LIFFE launches Short Term Interest Rate products on world leading automated trading system, LIFFE CONNECT™

The London International Financial Futures and Options Exchange (LIFFE) on August 23 listed the first of its STIR (Short Term Interest Rate) contracts on LIFFE CONNECT™. The first STIR contract to be launched was the Three Month Euroswiss Interest Rate futures contract. The contract will trade electronically in parallel with open outcry trading. This is a further milestone in the introduction of LIFFE CONNECT™, following the successful implementation of Equity Options in November 1998, and Bond products in April and May 1999. LIFFE's Chief Executive, Hugh Freedberg, said "LIFFE CONNECT™ is the world's newest and most technologically advanced electronic trading system. The functionality available with LIFFE CONNECT™ for STIRs is unparalleled, having been developed in conjunction with our customers and the suppliers of front-end trading software. "LIFFE is already the world centre for euro money markets derivative trading. We believe that our customers will respond enthusiastically to the opportunity to trade these money market products on LIFFE CONNECT™." Simon Orebi Gann, LIFFE's Managing Director of Strategy and Planning, said "The enhanced software for trading LIFFE's STIRs has been running successfully for the past two weeks. LIFFE CONNECT™'s open design allows it to be tailor-made for each customer, and the market has welcomed this, just as it has been enthusiastic in its response to LIFFE CONNECT™ since the system was originally introduced in November 1998". LIFFE's Three Month Sterling Interest Rate Future will be listed on LIFFE CONNECT™ on Monday 6 September, and the Three Month Euribor Interest Rate Future will be listed on LIFFE CONNECT™ on Monday 20 September.