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LME fines ED&F Man 180,000 pounds for lack of risk management

LME fines ED&F Man 180,000 pounds for lack of risk management
FILE PHOTO: The offices where the London Metal Exchange is headquartered are seen in the City of London, Britain, January 18, 2018 REUTERS/Peter Nicholls -
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Peter Nicholls(Reuters)
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LONDON (Reuters) – The London Metal Exchange (LME) has fined brokerage ED&F Man Capital Markets Ltd (EMV) 180,000 pounds for a lack of risk management systems to detect suspicious trading activity, the exchange said on Wednesday.

“The investigation commenced following the identification by the LME of suspicious order book trading activity that had been routed to the LME by a client of EMV through direct electronic access,” the LME said in a statement.

The exchange, the world’s oldest and largest market for industrial metals, is owned by Hong Kong Exchanges and Clearing Ltd. <0388.HK>.

(Reporting by Eric Onstad; Editing by Jan Harvey)

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