BOCI Global Commodities, the first Chinese member of the London Metal Exchange, has chosen PRC as its mnemonic for use on the exchange’s electronic trading and matching systems, market sources told Hotline last week.
The Bank of China unit’s membership has been viewed as a watershed moment for the exchange, and several other Chinese banks including China Construction Bank are now expected to follow BOCI’s lead
Those new entrants will want to fly the flag for the Chinese market, but BOCI’s mnemonic will be a permanent reminder that it was the first of the People’s Republic of China’s banks to land on the exchange.
Hotline’s sources received the news in good humour and there was some speculation that the move could spark a new taste for flashy mnemonics on the LME. Three-letter suggestions to firstname.lastname@example.org