Following requests from members and warehouse agents the London Metal Exchange has decided to postpone the launch of LMEsword until 12 April 2010.
LMEsword will go-live on 12 April 2010, not 22 February 2010 as previously planned. The LME has absolute confidence in the LMEsword system, which has proved to be robust during member testing.
However, the LME has decided that it is in the best interests of the market to postpone the launch of the new system to allow members and warehouse agents more time to familiarise themselves with the LMEsword system.
Warehouse agents have also asked for more time to become comfortable with the new rent payment process, particularly as the rent payment date falls on 31 March.
The LME will still launch the minor metals contracts for molybdenum and cobalt on 22nd February 2010. Material that completed the warranting process before 12 April 2010 may, if the owner wishes, have an interim LME warrant issued before the LMEsword warrant is issued after 12 April.
Separately, the LME has restructured its Commercial Department, promoting Chris Evans and Catherine Markey to the roles of Head of Business Development and Head of Education & Marketing respectively.
Chris, who previously held the role of New Products Manager, will oversee product management, member relations, new memberships, analytics and media relations. Catherine, who was Head of Education, will now be responsible for both the Exchange's education services and marketing activity which includes LME Metals Week in October. Both will report to LME Chief Executive, Martin Abbott.
The LME's Commercial Director Liz Milan has been appointed Managing Director, LME Asia and will run the exchange's new office in Singapore. Liz will remain on the LME's Executive Committee (ExComm).