HOTTER ON METALS: Triland move from ring a blow to LME

If any member was going to leave the London Metal Exchange ring trading floor, the exchange was probably hoping it wouldn't be Triland Metals Ltd.

The company, a wholly owned subsidiary of Japanese conglomerate Mitsubishi, is one of the exchange's longest serving Category 1 members, having joined in 1972 after being founded in the prior year.
Having a unit of Japan's largest trading company as a ring member of the exchange has been an important and prestigious link to the region's industrial community. Its planned departure from the floor will undoubtedly ratchet up the heat on the LME while participants consider why the choice was made.

A letter sent by Triland to its customers explained very clearly why: the recent changes to the LME's market structure, in particular the move to a split pricing structure so that closing prices are determined electronically...

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