LME Starts User Advisory Group After $2.2 Billion TakeoverAgnieszka Troszkiewicz
The London Metal Exchange, the world’s biggest metals marketplace, has established a new user committee to represent the interests and views of “stakeholders.”
JPMorgan Chase & Co.’s Mike Camacho, Mercuria Energy Trading SA’s Ben Green and Koch Metals Trading Ltd.’s Frans Pettinga are among 14 members of the group, the LME said in a statement e-mailed today. John Smillie, of Xstrata Nickel International, part of Glencore International Plc, will be chairman and Codelco’s Gonzalo Cuadra will be vice chairman, the LME said.
The LME was acquired in December by Hong Kong Exchanges & Clearing Ltd. for 1.388 billion pounds ($2.2 billion) following a shareholder vote in July. The Asian bourse pledged to “preserve and enhance the current committee structure” of the LME and create the group. The group will report directly to the LME board, according to today’s statement.
LME Chief Executive Officer Martin Abbott will also serve on the group, as will Martin Pratt, chief operating officer of Triland Metals Ltd. and David Gornall, global head of metals trading at Natixis SA. Former LME board members Sucden Financial Ltd.’s CEO Michael Overlander, Marex Spectron Group’s Managing Director Gavin Prentice and Jim Coupland, global head of industrial metals and bulk commodities trading at Standard Bank Plc, will also belong.
JPMorgan, Triland, Marex and Sucden are four of 11 Category 1 members entitled to trade on the LME floor. Koch, Standard Bank and Natixis are Category 2 members.
Stefan Boel, a board member of copper producer Aurubis AG, Nigel Dentoom of LN Metals International Ltd. and Yong Zhao of China Minmetals Non-Ferrous Metals Co., Ltd. have also been appointed, according to the statement.