The former chief executive of the 140-year-old London Metal Exchange is stepping up efforts to compete with his old employer.
Martin Abbott, chief executive of the LME from 2006 to 2013, is part of the launch team at NFEx Markets, which has plans to go live with a new electronic trading venue for base metals in the first quarter of 2018, according to a statement.
The new venue comes at a time of soul-searching for the LME. The exchange is awaiting feedback from its members to a discussion paper on its structure, published amid falling volumes.
NFEx Markets will run on a digital platform built by Autilla, a financial technology provider founded by Mike Greenacre, a former metals boss at interdealer broker Icap.
Greenacre, also part of the NFEx team, said: “The new platform incorporates state-of-the-art matching and trading technology. Among other advantages, NFEx Markets is being built to enhance transparency and increase efficiency in the transaction of large orders.”
FEx said that trades on its venue will be cleared, meaning that a clearing house will stand between the two sides to any given deal, guaranteeing completion in the event one side defaults…
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