LME agrees settlement with Citigroup Global Markets with a penalty of $62,875

LONDON (Reuters) – The London Metals Exchange (LME) said on Friday that it agreed a settlement with Citigroup Global Markets Limited in which the bank would pay a financial penalty of 50,000 pounds ($62,875).

The exchange, the world’s oldest and largest market for industrial metals, said the settlement was agreed after an investigation by the LME after this category 2 member submitted duplicate commodity position report files on two separate occasions in April 2022.

($1 = 0.7952 pounds)

(Reporting by Polina Devitt; editing by Louise Heavens)