LME Succeeds In Getting OFT Ban Lifted

The UK Office of Fair Trading (OFT) has decided to withdraw unconditionally, and in its entirety, the interim measures direction imposed on the London Metal Exchange (LME) on 27 February 2006. The ban prohibited the LME from extending, into Asian trading hours, the operation of its electronic trading platform LME Select.

The LME is now free to extend the opening hours of LME Select. It had originally intended to do this on 1 March 2006 and it will now work with LME member firms to get the service up and running as soon as possible.

Commenting on the development, Simon Heale, LME Chief Executive said:

“We are delighted that the interim measures direction has been withdrawn. We can now get on with serving the interests of the international metals community and work to have LME Select available during Asian trading hours as soon as possible.”