THE London International Financial Futures and Options Exchange (LIFFE) had its busiest start to a year in January with a record 14.7 million contracts, it was announced.

The figure was up 89 per cent on December and 31 per cent on January 1995. The previous January peak was 12.6 million contracts in 1994. "Volatility in US, German and British interest rates and increasing focus on the future of the European Monetary Union has led to the busiest January and the third busiest month in the exchange's history," said chairman Mr Jack Wrigglesworth.