Matif's rapeseed contract hit a new record on July 21, moving past the previous high of 1,489 set on July 15.

A total of 1,525 rapeseed futures were traded on July 21, with open interest reaching a high of 22,820 lots.

This rise in volumes was fueled by the rollover of positions to November 1998 delivery, as well as price fixing of premium contracts. In a more general way, the contract is clearly emerging as a benchmark for an increasing number of users.

Three successive records have been set for rapeseed and milling wheat futures since electronic trading started up on June 26.

"Electronic trading brings the market greater transparency and greater depth," commented Nicolas Cabanel, a commodities trader with Cargill Investor Services.

"With support from brokers and electronic technology, clients have become more demanding and markets more transparent," said Philippe Pesque, who heads the commodities desk at Refco.

"Thanks to electronic trading, Matif should have no trouble extending its product line to include sunflower seeds, rapeseed cakes and more. A wider offering will generate greater interest in commodities, a market which, like as the example of rapeseed futures shows, offers real growth potential," stated Claude Plantureux, Chairman of Plantureux SA.

With 319 NSC trading screens now in service, a quarter of them in the UK and the US, traders are able to buy and sell both financial contracts and commodity contracts on Matif. And as the distribution network grows, more players are likely to enter a sector that is already expanding fast.

Contacts:
Antoinette Bouvier-Darpy - Tel. +33/1 40 28 83 89
Nathalie Boschat - Tel. + 44/171 332 5920