ACCOMPANYING INSTRUCTIONS

Transcription

1 ACCOMPANYING INSTRUCTIONS FOR THE e-mider MULTI-CURRENCY MARKET REGULATIONS PART ONE GENERAL PROVISIONS Article 2. Definitions... 1 Article 3. Trading hours (Article 15 of the Rules)... 2 PART TWO EURO MARKET SECTOR TITLE I... 3 SET-UP INFORMATION (Article 14 of the Rules)... 3 Article 4. Set-up information... 3 Article 5. Modification of set-up information... 4 Article 6. Modification of the Welcome/Unwelcome list... 4 TITLE II... 4 CONTRACTS... 4 Article 7. Classes of tradable contracts (Article 11 of the Rules)... 5 Article 8. Types of tradable contracts (Article 12 and 13 of the Rules)... 5 Article 9. Characteristics of contracts (Article 12 of the Rules)... 7 TITLE III TRADING Article 10. Preliminary information on Quotes and on Auctions (Article 16 of the Rules).. 10 Article 11. Quotes and Auctions (Article 16 of the Rules) Article 12. Modification of Quotes and Auctions (Article 16 of the Rules) Article 13. Suspension, reactivation and cancellation of a Quote and a Auction (Article 16 of the Rules) Article 14. Orders and replies to Auctions(Article 17 of the Rules) Article 15. Conclusion of trades (Article 18 of the Rules) TITLE IV INFORMATION Article 16. Registration of trades (Articles 19 of the Rules) Article 17. Information to Operators (Article 21 of the Rules) PART THREE FINAL PROVISIONS Article 18. Transitory Provisions... 17

2 ACCOMPANYING INSTRUCTIONS FOR THE E-MIDER MULTI-CURRENCY MARKET REGULATIONS PART ONE GENERAL PROVISIONS Article 1. Scope 1. These Instructions are issued pursuant to Article 3.1, of the rules (hereinafter the Rules ) of the International electronic market for multicurrency derivative financial instruments (e-mider) managed by e-mid S.p.A.. Article 2. Definitions 1. The definitions contained in Article 2 of the Rules shall be deemed to be integrally transposed into these Instructions with the identical meaning. 2. In addition, in these Instructions: - Active Trader shall mean the status in one or more Sectors - of an Operator that is connected to the Electronic Trading System and can interact with the market and whose Quotes and Auctions, of any Sector, are visible and applicable by the other Operators; - Auction shall mean either Ask for a Quote and/or Send a Proposal. - Auction Ask for a Quote shall mean a Request for a Bid or Ask Quote transmitted via the System by a Participant to one or more (as detailed in the Technical Schedule of the relevant Section) Participants to the Section as predetermined by the Participant in the Price Contributors List to conclude one of the trades negotiated in the Market and indicating the price (rate), the quantity of funds and the period of the time object of said Bid or Ask Quote. - Auction Send a Proposal shall mean a Bid or Ask proposal transmitted via the System by a Participant to one or more (as detailed in the Technical Schedule of the relevant Section) Participants to the Section as predetermined by the Participant in the Price Contributors List to conclude one of the trades negotiated in the Market and indicating the price (rate), the quantity of funds and the period of the time object of said Bid or Ask Quote. 1

3 - Basis point shall mean a value equal to one hundredth of one percentage point of yield; - Calendar time limit shall mean, for the Initial time limit, the third Wednesday of the reference month (March, June, September and December) and, for the Final time limit, the third Wednesday of the expiry month; - Default mode shall mean the absence of specifications by an Operator; - Exclusive timeout means the maximum time a given Auction continues to remain on the Market; - Final time limit shall mean the last day of the period during which interest that is the subject of contracts referred to in Articles 8 and 22 shall accrue; - Initial time limit shall mean the day from which the interest that is the subject of contracts referred to in Articles 8 and 22 shall accrue; - MAX amount shall mean the largest single amount of a bid or ask Quote; - Off market shall mean the status in one or more Sectors -of an Operator that is connected to the Electronic trading system and can interact with the market but whose Quotes and Auctions, of any Sector, are not visible and applicable by the other Operators; - Suspended Trader shall mean the status of an Operator s workstation (Trader) that is connected to the Electronic Trading System and can interact with the market but whose Quotes, of any Sector, are not visible by the other Operators; - Trade off shall mean the function by means of which an Operator goes Off Market, subsequently returning there by means of the Trade on function; Article 3. Trading hours (Article 15 of the Rules) 1. Trading in the Market shall take place every Business day between the hours of and The Market s trading hours shall be divided into the following phases: a) : Pre-market phase, during which Operators may connect to the System in order to modify the Set-up information and use the information and print functions. 2

