The London Metal Exchange (LME) yesterday confirmed that it has been granted an Australian Market Licence by the Australian Securities and Investment Commission. As a result, LME members will be able to access the LME Select GUI from Australia with effect from 1 May 2007.
The complete list of jurisdictions from which LME members and/or their agents can now access the LME Select GUI is as follows:
- Australia
- Hong Kong
- Japan
- People’s Republic of China
- Singapore
- South Africa
- Switzerland
- United Kingdom
- United States of America
Commenting on the announcement, Martin Abbott, LME Chief Executive said:
“I am delighted to confirm the addition of Australia to the list of jurisdictions from which LME members, and their agents, can now access LME Select. Alongside open-outcry trading and the inter-office telephone market, LME Select plays an important part in the services that LME provides to its members, giving them the full flexibility of three trading platforms.”
Background:
- The LME is the world’s premier non-ferrous metals market and achieved volumes of 87 million lots in 2006, an increase of 10.6% on 2005 figures and equivalent to $8,100 billion in monetary terms.
- Trading at the LME takes place across three trading platforms: through open-outcry trading in the ‘Ring’, through an inter-office telephone market and through LME Select.
- On 1 June 2006 the Exchange extended the trading hours of LME Select by six hours; opening at 0100hrs London Time and closing at 1900hrs.
- The LME launched LMEmini contracts, for Copper Grade A, Primary Aluminium and Special High Grade Zinc on 4 December 2006. LMEminis are cash-settled monthly contracts, in smaller tonnages than standard LME contracts, and traded electronically, via LME Select, and on the Exchange’s 24 hour telephone market.
- On 4 January 2007 the LME announced its “2 by 2” growth strategy designed to double the volume of its business within the next three to five years.
