Partnership Deal between Eurex and The Clearing Corporation completed
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Transcript of Partnership Deal between Eurex and The Clearing Corporation completed
Partnership Deal between Eurex and
The Clearing Corporation completed
Dennis A. DuttererPresident and CEONovember 5, 2003
Partnership Deal between Eurex andThe Clearing Corporation completed
Shareholders have approved partnership deal with Eurex and new CCorp equity structure 50 out of 87 shareholders for,
34 against, 2 abstentions Equity stake oversubscribed in new equity;
$105.6 million total equity capital Shareholders have approved Eurex equity stake
in CCorp 48 shareholders hold 86% of CCorp capital Eurex holds 14% of CCorp capital
Partnership Deal between Eurex andThe Clearing Corporation completed (cont.) New governance structure
Nine member Board of Directors Eurex takes seat on Board of Directors Other shareholders elect remaining 8 Board members One share – one vote
New capital structure Separate Guaranty Fund Shareholder capital of $ 105.6 million Shareholders need not be clearing participants Non-shareholders can become clearing participants,
expanding the range of clearing business partners
CCorp Shareholder structure
Broad range of all market user groups representedin new shareholder structure, including small firmsand individuals
Highlights of the Clearing Solution
CCorp to clear for Eurex US
CCorp to offer clearing for Eurex AG in the US
Global Clearing Agreement gives CCorp customers
direct access to Eurex’s European products
Eurex customers worldwide can choose Eurex
Clearing or CCorp to clear Eurex US products
CCorp retains its independence
Nearly 80 years of experience in clearing and processing
derivatives products for a variety of clients
Partnership Deal between Eurex and
The Clearing Corporation completed
Rudolf FerschaCEO Eurex
November 5, 2003
Eurex‘s Role as CCorp Shareholder
Eurex has paid in full its $ 15 million contribution and received 14.3 percent in CCorp
Eurex has taken seat on CCorp Board
Due to positive shareholder vote clearing services contract is now unconditional and final
Clearing services contract will run for seven years with automatic three year renewal
Eurex Ownership Structure 14.3 percent stake in CCorp is held by U.S. Exchange
Holdings, which is held 100 percent by Eurex AG, Zurich
Ownership in Eurex
Deutsche Börse AG – 50 % of equity/85 % of revenue share
Listed in Frankfurt, majority owned (53 percent) by U.S. and UK institutional investors
100 percent free float, more than 36,000 shareholders Only 2 Shareholders above 5 percent German banks have sold most of their shares in
Deutsche Börse and now own less than 1 percent od Deutsche Börse AG shares
SWX Swiss Exchange – 50 % of equity/15 % of revenue share
owned by 55 financial institutions
Leveraging existing infrastructure
Clearing platform currently used by the industry will continue to be available
Eurex US will leverage existing CCorp participant network and infrastructure
Deal between Eurex und CCorp marks an important milestone in establishing Eurex US
Deal forms basis for long term clearing partnership