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FOA Breakfast Briefing on Eurozone PlanningIan ChickenFebruary 8th 2012

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NYSE Liffe Planning & Risk Management

• General approach

– At NYSE LIFFE we monitor, analyse, benchmark and stress test a variety of risk situations covering all NYSE LIFFE activities.

– We have contingency plans in place to mitigate risks relating to these different situations and to ensure that, as a regulated market, we maintain normal service and keep customer disruption to a minimum.

– Any plans that are drawn up are done so in consultation with the appropriate regulatory and market infrastructure bodies.

• With regards to Eurozone-related planning, NYSE LIFFE has participated in the FSA’s market wide questionnaire and will also participate in the FSA round table on Friday

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NYSE Liffe Approach• All situations:

– Focus is very much on contract continuity

– Keep disruption to an absolute minimum

– Allow trading to continue in an orderly fashion

– Keep customers continually informed• Eurozone-related

– NYSE LIFFE already caters for a number of different currencies and the addition of new currencies in case of a country exiting the Euro, or otherwise, would be considered Business as Usual

– Specific action: update of contract specifications to create a provision for updating to any new currency

• Any action in response to unforeseen or unstructured events would be possible via Rule 4.16 - Emergency Provisions together with the Market Advisory Committee

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Eurozone-Specific Planning• In advance

– Systems have been stress tested and it is believed that any additional volumes can be incorporated in current configurations

• Event-related– We would look to provide clients with functionality to enable contracts to be

redenominated automatically as required and, if appropriate, for Open Interest to be transferred into new contracts• Previous experience with migration to Euro-denominated contracts

• Liaison and cooperation– With index, rate setting and OTC standardized term providers, e.g. EBF or ISDA– With Back Office providers and ISVs– Close liaison with LCH.Clearnet to ensure continued settlement

• Collateral/Margin level aspects are principally set by LCH.Clearnet

– Close contact and continuous communication would be maintained with members through normal channels

– We would work with FSA and relevant regulators throughout