London Metal Exchange - Revision history

Jewish Charity Bot: Category overhaul (approved)

2026-10-17T13:00:31Z

Category overhaul (approved)

Jewish Charity Bot: Category overhaul (approved)

2026-10-17T12:59:44Z

Category overhaul (approved)

Melissa Jones at 12:51, 1 October 2012

2012-10-01T12:51:23Z

Melissa Jones at 13:36, 25 May 2012

2012-05-25T13:36:42Z

Melissa Jones at 13:30, 25 May 2012

2012-05-25T13:30:27Z

Melissa Jones at 13:30, 25 May 2012

2012-05-25T13:30:01Z

Miriam Rose at 18:15, 21 February 2012

2012-02-21T18:15:36Z

Miriam Rose at 18:13, 21 February 2012

2012-02-21T18:13:09Z

Miriam Rose at 18:03, 21 February 2012

2012-02-21T18:03:59Z

Melissa Jones at 22:51, 20 February 2012

2012-02-20T22:51:12Z

@@ Line 90: / Line 90: @@
 <references/>
 [[Category:Mining and Metals]]
 [[Category:Transnational Corporations]]
 [[Category:Aluminium Industry]]
 [[Category:Mining and Metals: Transnational Corporations]]

@@ Line 91: / Line 91: @@
 [[Category:Mining]]
 [[Category:Mining and Metals]]
 [[Category:Transnational Corporations]]
 [[Category:Aluminium Industry]]
 [[Category:Mining and Metals: Transnational Corporations]]

@@ Line 4: / Line 4: @@
 In July 2011 LME was accused of allowing its traders to lock significant quantities of aluminium in storage, driving up the metal's price globally.<ref>Pratima Desal & Clare Baldwin '[http://www.reuters.com/article/2011/07/29/us-lme-warehousing-idUSTRE76R3YZ20110729 Goldman's new money machine: warehouses]', 29 July 2011, accessed 10 August 2011</ref>
-==Aluminium Hedging Controversy and LME's lax rules on warehousing==
+==Aluminium hedging controversy and LME's lax rules on warehousing==
 In 2011 a series of LME regulated metal storage facilities in Detroit, mostly owned by [[Goldman Sachs]], had accumulated 1/4 of the global aluminium inventory. The storage of metals is in itself a profitable industry, with [[Glencore]], [[JP Morgan]] and [[Trafigura]] all having followed Goldman Sachs in 2010 in investing in warehouses. Glencore reported $31 million profit from its Italian unit alone in 2010.<ref>Pratima Desal & Clare Baldwin '[http://www.reuters.com/article/2011/07/29/us-lme-warehousing-idUSTRE76R3YZ20110729 Goldman's new money machine: warehouses]', 29 July 2011, accessed 10 August 2011</ref>
@@ Line 35: / Line 35: @@
 The London Metal Exchange (LME) was established in 1877 above a hatters, out of the rapidly-expanding metals market of the 19th century.<ref>'[http://www.lme.com/who_ourhistory.asp LME Homepage: History of the LME]', accessed 10 August 2011</ref>
-==Board Members==
+==Board members==
 As of 2000, LME ltd became wholly owned by holding company LME Holdings ltd, whose shareholders are the broker members of the exchange. Board membership below is for both companies, unless otherwise stated.<ref>'[http://www.lme.com/who_governance_lmeholdings.asp Corporate Structure]', accessed 10 Aug 2011</ref>

@@ Line 72: / Line 72: @@
 ==Lobbyists==
 *[[Stephen White]] - Business Manager LME <ref> UK Public Affairs Council, Register for Period 1 September 2011 to 30 November 2011 </ref>
 ==Contact==

@@ Line 71: / Line 71: @@
 ==Lobbyists==
-*[[Stephen White]] - Business Manager LME <ref> UK Public Affairs Council, Register for Period 1 September 2011 to 30 November 2011 </ref<
+*[[Stephen White]] - Business Manager LME <ref> UK Public Affairs Council, Register for Period 1 September 2011 to 30 November 2011 </ref>
 ==Contact==

