The London Metal Exchange

The FCA fined the London Metal Exchange £9,245,900 for breaches of REC 2.5.1 (para 3(1) and 3(2)(h)) and MiFID RTS 7 (Article 18(3) and (4)). Broadly, the FCA found the LME failed to have in place and operate adequate arrangements, systems and controls a recognised body must have to prevent or address disorderly trading and to apply suspension/removal safeguards. The penalty is recorded as 'after settlement' on the FCA register (the sanction was agreed with the regulator); the FCA final notice sets out the factual and temporal detail of the breaches.