LONDON Natixis Commodity Markets Ltd. (NCM) is reapplying to trade on the London Metal Exchange under the name GF Financial Markets (UK) Ltd. following the sale of the brokerage to GF Securities Co. Ltd. for $36.1 million, AMM sister publication Metal Bulletin has learned.
London-based NCM, formerly a ring-dealing member of the LME, was largely wound down last year after parent company Natixis failed to find a buyer for the business.
While its trading team was disbanded, it retained Category II membership on the exchange and has been managed for the past year by managing director Andy Gooch, who will lead the rebuilding of the business, Metal Bulletin has been told.
NCM was renamed July 26, according to documents filed with U.K. government regulator Companies House, and was expected to submit for approval on the name change as early as Aug. 5.
Shenzhen-listed GF Securities, formerly the Securities Department of Guangdong Development Bank, is one of the largest listed securities firms in China, with a registered capital of 5.92 billion yuan ($957 million) at the end of last year.
A version of this article was first published by AMM sister publication Metal Bulletin.