4 b) : Open-market phase, during which Operators may: enter and modify Quotes and Auctions; send Orders and replies to Auction; accept or refuse to execute contracts; modify the Set-up information; use the information and print functions. c) : Post-market phase, during which Operators may modify the Setup information and use the information and print functions. 3. During the hours when the Market is closed ( ), the Electronic trading system shall carry out the closing procedure. During this phase Operators may only use the information and print functions. 4. The Management Company may occasionally modify the hours referred to in paragraph 2, promptly informing Operators of the changes on the Electronic trading system. 5. During the Market s trading hours Operators may choose, for each Sector, to be in Trade on or in Trade off. If Operators are in Trade on, each of their workstations (Trader) can be in either Active Trader or in Suspended Trader. 6. The Operator can modify its choices as set out in the paragraph above, even several times during the same Business Day. PART TWO EURO MARKET SECTOR TITLE I SET-UP INFORMATION (Article 14 of the Rules) Article 4. Set-up information 1. Each Operator must specify the Welcome counterparties and the Welcome plus counterparties, if any, in the list referred to in Article 14.1a) of the Rules. Failure to include the name of an Operator in the list shall result in the latter s being maintained as Unwelcome. 2. The TRAT amount must be entered for each contract handled by e-mider; the amount in Default mode shall be equal to the minimum tradable amount referred to in Article 9, paragraph 1. 3

5 3. The operating limit as set out in article 14.1d), of the Regulations may be diversified for each of the Operator's counterparties and may be integrated by detailing its coefficients referred to the single contracts. Said limits and coefficients may be modified or reintegrated manually at any time. 4. In addition to the information referred to in Article 14.1 of the Rules, each Operator may supply to the Electronic trading system information regarding the handling of Quotes that are only partially matched by an Order, specifying whether in such cases the residual amount of the Quote is to remain on the Market. In Default mode, the Quote shall be suspended in the event of a partial match. Article 5. Modification of set-up information 1. In order to change the information referred to in Article 4 during the Open-market phase, Operators must not first go Off market. 2. Any change in the information referred to in Article 4 shall result in the loss of the priority acquired by such information in the System. 3. For operational purposes, the Electronic trading system shall record the time at which the information referred to in Article 4 is modified and the change is made available to the Market. Article 6. Modification of the Welcome/Unwelcome list 1. Each Operator may update the list referred to in Article 14.1a) of the Rules, by recording other Operators from Unwelcome to Welcome (or Welcome plus), or from Welcome (or Welcome plus) to Unwelcome but during the Open-Market phase these kinds of update shall be possible no more than three times in total on the same day for the same name. 2..Likewise, the record may be changed from Welcome to Welcome plus and viceversa, without any limitation. 3. The Electronic trading system automatically records the Operator as Unwelcome in the event the limits or coefficients set out in paragraph 3 of article 4 have been reached or exceeded, if the foregoing have not been reintegrated. TITLE II CONTRACTS 4

6 Article 7. Classes of tradable contracts (Article 11 of the Rules) 1. The following classes of derivative financial instruments shall be traded in the Euro Market Sector: Eonia Swap Eonia Swap Forward Interest rate swap contract in which with reference to a given amount and for a predetermined period agreed at the time of conclusion of the contract the buyer assumes the obligation to pay the agreed interest (fixed rate) and acquires the right to receive payment of a variable rate of interest (the EONIA rate) consisting of the weighted average of the overnight financing transactions concluded in the euro area as recorded daily by the European Central Bank and published on a special Bridge Telerate page and the counterparty ( seller ) assumes the obligation to pay such variable-rate interest and acquires the right to receive the above mentioned fixed rate of interest. The Eonia Swap contract that can be traded during a given period with an Initial time limit deferred to a future date, with respect to the conclusion of the contract and corresponding, together with the Final time limit, to fixed dates calculated on the basis of the Calendar time limits. Article 8. Types of tradable contracts (Article 12 and 13 of the Rules) 1. Eonia Swap contracts with the following maturities shall be traded in the Euro Market Sector of e-mider: Eonia Swap 1 W ON Eonia Swap 1 W Eonia Swap 2 W Contract with a Final time limit (Expiry day) one week from the Initial time limit, pursuant to the provisions set forth by Art. 9, paragraph 2 Contract with a Final time limit (Expiry day) one week from the Initial time limit; Contract with a Final time limit (Expiry day) two weeks from 5

