IDEM

PRESS RELEASE

IDEM, THE ITALIAN DERIVATIVES MARKET OF BORSA ITALIANA,

SET A NEW TRADING RECORD IN APRIL 2005

IDEM, the Italian derivatives market of Borsa Italiana set a new trading record in April with volumes totalling 2,887,296 lots and a daily average of 137,490 equivalent to Euro 3.8 billion. Previous records were set in March 2004 with 2,028,422 lots and in March 2003 with 90,395 daily average volumes.

The open interest at the end of April 2005 was of 2.7 million lots, marking an increase of 44% from April 2004.

The IDEM stock futures, the highest volume product of the IDEM in April reached a daily average volume of 61,760 standard contracts. From the month of January to April 2005 grew by 609% in volume and by 409% in terms of open interest respect to the same period last year.

From the beginning of 2005, Borsa Italiana has further increased the number of IDEM Stock Futures , listing 5 new stock futures in February and 7 in April to reach a total of 34.

The IDEM has grown constantly in the first 4 month of this year: the trading volumes have grown by 29% respect to the same period last year; setting the following records:

Futures on the S&P/MIB index reached a record high on March 16th with 57,183 contracts;

Options on the S&P/MIB index hit a new daily record on April 18th with 28,805 contracts;

The IDEM Stock Futures have set several daily records, the last one being on April 13th with 172,709 contracts;

Stock options traded their second highest volume ever in January 2005 with a daily average of 52,704 contracts.

The IDEM continues to attract more and more interest from abroad with a total of 23 remote clients directly connected to the market.

Milano, May 3rd 2005