He continued: "this weekend will give us time to reflect over the proposals".British Gas was yesterday playing down suggestions that a compromise was impossible. But a source said TransCo's "formula review team", which has been working for months on the price controls, was preparing to go to the Monopolies Commission. "We've done an MMC inquiry before [in 1993] and we are getting ready again. Ofgas said the final proposals, which are the subject of one of the most intense arguments ever between a regulator and privatised utility, will be unveiled next Wednesday. The final formula was originally due at the end of July but was delayed until "mid-August". It is believed British Gas was under the impression that publication would take place today, and interpreted yesterday's announcement of a final date as a further delay.An Ofgas spokesman insisted the regulator, Clare Spottiswoode, who returned from a fortnight's holiday on Monday, "will only put something out when she is good and ready".

The gas industry regulator, Ofgas, is to wait another week before releasing its controversial final price formula for the British Gas pipeline business, TransCo. Sources within British Gas suggested the differences between the two sides over the price controls remained unbridgeable, and TransCo employees were now starting the lengthy and complex task of preparing for a referral to the Monopolies and Mergers Commission. Colin now accepts that what he did was wrong and that whatever happens you do not have a go at the referee." Mr Hills said he backed Liffe's get-tough policy against traders, particularly in cases of abuse of officials.. He moved across the other side of the pit [to make the trade] and was then asked [by an 'observer'] to get back."He may have shouted at the official a bit. On the first day of the new ceasefire in Chechnya yesterday, rebels accused Russian helicopter pilots of firing rockets on a column of refugees, and sporadic shooting continued in the capital Grozny. Despite the violations, however, fighting overall seemed to have been less intense than over the last eight days and in the evening, military representatives from both sides met to try and strengthen the ceasefire. Matters had not looked hopeful in the morning when the commander of Russian forces, General Konstantin Pulikovsky, denied that he and the rebel chief of staff, Aslan Maskhadov, had agreed a ceasefire as announced on Tuesday. All he would say was that his troops would not fire first.The Chechens, who said the ceasefire had been agreed, accused the Russians of violating it only five minutes after it went into force at midday, with the air strike against fleeing civilians.

Mr Kelly could not be contacted for comment.Steve Hills, joint managing director of Hills Independent Traders and also a member of the Liffe board, confirmed yesterday that Mr Kelly had been fined by the Exchange."One of the things that highlight a good trader is 'pit awareness', where you are aware of what is happening 20 feet away even when everyone around you is shouting their heads off," Mr Hills said."Colin is tall and very broad and when he shouts, I can sometimes hear him 20 yards away in my box, above all the other shouting."I think Colin was upset that one of his trades was not heard and he may have felt that he was being ignored. The Exchange said yesterday that it does not keep records of people from ethnic minorities who work on the floor.Karin Forseke, director of operations and surveillance at Liffe, yesterday refused to give details of any fine levied on Mr Kelly, saying it was not the Exchange's practice to announce disciplinary action taken against members. It is part of banter and will come from your own colleagues, not from other firms."While up to 30 per cent of those on the Liffe floor are now women, most carry out back-office functions or are "yellow-jackets", runners between traders and their firm's box. Racism should not be a thing that happens but when people get put together in a stressful environment it does go on."Another trader, a member of the Liffe board, who refused to be named, said: "Sure, there are some people who will scream and shout.

I've got an Asian and a West Indian guy working for me and they don't get any abuse."There might be the odd word, like if you have a certain type of hair they might call you Curly But if you were balding, you might be called Skull. But this is a high-testosterone business, with those working in it aged between 18 and 30 Some are even younger. The things they get up to are typical of your average working-class kid."I can honestly say that things like racism don't go on here. It's hardly surprising that in the heat of the moment they could scream abuse at each other."A trader who has been at Liffe for some 18 months, said: "If you are black you will get called nigger, jungle bunny or things like that Some guys will just have a go.