Document:

CONFIDENTIAL
TREATMENT REQUESTED

WITH RESPECT TO CERTAIN PORTIONS HEREOF

DENOTED WITH “       *      
”

Exhibit 10.47

EXECUTION COPY

EURONEXT BRUSSELS S.A./N.V.

EURONEXT AMSTERDAM N.V.

EURONEXT PARIS S.A.

EURONEXT
LISBON — SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS,

S.A.

AND

BANQUE
CENTRALE DE COMPENSATION S.A.

LCH.CLEARNET GROUP LIMITED

______________

AMENDED AND RESTATED CLEARING
AGREEMENT

______________

 

 

1

 

CONTENTS

 

	
  Clause

  	
   

  	
   

  	
   

  	
  Page

  
	
  Article 1.

  	
   

  	
  Interpretation

  	
   

  	
  5

  
	
  Article 2.

  	
   

  	
  Provision Of Clearing Services

  	
   

  	
  8

  
	
  Article 3.

  	
   

  	
  Obligations Of The Euronext Market Undertakings

  	
   

  	
  8

  
	
  Article 4.

  	
   

  	
  Obligations Of Clearnet

  	
   

  	
  10

  
	
  Article 5.

  	
   

  	
  Collaboration And Communication Of Information
  Between Parties

  	
   

  	
  17

  
	
  Article 6.

  	
   

  	
  Confidentiality

  	
   

  	
  19

  
	
  Article 7.

  	
   

  	
  Duration And Accession By New Undertakings.

  	
   

  	
  20

  
	
  Article 8.

  	
   

  	
  Termination

  	
   

  	
  20

  
	
  Article 9.

  	
   

  	
  Assignment And Delegation

  	
   

  	
  21

  
	
  Article 10.

  	
   

  	
  Non-Compete Undertakings

  	
   

  	
  22

  
	
  Article 11.

  	
   

  	
  Amendment

  	
   

  	
  23

  
	
  Article 12.

  	
   

  	
  Liability

  	
   

  	
  23

  
	
  Article 13.

  	
   

  	
  Amendments To Rules

  	
   

  	
  24

  
	
  Article 14.

  	
   

  	
  Severability

  	
   

  	
  24

  
	
  Article 15.

  	
   

  	
  Notices

  	
   

  	
  24

  
	
  Article 16.

  	
   

  	
  Waivers

  	
   

  	
  25

  
	
  Article 17.

  	
   

  	
  Agreement

  	
   

  	
  25

  
	
  Article 18.

  	
   

  	
  Governing Law

  	
   

  	
  25

  
	
  Article 19.

  	
   

  	
  Amicable Resolution

  	
   

  	
  25

  
	
  Article 20.

  	
   

  	
  Arbitration, Service Of Process

  	
   

  	
  25

  
	
  Schedule 1 PART
  A EURONEXT MARKETS

  	
   

  	
  1-27

  
	
  Schedule 1 PART
  B NOTICES (ARTICLE 15)

  	
   

  	
  1-29

  
	
  Schedule 2 PART
  A CURRENT FEES

  	
   

  	
  2-31

  
	
  Schedule 2 PART
  B PROCEDURE FOR ESTABLISHING FEE REDUCTIONS

  	
   

  	
  2-32

  
	
  Schedule 3 CLEARING
  FEE COMMITMENT

  	
   

  	
  3-33

  
	
  Schedule 4 RETROCESSION
  FEES

  	
   

  	
  4-34

  

 

 

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THIS AGREEMENT is made the 31st day
of October 2003

BETWEEN

Euronext Amsterdam N.V., a limited
liability company (“naamloze vennootschap”) organised under the laws of the Netherlands,
whose registered office is at Beursplein 5, 1012 JW Amsterdam, recorded in the
Commercial Register of Amsterdam under number 34138585, and represented by
Mr. George Möller, Chairman of the Board of Directors (“Euronext Amsterdam”);

Euronext Brussels S.A./N.V., a
limited liability company (“société anonyme”, “naamloze
vennootschap”) organised
under the laws of Belgium and recognised as a market undertaking in accordance
with Article 16 of the Belgian Law of 2 August 2002 governing the supervision
of the financial sector and financial services (“Loi relative à la surveillance du secteur financier et aux services
financiers/Wet betreffende het toezicht op de financiele sector en de
financiele diensten”), whose
registered office is at Palais de la Bourse, Place de la Bourse, 1000 Brussels,
recorded in the Commercial Register of Brussels under number 632 870, and
represented by Mr. Olivier Lefebvre, Chairman of the Board of Directors (“Euronext Brussels”);

Euronext Paris S.A., a limited
liability company (“société anonyme”) organised under the laws of France, whose
registered office is at Palais de la Bourse, Place de la Bourse, 75002 Pans,
recorded in the Commercial Register of Paris under number B 343 406 732, and
represented by Mr. Jean-Francois Theodore, Chairman of the Board of
Directors (“Euronext Paris”);

Euronext Lisbon — Sociedade Gestora de Mercados
Regulamentados, S.A., a limited liability company (“sociedade anònima”) organised under the laws of Portugal
whose head office is at Edificio da Bolsa, Rua Soeiro Pereira Gomes, Lisbon,
with a share capital of 6,000,000 Euros, tax N.° (P) 504 825 330, recorded in
the Lisbon Business Registry Office, under number N.° 8875, and represented by
Mr. João Freixa, Chief Executive Officer (“Euronext Lisbon”);

On one hand

and

Banque Centrale de Compensation S.A.
trading as Clearnet, a limited liability company (“société anonyme”) organized under the laws of France, whose
registered office is at Palais de la Bourse, Place de la Bourse, 75002 Paris,
France, recorded in the Commercial Register of Paris under number B 692 032
485, and represented by Mr. Patrice Renault, Chief Executive Officer (“Clearnet”);

LCH.Clearnet Group Limited, a
limited liability company incorporated in England & Wales whose registered
office is at Aldgate House, 33 Aldgate High Street, London, EC3N 1E A, United
Kingdom, with registered number 4743602, and represented by Mr. David
Hardy, Chief Executive Officer (“LCH.Clearnet”);

On the other hand,

(hereafter each a “party” and collectively named “the parties”)

 

 

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WHEREAS

(A)                 Euronext
Amsterdam is a recognised exchange within the meaning of Article 22 of the
Dutch Securities Transactions Supervision Law 1995 (“de  Wet toezicht
effectenverkeer 1995”) authorised pursuant to the Exchange
Recognition delivered by the Dutch Ministry of Finance on 22 September 2000;

(B)                   Euronext
Brussels is recognised as a market undertaking having Belgium as a Home state
according to Article 144 of the Belgian Law of 2 August 2002 governing the
supervision of the financial sector and financial services (“Loi relative à la surveillance du secteur financier et
aux services financiers/ Wet betreffende het toezicht op de financiele sector
en de financiele diensten”);

(C)                   Euronext
Paris is authorised as a market undertaking (“entreprise
de marche”) within the
meaning of the “Code Monétaire et Financier”;

(D)                  Euronext
Lisbon is a company managing a regulated market authorised pursuant to Article
15 of the Portuguese Decree-Law n.° 394/99, of 13 October 1999, as amended by
the Decree-Law n.° 8-D/2002, of 15 January 2002 (“Regime juridico das entidades gestoras de mercados de valores
mobiliários e de sistemas conexos”);

(E)                    Euronext
Amsterdam, Euronext Brussels, Euronext Paris and Euronext Lisbon (each a “Euronext Market Undertaking” and
collectively the “Euronext Market
Undertakings”) operate and/or supervise the markets (“Euronext Markets”) which are specified in
Schedule 1 of this Agreement (as amended or added to from time to time);

(F)                    This
Agreement is not intended to cover clearing services in respect of the
marketplaces operated by LIFFE Administration and Management which are the
subject of separate contractual arrangements with the London Clearing House
Limited, another LCH.Clearnet Group member, for such clearing services;

(G)                   Clearnet
is a Clearing House, regulated in France according to the provisions of the “Code Monétaire et Financier”;

(H)                  By
virtue of the following instruments Clearnet has been nominated to act as a
central counterparty to Clearing Members and to provide clearing services for
Transactions effected on any of the marketplaces provided by the Euronext
Market Undertakings as may be specified in accordance with the provisions of
this contract:

(1)                    The merger agreement
between the Euronext Market Undertakings (except Euronext Lisbon) dated 22
September 2000;

(2)                    The
designation of Clearnet as a Clearing House by the Board of Euronext Brussels
on 20 December 2000 and authority to exercise its clearing activities in
Belgium according to Article 22 of the Belgian Law of 2 August 2002 governing
the supervision of the financial sector and financial services (“Loi relative à la surveillance du secteur financier
et aux services financiers/ Wet betreffende het toezicht op de financiele
sector en de financiele diensten”);

 

 

4

 

(3)                    The
recognition by the Netherlands Authority for the Financial Markets (ex-Stichting Toezicht Effectenverkeer and
Dutch Central Bank) on 31 January 2001;

(4)                    The Clearnet
general shareholders’ meeting dated 28 May 1999 approving the transfer of
assets between Société des Bourses Francaises and Clearnet; and

(5)                    The Accession
to Clearing Agreement between Euronext Market Undertakings dated 3 July 2003.

(I)                       In
accordance with the Merger Agreement dated 31 October 2003 among LCH.Clearnet,
Clearnet, Euronext Paris and certain other parties (the “Merger Agreement”), LCH.Clearnet will
acquire the entire issued share capital of Clearnet, so that Clearnet will
become a member of the LCH.Clearnet Group;

(J)                      It
has been agreed that Clearnet and the Euronext Market Undertakings will enter
into, effective upon Completion (as defined in the Merger Agreement), a revised
clearing agreement governing the terms and conditions upon which Clearnet will
provide central counterparty clearing services to the Euronext Market
Undertakings; and

(K)                  Clearnet
has agreed to provide such services.

IT IS AGREED AS FOLLOWS:

ARTICLE I. INTERPRETATION

Unless otherwise defined herein, all terms in this Agreement shall have
the meanings set forth in the Clearing Rule Book of Clearnet (the “Clearing Rule Book”) as amended or
supplemented from time to time, and the following expressions shall have the
following meanings:

“associate” means, in
relation to a body corporate (the “first body
corporate”):

(a)                    any other body
corporate which is its subsidiary undertaking or parent undertaking or fellow
subsidiary undertaking of the parent undertaking;

(b)                   any body
corporate whose directors are accustomed to act in accordance with the first
body corporate’s instructions or directions; and

(c)                    any body
corporate in the capital of which the first body corporate, and any other body
corporate under (a) or (b) taken together, is (or would on the fulfilment of a
condition or the occurrence of a contingency be) interested so that they are
(or would on the fulfilment of the condition or the occurrence of the
contingency be) able:

(i)                        to
exercise or control the exercise of more than 50% of the votes able to be cast
at general meetings on all, or substantially all, matters; or

(ii)                     to appoint or
remove directors holding a majority of voting rights at board meetings on all,
or substantially all, matters; or

(iii)                  to direct or
cause the direction of the management and policies of such entity, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise;

 

 

5

 

and “associated with” shall be
construed accordingly.

“Clearing Fees” means the
clearing fees (excluding fees and other amounts charged to members in respect
of clearing services other than registration of Transactions, including without
limitation exercise / assignment fees, delivery fees, penalty and other special
fees) which Clearnet collects from its Clearing Members for services provided
in relation to their Transactions on the markets operated by the Euronext
Market Undertakings set out in Schedule 1, including where applicable
Retrocession Fees;

“Clearing Member” means a
General Clearing Member or an Individual Clearing Member in their capacity as a
clearing member of any Euronext Market, admitted as such by Clearnet, under the
conditions set forth in Chapter 4 of the Clearing Rule Book;

“Clearing Rules” means the
rules of Clearnet as defined in the Clearing Rule Book and where the context so
admits, the Admission Agreement (as defined in the Clearing Rule Book), in each
case as amended from time to time;

“Clearing Services” means
all functions specified by the Clearing Rules as in effect at the date hereof
including registration of Transactions, supervision of the open positions of
Clearing Members, calculation of the associated risk, the calling of Margin to
cover such risk, guarantee of the proper settlement of positions as central
counterparty, management of the default procedures and transmission of the
settlement instructions to the settlement provider;

“Clearnet-Euronext Contractual
Documentation” means any and all of the rules, regulations and
procedures of the Euronext Market Undertakings, the Clearing Rules, the Service
Level Agreement and any other document from time to time specified as such by
the parties in writing;

“Competing Business”       *      

“Completion” has the same
meaning as in the Merger Agreement;

“Derivative” means any
non-securitised instrument of one of the following categories:

(i)                        options
and futures contracts in respect of Securities or commodities, including
equivalent cash-settled instruments;

(ii)                     any
other instruments (other than warrants and other types of Securities) the value
of which is determined by reference to prices of Securities or commodities,
interest rates or yields, foreign exchange rates or other indices or measures
which, subject to relevant National Regulations, a Euronext Market Undertaking
may determine to be eligible for trading on a Euronext Market for Derivatives;

“Euronext Group” means
Euronext N.V. and its associates and “member
of the Euronext Group” or “Euronext
Group member” means any one such entity, it being specified that for
the purposes of this Agreement in all respects LIFFE Administration and
Management is excluded from the definition of “Euronext Group” and “Euronext
Group member”;

 

 

6

 

“Exchange Rules” means, in
relation to any Euronext Market, the rules, regulations and procedures adopted
by the relevant Euronext Market Undertaking in relation to that market;

“Fees” means Clearing Fees
and Other Fees;

“Financial Instrument”
means any Security or Derivative;

“Good Practice” means, in
relation to the Clearing Services, the exercise of such skill, diligence,
prudence, experience, expertise, foresight and judgement as would be reasonably
expected from a skilled and experienced professional;

“LCH.Clearnet Business” means
the business of providing a wide range of central counterparty clearing
services in respect of financial instruments entered into by and with users or
exchanges, including in respect of equities, fixed income securities and
repurchase agreements, interest rate swaps and other products, foreign exchange
products, commodities (including, without limitation, metals, energy, weather,
agricultural and emissions) and derivatives (including, without limitation,
financial, credit, metals, energy weather, agricultural and emissions
derivatives), whether traded on regulated exchanges, ATSs or over the counter;

“LCH.Clearnet Group” means
LCH.Clearnet, its parent undertakings (if any) and its associates and their
joint venture and partnership interests, and “member
of the LCH.Clearnet Group” or “LCH.Clearnet
Group member” means any one such entity or interest;

“Material Interest” means,
in relation to a body corporate, the holding or holdings of a Euronext Market
Undertaking and its related parties (which shall mean any person which is an
associate of it and any director, officer, employee or agent of it or its
associates but excluding LIFFE Administration and Management) which, when
aggregated, confer the entitlement to exercise or control the exercise of          *         
or more of the votes able to be cast on all or substantially all matters at
general meetings of the relevant company and/or the entitlement to appoint a
quarter or more of the directors of such body corporate;

“National Regulation”
means any and all laws and regulations applicable in the jurisdiction of the
relevant Euronext Market Undertaking, as amended from time to time;

“Other Fees” means any
fees other than Clearing Fees which Clearnet collects from its Clearing Members
for services provided in relation to dealings on the markets operated by the
Euronext Market Undertakings set out in Schedule 1;

“parent undertaking” has
in relation to any undertaking the same meaning as in section 742 of the UK
Companies Act 1985;

“Restricted Area” means,
in relation to a Euronext Market Undertaking, each country in the European
Economic Area, Switzerland, the United States of America or Japan in which a
member of the LCH.Clearnet Group carries on business at the date of this
Agreement and any other territory in which the business plan of LCH.Clearnet at
the date of this Agreement contemplates that any member of the LCH.Clearnet
Group will carry on business in the period during which article 10 of this
Agreement applies to the relevant Euronext Market Undertaking;

 

 

7

 

“Retrocession Fees” means
the transitional exchange fees collected by Clearnet in the name and on behalf
of a Euronext Market Undertaking pursuant to Article 4;

“Security” means any
transferable security of one of the following categories:

(i)                        Shares
or certificates or depositary receipts in respect of Shares;

(ii)                     bonds
or other debt securities, whether or not convertible into Shares;

(iii)                  warrants or similar securities
entitling the holder to acquire any of the aforesaid securities or any basket
of such securities or to receive a cash amount determined by reference to a
future price or value of any such security or basket;

(iv)                 units
in collective investment undertakings or participation units in other
investment vehicles;

(v)                    any
other securities which, subject to relevant National Regulations, a Euronext
Market Undertaking may determine to be eligible for trading on a Euronext
Market for Securities;

“Shares” means any shares
of capital stock or other equity securities issued by a corporation or other
incorporated business enterprise;

“subsidiary undertaking”
has in relation to any undertaking the same meaning as in section 742 of the UK
Companies Act 1985; and

“Transaction” means any
purchase, sale or exchange of a Financial Instrument, including a repurchase
agreement or a Securities loan or a buy and sell back.

