Joint CCorp and Eurex Media Release

CCorp and Eurex Applaud CFTC Approval of Phase I of the Global Clearing Link

Chicago, October 22, 2004-The Clearing Corporation ("CCorp") and Eurex Clearing AG applauded the approval by the Commodity Futures Trading Commission ("CFTC") of Phase 1 of the Global Clearing Link, slated to be implemented as soon as possible.

Phase I enables CCorp clearing participants to clear certain European benchmark derivatives* that are traded on Eurex in Europe and to consolidate their US and Eurex European customer positions in a single segregated clearing account. Thus, CCorp clearing participants will be able to benefit from portfolio margining between European and U.S. products and one common collateral pool. In addition, CCorp clearing participants will be able to leverage Eurex Clearing's infrastructure as a result of clearing European benchmark derivatives through their accounts at CCorp. An important feature of the Link is that U.S. traders clearing European products through CCorp clearing participants will be able to keep their margin funds in a segregated environment, subject to U.S. rules regarding fiduciary obligations of intermediaries and the U.S. insolvency regime.

"The CFTC's approval of Phase I of the Global Clearing Link embraces the concept of international electronic trading with markets and financial systems interlinked via the clearing process," said Dennis Dutterer, CEO of The Clearing Corporation, the oldest independent futures clearinghouse in the world. "When the Link is fully implemented, market participants throughout the world will realize significant benefits and cost savings through our visionary strategic alliance with Eurex Clearing."

Michael Dawley, Chairman of The Clearing Corporation added, "The Clearing Corporation is eager to move forward with implementation of the Global Clearing Link. Approval of Phase I is an important step in the development of global clearing and settlement."

Rudolf Ferscha, CEO of Eurex, added: "This marks a further step towards the creation of the Eurex Global Liquidity Network. With our U.S. trading engine Eurex US we offer market participants U.S. jurisdiction trading access, and with the first phase of the Global Clearing Link, customers worldwide have the choice to either use U.S. or European clearing for trades executed on Eurex. In a further step and subject to regulatory approval we want to offer the same choice to customers of Eurex US. This would also allow for products to be cross-listed on Eurex and Eurex US and enable the expansion of trading in European benchmark products from 12 to 21 hours".

The Clearing Corporation and Eurex Clearing AG are working with the CFTC regarding the next phase of the Global Clearing Link.

About The Clearing Corporation
The Clearing Corporation, a stockholder-owned, Delaware corporation now in its 79th year of business, is the only active independent futures clearinghouse in the world. Additional information on The Clearing Corporation is available at www.clearingcorp.com.

About Eurex
Eurex is the world's largest derivatives exchange. It provides access to a broad range of international benchmark products. Additional information on Eurex is available at www.eurexchange.com

Media Contacts
Deutsche Börse/Eurex - U.S. Press Office
Bill Ferri and Whitney Knecht
phone: + 1-212-750-2108

Eurex Media Relations
Walter Allwicher and Candice Adam
phone: +49 (0)69 211-11500

The Clearing Corporation
Andy Yemma
Phone: + 1-212-888-6115