EuroCCP to Provide Central Counterparty Services for Pipeline's European Block Trading Platform

London, 18 May 2009 - European Central Counterparty Limited (EuroCCP) announced today that it has been selected by Pipeline Financial Group Limited to provide central counterparty (CCP) services for Pipeline's new pan-European block trading and specialist algorithmic trading platform. This groundbreaking arrangement provides a CCP solution to be applied to a crossing network for buy-side as well as sell-side users and greatly expands the number of securities-approximately 5,000 equity issues in this case-covered by EuroCCP's clearance and settlement services. BNP Paribas Securities Services has been selected by Pipeline as its settlement agent for trades in which Pipeline acts for its buy-side clients.

This innovative CCP solution for block trades and algorithmic orders of European stocks will enable users of Pipeline's European crossing network to receive the risk-management and cost-saving benefits of EuroCCP's cross-platform netting and settlement.

"We are delighted that Pipeline has chosen EuroCCP as its partner in delivering to its customers a unique and innovative clearance and settlement solution in Europe," said Diana Chan, Chief Executive Officer, EuroCCP. "We believe EuroCCP's central counterparty guarantees will meet a rising demand from Pipeline's clients for safety and certainty in their block trades in Europe."

Pipeline Financial Group Limited's block trading system, modelled upon Pipeline's successful, four-year-old US network, will initially cover 14 European markets: the UK, France, the Netherlands, Portugal, Sweden, Spain, Germany, Switzerland, Ireland, Norway, Finland, Denmark, Belgium and Italy. The European network, like that in the US, will enable buy-side and sell-side firms to maintain anonymity when trading block trades and algorithmic orders, minimise information leakage and maximise the opportunities for executing large orders.

"Pipeline chose EuroCCP to provide CCP support for our European platform because of EuroCCP's excellent value proposition, as well as its strong reputation for safety and reliability in Europe," said Marcus Hooper, Executive Director, Pipeline Financial Group Limited. "We have been impressed with the responsiveness and professionalism of the EuroCCP team, and look forward to our ongoing collaboration with EuroCCP as we build a successful Pipeline network in Europe."

In its role as central counterparty, EuroCCP will enable anonymous post-trade processing, providing cross-margining, cross-platform netting and a full range of risk management services to Pipeline. Citi's global transaction services business will act as EuroCCP's settlement agent and handle settlement in the respective Central Securities Depositories (CSDs).

EuroCCP is headquartered in London and is a Recognised Clearing House (RCH) regulated by the Financial Services Authority (FSA). It has signed the European Code of Conduct governing clearing and settlement.

About EuroCCP

European Central Counterparty Limited (EuroCCP) is a UK-incorporated, FSA-regulated Recognised Clearing House. It is the European subsidiary of The Depository Trust & Clearing Corporation (DTCC) and is headquartered in London. EuroCCP was formed to provide clearing and settlement services for a wide range of trading venues across Europe, offering the scale economies of the US market to European market participants. It currently clears equity trades in 15 countries and in seven currencies. EuroCCP has been appointed to provide central counterparty services by Turquoise, SmartPool, and NYSE Arca Europe for equity trades. EuroCCP is also working with SecFinex to develop a central counterparty solution for securities lending and borrowing transactions. Market participants can trade equities on any venue EuroCCP supports and have their transactions netted for settlement and/or margin purposes for the same security traded on the same day, thereby reducing costs and operational risks.

About DTCC

DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.5 million securities issues from the United States and 110 other countries and territories, valued at US$27.6 trillion. In 2008, DTCC settled more than US$1.88 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.