Liffe saving
LIFFE, London's market in financial futures, lives over Cannon Street station and had got ideas above it. That much was evident to Brian Williamson, its new chair- man, when he was shown the vast office provided for him and stood out for some- thing smaller. At this Liffe's supporting ser- vices went into action and he was invited to receive a delegation, three strong, bearing with them a nameplate and a screwdriver. Even at screwing things up, he reflected, Liffe seemed to be amply staffed. Now he has said that more than half the jobs there will have to go. He has even found ways of saving money on regulation. Apparently Liffe started off with a rule-book borrowed from Chicago, but as time went on more and more rules accumulated, with more and more regulators to police them, leaving Liffe with an over-elaborate structure propped up on a profitless business. In the City, the costs of regulation and compli- ance are increasing exponentially, and if Mr Williamson has really found a way to hack them back, he should patent it and then license it out. With the revenue this could bring in, Life's troubles would be over.
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