The board of directors of The London Metal Exchange has approved the membership applications of Standard Chartered and Scotia Bank Europe to become associate broker clearing members of the LME.
Associate broker clearing members have the ability to issue and clear LME contracts.
They operate through the 24 hour inter-office telephone market and also use the exchange’s electronic trading platform, LMEselect, but are not permitted to trade in the exchange’s open outcry trading floor, the Ring.
They are members of LCH.Clearnet and are authorised by the Financial Services Authority.
LME chief executive Martin Abbott says: “We welcome Scotia Bank and Standard Chartered to the LME and look forward to working with them as they seek to serve their clients in the marketplace.”
