The London Metal Exchange has approved the resignation of French bank Soci?(C)t?(C) G?(C)n?(C)rale from its Category II and LMEprecious membership structure, outlining in a note to members on Tuesday November 3 that the entity will no longer trade as a general clearing member of LMEClear with immediate effect.
Soci?(C)t?(C) G?(C)n?(C)rale, also known as SocGen, began a refinement of its commodity trading activities more than two years ago, which culminated in the closure of its proprietary and over-the-counter (OTC) commodities business in April 2019, cutting 1,600 jobs in the process.The bank...