5. REPORT OF THE MANAGING BOARD FOR THE YEAR 2003 5.4. RISK MANAGEMENT 5.4.5. Information and communication technology risks This work relates to the dependence on the availability and reliability of its information technology. The company's business depends on the successful operation of its cash and derivatives trading platforms, and all its computer and communications support systems. Trading is almost exclusively electronic. Any malfunction or breakdown is harmful, but Euronext has taken a number of steps to minimise the risk of failures and guarantee the integrity and continuity of the systems. Furthermore, information technology changes rapidly. The company's growth and long-term profitability will therefore require continuous improvements in its systems so that they remain competitive. These changes require on-going capital investment in the company's information systems.