Exchange acts

MATIF, the French futures exchange, has introduced new controls in an attempt to iron out typing mistakes by spaghetti-fingered traders.

The exchange, which has recently switched to electronic trading, is to freeze all orders whose transaction price is 25 per cent higher or lower than the previous day's fluctuation limit.

The move should help cut down on trading losses caused by typing errors. Last month one Matif trader reportedly lost pounds 8m after entering the wrong price for a trade.