INTERVIEW: LME proposals rehash old issues, don't prioritize user needs - IWCC president

The process at the heart of proposals to overhaul the London Metal Exchange's market structure is problematic and suggests the exchange is not putting its users first, the president of the International Wrought Copper Council (IWCC) said.

In an interview with Fastmarkets, Mark Loveitt said that it was not clear to the IWCC and its members why the exchange was revisiting plans to change its margin methodology or making moves to permanently close its open outcry trading floor, known as the ring.
"We're not happy with the whole process. Why keep asking questions which have been asked before, and to which the answer is no?" Loveitt said.
"In reference to the ring closure, the LME said it wasn't a case of continually asking the question until it gets the answer it wants. That says everything, because the LME does keep asking the question, and the answer it wants is, close the ring," he added.

In 2017, the LME published a discussion paper setting out its vision on its market structure and invited feedback from industry participants. It included an assessment of the future viability of the...

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