December 2, 1998

Altogether 8,968,903 contracts were traded on French derivatives markets in November, for a daily average of 448,445.

Monep, which handles equity and index derivatives, reported 7,542,907 contracts for the month, representing total premiums of FF8.37 billion. At the end of November, open interest stood at 13,664,740 lots, up 17.5% on the previous month. On Matif, which trades fixed-interest contracts and commodity futures, 1,425,996 contracts changed hands over the same period.

Monep: trading remains robust

Pace in equity and index options remained brisk throughout the month. November volumes were up 28.8% year on year, representing a 73.7% rise in capital; open interest was up 20.6%.

Derivatives based on European Stoxx indices did particularly well, confirming their role as market benchmarks. Trade volumes and open interest in Stoxx 50 futures jumped 57.5% and 96.1%, respectively, on figures for October. Trade in Stoxx 50 options soared 1327% over the same period.

Equity options also did well, and particularly long-term equity options with volumes and open interest up 36.3% and 16.4%, respectively, from the previous month. November's most heavily traded short-term option was Eurotunnel with 540,206 lots, while the most active long-term option was France Telecom with 179,515 lots.

Fixed-interest derivatives: caution the watchword

Trade in fixed-interest derivatives fell sharply on October. Initially a seasonal decline, this was amplified by a steep drop in volatility. A contributing factor was the renewed caution of traders seeking to reduce exposure in the run-up to the euro, thereby simplifying changeovers in existing positions.

The same phenomenon was visible on most European derivatives markets dealing in fixed-interest contracts. November trade volumes in 10-year fixed-interest contracts on main markets in the future euro zone thus slid an average 30% to 40% on October. This also represents a marked year-on-year decline, with total volumes in Notional and Bund futures on Liffe and Eurex down 34% and 23%, respectively.

The NSC system was available a record 100% of trading hours last month. Since November 30, the network has counted 491 workstations, 30% of them outside France.

Contacts :
Antoinette Bouvier-Darpy - Tel.: + 33 1 40 28 83 89
Nathalie Boschat - Tel.: + 44 171 332 59 20