o n c l u d ed v i a t h e c en t r a l or d er b o o k . Th i s en a b l es t h e s m oo t h e x ec u t i o n o f l a r g er o r d er s i zes . -5- . Tr ea s u r y d i s c o u n t p a p er s a r e q u o t ed o n a y i el d ba s i s .a r r a n g ed t r a d e f a c il it y .ki ll ” (im m edi a t e a n d f u l l ex ec u t i o n o n l y ) o r “ im m edi a t e.y ea r G erm a n g o v er nm en t bo n d s . o n l y a c er t ai n pa r t o f t h e o r d er q u a n t it y ( t h e p ea k q u a n t i t y) . wi t h o u t exc es s i v e m a r k et im p a c t. Ma r k et pa r t i ci p a n t s a l s o h a v e t h e p o s s i b il i ty o f en t er i n g l im it or m a r k et b u y or s el l o r d er s . As a n a l t er n a t i v e t o t h e c en t r a l o r d er b o o k . o u t si d e t h e s y s t em . pl us o p t i o n al ex ec u t i o n r es t r i ct i o n s o f “ f il l. Th e p r e.

a n d t h o s e h i t ti n g b i d s or t a k i n g of f er s . c o m . Tr a d i n g f ee s a r e c a l c u l a t ed b a s ed o n t u r n o v er v o l um es . a s l o wer f ees a r e a s s i g n ed t o n o n . Exec u t ed o r d er s r ec e i v e a n o n .b o n d s .a g g r es s o r s a n d s h a r eh o l d er s . En t r i es i n t o t h e p r e. . d u r i n g wh ic h t h e s y s t em r em ai n s a v ai l a bl e f o r al l i n f orm at i o n r eq u es t s . a r i s e i n t u r n o v er v o l um e l ea d s t o a d ec r ea s e i n f e es p er t r a d ed m i ll i o n. d u r i n g wh i c h p a r t i ci p a n t s c a n m a k e en q u i r i es . p l ea s e.li n e c o n f i rm a ti o n .t r a d i n g p h a s e b eg i n s a t 0 8 : 0 0 CET.a r r a n g ed t r a d e f a c il it y ar e p o s s i b l e f r om 0 8: 3 0 t o 1 9 : 0 0 CET.s h a r eh o l d er s o f Eu r e x Bo n d s . Fu r t h er i n f orm at i o n o n t hi s i s s u e i s a v ai l ab l e a t o u r I n f o. a s wel l a s c l ea r i n g a n d s et t l em en t . r ef er t o o u r web p a g e i n I n t er n et : www.t r a d i n g p h a s e t a k es p l a c e. c h a r g es a r e a r o u n d 3 0 p er c en t l o w er t h a n t h o s e o c c u r r ed b y d i r ec t t r a d i n g t h r o u g h Eu r e x. b et w e en m a r k et p a r ti c i p a nt s en t er i n g a b i d o r as k p r i c e i n t o t h e s y s t em . en t er . eu r e x. h o wev er . I n th e c a s e o f b a s i s t r a d es . m a i nt a i n o r d el et e o r d er s i n Transaction Fees Th e t r a d i n g f ee m o d el d i s t i n g ui s h es b et w e en n o n . t he p o s t . p r ep a r a t i o n f or tr a d i n g. Fo r m o r e d et a i l s . a r e n o t i n cl u d ed i n t h e a f o r em en t i o n ed m o d el . -6- . Th e f e es f o r t h e f u t u r es l eg o f b a s i s t r a d es . t h i s i s t h e s t a r t i n g p h a s e.a g g r es s o r s a n d a g g r es s o r s . t r a di n g s t ar t s wi t h o u t a n o p en i n g a u c ti o n . • Du r i n g t h e t r a d i n g p h a s e – wh i c h s t a rt s a t 0 8:3 0 CET – o r d er s a n d q u o t es a r e d i s p l a y ed t o a ll m ar k et p a r t i ci p a n t s i n t h e c e n t r a l or d er b o o k . t h e Eu r e x Bo n d s t r a d i n g d a y i s s u b d i v i d ed i n t o t hr e e p h a s es : • Th e p r e.Trading Hours I n l i n e wi t h t h e t r a d i n g s eq u en c e o n Eu r e x.Ho t li n e. t h a t i s . A f ur t h er d i s ti n c ti o n i s d r a wn b et we en s h a r eh o l d er s a n d n o n . • Fo l l o wi n g t h e c l o s e o f t r a d i n g a t 1 7 : 3 0 CET. In a d d i t i o n.

