Hubbry Logo
London International Financial Futures and Options ExchangeLondon International Financial Futures and Options ExchangeMain
Open search
London International Financial Futures and Options Exchange
Community hub
London International Financial Futures and Options Exchange
logo
8 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
London International Financial Futures and Options Exchange
London International Financial Futures and Options Exchange
London International Financial Futures and Options Exchange
View on Wikipedia
from Wikipedia

LIFFE Trader opposite Cannon Street station.

The London International Financial Futures and Options Exchange (LIFFE, pronounced 'life') was a futures exchange based in London. In 2014, following a series of takeovers, LIFFE became part of Intercontinental Exchange, and was renamed ICE Futures Europe.[1]

Euronext acquired LIFFE in 2002, and were then in turn taken over by NYSE in 2007, to form NYSE Euronext. In the same manner, Intercontinental Exchange then purchased NYSE Euronext in 2013.

History

[edit]

The London International Financial Futures Exchange (LIFFE), established by Sir Brian Williamson[2] started life on 30 September 1982, to take advantage of the removal of currency controls in the UK in 1979. 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 1993 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 1996 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. The Exchange was originally housed in the historic Royal Exchange building near Bank but then moved to Cannon Bridge in 1991.[3][4]

By the end of 1996, LIFFE was by far the biggest futures exchange in Europe, followed by the MATIF in Paris and the Deutsche Terminbörse (DTB) in Frankfurt. The DTB was an electronic exchange founded in 1990 and the predecessor to Eurex. LIFFE's most-traded product was a futures contract on Bunds, 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).[5]

Move to electronic trading

[edit]

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 1999 the exchange won the lion's share of trading in euro-denominated short-term interest rate derivatives – the EURIBOR contract.

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 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.

Seeing LIFFE CONNECT's potential, the Blackstone Group and Battery Ventures 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 Tokyo Financial Exchange) (2001), the Chicago Board of Trade (2003) and the Tokyo Stock Exchange (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.

In January 2002, LIFFE was acquired by Euronext, joining the exchanges of Amsterdam, Brussels, Paris and Lisbon.[6]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

London International Financial Futures and Options Exchange

View on Grokipedia
from Grokipedia
The London International Financial Futures and Options Exchange (LIFFE) was a prominent international exchange headquartered in , specializing in the trading of futures and options contracts on financial instruments, equities, commodities, and energy products. Established on September 30, 1982, by Sir Brian Williamson, LIFFE was created to capitalize on the United Kingdom's abolition of in 1979, initially focusing on futures and options while operating from the Royal Exchange building. It quickly grew into one of Europe's leading exchanges, introducing via the LIFFE CONNECT platform in 2000 and shifting away from traditional methods. LIFFE expanded its product offerings through strategic mergers, including the integration of the London Traded Options Market in 1993 to add equity options and the London Commodity Exchange in 1996 to incorporate soft and agricultural commodity contracts. Key products included short-term interest rate futures, such as those on the Euro Bund, as well as options on major stock indices, energy futures like the benchmark, and agricultural commodities. By the early , it had become a global hub for trading, though it faced competition from lower-cost electronic platforms like the Deutsche Terminbörse. In 2002, acquired LIFFE, integrating it into a pan-European exchange network; this was followed by 's merger with the in 2007 to form . The (ICE) completed its acquisition of in November 2013 for approximately $11 billion, retaining LIFFE's operations and renaming it Futures Europe in 2014. Today, as Futures Europe, it continues to operate from as the world's largest marketplace for European derivatives and a key venue for soft commodities like cocoa and , as well as energy benchmarks such as oil, facilitating global and .

