In recent weeks, the chairman and I have met with over half of LME's membership, either in groups or on a one-to-one basis, to hear their views on the proposals. Additionally, we have received written comments from about a quarter of our members (along with a number of trade associations with whom we have had dialogues and/or written communications).
The vast majority of all communications, be they verbal at the meetings or in written form, have been broadly supportive although inevitably a number of comments and suggestions have been made.
The Exchange is keen to ensure that it takes proper account of all the responses. Accordingly, to take matters forward it is now currently envisaged that we issue a document to members in early August setting out slightly modified proposals developed by the Board after full consideration of these responses. The document will clearly set out in what ways any of the proposals have been modified and the rationale for any changes. It is now intended to call an Extraordinary General Meeting in the second week of September 2000.
By adopting this process, we believe we can achieve the twin objectives of continuing to be fully transparent as to our thinking while allowing our members more time to consider the proposals as requested by a number of them.
This revised timetable should not materially impact the restructuring process nor should it affect the Exchange's technological initiatives, which continue apace in conjunction with our IT working group and professional advisers.