a n d s o o n. Al l b o n d s a n d b a s is i ns t r um en t s a r e a s s i g n ed t o t h e f o ll o wi n g s egm en t s f o r Ma r k et Ma k i n g p u r p o s es . i n p a rt i c ul a r s uc h i s s u ed b y b a n k s . Ag en c i es : D eb t s ec u r i t i es o f s u p r a n a t i o n al o r ga n i s a t i o ns a n d b a n k s wi t h s t at e p r o t ec t i o n s . Ba n k.b o r d er risk m a n a g em en t . Eu r o p ea n Co v er ed Bo n d s : Co v er ed bonds of s el ec t ed Eu r o p ea n i s s u er s . wh i c h ar e d el i v er a b l e i n t o t h e c u r r en t Eu r ex Eu r o .Bo b l a n d Eu r o . f o r i n s t a n c e – b y Ra b o b a n k . L i q u i d Bo n d s : Al l G erm a n g o v er n m en t b o n d s . d er i v a ti v es a n d c a s h s ec u r i ti es t r a n s a c ti o n s ex ec u t ed o n t h e -7- . ma r k et p a r ti c i p a n ts b en ef i t f r om a r ed u c t i o n i n m a r g i n r eq u i r em en t s t h a n k s t o th e j o i n t a s s es sm en t o f c a s h a n d d er i v a t i v e p o s i t i o n s ( cr o s s m ar g i ni n g ) . Clearing and Settlement Si n c e O c t o b er 2 0 0 0 Eu r e x Cl ea r i n g AG a s t h e c en t r a l c o u n t er p a r t y Eu r e x Bo n d s t r a d i n g s y s t em . t h ei r q u o t i n g a ct i vi ti es a r e c o n t i n u a l l y m ea s u r ed a n d t h ey m a y r ec ei v e a t r eq u es t r ep o r t s o n t h ei r p er f o rm a n c e a n d t r a di n g a ct i vi ti es .Bu n d .Market Making Al l p a rt i ci p a n t s m a y pr o v i d e l i q ui d it y b y en t er i n g q u o t es o n t h e Eu r e x Bo n d s p l a t f o rm . wh i c h a r e n o t el i g i b l e f o r d el i v er y i n t o Eu r ex f u t u r es c o n t r a ct s . Dea l i n g s o n Eu r e x Bo n d s . KfW . Co r p o r a t e Bo n d s & Fi n a n ci a l s: Eu r o p ea n c o r po r a t e b o n d s . St a r t i n g Ma y 2 0 0 5 . Mo r eo v er . Bu b i l l s: G erm a n t r ea s u r y d i sc o u n t p a p er s .Sch a t z Fu t u r es . Ma r k et m a k er s a r e c l i en t s . : • • • • • Ben c h m a r k Bo n d s : Al l G erm a n g o v er n m en t b o n ds . t h e Eu r o p ea n I n v es t m en t Ba n k . a u t h o ri s ed f o r m ar k et m a k i n g a p a rt fr om o t h er s . Ba s i s I n st r um en t s : Sel ec t ed b a s i s i n s t r um en t s rel a t ed t o Eu r e x Eu r o . Pa rt i ci pa n t s a l s o p r o fi t f r om u si n g a s i n g l e c o l l a t er a l p o o l. L a n d wi r t s c h af t li c h e R en t en b a n k . NRW . wh i c h g u a r a n t ees f o r t r a d i n g a n d s et t l em en t a n o n ym i t y. Eu r o . a n d h a v e c om m i tt ed t h em s el v es t o c o m p l y t o m ut u a l ly a g r e ed p a r a m et er s . s p l i t t ed i n t o d el i v er a b l es a n d n o n . I n a d d it i o n t o c en t r a l i zed c r o s s . CADES a n d o t h er s .Sc h a t z Fu t u r es .d el i v er a b l es . t h e c l ea r i n g p r o c es s i s p erf o rm ed b y t h e Cen t r a l Co u n t er p a r y ( CCP) . o r b y t h e Ba n k o f En gl a n d ( Eur o No t es ) . Eu r ex R ep o a n d Eu r e x D er i v a t i v e c a n b e n et t ed a s w el l . • • J um b o Pf a n d b r i ef e/ s t a t e b o n d s : G erm a n J um bo Pf a n d b r i ef i s s u es a n d b o n d s i s s u ed b y G erm a n f ed er a l s t a t es .Bu n d . Eu r o Bo b l a n d Eu r o . g . h a s b e en i n c h a r g e o f c l ea r i n g b o t h. e.

