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.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...