INTERVIEW: LME won't shy from litigation, if necessary - Garry Jones

One thing is clear from the new two-month discussion paper on the final elements of the London Metal Exchange's warehouse reform package: the exchange won't shy away from taking tough action, including litigation if necessary.

Its ceo Garry Jones told Metal Bulletin that while it isn’t looking to go to court over elements of its reform package, it will do so if it has to. “We can’t risk continued litigation all the time because it slows the market up. If someone comes in and sues us for something it’s going to delay what we want to do for up to two years again,” he said, referring to a protracted lawsuit with UC Rusal which led to the delay of its load in-load out (LILO) warehouse rules. “However, we’re not afraid of taking action - there’s always a degree of litigation risk whatever you do - but we’d like to bring all the issues up for discussion (in our latest paper) so we smoke people out, so that they have to go publicly and say what it is they’re going to do, and the regulators will...

Published

Andrea Hotter

March 16, 2015

00:05 GMT

New York