Explanatory note

This Order declares the investment exchange known as The London International Financial Futures Exchange (Administration and Management) to be a recognised stock exchange for the purposes of the Company Securities (Insider Dealing) Act 1985 (“the Act”). The exchange administers a market called “The London International Financial Futures and Options Exchange” or “LIFFE”. The Act provides, amongst other matters, that it shall be an offence to deal in securities on a recognised stock exchange whilst in possession of unpublished price sensitive information (as defined in section 10) in relation to those securities, or to counsel or procure such dealing.