US Banks to Support LME Self-Clearing Platform

london-metal-exchange
The LME is using US banks, in part, to fulfil EU requirements.

The London Metal Exchange (LME) has announced that Citi, JPMorgan and Bank of America Merrill Lynch (BAML) will provide infrastructure to its LME Clear platform.

Citi will provide the backbone of the LME Secure Payment System, JPMorgan will act as LME's gold custodian, and BAML will provide treasury execution services for LME Clear. Using JPMorgan as a custodian fulfils requirements laid out in the European Market Infrastructure Regulation (EMIR).

"In securing these three key partners, LME Clear is taking a significant step towards delivering a fully EMIR-compliant clearing platform" says Trevor Spanner, MD of post-trade services at the LME. "Citi, BAML, and JPMorgan all have a wealth of experience in providing services to market infrastructure and we welcome their expertise."

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