Quest for cheaper metals trading driving move to start LME rival

London

IN the face of sliding volumes and tougher regulation, the London Metal Exchange (LME) may be getting a new challenge: more competition.

Martin Abbott, who orchestrated the LME's sale to Hong Kong Exchanges & Clearing Ltd, is now leading a group of brokers to study alternatives to the exchange. Brokers on the exchange are concerned that trading has become too expensive and there is a "disconnect" between metal markets and users, Mr Abbott said.