The London Metal Exchange (LME) has earlier this week published a notice about the resignation of one of its members – Société Générale.

LME says it has approved the resignation of the Category 2 and LME precious GCM member Société Générale pursuant to Regulation10.3(c) of Part 2 of the LME Rulebook. The Exchange also advises LME Clear Members that Société Générale has withdrawn from membership of LME Clear as a General Clearing Member in accordance with the LME Clear Rules and Procedures Rule 3.6.

The resignation got into effect immediately.

For the avoidance of doubt, LME stresses that the affiliate member, Societe Generale International Limited (SNC), remains active and a Category 1 member of the LME and LME Clear.

Let’s note that Category 1 members of LME have the exclusive right to trade LME contracts by open outcry in the Ring, in the telephone market and on LMEselect and are entitled to issue client contracts to their clients. As clearing members, they are permitted to clear trades on their own behalf and on behalf of their clients and, as a result, must be members of LME Clear.

Category 2 members are clearing members and are permitted to trade LME contracts in the telephone market and on LMEselect and issue client contracts. As clearing members, they are permitted to clear trades on their behalf and on behalf of their customers and, as a result, must be members of LME Clear.

The LME notice about SocGen’s resignation can be downloaded here.