Overview

Founding and Purpose

The London International Financial Futures and Options Exchange (LIFFE) was established on September 30, 1982, by Sir Brian Williamson through LIFFE Ltd. This founding came in the wake of the UK's abolition of in 1979, creating an opportunity for a dedicated venue to channel the growing demand for standardized products in . The exchange was initially housed in the historic Royal Exchange building near the in , utilizing its courtyard as the primary trading floor for open-outcry sessions. LIFFE's core purpose was to serve as a centralized, regulated for trading financial futures and options, with an initial focus on and derivatives that were absent from the London . By offering standardized contracts for instruments like short-term and , it aimed to facilitate hedging, , and in a transparent environment, drawing inspiration from established U.S. exchanges such as the . This filled a critical gap in European financial infrastructure, enabling banks and institutions to manage risks more efficiently amid increasing global capital flows. From its inception, LIFFE operated under initial oversight from the , transitioning into the broader regulatory structure established by the Financial Services Act 1986, which designated it as a recognized investment exchange. Early operations faced challenges, including skepticism and resistance from traditional institutions accustomed to over-the-counter trading, as well as the need to build international liquidity to ensure viable trading volumes and contract success. Despite these hurdles, the exchange quickly gained traction by emphasizing and innovation in product design.

Products and Markets

The London International Financial Futures and Options Exchange (LIFFE) primarily traded futures, futures and options, and, following its 1993 merger with the London Traded Options Market, equity index futures during its independent operations. Initial products included futures on major pairs such as GBP/USD from launch in 1982. Key products included the Short Sterling futures contract, based on the three-month sterling interbank rate, and the Long Gilt futures contract, linked to government bonds with maturities of 15 years or more. products encompassed futures on major pairs such as GBP/USD and, later, options on these currencies, while equity index futures, such as those on the FTSE 100, were introduced post-merger to expand the exchange's offerings in derivatives. These instruments enabled market participants to against fluctuations in , exchange rates, and equity performance, with contracts forming the core of LIFFE's early volume. Contract specifications were standardized to ensure liquidity and ease of trading. The Short Sterling futures had a notional size of £500,000, settlement based on the three-month rate, and a minimum price fluctuation of 0.01% (equivalent to £12.50 per ). In contrast, Long Gilt futures featured a £50,000 notional value assuming a 9% , physical delivery of eligible gilts, and a of 1/32 of a point (£15.625). options, such as those on GBP/USD, were American-style with or physical settlement options, while equity index futures post-1993 used settlement against the underlying index value. Trading hours for these products initially ran from 8:15 a.m. to 4:10 p.m. GMT, aligning with market sessions to facilitate European and global participation. LIFFE pioneered several market innovations that enhanced its appeal. In 1988, the exchange introduced options on Short Sterling futures contracts, allowing traders to volatility in underlying futures positions with greater flexibility. This was followed in 1992 by the launch of the first standardized European equity options, comprising American-style puts and calls on individual London Stock Exchange-listed stocks and the , marking a significant expansion into equity derivatives ahead of broader . These developments positioned LIFFE as a leader in combining futures and options for . Trading volumes on LIFFE experienced rapid growth in its formative years, reflecting increasing adoption of for hedging and . By 1988, the exchange achieved a total turnover of 13.3 million contracts annually, with products dominating: Long Gilt futures accounted for 5.6 million contracts and Short Sterling for 3.5 million. This milestone underscored LIFFE's emergence as Europe's premier futures venue by the late , surpassing initial expectations and rivaling established exchanges in select segments. The participant base at LIFFE comprised a diverse array of institutional and financial entities focused on risk mitigation. Commercial and investment banks utilized and products to manage funding costs and exposures, while funds and proprietary traders engaged in speculative and strategies to capitalize on rate movements. Corporations, including exporters and multinational firms, employed these instruments to risks on loans and FX risks on international transactions, with pension funds and insurance companies also participating to match long-term liabilities. This broad engagement fostered deep , particularly in sterling-denominated contracts.

