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					GENERAL NOTICE NO: 2011
                                                                   The London International Financial
ISSUE DATE:           4 April 2002                                 Futures and Options Exchange
EFFECTIVE:            29 April 2002

TWO YEAR EURO SWAPNOTE® CONTRACT
(EXCHANGE CONTRACT NO. 706)

OPTIONS ON TWO YEAR EURO SWAPNOTE® CONTRACT
(EXCHANGE CONTRACT NO. 756)

INTRODUCTION OF HALF TICK PRICING


 Executive Summary

 This General Notice details the introduction of half tick pricing in the Two Year
 Euro Swapnote® Futures and Options Contracts from 29 April 2002.


1.     This General Notice informs members that, in response to member demand,
       the Exchange has completed the necessary systems work to accommodate the
       introduction of half tick pricing for the Two Year Swapnote Futures Contract
       and the Option on Two Year Swapnote Contract (“the Contracts”).

2.     Consequently, on and from Monday 29 April 2002, the minimum price
       movement for the Contracts shall be reduced from €0.01 to €0.005.

3.     Notwithstanding that Term 6.05(b) of Exchange Contract No. 706 provides for
       the EDSP to be expressed in multiples of €0.005 in line with the reduced
       minimum price movement, the EDSP for the June 2002 contract month shall
       be expressed as a multiple of €0.01. However, the EDSP for the September
       2002 contract month onwards shall be expressed in multiples of €0.005.

4.     The necessary amendments to Table I of Swapnote Contracts and the
       summary Contract Details for Options on Swapnote Contracts form
       Attachments 1 and 2 of this General Notice respectively. Updates will appear
       in the Member Handbook and on the LIFFE website (www.liffe.com) in due
       course.




                                                                 C annon Bridge House
                                                                 1 Cousin Lane
                                                                 London EC4R 3XX
                                                                 Telephone 020 7623 0444 Fax 020 7588 3624
                                                                 http://www.liffe.com/

                                                                 LIFFE Administration and Management
                                                                 A wholly-owned subsidiary of LIFFE (Holdings) plc
                                                                 Registered office as above Registered in England no 1591809
5.    Members seeking further information in relation to this General Notice should
      contact Interest Rate Product Management (+44 (0)20 7379 2222) at LIFFE.

BY ORDER OF THE BOARD




N E Carew Hunt
Market Secretary
                                                      Attachment 1 to General Notice No. 2011

                CONTRACT DETAILS SPECIFIED BY THE BOARD
                      FOR SWAPNOTE® CONTRACTS
                                              TABLE I

              Contract                    Two Year Euro                Five Year Euro               Ten Year Euro
                                           Swapnote®                     Swapnote®                    Swapnote®
Known as Exchange Contract No.                     706                           704                         705

       Set of Relevant Payments                2 Year Euro                  5 Year Euro                 10 Year Euro

             Effective Date                Third Wednesday of           Third Wednesday of           Third Wednesday of
                                             delivery month               delivery month               delivery month
            Currency of the                       Euro                         Euro                         Euro
              Contract
           Termination Date     Second anniversary of the              Fifth anniversary of the    Tenth anniversary of the
                                     Effective Date                         Effective Date             Effective Date
Cashflow Payment Date Reference    One Calendar Year                     One Calendar Year           One Calendar Year
             Period
         Unit of trading               €100,000                               €100,000                    €100,000

          Notional Fixed Rate                     6.00%                        6.00%                       6.00%

           Delivery months                 Mar, Jun, Sep, Dec            Mar, Jun, Sep, Dec          Mar, Jun, Sep, Dec

    No. of delivery months available           2 Quarterly                   2 Quarterly                 2 Quarterly
               for trading1
            Basis Point Value                 €10.00 per lot               €10.00 per lot               €10.00 per lot

      Minimum price movement               Half of One Basis           One Basis Point (€10)        One Basis Point (€10)
              (Value)                          Point (€5)
         Last Trading Day2              Two business days prior to   Two business days prior to   Two business days prior to
                                           the Effective Date           the Effective Date           the Effective Date

