LONDON, March 17 Barclays Bank is
sharply downgrading its membership on the London Metal Exchange,
the LME said on Friday, after the bank cut back its commodity
Barclays has steadily withdrawn from commodities in recent
years, joining other banks in retreating from the sector as
profits declined and regulators boosted requirements for banks
to hold more capital.
From Monday, Barclays will move to category four membership
from category two at the LME, the world's oldest and largest
market for industrial metals trading, an LME members' notice
It will no longer be a clearing member and will begin using
Societe Generale International to register contracts, the notice
In 2012, Barclays withdrew from the top tier, category one
LME membership, stopping open outcry trading as it started
trimming exposure to base metals.
(Reporting by Eric Onstad; Editing by Susan Fenton)