logo
Share SHARE
FONT-SIZE Plus   Neg

Xchanging In Discussions Regarding London Metal Exchange Contract

Xchanging plc (XCH.L) announced it is in discussions with The London Metal Exchange that will lead to modification or termination of its existing contractual relationship with the Metal Exchange. Xchanging said the current situation reflects the recent change in ownership of the London Metal Exchange. The contract carries a minimum notice period of 12 months.

The company believes that cost savings in the business combined with other business initiatives will contribute materially to offsetting any loss of profit arising from the modification or termination of the contract.

The contract to provide technology services, which renewed on 1 January 2012, was for a minimum of three years, with a two year notice period after the first year. Under the terms of the contract, if there is a change of control at the London Metal Exchange, it is entitled to terminate the contract early with a 12 month notice period.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Anglo-Dutch oil giant Royal Dutch Shell plans to cut 2,200 more jobs, as the company continues to face lower oil prices, media reported Wednesday citing an emailed statement. The latest round of cuts would bring the total job cuts this year to at least 5,000 globally. In the U.K. and Ireland, the company plans to reduce staff working in exploration and production by 475. Tiffany & Co. (TIF) reported first-quarter net earnings of $87 million, or $0.69 per share compared to $105 million, or $0.81 per share, in the prior year. The company noted that its first-quarter results included a tax benefit of $0.05 per share related to the settlement of a tax examination. On average,... Shares of Marks & Spencer Group plc were losing around 8 percent in the early morning trading in London, after the retailer reported lower profit in its fiscal 2016, hurt mainly by weak results at clothing & Home segment and lower UK LFL sales. Looking ahead, the company warned about profit, and said it sees a similar sales trend in fiscal 2017.
comments powered by Disqus
Follow RTT