Emerging Markets Clearing Corporation

IMPORTANT NOTICE

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No: 363

Date: September 17, 2003

TO: All Members

FROM:Karen L. Saperstein

SUBJECT: RULE CHANGE - Membership Continuance Standards

On September 9, 2003 the Securities and Exchange Commission (“SEC”) approved a rule change filed by Emerging Markets Clearing Corporation ("EMCC"), SR-EMCC-2003-01.

This rule change amended EMCC’s rules to permit a Member, who no longer continues to meet the capital requirements, to also have the capital of an affiliate be included in calculating the continuance requirements of the Member, provided that the affiliate enters in an acceptable form of guaranty.

Details of these changes were outlined within EMCC’s Important Notice No. 331, dated April 10, 2003. A copy of that notice, and the rule change, may be obtained at our web site, www.e-m-c-c.com.

Questions regarding the above changes should be directed to International Services in New York at
+1 212 855-1672, or The Depository Trust & Clearing Corporation’s London office, at +44 (0)20 7444-0418.

Karen L. Saperstein
General Counsel and Secretary