Liffe IT will underpin exchange deal

The electronic trading platform used by the London International Financial Futures Exchange (Liffe) will underpin a proposed...

The electronic trading platform used by the London International Financial Futures Exchange (Liffe) will underpin a proposed merger with the Paris-based Euronext exchange.

Euronext, an alliance of the Paris, Amsterdam and Brussels stock exchanges, plans to move its derivatives business to London and migrate it onto Liffe's Connect platform.

This could help generate between £10m and £15m a year in pre-tax technology cost savings by 2005, said Euronext. However, there will be a one-off integration cost of £20m.

Euronext's £555m offer for Liffe was accepted earlier this week, trumping a higher offer by the London Stock Exchange.

However, there has been speculation that there will be further consolidation among the stock exchanges, including the London Stock Exchange.

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