In the event of any inconsistency between the provisions of this
Agreement and any provision of Clearing Rules, the provisions of this Agreement
shall prevail.

ARTICLE 2. PROVISION OF CLEARING
SERVICES

This Agreement sets out the terms on which Clearnet will provide
Clearing Services for each of the Euronext Market Undertakings. The parties
will agree the organisation and standards of performance of such Clearing
Services and the related obligations of the Euronext Market Undertakings in a
separate service level agreement (the “Service
Level Agreement”), forming part of the Clearnet-Euronext Contractual
Documentation.

LCH.Clearnet and Clearnet provide clearing services to a wide range of
exchanges and other trading platforms. In providing services to such exchanges
and trading platforms, each of LCH.Clearnet and Clearnet undertakes       *      

ARTICLE 3. OBLIGATIONS OF THE
EURONEXT MARKET UNDERTAKINGS

The Service Level Agreement shall set out the specification for the
provision by each Euronext Market Undertaking of a communications link between
their own computers and the respective node of Clearnet. The Service Level
Agreement shall also contain the change control procedures and authorities for
any changes to such specification, which must be agreed by the parties.

 

 

8

 

Each Euronext Market Undertaking is responsible for providing Clearnet
with accurate details of all Transactions executed in accordance with the
Exchange Rules, or with the National Regulations, if applicable. Such
notification shall be made as specified in the Service Level Agreement. Each
Euronext Market Undertaking is responsible for providing to Clearnet data feeds
and all other information necessary for Clearnet to carry out its risk
management and operational functions and provide clearing services to the
Euronext Markets in accordance with this Agreement. Such data feeds and other
information as are created or originated by a Euronext Market Undertaking or an
associate shall be provided free of charge. Data feeds or information created
or originated by a third party shall:

(1)                     where
currently provided to Clearnet as at the date of this Agreement, continue to be
provided (subject to any obligation of confidentiality or other limitation on
disclosure applicable to a Euronext Market Undertaking) at the cost currently
charged to Clearnet, or free of charge where currently so provided, except that
any increase in the cost to a Euronext Market Undertaking of providing such
data feeds or information after the date of this Agreement shall be dealt with
in accordance with the following sub-paragraph (2);

(2)                     otherwise
be provided to Clearnet (subject to any obligation of confidentiality or other
limitation on disclosure applicable to a Euronext Market Undertaking) at a cost
equivalent to such additional charge (if any) as the Euronext Market
Undertaking incurs to a third party in respect of the right specifically to
provide such information to Clearnet. However, where this is likely to result
in a significant new charge or increased charge to Clearnet, Clearnet shall (a)
have the option to obtain the data feed or information at its own cost directly
from a third party (without any liability to any Euronext Market Undertaking
for the termination of existing arrangements), or (b) where the data feed or
information is essential to the provision by Clearnet of the Clearing Services
and Clearnet cannot reasonably obtain the information from any other source,
have the right to require that the parties meet to discuss and agree an
equitable percentage share of the new or increased cost which shall be borne by
each of them.

The Euronext Market Undertakings shall use their reasonable efforts to
provide support to Trading Members in the context of new projects and
otherwise.

For so long as this Agreement remains in force and/or Clearnet remains
a member of the LCH.Clearnet Group (whichever is the shorter period),       *      
Where it is contractually
able to do so, the relevant Euronext Group member shall invite LCH.Clearnet
to tender for such services and, where
practicable, give Clearnet the
opportunity to make       *      
offer. Before contracting with a third party for the procurement of such
services, the relevant Euronext Group member shall give Clearnet an opportunity       *      

Subject always to Article 10, where       *      
arise from time to time in relation to the LCH.Clearnet Business (other than
that conducted       *      
which become available to any Euronext Market Undertaking, or in which it may
be offered the choice to participate, the Euronext Market Undertaking shall
offer such opportunities to Clearnet       *      

 

 

9

 

In any of the events contemplated above, Clearnet
shall have the right to nominate another suitable LCH.Clearnet Group entity to
participate in its place, subject to the consent of the relevant Euronext
Market Undertaking(s) (such consent not to be unreasonably withheld) and to any
necessary regulatory approval.

ARTICLE 4. OBLIGATIONS OF CLEARNET

4.1                    The
Euronext Market Undertakings have to date received a number of Clearing
Services from Clearnet. Subject to the terms and conditions set out in this
Agreement, Clearnet shall provide, or cause to be provided, to each Euronext
Market Undertaking, such Clearing Services:

(a)                     to at least
the same level and with the same degree of accuracy, quality, completeness, timelines
and efficiency as was provided before Completion;

(b)                   in accordance
with Good Practice;

(c)                    and in
accordance with such further levels/standards as are specified in the Service
Level Agreement.

      *      

By this Agreement Clearnet undertakes, vis-à-vis each
of the Euronext Market Undertakings, to act as central counterparty for
Transactions made on the Euronext Markets as specified in the Clearing Rules.

In accordance with the Clearing Rules, any Transaction
executed in accordance with the rules of the relevant Euronext Market
Undertaking and with the National Regulations, where applicable, shall

•                            following
the matching and trade processing of such Transaction in the trading system of
the relevant Euronext Market Undertaking, be registered by Clearnet in the
clearing system in the name of the relevant Clearing Members;

•                            upon
such registration by Clearnet, be immediately novated and replaced by two
Transactions; and

•                            upon
such novation and replacement by Clearnet, be immediately guaranteed by Clearnet
to the Clearing Member in accordance with the Clearing Rules.

Where the parties so agree in writing by exchange of
letters, any Euronext Market Undertaking may pass certain Transactions to
Clearnet for processing and dispatch of transmission of details to a depository
or settlement agency, without Clearnet providing any novation and replacement
or guarantee in respect of the Transaction. The document recording such
agreement shall govern the provision of such a service where any such term is
at variance with any term of this Agreement.

 

 

10

 

4.2                    A
Euronext Market Undertaking may at any time introduce new Financial Instruments
for trading on a Euronext Market, provided that where Clearnet is to provide
clearing services for such Financial Instruments the relevant Euronext Market
Undertaking shall, as soon as practicable, advise Clearnet of the proposal to
introduce the same and shall thereafter consult with Clearnet to implement the
new services and allow it to conduct studies on feasibility and cost as well as
risk management. Following notice of the introduction of such new Financial
Instrument from the relevant Euronext Market Undertaking, Clearnet shall use
all reasonable efforts to provide Clearing Services for such Financial
Instrument and may refuse to provide such Clearing Services only in writing and
on the basis of objective financial or technical (including risk management)
criteria.  In the case of such refusal by
Clearnet to provide Clearing Services, Transactions involving the new Financial
Instrument shall be processed in accordance with the last paragraph of Article
4.1.

4.3                    Clearnet
may perform any of the obligations in this Agreement through any suitable
LCH.Clearnet Group member, after any necessary regulatory approval and approval
by the relevant Euronext Market Undertakings and provided that the performance
through any LCH.Clearnet Group member is not in any material way detrimental to
the position of the Euronext Market Undertaking, including, without limitation,
its tax treatment.

4.4                    Clearnet
shall collect Fees from the Clearing Members for services provided in relation
to their dealings on the markets operated by the Euronext Market Undertakings
set out in Schedule 1. The Fees of Clearnet in effect on the date hereof (the “Current Fees”) are as set forth in Schedule
2 Part A.       *      
Clearnet and the Euronext Market Undertakings shall consult upon the
implementation of any such proposed change in fee structure       *      

4.5                          *      
Clearnet shall, as part of its collection of Fees, collect Retrocession Fees in
relation to each Euronext Market specified in Schedule 1 from its Clearing
Members on behalf of each Euronext Market Undertaking and shall account to each
such Euronext Market Undertaking for Retrocession Fees collected on its behalf.
The level of such Retrocession Fees for each Euronext Market shall be
calculated in accordance with Schedule 4, subject always to the provisions of
this Article 4.

Subject to Article 4.7, 4.8 and 4.9, Clearnet shall
pay each Euronext Market Undertaking on a monthly basis in arrears all
Retrocession Fees collected on its behalf under this Agreement and each such
payment shall be accompanied by a written statement that sets out in detail the
calculation of the total amount due. If any Euronext Market Undertaking has any
objection to the amounts listed on such statement, it may review Clearnet’s
records with respect thereto and Clearnet shall cooperate fully in such review
by providing all appropriate records and making its officers, employees, agents
and consultants reasonably available during regular business hours without
charge to the relevant Euronext Market Undertaking, as may be reasonably
required in connection therewith. Following such review, the parties shall
endeavour in good faith to resolve any disagreement with respect to the
calculation of the Retrocession Fees due hereunder. Clearnet shall maintain
true and complete books of account containing an accurate

 

 

11

 

record of all data necessary for the proper
computation of all Retrocession Fees collected by Clearnet under the terms of
this Agreement in the manner provided for as at the date of this Agreement and
shall, for as long as any Retrocession Fees are to be collected hereunder and
for a period of three years thereafter, give each Euronext Market Undertaking
access to such books of account and allow each Euronext Market Undertaking to
take copies of such upon reasonable request.

4.6                    Clearnet
and any Euronext Market Undertaking may at any time propose reductions in the
Clearing Fees that Clearnet charges to Clearing Members on any Euronext Market
with respect to the clearing of Transactions on that market (any such reduction
referred to as a “Fee Reduction”).
Subject to the terms of this Article 4 (including the principles set forth in
Article 4.7 below), a proposal for a Fee Reduction shall be dealt with in
accordance with the procedure set forth in Schedule 2 Part B.

4.7                          *      

4.8                    Notwithstanding
any other provision of this Article 4,       *      
At the end of each calender month during such period, Clearnet shall calculate
the Clearing Fees collected on each such market and the amount of Retrocession
Fees which would be due to the relevant Euronext Market Undertaking. Clearnet
shall then make a reconciliation between the amount collected as against the
guaranteed average fee levels in Schedule 3. To the extent that the Clearing
Fees collected by Clearnet, net of the amount of Retrocession Fees calculated
as due to the relevant Euronext Market Undertaking, are,       *      
the Euronext Market Undertaking in question shall allow Clearnet to set off       *      
for that month against       *      
and/or make such additional payments to Clearnet as are necessary to ensure
that Clearnet       *      
To the extent that the

 

 

12

 

Clearing Fees collected by Clearnet, net of the amount
of Retrocession Fees calculated as due to the relevant Euronext Market
Undertaking,       *      
Clearnet shall pay       *      
to the relevant
Euronext Market Undertaking       *      

4.9                    During
the term of this Agreement, unless agreed otherwise by Clearnet and Euronext
Amsterdam,       *      
Euronext Amsterdam shall be obliged to pay to Clearnet an amount of       *      
which amount for calendar year 2003 shall be due and payable in accordance with
the schedule currently in place for the payment of Retrocession Fees in 2003
and which amounts for the following calendar years shall be due and payable in
equal monthly instalments. Clearnet shall set off any Retrocession Fees which
are due from Clearnet to Euronext Amsterdam in accordance with Article 4.5 in
respect of a period against the amount of the payment due to it from Euronext
Amsterdam under this Article 4.9 for that period and shall be liable to pay the
net amount of Retrocession Fees, if any, remaining after such set-off. If,
after any set-off of such Retrocession Fees an amount is due from Euronext
Amsterdam, Euronext Amsterdam shall pay such amount within 30 days of the
receipt of the written statement detailing such amount, prepared in accordance
with the second paragraph of Article 4.5. Clearnet and Euronext Amsterdam agree
that where Clearnet introduces a change in its tariff structure applicable to
the markets operated by Euronext Amsterdam, Clearnet and Euronext Amsterdam
shall discuss whether it may be appropriate to vary the amount of the payment
to Clearnet contemplated under this Article 4.9.

4.10              Clearnet
agrees that for so long as it has the benefit of the       *      
in relation to any Euronext Market without the prior written agreement of the
affected Euronext Market Undertaking.

4.11              For
so long as Clearnet remains an LCH.Clearnet Group member, the general fee
policy applied by Clearnet to the Euronext Group shall be determined by
LCH.Clearnet following discussions in good faith with the Euronext Market
Undertakings on a regular basis and prior to any significant changes in fee
policy or structure.       *      

4.12              Without
prejudice and in addition to any other provision of this Article 4, each of the
Euronext Market Undertakings undertakes, jointly and severally, to satisfy the
following obligations to Clearnet,       *      

4.12.1          *      
Clearnet shall set off such amount

 

13

 

against the aggregate amount of the Retrocession Fees
due to any one or more of the Euronext Market Undertakings (such set off shall
be effected against such amounts owed to each Euronext Market Undertaking in
such proportions as may be requested in a joint written request by or on behalf
of the Euronext Market Undertakings or, in the absence of such a written
request or in the event that the terms of the request would not result in full
satisfaction of such obligations to Clearnet, in Clearnet’s absolute
discretion, without prejudice in all cases to the joint and several liability
of the Euronext Market Undertakings). Such set-off shall be made against
Retrocession Fees calculated within 30 days of 31 December 2003.

4.12.2    Calendar year 2004 - The Euronext Market Undertakings will pay
to Clearnet, within 30 days of 31 December 2004, an amount equivalent to the       *      
for the purposes of this Article 4.12 (except as specified below), is the       *      
received by Clearnet in respect of cash, options, futures, OTC and other
markets cleared by it, whether under this Agreement or otherwise (and, for the
avoidance of doubt, excluding non-clearing revenue and treasury income as
contemplated in the Clearnet Business Plan dated 30 April 2003, which
non-clearing revenue amounts to       *      
in 2004 and       *      
in 2005 and which treasury income amounts to    *   
in 2004 and    *    in 2005), net of any
Retrocession Fees which Clearnet has paid to any Euronext Market Undertaking
pursuant to this Agreement and after application of all other provisions of
this Agreement, including Article 4.8) in comparison with a forecast Total Net
Clearing Revenue of    *    (being the forecast
contained in the Clearnet Business Plan dated 30 April 2003, up to but not
exceeding an amount of    *    in aggregate.
Clearnet shall set off such amount against the aggregate amount of the
Retrocession Fees due to any one or more of the Euronext Market Undertakings
(such set off shall be effected against such amounts owed to each Euronext
Market Undertaking in such proportions as may be requested in a joint written
request by or on behalf of the Euronext Market Undertakings or, in the absence
of such a written request or in the event that the terms of the request would
not result in full satisfaction of such obligations to Clearnet, in Clearnet’s
absolute discretion, without prejudice in all cases to Clearnet’s rights to
demand payment from such Euronext Market Undertaking and to the joint and
several liability of the Euronext Market Undertakings). Any such set-off shall
be made against Retrocession Fees calculated within 30 days of 31 December
2004. Where there is a surplus in actual Total Net Clearing Revenue (which for
this purpose alone shall be limited to Total Net Clearing Revenue which is net
clearing revenue received by Clearnet in respect only of markets cleared by it
as at the date of the Clearnet Business Plan dated 30 April 2003) as against
such forecast Total Net Clearing Revenue for such calendar year, Clearnet shall
pay an amount equivalent to such surplus, up to but not exceeding an amount of    *   
in aggregate, to the Euronext Market Undertakings (in such proportions as may
be requested in a joint written request by or on behalf of the Euronext Market
Undertakings or, in the

 

 

14

 

absence of such a written request, in Clearnet’s
absolute discretion) within 30 days of 31 December 2004.

4.12.3    Calendar year 2005 - The
Euronext Market Undertakings will pay to Clearnet, within 30 days of 31
December 2005,    *    for the 2005 calendar year
in comparison with a forecast Total Net Clearing Revenue of    *   
(being the forecast contained in the Clearnet Business Plan dated 30 April
2003), up to but not exceeding an amount of    *   
in aggregate. Clearnet shall set off such amount against the aggregate amount
of the Retrocession Fees due to any one or more of the Euronext Market
Undertakings (such set off shall be effected against such amounts owed to each
Euronext Market Undertaking in such proportions as may be requested in a joint
written request by or on behalf of the Euronext Market Undertakings or, in the absence
of such a written request or in the event that the terms of the request would
not result in full satisfaction of such obligations to Clearnet, in Clearnet’s
absolute discretion, without prejudice in all cases to Clearnet’s rights to
demand payment from such Euronext Market Undertaking and to the joint and
several liability of the Euronext Market Undertakings). Any such set-off shall
be made against Retrocession Fees calculated within 30 days of 31 December
2005. Where there is a surplus in actual Total Net Clearing Revenue (which for
this purpose alone shall be limited to Total Net Clearing Revenue which is net
clearing revenue received by Clearnet in respect only of markets cleared by it
as at the date of the Clearnet Business Plan dated 30 April 2003) as against
such forecast Total Net Clearing Revenue for such calendar year, Clearnet shall
pay an amount equivalent to such surplus, up to but not exceeding an amount of    *   
in aggregate, to the Euronext Market Undertakings (in such proportions as may
be requested in a joint written request by or on behalf of the Euronext Market
Undertakings or, in the absence of such a written request, in Clearnet’s
absolute discretion) within 30 days of 31 December 2005.

