Michael Spencer, founder chairman of derivatives broker Intercapital, and of gaming house City Index, should recognize good odds. He's prepared to offer them against the success of Liffe's much-touted euro swap contract, the Libor financed bond. "I bet 50-to-1 against the market trading 1,000 contracts a day on any single day before the end of this year," he tells Euromoney.
He gives the contract, due to be launched towards the end of the year, a 1% chance of success, believing that attempts by Adams Viner & Mosler to launch a near-identical over-the-counter contract in the US, which he supported, failed in a much more promising market.
Now he thinks Liffe management is "yet again displaying a stupidity that I marvel at", and he's prepared to put his money where his mouth is. To place your bets call Michael Spencer on +44 171 638 7592. David Shirreff