Evolution of Certificates

Within the past decade, the issuances of certificates and exchange traded notes have gained tremendous momentum in the exchange traded product space. There have been growing interests in better understanding how these products have evolved as well as how they can offer affordable exposure to an array of asset classes.

To address these questions and to provide the financial sector with added clarity on these unique products, NYSE Euronext sponsored a "Exchange Traded Products Panel" on October 21,2008.

Leading issuers from Deutsche Bank, Morgan Stanley and Structured Product Association attended the event and covered issues concerning:

• Enhancing the value of investment portfolios with certificates
• Benefits to purchasing certificates in lieu of the underlying securities
• Overview of reverse convertibles
• Process of trading certificates
• Exchange Traded Notes (ETNs) versus Exchange Traded Funds (ETFs)

Our panel of experts include: