1. 10th AMEDA MEETING Marrakech - October 21-23, 2009 Rachid HABOUB

2. 2 PRELIMINARY REMARKS

3. WHAT IS MCL UP TO ? 3 NEW MARKET INFRASTRUCTURE  Current platform went live in 1998  Completed over 10 years loyal service

4.  Environment has changed considerably Trading volumes picked up Spectrum of instruments has widened Structured products are emerging Expectations of market players are much higher 4

5. The main features of our target platform are the following :  Four-tier Architecture User interface layer Application layer Communication service layer Database layer 5

6.  Business continuity On the main site Production system + hot stand-by system, connected by a HACMP cluster. On the DR site Synchronous replication mechanism between Production and DR is considered. 6

7.  Authentication/Security Use of a combination of BPID/User ID/Password + use of RSA token Data encryption (data in transit between browser and web server using HTTPS) SSL encryption for CFT 7

8.  Communication media Dedicated leased lines VPN as back-up vector 8

9.  Business model 2 different business models in parallel : Exchange trades : GNS / T+3 OTC trades : GGS / T+0 NB : Different components will be dedicated to specific segments 9

10.  Implementation time-frame Full stack (Main+DR) has been installed Application being tested Bi-lateral testing with BP’s under way Users training to be performed in few weeks from now Final release of the application expected shortly Go-live date still to be firmed up (current target is early 2010) 10

11. CONCLUSION CSD’s are facing many challenges : 1- Technology change 2- Market change 3- Regulatory change 11

12. Thank you 