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.
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.
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.
version of this article was first published by AMM sister
publication Metal Bulletin.