The London International Financial Futures and Options Exchange LIFFE , pronounced 'life' is a futures exchange based in London.

LIFFE is now part of Intercontinental Exchange group following a series of takeovers. Euronext [1] acquired LIFFE in , and were then in turn taken over by NYSE in , to form NYSE Euronext. The main rationale for this transaction was to gain ownership of LIFFE.

In the same manner, Intercontinental Exchange then purchased NYSE Euronext in , principally to acquire LIFFE. The London International Financial Futures Exchange LIFFE , established by Sir Brian Williamson [2] started life on 30 September , to take advantage of the removal of currency controls in the UK in The exchange modelled itself after the Chicago Board of Trade and the Chicago Mercantile Exchange.

It initially offered futures contracts and options linked to short-term interest rates. In LIFFE merged with the London Traded Options Market LTOM , adding equity options to its product range. This is when it changed its name to the London International Financial Futures and Options Exchange. In it merged with the London Commodity Exchange LCE , and, as a result, a range of soft and agricultural commodity contracts was added to its products offering.

Trading was conducted by open outcry , where traders meet on the trading floor in what is called the pit to conduct trades.

Find jobs in finance | Executive search in finance | Finance careers | Executive recruitment - FinExecutive

The Exchange was originally housed in the historic Royal Exchange building near Bank but then moved to Cannon Bridge in The DTB was an electronic exchange founded in and the predecessor to Eurex.

LIFFE's most-traded product was a futures contract on Bunds , the year German Government Bond. The DTB offered an identical product but, as an electronic exchange, it had a lower cost base. The Bund represented about a third of LIFFE's business. Its ambitious plans for enlarged trading floor and offices on a site near Spitalfields market were dropped and became the ABN Amro UK HQ.

LIFFE had had big plans to expand, and intended to redevelop Spitalfields Market in the City of London 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 electronic trading platform instead. It already had an electronic platform called Automated Pit Trading APT , which was used in after-hours trading 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 interest rate derivatives contracts. After the creation of the euro in the exchange won the lion's share of trading in euro-denominated short-term interest rate derivatives — the EURIBOR contract.

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 to link to the exchange.

And, by the beginning of , customers in 25 countries around the world were trading on LIFFE. This completed a revolution in LIFFE's business: Liffe went on to sell the technology to three exchanges, TIFFE now renamed the Tokyo Financial Exchange , the Chicago Board of Trade and the Tokyo Stock Exchange Early in 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.

In January LIFFE was acquired by Euronext , joining the exchanges of Amsterdam , Brussels, Paris and Lisbon. Together with the derivative arms of the continental European exchanges it became Euronext. Some analysts say that LIFFE had to give up its independence because it had failed to embrace technology early enough. However, in evidence to the Treasury Select Committee, Euronext's chief executive, Jean-Francois Theodore, said that it was the span of LIFFE's business and its trading technology that had attracted Euronext to make its bid.

For information on LIFFE after the take-over, see LIFFE's website. LIFFE accredited traders, particularly those engaged in the open outcry trading pits, could and did earn high salaries at the price of a demanding and stressful job. Floor support personnel Runners, Midoffice and exchange staff , in contrast, usually earned a lot less. LIFFE floor staff were easily identified by their distinctive and brightly coloured blazers yellow jackets for Runners and badges with three-letter IDs called 'Mnemonics'.

The exchange floor was an extremely noisy place with Phone Brokers and Pit Traders shouting instructions to each other and Exchange Officials overseeing their conduct and confirming trades. Exchange members Banks and Brokers would pay a premium to have a booth position close to the trading pits to enable slightly easier communication with their pit traders.

However the most common form of communication was via hand signals, not too dissimilar to tic-tac that a bookmaker would use at a racecourse. Contract prices were signalled with the hand held away from the body with the palm of the hand facing away meaning to sell and the palm of the hand facing towards oneself meaning to buy.

Contract quantities were communicated with the hand touching the body with individual units displayed on the chin, tens of units on the forehead, hundreds and thousands of units on the forearm again with the hand facing away meaning to sell and towards oneself to buy.

A project to record the hand signal language of the trading pit is being compiled.

London traded options перевод

LIFFE pit traders and locals Traders trading on their own account, betting their own funds in particular enjoyed a reputation of a lavish lifestyle — pubs and wine houses along Cannon Street were filled with LIFFE personnel at all times of the day and night. Visitors to the LIFFE floor were often surprised by the harsh emotional conditions and chaotic-looking floor, with paper snipplets covering the floor and abuse frequently being yelled, albeit jokingly, at them.

What probably sustained LIFFE's trading floor alongside other electronic exchanges such as DTB for some time was the opportunity for arbitrage.

Новое сообщение в форум "Англо-русско-английский перевод"

The contracts on the German Bund traded at LIFFE and DTB were financially equivalent, opening up arbitrage opportunities between the marketplaces.

A bund contract being offered at Arbitrage was frequently conducted, due to the complex prerequisites restricted mostly to institutional market participants. From Wikipedia, the free encyclopedia.

Retrieved 19 March Brussels Paris Amsterdam Lisbon London. Euronext AEX index CAC 40 Euro Stoxx 50 BEL Retrieved from " https: Economy of London Commodity exchanges in the United Kingdom NYSE Euronext Organisations based in the City of London Futures exchanges establishments in the United Kingdom Organizations established in EngvarB from May Use dmy dates from May Articles needing additional references from January All articles needing additional references All articles with unsourced statements Articles with unsourced statements from October Navigation menu Personal tools Not logged in Talk Contributions Create account Log in.

Views Read Edit View history. Navigation Main page Contents Featured content Current events Random article Donate to Wikipedia Wikipedia store. Interaction Help About Wikipedia Community portal Recent changes Contact page. Tools What links here Related changes Upload file Special pages Permanent link Page information Wikidata item Cite this page.

This page was last edited on 7 May , at Text is available under the Creative Commons Attribution-ShareAlike License ; additional terms may apply.

By using this site, you agree to the Terms of Use and Privacy Policy.

Privacy policy About Wikipedia Disclaimers Contact Wikipedia Developers Cookie statement Mobile view. This article needs additional or better citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. January Learn how and when to remove this template message. This section does not cite any sources. Please help improve this section by adding citations to reliable sources.