In respect of the calculation under Article 4.12.2 or 4.12.3,
Clearnet’s actual Total Net Clearing Revenue for the calendar year in question
shall be determined by Clearnet and Clearnet shall provide to the Euronext
Market Undertakings a written statement that sets out in detail the calculation
of such Total Net Clearing Revenue. If any Euronext Market Undertaking has any
objection to the calculation contained in such statement, it may review
Clearnet’s records with respect thereto and Clearnet shall cooperate fully in
such review by providing all appropriate records and making its officers,
employees, agents and consultants reasonably available during regular business
hours as may be reasonably required in connection therewith. Following such
review, the parties shall endeavour in good faith to resolve any disagreement
with respect to the calculation of the Total Net Clearing Revenue for the
period in question. Clearnet shall maintain true and complete books of account
containing an accurate record of all data necessary for the proper computation
of Total Net Clearing Revenue under the terms of this Agreement and shall,
until 31 December 2008, give the Euronext Market Undertakings access to such
books of account and allow the Euronext Market Undertakings to take copies of
such upon reasonable request.

 

 

15

 

Where any Euronext Market Undertaking ceases or
anticipates ceasing to be a wholly owned subsidiary within the Euronext Group,
the parties shall, at the request of such Euronext Market Understanding, discuss
whether the obligations of such Euronext Market Undertaking under this Article
4.12 should be assumed by another Euronext Market Undertaking or in a different
manner, without prejudice to the continuing joint and several obligations of
the other Euronext Market Undertakings under this Article 4.12.

The target Total Net Clearing Revenue figures set
forth in Articles 4.12.2 and 4.12.3 (i.e.    *   
for 2004 and    *    for 2005) are based on the
product flow and the fee schedule assumptions underlying the forecast contained
in the Clearnet Business Plan dated 30 April 2003. For the purposes of
effecting the calculations under Articles 4.12.2 and 4.12.3, the forecast Total
Net Clearing Revenue figures shall be adjusted pro rata where one or more of
the assumptions which impact on that forecast are modified at the initiative of
any Olympus Group member in a manner which was not contemplated in the Clearnet
Business Plan dated 30 April 2003 and the forecasts contained therein.

4.13              In
respect of any amounts due and payable to Clearnet pursuant to this Agreement
from any Euronext Market Undertaking, and subject to the provisions of Article
4.12, Clearnet shall, insofar as it is able to do so, set off such obligations
to it against Retrocession Fees which are or would otherwise be due to such
Euronext Market Undertaking or any other amounts due by Clearnet to such
Euronext Market Undertaking pursuant to this Agreement, without prejudice to
Clearnet’s rights to demand payment from such Euronext Market Undertaking.

4.14              Where
all of the Euronext Market Undertakings become subject to insolvency
proceedings as contemplated under Article 8.5, Clearnet may by notice to each
of the Euronext Market Undertakings declare any amounts which are not but
would, with the passing of time and with reasonable certainty, become due and
payable by such Euronext Market Undertakings to Clearnet pursuant to Article
4.9 or 4.12, to be immediately due and payable (whereupon the same shall become
so payable). Where Clearnet becomes subject to insolvency proceedings as
contemplated under Article 8.5, any Euronext Market Undertaking may by notice
to Clearnet declare any amounts which are not but would, with the passing of
time and with reasonable certainty, become due and payable by Clearnet to such
Euronext Market Undertaking pursuant to Article 4.8 or 4.12, to be immediately
due and payable (whereupon the same shall become so payable).

4.15              Clearnet
shall use its reasonable efforts to provide support to Clearing Members in the
context of new projects and otherwise, such support and services to be provided
to each Euronext Market Undertaking at a level and in a manner equivalent to
that at which such support and services are provided to other markets serviced
by LCH.Clearnet Group members.

4.16              Clearnet
shall provide timely and appropriate support, assistance and resources to the
Euronext Group in response to specific requests relating to Clearing Services,
in particular in connection with the development and implementation of new
products and markets.

 

 

16

 

ARTICLE 5. COLLABORATION
AND COMMUNICATION OF INFORMATION BETWEEN PARTIES

5.1                    This
Agreement has been drawn up in a spirit of partnership and balance of
contractual relations, with each of the parties committing on the basis of its
capabilities and professionalism.

5.2                    The
parties agree to collaborate closely in their contractual relations and to
perform their obligations in total good faith in accordance with this Agreement
and the Service Level Agreement. Each party undertakes to maintain active,
regular collaboration and ongoing dialogue with its members and the other
parties in relation to the subject matter of this Agreement.

5.3                    Such
collaboration and consultation shall include, but not be limited to, the
following areas:

5.3.1                   changes to the
fee structures and policies set by LCH.Clearnet, including exercise and
assignment fees, deposit interest policy and any other charge relating to
activity on Euronext Markets;

5.3.2                   merging of open
interest, fungibility of Financial Instruments traded on Euronext Markets,
margin offsets with Financial Instruments traded on other trading platforms or
over the counter (it being specified that any actions with respect to these
topics are subject to Article 5.7);

5.3.3                   changes to
membership criteria or financial resources requirements relevant to any
Euronext Markets;

5.3.4                   action against
any member of a Euronext Market;

5.3.5                   margin levels
regarding products traded on Euronext Markets;

5.3.6                   procedures for the
registration of Financial Instruments traded on Euronext Markets;

5.3.7                   acceptable
forms and currencies of collateral relevant to any Euronext Markets;

5.3.8                   access to
settlement systems relevant to any Euronext Markets;

5.3.9                   changes to the
organisational structure of the LCH.Clearnet Group which may be relevant to the
provision, by Clearnet or any other LCH.Clearnet Group member, of services to
the Euronext Markets under this Agreement;

5.3.10             LCH.Clearnet IT
architecture as it is relevant to the Euronext Markets;

5.3.11             settlement dates
relevant to any Euronext Markets; and

5.3.12             buy-in procedures
relevant to any Euronext Markets.

5.4                    Moreover:

Each of the parties undertakes that it will co-operate
in relation to the subject matter of this Agreement, by the sharing of relevant
information or otherwise, with any Competent Authority or body having
responsibility for any matter arising out of, or connected with, the regulation
of

 

 

17

 

any member, market or clearing house in relation to
any such matter, and with the other parties (who shall in turn have the right
to share such information with any Competent Authority with jurisdiction over
them, provided that such action does not place the disclosing party in breach
of any obligation of confidentiality of which the other parties are made
aware).

The Euronext Market Undertakings and Clearnet
undertake that the Exchange Rules and the Clearing Rules are designed to ensure
that there is at all times a Clearing Member to clear the trades of every
Trading Member who has access to any Euronext Market. In particular, the
Clearnet-Euronext Contractual Documentation shall describe how access to
trading facilities is removed from any Clearing Member (and any Trading Member
for whom that Clearing Member acts as clearer) which is, or seems likely to
become, in default under the Clearnet-Euronext Contractual Documentation, and
the procedures to be followed with the aim of permitting non-defaulting Trading
Members to continue to operate in spite of a default of their Clearing Member
or removing their access to trading facilities where necessary.

If any of the parties becomes aware of any problem in
relation to any Transaction, or the clearing and settlement of any Transaction,
or any circumstances which are likely to give rise to such a problem, it shall
immediately notify the other party.

The Service Level Agreement shall outline the
procedures of the parties for the audit and surveillance of their respective
members. Any communications between the parties as provided in such document
shall be made as therein stipulated.

5.5                    In
order to ensure that the Euronext Markets operate in an orderly manner and are,
as far as is possible, insulated from the risk of contagion of adverse effects
flowing from events on non-Euronext markets, Clearnet and LCH.Clearnet
undertake to co-operate with the Euronext Market Undertakings through dialogue
and consultation to the greatest extent reasonably practicable. In particular,
Clearnet and LCH.Clearnet undertake as follows:

•                             The
general approach to the setting of margin rates or levels for Financial
Instruments traded on any of the Euronext Markets, the determination of the
methodology for margining and the subsequent adaptation thereof shall be established
by the board of LCH.Clearnet on the recommendation of the risk committee of
LCH.Clearnet, which committee will include at least one representative of the
Euronext Group. Adjustments to margin levels set on the basis of the general
approach or to the methodology for margining will be made by Clearnet or
LCH.Clearnet only following consultation with the relevant Euronext Market
Undertaking wherever possible, but each Euronext Market Undertaking
acknowledges that in certain market conditions it may not be possible for such
consultation to take place prior to the implementation of changes to initial
margin.

•                             Where
there is a default by a Trading Member or a Clearing Member, Clearnet and the
relevant Euronext Market Undertaking shall in accordance with the default
procedures which form part of the Clearing Rules or the Exchange Rules (as
applicable), co-operate generally, and in particular as to the liquidation of
any open positions, so as to minimise any adverse impact upon any of the
Euronext Markets or Clearnet.

 

 

18

 

5.6                    Where
Clearnet admits a member for the clearing of trades executed on non-Euronext
markets, Clearnet shall have in place procedures to ensure a clear separation
of records so as not to allow such member to receive information concerning the
Euronext Markets.

5.7                    
   *   

Furthermore, no member of the Olympus Group shall
introduce    *    relating to Financial
Instruments traded on a Euronext Market, or    *   
registered by Clearnet or any other Olympus Group member, without the prior
consent of the relevant Euronext Market Undertaking (which shall not be
unreasonably withheld). Should Clearnet change its existing margining system,
each Euronext Market Undertaking may opt on a case by case basis not to include
Financial Instruments in the new margining arrangements where such Euronext
Market Undertaking reasonably considers that such inclusion would have a
significant adverse effect on its competitive position. If such decision of a
Euronext Market Undertaking by itself gives rise to additional Clearnet costs
as a result of maintaining both the existing margining system and the new
margining system, such Euronext Market Undertaking shall reimburse such
reasonable additional costs following justification of such costs.

5.8                    
   *   

ARTICLE 6.  CONFIDENTIALITY

Each of the parties shall, both during and after the arrangements
contemplated by this Agreement have terminated:

(a)                    keep
confidential all information, whether in written or any other form, which has
been disclosed to it by or on behalf of the other party in confidence or which
by its nature ought to be regarded as confidential (including, without
limitation, any business information in respect of the other party which is not
directly applicable or relevant to the Transactions contemplated by this
Agreement); and

(b)                   procure that
its officers, employees and representatives keep secret and treat as
confidential all such documentation and information.

This clause does not apply to information:

 

 

19

 

(a)                    to the extent
that the Clearing Rules or the rules of the Euronext Market Undertakings
provide for such information to be disclosed to any other exchange, clearing
organisation, or regulatory authority;

(b)                   to the extent
made available to the recipient party by a third party who is entitled to
divulge such information and who is not under any obligation of confidentiality
in respect of such information to the other party or which has been disclosed
under an express statement that it is not confidential;

(c)                    to the extent
required to be disclosed by any applicable law or by any governmental or other
regulatory or supervisory body or authority of competent jurisdiction to whose
rules the party making the disclosure is subject, whether or not having the
force of law, provided that the party disclosing the information shall notify
the other party of the information to be disclosed (and of the circumstances in
which the disclosure is alleged to be required) as early as reasonably possible
before such disclosure must be made and shall take all reasonable action to
avoid and limit such disclosure;

(d)                   disclosed to
any applicable tax authority to the extent reasonably required to assist the
settlement of the disclosing party’s tax affairs; or

(e)                    which shall
after the date of this Agreement become published or otherwise generally
available to the public, except in consequence of a wilful or negligent act or
omission by the other party to this Agreement in contravention of these
obligations, or to information which the recipient party can prove was already
known to it before its receipt from the disclosing party.

The provisions of this clause shall survive any termination of this
Agreement for a period of 3 years.

ARTICLE 7. DURATION AND ACCESSION BY
NEW UNDERTAKINGS

This Agreement will take effect upon Completion, and will continue in
force until terminated in accordance with the provisions of Article 8 of this
Agreement.

Where the Euronext Group is enlarged to include any new market
operator, such operator shall, and each Euronext Market Undertaking shall use
its reasonable efforts to procure that such operator shall, accede to this
Agreement by a side letter signed by itself and the parties, subject to and in
the circumstances contemplated by Article 3.

ARTICLE 8. TERMINATION

8.1                    This
Agreement has an initial term of    *    (the “Initial Term”) from the date when it takes
effect under Article 7, unless terminated earlier pursuant to Article 8.3, 8.4,
8.5 or 8.6 of this Agreement. At the end of the Initial Term, this Agreement
shall remain in force until terminated by any party giving notice of
termination to the other parties, provided that such notice of termination may
not be served before the expiry of the Initial Term and must provide for a
notice period of not less than    *    unless
terminated earlier pursuant to Article 8.3,
8.4, 8.5 or 8.6.

8.2                    Where
force majeure (as defined in the Clearing Rules) prevents any party (the
“affected party”) from temporarily performing its obligations under this
Agreement, the parties shall

 

 

20

 

immediately seek to resolve the issue in accordance
with Article 19 of this Agreement. Failing such resolution within a period of 6
weeks, this Agreement may, in relation to the affected party, be terminated
with immediate effect upon written notice from any party to the other parties.
Where force majeure (as defined in the Clearing Rules) prevents any party (the
“affected party”) from non-temporarily performing its obligations under this
Agreement, any party may terminate this Agreement immediately in relation to
the affected party.

8.3                    Where
any Euronext Market Undertaking (the “affected party”) becomes subject to any
arrangements which result in    *    the parties
will consult in accordance with Article 19 of this Agreement to determine
whether or not this Agreement should continue in force, and if so how the
contractual relationship should proceed, in relation to the affected party.

8.4                    Where
Clearnet becomes subject to any arrangements which result in (i) it ceasing to
be a member of the LCH.Clearnet Group, or (ii) a change of control in the
ultimate parent undertaking of the LCH.Clearnet Group (to the extent that the
change results in a person becoming a new parent undertaking of that
undertaking), the parties will consult in accordance with Article 19 of this
Agreement to determine whether or not this Agreement should continue in force,
and if so how the contractual relationship should proceed.

8.5                    Where
Clearnet or any Euronext Market Undertaking (the “affected party”) becomes
subject to insolvency proceedings, including without limitation, the passing of
a resolution for a winding up, the appointment of a receiver, administrative
receiver or administrator, the making of a composition of arrangements with
creditors or any proceedings or event of equivalent effect, the parties will
consult in accordance with Article 19 of this Agreement to determine whether or
not this Agreement should continue in force in relation to the affected party,
and if so how the contractual relationship should proceed.

8.6                    If
Clearnet or any of the Euronext Market Undertakings (the “breaching party”)
fails to perform any material obligation as specified in this Agreement, any
party to whom the relevant obligation is owed may terminate this Agreement in
relation to the breaching party with immediate effect by giving notice,
specifying the clause broken, provided that it first gives the breaching party
a reasonable period of time to repair the failure, following consultation in
accordance with Article 19 of this Agreement.

8.7                    Termination
of this Agreement as between Clearnet and any single Euronext Market
Undertaking shall not equate to termination of the entire contract as between
all of the parties.

8.8                    After
termination of this Agreement, for whatever reason, any remaining “open
interest” should be finally settled between the parties.

ARTICLE 9. ASSIGNMENT AND DELEGATION

Except as provided in Article 3, 4 and 7 of this Agreement, no party
shall take any actions or measures to assign, transfer, charge or otherwise
deal with all or any of its rights and/or obligations under or pursuant to this
Agreement or delegate the performance of any of its obligations under or

 

 

21

 

pursuant to this Agreement without the prior written approval of the
other parties. Such approval not to be unreasonably withheld or delayed.

