BTIG Resigns as Member of LME

The global financial services firm BTIG LLC (BTIG), has resigned its membership in London Metal Exchange (LME), following HSBC's resignation as the exchange’s category 2 member late last year.

LME announced Last Friday (May 19): "LME has approved the resignation of the following category 4 member pursuant to Regulation 10.3(a) of Part 2 of the LME Rulebook: BTIG LLC (BIG)."

BTIG's resignation took effected as of the close of business on May 19, 2023, and all its system access to LME has been prohibited.

The financial service company was approved as an LME Category 4 member in October 2019, with the aim of expanding its futures and commodities coverage worldwide by utilizing LME's liquidity.

There are seven categories of membership each with different capabilities in LME:

• Categories 1 and 2 – General Clearing Members who can trade for own account and on behalf of clients;

• Category 3 – Individual Clearing Members who can trade for own account;

• Category 4 – Non-Clearing Members who can trade for own account and on behalf of clients but who are not members of LME Clear and will therefore use the services of a Category 1 or 2 Member to clear their trades;

• Category 5 – Entities who are involved in the physical market and or clients of Category 1, 2 or 4 Members, who wish to be associated with the LME brand;

• Category 6 - Individual members;

• Category 7 – Honorary members.