Th es e p o s i t i o n s wi l l t h en b e n et t ed a g a i n s t e xi s t i n g p o si ti o n s f rom o t h er f u t u r es tr a d es . As s o o n a s a b u y o r s el l o r d er i s e x ec u t ed i n the s y s t em .a r r a n g ed t r ad es i n v o l v i n g b as i s i n st r um en t s . Th e r es u l t i n g ca s h m a r k et p o s it i o n ( t h e c a s h l eg ) i s f o r wa r d ed d i r ec t l y o v er CCP t o t h e a p p r o p r i a t e s et t l em en t o r g a n i za t i o n.a n d . Al l ex ec u t ed b a s i s t r a d es a r e a u t o m a ti c a ll y b ro k en d o wn b y t h e s y s t em i n t o t wo c om p o n en t s ( r ef er r ed t o a s l eg s ) . t h e p o s s i b l e d el i v er y d a t es a r e t + 2 o r t + 3 .Ea c h m ar k et p a r t i ci p a n t h a s t h e o p p o r t u n i t y to c h o o s e Cl ea r s t r ea m Ba n k i n g AG . A. i n c l u di n g l i n k s t h r o u g h t h e i n t er n et . To i n c r ea s e p r o t ec t i o n a g a i n s t s y s t em f ail u r e. f o r p r e. Fr a n k f u r t. Fo r t r a d es en t er ed u s i n g t h e p r e. Ma r g i n i n g a n d s et t l em en t a r e c a r r i ed o u t i n a c c o r d a n c e wi t h t h e Cl ea r i n g Co n d i t i o n s o f Eu r e x Cl ea r i n g AG . Technology Tr a d i n g o n Eu r ex Bo n d s t a k es p l a c e v i a t h e t r i ed . Th e s er v er s o n t h e p a r t i c i p a n t s ’ s i d e – s o .c a l l ed M em b er I n t eg r a t i o n Sy s t em Ser v er s ( g en er a l l y r ef er r ed t o a s MI SSes ) – a r e l i n k ed v ia d ed i c a t ed c o m m u ni c a ti o n s s er v er s ( a c c es s p o i n t s ) d ep l o y ed t h r o u g h o u t Eu r o p e wi t h t h e h o s t c om p u t er s l o c a t ed i n Fr a n k f u r t. f o r t h e s et t l em en t o f i t s c a s h m ar k et t r a d es . Su p p o rt ed s y s t em s en v i r o nm en t s a r e Su n So l a ri s o r Mi c r o s of t W i n d o ws ( I n t el ) . n ea r l y 8 0 0 p a r t i ci p a n ts i n 2 0 d i f f er en t c o u n t r i es h a v e h a d d i r ec t a c c es s a s o f 2 0 0 5 . r el a t ed s et t l em en t i n s tr u c ti o n s are g en er a t ed and f o r wa r d ed a u t om a ti c a ll y .a r r a n g ed t r a d e f a c i li ty . Th i s a d d r es s es t h ei r i n d i v i d u al r eq u i r em en t s wi t h r es p ec t t o s y st em a v a il a b il it y a n d c o n n ec t i o n p er f o rm a n c e. Cl ea r s t r eam Ba n k i n g SA. Eu r ex Bo n d s p a r t i c i p an t s b en ef i t fr om t h i s gl o b a l n et wo r k a s w el l a s f r om i t s i nt er f a c es t o Eu r e x Cl ea r i n g AG a n d Eu r o p e ’s l a r g es t s et t l em en t o r g a n i za t i o n s . -8- . o r t + 2 d a y s f o r t r ea s u r y d i s c o u n t p a p er s . r ed u n d a n c y h a s b e en d es i g n e d i n t o al l l ev el s o f t h e n et wo r k . Th e n u m b er o f f ut u r es c o n t r a ct s (t