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Xchanging plc ("Xchanging"), the business process, procurement and technology services provider reports that, following its announcement of 26 March 2013 on this matter and following further discussion, the provision of services under the current contract with the London Metal Exchange ("LME") will end with effect from 1 May 2014.
The LME has a contractual entitlement to retain Xchanging to provide certain selected services beyond 1 May 2014 and discussions on this matter continue. Any services provided as a result of these discussions are likely to be on a substantially smaller scale than the current contract.
As set out in the announcement of 26 March 2013, the contract review reflects the change in ownership of the LME to the Hong Kong Exchanges and Clearing Ltd which completed in December 2012. Xchanging understands that the decision to review the contract is due to strategic decisions taken by the LME's new owners and not in any way due to dissatisfaction with the service Xchanging provides.
