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
Shares of International Consolidated Airlines Group S.A. were gaining around 3 percent in London trading after the airline reported Friday higher profit in its second quarter, benefited by higher passenger revenues, despite weak cargo revenues. The company now expects low double digit percentage growth in pre-exceptional operating profit in 2016. Swiss banking giant UBS Group AG reported Friday a 14 percent decline in second quarter profit with weakness in net interest income. Looking ahead, the company said the difficult conditions continue to persist, yet the firm is well positioned to benefit from even a moderate improvement in conditions. UBS shares were gaining around 3 percent in the morning trading in Zurich. We are well into the third quarter and past the middle of the year and it is time to take stock of regulatory decisions awaiting some biotech stocks in August. Despite the uncertain macroeconomic environment, the markets have run up, with the S&P 500 Index making new highs session after session. Valuation concerns may keep traders at bay. However, the biotech space is a different cup of tea.
comments powered by Disqus
Follow RTT