European Code of Conduct for Clearing and
Settlement

The European Code of Conduct for Clearing and Settlement is an initiative of European securities exchanges, clearing houses and central securities depositories to create a uniform set of rules for trading, clearing, settlement and custody services for stocks.  The objective is to enhance transparency for customers and improve services for cross-border transactions.

The Code contains rules on:

• Price transparency
  The European Code of Conduct for Clearing and Settlement contains rules for the improvement of price transparency. In this spirit, Wiener Börse AG presents the Schedule of Fees for trading in stocks below. It contains examples to better illustrate the application of the fees to trading. A complete overview of all fees of Wiener Börse AG is available in the Schedule of Fees (PDF-File 307 KB) of Wiener Börse AG.

• Access and interoperability
  The objective of the rules of the European Code of Conduct for Clearing and Settlement is the open access to services (trade, clearing and settlement) to facilitate cross-border stock trading. To achieve this objective, uniform access principles (PDF-File 107 KB) were defined on June 28, 2007.

• Unbundling of services and accounting separation
  The objective of this rule is to separate services relating to trade, clearing settlement, and custody services and to enable the separate billing of these services.  To achieve this objective, uniform rules are to be defined by 1 January 2008.
  
  WBAG complies with the Code of Conduct for Clearing and Settlement commitments on Service Unbundling and Accounting Separation. WBAG has prepared the Self-assessment Report on the principles of Service Unbundling and Accounting Separation for Trading and for the year ended 31 December 2011.
  This Report has been reviewed by KPMG Austria AG, who stated in their unqualified independent Assurance Report:
  "Based on our work described in this report, nothing has come to our attention that causes us to believe that the Self-Assessment Report is not properly presented, in all material respects, based on the European Code of Conduct for Clearing and Settlement commitments on Service Unbundling and Accounting Separation".

Wiener Börse AG is committed to the objectives of the Code and will ensure the implementation of the measures proposed therein.