7 Eonia Swap 3 W Eonia Swap 1 M Eonia Swap 2 M Eonia Swap 3 M Eonia Swap 4 M Eonia Swap 5 M Eonia Swap 6 M Eonia Swap 7 M Eonia Swap 8 M Eonia Swap 9 M Eonia Swap 10 M Eonia Swap 11 M Eonia Swap 12 M Eonia Swap BD 1 Y the Initial time limit; contract with a Final time limit (Expiry day) three weeks from the Initial time limit; Contract with a Final time limit (Expiry day) one month (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry day) two months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry day) three months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry day) four months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry day) five months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry day) six months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry day) seven months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry day) eight months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry day) nine months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry Day) ten months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry Day) eleven months (same day of the subsequent month) from the Initial time limit; Contract with a Final time limit (Expiry Day) twelve months (same day of the subsequent month) from the Initial time limit; Contract with non-standard Initial time limit and Final time limit (Expiry Day) agreed by the counterparties, provided that both expiry days do not coincide with the days indicated for the standard contracts set out in this article and that the two expiry days are not separated by the period determined by these time limits of not more than one calendar year, with exception of 6

8 Eonia Swap BD 2 Y situations outlined in Article 9.3b); Contract with non-standard Initial time limit and Final time limit (Expiry Day) agreed by the counterparties, provided that the period determined by these time limits is superior to one calendar year, but not exceeding two calendar years, with exception of situations outlined in Article 9.3b); 2. Eonia Swap Forward contracts with the following maturities shall be traded in the Euro Market Sector of e-mider: 1 Eonia Swap Forward Eonia Swap Forward contract whose duration for the calculation of interest shall be encompassed within an Initial time limit corresponding to the first forward date according to the Calendar time limits and a Final time limit corresponding to the immediately subsequent maturity of the same calendar; 2 Eonia Swap Forward Eonia Swap Forward contract whose duration for the calculation of interest shall be encompassed within an Initial time limit corresponding to the second forward date according to the Calendar time limits and a Final time limit corresponding to the immediately subsequent expiry of the same calendar; 3 Eonia Swap Forward Eonia Swap Forward contract whose duration for the calculation of interest shall be encompassed within an Initial time limit corresponding to the third forward date according to the Calendar time limits and a Final time limit corresponding to the immediately subsequent expiry of the same calendar. Article 9. Characteristics of contracts (Article 12 of the Rules) 1. The minimum amount that may be the subject of Eonia Swap and Eonia Swap Forward contracts and on which the interest referred to in Article 7.1 is calculated shall be 5 million euros. 2. The Initial time limit of Eonia Swap contracts specified in Article 8.1, excluding Eonia Swap BD contracts, shall correspond to the second Business day with respect to that 7

9 of the conclusion of the trade. The Initial time limit of Eonia Swap 1WON contracts is represented by the time limit for the same day on which they are concluded. 3. The Expiry days of Eonia Swap contracts referred to in the preceding paragraph shall be adjusted according to the following rules: a) if the Final time limit of a contract with a maturity specified in weeks (including BD Contracts) coincides with a holiday, it shall be postponed to the immediately subsequent Business day; b) if the Final time limit of a contract with a maturity of one month or more coincides with a holiday, it shall be postponed to the first subsequent Business day only if the latter falls in the same calendar month; c) in the case referred to in subparagraph b) where the first subsequent Business day falls in another calendar month, the Final time limit of the contract shall be advanced to the last Business day preceding the holiday; d) if the Initial time limit of a contract with a maturity specified in months (including BD Contracts) corresponds to the last Business day of the calendar month, its Final time limit shall coincide with the last Business day of the month of expiry. 4. The rules of subparagraph b) of the preceding paragraph shall also apply to Eonia Swap Forward contracts. 5. The settlement date of contracts referred to in Article 8 shall be that of the Business day immediately following the Final time limit. 6. The subject of the settlement of a contract shall be the difference between the amount of interest calculated applying the fixed rate established at the time the contract was concluded and that calculated applying the Eonia rate referred to in paragraph 7; accordingly, execution shall be exclusively the responsibility of the party that is contractually required to pay the rate that proves to be the higher of the agreed fixed rate and the above-mentioned Eonia rate. 7. The formula for calculating the Eonia variable rate, rounded to four decimal places, shall be the following: 8

