Since April 2010, the Committee has held precise exchanges of views on corporate bonds platforms with four market undertakings, and issued public opinions on three of them. These opinions were based on presentations, technical documents and several meetings with the market undertaking representatives. www.cassiopee-bonds.com, will continue to issue information about the implementation of these projects.

The "Cassiopeia Committee" was set up to express opinions on the consistency of corporate bonds platforms proposals with the “Expression of needs” published by the Working Group Cassiopeia, on April 26th. The Committee considers that its mission is now completed and will therefore put an end to its work today, November 15th.

Since April, the Committee has held precise exchanges of views on corporate bonds platforms with four market undertakings, and issued public opinions on three of them. These opinions were based on presentations, technical documents and several meetings with the market
undertaking representatives. The Committee published its opinions on the following projects:

- On July 22nd, on the NYSE Euronext platform, NYX BondMatch ®, which the Committee received on June 24th.

- On July 30th, on the TradingScreen platform, Galaxy, which the Committee received on July 16th.

- On October 13th, on MTS, which the Committee received on November 15th.

On July 27th, the Committee received a communication from Euro TLX. The committee considers that this proposal is clearly at a different stage as compared to the three other ones: indeed Euro TLX has not submitted a new project, but rather a fully operative existing
platform dedicated to serve different needs. Therefore the Committee felt it difficult to express an opinion on an existing MTF in a similar way as on a new pure project. The Committee understands that EuroTLX is actively considering the possibility of adding a new market, separate from the existing one, which would be order driven, on an all to all basis, with a separate market governance and links to central counterparties.

As a general principle, the Committee recommends to all the market platform operators to ensure a broad and balanced international representation of all interested parties in the governance of these future market platforms. The Committee is pleased to have received numerous proposals from different market undertakings in response to its initiative and expression of needs. The committee has
particularly appreciated the quality and openness of the dialogue with these market promoters.

The Committee hopes that these platforms will meet the objectives for which it has been set up, namely to contribute to the improvement of the liquidity, transparency and efficiency of the secondary euro-denominated corporate bond market.

The 3 submitted projects, and the Euro TLX considerations, are available on the Committee website: www.cassiopee-bonds.com , which will continue to issue information about the implementation of these projects.