History

Establishment and Early Years

Trading on the London International Financial Futures and Options Exchange (LIFFE) commenced in , marking the launch of a major European venue for financial derivatives modeled after the open-outcry systems of the and . The exchange began operations with an initial suite of interest rate futures contracts, including the 3-month , 3-month Euromark, and long gilt futures, designed to facilitate hedging and speculation in and markets amid the liberalization of London's financial sector following the abolition of exchange controls in 1979. Initially housed in the historic Royal Exchange building, LIFFE started with 260 members, comprising banks, brokers, and dealers, who conducted trades in designated pits through face-to-face shouting and hand signals. LIFFE experienced rapid early growth throughout the , with annual trading volume rising from around 1.3 million contracts in 1983 to over 20 million by 1990, fueled by the exchange's advantageous that allowed seamless overlap between Asian, European, and U.S. trading sessions. This expansion reflected London's emergence as a global financial hub, attracting international participants seeking efficient access to Eurocurrency and fixed-income instruments outside U.S. hours. To accommodate surging activity, LIFFE relocated to a larger facility at Cannon Bridge in , tripling its trading floor space and enhancing capacity for the open-outcry system. Regulatory developments in the mid-1980s shaped LIFFE's operations, culminating in 1987 when the exchange transitioned to a framework of self-regulation under the oversight of the newly established Securities and Investments Board (SIB), which delegated certain supervisory powers to recognized self-regulating organizations like the Association of Futures Brokers and Dealers. This structure balanced industry autonomy with statutory accountability, enabling LIFFE to adapt rules for membership, clearing, and market conduct amid growing volumes. In the competitive landscape, LIFFE vied directly with exchanges for dominance in and futures, leveraging lower costs and extended hours, while also contending with the International Petroleum Exchange for broader derivatives activity in , particularly as products gained traction.

Key Mergers and Acquisitions

In 1992, LIFFE merged with the London Traded Options Market (LTOM), an equity options exchange, in March of that year, which expanded LIFFE's product offerings to include options on individual and equities alongside its existing futures contracts. This integration enhanced LIFFE's position in the European by combining LTOM's equity-focused trading with LIFFE's financial futures expertise. By 1996, the organization operated under the formal name London International Financial Futures Exchange (Administration and Management), reflecting administrative adjustments following the merger. In 1996, LIFFE merged with the London Commodity Exchange (LCE), incorporating a range of soft and agricultural commodity contracts, such as cocoa and , into its product portfolio and further diversifying its offerings beyond financial . The most significant corporate event came in 2001 amid intense competition among European exchanges. Following the collapse of the proposed iX merger between the London Stock Exchange (LSE) and in September 2000, the LSE launched a bid for LIFFE in September 2001, seeking to bolster its derivatives capabilities. However, , the pan-European exchange group formed by the , , and bourses, countered with a higher offer of £555 million (approximately $797 million), which LIFFE's board unanimously accepted on October 29, 2001, valuing the exchange at a 112% premium over its pre-bid share price. This acquisition was a defensive strategy to avoid integration with the LSE and instead align with Euronext's broader network, creating Europe's largest exchange group. The deal received regulatory approval from authorities, with LIFFE remaining under UK jurisdiction while Euronext's derivatives business transferred to it. In 2007, merged with the (NYSE) Group in an $11 billion deal completed on April 4, forming , the world's largest exchange by at the time. LIFFE became NYSE Liffe under this structure, enabling cross-Atlantic synergies in derivatives trading, including the launch of NYSE Liffe U.S. in for expanded futures offerings. Although initially planned to integrate with former NYBOT assets, the merger focused on unifying European and U.S. derivatives platforms for global reach. These mergers profoundly shaped LIFFE's structure and market position. Post-2001 acquisition, LIFFE absorbed Euronext's portfolio, expanding its products to include futures from the market, thereby diversifying beyond UK-centric instruments. Membership transitioned from a traditional seat-based system—limited to physical trading floor access—to a demutualized, for-profit model emphasizing electronic access, which broadened participation and aligned with Euronext's integrated technology infrastructure. Overall, these events solidified LIFFE's role as a cornerstone of European financial , fostering transatlantic expansion and resilience against competitive threats.

