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253:, the 10-year German Government Bond. The DTB offered an identical product but, as an electronic exchange, it had a lower cost base. The progress of DTB can be gauged from the fact that in mid-1997 the DTB had less than 25% of the market. By October, it had more than 50%, and a couple of months later LIFFE was left with only 10%. The Bund represented about a third of LIFFE's business. The exchange, which had turned in a profit of £57m in 1997, reported a loss of £64m in 1998. Its ambitious plans for enlarged trading floor and offices on a site near Spitalfields market were dropped (and became the ABN Amro UK HQ).
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to link to the exchange. And, by the beginning of 2002, customers in 25 countries around the world were trading on LIFFE. This completed a revolution in LIFFE's business: whereas traders had once had to come to LIFFE; now, through LIFFE CONNECT, LIFFE took its market to its customers wherever they were in the world.
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On Friday 24 November 2000, at 5 pm, the last three of the once 26 open outcry pits were permanently closed. The design of LIFFE CONNECT made it possible for customers to choose which trading software they would use. LIFFE intended that this flexibility would encourage traders around the world
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as they needed a larger building for their open outcry. With the loss of the market for their main product, Bund futures contracts, all expansion plans were shelved. LIFFE realised that, to compete, it had urgently to develop an
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Durica, Dr. Michael (2006). Product
Development for Electronic Derivative Exchanges: The case of the German ifo business climate index as underlying for exchange traded derivatives to hedge business cycle risk. Pro Business.
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invested £44m in Liffe to finance the commercial development of the trading platform so that it could be sold to other exchanges. Liffe went on to sell the technology to three exchanges, TIFFE (now renamed the
380:(2008). Early in 2001 LIFFE said that it had returned to profit. In September that year the exchange announced that it had received a number of expressions of interest in buying the business.
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when the trading pit was closed. LIFFE now developed a new trading platform, LIFFE CONNECT, for all trading, including the exchange's range of short-term
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LIFFE had had big plans to expand, and intended to redevelop
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acquired LIFFE in 2002, and were then in turn taken over by
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Futures exchange located in London, UK (founded 1982)
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592:Financial services companies established in 1982
237:in Paris and the Deutsche Terminbörse (DTB) in
188:London International Financial Futures Exchange
481:"London's Royal Exchange | History.co.uk"
507:"Liffe Spitalfields deal cheers City lawyers"
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138:LIFFE Trader opposite Cannon Street station.
295:. Unsourced material may be challenged and
622:1982 establishments in the United Kingdom
612:Organisations based in the City of London
602:Commodity exchanges in the United Kingdom
315:Learn how and when to remove this message
122:Learn how and when to remove this message
526:"Euronext wins contest to acquire Liffe"
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383:In January 2002, LIFFE was acquired by
212:London International Financial Futures
445:"Sheikha Mozah Bint Nasser Al-Missned"
359:Seeing LIFFE CONNECT's potential, the
577:Open Outcry a Way of LIFFE Ends Today
524:Ascarelli, Silvia (30 October 2001).
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293:adding citations to reliable sources
245:. LIFFE's most-traded product was a
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627:Organizations established in 1982
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198:. It initially offered
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342:after-hours trading
329:Spitalfields Market
513:. 14 January 1997.
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