Euronext.Liffe is to go head to head with the Chicago Board of Trade (CBOT) with the planned launch of a new dollar denominated Swapnote futures contract based on the US swap curve.
This is the first time in recent years that Euronext.liffe has designed and launched a contract that directly competes with a US exchange's contract.
Euronext.liffe is claiming a superior offering to the CBOT contract in terms of technology, contract design and liquidity provision, and is looking to build a global franchise in such products.
The dollar Swapnote futures, due to be launched on 30 July, 2002, will be traded on the Liffe Connect electronic derivatives trading platform. The Bank of New York, through its partnership with Susquehanna Trading, will act as the exclusive market-maker for five and ten-year dollar Swapnote futures during US trading hours (7.59 a.m. to 3.00 p.m New York time).