LME fines Marex 40,000 pounds for rule book violations

Marex

10/10/2024 15:52

LONDON, Oct 10 (Reuters) - The London Metal Exchange
(LME) has agreed with Marex Financial  MRX.O  that the broker
will pay a fine of 40,000 pounds  ($52,164.00) for violations of
the exchange's rule book, the LME said on Thursday.
    The exchange, the world's oldest and largest market for
industrial metals, said ring-dealing member Marex submitted its
commodity position report late in December and October 2022.
    The LME is owned by Hong Kong Exchanges and Clearing Ltd.
 0388.HK 
    Marex agreed to the settlement and penalty, the LME
statement said.
    The LME also said that Marex was open and cooperative during
the investigation and that the broker has implemented a series
of changes to its systems and controls regarding the submission
of accurate commodity position report files to the LME.


($1 = 0.7668 pounds)

 (Reporting by Eric Onstad. Editing by Jane Merriman)
 ((eric.onstad@thomsonreuters.com; +44 20 7542 7093; Twitter https://twitter.com/reutersEricO;
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