SIB Releases Report Into LME In Wake Of Sumitomo Scandal
THE UK's Securities and Investment Board (SIB) has recommended that the London Metal Exchange (LME) reform its trading practices, including improving the transparency of information published on trades between its members.
The recommendations come as part of a £750,000 review of the LME following last year's copper futures trading scandal involving Sumitomo Corporation. The LME is paying for the SIB's study.
Yasuo Hamanaka, Sumitomo's former chief copper dealer, racked up an estimated $2.5 billion
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