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Foreign Exchange

Liffe launches short-dated swap contracts

Given all the current concerns about credit and liquidity, one would assume that short-dated swaps futures would make sense.

In the past, these have not been overly successful but Liffe is having another go and it has announced the relaunch of one- and three-month Euro Overnight Indexed Average (Eonia) futures and also listed a one-month Sterling Overnight Indexed Average (Sonia) contracts.

“The current tight market conditions in both the euro and sterling short-term money markets, require us to offer a broader range of short-term interest rate futures contracts, which are exchange-based with central counterparty clearing. Therefore we believe offering these products will be of real tangible benefit to the money markets, and will complement our existing three-month Euribor and short sterling futures contracts,” says Garry Jones, executive director of business development and strategy at the exchange.

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