LIFFE Raises Euro Money Market Business to €2,000 Billion

The London International Financial Futures and Options Exchange (LIFFE) announced that it has over EUR2,000 billion in Euro money market business. This compares to EUR1,767 billion at the start of Economic and Monetary Union (EMU), an increase of 16%. As a result of conversions on Wednesday, February 17, a total of EUR172 billion (171,808 lots) of Three Month Euro Libor futures and options were converted into Three Month Euribor futures and options through facilities made available by the Exchange. Euribor futures open interest has increased from EUR595 billion (595,804 lots) to EUR673 billion (673,179 lots) - the first time it has been larger than Euro Libor - following a series of successful voluntary conversions carried out yesterday. The value of Euribor options business has increased by EUR88 billion, to EUR247 billion (249,945 lots) following the conversions of Wednesday February 17th. LIFFE's members and customers converted EUR16 billion in options and EUR155 billion futures. This is further confirmation, according to LIFFE, that LIFFE is the world's market place for the trading of all Euro short-term interest rate products, with 86% share of all Euro money market business and a 77% share of the Euribor referenced business.