ARTICLE 10. NON-COMPETE UNDERTAKINGS

10.1              Each
Euronext Market Undertaking hereby represents as of the date of its entry into
this Agreement that it is not its intention to establish or acquire a Material
Interest in a business with a view to competing with the LCH.Clearnet Business
and undertakes and agrees that, for a period of    *   
following its entry into this Agreement (or until it ceases to be a party to
this Agreement, if earlier):

10.1.1        save as permitted by
clause 10.1.2    *   

10.1.2        if it acquires a Material
Interest in an undertaking (which may include a single entity or multiple
entities grouped together in a single or related transactions) which includes
as a secondary or incidental part of its overall operations    *   

10.1.3        if its business begins to
converge with the business of any LCH.Clearnet Group member (whether by
acquisition, entering a joint venture or otherwise) so that the two businesses
come into direct competition with each other, as soon as reasonably practicable
after such circumstances come to its attention, it shall notify LCH.Clearnet of
such convergence and shall discuss with LCH.Clearnet in good faith the
development and continuation of such converging business on a joint basis; and

10.1.4        *   

10.2              Each
of LCH.Clearnet and Clearnet hereby undertakes that, for a period of    *   
following its entry into this Agreement (or until it ceases to be a party to
this Agreement, if earlier), if it develops or acquires any new business which
consists of, or includes,    *     with
the business of any Euronext Market Undertaking, it shall as soon as reasonably
practicable after such circumstances come to its attention notify each Euronext
Market Undertaking and shall discuss with each Euronext Market Undertaking in
good faith the development and continuation of such business, as it relates to
the competing trading platform, on a joint basis. This undertaking does not
apply to

 

 

22

 

any business of LCH.Clearnet and/or Clearnet currently
operated or contemplated  for development
in the LCH.Clearnet business plan as at the date of this Agreement.

ARTICLE 11. AMENDMENT

No amendment of this Agreement shall be valid unless it is in writing
and signed by or on behalf of the parties to it.

Unless expressly agreed, no amendment shall constitute a general waiver
of any provisions of this Agreement, nor shall it affect any rights,
obligations or liabilities under or pursuant to this Agreement which have
already accrued up to the date of amendment, and the rights and obligations of
the parties under or pursuant to this Agreement shall remain in full force and
effect, except and only to the extent they are so amended.

ARTICLE 12. LIABILITY

12.1              Except
as expressly provided in this Agreement and subject to the provisions of this
Article, no party shall be liable to any other party for any liability, claim,
loss, damages and expenses of any kind or nature arising from the performance
or non-performance of its obligations under this Agreement except to the extent
that such liability, claim, loss, damages or expenses result from the first
party’s negligence, wilful default or fraud and no party shall incur any
liability for any indirect, special or consequential loss or consequential
damages of any kind.

12.2              Notwithstanding
any other provision of this Agreement, no party shall be deemed to be in breach
of this Agreement, or otherwise be liable to any other party, for any loss or
damage suffered as a result of any force majeure event (as defined in the
Clearing Rules) of which it has notified that other party.

12.3              Subject
to Articles 12.1 and 12.2 above, each Euronext Market Undertaking shall
indemnify Clearnet fully for:

12.3.1        any reasonably foreseeable
loss which it may incur as a result of the Euronext Market Undertaking’s
failure to    *    and

12.3.2        any loss which it may
incur as a result of any    *    that results in
a material interruption of Clearing Services provided in accordance with this
Agreement.

12.4              Subject
to Articles 12.1 and 12.2 above, Clearnet shall indemnify each Euronext Market
Undertaking fully for:

12.4.1    any reasonably foreseeable
loss which it may incur as a result of a failure on the part of Clearnet to    *   
and notified to it by a Euronext Market Undertaking as provided in the Clearnet-Euronext
Contractual Documentation; and

 

 

23

 

12.4.2                  any loss which
it may incur as a result of any    *    that
results in a material interruption of Clearing Services provided to such
Euronext Market Undertaking in accordance with this Agreement.

ARTICLE 13. AMENDMENTS TO RULES

13.1              Clearnet
may at any time amend its Clearing Rules, provided that Clearnet shall consult
with each Euronext Market Undertaking in respect of any proposed amendment to
any part of the Clearing Rules insofar as they are applicable to the
performance of Clearnet’s obligations under this Agreement owed to such
Euronext Market Undertaking.

13.2              Any
Euronext Market Undertaking may at any time amend its rules, provided that such
Euronext Market Undertaking shall consult with Clearnet in respect of any
proposed amendment which may have an impact on the provision of the Clearing
Services by Clearnet.

13.3              Each
party agrees that it will not knowingly maintain or introduce any requirement
binding on its members which is reasonably likely to have a material adverse
effect on the ability of any of the other parties properly and fully to comply
with their obligations under this Agreement, unless such amendment is required
by the party’s regulator or to fulfil legal or taxation requirements.

13.4              If
any party becomes aware that any provision in another party’s rules,
regulations or procedures is materially inconsistent with any provision of the
other documentation, it shall notify the other party as soon as reasonably
practicable and the parties shall co-operate to make such amendments as they
may agree in order to remove that inconsistency.

13.5              Each
party acknowledges that any other party may make any amendment to its rules,
regulations or procedures if required to do so in order to comply with law or
its obligations to or any valid requirement of any regulator with jurisdiction
over it or authority to regulate its business activities.

ARTICLE 14. SEVERABILITY

If any provision of this Agreement is held to be invalid or
unenforceable, then such provision shall (so far as invalid or unenforceable)
be given no effect and shall be deemed not to be included in this Agreement but
without invalidating any of the remaining provisions of this Agreement unless
this provision is of a material nature.

The parties shall then use all reasonable endeavours to replace the
invalid or unenforceable provisions by a valid and enforceable substitute
provision the effect of which is as close as possible to the intended effect of
the invalid or unenforceable provision.

ARTICLE 15. NOTICES

Any notice to be given by one party to another party under, or in
connection with, this Agreement shall be in writing and signed by or on behalf
of the party giving it. It shall be served by sending it by fax to the number
set out in part B of Schedule l, or sending it by registered post to the
address set out in part B of Schedule 1, and in each case marked for the
attention of the relevant party (or as otherwise notified from time to time).

 

 

24

 

ARTICLE 16. WAIVERS

No failure or delay by any party in exercising any right or remedy
provided by law or pursuant to this Agreement shall impair such right or remedy
or operate or be construed as a waiver or variation of it or preclude its
exercise at any subsequent time and no single or partial exercise of any such
right or remedy shall preclude any other or further exercise of it or the
exercise of any other right or remedy.

ARTICLE 17. AGREEMENT

This Agreement, including the schedules hereto, sets out the entire
agreement and understanding between the parties in respect of the subject
matter of this Agreement.

In this Agreement unless the context otherwise requires the headings
are inserted for convenience only and do not affect the construction of the
Agreement and any reference to a rule, an enactment or statutory provision is a
reference to it as it may have been, or may from time to time be, amended,
modified, consolidated, re-enacted or replaced.

ARTICLE 18. GOVERNING LAW

This Agreement and the relationship between the parties shall be
governed by, and interpreted in accordance with, French law.

ARTICLE 19. AMICABLE RESOLUTION

In case of dispute or any difference of interpretation between the
parties as to the execution or termination of this Agreement, the parties
undertake to attempt to find an amicable resolution within the spirit of this
Agreement.

Where such an amicable agreement cannot be reached within one month,
the parties agree that any dispute shall be resolved in accordance with Article
20 of this Agreement.

ARTICLE 20. ARBITRATION, SERVICE OF
PROCESS

Any issue which is not resolved by the procedures of Article 19 of this
Agreement shall be referred to “EuroArbitration” to be dealt with under its
Rules of Expertise, Mediation or Arbitration, as appropriate.

Each of the Euronext Market Undertakings, Clearnet and LCH.Clearnet
irrevocably consents to service of process or any other documents in connection
with proceedings in any court by facsimile transmission, personal service,
delivery at any address specified in this Agreement or any other usual address,
mail or in any other manner permitted by French law, the law of the place of
service or the law of the jurisdiction where proceedings are instituted.

 

 

25

 

AS WITNESS the hands of the duly authorised representatives of the
parties

Date

SIGNED BY

For Euronext Amsterdam N.V.

Date

SIGNED BY

For Euronext Brussels S.A./N.V.

Date

SIGNED BY

For Euronext Paris S.A.

Date

SIGNED BY

For Euronext Lisbon — Sociedade Gestora de Mercados Regulamentados,
S.A.

Date

SIGNED BY

For Banque Centrale 

de Compensation S.A.

Date

SIGNED BY

For LCH.Clearnet Group Limited

Date

 

 

26

 

SCHEDULE 1 PART A

EURONEXT
MARKETS

Each of the following markets identified as being operated by a
Euronext Market Undertaking is a “Euronext Market” for the purposes of this
Agreement.

1.                          Euronext
Paris operates four regulated French markets and one organised market:

Securities
Markets

(1)                    Bourse de
Paris (which includes the Premier Marché, the Second Marché and the Marché des
EDR (European Depositary Receipts)).

(2)                    the Nouveau
Marché.

Derivatives
Markets

(1)                    the MONEP.

(2)                    the MATIF.

Organised
Markets

(1)                    Marché Libre
OTC (which is categorised as a Securities Market for the purposes of Schedule
4C but does not constitute a cash equities market for the purposes of Article
4.8).

2.                          Euronext
Amsterdam operates regulated Dutch markets:

(1)                    the securities
market Euronext Amsterdam Stock Exchange (AEX) (which includes (a) the official
market, (b) the domestic market for unlisted securities and (c) Euro NM
Amsterdam).

(2)                    the
derivatives market Amsterdam Derivative Markets.

3.                          Euronext
Amsterdam supervises “Prof Trades exchanges”.

4.                          Euronext
Brussels organises five Belgian regulated markets:

Securities
markets

(1)                    the Premier Marché/Eerste Markt.

(2)                    the Second Marché/Tweede Markt.

(3)                    the Nouveau Marché/Nieuwe Markt.

(4)                    the Trading
Facility.

Derivatives
markets

(1)                    the Euronext
Brussels Derivatives Market.

 

 

27

 

5.                          Euronext
Brussels organises regular Public Auctions (“Ventes publiques”/“Openbare
veiligen”) and a “Marché Libre” which are not regulated markets.

6.                          Euronext
Lisbon operates the following markets:

Derivatives
Markets

(1)                    Mercado de
futuros e opções (Futures and Options Market)

Cash
Markets

(1)                    Mercado de
Cotações Oficiais (Market of Official Listing)

(2)                    Segundo
Mercado (Second Market)

(3)                    Novo Mercado
(New Market)

(4)                    Mercado sem Cotações
(Market without Quotations)

 

 

28

 

SCHEDULE 1 PART B

NOTICES
(ARTICLE 15)

CLEARNET

Address:                    39 Rue Cambon,

75001 Paris - France

Fax:                                                 + 33 (1) 1 49 27 10 60

For the attention of: Christophe Hemon

LCH.CLEARNET

Address:                    Aldgate House, 33 Aldgate High Street,

London, EC3N 1EA, United Kingdom

Fax:                                                 + 44 (0) 20 7426 7001

For the attention of: David Hardy

EURONEXT PARIS

Address:                    39 Rue Cambon,

75001 Paris - France

Fax:                                                 + 33 (0) 1 49 27 16 04

For the attention of: Patrick Stephan

EURONEXT BRUSSELS

Address:                    Palais de la Bourse

1000 Brussels - Belgium

Fax:                                                 + 32 (2) 509 1321

For the attention of: Anne-Sophie Pijcke

EURONEXT AMSTERDAM

Address:                    P.O. Box 13163

1000 GJ Amsterdam - The Netherlands

Fax:                                                 + 31 (20) 550 4945

For the attention of: Guus Warringa

EURONEXT LISBON

Address:                    Atrium Saldanha, Praça Duque de Saldanha, n° 1, 5° A, 

Lisboa - Portugal

 

Fax:              + 351 22 615 8439

For the attention of: Maria do Rosario Azevedo

 

 

 

29

SCHEDULE 2 PART A

CURRENT FEES

 

   *   

 

30

 

SCHEDULE 2 PART B

PROCEDURE FOR ESTABLISHING

FEE REDUCTIONS

1.                          In
the event that either Clearnet or any Euronext Market Undertaking desires to
propose a Fee Reduction (the “proposing entity”), in respect of a Euronext
Market, the proposing entity shall notify each Euronext Market Undertaking (if
the proposing entity is Clearnet) or Clearnet and the other Euronext Market
Undertakings (if the proposing entity is a Euronext Market Undertaking) in
writing of such proposal, setting forth sufficient detail so that the recipient
can fully understand the proposal and its effect on the Clearing Fees then in
force for such Euronext Market.

2.                          Within
thirty (30) calendar days of the date of such written proposal, the parties
shall meet to discuss the proposal, including any possible adjustments that may
be suggested by the recipients of the proposal.

3.                          If
the parties cannot agree on such Fee Reduction during such initial meeting, a
second meeting shall be held within thirty (30) calendar days following the
first meeting to attempts in good faith to agree on the proposed Fee Reduction.

4.         If no agreement is
reached by the end of such second meeting:

(a)                    if the
proposing entity is a Euronext Market Undertaking to which Retrocession Fees
are due in relation to the Euronext Market which is the subject of the Fee
Reduction, then any differences remaining unresolved by the end of such meeting
shall be resolved in favour of such Euronext Market Undertaking, subject to the
principles set forth in Article 4.7;

(b)                   if the
proposing entity is a Euronext Market Undertaking to which Retrocession Fees
are no longer due to relation to the Euronext Market which is the subject of
the Fee Reduction, then any differences remaining unresolved by the end of such
meeting shall be resolved in favour of Clearnet, subject to the principles set
forth in Article 4.11; and

(c)                    if
the proposing entity is Clearnet, then any differences remaining unresolved by
the end of such meeting shall be resolved in favour of Clearnet, subject to the
principles set forth in Article 4.7 and in Article 4.11).

 

31

SCHEDULE 3

CLEARING FEE COMMITMENT

Cash equities markets

Pursuant to Article 4.8, the parties [ILLEGIBLE] to the receipt by
Clearnet of Clearing Fees for clearing services in relation to    *   
equivalent to the following average amounts per trade, per side, for the
following periods:

 

	
  Year

  	
  Fee commitment (Euro
  per side of each transaction)

  
	
  2004

  	
     *   

  
	
  2005

  	
     *   

  
	
  2006

  	
     *   

  
	
  2007

  	
     *   

  
	
  2008

  	
     *   

  

 

 

32

SCHEDULE 4

RETROCESSION FEES

Schedule 4A Amsterdam

Subject to the terms of Article 4, the Retrocession Fees collected on
behalf of Euronext Amsterdam are as follows:

A fixed amount of    *    % of the
Clearing Fees on the Euronext Amsterdam cash markets.

Schedule 4B Brussels

Subject to the terms of Article 4, the Retrocession Fees collected on
behalf of Euronext Brussels are as follows:

A fixed amount of    *    % of the
Clearing Fees on the Euronext Brussels each and derivative markets.

Schedule 4C Paris

Subject to the terms of Article 4, the Retrocession Fees collected on
behalf of Euronext Paris are as follows:

A fixed amount of    *    euro per side
of each transaction cleared on cash markets or on derivative markets.

A variable amount, which constitutes a percentage of the value of
trades cleared on the cash market and options market. Depending on the number
of trades cleared on the markets per month, one of the four percentage rates
below will apply:

 

	
  Up
  to    *    trades cleared

  	
   

  	
     *   %

  
	
  From
     *    to    *   
  trades cleared

  	
   

  	
     *   %

  
	
  From
     *    to    *   
  trades cleared

  	
   

  	
     *   %

  
	
  Over
     *    trades cleared

  	
   

  	
     *   %

  

The percentage rates apply to the total value on Tranche 2 (as the term
is defined in the current Clearnet fee schedule) on the cash market, and to the
aggregate underlying value cleared by brokers on the options market.

Furthermore, the total amount invoiced will be limited, for the term of
this Agreement, by a floor and a cap to that, across all the Securities Markets
identified in Schedule 1A as operated by Euronext Paris, it shall not be:

•                            Less
than    *    % of the total amount of clearing
fees

•                            Or
greater than    *    of the same amount

 

 

33

 

and, across all the Derivatives Markets identified in Schedule 1A
as  operated by Euronext Paris, it shall
not be:

•                            Less
than    *    % of the total amount of clearing
fees

•                            Or
greater than    *    % of the same amount.

Schedule 4D Lisbon

Subject to the terms of Article 4, the Retrocession Fees collected on
behalf of Euronext Lisbon are as follows:

A fixed amount of    *    % of the
Clearing Fees on the Euronext Lisbon cash and derivatives markets.

 

 

34

EURONEXT BRUSSELS S.A./N V.

EURONEXT AMSTERDAM N V.

EURONEXT PARIS S.A.

