Natixis floor team departs as broker winds down

Natixis has disbanded its 20-strong ring-dealing team and given up its seat on the floor of the London Metal Exchange, as it continues to wind down its commodities brokerage business.

The French bank announced plans to close Natixis Commodity Markets (NCM) in May as part of a broad restructuring of its corporate and investment banking division, responding to the tight access to dollar finance and heavy capital-ratio requirements for banks in Europe.
The company will continue to provide certain trade finance and over-the-counter commodity sales services within its treasury and fixed income division, but the category I ring-dealing business will not survive the restructuring.
Natixis decided to close LME business after a five-month hunt for a new buyer proved unsuccessful.

Published

Mark Burton

July 31, 2012

11:35 GMT

London