LIFFE Successfully Converts to Euro Libor

The London International Financial Futures and Options Exchange (LIFFE) announced on Tuesday January 26 the successful conversion of Three Month Euromark and Three Month Eurolira futures and options positions into Three Month Euro Libor futures and options positions. Over the weekend of 23/24 January, the Exchange successfully converted: · Three Month Euromark futures and options - including mid-curve options - open interest totalling 2,793,661; and · Three Month Eurolira futures and options - including mid-curve options - open interest totalling 478,740. Altogether, 3,272,401 contracts were converted into 1,384,526 Three Month Euro Libor futures and options positions, at an approximate ratio of two Euromark or Eurolira positions, to one Euro Libor positions. In addition, around 288,000 converted contracts comprised equal and offsetting positions.