10 d 0 i= 1 where: EONIAi ni d d0, is the number of Business days in the calculation period, for each calculation period; i, is the series of whole numbers from one to d0, representing the Business days in chronological order from (and inclusive of) the first Business day falling within the calculation period; EONIAi, for each day included in i, is the reference rate equal to the overnight rate as calculated by the European Central Bank and published on the first subsequent Business day, rounded to two decimal places, on a special Bridge page; n, is the number of Target calendar days to which a specific overnight rate is applicable; d, is the number of days in the relevant calculation period. 8. The formula for calculating the interest based on the fixed rate shall be the following: (T*Q*G/(div*100)) where: T, is the fixed rate; Q, is the contract value; G is the number of days in the relevant calculation period; div, is equal to 360. The formula for calculating the interest based on the variable rate shall be the following: (Q*COMPOUND RATE*G/(div*100)). 9. The daily calculations of all Eonia compounded rates are rounded to the thirteenth decimal figure (rounded up if the fourteenth figure is 5). The net amount to be settled according to paragraph 6 shall be rounded to the euro cent by applying the same rule. 10. As a partial departure from the terms and conditions set out in the paragraphs above, the Eonia Swap BD 2 Y contracts are executed in two different phases, each of which is referred to separate and subsequent interest calculation periods. The second of these periods is always equal to one calendar year; if the first day of this period is not a business day said period shall start from the Working Day immediately following. The first of the foregoing periods starts with the Initial time limit of the contract and ends on the same day on which the second period begins. 11. The calculation rules set out in paragraphs 7, 8 and 9 shall apply to each of the periods indicated in paragraph 10. The last day of the first of said periods shall also be considered as the Final time limit for the purposes of the criteria set out in paragraph 5. 9

11 TITLE III TRADING Article 10. Preliminary information on Quotes and on Auctions (Article 16 of the Rules) 1. Each Operator, when entering a Quote or an Auction into the Electronic trading system, may specify the MIN amount. For the Quote this must be higher than the TRAT amount and equal to a multiple of the minimum tradable amount referred to in Article 9.1; in Default mode the MIN amount shall be equal to the TRAT amount. 2. Operators may enter, modify and/or delete information concerning Quotes and Auctions on the Electronic trading system in first two phases of Market trading referred to in Article 3.2. The foregoing are only visible to the market in the Open-Market phase. Article 11. Quotes and Auctions (Article 16 of the Rules) 1. In order to enter Quotes or Auctions, Operators must select the New Auction page and are required to specify: a) the type of contract and the bid or ask side of the market for the Auction Send a Proposal or both bid and ask sides for the Auction Ask for a Quote; the Initial time limit and the Final time limit or the time interval between them, expressed in weeks or months, are also indicated for the BD Contracts; b) the price, in case of Send a Proposal (or the interest rate), to four decimal places; the minimum price movement ( tick ) is equal to 1/20 of a Basis point; c) the amount in millions of euros (MAX amount), which must be not less than the minimum tradable amount referred to in Article 9.1 and, if more, a multiple of 1 million euros. 2. Operators may enter no more than one bid and/or ask Quote for the same type of contract; for the BD Contracts said limitation is referred to each Initial time limit and Final time limit combination. More than one bid and/or ask Auction can be entered for the same type of contract. 3. Save for the BD Contracts, the entry by an Operator of an interest rate that is 50 basis points higher or lower than the price of the last contract concluded in the Market for the same type of contract or, where no contract of that type has been concluded during the trading day, higher or lower than the last quantity-weighted average price recorded by the Electronic trading system, or, where that type of contract has not been traded in the last 10

