This move marks the extension of the Eurex global liquidity network into a new asset class. The Eurex US platform aims to provide the functionality and low-cost structure required by FX traders.

Contracts will initially be listed on six major USD currency pairs (Euro, Australian Dollar, British Pound, Yen, Swiss Franc, Canadian Dollar) and four cross-currency pairs (EuroYen, SterlingYen, EuroSwiss, EuroSterling).

With the upcoming implementation of the Global Clearing Link, subject to regulatory approval, members will benefit from:

*           Contract size of 250,000 notional

*           Quoting conventions consistent with spot markets

*           Half ticks in the GBP/USD and EUR/GBP currency pairs

*           Electronic calendar spreads with the ability to roll in one-fifth of a tick increments

*           Straight-through processing of EFPs with competitive pricing

*           Netting of settlements between currency and cross-currency pairs

All FX market participants will benefit from attractive fees, which will significantly lower their execution costs. Subject to the Exchange's regulatory obligations, Exchange fees for all participants will be waived in 2005.