London Metal Exchange names compliance partners for 2014 launch

The London Metal Exchange (LME) will work with Citigroup, Bank of America Merrill Lynch and JP Morgan to ensure its self-clearing platform complies with new financial market reforms before going live in 2014.

BofA-Merrill [will] secure margins from counterparties to a financial transaction.
Citi will facilitate the LME Clear Secure Payments System, by processing receipts from members' settlement banks.
JP Morgan will manage gold submitted as collateral to offset positions in LME Clear.

(Reuters)

Trevor Spanner, managing director of post trade services at the LME:

In securing these three key partners, LME Clear is taking a significant step towards delivering a fully EMIR-compliant clearing platform.