Garry Jones’ departure related to decline in business, member discontent, compliance oversight issues – sources

The departure of Garry Jones as ceo of the London Metal Exchange has been attributed to issues with compliance oversight, a decline in business and cooling relations with its core members, sources told Metal Bulletin.

Both the LME and Financial Conduct Authority (FCA) declined to comment.
Jones did not respond to Metal Bulletin’s requests for comment.
Rumours that there could be changes at executive level had circulated since the summer of 2016 amid growing discontent among key market users.
The speculation paused in November after Jones, who had been at the exchange for three years, reportedly had his contract renewed, according to well-informed sources.

And, following an announcement in December that the exchange’s chief operating officer Stuart Sloan had left the exchange, many were of the opinion that the changes at executive level had ended, or at least the...


Perrine Faye

Kathleen Retourné

January 26, 2017

10:43 GMT