EURONEXT LISBON - SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS, S A

and

BANQUE CENTRALE DE COMPENSATION

LCH CLEARNET GROUP LIMITED

 

	
  AMENDMENT N° I

  TO THE AMENDED AND RESTATED CLEARING AGREEMENT 

  MADE ON 31ST OCTOBER, 2003

  

 

 

 

This Amendment is made on 9 September 2005

between

EURONEXT PARIS S.A.

A limited company incorporated
in France, with a capital of Euro 130 332 568 whose registered office is at
Palais de la Bourse — Place de la Bourse — 75002 — Paris France recorded in the
Commercial Register of Paris (Registre du
Commerce et des Sociétés de Paris) under number B 343406732 RCS PARIS,

Represented by Mr
Jean-François THEODORE, Chairman of the Board of Directors

“EURONEXT PARIS”

and

EURONEXT AMSTERDAM N.V

A public limited liability
company organised under the laws of Netherlands, whose registered office is at
Beursplein 5, 1012 JW Amsterdam, recorded in the Commercial Register of
Amsterdam under number 34138585,

Represented by Mr. Joost VAN
DER DOES DE WILLEBOIS, Chairman of the Board of Directors and Mr. Jean -
François THEODORE, Member of the Board of Directors

“EURONEXT AMSTERDAM”

and

EURONEXT BRUSSELS S.A./N.V.

A private company organised
under the laws of Belgium, whose registered office is at Palais de la Bourse,
Place de la Bourse, 1000 Brussels, recorded in legal entitles register (“registre
des personnes morales”/“rechtspersonenregister”) under number TVA/BIW BE 0242
100.122, RPM Bruxelles/RPR Brussel, CBC Banque 191-0424242-27

Represented by Mr Olivier
LEFEBVRE, Chairman of the Board of Directors

“EURONEXT BRUSSELS”

and

EURONEXT LISBON — SOCIEDADE GESTORA
DE MERCADOS REGULAMENTADOS, S.A.

A limited liability company (“sociedade
anónima”) organised under the laws of Portugal whose head office is at Praça Duque de Saldapha, nol ~ 5oA, Lisbon,
with a share capital of 8,750,000 Euros, tax N.o (P) 504 825 330,
recorded in the Lisbon Business Registry Office, under number N. ° 8875,

Represented by Mr Miguel José
Pereira AIHAYDE MARQUES, Chairman of the Board of Directors

“EURONEXT LISBON”

on the one hand; and

BANQUE CENTRALE DE COMPENSATION S.A.

A limited company
incorporated in France, with a capital of Euro 113 066 820,26, whose registered
office is located 18, rue du Quatre September — 75002 — Paris France recorded
in the Commercial Register of Paris (Registre
du Commerce a des Sociétés de Paris) under number B 692 032 485 RCS PARIS.

Represented by
Mr. Christophe HEMON, Chief Executive Officer,

 

 

2

 

“CLEARNET”

and

LCH.CLEARNET GROUP LIMITED

A limited liability company
incorporated in England &
Wales whose registered office is at Aldgate House, 33 Aldgate High Street,
London, EC3N 1EA, United Kingdom, with registered number 4743602,

Represented by Mr. David
HARDY, Chief Executive Officer

“LCH.CLEARNET”

on the other hand

Each of the above are herein called “Party” and collectively called “the Parties”

WHEREAS

The Parties have entered into the Amended and Restated Clearing
Agreement made on 31st October, 2003 setting out the terms on which Clearnet
provides Clearing Services for each of the Euronext Market Undertakings

The Parties have agreed to bring the
modifications described below in the aforementioned agreement.

1—DEFINITION

Unless otherwise defined herein, all terms in
this Amendment shall have the meanings set forth in the Clearing Rule Book of
Clearnet (the “Clearing Rule Book”) as amended or supplemented from time to
time, or in the Agreement and the following expressions shall have the
following meanings:

“Agreement”
means the Amended and Restated Clearing Agreement entered into between the
Euronext Market Undertaking and LCH.Clearnet and Clearnet on 31st October,
2003.

“Amendment”
means this Amendment n°1.

2—PURPOSE OF THE AMENDMENT

2.1                  The Parties
hereby agree to delete the wording of Schedule 4D Lisbon and to replace it by
the

following wording:

Subject to the terms of Article
4, the Retrocession Fees collected on behalf of Euronext Lisbon are as follows:

A fixed amount of    *   
the Euronext Lisbon cash market and a fixed amount of    *    the Euronext Lisbon derivatives market

2.2                  The Parties
hereby agree to modify Schedule 1 dated 31st October, 2003 as
follows:

 

 

3

 

SCHEDULE I PART A

EURONEXT
MARKETS

Each of the following markets identified as being operated by a
Euronext Market Undertaking is a “Euronext Market” for the purposes of this
Agreement.

1.                         Euronext
Paris operates the following markets:

Regulated
Securities Markets

(1)                     Eurolist by
Euronext as of 21 February 2005

Regulated
Derivatives Markets

(1)                     MONEP;

(2)                     MATIF

Non-regulated
Market

(1)                     Marché Libre
OTC (which is categorised as a Securities Market for the purposes of Schedule
4C but does not constitute a cash equities market for the purposes of Article 4
8)

2.                         Euronext
Amsterdam operates the following Markets:

Regulated
Securities Market

(1)                     Eurolist by
Euronext as of 4 April 2005

Regulated
Derivatives Market

(1)                     Amsterdam
derivatives Markets

Non-regulated
Market

Traded but not Listed

3.                         Euronext
Brussels organises the following Belgian markets:

Regulated
Securities Markets

(1)                     Eurolist by
Euronext as of 4 April 2005

(2)                     Trading
Facility

Regulated
Derivatives Markets

(1)                     Euronext
Brussels Derivatives Market.

Non-regulated
Markets

(1)                     Public
Auctions (“Ventes publiques”/“Openbare veiligen”);

(2)                     Free Market (“Marché
Libre”/ “Vrije Markt”)

 

 

4

 

4.                         Euronext
Lisbon operates the following markets:

Regulated
Securities Market

(1)                     Eurolist by
Euronext as of 4 April 2005

Regulated
Derivatives Market

(1)                     Euronext
Lisbon Futures and Options Market

Non-regulated
markets

(1)                     Mercado Sem
Cotaçoes (Market without Quotations);

(2)                     EasyNext
Lisbon

 

 

5

 

(3) SCHEDULE 1
PART B

NOTICES (ARTICLE 15)

 

	
  CLEARNET

  
	
  Address:

  	
  18, rue du Quatre Septembre,

  75002 Paris - France

  
	
  Fax:

  	
  + 33 (1) 1 70 37 65 03

  
	
   

  	
   

  
	
  For the
  attention of: Chief Executive Officer and General Secretary

  
	
   

  	
   

  
	
  Additional
  notifications regarding Schedule 1 exclusively:

  
	
  Address:

  	
  18, rue du Quatre Septembre,

  75002 Paris - France

  
	
  Fax:

  	
  + 33 (1) 1 70 37 65 02
  and 65 01

  
	
   

  	
   

  
	
  For the attention
  of: Director of Operation Department and Director of Legal Department

  
	
   

  	
   

  
	
  LCH.CLEARNET

  	
   

  
	
  Address:     

  	
  Aldgate House, 33
  Aldgate High Street,

  London, EC3N 1EA, United Kingdom

  
	
  Fax:

  	
  + 44 (0) 20 7426 7001

  
	
   

  	
   

  
	
  For the
  attention of: Chief Executive Officer

  
	
   

  	
   

  
	
  EURONEXT
  PARIS

  	
   

  
	
  Address:

  	
  39 Rue Cambon,

  75001 Paris - France

  
	
  Fax:

  	
  + 33 (0) 1 49 27 54 18

  
	
   

  	
   

  
	
  For the
  attention of: General Counsel, Executive Legal Director

  
	
   

  	
   

  
	
  EURONEXT
  BRUSSELS

  	
   

  
	
  Address:

  	
  Palais de la Bourse

  1000 Brussels - Belgium

  
	
  Fax:

  	
  + 32 (2) 509 13 21

  
	
   

  	
   

  
	
  For the
  attention of: Head of Legal, Regulation Affairs, Anne-Sophie Pijcke 

  
	
   

  	
   

  
	
  EURONEXT
  AMSTERDAM

  	
   

  
	
  Address:

  	
  P.O. Box 19163

  1000 GD Amsterdam The Netherlands

  
	
  Fax:

  	
  + 31 (20) 550 49 54

  
	
   

  	
   

  
	
  For the
  attention of: Head of Legal, Regulation Affairs, Guus Warringa

  
	
   

  	
   

  
	
  EURONEXT
  LISBON

  	
   

  
	
  Address:

  	
  Atrium Saldanha, Praça Duque de Saldanha, no 1, 5o
  A, 

  Lisboa — Portugal

  
	
  Fax:

  	
  + 351 21 795 20 29

  
	
   

  	
   

  
	
  For the
  attention of: Head of Legal, Regulation Affairs, Pedro Pinto

  

 

 

6

 

2.3 The Parties hereby agree to add to Article 15 the
following words:

Notwithstanding the above principle, in case of any future modification
of Schedule 1, including reduction or extension of the Euronext Markets, change
of Euronext Markets name, change of contact, the relevant Party shall promptly
notify its relevant counterparty (the “Recipient”) by any written means in
accordance with Schedule I Part B.

Subject to the foregoing as an exception to Article 11, such notified
modifications shall automatically take effect 20 business days following
receipt by the Recipient whereupon Schedule 1 shall be deemed to be amended
accordingly. However in the event that the Recipient serves the proposing
counterparty with a written notice expressly rejecting the proposal
modification prior to the end of the 20 business days period following receipt
by the Recipient then the modification shall not be effected in this manner and
the provisions of Article 11 shall  apply

3 -EFFECTIVENESS OF THIS AMENDMENT

Unless otherwise agreed for specific provisions, this Amendment shall
come into effect    *    . By exception as
regards the Schedule 1 Part A, name modifications, notably those regarding
Eurolist, shall enter into effect as of their respective creation date
mentioned in the amended Schedule and the amendment to Article 15 herein shall
take effect on the date of this Amendment

4 - REMAINING PROVISIONS

All other provisions of the Agreement remain in effect and applicable
as drafted in the Agreement. This Amendment is attached to the Agreement and
forms an integral part of it

This Agreement has been signed on the date stated at the beginning in
six originals in Paris

 

	
  EURONEXT AMSTERDAM

  	
   

  	
  EURONEXT LISBON

  
	
  Signed by: Mr. Joost VAN DER DOES DE

  	
   

  	
  Signed by: Mr. Miguel José Pereira AJHAYDE

  
	
  WILLEBOIS, and Mr. Jean-François THEODORE,

  	
   

  	
  MARQUES,

  
	
  Title: Respectively, Chairman of the Board of

  	
   

  	
  Title: Chairman of the Board of Directors

  
	
  Directors and Member of the Board of Directors

  	
   

  	
   

  
	
  /s/ Joost VAN DER DOES
  DE WILLEBOIS

  	
   

  	
  /s/ Miguel José Pereira AJHAYDE MARQUES

  
	
   

  	
   

  	
   

  

 

	
  EURONEXT PARIS

  	
   

  	
  EURONEXT BRUSSELS

  
	
  Signed by: Mr. Jean-Francois THEODORE

  	
   

  	
  Signed by: Mr. Olivier LEFEBVRE,

  
	
  Title: Chairman of the Board of Directors

  	
   

  	
  Title: Chairman of the Board of Directors

  
	
  /s/ Jean-François THEODORE

  	
   

  	
  /s/ Olivier LEFEBVRE

  

 

	
  LCH CLEARNET GROUP LIMITED

  	
   

  	
  BANQUE CENIRALE DE COMPENSATION

  
	
  Signed by: David HARDY

  	
   

  	
  Signed by: Christophe HEMON

  
	
  Title: Chief Executive Officer

  	
   

  	
  Title: Chief Executive Officer

  
	
  /s/ David HARDY

  	
   

  	
  /s/ Christophe HEMON

  

 

 

7

 

EXECUTION COPY

EURONEXT BRUSSELS SA/NV

EURONEXT AMSTERDAM N.V.

EURONEXT PARIS SA

EURONEXT LISBON

And

BANQUE CENTRALE DE
COMPENSATION

LCH.CLEARNET GROUP LTD

 

	
  AMENDMENT No 2

  TO THE AMENDED AND RESTATED CLEARING AGREEMENT

  MADE ON 31ST OCTOBER 2003

  

 

 

 

This amendment is made on July 27 2007

between

EURONEXT PARIS S.A.

A limited company Incorporated in France, with a
capital of Euro 130 332 568 whose registered office is at Palais de la Bourse —
Place de la Bourse — 75002 — Paris France recorded in the Commercial Register
of Paris (Registre du Commerce et des
Sociétés de Paris) under
number B 343406732 RCS PARIS;

Represented by Mr. Jean François THEODORE, Chairman of the Board of
Directors

“Euronext Paris”

and

EURONEXT AMSTERDAM N.V.

A private company organised
under the laws of Netherlands, whose registered office is at Beursplein 5, 1012
JW Amsterdam, recorded in the
Commercial Register of Amsterdam under number 34138585, Represented by Mr.
Joost VAN DER DOS DE VILLEBOIS, Chairman of the Board of Directors and Mr.
Jean-François THEODORE,
Member of the Board of Directors

“Euronext Amsterdam”

and

EURONEXT BRUSSELS S.A./ N.V.

A private company organised under the laws of Belgium,
whose registered office is at Palais de la Bourse, Place de la Bourse, 1000
Brussels, recorded in the legal entities register (“Registre des personnes
morales”) under number TVA BE 0242.100.122, RPR Brussels, CBC Banque
191-0424242-27,

Represented by Mr. Olivier LEFEBVRE, Chairman of the Board of
Directors

“Euronext Brussels”

and

EURONEXT LISBON — SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS, S.A.

A limited liability company (“sociedade anónima”)
organised under the laws of Portugal whose head office is at Edlficio da Bolsa,
Rua Soeiro Perelra Gomes, Lisbon, with a share capital of 6,000,000 Euros, tax
N.° (P) 504 825 330, recorded in the Lisbon Business Registry Office, under
number N.° 8875,

Represented by Mr. Miguel José PEREIRA ATHAYDE MARQUES, Chief
Execute Officer

“Euronext Lisbon”

all together referred to as the “EMUs”or Individually the “EMU”

on the one hand, and

 

 

2

 

BANQUE CENTRALE DE
COMPENSATION S.A.

A limited company
Incorporated in France, with a capital of Euro 113 066 820,26, whose registered
office is located 18, rue du Quatre Septembre - 75002 - Paris France recorded
in the Commercial Register of Paris (Registre
du Commerce et des Sociétés de Paris) under number B 692 032 485 RCS
PARIS,

Represented by Mr. Christophe HEMON, Chief Executive Officer,

“CLEARNET”

and

LCH.CLEARNET GROUP LIMITED,

A limited liability company incorporated in England & Wales whose
registered office is at Aldgate House, 33 Aldgate High Street, London, EC3N
1EA, United Kingdom, with registered number 4743602,

Represented by Mr. David HARDY, Chief Executive Officer

“LCH.CLEARNET”

on the other hand.

Individually called “Party” and
collectively called “the Parties”

 

 

3

 

WHEREAS

The Parties have entered into the Amended and Restated Clearing
Agreement made on 31st October, 2003 setting out the terms on which Clearnet
provides Clearing Services for each of the EMUs (the “ARCA”).

Pursuant to article 4.5 of the ARCA, Clearnet collects fees from its
Clearing Members and retrocedes the EMUs the [ILLEGIBLE] Fees after application
of all other provisions as provided by articles 4.8    *   
4.9   *    and 4.11    *   
of the ARCA.

Parties have agreed to adopt the following calculation procedures of
articles 4.5, 4.8, 4.9   *    and 4.12.2 

of the ARCA.

1. DEFINITION
AND INTERPRETATION

1.1.     Definition

Unless otherwise defined herein, all terms with capital letters in this
amendment n°2 (the “Amendment”)
shall have the meaning set forth in the ARCA.

The following expressions shall have the following meanings:.

“CLEARNET Contact” means the person
nominated by Clearnet in compliance with article 4 below

“EMUs Contact”
means the person nominated by the EMUs in compliance with article 4 below,

“Posted Transactions” means the
Transactions that have been registered in a Position Account”.

In the eventuality, the Clearing Rule Book is modified in a way that
the above definition of Posted Transactions is modified, Parties agree to meet
in order to adapt the agreed definition of Posted Transactions.

Any other terms with capital letter shall have the meaning agreed in
the Clearing Rule Book of CLEARNET (the “Clearing Rule Book”)
as amended or supplemented from time to time.

