LONDON, March 3 (Reuters) - The Bank of England said on
Friday that reviews into LME Clear's suspension of trading on
its nickel market in March last year had pointed to several
shortcomings at the clearing house of the London Metal Exchange
(LME).
"Collectively, these reviews pointed to several shortcomings
across LME Clear’s governance, management and risk management
capabilities," the BoE said in a statement.
"In response, LME Clear will need to strengthen its
governance arrangements, increase independence in management and
governance at the CCP, and improve on its wider risk
management."
The BoE said it would name an independent monitor to assess
and report on LME Clear's promise of an implementation plan.
(Writing by William Schomberg
Editing by Farouq Suleiman)
Reuters Messaging: william.schomberg.reuters.com@reuters.net))
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