Naas: "Eurex Repo now a key player in collateralized financing"/Euro
GC Pooling starts on March 17/Successful implementation of new
functionalities

The electronic repo markets of derivatives exchange Eurex continue to
enjoy strong growth, as Eurex Repo announced at the end of the year.
The average outstanding volume-  the key figure for repo markets- as
well as the number of trading participants experienced further growth
in 2004.

"Despite the global stagnation in bond markets, we have managed to
further increase volumes in both the Euro and Swiss Franc Repo
Markets," said Marcel Naas, General Manager of Eurex Repo. "This
shows that Eurex Repo?s electronic repo marketplaces have established
themselves as a key player in collateralized financing."

The average outstanding volume on Eurex Repo as of end-November was
up around 21 percent y-o-y, totaling ?52.4 billion. The Euro Repo
Market exhibited particularly strong growth. By the end of November,
average outstanding volume of ?15.5 billion had been generated -
equating to growth of 31 percent year-on-year. The Swiss Franc Repo
Market also enjoyed a strong rate of growth. The average outstanding
volume rose to CHF 55.3 billion - up 17 percent on the prior-year
period.

Eurex Repo succeeded in attracting new participants in 2004, as well.
Eight new banks and financial services providers from the UK, France,
Germany, and Switzerland were admitted, bringing the total number of
banks trading on Eurex Repo up to 155, from nine different countries.
This has allowed the company to further enhance its position as a pan-
European marketplace for repo trading.

As already announced, Eurex Repo is scheduled to launch its new
product, Euro GC Pooling®, on March 17, 2005. Euro GC Pooling will
allow the company to offer cash-driven, international trading of a
General Collateral Basket with over 9,000 ECB-eligible fixed-income
securities. Eurex Repo will therefore be able to raise efficiency in
the trading and collateral management of collateralized money market
transactions, and to help repo market participants optimize their use
of collateral.

Eurex Repo successfully completed the technical preparations for the
launch of Euro GC Pooling at the end of November. From the start of
Mach, Euro GC Pooling participants will have access to a simulation
environment that they can use to thoroughly test the entire business
process - from GC Pooling quote entry through to GC Pooling
Collateral Management.

Note to editorial staff:
"Repo" (securities repurchase agreement) is used to describe a
transaction whereby the borrower sells securities to the lender in
the form of high-quality, fixed-income securities. Repo transactions
via electronic trading platforms are becoming more and more
significant, increasingly replacing unsecured loans with terms of up
to one year in interbank trading. The increasing significance of repo
trading can be attributed to the elimination of default risks, thanks
to collateralization with fixed-income securities and reduced costs
in terms of own funds requirements.

Eurex Repo (www.eurexrepo.com) is counted among the leading
electronic repo market providers, and operates the Swiss Franc and
Euro Repo Markets. The Swiss Franc Market was launched in 1999, with
the Euro Market following in 2001. Eurex Repo is a 100-percent
subsidiary of Eurex, the world?s largest derivatives exchange.

For more information, please contact sales@eurexrepo.com.

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Quelle: www.deutsche-boerse.de