LME order routing causes controversy

22 Sep 2003

London Metal Exchange (LME) is considering its position on electronic order routing after some members complained that the practice amounts to a drastic change to LME's market model.

Exchange officials met with members last week to discuss their concerns, which were sparked by Dresdner Kleinwort Wasserstein (DrKW)'s recent announcement that it would be providing electronic order routing capability to its customers.

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“The fact is, an awful lot of people would be very happy for all business to be transacted over the counter. Transparency is good for the consumer, but privacy is better for the banks and the brokers. Wherever there’s a grey area, it’s possible to make money.”

European consultants predict frantic lobbying during the Mifid review.