First derivatives launch from S&P

The first futures and options based on Standard & Poor's European equity indices will be available from mid-June.

They will be traded on MEFF, the Spanish futures and options market, but cleared through the Chicago Metals Exchange.

June will also see the launch of derivatives based on Topix 150 on the Tokyo Stock Exchange, while S&P is looking to push the S&P Euro index the same way.

Products based on the S&P Europe 350, plus three sub-indexes ' IT, telecoms and financials, will be available from J