Sir,
I read your article on contracts for differences (CFDs – Euromoney, March 1999, page 12) with interest. However, it is not correct to say that Chase was the first bank to start pushing the CFD concept. When I was at Charterhouse Bank I developed what was called a FENS (foreign exchange net settlement) contract which is identical in formulation to the contract set out in your article.
You may also be interested to know that around this time [1992] Chase was one of the banks we approached to start up the market in such contracts.
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