TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	December 1, 2005
SUBJECT:	Reminder: Eurex US FX CLS

Continuous Link Settlement (CLS):

As a reminder, all physical deliveries will be made through the CLC system. CLS (Continuous Linked Settlement) is a real time global settlement process that reduces settlement risk caused by foreign exchange transactions occurring across different time zones. Both sides of a FX transaction are settled simultaneously in CLS on a payment versus payment basis.

CLS Settlement Members and CLS Providers:

CCorp will utilize JP Morgan Chase as its Agent Bank. To effect delivery Clearing Participants will need to have a relationship with a CLS Settlement Member or CLS provider. There are several different ways to establish a relationship with CLS:

CLS Settlement Members:

CLS Settlement Members are shareholders of the CLS Group and have the financial and operational capability and sufficient liquidity to support their financial commitments to CLS. They can each submit settlement instructions directly to CLS and receive information on the status of their instructions. CLS Settlement Members have direct access and input deals on their behalf and on behalf of their customers.

CLS User Member:

A CLS User Member can submit settlement instructions for themselves and their customers. However CLS User Members do not have an account with CLS. Instead they are sponsored by a CLS Settlement Member who acts on their behalf.

Third Party:

Third Parties are customers of CLS Settlement and CLS User Members that have no direct access to CLS. CLS Settlement or CLS User Members must handle all instructions and financial flows which go to CLS. The terms on which CLS Members can act on behalf of Third Parties are governed by private arrangement. These do not directly involve CLS and Third Parties do not have any relationship with CLS. CLS Members may provide a trademarked CLS service to their Third Party customers.

Fourth Parties:

Fourth Parties, like Third Parties have no direct access to CLS. They are customers of Third Parties and would utilize the latter’s arrangement with its CLS Settlement Member.

Settlement Instructions:

Clearing Participants need to instruct their Settlement Member to submit to CCorp a CLS Banking Instruction notification form, which informs CCorp that the clearing participant has made the necessary arrangements with the CLS Settlement Member and is ready to use the CLS system. The deadline for submitting the completed form to CCorp is December 14, 2005.

The following is the necessary counterparty information Clearing Participants should pass to their CLS provider for Eurex US currency deliveries using CLS:

CCorp’s Settlement member SWIFT ID: CHASGB2LTPA

CCorp’s SWIFT ID: BOTCUS44

Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives: