Bloomberg News

LME Board Approves Third-Party Warehouse Review, CEO Says

October 03, 2011

(Updates with LME comment in third paragraph.)

Oct. 3 (Bloomberg) -- The London Metal Exchange board approved a third-party review to prove warehouses and trading companies are keeping their operations separate, Martin Abbott, chief executive officer of the exchange, said.

“We are proceeding as we said with the introduction of the third-party audit,” he said in an interview in London today.

The change will take effect April 1, Diarmuid O’Hegarty, deputy CEO of the exchange, said. “We still have to give a notice period to the warehouse companies.” New rents usually take effect every April 1.

--Editors: Claudia Carpenter, Sharon Lindores

To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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