Empresas y finanzas

EuroCCP Names Board of Directors

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-Francois de Lencquesaing (former head of transaction
banking and IT at Credit 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-FRANCOIS DE LENCQUESAING
de Lencquesaing, former head of Credit 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
"Secretaire General" 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, Societe Interprofessionelle pour la
Compensation des Valeurs Mobilieres, 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 GBP 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, Societe General, 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.

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