Operations and Trading

Physical Trading Period

The physical trading period at the London International Financial Futures and Options Exchange (LIFFE) relied on an open-outcry system conducted in dedicated trading pits on the exchange floor, where participants executed orders through a combination of verbal shouting and intricate to communicate bids, offers, and quantities amid the noise of the pit. This format organized trading by product type, with separate pits allocated for categories such as futures and options, enabling focused for each class. The system's design promoted immediate interaction, allowing traders to gauge directly and adjust strategies in real time, which was particularly vital for discovering prices in volatile European financial markets. Daily operations unfolded in a of intense bursts of activity followed by quieter intervals, during which traders often socialized or awaited incoming orders, with sessions typically spanning the core business hours and all trades cleared centrally through the London Clearing House (LCH) to ensure settlement and . The trader ecosystem comprised hundreds of predominantly male, physically imposing individuals—often former athletes—who competed fiercely in the pits, employing physical jostling to position themselves advantageously while wearing color-coded jackets to denote their affiliated firms. Membership required owning a trading seat, which conferred access to the floor and could command significant value reflecting the exchange's growth, though exact fees fluctuated with market conditions in the 1990s. The culture of LIFFE's floor was high-energy and camaraderie-driven, blending aggressive competition with post-session bonding in nearby pubs, where traders used informal nicknames for contracts—like "short sterling" for the three-month UK interest rate future—and terms such as "locals" for independent speculators trading their own capital in red jackets. This environment fostered resilience, as seen during the 1987 stock market crash, when the open-outcry pits enabled swift adaptations to extreme volatility through direct trader negotiations, helping maintain liquidity in key European rate products despite global turmoil. Execution efficiency in the pits allowed for rapid trades—often completed in under a minute—supporting robust price discovery for benchmarks like short-term interest rates, though it incurred higher operational costs compared to emerging electronic alternatives due to the need for manual routing and clerical support.

Transition to Electronic Trading

The transition to at the London International Financial Futures and Options Exchange (LIFFE) was primarily driven by competitive pressures from the launch of Eurex's fully electronic platform in 1998, which threatened LIFFE's in European derivatives. In a defensive move, LIFFE expedited the development of its proprietary system, LIFFE CONNECT, debuting it in November 1998 with equity options contracts to counter the rival's advantage in speed and accessibility. LIFFE initially adopted a hybrid model for the rollout, permitting simultaneous floor-based and to facilitate opportunities between the venues while minimizing disruption. The system expanded rapidly, with short-term (STIR) contracts migrating to LIFFE CONNECT in August and September 1999, supported by interfaces for automated access and web-based terminals for broader participation. By November 2000, the exchange permanently closed its remaining pits, achieving full operations. This shift integrated with key technologies like CREST for efficient settlement of underlying gilt securities in physically delivered contracts, streamlining post-trade processes. The transition significantly boosted trading efficiency and volumes; for instance, contracts executed via LIFFE CONNECT terminals rose 37% year-over-year to 12.2 million in May 2000 alone, with the platform later scaling to handle projected surges of up to 300% amid market volatility. However, it faced substantial challenges, including resistance from traditional floor traders accustomed to and regulatory scrutiny from the (FSA), which required alignment with its principles for market integrity. The shift also led to notable job losses, affecting around 200 floor traders in late 1999 and prompting workforce reductions of over half from LIFFE's 1,000-strong staff as electronic systems displaced manual roles—reducing active floor participants to just 100.

Integration and Legacy

Acquisition by ICE and Rebranding

In December 2012, (ICE) announced its agreement to acquire , the parent company of LIFFE, in a transaction valued at approximately $8.2 billion in cash plus stock, totaling around $11 billion. The deal received unconditional approval from the on June 24, 2013, following reviews by U.S. regulators, and was completed on November 13, 2013, integrating LIFFE into ICE's portfolio while ICE spun off Euronext's continental European operations in 2014. At the time, LIFFE's derivatives business was a key contributor to 's revenue, underscoring its strategic value in expanding ICE's European footprint. Following the acquisition, LIFFE underwent a to ICE Futures Europe in 2014, maintaining its London headquarters while aligning with 's global trading and clearing infrastructure. This transition occurred in phases, with U.S.-listed LIFFE products migrating to ICE Futures U.S. by June 2014 and European commodities contracts shifting to the ICE platform by September 2014. Clearing operations for LIFFE derivatives were transferred to Clear Europe as early as July 2013, even prior to full closure, facilitating seamless risk management across 's ecosystem. The integration enabled immediate operational synergies, including enhanced cross-margining between LIFFE's and equity derivatives and ICE's products, reducing capital requirements for market participants. Additionally, it involved the incorporation of NYSE Euronext's approximately 3,000 employees into ICE's workforce, supporting the unified platform's rollout and ongoing innovations in derivatives trading.

