Professor Niels Thygesen Appointed as Chairman of MTS S.p.A.; Professor Alexandre Lamfalussy Assumes Honorary Chair of MTS Scientific Committee

London - Rome, January 13, 2004 – MTS S.p.A. is pleased to announce the appointment of Niels Thygesen as the Chairman of MTS S.p.A. and Chairman Elect of EuroMTS Limited. He succeeds Alexandre Lamfalussy who retired December 19, having served as Chairman of EuroMTS and subsequently of MTS S.p.A. from January 7, 1999. Professor Lamfalussy retains his academic role within MTS with his appointment as Honorary Chair of the MTS Scientific Committee.

Mr. Thygesen is a Professor at the University of Copenhagen. A prominent expert in European economic policy, he was at the heart of the creation of the euro, having been one of the members of the Delors Committee, which studied and gave recommendations leading to the set-up of the single monetary policy and the European Central Bank.

Professor Thygesen said: "I look forward to working with MTS in further advancing the efficiency gains in financial markets that the arrival of the euro and the use of state-of-the-art technology made possible."

Professor Lamfalussy said: "I am very pleased that Professor Thygesen has been appointed as the new Chairman of MTS. Having worked with him on the Delors Committee, I know that he was and remains a staunch believer in the single currency. His career has demonstrated a strong commitment to the eurozone and the integration of European financial markets. I am certain that he will lead MTS to new and greater successes."

Professor Thygesen is a member of the academic panel of the Monetary Committee of the European Parliament, a member of the Steering Committee of the Euro 50 Group and chairs the Economic Development and Review Committee of the OECD since 2000. Professor Thygesen was an Advisor to the Danish Central Bank and has served as Head of the Monetary Division of the OECD. He was also the Economic Advisor to the Malaysian Treasury. He holds a Masters degree in Public Administration from Harvard University and a Doctorate in Economics from the University of Copenhagen. Professor Thygesen has published extensively. Among his books are: Evolving Ambitions in Europe’s Monetary Unification, Globalization and Trilateral Labor Markets, and European Monetary Integration: From EMS to the EMU.

Professor Thygesen continues the work of Professor Lamfalussy, under whose tenure the MTS Group grew to become the major market for European government securities, leading the way for the integration of financial markets in Europe. Professor Lamfalussy remains with MTS as Honorary Chair of the Scientific Committee, which serves to link MTS with the academic community. The design of a new high frequency data source for in-depth research based on MTS data and the first annual MTS conference on Financial Markets, held in collaboration with the Centre for Economic Policy Research (CEPR) in Toulouse, France as a forum for discussion and analysis of recent research by leading academics count as among the achievements of this Committee. The members of the Scientific Committee are: Professor Marco Pagano, Università di Salerno, Chair; Professor Bruno Biais, Université de Toulouse I; Professor Gustavo Piga, Università di Macerata; and Professor Ernst-Ludwig von Thadden, Université de Lausanne.

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