Euronext is pleased to confirm that the migration of Dutch derivative products to LIFFE CONNECT will take place on Monday 29 November 2004 following a satisfactory testing period with its customers.
This will complete the migration of all Euronext derivatives markets to LIFFE CONNECT.
With this completion of the migration to a single platform, Euronext will be de-commissioning applications and rationalising its IT organisation and development programme. This will result in a one-off cost in Q4 2004 of about € 13.9m, split between €9.5m of IT asset write-offs and €4.4m of UK based redundancy costs.
The reduction of depreciation, staff and contractor costs will positively influence Euronext results for the years to come. The pay-back period for redundancy costs will be less than one year.