The London Stock Exchange seems likely to fine Merrill Lynch a modest £15,000 or so for the rogue trade in Marks & Spencer shares carried out by one of the US firm's dealers near the close of trading last Wednesday.

A trader, who Merrill will not name, entered a multimillion pound 'buy' order for M&S shares on the Sets system. Because the price he inputted was way above the market at 305p, his order automatically wiped up all the 'sell' orders sitting on Sets at the time. The price caused great confusion in late trading.