New futures market open
r .n uniuun The first financial futures market in the European region opened in London on Friday in a splash of colour and champagne celebrations. . Trading opened at the historic Royal Exchange building. with about 500 people packed into the trading floor, and traders gesticulating and shouting in the two pits that operated. The building, first opened in 1569 and twice destroyed by fire and rebuilt, has been a trading site for about 400 vears.
Friday’s, opening, with about 100 traders in brightly coloured jackets crammed into the small three-tiered pits, was the first ma-ket-type action in the building since the 19305.
The governor of the Bank of England. Mr Gordon Rich-
ardson. said that the Royal Exchange building was’ a fitting place for the newfinancial futures market because of its past history of trading. The building has undergone a SNZ6.B million internal refit.
As guests sipped champagne and orange juice, the brightly-clad traders, floor staff, and company ' representatives went about their business in a frenzied manner after Mr Richardson cut a ribbon and officially opened the London International Financial Futures Exchange (LIFFE). The gold, scarlet, green, and blue jackets worn by the different operators for easy identification are not normally associated with the sombre grey or dark-suited operatives in money exchanges around the world.
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Press, 4 October 1982, Page 35
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219New futures market open Press, 4 October 1982, Page 35
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