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HOTTER ON METALS: Barclays, reining in the VAR
April 22, 2014 - 20:50 GMT
It’s been a slow, painful process, almost like a divorce, but finally Barclays’ separation from the London Metal Exchange is nearing completion.
But having said it plans to exit most of its global
commodities businesses, the UK bank still can't quite take off
its copper wedding band. Barclays will continue index activity
on the LME, sources familiar with the situation say, and will
remain a category II member of the exchange. Presumably index
activity refers to the bank's structured products desk and its
S&P commodity index business. And presumably it will take a
decision on its LME membership once the dust settles, either
keeping it so it can clear but staying relatively inactive
otherwise, or dropping out entirely down the line. The
ambiguity allows the bank...
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Euromoney Institutional Investor PLC.
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