Stock Exchange Members Vote In Favour Of Merger With EOE Options Exchange

At an extraordinary meeting of members on Monday night, the Members of the Amsterdam Exchanges NV Association voted unanimously in favour of the Stock Exchange Council's proposals regarding the planned merger with the EOE Options Exchange from January 11997. The meeting further decided to disband the Amsterdam Exchanges NV Association by end-1997 or as much earlier as possible, after which taking into account any commitments the capital will be paid out to the members. The stock exchange compensation fund and the Association's capital will function as a guarantee until the new clearing system of the securities clearing institute Effectenclearing becomes fully operational. A decision on winding down the compensation fund will be taken as part of the introduction of the new clearing system.

The AEX will set up an Investors Compensation Fund foundation. This fund will have 25million guilders at its disposal, intended for any supra-legal payments to private investors as a result of damages suffered during the course of regular bourse trade.

AEX regulation and monitoring will aim at ensuring compliance with bourse regulations in particular, while the Securities Board of the Netherlands (STE) will set the legal requirements and monitor compliance with them. A careful demarcation of tasks will be agreed in this regard.

Lastly, the extraordinary meeting of members voted to set up the 'Amsterdam Exchanges NV Association' foundation. One of the foundation's tasks will be to safeguard the heritage of the Amsterdam Exchanges NV Association, promoting research and education in the area of securities trading and publicising the socio-economic use of securities ownership. The foundation will have a starting capital of five million guilders, drawn from the Association's capital.

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Enquiries:

H.S. de Ranitz at Amsterdam Exchanges NV
Tel: +31 20 523 4014.

Paddy Manning
St James Corporate Communications
Tel: 0171 436 4101