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January 1, 2002

Single Stock Futures

By Gregory Bresiger

Trading in single stock futures now is likely to begin in the spring, but there's many possible problems that could slow trading.

At a recent seminar, Bob Fitzsimmons, president and chief executive of Nasdaq/LIFEE, said single stock futures trading had numerous problems overseas.

However, he added that trading in these stocks is now up and running in some 15 markets.

He also stressed that trading single stock futures will be a much better way of trading in futures because there will be no uptick rule for short sellers. He added that institutional traders using single stock futures will be able to use index deletion and enhancement.

Nasdaq/LIFEE is the creation of a transatlantic marriage, in a deal between the London International Financial Futures and Options Exchange (LIFEE) and Nasdaq that establishes a joint market in U.S. single futures. LIFFE CONNECT, the electronic trading platform run by LIFEE, will be used in the arrangement.

At the outset, the exchange will operate in the U.S.