LME rule breakers to face fines, bans
Nov 07, 2013 | 04:12 PM
| Mark Burton
LONDON The London Metal Exchange might warn, fine or ban parties that act outside the letter or the spirit of new rules meant to cut out "structural" queues from its warehouse network, chief executive officer Garry Jones said Nov. 7.
Jones comments came as the LME announced it would reduce to 50 days the maximum length of queues to withdraw metal from its warehouse network, and further empower the exchange to take ad hoc remedial action against parties acting against the letter or the spirit of the rules. The measures will force warehouses with queues longer than 50 days at individual ports to load out more metal than they take in until the queue falls below the threshold, according to a "decay rate" formula.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.