LME load-in load-out policy will not go ahead
Mar 27, 2014 | 11:04 AM
| Claire Hack
LONDON The London Metal Exchanges proposed linked load-in load-out warehousing policy will not go ahead on April 1 as planned, according to the exchange.
This follows a judgment by the United Kingdoms High Court of Justice that the consultation carried out by the LME on the proposal should have included or made reference to the option of banning or capping rent in queues.
The High Court said the LMEs consultation on proposed changes to its warehousing policy was unlawful, according to United Co. Rusal (UC Rusal).
Justice Phillips, who presided over the hearings on UC Rusals claims in February, found that the LMEs consultation and proposed change to its warehouse policy were unlawful because fairness required the LME to consult on alternative options and, in particular, the option of the banning or capping of rents, the Moscow-based company said.....
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