LONDON – The London Metal Exchange (LME) has approved Bank of Montreal (NYSE: BMO) as a Category 2 member, the exchange said on Tuesday.
The LME, the world’s oldest and largest market for industrial metals, said it would issue another notice about when BMO would start trading and clearing on the LME.
Category 2 members can issue LME contracts and trade on the electronic LME select system and the telephone market but cannot trade on the open-outcry floor, which is reserved for Category 1 members.
According to its website, BMO is over 200 years old and the eighth-largest bank in North America by assets.
The LME is owned by Hong Kong Exchanges and Clearing Ltd.
