040423_SeDeX

Starting from Monday 26 April, MCW, the electronic covered warrant market will change its name in SeDeX, the securitised derivatives market.

The new brand's aim is to better represent the broad range of securitised derivatives listed products, including both covered warrant and certificates.

The new segmentation is in force as from Monday 19 April. It classifies the securitised derivatives in sectors according to their features and investment type with the aim to ease the identification of the financial instruments listed. The development is to increase transparency and usability of the information for the final investor who will be able to decide more easily where to address his investment strategies.

The new SeDeX segments are the following:

a) PLAIN VANILLA COVERED WARRANTS
-   These are covered warrants based on a call or put option

b) STRUCTURED/EXOTIC COVERED WARRANTS
-   These are covered warrants whose main feature is a combination of options

c) LEVERAGE CERTIFICATES
-   These are certificates tracking an underlying activity allowing a holder to participate to its performance with leverage

d) INVESTMENT CERTIFICATES
-   Includes certificates tracking an underlying activity without leverage and
-   certificates tracking an underlying activity with one or more accessory options

Milan, 23 April 2004