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

Editors Pick
Shares of Glencore International Plc. declined around 6 percent in London trading after the Commodities trader reported Wednesday wider pre-tax loss in its first half with weak revenues, amid lower commodity prices. Attributable net loss, however, narrowed from last year. Shares of WPP Group Plc. were gaining around 6 percent in the morning trading on London after the advertising giant reported Wednesday positive current trading and expectations for increased results. This was after reporting higher headline profit and increased revenues in its first half, even as reported profit declined from last year. The company also announced a significant dividend growth. Athletic clothing company Under Armour has ended sponsorship of a female hunter after a video that showed her husband killing a bear caused an outrage. Sponsorship of Sarah Bowmar, the wife and hunting companion of US hunter Josh Bowmar, was dropped by Under Armor following the negative response to...
comments powered by Disqus
Follow RTT