FINEX, the futures exchange based in the International Financial Services Centre in Dublin, has changed the payment method on some of its currency contracts in a bid to win more business. The exchange said it has changed the payment method on four of its contracts from dollars to deutschemarks.

Mr Hunt Taylor, managing director of Finex, said he hoped the change would encourage more currency traders to use the exchange. He added that Finex is also planning to introduce two new contracts over the coming months a deutschemark peseta contract and a deutschemark Swedish krone contract.

The Finex contracts which shift to European quotations are the dollar deutschemark, dollar yen, dollar Swiss franc and dollar Canadian dollar. For all of these the contract size will change to $200,000 from $125,000 marks.

However, the dollar sterling contract will still be quoted in dollars, which is in keeping with practice in the cash market. The exchange is seeking permission to change its contract size to £125,000 sterling from £62,500.

Mr Taylor said he hopes the changes will help Finex to build on the 27 per cent volume increase it achieved in 1995.