1.2.     Interpretation

It is expressly agreed that in case of contradiction between the
provisions of the ARCA and the provisions of this Amendment the provisions of
the Amendment shall prevail.

2.        ADJUSTMENT CALCULATION OF THE GUARANTEE MECHANISM PROCEDURE

The purpose of this article is to describe the calculation methods
determining the amount of Retrocession Fees payable to the EMUs, as well as the
invoicing and payment processes.

2.1.     Amount
or Retrocession Fees collected by CLEARNET on the Clearing Members

Pursuant to article 4.5 of the ARCA, until December 31st
2008, “CLEARNET shall collect Retrocession Fees in relation to each Euronext
Market specified in Schedule 1 of the ARCA from its Clearing Members on behalf
of each EMU and shall account to each such EMU for Retrocession Fees collected
on its behalf. The level of such
Retrocession Fees for each Euronext Market shall be calculated in accordance
with Schedule 4 of the ARCA “Retrocession Fees”, subject always to the
provisions of this Article 4.

The Parties hereby agree that the terms or paragraphs used in Schedule
4C of the ARCA “Retrocession Fees–Paris” and listed below shall have the
following meaning:

 

 

4

 

“trades cleared” should be
understood as Posted Transactions

“The percentage rates apply to the
total value on Tranche 2 (as the term is defined in the current Clearnet fee
schedule) on the cash market and to the aggregate underlying value cleared by
brokers  on the options market” means
that;

•                                *   

•                                *   

Clearnet is liable to proceed to the calculations described in this
article in compliance with Article 3.1.1 below.

The EMUs are liable for the implementation of the invoicing process in
compliance with article 3.1.2 below.

Such amount shall be paid in compliance with article 3.1.3 below.

2.2.    *    provided for in Article 4.8
or the ARCA

Pursuant to article 4.8 of the ARCA    *   

Clearnet is liable to proceed to the calculations described below in
compliance with Article 3 below.

2.2.1.    *   

2.2.2.    *   

 

 

5

 

   *   

(b)    *   

2.2.3.     Invoicing breakdown

Notwithstanding the provisions of the ARCA such amount of Rebate
Retrocession Fees or Additional Retrocession Fees shall be split between the
relevant EMUs on the basis of the allocation key indicated by the EMUs Contact
on a monthly basis.

If the EMUs Contact does not provide such information, Clearnet shall
split the appropriate amount between the relevant EMUs using the allocation key
used the previous month.

The relevant EMUs shall issue invoices / credit notes in compliance
with Article 3.1.2 below.

2.3.        *   
provided for in Article 4.9 of the ARCA

From    *   

For this purpose Euronext Amsterdam shall issue
credit notes in compliance with Article 3.1.2 below. The payment of such amount
can be set off from the Retrocession Fees due to Euronext Amsterdam pursuant to
article 4.5 of the ARCA.

2.4.               Guarantee Level 3:
Revenue Guarantee provided for in Article 4.12 of the ARCA

Pursuant to article 4.12 of the ARCA    *   

   *   

   *   

   *   

 

 

6

 

   *   

   *   

   *   

3.        RETROCESSION FEES CALCULATION AND INVOICING
PROCESS

3.1.     Monthly
process (Retrocession Fees    *   

3.1.1.   Calculation

At the end of each month Clearnet is liable for preparing the following
listed items based on statistical data:

•                             Retrocession
Fees (Article 2.1 above) subject to

   *   

 

 

7

 

   *   

Clearnet shall then send to the EMUs Contact a written statement within
the 5 first business days of the following month.

Within 5 business days following the receipt by the EMUs Contacts of
such written statement, the latter shall send confirmation of such calculation
by email to CLEARNET Contact.

3.1.2.  Invoicing

Each EMU shall, on the basis of the agreed calculation, send an invoice
/ credit note for the appropriate amount of each of the items listed below
corresponding to the month, by the end of the following month:

•                             Retrocession
Fees subject to

•                             
   *   

•                             
   *   

In case of discrepancy between the actual data registered in Clearnet’s
accounts and the statistical data used for the calculation as mentioned in
article 3.1.1 above, an adjustment shall be made on the appropriate EMU
invoices / credit notes corresponding to the items of the following months.

3.1.3.  Payment

The payments or the amounts of the invoices/credit notes received from
each EMU can be set off per EMU.

Clearnet shall pay to or receive from each EMU the appropriate amount
within 30 days following the receipt of the invoices/credit notes.

If a payment is not made or received in due time, the delay will result
in interest being charged or received at a rate equal to one and a half times
the marginal lending rate fixed by the European Central Bank. The interest
charge will not imply any waiver of the right to damages due to late payment.

3.2.     Yearly
process    *   

Each year Clearnet is liable for calculating the Additional
Retrocession Fees or Rebate Retrocession Fees and send to the EMUs Contact the
written statement by January 31st of the following year at the
latest.

Within 10 business days following the receipt by the EMUs Contact of
the written statement, the latter shall send approval of calculations by email
to Clearnet Contact.

The designated EMUs shall, on the basis of the agreed calculation, send
an invoice / credit note for the appropriate amount by the end of February of
the following year.

Clearnet shall pay to or receive from the EMU(s) indicated by the EMUs
Contact the Additional Retrocession Fees or the Rebate Retrocession Fees within
30 days after receipt of the invoice / credit note.

4.        CONTACT

Clearnet and the EMUs all together will each nominate a representative
who will be in charge of the follow-up of the ARCA. The Parties commit to
formalise their choice by letter at the latest on August 31st 2005.

5.        JOINT AND SEVERAL LIABILITY

In accordance with article 4.12 of the ARCA, the Parties agree that the
EMUs are jointly and severally liable for amounts payable to Clearnet under the
ARCA as amended from time to time.

 

 

8

 

Consequently, in case of failure of one or more EMU(s) to perform its
obligation to pay to Clearnet amounts due under article 4.12 of the ARCA,
Clearnet shall be entitled to obtain payment of the remainder from any other EMU.

6.        Effectiveness of this amendment

This Amendment shall come into effect retroactively on    *   

7.        REMAINING PROVISIONS

All other provisions of the Agreement remain in effect and applicable
as drafted in the Agreement.

 

 

9

 

	
  Signed in six
  originals on
               July
  27 2005

  	
   

  	
  In
  Paris,              [ILLEGIBLE]

  
	
  EURONEXT
  AMSTERDAM

  Signed by: Mr Joost Van Der Dos De Villebois,

  and Mr. Jean- François Theodore,

  Title; Respectively Chairman of the Board of
  Directors and Member of the Board of Directors

  	
   

  	
  EURONEXT LISBON

  Signed by: Mr. Miguel
  José Pereira Athayde Marques, Title: Chief Executive Officer

  
	
  /s/ Jean- François
  Theodore

  /s/ Joost Van Der Dos De Villebois

  	
   

  	
  /s/ Miguel José
  Pereira Athayde Marques

  
	
  EURONEXT PARIS

  Signed by: Jean-François Theodore,

  Title: Chairman of the Board of Directors

  	
   

  	
  EURONEXT
  BRUSSELS

  Signed by: Mr. Olivier
  Lefebvre;

  Title: Chairman of the
  Board of Directors

  
	
  /s/ Jean-François
  Theodore

  	
   

  	
  /s/ Mr. Olivier
  Lefebvre

  
	
  LCH CLEARNET GROUP
  LIMITED

  Signed by: David HARDY,

  Title: Chief Executive Officer

  	
   

  	
  BANQUE CENTRALE
  DE COMPENSATION

  Signed by: Christophe
  HEMON,

  Title: Chief Executive
  Officer

  
	
  /s/ David Hardy

  	
   

  	
  /s/ Christophe Hemon

  

 

 

10

 

Execution copy

EURONEXT BRUSSELS S A./N
V

EURONEXT AMSTERDAM N V

EURONEXT PARIS S. A.

EURONEXT LISBON - SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS, SA.

and

BANQUE CENTRALE DE
COMPENSATION

LCH
CLEARNET GROUP LIMlTED

 

AMENDMENT
N° 3

TO THE AMENDED AND RESTATED
CLEARING AGREEMENT

MADE ON 31ST OCTOBER, 2003

 

 

 

 

This Amendment is made on October 4, 2006

between

EURONEXT PARIS S.A.

A limited liability company (“société anonyme”)
organised under the laws of France, whose registered office is at 39 rue
Cambon, 75039 Paris, recorded in the Commercial Register of Paris, (Registre du
Commerce et des Sociétés de Paris), under number B 343 406 732 RCS PARIS,

Represented by Mr. Jean-François THEODORE,
Chairman of the Board of Directors.

“EURONEXT PARIS”

and

EURONEXT AMSTERDAM N.V.

A public limited liability company organised under the
laws of Netherlands, whose registered office is at Beursplein 5, 1012 JW
Amsterdam, recorded in the Commercial Register of Amsterdam under number
34138585

Represented by Mr. Joost VAN DER DOES DE
WILLEBOIS, Chairman of the Board of Directors and Mr Jean- François THEODORE,
Member of the Board of Directors

“EURONEXT AMSTERDAM”

and

EURONEXT BRUSSELS
S.A./N.V.

A private company organized under the laws of Belgium,
whose registered office is at Palais de la Bourse, Place de la Bourse, 1000
Brussels, recorded in legal entities register (“registre des, personnes morales”/
“rechtspersonenregister”) under number JVA/BIW BE 0242 100.122, RPM
Bruxelles/RPR Brussel, CBC Banque 191-0424242-27

Represented by Mr Olivier LEFEBVRE, Chairman of the
Board of Directors

“EURONEXT BRUSSELS”

and

EURONEXT LISBON —
SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS, S.A.

A limited liability company (“sociedade anonima”)
organised under the laws of Portugal whose head office is at Av da Liberdade
n.° 196-7° A Lisbon, with a share capital of 8,750,000 Euros, tax N° (P) 504
825 330, recorded in the Lisbon Business Registry Office, under number N° 8875,

Represented by Mr. Miguel José Pereira ATHAYDE
MARQUES, Chairman of the Board of Directors

“EURONEXT LISBON”

on the one hand; and

 

 

2

 

BANQUE CENTRALE
DE COMPENSATION S.A.

A limited company Incorporated in France, with the
commercial name “LCH. Clearnet SA”
whose registered office is located 18, rue du Quatre Septembre — 75002 — Paris
France recorded is the Commercial
Register of Paris (registre du Commerce et
des Sociétés de Paris) under
number B 692 032 485 RCS
PARIS,

Represented by Mr Christophe
HEMON, Chief Executive Officer.

“CLEARNET”

and

LCH.CLEARNET GROUP LIMITED

A limited liability company incorporated in England
& Wales whose registered office is at Aldgate House, 33 Aldgate High
Street, London, EC3N IEA, United Kingdom, with registered number 4743602,

Represented by Mr. Roger Lidell, Chief Executive
Officer.

“LCH.CLEARNET”

on the other hand.

Each of the above are herein called “Party”
and collectively called “the Parties”

 

 

3

 

WHEREAS

The Parties have entered into the Amended and Restated Clearing
Agreement made on 31st October, 2003 setting out the terms on which Clearnet
provides Clearing Services for each of the Euronext Market Undertakings.

The Parties have signed a first amendment dated July 27, 2005 (the “Amendment n° 1”) modifying the amount of the Retrocession Fees
and the list of the Euronext markets. The second amendment to the ARCA dated
September 9, 2005 (the “Amendment n° 2”)
has clarified the calculation method of the Retrocession Fees.

The purpose of this amendment n°3 (the “Amendment n°3”) is (i) to    *   
regarding the derivatives markets operated by the EMU’s as listed in Schedule I
as modified by the Amendment n°1, and (ii) to modify the financial provisions
between Euronext Amsterdam and Clearnet regarding Amsterdam derivatives market.

The Parties have agreed to bring the modifications described below in
the aforementioned agreement.

1 — DEFINITIONS

Unless otherwise defined herein, all terms is this Amendment shall have
the meanings set forth in the Agreement and the following expressions shall
have the following meanings:

“Agreement” means the
Amended and Restated Clearing Agreement entered into between the Euronext
Market Undertakings and LCH Clearnet and Clearnet on 31st October,
2003, as amended

“Amendment” means this
Amendment n° 3.

2
— PURPOSE OF THE AMENDMENT

2.1 Modifications with regard to the
derivatives markets,    *    mentioned in Article
4.5, § 1, of the Agreement.

As stipulated in Article 4.5, § 1 of the Agreement, the Parties hereby
agree to    *    foreseen in that provision and
agree that, as far as the derivatives markets are concerned, are obligation of
Clearnet to collect Retrocession Fees for the Euronext Market Undertakings    *   
regarding Paris derivatives market. It is agreed between the Parties that this
[ILLEGIBLE] concerns the derivatives markets of the Euronext Market
Undertakings and does not modify the provisions of the Agreement with respect
to the cash markets including without limitation the commitments with regard to
the levels of Retrocession Fees for the cash markets The Schedule 4 of the
Agreement shall be interpreted accordingly.

2.2 Modification of Article 4.9 of
the Agreement.

As foreseen in Article 4.9 of the Agreement, Clearnet and Euronext
Amsterdam hereby agree to modify Euronext Amsterdam’s obligation to pay    *   
entered into on Euronext Amsterdam as follows:

 

 

4

 

   *   

3 — EFFECTIVENESS OF THIS
AMENDMENT

Unless otherwise agreed for specific provisions, this Amendment shall
come into effect on the date of this Amendment

4 — REMAINING PROVISIONS

All other provisions of the Agreement, as amended remain in effect and
applicable as drafted in the Agreement

This Amendment is attached to the Agreement and forms an integral part
of it

This Agreement has been signed on the date stated at the beginning in
six originals in Paris,

 

	
  EURONEXT AMSTERDAM

  Signed by: Mr. Joost VAN DER DOES DE WILLEBOIS, and Mr. Jean-François
  THEODORE,

  Title: Respectively, Chairman of the Board of Directors and Member of the
  Board of Directors

  	
   

  	
  EURONEXT
  LISBON

  Signed by: Mr. Miguel José
  Pereira ATHAYDE MARQUES,

  Title: Chairman of the Board of Directors

  
	
  /s/ Mr. Joost VAN DER
  DOES DE WILLEBOIS

  	
   

  	
  /s/ Mr. Miguel Jose Pereira ATHAYDE MARQUES

  
	
  /s/ Mr. Jean-François THEODORE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EURONEXT PARIS

  Signed by: Mr. Jean-François
  THEODORE

  Title: Chairman of the Board of Directors

  	
   

  	
  EURONEXT
  BRUSSELS

  Signed by: Mr. Olivier LEFEBVRE,

  Title: Chairman of the Board of Directors

  
	
  /s/ Mr. Jean-François
  THEODORE

  	
   

  	
  /s/ Mr. Oliver LEFEBVRE

  
	
   

  	
   

  	
   

  
	
  LCH CLEARNET GROUP LIMITED

  Signed by: Mr. Roger LIDDEL

  Title: Chief Executive Officer

  	
   

  	
  BANQUE
  CENTRALE DE COMPENSATION

  Signed by: Mr. Christophe HEMON

  Title: Chief Executive Officer

  
	
  /s/ Mr. Roger LIDDEL

  	
   

  	
  /s/ Mr. Christophe HEMON

  

 

 

5CONFIDENTIAL TREATMENT REQUESTED

WITH
RESPECT TO CERTAIN PORTIONS HEREOF

DENOTED WITH "    *    "

Exhibit 10.48

 

Dated                                                1988

 

 

	
   

  	
  THE LONDON
  INTERNATIONAL

  FINANCIAL FUTURES

  EXCHANGE LIMITED

  
	
   

  	
   

  
	
   

  	
  and

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INTERNATIONAL
  COMMODITIES

  CLEARING HOUSE LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGREEMENT AS TO
  CLEARING

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Clifford Chance

  
	
   

  	
  Royex House

  
	
   

  	
  Aldermanbury Square

  
	
   

  	
  London EC2V 7LD

  
	
   

  	
  NFB. 7632/PJO

  

 

 

 

 

THIS AGREEMENT is made the 7th June 1988

BETWEEN

(1)                     THE
LONDON INTERNATIONAL FINANCIAL FUTURES EXCHANGE LIMITED (“the Exchange”) whose
registered office is at Royal Exchange, London ECJV 3PJ,

and

(2)                     INTERNATIONAL
COMMODITIES CLEARING HOUSE LIMITED (“ICCH”) whose registered office is at 1/2
Crutched Friars, London EC3N 2AN.

