Gilt-Edged Market

months other than the traditional quarterly months of March, June, September and

December. Gilt option expiry months are listed such that the two nearest serial months

and the two nearest quarterly months are always available for trading.

Traditionally gilt futures and options have been traded by open-outcry in designated

pits on the floor of the LIFFE exchange building. In April 1999 the exchange launched an

electronic dealing platform known as Connect for Futures. The long gilt contract was the

first to be traded on it. The system is a screen-based dealing platform that also enables

traders to observe the depth of the market, as orders above and ...