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LME to add new ferrous contracts and expand OTC clearing

The London Metals Exchange (LME) plans to launch futures in ferrous metals and offer over-the-counter (OTC) clearing this year, as part of a plan to attract new business.

    • Alexander Campbell
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LME chief executive Martin Abbott said the exchange would launch cash-settled non-ferrous metal and steel futures, and plans to clear both ferrous and non-ferrous OTC contracts.

The exchange's board is set to vote on the plans within the next three months. The LME already trades cash contracts and futures for non-ferrous metals and plastics.

Abbott denied that he was preparing for a sale of the exchange: "There is no 'for sale' sign over the LME. As far as I am aware, none of my shareholders is asking me to take the exchange down that route," he said.

Both the Chicago Board of Trade and the New York-based Nymex have been named by analysts in the past several months as possible merger partners.

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