LME load-in load-out policy will not go ahead

Mar 27, 2014 | 11:04 AM | Claire Hack

Tags  London Metal Exchange, warehousing policy, April 1, Claire Hack, United Co. Rusal, Oleg Deripaska

LONDON — The London Metal Exchange’s 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 Kingdom’s 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 LME’s 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 Rusal’s claims in February, found that the LME’s 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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