Single stocks launched overseas.

The long-awaited new contracts, futures on individual stocks, have been approved to begin trading in London on Jan. 29, 2001. The London International Futures & Options Exchange (Liffe) is set to launch futures contracts on a mix of 15 individual stocks from U.S., European and U.K. companies,

Also offering single stock futures is Euronext, the electronic exchange formed from the merger between the Amsterdam, Brussels and Paris stock exchanges, which was to launch its contracts Nov. 28, 2000. Euronext will be trading several companies including ABN Amro, ING, Philips and Unilever.

Meanwhile, efforts to bring single stock futures to the United States have stalled. Final passage of HR 4541, the Commodity Futures Modernization Act, awaits Senate approval. The House of Representatives passed it before adjourning Nov. 3. With a lame duck session of Congress, it's possible the legislation won't be addressed until the new president is sworn in. Sen. Dick Lugar (R-Ind.) in a statement warned that waiting until next year to pass HR4541 is not a good option. "The ban on single stock futures will likely cause this market to develop overseas," he says.