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

Garry Jones - London Metal Exchange
Garry Jones, London Metal Exchange

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 and over-the-counter derivatives, as well as mandatory clearing for many OTC trades. But in an

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