LONDON Metal Exchange members are pushing the exchange to backtrack on a new trading fee that would boost its revenues and entice bidders for the 130-year-old exchange, but would hurt some brokers’ way of doing business.
The LME, which has traditionally kept fees low for its member-owners, announced last month that it would introduce an exchange user fee.
“The LME has clearly done this to boost revenues ahead of any potential sale,” a senior LME trader said. “People are angry.”
Industry sources say members were not consulted on the levy, and some are rallying their peers to try and persuade the LME board to head off the move, which comes into effect in March.