LONDON, Nov 12 (Reuters) - The London Metallic Trade (LME) mentioned on Tuesday it could take an ad
LONDON, Nov 12 (Reuters) – The London Metallic Trade (LME) mentioned on Tuesday it could take an additional six months to make its phone trades compliant with transparency necessities set by European regulators.
The deadline for compliance with the European Securities and Markets Authority’s (ESMA) guidelines is Jan. 1, 2020.
Many of the trades on the LME, world’s oldest and largest metals change and owned by Hong Kong Exchanges and Clearing Ltd 0388.HK, adhere to transparency guidelines underneath the Markets in Monetary Devices Directive II (MIFID) and waivers apply to most that don’t.
Trades underneath scrutiny from ESMA are these transacted on the LME phone market, as bids and gives – info referred to as “pre-trade” – are usually not revealed till offers are executed.
On Tuesday, the LME mentioned members most well-liked the “systematic mounted value public sale” (FPA) method the place bids and gives are revealed and there’s a 30-second delay earlier than trades are actioned.
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