Barclays to halt London Metal Exchange floor operation
LONDON (REUTERS) - Barclays is planning to halt floor trading at the London Metal Exchange (LME), downgrading its membership to Category 2 status at the world's biggest marketplace for base metals.
Barclays declined to comment specifically on its LME status, but it said in a statement it was continuously reviewing and evaluating its services to its clients.
"Barclays has a long track record of managing all businesses dynamically," the bank said in an e-mailed statement. "Barclays remains deeply committed to the base metals market and the London Metal Exchange, which is one of our oldest and most successful franchises within our commodities business."
Traders said Barclays' departure was bad news for the LME, having just bolstered its open outcry operation with the recent entry of Jefferies Group after France's Natixis pulled back from commodities broking.