          Last Trading Time                    10.00 hours                  10.00 hours                  10.00 hours
            (London time)
          Rate Source Page              Reuters Screen ISDAFIX2      Reuters Screen ISDAFIX2      Reuters Screen ISDAFIX2

           Interest rate basis                   30/360                        30/360                      30/360

        Relevant Floating Rate                 EURIBOR                       EURIBOR                     EURIBOR



1          The delivery months available for trading will normally be the relevant number of
           nearest quarterly delivery months. A new delivery month will be made available for
           trading on, or shortly before, the Last Trading Day of the current delivery month.

2          If such a day is not a business day, “Last Trading Day” shall mean the business day
           following such day.


Issue Date: 4 April 2002
                                                                                                                                                                          Attachment 2 to General Notice No. 2011

                                                              CONTRACT DETAILS SPECIFIED BY THE BOARD FOR
                                                                   OPTIONS ON SWAPNOTE® CONTRACTS
                      Contract                                                                                  Option on Two Year Euro           Option on Five Year Euro           Option on Ten Year Euro
                                                                                                                       Swapnote                          Swapnote                           Swapnote
                      Known as Exchange                                                                                   756                               754                                755
                      Contract No.
                      Underlying Futures                                                                              Two Year Euro                     Five Year Euro                    Ten Year Euro
                      Contract                                                                                          Swapnote                           Swapnote                         Swapnote
                      Expiry Months1                                                                                   2 Quarterly                        2 Quarterly                      2 Quarterly
                                                                                                                         2 Serial                           2 Serial                         2 Serial
                      Last Trading Day                  Quarterly expiry                                       Day on which trading in the       Day on which trading in the       Day on which trading in the
                                                           months                                                     Two Year Euro                     Five Year Euro                    Ten Year Euro
                                                                                                                Swapnote Contract ceases          Swapnote Contract ceases          Swapnote Contract ceases
                                                          Serial expiry                                        Second business day prior to      Second business day prior to      Second business day prior to
                                                            months                                              third Wednesday of expiry         third Wednesday of expiry         third Wednesday of expiry
                                                                                                                          month                              month                            month
                      Last Trading Time                 Quarterly expiry                                                10:00 hrs                          10:00 hrs                        10:00 hrs
                                                           months
                                                         Serial expiry                                                   10:00 hrs                         10:00 hrs                         10:00 hrs
                                                           months
                      Exercise Deadline                 Quarterly expiry       Business days other than                  17:00 hrs                         17:00 hrs                         17:00 hrs
                                                           months                 Last Trading Day
                                                                                  Last Trading Day                       10:45 hrs                         10:45 hrs                         10:45 hrs
                                                          Serial expiry        Business days other than                  17:00 hrs                         17:00 hrs                         17:00 hrs
                                                            months                Last Trading Day
                                                                                  Last Trading Day                       10:45 hrs                         10:45 hrs                         10:45 hrs
                      Expiry Time2                      Quarterly expiry                                                 10:45 hrs                         10:45 hrs                         10:45 hrs
                                                           months
                                                         Serial expiry                                                   10:45 hrs                         10:45 hrs                         10:45 hrs
                                                           months
                      Price Unit                                                                                           0.01                              0.01                               0.01
                                                                                                                       (Basis Point)                     (Basis Point)                      (Basis Point)
                      Price Unit Value                                                                                   €10.00                            €10.00
                                                                                                                                                                                   €10.00
                      Minimum Price Movement                                                                        Half of price unit                   1 price unit                      1 price unit
                      Cabinet Transaction Price                                                                      0.1 Basis Points                  0.1 Basis Points                  0.1 Basis Points




1   The expiry months available for trading will be the relevant number of nearest quarterly expiry months and the relevant number of nearest serial expiry months. A new expiry month is available for trading the business day after the Last
    Trading Day of an expiry month.
2   An option to which the Clearing House is party as Buyer and which has not been exercised shall expire at 07:00 hrs on the business day following the Last Trading Day.

				
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