26 DECEMBER 2013www.thestar.com.my
LME will go ahead with warehousing policy changes
Edited by : AL CIRCLE
1 min read
The London Metal Exchange (LME) said it will go ahead with planned changes to its warehousing policy aimed at addressing massive queues for metal despite top aluminium producer Rusal challenging the proposal.
The LME proposed new rules to overhaul its delivery system from next April that would force warehouses to release more stocks once the waiting time breaches 50 days.
The exchange said in November it was determined to press ahead with the changes. However, Russia’s United Company Rusal Plc has filed a judicial review, which seeks to challenge LME’s decision to introduce changes in its warehousing policy.
LME was named as a defendant in the review filed by Rusal in the English High Court on Monday, according to a disclosure by Hong Kong Exchanges and Clearing Ltd (HKEx), which owns LME.
The LME proposed new rules to overhaul its delivery system from next April that would force warehouses to release more stocks once the waiting time breaches 50 days.
The exchange said in November it was determined to press ahead with the changes. However, Russia’s United Company Rusal Plc has filed a judicial review, which seeks to challenge LME’s decision to introduce changes in its warehousing policy.
LME was named as a defendant in the review filed by Rusal in the English High Court on Monday, according to a disclosure by Hong Kong Exchanges and Clearing Ltd (HKEx), which owns LME.
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