February 1999
Derivatives Exchanges: Liffe takes early lead in euro futures
The first month of euro trading has come and gone, and the battle for short-term futures contracts rages on. Liffe, Eurex and Matif - the UK, German-Swiss, and French futures exchanges - have been competing for market share of three-month futures contracts since January 4. Already there have been disputes about which has made the most successful transition to the euro and which is most liquid.
The futures exchanges are conducting the transitions in slightly different ways. In mid-January, Liffe carried out the mandatory conversion of all three-month Euromark and Eurolira contracts into euro Libor and euribor positions. Matif, which trades Pibor contracts, will finish converting to euribor in June. Already, over half the Pibor contracts have been voluntarily changed by Matif members. Both exchanges had a lot of existing business...
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