LME rule breakers to face fines, bans

Nov 07, 2013 | 04:12 PM | Mark Burton

Tags  LME, London Metal Exchange, warehouse rules, Garry Jones, Matt Chamberlain, 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.....

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