EuroCCP to Provide Central Counterparty Services for Pipeline`s European Block Trading Platform

LONDON--(Business Wire)--
European Central Counterparty Limited (EuroCCP) announced today that it has been
selected by Pipeline Financial Group Limited to provide central counterparty
(CCP) services for Pipeline`s new pan-European block trading and specialist
algorithmic trading platform. This groundbreaking arrangement provides a CCP
solution to be applied to a crossing network for buy-side as well as sell-side
users and greatly expands the number of securities-approximately 5,000 equity
issues in this case-covered by EuroCCP`s clearance and settlement services. BNP
Paribas Securities Services has been selected by Pipeline as its settlement
agent for trades in which Pipeline acts for its buy-side clients.

This innovative CCP solution for block trades and algorithmic orders of European
stocks will enable users of Pipeline`s European crossing network to receive the
risk-management and cost-saving benefits of EuroCCP`s cross-platform netting and
settlement.

"We are delighted that Pipeline has chosen EuroCCP as its partner in delivering
to its customers a unique and innovative clearance and settlement solution in
Europe," said Diana Chan, Chief Executive Officer, EuroCCP. "We believe
EuroCCP`s central counterparty guarantees will meet a rising demand from
Pipeline`s clients for safety and certainty in their block trades in Europe."

Pipeline Financial Group Limited`s block trading system, modelled upon
Pipeline`s successful, four-year-old US network, will initially cover 14
European markets: the UK, France, the Netherlands, Portugal, Sweden, Spain,
Germany, Switzerland, Ireland, Norway, Finland, Denmark, Belgium and Italy. The
European network, like that in the US, will enable buy-side and sell-side firms
to maintain anonymity when trading block trades and algorithmic orders, minimise
information leakage and maximise the opportunities for executing large orders.

"Pipeline chose EuroCCP to provide CCP support for our European platform because
of EuroCCP`s excellent value proposition, as well as its strong reputation for
safety and reliability in Europe," said Marcus Hooper, Executive Director,
Pipeline Financial Group Limited. "We have been impressed with the
responsiveness and professionalism of the EuroCCP team, and look forward to our
ongoing collaboration with EuroCCP as we build a successful Pipeline network in
Europe."

In its role as central counterparty, EuroCCP will enable anonymous post-trade
processing, providing cross-margining, cross-platform netting and a full range
of risk management services to Pipeline. Citi`s global transaction services
business will act as EuroCCP`s settlement agent and handle settlement in the
respective Central Securities Depositories (CSDs).

EuroCCP is headquartered in London and is a Recognised Clearing House (RCH)
regulated by the Financial Services Authority (FSA). It has signed the European
Code of Conduct governing clearing and settlement.

About EuroCCP

European Central Counterparty Limited (EuroCCP) is a UK-incorporated,
FSA-regulated Recognised Clearing House. It is the European subsidiary of The
Depository Trust & Clearing Corporation (DTCC) and is headquartered in London.
EuroCCP was formed to provide clearing and settlement services for a wide range
of trading venues across Europe, offering the scale economies of the US market
to European market participants. It currently clears equity trades in 15
countries and in seven currencies. EuroCCP has been appointed to provide central
counterparty services by Turquoise, SmartPool, and NYSE Arca Europe for equity
trades. EuroCCP is also working with SecFinex to develop a central counterparty
solution for securities lending and borrowing transactions. Market participants
can trade equities on any venue EuroCCP supports and have their transactions
netted for settlement and/or margin purposes for the same security traded on the
same day, thereby reducing costs and operational risks.

About DTCC

DTCC, through its subsidiaries, provides clearance, settlement and information
services for equities, corporate and municipal bonds, government and
mortgage-backed securities, money market instruments and over-the-counter
derivatives. In addition, DTCC is a leading processor of mutual funds and
insurance transactions, linking funds and carriers with their distribution
networks. DTCC`s depository provides custody and asset servicing for more than
3.5 million securities issues from the United States and 110 other countries and
territories, valued at US$27.6 trillion. In 2008, DTCC settled more than US$1.88
quadrillion in securities transactions. DTCC has operating facilities in
multiple locations in the United States and overseas. For more information on
DTCC, visit www.dtcc.com.

EuroCCP
Melanie Best, + 1-212-855-5127
mbest@dtcc.com
or
Citigate
Lucie Holloway, +44 (0)20 7638 9571
lucie.holloway@citigatedr.co.uk

Copyright Business Wire 2009