London International Financial Futures and Options Exchange


London International Financial Futures and Options Exchange
= LIFFE
A financial futures market opened in 1982, in London's Royal Exchange, to provide facilities within the European time zone for dealing in options and futures contracts, including those in government bonds, stock-and-share indexes, foreign currencies, and interest rates. In 1991 LIFFE moved into its own premises in the City of London. A client wishing to buy or sell options or futures telephones a LIFFE broker, who instructs the booth run by that broker on the floor of the exchange. The booth clerk hands a slip to the broker's trader in the pit of the market who executes the transaction with another trader. The bargain details are passed to the London Clearing House, which acts as guarantor. Automated (electronic) pit trading was introduced in 1989, though this only operates after the close of live pit trading. The London Traded Options Market merged with LIFFE in 1992, when the words ‘and Options’ was added to its name, although the acronym remains unchanged. In 1996 LIFFE merged with the London Commodity Exchange, making it the only exchange in the world to provide futures and options contracts on financial, equity, and commodity products and equity indices. Since 2001, it has become part of the European derivatives business Euronext NV, with markets in Amsterdam, Brussels, Lisbon, and Paris.

Accounting dictionary. 2014.

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