Sucden Financial issued with penalty by LME for late report submission
The LME has found Sucden Financial Limited (SFL) to be in breach of LME Notice 21/099 and has imposed an automatic penalty charge of £3,000.00.
On 19 May 2021, the LME issued Notice 21/099, which introduced automatic penalty charges for any Member who fails to submit Commodity Position Report (CPR) files and/or manage Warrant holdings in LMEsword in a timely and accurate manner.
Any Member that fails to report CPR in a timely and accurate manner on five or more days in a calendar month will be subject to an automatic penalty charge.
Due to late CPR submissions on five or more business days in the months of March and April 2023, the LME imposed an automatic penalty charge of £3,000.00, which has been paid by SFL.
The LME reminds Members of the importance of timely and accurate CPR submissions.