On 29 November 2004, the Euronext.liffe Amsterdam market has successfully migrated to the LIFFE CONNECT® trading platform. Euronext.liffe offers a complete range of derivatives in all market segments, with high levels of liquidity and tight pricing. Through LIFFE CONNECT®, Euronext.liffe customers have unique access to a wide range of complementary derivative products. Products available on LIFFE CONNECT® are Short Term Interest Rates (STIRs), Currencies, Swaps, Bonds, Equities and Commodities.

For detailed information on the Euronext.liffe markets, please refer to the publication “How the Euronext.liffe Markets Work”. This document is available for download in the "All downloads" section.

• Opening rotations: In LIFFE CONNECT® all futures and option classes open by rotation, or uncrossing as it is also called.
• Ways of trading: LIFFE CONNECT® offers only orders. In Switch there are three ways of trading: orders, quotes and hit & lifts. LIFFE CONNECT® differentiates between limit orders and market orders and offers the following order types:
• Limit orders: normal, GTC (Good Till Cancelled) - without a date, GTC - with date, GIS (Good in Session)
• Market orders: normal market order, market on opening order (standard MOO order, persisted MOO order).
• Market making orders: The LIFFE CONNECT® equivalent for "quotes" are called market making orders (MMOs). Only ITMs that are registered as such are allowed to send in MMOs.
• Combination trading – Strategies:
• LIFFE CONNECT® offers more strategies than Switch. For some strategies LIFFE CONNECT® offers implied trading. Implied trading is supported for the following option strategies: butterfly, straddle, strangle, call spread / put spread, calendar spread, diagonal spread. Implied trading is supported for the following future strategies: butterfly and calendar spread.
• Delta Neutral Trades: Within LIFFE CONNECT®, delta neutral trades are considered strategies and basically work the same way normal strategy work. The following delta neutral strategies are supported: call or put volatility trade, straddle & underlying, call spread & pull & underlying, put spread & call & underlying, call ladder & underlying, combo & underlying, 2:1 ration call spread & underlying, 2:1 ratio put spread & underlying.
• For detailed information on strategies please refer to the publication "Liffe Options, a guide to trading strategies". This document is available for download in the "All downloads" section.
• Ex-Pit Trades: The term ex-pit trades in LIFFE CONNECT® is used for a number of transactions that take place outside the central market. Ex-pit trades are: Basis trades for interest rates and against actuals for London and Paris commodities.
• Block Trades: Block Trades: Block Trades are pre-negotiated high volume trades on the Brussels, Lisbon, London and Paris markets. All details of a Block Trade are entered by one of the counter parties and include both buy and sell side prices and volumes. For strategy Block Trades, in addition to the total strategy price and volume, the order must include all individual leg prices and volumes. Block Trades must be approved by Euronext.liffe Market Services staff.
• Prof Trades: Prof Trades are pre-negotiated high volume trades on the Amsterdam market. Each counter party must enter the details of their Prof Trade intention including contract, price and volume. The Amsterdam market allows to specify open and close times for Prof Trades independently of the open and close times of the central order book. LIFFE CONNECT® will match Prof Trades when the appropriate intentions have been submitted. For detailed information please refer to the publication "A functional comparison of Switch and LIFFE CONNECT® for Switch users". This document is available for download in the "All downloads" section.

• Stop-loss orders: ISVs may offer this functionality as a trading client function.
• Sink: Whenever an order is not accepted by LIFFE CONNECT® in the market, e.g. due to pricing limits, the order will be rejected. Whenever an order is not accepted by Switch in the market, the order will be routed to the sink.
• Quotes and hit & lifts: LIFFE CONNECT® offers only orders. In Switch there are three ways of trading: orders, quotes and hit & lifts.
• Client applications: After the LIFFE CONNECT® migration the "Switch Screen Trading Client" will no longer be supported. Members will have to either develop their own client application or acquire one from an ISV. The way order and trade overviews work in a client application depends largely on the functionality an ISV has created. LIFFE CONNECT® will only make available information on orders that are still active in the market and on trades.
• History Orders & Trades: Historic order and trade information – as in Switch available through the history orders & history trades screen – will not be supported in LIFFE CONNECT®. ISVs may provide equivalent functionality.

The functional differences between Switch and LIFFE CONNECT® are described in the publication "A functional comparison of Switch and LIFFE CONNECT® for Switch users". This document is available for download in the "All downloads" section.