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Massimo Capuano, President and CEO of Borsa Italiana, was confirmed Vice President of the FESE (Federation of European Securities Exchanges) by the General Assembly which met in London today.

The Assembly confirmed George Möller, Chief Operating Officer of Euronext, as its President.

Massimo Capuano has been Vice President of the FESE since September 2000; he is also Vice President of the CC&G (Cassa di Compensazione e Garanzia - Italian Central Counterparty) and member of the Board of Monte Titoli, the Central Securities Depository and Settlement House.

The Federation of European Securities Exchanges is the Association of the regulated markets for securities and derivatives and their associated organisations in Europe. The Federation has incorporated EACH, the European Association of central-counterparty based Clearing Houses.

FESE, whose membership today consists of 31 stock exchanges, promotes the development and the harmonisation of securities markets in Europe.

Milan, 15 November 2002