UBS to remain trading on LME

Contrary to media reports, investment bank UBS will continue to trade on the London Metal Exchange (LME), a spokesperson from UBS has confirmed. However, the investment bank will no longer act as a market maker for the LME, according to the UBS spokesperson.

‘We remain at the LME and continue to clear and transact,’ says the spokesperson for UBS. ‘We will however cease to be a market maker at the LME.'

UBS announced on Friday that it would be ‘repositioning its investment bank’ and would ‘reprioritise its business portfolio to preserve its core strengths…while downsizing or exiting certain business activities’. The bank specified that it would be exiting all commodities, excluding precious metals, due to financial turmoil in the markets.

‘The

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