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Thursday May 11, 5:30 am Eastern Time Company Press Release ParisBourse
Launches the Winefex Project, the World's First Futures Market for Fine Wines
BORDEAUX,

Tour
Eeffel a PaFrance--(BUSINESS
WIRE)--May 11, 2000--ParisBourse(SBF) SA(1), one of the founder members of
Euronext, the first European bourse, today announced the launch of the Wine Futures
Exchange project (Winefex(I.(B). The first step consists of a feasibility study for
the creation of a regulated futures market for categories of fine wines. This
innovative project, announced at a conference/debate organized by Paris Europlace
at Bordeaux, is based on a finished product -- namely homogeneous categories of
sought-after fine wines -- that is ready to be consumed. The first contract is
expected to be a future on the top growths of the Bordeaux region, based on a
12-bottle case en primeur for delivery in 32 months' time. In late summer, when
the results of the study are in, ParisBourse(SBF)SA will analyze the economic,
technical and financial interest of setting up an organized market in fine wines.
If it deems that such an interest exists, the first futures contract -- on the
2000 vintage of the top Bordeaux chateaux -- could be launched before year's end.
A team of specialists set up by ParisBourse(SBF)SA will participate in the feasibility
study, contributing their expert knowledge of the wine trade. Many key players
in the Bordeaux market -- top chateaux, shippers and personalities from the wine
world -- have already expressed their interest in the initiative. The first futures
contract on top Bordeaux wines will give participants in the Bordeaux market a
risk management tool that is unrivalled anywhere in the world. And, amid intensifying
competition in the wine market, it will allow them to offer additional services
to their customers. Winefex will benefit from ParisBourse(SBF)SA 's expertise
in order centralization and price dissemination and from its advanced technology,
notably the NSC trading system used by all the Paris financial markets. Participants
will also enjoy the financial security provided by a central counterparty and
a guarantee of final settlement through Clearnet(SBF)SA, a subsidiary of ParisBourse(SBF)SA.
(1) With a market capitalization of Eur 1,600 billion, ParisBourse(SBF)SA is the
leading stock exchange in mainland Europe and a founder member of Euronext. The
company runs France's stock exchange and its financial and commodity futures markets.
In March 2000, ParisBourse(SBF)SA merged with the exchanges of Amsterdam (AEX)
and Brussels (BXS) to form Euronext, Europe's first equity market.
(Copyright
Maison de la France)
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