Liffe braced for tough times
LIFFE, London's financial derivatives exchange, yesterday said the exchange was braced for tough times ahead as business in October showed another sharp drop.
A day after announcing a strategic overhaul and sweeping job cuts, Liffe said October's overall volumes fell 10 per cent from September and 39 per cent year-on-year.
Volumes in October totalled 15.67 million futures and options contracts, against 17.44 million in September and 25.72 million in October 1997. Liffe's short-term interest rate products, where the exchange is still dominant, fell by 8 per cent in the month and 6 per cent in the year. Liffe attributed the decline partly to the approaching launch of the euro.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies