Barclays Plc withdrew today from floor trading on the London Metal Exchange, the world’s biggest metals bourse.
The London-based bank became a Category 2 member of the exchange, meaning it will continue to trade electronically and by telephone, the LME said in a notice to members today.
“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,” the bank said in an e-mailed statement.
There are 11 companies now left trading in the LME’s so- called ring, London’s last venue for open-outcry trading. Paris- based Natixis SA stopped floor trading in July to become a category 2 member, and Jefferies Group Ltd. joined the ring and hired traders from the French bank.
“We recognize that business models change and we are pleased that Barclays Bank remains deeply committed to the LME and the base metals markets, and that it will maintain its LME clearing membership,” LME Chief Executive Officer Martin Abbott wrote in an e-mailed statement.
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