22 December 2016
LME Clear and the London Metal Exchange (LME) are pleased to announce the appointment of James Proudlock as Deputy Chief Executive for LME Clear. James will join in April 2017 and he will report to the Chief Executive, Adrian Farnham. James will be a member of the LME Clear Executive Committee.
To further enhance synergy between LME and LME Clear, James Proudlock and Matthew Chamberlain, LME's Chief Operating Officer, will co-head the Business Development function across the two entities to ensure close alignment of strategy. In their co-head roles, James and Matthew will report jointly into LME Chief Executive, Garry Jones and LME Clear Chief Executive, Adrian Farnham.
Prior to joining LME Clear, James worked at JP Morgan Securities PLC for 10 years where he was a Managing Director and commodity product lead for Futures and Options and most recently Markets Execution. James has previously held various senior global positions in London, Hong Kong, Singapore and New Zealand and has 30 years’ experience across the commodity spectrum.
“James brings a wealth of commodities experience and knowledge to LME Clear and will be of great value as we focus on helping our members and clients manage their commodity risks” said LME Clear Chief Executive, Adrian Farnham.
For further information or to speak to an LME spokesperson, please contact:
Tel: +44 (0)207 113 8538
Tel: +44 (0)207 113 8534
The London Metal Exchange, a member of HKEX Group, is the world centre for industrial metals trading.
The majority of global non-ferrous metals business is conducted on our three trading platforms: LMEselect (electronic), the Ring (open outcry) and the 24-hour telephone market. The world’s metal community uses the LME to trade futures and options, and to hedge against adverse price movements. Prices that are discovered on our markets are used as the global reference prices.
Participants can trade aluminium, aluminium alloy, copper, tin, nickel, zinc, lead, molybdenum, cobalt, steel rebar and steel scrap, and four regional aluminium premiums contracts. In 2016, 156.5 million lots were traded on the LME, the equivalent of 3.5 billion tonnes and $10.3 trillion in notional value.
At the close of the year, approximately 3.6 million tonnes of material was held on LME warrant in more than 600 storage facilities across 34 locations internationally.
LME Clear is the clearing house for the London Metal Exchange (LME), designed and built in consultation with the LME’s members and launched on 22 September 2014.
LME Clear provides enhanced end-to-end processing, with real-time liability, collateral and position monitoring, giving users greater control when managing risk. It also offers an options expiry dashboard and a rationalised suite of daily reports, including fees by trade and account. More than 100,000 matched contracts are cleared every day on the LME Clear system.
As a new entrant to the clearing space, LME Clear was EMIR-compliant from launch, with a robust custom-built structure that is well positioned to innovate and keep pace with change.