Finex, the Dublin Futures Exchange, is launching a futures contract based on the New York Stock Exchange, in a move to avoid the fallout from the introduction of the EU single currency. The contract is due to begin trading in late November, following final approval from the New York Stock Exchange and the Central Bank.

Mr Coleman Candy, managing director of Finex Europe, said he expected the exchange to merge "relatively unscathed" from the war between the bigger futures exchanges across Europe in the runup to monetary union. The new equity index contract will be the first US equity product in Europe to be traded using an "open outcry" system or across a trading pit on the floor of an exchange.

The exchange is hoping to attract further US investors to Dublin. Many investors do not like leaving positions open overnight and trading in Dublin is a further move to 24-hour trading, said Mr Rick Kaufmann, director of institutional and retail sales at the New York Cotton Exchange, Finex's parent.

Finex is also hoping to attract a new level of business from funds and brokers in London and in Europe.

"Operating from Dublin gives us a tremendous opportunity in Europe," Mr Kaufmann said.

Mr Candy also pointed out that the equity contract provides increased opportunities for Irish traders in the exchange. The contract has plenty of volatility as it encompasses almost 7,000 firms.

"This is not as esoteric as some of the currency contracts and allows traders to cut their teeth before moving on to dollar contracts," he said.

Finex will be holding a trading competition at the end of November to allow those thinking of joining to experience the system. The winner will be flown to New York.

Several previous years' winners have joined the exchange, including Mr Candy. The exchange is also putting together a course with the training company TFL. According to Mr Kaufmann, top traders have come from every walk of life, from barmen and cab drivers to physics graduates and, of course, bank traders. The price of a "seat" on Finex has almost tripled since 1994 when a seat cost $8,000 (£5,400). This year the same seat costs $21,000. At the same time, the number of companies on the exchange has grown from 10 to 36 with seven pending. In addition, the number of locals, or individuals, trading on their own account has doubled over the past year from 10 to 20.