Press

Eurex, the European derivatives market, will discontinue trading in options on the CONF future (future on a notional eight-to-13-year bond of the Swiss federal government) as of the March 24, 2000 expiration date. Trading in the products will be blocked for all expiration dates up to the time of the actual delisting, since there are no longer any more open positions. No new series will be introduced.

The decision was made due to the steady decline in turnover and open interest in options on the CONF future; no trading activity has been recorded since the middle of last year. The exchange indicated that Swiss market participants do not see any prospect of business picking up in this option segment at present, so the market is in favor of ceasing the trading in this product. The decline in turnover, it said, is mainly due to the lower liquidity in the Swiss cash market and the lack of interest among clients.