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Standard Chartered has become the latest company to apply for London Metal Exchange (LME) membership.
LME is considering approval of the bank as category four associate broker members.
The exchange has seen a surge of interest from companies in recent months with Commoditrade, ED&F Man, and Mittal all applying for membership.
“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.