Metals traders shun clearing due to Emir, says LME chief
Emir's introduction of segregated clearing accounts is pushing firms towards trading OTC, says LME head Garry Jones
The European Market Infrastructure Regulation (Emir) is having the unintended consequence of deterring base metals market participants from clearing their trades, says Garry Jones, chief executive of the London Metal Exchange (LME) and co-head of global markets at Hong Kong Exchanges and Clearing.
Emir, which entered into force in August 2012, introduces reporting requirements for exchange-traded
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