JP Morgan Metals, a broker and market-maker on the London Metal Exchange (LME), has resigned as a category four associate broker member, Bloomberg reports. The firm became a category one ring dealing member after the U.S. bank’s $1.7 billion purchase of RBS Sempra Commodities units, in July 2010.
At that time, RBS Sempra Metals, which later became JP Morgan Metals, had its category one status lowered to a category four membership. Category four members operate through the 24 hour inter-office market.
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