12 three Business days, higher or lower than the last Best price shown on the page for that type of contract and that type of Quote (bid/ask) shall be shown in an appropriate way to the Operator by the Electronic trading system, which at the same time shall also prevent: a) where the Quote is a bid, the entry of a price equal to or higher than the best ask Quote for the same type of contract available to the same Operator in the Market; b) where the Quote is an ask, the entry of a price equal to or lower than the best bid Quote for the same type of contract available to the same Operator in the Market. 4. A Quote or an Auction entered in the Market may have one of the following statuses: a) active, i.e. effective and visible in the Market; b) suspended by the Operator, i.e. not effective and visible only to the Operator that entered it; c) suspended by the Electronic trading system, where it is a quote in the cases referred to hereby. 5. For each interest rate active Quotes are aggregated, separately for bids and asks. 6. A Quote that is matched in full by an Order is automatically suspended. A Quote that is partially matched by an Order is suspended or reduced, according to the procedure specified by the Operator when entering the information referred to in Article 4.4 into the Electronic trading system. 7. In the cases referred to in paragraph 6, the suspended Quote maintains its previously acquired priority if it is reactivated, for the same amount, within 15 seconds from the expiry of the time allowed for the conclusion of the contract, as provided for under Article An incoming reply to Auction does not imply the automatic suspension of the Auction. When the reply has the same price and the amount is between the minimum quantity and the requested one there will be automatic acceptance and the market shows the residual quantity. 9. The Quote associated with an Order keeps its previously acquired priority if it remains on the Market for the residual amount after Acceptance (reduced Quotes). However, if the Operator adds to the amount, the Quote loses its previously acquired priority. 11

13 10. An Auction is valid only for the duration of the Exclusive timeout. Expired Auctions remain registered in the Outgoing Auction or Incoming Auction pages respectively. The end of the Exclusive timeout is displayed to the Operators 30 seconds before in the relevant pages. 11. When the Exclusive timeout is expired, the sender of the Auction can re-activate the notapplied Auction. Article 12. Modification of Quotes and Auctions (Article 16 of the Rules) 1. The Electronic trading system enables Operators from modifying Quotes in the period during which they are subject to Acceptance or Refusal. 2. Quotes and modified by an Operator, even only in respect of the Min Amount, shall lose their priority. Article 13. Suspension, reactivation and cancellation of a Quote and a Auction (Article 16 of the Rules) 1. Operators may suspend and/or cancel and/or reactivate at any time during the trading hours of the Market any Quote or Auction they have entered or suspended pursuant to Article 3.2. These changes are only visible to the market in the Open-Market phase. 2. If an Operator suspends a Quote after that a counterparty has sent an Order or reply to Auction and before that the Electronic trading system has processed it, the Electronic trading system itself registers the transaction with the Suspended status. Article 14. Orders and replies to Auctions(Article 17 of the Rules) 1. Orders and replies to Auctions cannot be for a smaller amount than that specified in Article 9.1. Amounts larger than such minimum must be multiples of 1 million euros. 2. The Electronic trading system shall process each Order by comparing it with the compatible Quotes that represents the best price for the party that placed the Order; furthermore the MIN amount of the Quote or of the Auctions matched with all or part of the Order or replies to Auction must be less than or equal to the amount of the Order or of the replies to Auction or such part thereof. If, during the processing, there are no Quotes or 12

14 Auctions matching these criteria, the Electronic trading system registers the Order or the replies to Auction with the Suspended status. 3. For the purposes of paragraph 2, where more than one Quote having the same price is compatible with the Order, the Electronic trading system for the purpose of matching shall: a) first match Quotes for amounts equal to or more than 500 million euros, which shall be ranked according to the time priority of their entry; b) where the Order is not filled in whole or in part by means of the procedure described in subparagraph a), match Quotes for amounts of less than 500 million euros, which shall be ranked according to size priority (in descending order) and, where the amounts are same, according to the time priority of their entry. 4. Information concerning Orders or replies to Auction may be entered, modified, and/or deleted by Operators over the Electronic trading system in the phases of Open Market referred to in Article 3.2. Article 15. Conclusion of trades (Article 18 of the Rules) 1. Trades shall be concluded following expressed or automatic Acceptance both by the party or parties that entered the Quote or replies to Auction and by the party that entered the Order as defined under Article 18 of the Rules; this is communicated to the counterparties by the Electronic Trading System. 2. If no automatic Acceptance has been expressed, both Operators are required to accept or refuse within 45 seconds from the time of the display of the Order. replies to Auction have to be accepted only by the Operator that sent the Auction. No expressed Acceptance is required by the Operator that replied to the Auction.. 3. Except in the cases in which a dual automatic Acceptance has occurred (article 18, paragraph 5, second part of the Regulations), the Operator that has given its Acceptance, even in an automatic form, may cancel its Acceptance after 20 seconds without the Electronic Trading System notifying the conclusion of the contract. The Electronic trading system shall inform the latter of the progress of such time limit in an appropriate way. Such cancellation shall be effective, should the Acceptance by the counterparty not be registered yet into the System. Such cancellation will not cause the other Operator to be configured as 13

