Sophisticated yet simple

Derivatives

Universal stock futures (USFs, or futures on individual stocks) traded well over six million contracts in 2003, up 61% from the previous year, or 25,000 lots every day, on average. Since launch early in 2001, in response to mounting demand, the number of contracts on offer has grown to 143, including all the components of the FTSEurofirst 80 (a basket of 80 blue-chip stocks covering the Eurozone) and the main European local benchmarks.

Universal stock futures were developed as a more efficien