The London Metal Exchange (LME) plans to move LME Clear staff into dedicated offices close to the main premises in Q3 2012. The LME Clear team continues to expand as the selection processes for both the technology supplier and treasury partner reach the final stages.
‘As the clearing project progresses the team is growing, which means we will need a larger space to accommodate new joiners,’ said Trevor Spanner, MD of post trade services at the LME. ‘The new offices are being prepared and will accommodate a minimum of 40 project and full-time staff.’
LME Clear has shortlisted Calypso and Cinnober as potential software providers for the LME’s clearing platform. A design study will now be conducted to determine which of the two vendors will provide the best fit for LME Clear.
The member engagement programme is also progressing with feedback continuing to shape the future clearing platform, which is expected to go live in 2014.