Matif will today switch over from Pibor to Euribor positions. While the Pibor contract will remain listed up until June 14, 1999, it will not be tradeable after January 1. The mandatory conversion to the Euribor contract is backed by four major French banks, which are all sponsors of the new interest-rate index. These include Societe Generale, Banque Nationale de Paris, Credit Agricole Indosuez and CDC Marches. The sponsors will guarantee a market depth of 2,000 lots with a bid/ask spread of

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