That according to the London International Financial Futures Exchange, as it debuted Universal Stock Futures or futures on individual stocks traded in Europe and the US.
At mid-day EDT, LIFFE spokeswoman told PLANSPONSOR.COM “we had a good solid start to trading” in Universal Stock Futures with over 1.6 million shares traded, underlying value of 18 million euros. All UK stocks “traded well” with over one million shares traded in Vodafone (1,070 lots).
All US stocks traded, with Microsoft and Intel being the most active. Of the continental European shares, Siemens in Germany was the most active, 85 lots or 850 shares traded. The spokeswoman also said there was “good spread of trading across most contracts and tight bid-offer spreads.”
Trading in US and German stocks continue until 6PM (EST), while the UK and other continental European stocks trade from 8am until 4.30pm (EST).
Four stock sectors trading
Trading began in listed corporations in the banking, technology, oil and pharmaceutical sectors. The US companies listed on the first day of trading were Microsoft, AT&T, Citigroup, Cisco, Exxon, Intel and Merck.
The LIFFE said it is making a huge marketing push for the new product and has high hopes for the “revolutionary new product” that “marks a quantum leap” in the range of investment opportunities available to both institutional and retail investors.
Universal Stock Futures are a global range of standardized futures contracts on the shares of individual companies. The LIFFE said it wants to be a “one stop shop” for these products, regardless of where the underlying market is located, New York, Brussels, Madrid, London.
To facilitate operation, the LIFFE is trading stock futures on its own platform, Liffe Connect, which uses one rule book, regulatory system and clearing house.
From the start of trading LIFFE said it will offer investors free, real-time online prices as well as news on the stocks and other services via LIFFE’s new information portal, www.universal-stockfutures.com .