Pembroke: Anything for a quiet Liffe

Fresh from his editorship of the Economist, Rupert Pennant-Rea is just seven unofficial days into his new job as deputy Governor of the Bank of England. Yesterday his baptism into Bank duties came at the unconscionably early hour of 8.15am, when he was guest of honour at Liffe for the launch of new equity option contracts.

Excitement at his first City engagement in his new role may have turned to bewilderment when he was introduced by Liffe's chairman, Nick Durlacher, as the Bank's 'government broker designate'. Mr Durlacher's slip was possibly caused by the hurly-burly of the futures markets, which Mr Pennant-Rea noted was in refreshing contrast to the Bank's studied calm. We think he should probably wait until the next Black Wednesday before making such a judgement.

Bland explanations from the chairman at LWT. At yesterday's AGM, Sir Christoper Bland had to explain the pounds 55m paid to company managers. It was, he said, a reflection of the 'magnificent performance' of LWT's share price since a share options scheme was launched. Market cap was also up - er, that's it.

Aletter to the Independant (sic) referenced 'Polypeck (sic) International' arrives from solicitors acting for one Jason Davies, who once worked for Asil Nadir. It reads: ' . . . Our client is prepared to grant you an exclusive story/interview but as . . . his employment prospects have been severely hampered by the publicity, he is looking for a fee in the region of pounds 15,000 and the payment of his legal fees.' No thanks.