Welcome to the individual investor section for UK products and services. Liffe offers a range of equity futures and options for individual investors and this site provides more information to get you started, from how to start trading to a list of Liffe Options & Futures Partners.

This section can also help you to develop your knowledge and understanding of futures and options via access to the Learning Centre.

Who is this site for
Not every individual investor has the same needs when it comes to understanding and trading futures and options. This site aims to provide you with all the information you need to know.

How can I use this site?
Whether you are brand new to the concepts of futures and options or have experience of trading, this site provides you with valuable information.

About Liffe
Liffe offers a gateway to a world of investment possibilities far beyond the simple "buy at a given price, then hold or sell" type of investment, such as shares.

Futures were originally introduced as an insurance mechanism for farmers and manufacturers who wanted to fix a price for crops at a future date. The farmer wanted to be able to make plans knowing the price he would get for his crops. For the manufacturer, fixing the price meant that he could ensure consistency in the prices he charged.

Options have also existed for a long time. The concept and theory behind options dates back to the development of the law of contract in mediaeval times. For many centuries since, options have been used in a simple way to oil the wheels of trade in agricultural produce, imports and manufactured products.

Futures and options are collectively known as 'derivatives'. Derivatives, such as futures and options, are financial instruments whose price movements are derived from the price movement of an underlying security or asset.

In the case of Liffe's equity futures and options, their value is derived from the price movement of an underlying share price or index level and they hold a host of investment opportunities for the private investor.

Disclaimer
The London International Financial Futures and Options Exchange's equity products are not currently available for offer or sale to US private investors. The information contained in this section of the website is therefore not directed at US private investors, nor is it intended for their use.

This section contains information that is directed at private investors in the UK. Residents of other countries should not regard this as relevant to them and should not pursue the hypertext links contained in the section. Requests for further information from non-UK residents may be denied. Please telephone the Exchange on +44 20 7623 0444 or contact equities@liffe.com.

Rules about short-selling of financial stocks
Following recent turbulence in the world’s financial markets, the Board of the Financial Services Authority (FSA) agreed on Thursday 18 September to introduce new provisions to the Code of Market Conduct to prohibit the active creation or increase of net short positions in publicly quoted financial companies with immediate effect until 16 January 2009 subject to review by the regulator.

The FSA's ban on Short Selling of Financial stocks prohibits the creation of new net short positions in around 30 listed banks/insurers as well as increasing existing short positions.

This move affects all products giving direct or indirect exposure to the equity share capital of a company and therefore includes futures, options, CFDs and spread bets. Importantly, the restrictions do not ban the use of these products but do restrict the entering into of new transactions that create a net short position, sometimes referred to as negative delta trades. For example this would include selling call options or buying put options on an uncovered basis.

For further information please refer to the FSA’s website: www.fsa.gov.uk

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