LIFFE Trades £188bn Per Day In May 1999

The nominal value of contracts traded on the London International Financial Futures and Options Exchange (LIFFE) averaged £188 billion daily during May 1999. Hugh Freedberg, LIFFE's Chief Executive, said "May saw open interest in LIFFE's Three Month Euribor contracts continue to grow for the fifth consecutive month, with an 8% increase over April. LIFFE's share of exchange-traded euro products increased to 90%. LIFFE's Long Gilt - traded on LIFFE CONNECT™ since 12 April 1999 - has gone from strength to strength continually setting new records on the new electronic trading system, the last being on 27 May 1999 when 88,520 contracts were traded. In addition average daily volume in May 1999 was 41% higher than in March 1999 when the contract was traded on the LIFFE floor." This month also saw the successful launch of five new FTSE and MSCI Pan-European Indices, the first time new contracts have been launched directly onto LIFFE CONNECT™. Open interest, a good indicator of liquidity and long-term use of the market stood at 6,967,618 contracts, valued at £3,004 billion (Euro equivalent 4,617 billion) on 31 May 1999, an increase of 7% on April 1999. LIFFE's first day trading in June (Tuesday 1 June) saw a record day in the Three Month Euribor futures and the LIFFE "euro pack" (all of LIFFE's euro money market contracts: futures and options) trading 349,849 and 397,555 contracts respectively.