LME cuts warehouse queue limit to 50 days

Nov 07, 2013 | 09:11 AM | Mark Burton

Tags  LME, warehouse rules, warehouse queues, Garry Jones, Mark Burton

LONDON — The London Metal Exchange has shortened the limit on the length of queues it will permit at individual warehouse locations to 50 days, down from a 100-day limit it proposed in July.

In sweeping new rules announced Nov. 7, the LME also said it will take action to prevent queue incentivization and introduce a number of other recommendations put forward by stakeholders during a three-month consultation on its proposals.

"(The) LME will investigate and act to prevent warehouse companies unreasonably incentivizing the formation of queues," the LME said.

Its other recommendations include the publication of new delayed warehouse stock reports and commitment of traders data, the creation of a new physical market committee and an "ongoing commitment to best-practice information barriers," the LME said Nov. 7. ....

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