After the integration of Euronext cash trading and clearing platforms in the last two years, the creation of a single cross-border market for derivatives products is progressing on schedule. A further step in this process will be reached with the migration of derivatives in Amsterdam to LIFFE CONNECT® which will be completed in the first half of 2004.
"In a strongly competitive environment, Euronext's model for a single market in cash and derivatives products is taking shape. This new significant achievement in the integration process is a further step towards delivering a market which will make cross-border trading easier and cheaper for our customers, and result in synergies which bring structural rationalisation and increased efficiency", said Jean-François Théodore, Chairman and CEO of Euronext today.
Hugh Freedberg, Euronext.liffe Chief Executive, said, "Following the transfer of derivatives in Brussels on to LIFFE CONNECT®on 24 March, the migration of Paris derivatives products is another successful step in the integration of Euronext markets: from now on London, Brussels and Paris derivatives products are accessible to trade on the same advanced technology".
The implementation of LIFFE CONNECT® in Paris makes significant enhancements to the French Equity Options market possible, which are designed to attract business from the wholesale over-the-counter market, which has grown significantly over the last 4 years. These enhancements include new block trading arrangements applying to order sizes from 10,000 contracts, and more efficient market making schemes, to enhance the quality of the existing market.
In 2002, the revenues generated by the derivatives business of Euronext.liffe have amounted to 290 million euros, 29% of the total Euronext revenues, with an EBIT margin of 18.8%
