LIFFE trades GBP224bn Per Day in March 1999

The London International Financial Futures and Options Exchange (LIFFE) traded an average daily nominal value of GBP224 billion in March 1999, up 13% on February 1999. Total outstanding business in all the Euro money market contracts at the end of the month exceeded 2000 billion. LIFFE's share of the Euribor market has increased to 87%. LIFFE's Three Month Euribor contracts have continued to show growth, with open interest at over 1,300 billion (1,351,019 contracts) on March 31, an increase of 877 billion since January 1999 (877,857 contracts). Average daily volume in the Euribor futures contract for March has risen to 155,976 contracts. Brian Williamson, LIFFE's Chairman, said "It is encouraging to see that open interest in LIFFE's Three Month Euribor contracts continues to grow and has reached a new record level, above that before the March expiry (on March 15). This demonstrates that LIFFE is offering its customers the best market in the world for euro-denominated money market products." Open interest, a good indicator of liquidity and long-term use of the market, settled at 6,013,766 contracts, valued at GBP2,560 billion (Euro equivalent 3,814 billion) on March 31, 1999.