Influence on Global Financial Markets

LIFFE's innovations in trading significantly shaped global market practices, particularly through early efforts to enable near-24-hour trading. A key contribution was the of short-term futures, exemplified by LIFFE's launch of the Three-Month futures contract in 1999, which quickly became the dominant benchmark for rates. These contracts standardized pricing and settlement for , the primary reference rate for trillions of euros in loans, bonds, and across and beyond, enhancing market efficiency and tools for financial institutions worldwide. By dominating over 99% of euro-denominated short-term volume shortly after introduction, LIFFE's futures established a reliable global standard that influenced similar products on other exchanges. Economically, LIFFE played a pivotal role in bolstering London's status as a premier financial center by enabling hedging against and risks for exposures worth trillions of pounds annually. Its traded contracts supported transfer in the UK's vast financial sector, which handles approximately 40% of global turnover, contributing to the City's overall economic output of over £100 billion from in recent years. This hedging capacity attracted international capital and reinforced London's infrastructure for , positioning it as Europe's leading venue for such instruments. Following its acquisition by () in 2014 and rebranding as Futures Europe, LIFFE's legacy continued through expanded trading volumes, with the platform averaging millions of contracts daily across interest rates, equities, and commodities. As of 2025, Futures Europe achieved record of 107 million contracts across 's global futures and options markets. Notably, Brent crude oil futures, inherited from LIFFE's ecosystem, capture roughly 50% of global Brent-priced physical oil volumes, serving as a cornerstone benchmark for international energy markets and influencing pricing for over two-thirds of the world's internationally traded crude. Futures Europe's operations have also informed European regulatory frameworks, including MiFID II, where its transparent trading and reporting practices contributed to enhanced pre- and post-trade transparency requirements for derivatives venues. While exchange-traded derivatives on LIFFE mitigated some risks through mandatory clearing, the broader —including uncollateralized over-the-counter trades—amplified the by spreading contagion through interconnected exposures. Post-crisis reforms, such as the EU's and US Dodd-Frank Act, drew on LIFFE's centralized clearing model via LCH.Clearnet to mandate central clearing for standardized OTC derivatives, reducing and promoting collateralization globally. LIFFE's global reach extended through strategic partnerships, including a cross-margining agreement with CME that optimized capital efficiency for traders holding positions across both exchanges. These collaborations fostered and sharing, enabling cross-border trading without fragmentation. Additionally, LIFFE's programs for traders, including simulation-based on its trading floor, influenced in the industry by equipping participants with practical skills in futures and options execution.

