Letter: Brighter futures

Sir: As one of the City's leading suppliers of fast data on indices and futures markets, I read with great interest the story regarding the Stock Exchange's review of its leading indices ('New index will oust Footsie', 1 September).

This is good news for two reasons. The possibility of sector indices will create a more sophisticated market-place and will offer interesting comparisons for investors. Should a futures market evolve from these, the chance to hedge part of one's portfolio, rather than throwing out an all-embracing collection of shares, will greatly increase flexibility for fund managers and individuals alike.

Better still, the City of London is Europe's leading financial market and must retain that position and expertise against growing rivals, such as Frankfurt and Paris. Markets such as the London International Financial Futures Exchange are without equal. Broader information will support leadership.

Yours faithfully,

JEREMY OATES

Chairman

Futures Pager

London, EC3

1 September