Bloomberg reports that the unit of Canada’s biggest bank by assets started trading industrial metals last month, Tim Gardiner, managing director of global metals, said in a telephone interview yesterday. TD Securities will assess a membership after January 2015, when the LME’s owner, Hong Kong Exchanges & Clearing, may introduce changes to the world’s biggest metals marketplace.
'There is no big rush for us to become a member of the LME,' Gardiner said. 'We would like to join but we want to see what changes, if any, are going to be made.'
Hong Kong Exchanges, which bought the LME for $2.2bn in 2012, pledged to freeze trading fees and keep the bourse’s open-outcry trading floor until at least January 2015.
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image: © John Mitchell