LIFFE Corporate Restructuring Receives Unanimous Approval

Proposals to rationalise the share structure of the London International Financial Futures and Options Exchange (LIFFE) and to split shares from the right to trade on LIFFE, received unanimous support from the Exchange's membership at an Extraordinary General Meeting held on February 25. "This is a vital step towards becoming a commercial, customer-driven business that delivers value to shareholders. In the future the Exchange will seek to achieve profits and as appropriate to pay dividends to shareholders" LIFFE Chairman Brian Williamson said in a statement. Hugh Freedberg, LIFFE's Chief Executive said, "Tonight's vote enables us to respond to competition and the needs of our customers more efficiently and effectively. Our new electronic trading system, LIFFE CONNECT demands open access for users based on subscription access not permit restrictions. In addition, a new simple share structure will open up investment opportunities for external shareholders."