BÖRSE STUTTGART TO ADD INTERNATIONAL EQUITIES TO ELECTRONIC SYSTEM

Posted March 3, 2008

STUTTGART -- The Stuttgart Stock Exchange (or Börse Stuttgart), a German exchange for private investors, has now fully implemented its new Stuttgart market model, first introduced for securitized derivatives in January 2007, by adding international equities and participation certificates to its electronic trading system so that it covers all asset classes.

The new model replaces securities-trading-bank Baader Wertpapierhandelsbank AG’s lead broker operations, following its November 2007 agreement with Börse Stuttgart to continue collaborating on trading international equities and participation certificates using the new market model.

Baader began offering market-maker quotes, or quality liquidity provider (QLP) services, for electronic trading in these additional asset classes on March 3, making Börse Stuttgart the only stock exchange in Germany to phase out trading through lead brokers.

The Stuttgart market model combines the advantages of electronic trading, such as automation and extremely rapid execution, with the strengths offered by a trading system run by experts in terms of ensuring sufficient liquidity, greater trading and price quality, risk control and risk transfer.