LMEWEEK-Assomet seeks to cap financial firms’ grip on LME

MILAN, Oct 14 (BestGrowthStock) – Italy non-ferrous metals body
Assomet has asked financial regulators to intervene to rein in
power of financial institutions, such as pension and hedge funds
and merchant banks on the London Metal Exchange (LME).

Financial institutions, whose activity on the LME has been
blamed for increasing price volatility, should be made to pay
the entire value of metal in derivative contracts, not just
margins, Assomet said in a statement to be published in its
newsletter and obtained by Reuters on Thursday.

Assomet said management of LME stocks should be independent
and more transparency was necessary about dominant position of
major operators and about control of official stocks.

(Reporting by Svetlana Kovalyova; editing by Keiron
Henderson)

LMEWEEK-Assomet seeks to cap financial firms’ grip on LME