Two "deferred spot" currency contracts got off to a slow start on the Singapore International Monetary Exchange when they launched November 1 (FX Week, October 4). On the first day a total of just over 2,000 lots were traded, almost equally divided between the U.S. dollar/Japanese yen and dollar/Deutsche mark contracts. "We expect it will take up to 12 months for the contracts to take off," says Simex deputy chairman Ho Tian Yee. Ho adds that no date has been finalized for the launch of the

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