Foul-mouthed trader applauded on to the floor

Colin "Ned" Kelly, the London International Financial Futures and Options Exchange trader fined pounds 500 for abusing a member of staff, was cheered by colleagues on the trading floor after details of his offence were publicised.

Fellow-traders in the FT-SE 100 pit, where Mr Kelly works, were among a group who applauded him when he appeared for work on the day the Independent ran the story about him.

It is understood that photocopies of the story, which described how Mr Kelly swore and shouted at a female Liffe pit "observer" in June, were widely distributed among traders.

It was also confirmed yesterday that Mr Kelly, who reputedly earns pounds 250,000 working for Hills Independent Trading (HIT), a top Liffe member, was fined pounds 150 for another incident 18 months ago, in which he was said to have made baboon-like gestures and noises at a black trader.

Steve Hills, founder and joint managing director at HIT, said Mr Kelly had been fined for the offence at the end of 1994. The general category under which the fine was levied by Liffe was "language and behaviour likely to cause offence''.

Mr Hills added of the applause for Mr Kelly: "Everyone is famous for 15 minutes, aren't they?" He added that his employee regretted both the offences which led to action being taken against him. Mr Kelly himself declined to comment.

Meanwhile, another Liffe trader is being sued by a colleague over an attack at a Christmas dinner, in which he smashed a bottle over the other trader's head.

The incident took place at a meal for between 15 and 20 Liffe traders at the Pont de la Tour, one of London's top restaurants. The meal broke up in disarray after Simon Calvert attacked Ashley Moore.

Diners at the Pont de la Tour, which is owned by Sir Terence Conran, the design guru, watched in amazement as Mr Calvert, who is said to earn millions from his trades in the Exchange's bund (German bond) pit, was persuaded by another trader to stay in the restaurant after the incident.

Four of Mr Moore's teeth were broken in the attack and he suffered complete loss of feeling to the side of his face for two weeks. He was off work for several months after the attack, in December 1994.

Mr Moore received 25 stitches for injuries to his head. His assailant was suspended from trading by Liffe until he pleaded guilty to assault before London magistrates last summer and was fined pounds 1,000. Mr Moore said that he was called to see Liffe officials last year and told his attacker would be returning to the pit. "I was told he was coming back and they hoped I will be prepared to turn the other cheek," Mr Moore said. "He is in there every day about 12 feet away and always smiles at me."

He is now suing Mr Calvert for loss of earnings.

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