@@ Line 69: / Line 69: @@
 * [[Sucden Financial]] Limited
 * [[Triland Metals]] Ltd
 ==Contact==

@@ Line 14: / Line 14: @@
 Owned privately by the same investment banks who broker within the LME's famous 'Ring', one might question whether radically changing LME rules would benefit its shareholders.
@@ Line 19: / Line 22: @@
 Potential sale of the LME for around 1 billion pounds ($1.5 billion) was floated in 2011 after a number of parties expressed an interest in ownership. US trader [[IntercontinentalExchange]] ([[ICE]]) are probably the most popular bidder, alongside 15 other bidders thought to include the [[CME Group]] Inc, the [[London Stock Exchange]], UK-based broker [[ICAP]], [[Deutsche Boerse]]-owned [[Eurex]], [[SGX Singapore Exchange]], the [[Shanghai Futures Exchange]] and the [[Hong Kong Mercantile Exchange]].
-A Reuters release in January 2012 claims that some of the top shareholders in the LME are worried about a possible takeover by [[ICE]], with increased regulation which might 'hurt their lucrative warehousing business.'<ref>Susan Thomas and Douwe Miedema. Reuters, The Guardian website.  Friday January 27 2012 [http://www.guardian.co.uk/business/feedarticle/10062871 DEALTALK - Owners, insiders jockey ahead of LME sale] Accessed 21/02/2012</ref>
+A Reuters release in January 2012 claims that some of the top shareholders in the LME are worried about a possible takeover by [[ICE]], with increased regulation which might 'hurt their lucrative warehousing business.'<ref>Susan Thomas and Douwe Miedema. Reuters, The Guardian website.  Friday January 27 2012 [http://www.guardian.co.uk/business/feedarticle/10062871 DEALTALK - Owners, insiders jockey ahead of LME sale] Accessed 21/02/2012</ref> Another Reuters release explains in more detail why the shareholding banks want weak regulations on warehousing:
 The sale is dependent on the agreement of shareholders who control 75% of LME shares and include [[J.P. Morgan]], [[Goldman Sachs]] and [[Barclays Capital]] with large share percentages. They could block the sale if they fear tighter regulation. Reuters quote 'a source at a trading company' who said:

← Older revision		Revision as of 18:03, 21 February 2012
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	Owned privately by the same investment banks who broker within the LME's famous 'Ring', one might question whether radically changing LME rules would benefit its shareholders.		Owned privately by the same investment banks who broker within the LME's famous 'Ring', one might question whether radically changing LME rules would benefit its shareholders.
		+
		+
		+	==LME up for sale==
		+	Potential sale of the LME for around 1 billion pounds ($1.5 billion) was floated in 2011 after a number of parties expressed an interest in ownership. US trader [[IntercontinentalExchange]] ([[ICE]]) are probably the most popular bidder, alongside 15 other bidders thought to include the [[CME Group]] Inc, the [[London Stock Exchange]], UK-based broker [[ICAP]], [[Deutsche Boerse]]-owned [[Eurex]], [[SGX Singapore Exchange]], the [[Shanghai Futures Exchange]] and the [[Hong Kong Mercantile Exchange]].
		+
		+	A Reuters release in January 2012 claims that some of the top shareholders in the LME are worried about a possible takeover by [[ICE]], with increased regulation which might 'hurt their lucrative warehousing business.'<ref>Susan Thomas and Douwe Miedema. Reuters, The Guardian website. Friday January 27 2012 [http://www.guardian.co.uk/business/feedarticle/10062871 DEALTALK - Owners, insiders jockey ahead of LME sale] Accessed 21/02/2012</ref>
		+
		+	The sale is dependent on the agreement of shareholders who control 75% of LME shares and include [[J.P. Morgan]], [[Goldman Sachs]] and [[Barclays Capital]] with large share percentages. They could block the sale if they fear tighter regulation. Reuters quote 'a source at a trading company' who said:
		+
		+	:'The bigger shareholders would not be in favour of ICE, especially with regard to regulation.'<ref>Susan Thomas and Douwe Miedema. Reuters, The Guardian website. Friday January 27 2012 [http://www.guardian.co.uk/business/feedarticle/10062871 DEALTALK - Owners, insiders jockey ahead of LME sale] Accessed 21/02/2012</ref>