W H E R E A S

A.                      ICCH
carries on the business of a clearing house and ensures to its clearing members
the performance of contracts traded on futures or options markets and
registered with it in accordance with the Regulations (as hereinafter defined);

B.                        The
Exchange carries on the business of administering a market for the trading and
execution of futures and option contracts;

C.                        The
Exchange desires to confirm the appointment of ICCH as the clearing house for
such market and to perform other functions for the Exchange and ICCH confirms
its acceptance of such appointment and agrees to perform such other functions
subject to the terms and conditions of this Agreement.

NOW IT IS HEREBY AGREED as follows:

1.                          Interpretation

1.1                    Unless
otherwise expressly stated in this Agreement and the schedules hereto:

(a)                     “authorised
person” has the same meaning as in section 207 [ILLEGIBLE] of the Financial
Services Act 1986;

(b)                    “business
day” means a day and time when the Market is open for trading;

(c)                     “clearing
Member” means a Member who is for the time being a clearing member of ICCH and
“clearing membership” shall be construed accordingly;

(d)                    “clearing”
means the functions performed by ICCH briefly described in the first-schedule
to this Agreement;

(e)                     “client
account” means an account of a clearing Member maintained with ICCH. In respect
of the clearing Member’s transactions for segregated customers, which is
designated by ICCH as a client account;

 

 

1

 

(f)                       “contract”
means a futures or option contract on the terms of an exchange contract made by
Members under the Rules and required by the Rules to be presented for
registration by ICCH;

(g)                    “exchange
contract” means any of the standard form contracts the Exchange has adopted and
currently authorizes Members to trade in under the Rules and subject to clause
12 of this Agreement any standard form contract which the Exchange may adopt
and authorize Members to trade in under the Rules;

(h)                    “margined
transaction” has the same meaning as in the Financial Services (Conduct of
Business) Rules 1987;

(i)                        “Market”
means any futures or options market or any division thereof administered by the
Exchange;

(j)                        “Member”
means any person being a member or a Licensee or tenant of the Exchange or the
Market, entitled to trade in his own name on the Market, or person is otherwise
entitled to trade in his own name thereon pursuant [ILLEGIBLE] Rules; and
“membership” shall be construed accordingly.

(k)                     “person”
includes any association or [ILLEGIBLE] or not having legal personality);

(l)                        “the
Procedures” means the procedures of ICCH under the Regulations as amended from
time to time, the edition of which with regard to the Market, having effect
from 29th April 1988, is annexed to this Agreement as the second schedule;

(m)                  “the
Regulations” means ICCH’s General Regulations as amended from time to time, the
edition of which, having effect from 29th April 1988, is annexed to this
Agreement as the third schedule;

(n)                    “the
Rules” means any of the regulations, rules, exchange contract terms and
administrative procedures for the time being and from time to time governing
the operation of the Market (the edition of which, having effect from 29th
April 1988, is annexed to this Agreement as the fourth schedule) and shall
include those made or applicable to the Market pursuant to this Agreement and
includes, without prejudice to the generality of the foregoing, any regulations
made by the directors of the Exchange  or
by any committee established under the Rules.

1.2       References to the
“parties” are references to the parties hereto, and “party” shall be construed
accordingly.

1.3       Clause headings and
numbering herein and in the schedules hereto are for ease of reference only and
shall not affect the interpretation of this Agreement.

 

2

 

1.4       Save as otherwise above
provided or where the context otherwise requires, terms and expressions defined
in the Regulations and Procedures shall have the same meanings in this
Agreement.

2.         Appointment as
Clearing House

2.1       The Exchange hereby
confirms the appointment of ICCH as the clearing house to the Market to provide
clearing for contracts in accordance with the Regulations and Procedures and
ICCH confirms its acceptance of such appointment and agrees to provide clearing.

3.         Members

3.1       The Exchange may at any
time introduce a new category or class of Member or alter or modify the rights,
privileges or obligations of an existing category on class of Member, provided
that where such introduction, alteration or modification may affect the
clearing of contracts by ICCH the Exchange shall as soon as reasonably
practicable advise ICCH of its proposal to make the introduction, alteration or
modification and shall thereafter consult with ICCH.

3.2       Without prejudice to the
foregoing requirement to inform and consult, the Exchange shall give ICCH not
less than 14 days written notice of the date on which the Exchange intends to
introduce a new category or class of Member or alter or modify the rights,
privileges or obligations of an existing category or class of Member.

3.3       ICCH may by written
notice to the Exchange to be given not less than 7 days before the expiry of
the period specified in clause 3.2 decline to register any contract presented
by or having any connection with a new category or class of Member if ICCH
reasonably determines that the introduction of such new category [ILLEGIBLE] of
Member will lead to any change in the obligations of [ILLEGIBLE] Members to any
class or category of Member or to ICCH, or that it will lead to an increase in
the liabilities or obligations of ICCH. This clause is without prejudice to the
rights of ICCH under the Regulations.

3.4       If ICCH declines
pursuant to clause 3.3 to register contracts presented by or having any
connection with a new category or class of Member, the Exchange shall be
entitled to make other arrangements for clearing in respect of such contracts.

3.5       Neither ICCH nor the
Exchange shall make any public announcement of the Exchange’s intention to
introduce a new category or class of Member or alter or modify the rights,
privileges or obligations of an existing category or class of Member until the
period specified in clause 3.2 has elapsed unless such announcement or
disclosure has been agreed to by both ICCH and the Exchange.

3.6       Clauses 3.1 to 3.5 shall
have effect without prejudice to clause [ILLEGIBLE].

 

3

 

3.7       The Exchange may in
accordance with the Rules allow and require clearing Members to assume
responsibility for contracts made by Members who are not clearing Members. Such
Members shall be required to enter into a clearing agreement in the form (or
one of the forms if more than one, as appropriate) annexed to this Agreement is
the fifth schedule, and the Exchange shall not (without the consent of ICCE)
cause or permit any change in the Rules which is inconsistent with the forms of
such clearing agreement, where the Rules do not make any provision for clearing
agreements in a form sort out in the fifth schedule, this clause shall be of no
effect.

3.8       In all dealings with
ICCE clearing Members will be required to act as principals and the Exchange
shall make it a provision of the Rules that all contracts entered into in
accordance with the Rules shall be made by a Member as a principal with any
other Member or with any client of any Member, and not as agent.

4.        Input
of trading information

4.1       The Exchange shall
throughout the business day provide ICCE with a full, complete and accurate
record of all contracts entered into that business day (including all the
information required in clause 4.5(b) and (c)) in machine readable form in
accordance with Exchange procedures.

4.2       The Exchange by the
Rules shall ensure at all times that Members are required to present
to the Exchange details (as listed in clause 4.5(a) to (c)) of all
contracts so far as is known to them and shall take all reasonable steps to
ensure that the Rules are enforced in that regard.

4.3       Unless otherwise
expressly agreed between the parties, particulars of a contract presented to
ICCE in accordance with clause 4.1 shall be deemed to be presented by the
clearing Members in whose names they are presented and, where the Rules so
provide, to be confirmed by such clearing Members in accordance with the
Regulations and the Procedures. The Exchange shall ensure that, unless
otherwise agreed by ICCE, the Rules shall at all times authorise the Exchange
to present and confirm such particulars to ICCE on clearing Members’ behalf.

4.4       Notwithstanding the
provisions of clause 4.3 ICCE may, after consulting the Exchange wherever
practicable, at its discretion reject any information which it reasonably
believes to be defective or deal with such information subject to any
conditions it may reasonably impose including but not limited to its right
under the Regulations and Procedures to refuse registration of contracts. ICCE
shall notify the Exchange promptly after an exercise of its discretion under
this clause.

 

4

 

4.5       The Exchange shall at
all times maintain full complete and accurate records of all contracts
presented for registration to ICCE, except contracts arising from the exercise
of registered option contracts. Such records shall be in such form as may be
agreed from time to time by ICCE and the Exchange but at least the following
information shall be retained by the Exchange.

(a)                     the
date and time at which a contract was made or was notified to the Exchange;

(b)                    the
names of the Members by whom a contract was made and the clearing members in whose
names it was presented for registration.

(c)                     The
commodity, the quantity or number of lots, the delivery month or prompt date
and the price (or, in the case of an option contract, the striking price and
the premium).

The Exchange shall allow ICCE access to such records at all reasonable
times on reasonable notice and shall retain the records for a period of 3 years
from the date on which they were created.

4.6       The Exchange shall use
its best endeavours to ensure that all information provided to ICCE by the
Exchange is accurate in all materials respects.

5.        Accounts

5.1       ICCE shall assign to
each clearing member one or more unique [ILLEGIBLE] (or other identifying
codes) which shall be notified to the Exchange.

5.2       ICCE shall open in the
name of each clearing member (subject to the Regulations and Procedures) one or
more accounts provided that ICCE shall not be under any obligation to open more
than one account in the name of a clearing Member who is not an authorised
person or more than two accounts in the name of a clearing Member who is an
authorised person.

5.3       In the case of any
clearing Member who is an authorised person, ICCE shall not exercise any right
of combination or set off permitted by the Regulations or Procedures between
any account opened in the name of that clearing Member and designated a client
account by that clearing Member and any account not so designated.

5.4       An account designated a
client account in the name of a clearing Member who is an authorised person
will be used by the clearing Member for the purposes of margined transactions
made with clients and for no other purpose notwithstanding that the clearing
Member shall be responsible for all obligations to ICCE in respect of such
account.

 

5

 

6.        Initial
margins

6.1       ICCH shall after
consultation with the Exchange set rates of initial margin for contracts
presented for registration by ICCH and ICCH shall immediately on setting such
rates notify the Exchange, the Securities and Investments Board and clearing Members
of such rates.

6.2       ICCH may in its absolute
discretion if it believes such action is necessary (and after consultation with
the Exchange wherever  practicable)
increase any rate of initial margin for any particular clearing member or any
exchange contract.

6.3       After consultation with
and with the agreement of the Exchange, but not otherwise, ICCH may reduce any
rate of initial margin for any exchange contract.

6.4       The provisions of this
clause shall not prevent the Exchange from setting rates of initial margin in
respect of an exchange contract provided that —

(a)                     a
rate of initial margin set by the Exchange (or any alteration thereof) shall
not be less than that required of all clearing Members by ICCH, pursuant to
clause 6.1 or (in the event of an Increase applying to all clearing Members)
clause 6.2, in respect of that exchange contract; and

(b)                    the
Exchange shall not set a rate of initial margin due from clearing Members
to ICCH.

7.        Security
for margins

7.1       ICCH may after
consultation with the Exchange make provision in the Regulations and Procedures
for the acceptance of security in place of cash for any clearing Member’s
obligations to ICCH.

8.        Marking
or settlement to market

8.1       ICCH may under the regulations
and Procedures require that clearing Members' accounts of any kind in its books
be operated on a marked to market basis or a settlement to market basis, but
shall consult with and obtain the prior consent of the Exchange before making
or altering any such requirement.

9.        Official
quotations

9.1       The Exchange shall each
business day, at such times and in such manner as the parties may from time to
time agree, notify ICCH of the price or value which properly and fairly
represents the price or value of each commodity the subject of an exchange
contract at the time such price or value is given.

 

6

 

9.2       ICCH
shall, except in the case of manifest error or in any other case in which ICCH
reasonably believes such value or price does not reasonably reflect the value
or price of the commodity, adopt such value or price as the basis for
determining the official quotation for the business day concerned which will
remain effective until the Exchange shall notify ICCH (in accordance with
clause 9.1) of any other value or price for such commodity.

10.      Disputes
as to delivery [ILLEGIBLE]

10.1     In the event of ICCH or
the Exchange being notified of any dispute arising out of a delivery of any
commodity pursuant to a contract, or in the event either ICCH or the Exchange
becoming aware of circumstances likely to give rise to a dispute, the party
receiving such notification or becoming aware of such circumstances shall
notify the other thereof immediately.

10.2     The Exchange shall
procure that the Rules at all times provide for the reference to arbitration of
a dispute arising out of a contract and, further, that they provide that where ICCH
is a party to a registered contract under dispute, ICCH shall be entitled to
call upon a clearing Member who is a buyer and a clearing Member who is a
seller, under the terms of registered contracts which have been matched by ICCH
and in respect of which reference to arbitration has been made under the Rules,
to conduct such arbitration between them in accordance with the Rules, in which
case awards shall be made, one between the buyer and ICCH and one between the
seller and ICCH.

11.      Rules,
Regulations and Procedures

11.1     Subject to clauses 11.2
and 11.3, the Exchange may at any time extend or amend the Rules and ICCH may
at any time extend or amend the Regulations and Procedures.

11.2     A party in preparing or
making any extension or amendment of the Rules or Regulations and Procedures
(as the case may be) shall:

(a)                    in so far as
is practicable in the circumstances consult in every case with the other party;
and

(b)                   give the other
party in every case (except in the case of exercise of emergency power is under
the Rules, Regulations or Procedures), no less than 14 days’ written notice of
the final form and content of the extension or amendment.

11.3     At any time within the
period of 14 days following the giving of a notice under clause 11.2(b) the
party to whom it is given (“the other party”) may give the first party, notice
of [ILLEGIBLE], passed within that period by the other party’s board or
[ILLEGIBLE], formally objecting to the intended extension or amendment of the
Rules or, as the case may be, the Procedures (“notice of objection”). Upon
receipt of notice of objection the first party shall forthwith defer

 

7

 

the coming into operation of the intended extension or
amendment and both parties shall use their best endeavours by negotiation with
each other to resolve the other party’s objection. At the expiration of one
month from the receipt of notice of objection the first party may bring the
intended extension or amendment into force either in its original form or
modified to reflect such agreement as may have been attained in the parties’
negotiation. This clause shall not apply in the event of ICCH or the Exchange
exercising emergency powers under the Rules, or Procedures, to extend or amend
the Rules or, as the case may be, the Procedures.

11.4     A party shall supply the
other with no fewer than two copies of the Rules, the Regulations and the
Procedures (as the case may be), as extended or amended, and any general
notice, direction or circular issued by such party to Members or clearing
Members. Such copies shall be addressed to such officer of the other party as
the latter may from time to time designate for the purpose.

11.5     Unless directed by the
Secretary of State, the Securities and Investments Board or the court, the
Exchange shall not adopt any provision in its Rules which may have the effect of
imposing on ICCH an obligation which is inconsistent with ICCH’s obligations
under the Regulations and Procedures without the prior written consent of ICCH.

11.6     Unless directed by the
Secretary of State, the Securities and Investments Board or the court, ICCH
shall not adopt any provisions in its Regulations or Procedures which may have
the effect of imposing on the Exchange an obligation which is inconsistent with
the Exchange’s obligations under the Rules without the prior written consent of
the Exchange.

12.      Exchange contracts

12.1     The Exchange may at any
time introduce new exchange contracts provided that where ICCH is to provide
clearing for such contracts the Exchange shall as soon as reasonably
practicable advise ICCH of the proposal to introduce the same and shall
thereafter consult with ICCH.

12.2     Without prejudice to the
foregoing requirement to inform and consult, the Exchange shall give ICCH not
less than 14 days’ written notice of the date on which the Exchange intends to
introduce a new exchange contract.

12.3     ICCH may by written
notice to the Exchange to [ILLEGIBLE] not less than 7 days before the expiry of
the period specified in clause 12.2 decline to register any contract made in
the terms of a new exchange contract or an extended or amended exchange
contract if ICCH reasonably determines that the registration of such contract
would expose ICCH to unacceptable risks or that the contract is or may be
commercially unacceptable to ICCH for clearing. This clause is without
prejudice to the rights of ICCH under the Regulations.

 

8

 

12.4     If ICCH declines pursuant
to clause 12.3 to register contracts in the terms of an exchange contract the
Exchange shall be entitled to make other arrangements for clearing in respect
of such contracts.

12.5     Neither ICCH nor the
Exchange shall make any public announcement of the Exchange’s intention to
introduce a new exchange contract or (except in an emergency) to alter or amend
the terms of an exchange contract until the period specified in clause 12.2 has
elapsed unless such announcement or disclosure has been agreed to by both ICCH and
the Exchange.

12.6     Clauses 12.1 to 12.3
shall have effect without prejudice to clause 11.

13.      Trade emergencies

13.1     If at any time either the
Exchange or ICCH suspects or anticipates the development of an excessive
position or unwarranted speculation or any other undesirable situation or
practice affecting or capable of affecting the Market, Members or contracts or
any of them, it shall forthwith notify the other party of the circumstances.

13.2     If the circumstances
contemplated by clause 13.1 are found to have arisen ICCH shall take such
action as the Exchange may reasonably require to monitor the development of
such circumstances and keep the Exchange informed of such development.

