the time of PITS runs out..........

["hans esser" <he96@xxxxxxxxxxxxxx>]

FYI - rgds hans

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Release Date: 6/9/98

      LIFFE Members Vote Decisively In Favour Of Board Proposals At EGM


    LONDON, Tuesday 9 June 1998 -- Proposals to introduce electronic trading 
by the second
    quarter of 1999 and to reform the structure of the London International 
Financial Futures and
    Options Exchange (LIFFE) received overwhelming support from the 
Exchange’s membership at
    an Extraordinary General Meeting (EGM), held this evening. Voting at the 
EGM represented a
    77% turnout. The voting was as follows:
    · 98% in favour of the Resolution
    · 2% against the Resolution.

    LIFFE’s Membership voted resoundingly in favour of the proposals set out in 
LIFFE’s strategy
    document and summarised below:

    · LIFFE will develop a new Automated Trading Platform (ATP) for financial 
futures to be
    introduced in the second quarter of 1999. The ATP will be an extension of 
LIFFE CONNECT for
    Equity Options.
    · LIFFE will adopt a profit-making objective with a view to generating value for 
shareholders
    and, where appropriate, paying dividends.

    · The Exchange’s corporate structure will be radically revised to enable non-
members to become
    shareholders in the Exchange.
    · LIFFE Members will continue to play a key role as intermediaries in the 
future of the Exchange.
    · LIFFE will continue to enhance its open outcry environment through the 
greater use of
    technology.

    Jack Wigglesworth, LIFFE’s Chairman said, 'This vote enables LIFFE to 
regain the strategic
    initiative and to refocus as a profit-making organisation, serving the interests 
of our members. We
    have come a very long way in a short time and I am delighted that the 
membership has voted
    decisively to support this strategy.'