	==History==		==History==

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 {{Template:Mining and Metals badge}}
-The '''London Metal Exchange''' (LME) describes itself as "the world’s premier non-ferrous metals market", having traded across $11.6trillion dollars in 2010 - $46billion per day.<ref>'[http://www.lme.com/who.asp LME Homepage: About the LME]' accessed 10 Aug 2011</ref> It has three sections of operation: hedging futures, discovering prices and delivering metals.
+The '''London Metal Exchange''' (LME) describes itself as "the world’s premier non-ferrous metals market", having traded across $11.6 trillion dollars in 2010 - $46 billion per day.<ref>'[http://www.lme.com/who.asp LME Homepage: About the LME]' accessed 10 Aug 2011</ref> It has three sections of operation: hedging futures, discovering prices and delivering metals.
 In July 2011 LME was accused of allowing its traders to lock significant quantities of aluminium in storage, driving up the metal's price globally.<ref>Pratima Desal & Clare Baldwin '[http://www.reuters.com/article/2011/07/29/us-lme-warehousing-idUSTRE76R3YZ20110729 Goldman's new money machine: warehouses]', 29 July 2011, accessed 10 August 2011</ref>
@@ Line 21: / Line 21: @@
 As of 2000, LME ltd became wholly owned by holding company LME Holdings ltd, whose shareholders are the broker members of the exchange. Board membership below is for both companies, unless otherwise stated.<ref>'[http://www.lme.com/who_governance_lmeholdings.asp Corporate Structure]', accessed 10 Aug 2011</ref>
-* Sir [[Brian Bender]] KCB (Chairman 20.4.2010- ) Former top civil servant, reported to have been Whitehall's biggest recipient of corporate hospitality in 2008.<ref>Christopher Hope '[http://www.telegraph.co.uk/news/politics/4612689/Brian-Bender-civil-servant-who-accepted-most-freebies-to-retire-with-1.85m-pension.html Brian Bender, civil servant who accepted most freebies, to retire with £1.85m pension]', 13 February 2009, accessed 10 August 2011</ref>
+* Sir [[Brian Bender]] KCB (Chairman 20.4.2010- ) Former top civil servant, reported to have been Whitehall's biggest recipient of corporate hospitality in 2008.<ref>Christopher Hope '[http://www.telegraph.co.uk/news/politics/4612689/Brian-Bender-civil-servant-who-accepted-most-freebies-to-retire-with-1.85m-pension.html Brian Bender, civil servant who accepted most freebies, to retire with £1.85m pension]', 13 February 2009, accessed 10 August 2011</ref>Bender is also a senior advisor to lobbying and PR firm [[MHP Communications]].<ref> Advisory Committee on Business Appointments (ACoBA) Annual Report 2010-2011 </ref>
 * [[Martin Abbott]] (Chief Executive 2.8.2006- ) Former publisher and editor-in-chief of [[Metal Bulletin]]/[[American Metal Market]] Magazines. Boards: [[LCH.Clearnet]]<ref>'[http://www.lchclearnet.com/about_us/corporate_governance/board_of_directors.asp LCH.Clearnet Group BOD]', accessed 10 August 2011</ref>
 * [[Noël Harwerth]]<ref>'[http://www.lme.com/notices/12245.asp NEW INDEPENDENT DIRECTOR APPOINTED TO THE BOARD OF LME HOLDINGS LIMITED]', London Metals Exchange, 20 September 2011, accessed 24 September</ref>