And when "ins and outs" are taken into consideration, the number of associate broker clearer members (ABCMs), which make up the second tier of LME membership, also remains at 32.
RDM numbers fell to single figures after heavyweight JP Morgan (JPM) gave up its floor trading status in 2015.
This became a trend, and over the past decade, nearly all the front-ranking companies joining the LME opted to become ABCMs. These firms have all the rights and privileges of LME membership but cannot trade during the open-outcry trading sessions.
But a change is in the air for the long-established seven-tier membership structure – as part of its Strategic Plan the LME is looking at creating a new membership category called Introducing Brokers
(IBs), who will, essentially, be merchants for the modern age.
Noteworthy additions to the LME ranks this year were Canada’s TD Bank becoming a category II member, while...