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EuroCCP Names Board of Directors

London, 15 January 2008 - The European Central Counterparty Limited (EuroCCP) today announced the selection of a 13-member Board of Directors to govern its operations. The new slate of directors, which will begin serving March 1, includes three independent directors from the industry, two management representatives and eight representatives from participant organizations.

Two representatives from EuroCCP management, Diana Chan, EuroCCP’s Chief Executive Officer and Michael Bodson, Executive Managing Director, Business Management, Strategy and Marketing at The Depository Trust & Clearing Corporation (DTCC), will also be on the board, with Bodson serving as Chairman.

Individuals were selected to serve based on their ability to provide broad industry insight and counsel. Board committees, in turn, will be specifically structured to help achieve key development objectives for EuroCCP. The independent directors will serve three-year terms, and the participant directors will serve one-year terms (with the initial participant directors serving until the second annual meeting of the Board of Directors in 2010). The participant directors will be elected by participants through a process coordinated by a nominating committee.

“We have assembled some of the most talented, well-regarded industry leaders to serve on the EuroCCP board,” said Bodson. “Their unique industry perspectives will provide valued insight and guidance as we move towards the goal of lowering costs for clearing and settlement throughout Europe.”

EuroCCP, a subsidiary of DTCC, was named to provide clearing and settlement services for the new pan-European market being created by Turquoise, a consortium of nine major global investment banks in Europe. This new multilateral trading facility is expected to begin operations later this year pending approval from the Financial Services Authority (FSA), and will initially trade the most liquid equity securities in Europe. EuroCCP will use Citi’s Global Transaction Services as its settlement agent.

“We have made enormous progress to date, completing the underlying technologies, systems development, risk management procedures and business process flows,” said Chan.

“Working collaboratively with Turquoise, we’re on target to make EuroCCP operational, and so we’re pleased to have such a diverse, distinguished and broadly representative group of senior executives from the industry agreeing to serve on our board.”

The eight initial directors from EuroCCP participant organizations are:

• James Crabb, Managing Director, Equity Operations, Deutsche Bank
• Phil Davies, Managing Director, Operations, Goldman Sachs
• John Devine, Senior Vice President, Global Head of Operations and Client Services, Merrill Lynch
• Andrew Gelb, Managing Director and Global Head of Direct Custody and Clearing, Citi
• David Maloy, Global Head of Commercial Services and Market Management, UBS
• Jacques-Philippe M. Marson, President & Chief Executive Officer, BNP Paribas Securities Services
• Neil Martin, Director of European Operations, Credit Suisse
• Martin Ryan, Managing Director, Morgan Stanley

The three independent industry directors are:

• Edouard-François de Lencquesaing (former head of transaction banking and IT at Crédit Commercial de France)
• Iain Saville (former Chief Executive of CRESTCo Ltd.)
• Derek Ross (former Partner at Deloitte U.K. and a Chartered Accountant)

“We were extremely pleased to have such highly regarded independent industry directors joining our Board,” continued Bodson. “Mr. de Lencquesaing and Dr. Saville both have long and impressive histories of contributing significantly to the development of European financial markets. Combined with Mr. Ross’s skills and experience in risk management and control, our independent directors will provide EuroCCP with strong and independent strategic thinking and guidance.”

Brief biographies of the three independent industry directors follow:

MR. EDOUARD-FRANÇOIS DE LENCQUESAING

de Lencquesaing, former head of Crédit Commercial de France (CCF) transaction banking business line, brings to the EuroCCP board a solid background from the banking and the asset management industry, including experience in transactions banking issues (payments and securities) related to the European harmonization process.

After five years spent with Arthur Andersen, Banking Sector (1975-1980), de Lencquesaing arrived at CCF in 1980 as a project manager in the IT department to design the outline of the securities system. He joined the Investment Banking Department in 1984 as “Secrétaire Général” and in 1989, assumed responsibility for the Securities Department. In 1990, he managed the Production Department, resulting from the merger of the Securities and Payment Services Departments. In 1993, he became the Head of the Department of Logistics and Operations.

Currently an independent consultant on European financial services, over the years de Lencquesaing also served as chairman of several subsidiaries in CCF’s asset management division, including Vernet Valor, CCF’s subsidiary in charge of fund services, and Elysees Gestion, CCF’s subsidiary in charge of financial support of employees’ investment schemes. He was director of the French bank UBP, a member of CCF’s group. He served on the boards of SICOVAM (the central securities depository of France, Société Interprofessionelle pour la Compensation des Valeurs Mobilières, before it was acquired by the Euroclear Group) and SWIFT (Society for Worldwide Interbank Financial Telecommunication).

