Natexis Metals LME trading team resign from LME ring UPDATE |
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Tue, 24 Apr 2007 14:57
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(updates with confirmation from Natexis)LONDON (Thomson Financial) - Five members of the ring-dealing team of Natexis Metals at the London Metal Exchange resigned today, the company said.The five traders are still carrying out business, but will shortly move to long-established commodity trading house E D & F Man, sources close to the situation said.'Five members of the trading team have resigned,' confirmed a spokesman at the metals desk at Natexis. He declined to comment on how many of the team were left, but an unnamed source said one or two members of the team probably remained.Natexis is one of the 11 ring dealing members, who alone can trade during the open-outcry sessions. It is one of the LME's most active trading firms.The LME said Natexis, 'still remains one of the 11-member ring dealing firms.'The traders were unlikely to become a new ring dealing team for E D & F Man, which is not a ring dealing member. But, the company is increasing its presence in the metals market, said an analyst.'If Natexis has lost a team, it doesn't reflect well on the LME,' he said, adding the news did not come as a surprise to insiders. He also explained the Exchange 'wouldn't function' without a certain number of active traders.For its part the LME went no further than to say that Natexis 'still remains one of the 11-member ring dealing firms'.Natexis CM is part of French bank Natixis.anealla.safdar@thomson.comas/as/ssCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Natexis Metals LME trading team resign from LME ring 