13.3     If the Exchange
determines in accordance with the Rules that an excessive position or
unwarranted speculation or any other undesirable situation or practice is
developing or has developed which is affecting or capable of affecting the
Market, ICCH may in accordance with the Regulations or the Procedures take such
action in respect of contracts which are for the time being registered by it as
may be required by the Rules or as may be agreed between the Exchange and ICCH.

14.      Invoicing back

14.1     If, where a contract is
to be invoiced back or closed out by resale under the Rules or the Regulations
or Procedures, the Exchange fails to fix an invoicing back price or premium (in
the case of an option contract) or resale price within 24 hours of being asked
to do so by ICCH or the Exchange is by virtue of its closure, insolvency or for
any other reason manifestly incapable of doing so ICCH may (subject to the
Regulations and the Rules) fix an invoicing back price or premium or resale
price (as the case may be) of such amount as it may in its absolute discretion
determine and may (subject as aforesaid) invoice back or close out by resale
any contract at that price or premium.

 

9

 

15.      Collection of fees

15.1     At the request of the
Exchange and if permitted by the Rules ICCH shall collect from clearing Members
and pay to the Exchange such levies as may from time to time be payable by such
clearing Members to the Exchange in which case—

(a)                     ICCH
shall not be obliged to make such collection at times or in a manner other than
the times or manner at or in which ICCH would normally collect from clearing
Members money due to ICCH;

(b)                    ICCH
shall provide to the Exchange within 7 days of the end of each month a
statement showing the amount collected in such detail and on such terms as may
be agreed, together with payment of such amount to the Exchange;

(c)                     ICCH
shall not be obliged to make any rebate or repay any levy which may be due from
the Exchange to clearing Members; and

(d)                    ICCH
shall not be obliged to pursue such collection where a clearing Member defaults
in payment.

16.      ICCH’s
charges

16.1     Subject to the
Regulations and Agreement of the Exchange (such agreement not to be unreasonably
withheld), ICCH shall be entitled to charge clearing Members the registration,
tender and other clearing fees set out in the sixth Schedule to this Agreement.

16.2     In addition to such fees
ICCH shall be entitled following consultation with the Exchange to make such
other reasonable charges on clearing Members as provided in the Regulations or
the Procedures.

16.3     ICCH shall give the
Exchange not less than 21 days, written notice of the introduction of any new
fee relating to the Exchange or the Market.

17.      No partnership

17.1     Nothing in this Agreement
shall constitute or be deemed to constitute a partnership between the parties
or constitute or be deemed to constitute ICCH as agent of the Exchange or vice
versa for any purpose whatsoever.

18.      Term

18.1     Subject to clauses 18.2
and 18.3, this Agreement shall commence on 29th April 1988 and shall unless
otherwise agreed subsist for two years and shall be automatically renewed from
year to year thereafter provided, however, that either party may terminate this
Agreement by giving the other party one year’s written notice of its intention
so to do expiring at any time after 29th April 1990.

 

10

 

18.2     If either party (“the
defaulting party”) is in breach of or in default under any term of this
Agreement than the other party may serve upon the defaulting party written
notice of the breach or default relied upon and if the defaulting party does
not remedy such breach or default within 30 days of being delivered such notice
then this Agreement may (if the breach is a material one) be terminated at the
and of such 10 day period by the party serving the notice.

18.3     On the termination of
this Agreement (howsoever determined), the closure of the Market or the Exchange
ceasing to trade (for whatever reason)   *   .

18.4     Each party shall give
notice forthwith to the other of the occurrence of any of the following events
with regard to the first-mentioned party —

(a)                     the
presentation of a petition or passing of any resolution for a winding-up;

(b)                    the
appointment of a receiver, administrative receiver or administrator;

(c)                     the
making of a composition or arrangement with creditors;

(d)                    the
institution of any proceedings in the courts by or against the party.

18.5     Each party shall have the
right to terminate this Agreement forthwith on the occurrence of any of the
following events —

(a)                     the
receipt of a notice given by the other party under clause 18.4 (b) or (c);

(b)                    the
making of the winding-up order against the other party;

(c)                     the
passing of any resolution for a winding-up (other than in the course of a
construction or amalgamation) of the other party.

19.      Force majeure

19.1     Neither party shall be
liable for any failure in performance of this Agreement if such failure arises
out of causes beyond its control. Such causes may include but are not limited
to acts of God or the public enemy, acts of a civil or military authority,
fire, flood, labour dispute, unavailability or restriction of computer or data
processing facilities or of energy supplies, communications failure, riot or
war.

 

11

 

20.      Conformity
of Rules, Regulations and Procedures

20.1     ICCH shall use its best
endeavours to bring this Agreement, the Regulations and Procedures into
conformity to each other by 31st July 1988.

20.2     The Exchange shall use
its best endeavours to bring the Rules into compliance with the requirements of
this Agreement and the Regulations and Procedures not later than 3 months after
ICCH has given written notice to the Exchange that ICCH has brought this
Agreement, the Regulations and Procedures into conformity to each other.

21.                  Amendments to
Agreement

21.1     The parties by written
instrument signed by their duly authorised representatives may at any time
agree to extend, modify, amend or alter whether in whole or in part this
Agreement and the schedules hereto.

22.                  Notices

22.1     Any notice or
communication to be made under or in connection with this Agreement shall be
made in writing addressed to the party to which such notice or communication is
[ILLEGIBLE] given and shall be deemed to have been delivered to such party
[ILLEGIBLE] to the registered office of such party or 48 hours after
[ILLEGIBLE] in the post first-class postage prepaid in an envelope [ILLEGIBLE]
it at that address; save that a notice or communication of [ILLEGIBLE] nature
shall be given or made orally and as soon as reasonably [ILLEGIBLE] thereafter
confirmed in writing in conformity thereto.

22.2     Each party shall have at
all reasonable times the facilities by which the other party can communicate to
it by telex, telephone or telefax.

23.        Law

23.1     This Agreement shall be
governed by and construed in accordance with the Laws of England.

IN WITNESS whereof the parties hereto have caused this
Agreement to be signed by their duly authorised representatives the day and
year first before written.

/s/       [ILLEGIBLE]

(for the Exchange)

/s/       [ILLEGIBLE]

(for ICCH)

 

12

 

FIRST SCHEDULE

/s/       [ILLEGIBLE]

/s/       [ILLEGIBLE]

(Clause 1.1)

Clearing

Functions to be
performed by “ICCH”

In accordance with the terms of this Agreement and subject to the
Regulations and Procedures ICCH shall perform the under mentioned clearing
functions —

1.                          To
receive by means of —

(a)          direct input into the
clearing system by the Exchange (other than under (c)),

(b)         direct input into the
clearing system by clearing Members, or

(c)          the supply of matched
trade information into the clearing system by the Exchange,

and to assign to accounts opened in the names of
clearing Members, particulars of contracts presented for registration in the
names of such clearing Members.

2.                          If
not precluded by the Rules, to allow a clearing Member to allocate a contract
presented for registration to another clearing Member by way of transfer.

3.                          To
allow clearing Members to designate contracts into separate client accounts
opened in their names.

4.                          Subject
to confirmation by or on behalf of a clearing [ILLEGIBLE] and (subject to the
Regulations) payment of cover in [ILLEGIBLE] a contract presented for
registration, to register such contract in the name of such clearing Member.

5.                          To
deal with a contract registered in the name of a clearing Member in accordance
with the Rules, Regulations and Procedures, including, where the Rules or the
Procedures so prescribe in respect of an exchange contract, affecting the daily
settlement to market or daily marking to market of an open contract on the
terms of such exchange contract save where the Procedures otherwise provide;
provided that daily settlement to market shall not be applied to a contract
registered in a clearing Member’s client account.

6.                          To
ensure that the processes mentioned at paragraph 5 above are separately applied
to any separate client account opened in a clearing Member’s name and
designated as such.

 

13

 

7.                          To
provide each clearing Member on every business day with a statement or summary
giving details of —

(a)                    contracts
presented for registration by the clearing Member or allocated to him;

(b)                   contracts
presented for registration and where applicable showing separately those
which  have been designated to any
separate client account opened in the clearing Member’s name and designated as
such;

(c)                    contracts
which have been settled from any account of the clearing Member by virtue of
daily settlement or daily marking to market;

(d)                   contracts which
have been, or will subject to the provision of cover be, registered in the name
of the clearing Member showing the account in which such contract has been or
will be registered;

(e)                    amounts of
money which are due to and from ICCH from and to the clearing Member and where
applicable details of account in respect of which such amounts are due.

8.                          To
determine every clearing Member’s financial position in relation to ICCH with
regard to each business day, and to require or make such payments as are
required to discharge any resulting balance in accordance with the Regulations
and Procedures.

9.                          Where
applicable to provide arrangements for the repayment of money due to the
clearing Member (pursuant to paragraph 8 above) in respect of any separate
client account whereby such payment shall only be made to an approved bank in
accordance with and within the meaning of the Financial Services (Clients’
Money) Regulations 1987.

10.                    To perform for
clearing Members such other functions as are assigned to ICCH by the
Regulations or the Procedures or as may be agreed from time to time between
ICCH and the Exchange.

 

14

 

	
  The London Clearing House Ltd

  Roman Wall House

  1-2 Crutched Friars

  London EC3N 2AN

  	
  **  
   GRAPHIC    **

  

For the attention
of:                                          D
M Hardy Esq

Chief Executive

16 July 1996

Dear Sirs,

Agreement as to Clearing dated 7 June 1988 (the
“Clearing Agreement”)

Further to our recent discussions we write to set out the amendments to
the clearing Agreement that have been agreed between us.

Words and expressions used in this letter and defined in the Clearing
Agreement shall bear the same meanings as in the Clearing Agreement save that
in this letter the term “LCH” will be used in place of the term “ICCH” which is
used in the Clearing Agreement. References to numbered clauses are references
to Clauses in the Clearing Agreement.

1.                         Members
(Clause 3)

For the avoidance of doubt no Member shall be entitled
to deal LCH under the arrangements established pursuant to the Clearing
Agreement in respect of any category of exchange contract unless such Member is
authorised under the Rules to clear such a contract.

2.                         Input of
Trading Information (Clause 4)

(a)                    Registration
of contracts, particulars of which have been presented to LCH in accordance
with Clause 4.1 on any business day, shall be deemed to occur one hour after
the Exchange has notified LCH of the completion of operation of its Trade
Registration System for that business day (i.e. TRS “end of day” signal) or as
such other time as may be agreed, in writing, from time to time.

[ILLEGIBLE]

[ILLEGIBLE]

[ILLEGIBLE]

[ILLEGIBLE]

 

 

 

 

(b)                   The
words “striking price” in the third line of clause 4.5(c) shall be deleted and
replaced by the word “series”.

3.                         Initial
Margins (Clause 6)

LCH’s duty to consult with the Exchange shall extend,
where reasonably practicable, to any
proposal by LCH to:

(a)                    alter the
proportion of margin which does not bear interest;

(b)                   make intra-day
margin calls:

(c)                    alter its
margining policy or methodology.

4.                         Security
for Margin (Clause 7)

LCH’s duty to consult with the Exchange shall extend
to any proposal to alter the
basis on which it will accept collateral otherwise than in the form of cash as
security for clearing a Member’s obligations to LCH, including any alterations
to the types of collateral that it may accept whether generally or in respect
of a particular Member.

5.                         Official
Quotations (Clause 9)

The word “given” in the fifth line of Clause 9.1 shall
be deleted and replaced by the word “struck”

6.                         Rules,
Regulations and Procedures (Clause 11)

(a)                    The procedure
set out in clauses 11.2 and 11.3 shall apply to any proposal by LCH to extend
the scope of its business to the clearing of either any contract traded on an
exchange for whom LCH does not currently clear contracts or any contract not
traded on an exchange, provided that the period for recognition provided for in
Clause 11.3 shall in such circumstances be extended to three months.

(b)                   The words “to
the extent that the proposed extension or amendment is material to the other party” shall be added after the word
“party” in the second line of Clause 11.2(a).

(c)                    The word “the”
in the fourth line of Clause 11.2(b) shall be deleted and replaced by the word
“any”.

 

 

2

 

7.                         LCH’s
Treasury Arrangements and Charges (Clause 16)

The following provisions shall apply in substitution
for clause 16.1:

16.1             (a)                     LCH shall be
entitled to charge the Exchange registration fees at the levels in force on the
date of this letter, subject to such modifications as made between the parties
from time to time. The parties shall keep under review the level of such
charges and the persons to whom such charges will be made.

(b)                    LCH shall be
entitled to charge clearing members such tender and other clearing fees as are
set out in the Sixth Schedule to the Clearing Agreement (as amended from time
to time).

(c)                     LCH shall disclose to the exchange
details of the basis on which its charges are calculated from time to time.

(d)                    The income
which LCH obtains through its treasury arrangements in relation to the holding
of collateral posted with it by clearing members shall be taken into account in
relation to each matter set out in the foregoing provisions of this Clause
16.1.

8.                         Term
(Clause 18.1)

The following provision shall apply in substitution
for clause 18.1:

18.1             Subject to Clauses
18.2 and 18.3, this Agreement shall, unless otherwise agreed, continue in force
for an initial term (the “Initial Term”) of
   *    from the date upon which the Exchange
becomes a shareholder in LCH and shall continue in force after the Initial Term
until terminated by either party giving to the other party not less than    *   
notice in writing of termination, such notice expiring not less than    *   
from the end of the Initial Term.

9.                         Additional
Provisions

(a)                    Action by LCH against
Members

Prior to imposing any requirement on a Member which is
not applicable to Members generally, (including without limitation the
imposition of any additional margin requirement on a Member for any reason) LCH
shall where practicable consult with the Exchange.

 

3

 

(b)                   Risk Management and Surveillance and Financial
Requirements

(i)                        It is
recognised that both parties carry out risk management and surveillance
activities in relation to the financial and market open positions of Members,
LCH primarily, but not exclusively, in order to assess the level of its
counterparty risk from time to time, and the Exchange primarily, but not
exclusively, to protect the integrity of the market. The parties undertake to
co-operate with each other with a view to ensuring, where practicable and
lawful to do so, that information is exchanged between them with a view to
assisting each other in performing such functions and that where the activities
of each party in relation to Members overlap that they are carried out in such
a manner as will minimise inconvenience and cost to Members.

(ii)                     The parties
recognise the desirability where practicable, of setting a common level of
minimum financial requirements on Members.

(c)                    Service Level Agreements

The parties agree to negotiate in good faith with a
view to concluding by 30 June 1997 a service level agreement on the services
provided pursuant to the Clearing Agreement.

(d)                   Development of Systems

(i)                        Any party
proposing to alter the systems used for the provision of banking, delivery, trade
reporting or clearing processing services or other information pursuant to the
Clearing Agreement shall consult with the other prior to doing so.

(ii)                     The parties
shall negotiate in good faith with a view to concluding by 30 June 1997 a
separate agreement concerning the use of trade reporting and clearing
processing systems by each party in relation to the Clearing Agreement.

(iii)                  The Exchange
acknowledges and agrees that it will continue to provide to LCH the clearing
processing systems and related communication facilities (“System”) and to
maintain and operate the Systems in the manner in which the Systems are
currently provided, maintained and operated by or on behalf of the Exchange,
save insofar as the Exchange or LCH may otherwise agree.

 

4

 

(e)                    Changes
Affecting Exchange Contracts

(i)                        Where the
Exchange is proposing to make changes to the terms of an Exchange contract it
shall consult LCH prior to implementing such proposals.

(ii)                     Where LCH is
proposing to make changes to the Procedures or other administrative
arrangements which affect the delivery of an Exchange contract it shall consult
the Exchange prior to implementing such proposals.

(f)        General Provisions regarding Consultation

Where under the Clearing
Agreement and this letter a party has a duty to consult with the other before
taking any particular action, the party concerned shall be required, where
practicable, to provide a written statement of the reasons for the proposed
course of action and discuss such reasons with the other party before taking
the relevant action.

10.                  Effective date
of this letter

The Clearing Agreement shall continue to have effect until the date
upon which the Exchange becomes a shareholder in LCH, whereupon the Clearing
Agreement shall continue subject to the terms set out in this letter. If a
provision of this letter is inconsistent with a provision of the Clearing
Agreement the provision of this letter shall prevail.

We would be grateful if you could signify your acceptance of the terms
of this letter by signing and returning the enclosed duplicate of this letter.

Yours faithfully,

/s/ [Illegible]            

Signed on behalf of:

LIFFE Administration and Management

(a wholly-owned subsidiary of LIFFE (Holdings) plc)

We have read and agree to the terms and conditions set out in this
letter.

/s/ [Illegible]           

Signed on behalf of:

The London Clearing House Limited

 

 

5

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