LME wins landmark OFT judgement

London Metal Exchange (LME) won its appeal for costs against Office of Fair Trading last week after the UK watchdog imposed a prevention order on the exchange extending its electronic trading hours in February, which was subsequently lifted in May.

Competition Appeals Tribunal (CAT) called OFT's investigative process "superficial, flawed and ill-founded" after the body placed an interim measures direction (IMD). The investigation followed complaints made by metals and energy broker Spectron that LME's plans to extend its Select trading hours could threaten the broker's business.

CAT said...