h e f u t u r es l eg ) i s c al c u l at ed s im u l t a n eo u s l y a n d b o o k ed i n t o t h e c o r r es p o n d i n g p a r t i ci p a n t ’s f u t u r es a c c o u n t wi t h Eu r e x Cl ea r i n g AG . Set t l em en t t a k es p l a c e i n a c c o r d a n c e wi t h t h e i n t er n a t i o n a l c o n v en t i o n o f t + 3 d a y s ( f o r al l fi xed i n c o m e s ec u r i t i es ) . m a r k et p a r ti c i p a nt s a r e f r ee t o a g r ee o n a n y s et t l em en t p er i o d b et ween t + 2 a n d t + 8 9 d a y s (f o r fi xed i n c o m e o r t r ea s u r y d i s c o u nt p a p er s ) . Fo u r d i ff er en t a c c es s a l t er n a t i v es t o t h e t r a di n g p l a t f orm a r e o f f er ed t o p a r ti c i p a nt s . L u xem b o ur g o r Eu r o c l ea r Ba n k S.t es t ed Eu r e x® a n d X et r a ® t r a d i n g s y s t em s t o wh i c h .

Eu r e x Bo n d s d o es n o t c h a r g e a n a d m i s si o n f ee.com www. Eu r ex B o n d s p r o v i d es t ec h n i c a l c o n s ul ti n g s er v i c es a n d s u p p o r t o n . eh em a n n@ eu r e x.b o n d s . c om -9- .eurex-bonds.c om i n g a Cl ea r i n g Mem b er .bonds@deutsche-boerse.Ma i l : a n j a . f r ee o f c h a r g e.com Marketing & Sales Eu r e x Bo n d s Gm b H Neu e Bö r s en s t r a ße 1 6 0 4 8 7 Fr a n k f u rt / Ma i n G erm a n y Anja Ehemann T +49-69-211-15279 F +49-69-211-615279 E.s i t e. No t r a d er e xa m i n a ti o n i s req u i r ed f o r a d m i s s i o n t o t r a di n g o n Eu r e x Bo n d s . o r b y en t er i n g i n t o a cl ea r i n g a g r e em en t wi t h a Cl ea r i n g Mem b er . m a y u s e t h i s c o n n ec t i o n f o r t r a di n g o n Eu r ex Bo n d s .Participation in Eurex Bonds Pa r t i ci p a ti o n i n Eu r ex Bo n d s i s a v a i l a b l e t o b a nk s ( c r ed i t i n s ti t ut i o n s) a n d fi n a n c i al s er v i c es p r o v i d er s a s d ef i n ed i n Ar t i c l e 1 o f t h e Eu r o p ea n I n v es t m en t Ser v i c es Di r ec t i v e ( 9 3 / 2 2 / EEC) . I f a p a r t i ci p a n t i s n o t y et c o n n ec t ed t o t h e X et r a p l a t f o rm . wi t h n o ext r a c h a r g e. i n a d d it i o n t o a t ec h n i c a l c o n n ec t i o n t o t h e Xet r a ® t r a d i n g p l atf o rm . Eu r ex Bo n d s p a r t i c i p a n t s . wh o a l r ea d y h a v e a t ec h n i c a l c o n n ec t i o n t o t h e X et r a ® t r a d i n g p l at f o rm . Ac c es s t o t h e Eu r ex c l ea r i n g p r o c es s i s p o s si b l e b y b e. A s i n gl e a n n u a l f ee i s c h a r g ed f o r t r a d i n g a cr o s s a ll Eu r ex Bo n d s m a r k et s eg m en t s . Pa r ti c i p at i o n i n t r a di n g bo n d s a n d b a s i s i n s tr um en t s r eq u i r es p a r t i ci p a ti o n i n Eu r ex t r a d i n g a n d t h e Eu r e x c l ea r i n g p r o c es s . Contacts Infoline T +49-69-211-11222 F +49-69-211-17003 eurex.

