Liffe names new chief executive

HUGH FREEDBERG, (left) former head of the financial recruitment arm of headhunters Korn Ferry, was yesterday named as the new chief executive of Liffe, the London futures and options exchange, to replace Daniel Hodgson who resigned in July. John Foyle, who has been with Liffe since it started in 1981 was named as deputy chief executive. Mr Freedberg joins Liffe at a crucial time for the organisation. Liffe is currently working on plans to join forces with the London Clearing House later this month in an attempt to fend off tougher competition for derivatives business from its Frankfurt-based rival Eurex.

Liffe's shares of the German bund futures contract, the forerunner of what will be the main interest rate product for the entire euro area next year, has fallen from 75 per cent in 1997 to less than 10 per cent in June.