15 Unwelcome. In case of a reply to Autcion, the Operator that sent the reply to Auction can modify or suspend it at any time of the residual live time of the Auction. 4. In the absence of expressed Acceptance, at the expiry of the time limit referred to in paragraph 2, the Electronic trading system shall register the transaction with the status of Reject Timeout and the Operators remain mutually Welcome (and/or Welcome Plus). 5. Every negotiation shall be interrupted at the first Refusal by one of the Operators. The subsequent Reject due to Credit Line will cause the other Operator to be configured as Unwelcome. The Operator who has sent the Auction can reject a reply to Auction due to price ( Reject due to Price ). This refusal will not cause the other Operator to be configured as Unwelcome. 6. The registrations as Unwelcome referred to in the preceding paragraph shall remain effective until the Operator concerned modifies the information referred to in Article 14.1a) of the Rules in conformity with the limits established in Article 6. TITLE IV INFORMATION Article 16. Registration of trades (Articles 19 of the Rules) 1. The Management company shall create an electronic archive for the registration in real time of the following data on transactions carried out in the Market, each of which shall be given an identification number concerning: a) the type of contract; b) the parties involved; c) the type of transaction; d) the amount and the interest rate; e) the outcome. 14

16 Article 17. Information to Operators (Article 21 of the Rules) 1. The information necessary for the proper conduct of trading shall be made available to each terminal linked to the Electronic trading system on the operational and informational screen pages specified hereinafter. 2. The Electronic trading system shall permit each Operator to see the following operational pages on its terminals: - Incoming Auction : displays all the Auctions received by the Operators in chronological order and the replies sent to the Participant, who is allowed to accept and rejecet; - Messages : permits the exchange of messages over the Electronic trading system; - New Quote/ Edit my Quote enables to insert, modify, suspend, activate or delete the Quotes - Orders : displays incoming or outgoing Orders for each Operator and permits the Acceptance or Refusal of the related trades; - Outgoing Auction : it ranks the Auctions entered by the Operator chronologically, from the most recent to the oldest, and all the replies received by the Participants, which can be accepted or rejected; - Quote List : contains the list of Quotes the Operator has entered into the Electronic trading system during the day; - Set-up info Suspend/Decrease proposals : permits to the Operator the activation of the suspend/reduce function for partially matched Quotes; - Set-up info Minimum Tradable quantity : displays the TRAT amount entered by the Operator for each type of contract and allows it to be modified; - Set-up info Welcome / Unwelcome / Welcome plus : displays the list of Market counterparties with which the Operator is willing or not willing to trade and allows it to be modified; - Set-up info for operating limits : permits the Operator to record operating limits and coefficients, if any, established for other Operators; - Trades : displays the information on the individual trades the Operator has concluded in the Market during the Business Day; 15

17 3. The Electronic trading system shall permit each Operator to see the following informational pages relative to the Market on its terminals: Best : displays for each type of contract referred to in Article 8 the best price (or interest rate) aggregate and the Bid and Ask Quotes posted by the Operator for each master contract;- Book : displays for each type of contract referred to in Article 8 the first twenty prices not aggregated for the whole Market and the Bid and Ask Quotes posted by the Operator for each master contract and the Operator s five best tradables; Market Statistics : displays the statistical data for each type of contract referred to in Article 8 identified during the current day, during the previous day, as well as an average of the four preceding weeks; the columns named Member Statistics show their own statistical data for the current trading day; Members : displays the data relating to Market Operators; Member Details : contains the data relating to the Sector Operators and the data necessary to execute the contracts, including the data concerning the Agent Bank, if any; Products : displays the types of contract traded on the Market and in the Sector; Sections : displays the Sectors for which the Operator is authorised; Settlement notification : contains the list of expiring trades, including the BD Contracts, and the information necessary for their execution; Traders : displays the list of the Operator s traders and their status. 4 The transmission of the information referred to in the preceding paragraphs may be delayed in the event of technical malfunctioning of the Electronic trading system that makes it impossible or too costly to ascertain the correct data and the information to be published. 16

18 PART THREE FINAL PROVISIONS Article 18. Transitory Provisions 1. All the references to the Market included in the User Agreements, already subscribed by the Operators members of the Market, are meant to generally refer to the Euro Market Sector. 17