031031_MCFese

Amsterdam, 31st October 2003

• Massimo Capuano of Borsa Italiana elected new FESE President

and

• Jukka Ruuska of HEX Integrated Markets new FESE Vice President

The General Assembly of all Full and Associate Members met under the chairmanship of outgoing FESE President George Möller, COO of Euronext N.V. The Assembly voted unanimously to elect Massimo Capuano, President and CEO of Borsa Italiana in Milan as the new FESE President for the statutory term of two years. At the same time, Jukka Ruuska, President of HEX Integrated Markets and Deputy CEO of OMHEX was elected Vice President. Both will assume their office as per 1st January, 2004.

"Looking back at the time of my Presidency, I can happily conclude that FESE as the representative voice of Europe's Regulated Markets is clearly heard in Brussels and throughout Europe. It is with great confidence that I will hand over the Presidency of FESE at the end of this calendar year and I look forward to seeing the Federation's new President, Massimo Capuano, lead Europe's Exchanges and Clearing Houses into a future world of open competition and a level playing field," George Möller said.

"I am delighted to take up the President's chair at FESE at this point of time that is crucial for Europe's Regulated Markets. The Investment Services Directive is at a crossroads in the legislative process and other important initiatives of the Financial Services Action Plan are also at a decisive stage. Together with the Vice President and the FESE Secretariat I hope that we will see a new Commission, a new European Parliament and an extended European Union work constructively towards a truly Single European Financial Market that is globally competitive and provides a solid framework for a prosperous European economy."

"I'm proud to be elected Vice President of FESE at the time when the European securities markets are integrating in an accelerating pace and new countries with young marketplaces are joining the European Union. I look forward to continuing the important work that FESE has done in promoting harmonized environment and demolishing barriers to integration. FESE has also at a very early moment opened its doors to the new Exchanges of Central and Eastern Europe for co-operation and subsequently for Membership, which has helped these young Exchanges and their economies to cope with enormous challenges during their early years."

FESE has 19 Full Members in the 18 countries of the EU plus EFTA (EU plus Iceland, Norway, Switzerland) as well as 8 Associate Members and several Corresponding Members in the 12 EU accession countries and beyond.

Paul Arlman, FESE Secretary General, Tel. +31 65 367 7326 or +32 2 551 0180

Gregor Pozniak, Deputy Secretary General Tel. +32 476 220 254 or +32 2 551 0182

Visit also the FESE Website www.fese.org