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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
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Euromoney Institutional Investor PLC.
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