No decision on Spectron request to withdraw complaint
As FO Week went to press London Metal Exchange
(LME) was waiting to hear if a request by commodity broker
Spectron to withdraw a complaint made to the UK's Office of
Fair Trading (OFT) about the exchange's extension of electronic
trading hours had been granted.
OFT had previously confirmed that it had blocked the
exchange from expanding trading on its electronic platform
Select as part of an inquiry into allegations the exchange is
squeezing out potential competition. However, all three parties
confirmed on 2 March that Spectron had requested to withdraw
While the regulator said it was considering the request it
did not give any indication as to when a decision might be
reached, leaving LME in limbo regarding a change it had planned
to make on 1 March.
OFT had issued an "interim measures direction" to LME on 27
February to prevent it from extending Select trading hours
following a complaint from Spectron.
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