Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

LME Board Decides ‘in Principle’ on Warehouse Rule Proposal

Oct. 25 (Bloomberg) -- The board of the London Metal Exchange, which regulates more than 700 warehouses, decided on delivery rules “in principle” after meeting in London.

“The decision has been made in principle and there will be an announcement in due course,” Nat Le Roux, non-executive director, said at the LME today. “I can’t say any more than that.”

Warehouse companies where waits exceed 100 days would have to deliver more metal than they take in under the proposal announced July 1. Industry consultations were completed at the end of September and the new policy will come into effect April 1 if approved. The announcement will contain “the results and details of the consultation,” Miriam Heywood, a spokeswoman for the LME, said in an e-mailed statement today.

The U.K.’s Financial Conduct Authority, which supervises the LME, has a right to object to the rule changes if they’re deemed inconsistent with the bourse’s regulatory obligations, spokeswoman Lara Joseph said by phone Oct. 21.

LME was bought by Hong Kong Exchanges & Clearing Ltd. for $2.2 billion last year.

To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.