Translation of "Marché à terme international de France " (French → English) :

In other words, the partial withdrawal of France Télévisions and the refocusing of the structure of its revenues – commercial or public from compensation – on the broadcasting of programmes corresponding to its general interest mission without direct financial quid pro quo for the viewing public, reduce the potential restrictions of competition on the competitive markets in which France Télévisions operates.

We are recognized by l'Autorité des marchés financiers in France, and we are recognized as a futures market by the Commodity Futures Trading Commission in the U.S. The strategy of the exchange the last four or five years has been to focus on the liquidity pools, which are in London, New York, and Chicago.

It will contribute to the development of the local financial markets, enable CST to obtain long-term financing in FCFA, and enable local banks to continue financing CST while respecting the prudential requirements of COBAC in terms of risk diversification.

The competent authorities may allow the capital requirement for an exchange‐traded future to be equal to the margin required by the exchange if they are fully satisfied that it provides an accurate measure of the risk associated with the future and that it is at least equal to the capital requirement for a future that would result from a calculation made using the method set out in this Annex or applying the internal models method described in Annex V. The competent authorities may also allow the capital requirement for an OTC derivatives contract of the type referred to in this point cleared by a clearing house recognised by them to be ...[+++] equal to the margin required by the clearing house if they are fully satisfied that it provides an accurate measure of the risk associated with the derivatives contract and that it is at least equal to the capital requirement for the contract in question that would result from a calculation made using the method set out in the this Annex or applying the internal models method described in Annex V.

As far as production capacity on the markets on which Alstom operates is concerned, France states that such capacity is very flexible and can easily be adjusted to demand in the medium term, even if cyclical fluctuations in demand may result in short-term overcapacity.

2. All over-the-counter derivative operations involving the foreign reserve assets of the ECB are to be documented under the following standard agreements, in such form as may be approved or amended by the ECB from time to time: for counterparties organised or incorporated under French law, the "Convention-cadre relative aux opérations de marché à terme"; for counterparties organised or incorporated under German law, the "Rahmenvertrag für echte Finanztermingeschäfte"; for counterparties organised or incorporated under the laws of a jurisdiction outside ...[+++]France, Germany and the United States, the "1992 International Swaps and Derivatives Association Master Agreement" (Multicurrency - cross-border, English law version); and for counterparties organised or incorporated under US federal or State laws, the "1992 International Swaps and Derivatives Association Master Agreement" (Multi-currency - cross-border, New York law version)".