Liffe members angry about delay in restructuring vote

MEMBERS of Liffe, London's troubled futures and options exchange, yesterday expressed frustration at the decision to delay a key vote on restructuring proposals. David Kyte, a former Liffe board member and a vociferous critic of the exchange, called the board "totally incompetent". Other Liffe members echoed Mr Kyte's impatience.

Liffe said it had decided to delay the extraordinary general meeting from 21 May to early June because members needed 14 days to consider detailed board proposals for change.Liffe's board met last week to discuss details of share ownership reform - one of a variety of proposals designed to reverse the market's flagging fortunes. The exchange originally intended to circulate these proposals to members earlier this week. Now the proposals will not go out until at least the end of next week.