Clearing and Settlement of Derivatives

Appendix 8

Euronext.liffe

corporate action

policy

Corporate events policy

The following extracts from the Euronext.liffe Corporate Action Policy will

help readers to understand how the exchange approaches dealing with a cor-

porate action on an underlying and how it affects the derivatives listed.

It is important to understand the process and to make sure clients under-

stand process and the changes that might occur to their positions, indeed

reference is made to this in the exchange document the full version of which

is available at the Euronext.liffe website.

Policy

When shares become ex entitlement in respect of a Corporate Event, ...