September 21, 2014 10:47 AM ET

Diversified Financial Services

Company Overview of The London Metal Exchange Limited

Company Overview

The London Metal Exchange Limited operates a trading and price-formation venue for industrial metals in the United Kingdom and internationally. The company allows participants to trade metals and index products, including aluminum, aluminum alloys, NASAAC, copper, lead, nickel, tin, zinc, cobalt, molybdenum, and steel billets using futures, options, TAPOs, LMEswaps, LMEminis, and LMEX. It conducts non-ferrous metals business on its trading platforms, such as The Ring, an open-outcry trading platform for the discovery of prices during a highly liquid five-minute ring session for each metal for use as the global benchmark; LMEselect, an electronic platform for the trading of various LME contra...

56 Leadenhall Street

London,  EC3A 2DX

United Kingdom

Founded in 1877

Phone:

44 20 7264 5555

Fax:

44 20 7680 0505

Key Executives for The London Metal Exchange Limited

Chief Executive and Director
Age: 55
Chief Financial Officer
Chief Operating Officer
Head of Enforcement and General Counsel
Managing Director of Asia
Compensation as of Fiscal Year 2014.

The London Metal Exchange Limited Key Developments

Kodak Files Lawsuit Against Goldman Sachs Group Inc., JPMorgan Chase & Co. and the London Metal Exchange Ltd

Kodak filed a lawsuit in U.S. District Court for the Western District of New York, complaining that such parties as Goldman Sachs Group Inc., JPMorgan Chase & Co. and the London Metal Exchange Ltd. were part of a conspiracy to violate the federal Sherman Antitrust Act and New York's Donnelly Law. The Kodak suit also cites global aluminum production and consumption data to argue that there is a substantial oversupply of aluminum, especially considering the vast supplies of aluminum held in warehouses. Kodak alleges the defendants hoarded aluminum in warehouses and periodically swapped their holdings among one another in order to add to the artificial scarcity and conceal the conspiracy.

UK Court of Appeal Delays London Metal Exchange/Rusal Judgment

The UK's Court of Appeal has reserved judgment to a later date on the London Metal Exchange's appeal against the High Court ruling that forced it to abandon planned new warehouse rules earlier 2014. The decision could still see a verdict delivered before the end of a week, but after that the court closes its doors until the beginning of October - raising the prospect that a verdict will not be heard for two months. The London Metal Exchange's proposed changes to warehouse load-out rates were originally to have been implemented at the beginning of April, and many aluminium buyers delayed purchases ahead of that date in the belief that the new rules would see record-high aluminium premiums fall. Premiums rose in the wake of the original high court decision in favor of Rusal, which had claimed that the consultation undertaken by the LME over the new rules was inadequate. The London Metal Exchange swiftly said that they would appeal against the decision.

Galvanizers Co Files Class-Action Lawsuit Against London Metal Exchange, Glencore Xstrata, Goldman Sachs Group, JPMorgan Chase & Co

Galvanizers Co has filed a class-action lawsuit against the London Metal Exchange, Glencore Xstrata, Goldman Sachs Group, JPMorgan Chase & Co and their respective warehousing units over alleged warehouse manipulation that it claims has driven up US zinc premiums. Galvanizers said in documents filed in the US District Court in New York that the trading houses conspired to manipulate global warehouse supplies of zinc through numerous anti-competitive means, in concert with the LME, and have injured purchasers of zinc for physical delivery globally and in the United States from at least May 24, 2010, to the present. Galvanizers said in documents filed in the US District Court in New York. Goldman, JPMorgan and Glencore, as members of the LME Warehousing Committee and owners of the LME, maintained an agreement that required a minimum of 1,500 tons (later increased to 3,000) of metal per city to be released each day. However, implicit in the shipping requirements was an agreement that the 'minimum' could readily be treated as a maximum with no penalty, the lawsuit said.

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