The European Central Bank (ECB) is publishing a report entitled "Euro Money Market Survey 2008".

Although the survey is carried out every year, the ECB only publishes a complete study based on the survey every second year. Today the ECB is publishing the preliminary results of the 2008 survey. The “Euro Money Market Study 2008”, which will include the final results of the 2008 survey, will be published in December 2008. The preliminary results from this year’s survey show that:

* In the second quarter of 2008, aggregate turnover in the euro money market decreased by comparison with the second quarter of the previous year for the first time since 2004. The most notable decrease in activity took place in the secured market segment, which nonetheless remains the largest segment of the euro money market.

* As regards the over-the-counter (OTC) derivatives market, turnover in overnight index swaps (OIS) decreased significantly between the second quarter of 2007 and the second quarter of 2008, while turnover in forward rate agreements (FRA) almost doubled. In the same period, turnover in interest rate swaps excluding OIS (“other IRS”) increased sharply. Transaction volumes in the foreign exchange swaps and short-term securities markets remained broadly unchanged between the second quarter of 2007 and the second quarter of 2008.

* The unsecured market segment remained the least concentrated segment, followed by the secured market segment.

* In almost every market segment, the proportion of electronic trading decreased and the proportion of direct and voice-brokered deals increased.