References

  1. https://www.investopedia.com/terms/l/liffe.asp
  2. https://corporatefinanceinstitute.com/resources/derivatives/london-international-financial-futures-exchange-liffe/
  3. https://www.ice.com/futures-europe
  4. https://www.bankofengland.co.uk/quarterly-bulletin/1997/q2/features-of-a-successful-contract-financial-futures-on-liffe
  5. https://www.fia.org/marketvoice/articles/liffe-story-remembering-sir-brian-williamson-and-his-invaluable-contribution
  6. https://www.legislation.gov.uk/ukpga/1986/60/enacted
  7. https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/1989/a-survey-of-interest-rate-futures.pdf
  8. https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/1989/the-market-in-currency-options.pdf
  9. https://www.sec.gov/divisions/marketreg/mr-noaction/liffe030696.pdf
  10. https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/1997/quarterly-bulletin-may-1997.pdf
  11. https://www.bruegel.org/sites/default/files/wp-content/uploads/imported/events/Session_1_Laurence_Walton-1.pdf
  12. https://www.nytimes.com/1982/10/05/business/financial-futures-set-brisk-pace-in-london.html
  13. https://link.springer.com/content/pdf/10.1007/978-1-349-12838-9.pdf
  14. https://www.jstor.org/stable/24468735
  15. https://www.forbes.com/asap/2000/1127/051_print.html
  16. https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/1987/change-in-the-stock-exchange-and-regulation-of-the-city.pdf
  17. https://www.chicagotribune.com/1995/03/06/london-futures-exchange-could-sprint-past-chicago/
  18. https://dec.unibocconi.eu/sites/default/files/files/media/attachments/abstract20110629124213.pdf
  19. https://www.theguardian.com/business/2004/dec/14/germany
  20. https://www.theguardian.com/business/2001/oct/29/futures
  21. https://www.wsj.com/articles/SB1004369735390730040
  22. https://www.cnbc.com/2007/04/04/nyse-euronext-creates-first-transatlantic-exchange.html
  23. https://www.marketswiki.com/wiki/NYSE_Liffe_U.S.
  24. https://www.independent.co.uk/arts-entertainment/the-end-of-liffe-as-we-know-it-1169825.html
  25. https://www.thetradenews.com/farewell-open-outcry/
  26. https://www.bankofengland.co.uk/-/media/boe/files/working-paper/1998/electronic-versus-open-outcry-markets.pdf
  27. https://www.eachccp.eu/wp-content/uploads/2015/12/CCP.pdf
  28. https://www.theguardian.com/business/1999/oct/26/futures1
  29. https://johnlothiannews.com/brendan-bradleys-front-row-seat-to-the-path-to-electronic-trading/
  30. https://www.gisukltd.com/news/news_details/the-evolution-of-trade-execution-in-the-uk_219
  31. https://www.wsj.com/articles/SB905460259556230000
  32. http://news.bbc.co.uk/2/hi/business/224146.stm
  33. https://www.bankofengland.co.uk/-/media/boe/files/archive/practical-issues-arising-from-the-introduction-of-the-euro/december-1999.pdf
  34. https://www.the-independent.com/news/business/bleak-futures-for-liffe-locals-as-pits-close-1112729.html
  35. https://www.bis.org/cpmi/publ/d53p14uk.pdf
  36. https://www.fnlondon.com/articles/jump-in-equity-division-helps-liffe-trading-volumes-surge-20000605
  37. https://download.microsoft.com/documents/uk/windowsserversystem/bi/Liffe_Final.pdf
  38. https://www.cftc.gov/sites/default/files/tm/letters/99letters/tmliffe_no-action.htm
  39. https://ir.theice.com/press/news-details/2013/NYSE-Euronext-Announces-Fourth-Quarter-and-Full-Year-2012-Financial-Results/default.aspx
  40. https://ir.theice.com/press/news-details/2014/Intercontinental-Exchange-Completes-First-Phase-of-the-Liffe-Transition-to-ICE-Futures-Europe-London-Soft-Commodities-Now-on-the-ICE-Platform-alongside-ICE-Futures-US-Softs-Contracts/default.aspx
  41. https://www.bloomberg.com/news/articles/2014-09-29/liffe-turns-to-ice-in-commodities-as-softs-change-hands-again
  42. https://www.prnewswire.com/news-releases/ice-clear-europe-completes-clearing-transition-of-nyse-liffe-derivatives-contracts-213946801.html
  43. https://ir.theice.com/press/news-details/2013/IntercontinentalExchange-Update-on-Transition-of-Liffe-to-ICE-Futures-Exchanges-and-ICE-Platform/default.aspx
  44. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1281.pdf
  45. https://www.thecityuk.com/media/bnsggy45/the-uk-as-an-international-financial-centre_eng.pdf
  46. https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/1989/london-as-an-international-financial-centre.pdf
  47. https://ir.theice.com/press/news-details/2025/Open-Interest-across-ICEs-Global-Futures-and-Options-Markets-Reaches-a-Record-107-Million-Contracts/default.aspx
  48. https://www.ice.com/products/219/brent-crude-futures
  49. https://www.ice.com/futures-europe/mifidii
  50. https://www.imf.org/-/media/Websites/IMF/imported-flagship-issues/external/pubs/ft/GFSR/2010/01/pdf/_chap3pdf.ashx
  51. https://www.cftc.gov/sites/default/files/files/foia/fedreg00/foi000124d.pdf
Add your contribution
Related Hubs
User Avatar
No comments yet.