June 19, 2020 / 2:51 PM / 21 days ago

London Metal Exchange fines warehouse firm ISTIM for violating warrant rules

FILE PHOTO: Traders work on the floor of the London Metal Exchange, in London, Britain September 27, 2018. REUTERS/Simon Dawson/File Photo

LONDON (Reuters) - The London Metal Exchange (LME) said on Friday it had fined warehouse operator ISTIM 30,000 pounds for violating aluminium warrant rules.

“Between 12 September 2019 and 9 December 2019, ISTIM erroneously instructed its London Agent to issue primary aluminium warrants containing incorrect brand names and/or shapes on five separate occasions,” the LME said in a notice to members.

It said ISTIM had also stored metal for 1,107 warrants in a warehouse that was not the one listed on the LME’s system.

It said both issues appeared to be the result of human error.

Reporting by Peter Hobson, editing by Louise Heavens

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