BACK
23 July 2010
The board of directors of The London Metal Exchange Limited (LME) yesterday approved the membership applications of Standard Chartered and Scotia Bank Europe to become Associate Broker Clearing (also known as ‘category 2’) members of the LME.
Associate Broker Clearing members have the ability to issue and clear LME contracts. They operate through the 24 hour inter-office telephone market and also utilise the Exchange’s electronic trading platform, LMEselect, but are not permitted to trade in the Exchange’s open outcry trading floor, the Ring. They are members of LCH.Clearnet and are authorised by the Financial Services Authority.
LME Chief Executive Martin Abbott said, “We welcome Scotia Bank and Standard Chartered to the LME and look forward to working with them as they seek to serve their clients in the marketplace.”
~Ends~
For further information or to speak to an LME spokesperson, please contact:
Stephen White
Business Manager Corporate Affairs
t. +44 (0)20 7264 1701 / +44 (0)7980 661 724
e. stephen.white@lme.com
John Parry - RostronParry
t. +44 (0)207 490 8062 / +44 (0)7802 292251
e. john@rostronparry.com
|
The London Metal Exchange is the world's premier base metals market. It offers metals price risk management tools including futures and options contracts for aluminium, copper, tin, nickel, zinc, lead, aluminium alloy and NASAAC, steel billet, plastics and the minor metals - cobalt and molybdenum. In 2009, the total value of trading was $7.41trillion, and the Exchange finished the year with 5.96m tonnes of material on warrant in 633 storage facilities across 39 locations globally.
http://www.lme.com/
|
 |
|
