NYSE Liffe’s bond derivatives portfolio provides cost-effective on-exchange exposure to long-term sterling interest rates and UK and Japanese government bonds with the following contracts:

- Long Gilt futures and options contracts
- Japanese Government Bond (JGB) futures contract.

On 23 November we are launching Short and Medium Gilt futures contracts, referencing delivery baskets of bonds maturing in 1.5-3.25 and 4-6 years respectively, to offer extended coverage along the UK government bond yield curve.

Our existing flagship Long Gilt futures contract is based upon a significantly liquid part of the government bond curve (8¾ to 13 year bonds) and has an ADV of over 95,000 lots (September, 2009). This will soon be joined by Short and Medium Gilt futures, which will further complement our Short Sterling futures contract to offer a range of new trading opportunities along the government bond and money market curves.

With a greater than ever focus in the market on these yield curves - resulting from the recent increased Gilt issuance and the Bank of England’s Quantitative Easing programme - the introduction of these contracts will open up a range of new spread trading and hedging opportunities to the market.

Please see London Notice No. 3213 for further information on our Short & Medium Gilt futures contracts. Please visit here for the QV codes.

Referencing one of the world’s largest bond markets, the JGB future is also a benchmark contract - covering the most liquid section of the Japanese government bond curve.

Our Long Gilt and JGB contracts are complemented by our Swapnote^® futures and options contracts, which provide longer-dated Euro denominated interest rate exposure (two, five and ten year maturities are listed).

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