UK regulator cracks down on metal exchange

LME seeks 18-hour trading day

The Office of Fair Trading has blocked the London Metal Exchange from extending its electronic trading hours. The UK regulator alleges the move would be anti-competitive. It is the first use of such powers since they were granted five years ago.

The OFT said in a statement that it is "currently investigating a suspected abuse of a dominant position by LME and believes that this move by LME would further restrict competition."

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