October 12, 2009 / 9:22 AM / 10 years ago

LMEWEEK-FACTBOX-London's venerable metal exchange

LONDON, Oct 12 (Reuters) - The London Metal Exchange (LME) was formed in the last quarter of the 19th century to serve industrial Britain’s insatiable appetite for metals.

From its beginnings above a London hat shop, the LME has grown into the world’s largest non-ferrous metals marketplace.

Following is a chronology of major events in the 131-year old history of the London Metal Exchange:

October 2009 - LME lists first minor metals brand — from Vale Inco VALE5.SA — for delivery against the Exchange’s new cobalt contract,due to be launched next February. [ID:nL6354873]

September 2009 - Not enough shareholders back a proposal to change the way the LME is managed. A resolution to move the LME to a two-board structure from one board did not get the 75 percent of votes needed to change the structure. [ID:nLU165066]

September 2009 - LME said shipbrokers could earn an extra $2 billion over the next decade if freight derivatives move to exchange trading from over-the-counter. Freight trading volumes could double by 2015 and triple within 12 years if the market moves on exchange, it said. [ID:nLO313023]

September 2009 - LME said it plans to open an office in Singapore as a significant portion of its business comes from Asia. [ID:nLH633488]

September 2009 - The Minor Metals Trade Association (MMTA) said it will cooperate with the LME (LME) to provide weekly minor metals price quotes via a host system provided by the LME, which will also provide technical support. [ID:nLB630299]

September 2009 - Michael Hutchinson resigns from LME board.

August 2009 - LME said cobalt and molybdenum contracts to start trading Feb. 22 2010. [ID:nLR169780]

July 2009 - LME said it has no plans to publish outstanding speculative positions on its contracts and no plans to publish names of dominant position holders. [ID:nLT707822] [ID:nLT20930]

July 2009 - LME approves Rotterdam as a storage location for its Mediterranean steel billet FMD3=LX contract, paving the way for its use by European producers. [ID:nLO16104]

July 2009 - LME said it is considering entering the freight forward agreements market. [ID:nLF562666 ]

July 2009 - LME said it will remove its plastics contract from the trading floor. [ID:nLA418943]

May 2009 - LME joins the consortium of 11 banks and ICAP IAP.L that is making a 813 million euros ($1.14 billion) offer for LCH.Clearnet. [ID:nLT699960]

April 2009 - LME equipped to handle rising inventories in its warehouses and is even adding some capacity globally as the financial crisis hits demand, its CEO said. [ID:nN02195329]

March 2009 - Plan to pay dividends to shareholders approved at annual general meeting. [ID:]

February 2009 - LME registers Evraz HK1q.L as an approved steel brand, paving the way for the delivery of the steelmakers’ products against the exchange’s billet contracts.[ID:nL5782287]

October 2008 - Diarmuid O’Hegarty appointed deputy chief executive of the LME.

September 2008 - LME said it has no plans to introduce position limits because it has systems in place to ensure an orderly market.

September 2008 - LME announces lot sizes for moly, cobalt contracts.

September 2008 - LME declared Lehman Brothers LEH.N a defaulter.

September 2008 - The LME says it has no specific plans to launch gold futures.

July 2008 - LME said it will set up a committee for its steel business before the end of this year.

June 2008 - The LME said it is looking at the possibility of adjusting its aluminium alloy contract to make it more liquid.

May 2008 - The LME said that from May 12, dealers in open outcry sessions must no longer agree trades before prices are established.

April 2008 - Steel futures began open outcry trading on the floor of the LME, taking the conservative $800 billion industry into what many traders hope will be a new era.

February 2008 - The LME’s new Mediterranean steel futures contract FMDQ8=LX launched and clocked its first trade at $750 per tonne.

February 2008 - LME steel futures start trading on the exchange’s electronic Select system.

February 2008 - The LME said it had taken disciplinary action against North European Marine Services in relation to 461 nickel warrants the warehouse issued at the end of October and beginning of November.

January 2008 - The LME approved ArcelorMittal’s ISPA.AS application to become a member of the Exchange.

January 2008 - The LME said changes to its plastics contracts will take effect on April 28.

December 2007 - The Bank of London and the Middle East approved for associate broker membership.

December 2007 - Britain’s Royal Bank of Scotland (RBS.L) approved for ring dealing membership.

December 2007 - The LME will switch its plastics contracts by June to the model used for its more successful non-ferrous contracts in order to boost volumes, the exchange told Reuters.

November 2007 - Calyon Financial asked the London Metal Exchange to cease being a ring dealing member while Fimat International has asked to be upgraded to take its place.

October 2007 - The LME’s first new ring dealing member ED&F Man Commodity Advisors in more than a decade, starts trading on the floor.

September 2007 - LME fines ring dealer Sucden 80,000 pounds for failing to comply with nickel trading rules in May.

September 2007 - Commoditrade CMM.L buys enough LME shares to apply for membership as an open outcry trader.

September 2007 - LME announces steel futures contracts will be launched on February 25.

September 2007 - LME said it is conducting a study on a magnesium futures contract as part of its growth strategy.

July 2007 - LME members approve proposal to create 1 million new B shares. LME sets price of its new Class B shares at 65 pounds per share.

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