Metals trading remains a key part of the bank’s franchise
JP Morgan has stopped open outcry trading
on the London Metal Exchange (LME), effective Tuesday, with the
bank halting trading in the 'Ring’ as the majority
of clients’ metals trading is now conducted
In a short statement released late on
Monday, the bank said that its membership would be
re-categorised, from a Category 1 member to a Category 2 member
of the metals exchange.
Michal Camacho, head of commodities at JP
Morgan, told FOW Tuesday, "We’ve given this a lot
of thought with the strong tradition and history involved. The
reality is that our client preferences have shifted and a very
high percentage of our LME contract volumes are now traded
electronically, much of which is on the LME’s own
platform. We continue to be committed to facilitating LME
markets through agency and principal trading."
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