Platts pricing inches LME towards steel

22 May 2006

London Metal Exchange (LME) has chosen energy and commodities news and pricing agency Platts as its partner for the development of steel market price assessments that may eventually form a basis for steel...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.