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This formal approval allows LME members and their affiliates to place LME Select screens in their US offices and to trade on LME Select directly from the United States.
Commenting today the LME chairman, The Lord Bagri CBE said: “This is a very important and welcome decision for the LME and the development of our screen trading system – LME Select.
“This decision means that LME members will be able to trade for their proprietary accounts, submit orders from US customers for transmission to LME Select and accept orders through automated order routing systems from US customers for submission to LME Select.
“I look forward to our receiving similar votes of confidence from regulatory bodies in other countries in the weeks and months ahead, so that the benefits of trading through the LME directly on our screen are more widely available, and support our traditional trading methods.
” The LME is a global market and through its members prides itself in making available to the global metals trade and industry the benefits of well regulated and cost effective services and contracts”
The LME is currently seeking regulatory approval for LME Select in a number of overseas jurisdictions to allow members to trade directly on LME Select from their overseas offices.
