By FWi staff
THE London International Financial Futures Exchange (LIFFE) has announced pre-tax losses of £64 million in its annual results.
The exchange, which is the British centre for trading in financial and commodity futures, including wheat and barley, made a loss for the first time since 1985.
And its likely to make another loss this year, as more trade flows to its rival exchange in Frankfurt, noted Cargills Ian Wallis.
However, the exchange has spent a total £81 million in 1998 updating to screen based trading, he said. “And in 1997 it had made a record profit of £52 million.”
But despite these losses LIFFE still had net assets of £120 million and deposits of £93 million at the end of the year.
Costs are being slashed and, although there will be no speedy return to financial health this year chairman Brian Williamson believes things will be much better in 2000.