Winter Park, Florida 29/06/2016 - The London Metal Exchange (LME) reaffirmed on Wednesday that the UK Brexit referendum vote had no major impact on how the exchange functions.
"We are confident that the LME’s systems and processes are robust, and will ensure the continuance of a fair and orderly market," the exchange said in a members notice to members.
"LME Clear has operated smoothly throughout this period and once again its risk management processes demonstrated their ability to effectively manage periods of heightened volatility and market volumes," it added.
From a regulatory and legislative perspective, all existing LME regulatory requirements remain in place and the LME will maintain all current implementation plans. It still aims to be fully compliant with the EU Markets in Financial Instruments Directive (MIFID) by the January 2018 deadline.
"The LME is in ongoing discussions with our respective policy makers and regulatory authorities in the UK and Brussels to ensure we are kept informed as the situation develops and a way forward begins to be forged," the LME said.
"The LME will remain committed to our position as a global market, based in London, to our members and the wider metals community. We are confident that, as already demonstrated, we are well placed to continue to thrive and prosper as we advance into this new global landscape," it added.