R Page:	CKFI01-08  CKEM  CKEM01-09  CKFIMENU
Euroclear:	11317
Kassenverein:	7001
Bloomberg:	CKLX

Activities
CARL KLIEM is authorised by the Ministry of Finance in Luxembourg, and is supervised by the Commission de Surveillance du Secteur Financier (CSSF) , which is the regulatory body for Luxembourg. CK’s licence allows the Company to act as a Name Give Up broker, as well as a Matched Principal broker.

SICOVAM:	030
DTC:	901 BONY
Fedwire:	BKNYC/CUST

In the past, trades were mainly carried out using ‘Name Give Up’, whereby each counterparty is introduced to the other by the broker. Though this method is still used, the majority of trades are now made using the broker as principal thus maintaining anonymity between buyer and seller.

CARL KLIEM FIXED INCOME is one of the leading Eurobond Brokers in Europe for secondary market trading.

The growth of bond issues designated in Euros has been enormous, and can be compared with that of the Eurodollar Eurobond Market. The continuing enlargement of the EU means that the Euro Eurobond issues will grow further. Currency stability set by the Bretton Woods agreement in 1944 has now improved even further with the birth of the Euro, allowing market professionals now to concentrate instead on arbitraging credit differences between issuers.

CARL KLIEM trades are cleared via any of the following:
Clearstream – Euroclear – DTC – IMI – Fedwire – Kassenverein - Sicovam.

CARL KLIEM is a member of the International Securities Market Association (ISMA) - Number 48.7092

Desk management

Director:

Christian Kosch

Deputies:

Sebastian Peck

	Fixed Income :	+352 26-02-05-06
	Eastern Credits :	+352 26-02-05-07
	fixedincome@carlkliem.lu

Last update: 9/10/06