Euroclear cuts reporting costs

Automated Trader Magazine

London - 0900, 22 May 2008: Euroclear UK & Ireland announced today that clients selecting to send electronic transaction reports to the Financial Services Authority (FSA) via Euroclear UK & Ireland will pay "significantly less" as of 1 July 2008. The tariff will be reduced from 15 pence to a maximum of 3 pence per report, and to as little as 0.25 pence, depending on monthly reporting volumes.

Under MiFID regulations, financial firms are no longer obliged to report trading activity directly to their "home" regulator. Thus, clients may elect to report foreign equity and debt transactions through Euroclear UK & Ireland, even when they are not ettled by Euroclear UK & Ireland. Firms may also send UK and Irish domestic security transaction reports to the FSA via Euroclear UK & reland.

Tim May, Chief Executive Officer of Euroclear UK & Ireland, tells us, "Since
activating our Approved Reporting Mechanism status in November 2007, we
are sending a considerable number of transaction reports to the FSA every
day. These unprecedented levels of reporting activity allow us to pass
along
economies of scale via a reduced tariff."

Euroclear UK & Ireland's automatic settlement-related transaction reporting

to the FSA for trades settling in Euroclear UK & Ireland remains unchanged

at 2 pence per report, subject to further volume discounts to as low as 0.2

pence.