The LME is holding a one-month consultation on a suite of measures designed to boost trading volumes on Select, particularly in monthly third-Wednesday contracts, the exchange announced on Tuesday May 26.
As part of the initiative, the LME will offer category III and IV LME members direct access to Select and will also remove an existing rule stipulating that LME members that deal on behalf of clients must be registered with the Financial Conduct Authority.
Under the UK Financial Services and Markets Act, broker members will still need to be registered with the FCA in order to transact on behalf of clients, but category IIIs and IVs transacting as principals for their own accounts will no longer need to be registered with the UK regulator.
With those and other changes in...
