The board of the London Metal Exchange approved the resignation of J.P. Morgan Metals Ltd. as a category 4 associate broker member, the exchange said.
The resignation is valid with immediate effect, the LME said today in a notice to members and warehouse companies.
J.P. Morgan Securities Ltd. became a category 1 ring dealing member following the U.S. bank’s $1.7 billion acquisition of RBS Sempra Commodities units in July 2010. Category 1 members are entitled to trade in the ring, on the LMEselect electronic platform and on the telephone market.
RBS Sempra Metals, which later became J.P. Morgan Metals Ltd., had its category 1 status downgraded to a category 4 membership at the time. Category 4 members aren’t members of the clearing house nor may they trade in the ring, operating through the 24-hour inter-office market, according to the LME website.
To contact the reporter on this story: Agnieszka Troszkiewicz in London at firstname.lastname@example.org
To contact the editor responsible for this story: John Deane at email@example.com