London Metal Exchange to move to self clearing in September

Source: London Metal Exchange

The London Metal Exchange (LME) and LCH.Clearnet Ltd (LCH.Clearnet) have reached an agreement to migrate LME contracts currently cleared by LCH.Clearnet to LME Clear.

Both parties have agreed to migrate the exchange contracts to LME's clearing platform on 22 September 2014, in order to give members and the market time to implement new EMIR regulations and to better manage an already busy period of change in the market.

"LME Clear and LCH.Clearnet teams have worked together to plan a controlled, efficient migration of services to the LME's new clearing service," said Trevor Spanner, Managing Director of Post Trade Services at LME Clear. "Ensuring continued market stability and minimising disruption for members were driving principles behind our planning."

"LCH.Clearnet and the LME have enjoyed an excellent working relationship over the last 25 years, and have agreed a carefully negotiated migration plan to ensure a smooth transition process," said Alberto Pravettoni, CEO of LCH.Clearnet's Repo and Exchanges business.

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