The London Commodity Exchange (LCE) andInternational Petroleum Exchange (IPE) are to introduce revised
trading slip systems incorporating the time that futures
business is executed, an LCE spokeswoman said.
    The LCE's six week trial system starts on April 1, with
buyers and sellers filling in slips which carry not only the
transaction, but also the date and time of execution.
    These slips will then have to be forwarded to market staff
for entering into International Commodities Clearing House
(ICCH) terminals within 15 minutes of the trade being
transacted, the spokeswoman said.
    The IPE system is similar, although here traders will use
time-stamping machines which automatically enter the date, as
is the practice on futures exchanges in the U.S. And on the
London International Financial Futures Exchange.
    Time-stamping of U.K. Futures business becomes mandatory
later this year under the Financial Services Act, to meet the
Securities and Investments Board's requirement on audit-trails,
the LCE spokewoman said.
 REUTER
