LIFFE to launch Libor-Euroyen futures on March 23, 1999

The London International Financial Futures and Options Exchange (LIFFE) will launch a new Euroyen futures contract on Tuesday March 23, 1999 which will be referenced to the London Interbank Offer Rate (LIBOR), calculated by the British Bankers Association (BBA). This new contract will be similar to LIFFE's existing Euroyen futures contract which is based on the Tokyo Interbank Offer rate (TIBOR) and is listed under a link agreement with the Tokyo International Financial Futures Exchange (TIFFE). TIFFE is in full agreement with LIFFE's decision to launch a new Euroyen contract and strongly supports it. Brian Williamson, LIFFE's Chairman said, "Listing an additional Euroyen contract is in line with our commitment to offer our customers value and choice, giving them a wider range of products. After Tokyo, London is the world's centre for yen cash trading. Our research shows that a significant proportion of yen money market business is done in London and that the majority of it is referenced to LIBOR, leading to a considerable demand for a LIBOR referenced hedging tool." The introduction of the Euroyen (LIBOR) futures contract, with contracts cleared by the world's strongest and largest clearing house, the London Clearing House (LCH), will enable members to benefit from reduced margin costs with offsets available against the European complex of short term interest rate contracts traded at LIFFE. From March 23 the new contract will trade from 07:00 until 16:00 on LIFFE's Automated Pit Trading System (APT) until its transfer to LIFFE's new electronic trading platform, LIFFE CONNECT™ on May 10.