NYSE EURONEXT LAUNCHES SINGLE ORDER BOOK, CONCENTRATING EUROPEAN LIQUIDITY

Posted January 14, 2009

PARIS, AMSTERDAM and BRUSSELS -- NYSE Euronext has launched its Single Order Book, concentrating liquidity on one single trading line for all securities listed on its Amsterdam, Brussels and Paris cash markets.

“The delivery of the Single Order Book has been one of the cornerstones of the Euronext consolidation process and has been a significant and substantive project, involving Euroclear and our customers all working with us across the three original Euronext countries to harmonize market practices and to align legal and regulatory differences,” says Jean-François Théodore, Deputy Chief Executive of NYSE Euronext. “This is one further step towards fulfilling our commitment to make trading cheaper and more efficient for our customers.”

The Single Order Book introduces the concept of a “market of reference” (MoR) for each security, for which objective criteria were developed in consultation with issuers and approved by regulators. In the case of securities with a multiple listing within these markets, trading will take place on a single trading line, the designated MoR. Although there will only be a single line, issuers may still choose to be listed on more than one Euronext marketplace in order to enhance their visibility, qualify for inclusion in local indices or have trading volumes and prices published in the national press.

The Single Order Book was a commitment given at the formation of Euronext to deliver harmonized cross-border trading, clearing and settlement in order to lower costs and provide easier capital market access for its customers. The Single Order Book initiative is linked with the Euroclear Settlement of Euronext-zone Securities (ESES) Project to be delivered on January 19, which will provide the Euronext-zone market CSDs (central securities depositories) with a single settlement location for all securities.