sold or promoted by STOXX Ltd. without limitation.S. Eurex®. This brochure is not intended for solicitation purposes. all patent. sale or trading in the United States or by United States persons. including. Xemac® is a registered trademark of Clearstream Banking AG. Dow Jones. The administrating and operating institution of Eurex Deutschland is Eurex Frankfurt AG (Eurex).A. ODAX®. including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy. iNAV®. Eurex Repo GmbH (Eurex Repo). completeness or timeliness of such information. and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances. Clearstream Banking S. Futures Exchange.eurexchange. trademark and service mark rights. Trademarks and Service Marks Buxl®. Dow Jones EURO STOXXSM 50 futures contract. The administrating and operating institution of the Frankfurt Stock Exchange (FSE) is DBAG. DAX®. state of Delaware. and neither party makes any representation regarding the advisability of trading or of investing in such products. Eurex US®. Eurex derivatives (other than the DAX® futures contract. Eurex Clearing AG (Eurex Clearing) and Eurex Frankfurt AG are public companies and are registered under German law. Clearstream Banking AG (Clearstream). Inc. STOXXSM and Dow Jones EURO STOXX/STOXXSM 600 Sector Indexes as well as the Dow Jones EURO STOXXSM 50 Index and the Dow Jones STOXXSM 50 Index are service marks of STOXX Ltd. Dow Jones STOXXSM 600 Banking Sector futures contract. Eurex Repo.eurex-bonds. L. without limitation. . Inc. before doing so. endorsed. (Eurex US) is a limited liability company and is registered under the law of the U. but only for use as general information. TecDAX®.10 - . SDAX®. as well as the risks associated with such products. Dow Jones Global Titans 50SM Index and Dow Jones Italy Titans 30SM Index are service marks of Dow Jones & Company.L. The names of other companies and third party products may be the trademarks or service marks of their respective owners. examples and calculations contained in this publication are for illustrative purposes only. StatistiX®.A. registered design. Eurex offers services directly to members of the Eurex-Exchanges. All intellectual property. Xetra® and XTF Exchange Traded Funds® are registered trademarks of DBAG.© Eurex.C. copyright. Dow Jones EURO STOXXSM Banking Sector futures contract. Clearstream and FSE and their respective servants and agents (a) do not make any representations or warranties regarding the information contained herein. Eurex Bonds GmbH (Eurex Bonds). quality. Eurex Clearing. whether express or implied. SMI® is a registered trademark of SWX Swiss Exchange. or Dow Jones & Company. U. and/or Dow Jones & Company. FDAX®. This publication is published for information only and shall not constitute investment advice. in connection with actual trading or otherwise or for any errors or omissions continued in this publication.. (Clearstream) is a public company and is registered under Luxembourg law. the Eurex-Exchanges. Eurex. Eurex Bonds®. Those who desire to trade any products available on the Eurex market or who desire to offer and sell any such products to others. MDAX®. Dow Jones Global Titans 50SM Index futures contract and Eurex interest rate derivatives) are currently not available for offer. Inc.com Order Number E2E-075-0205 ARNBN Number Eurex Frankfurt AG ARBN 100 999 764 © Eurex 2006 Deutsche Börse AG (DBAG). Eurex US. Eurex Repo®. Eurex Zürich AG is a public company and is registered under Swiss law.com Eurex Frankfurt AG Neue Börsenstraße 1 60487 Frankfurt/Main Germany www. should consider legal and regulatory requirements of those jurisdictions relevant to them. The derivatives based on these indexes are not sponsored. März 2006 Published by Eurex Bonds GmbH Neue Börsenstraße 1 60487 Frankfurt/Main Germany www. Eurex Bonds. correctness. All descriptions. proprietary and other rights and interests in this publication and the subject matter hereof (other than certain trademarks and service marks listed below) are owned by DBAG and its affiliates and subsidiaries including. Vestima® is a registered trademark of Clearstream International S. Dow Jones STOXXSM 50 futures contract. Eurex Deutschland and Eurex Zürich AG are in the following referred to as the “Eurex-Exchanges”.S. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication DBAG.

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