DR. IAIN SAVILLE, CBE

Saville, self-employed as a non-executive director and an independent consultant in the U.K. operations market, brings over 20 years of securities industry leadership to the EuroCCP board.

As Chief Executive at CRESTCo Ltd. from 1994-2002, now owned by Euroclear, Saville was responsible for designing, building and delivering the new settlement system, setting up the governance arrangement for an industry-owned company to own and run the new system, establishing a viable tariff model, and setting up all the systems to support the new company.

Prior to CREST, Saville had a distinguished career at the Bank of England, working as an economic forecaster and then managing the UK foreign exchange reserves and foreign currency borrowing. In 1993, the Bank nominated him to lead the CREST project, aiming to eliminate paper from settlement, in a radical transformation of the U.K.’s antiquated settlement system. CREST was delivered on time and to budget in 1996. It was developed to settle fixed income and money market instruments as well as shares in real-time, and to provide a settlement netting platform for the London Clearing House (now LCH.Clearnet).

Saville is working on a major project with the European Central Bank, and has previously worked for OMX, the Nordic Exchange, which recently announced plans to merge with The NASDAQ Stock Market. In 2007, he was named Lifetime Achievement Award winner for Operations Management's Awards for Excellence.

Saville holds an honors degree in Mathematical Physics from St. Andrews and a doctorate from Magdalen College, Oxford. The Queen appointed him CBE in 1999.

MR. DEREK A. ROSS

Ross brings to the EuroCCP board a wealth of expertise in the areas of corporate finance, financial and treasury management, financial risk, internal audit, regulation and compliance and international financial reporting.

Ross, who has degrees in Chemistry and Law, qualified as a Chartered Accountant in 1974 with the London office of Touche Ross (now Deloitte). He is also qualified as a Chartered Management Accountant, a Fellow of the Institute of Taxation and a Fellow of the Association of Corporate Treasurers.

After a period managing audits, he joined Black and Decker for seven years and was appointed European Treasurer and Tax Manager. Ross rejoined Deloitte in 1983 to set up the treasury and risk management practice, which he developed into a substantial business, and was admitted to Partnership two years later. Most recently he was the Senior Partner responsible for advisory services in the London Financial Services Practice. In this role, he gained extensive experience in audit and advisory services to the firm's largest clients. He worked mostly in treasury and risk management functions for banks and major corporates. Over his 18 years as a Partner, his clients included most of the major financial institutions, over a quarter of the top 100 British corporates and many multinational businesses.

He was Chairman of The Association of Corporate Treasurers. At Nationwide, the world’s largest Building Society with assets in excess of £160 bn, he currently serves on the Board, on the Asset and Liability Committee, and chairs the Audit Committee. He is the author of ten books and numerous articles on corporate finance and treasury matters.

Background on Turquoise and EuroCCP

EuroCCP was chosen to provide all clearing, settlement and risk management services to Turquoise after a request for proposal (RFP) process and a rigorous review of proposed alternative post-trade solutions. Citi's global transaction services business will serve as EuroCCP settlement agent. This partnership recognizes Citi’s extensive pan-European securities network and its strong links with the European central securities depositories.

EuroCCP is seeking to become a UK Recognised Clearing House (RCH), headquartered in London. EuroCCP’s application with the Financial Services Authority (FSA) to receive such recognition is now pending. EuroCCP will be operated on an "at-cost" basis, and any excess revenues collected beyond the cost to support the operation will be refunded to participant members.

Turquoise is a consortium of nine major financial institutions that are working to develop a new pan-European trading platform. The nine investment banks behind Turquoise include BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Merrill Lynch, Société Général, UBS.

About EuroCCP

European Central Counterparty Limited (EuroCCP) is a subsidiary of The Depository Trust & Clearing Corporation (DTCC). It was formed to provide clearing and settlement services for the pan-European multilateral trading facility being established by a consortium of global investment banks known as “Turquoise.” EuroCCP will initially clear equity trades in 14 countries in seven different currencies. For more information, visit www.euroccp.co.uk.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties who market these products. DTCC’s depository provides custody and asset servicing for 2.8 million securities issues from the United States and 100 other countries and territories, valued at $39 trillion. Last year, DTCC settled more than $1.5 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.