LONDON, Aug 14 (Reuters) - Dutch market maker and options specialist Optiver has joined the London Metal Exchange, the LME said on Thursday, providing support for the exchange's plans to roll out electronic options.
The exchange, the world's oldest and largest market for industrial metals, said Optiver has been approved as a category four member, which can issue LME client contracts, but cannot clear contracts.
"With their recognised strength in options, this is a strong endorsement of our plans to develop electronic options in the metals market from a leading market player," said LME CEO Matthew Chamberlain.
Last year, the LME announced proposed measures to boost electronic trading and the 148-year-old LME also aims to introduce options that are traded on its electronic system. Currently, options are traded on the inter-office market, mostly by telephone.
Two executives from Amsterdam-based Optiver will join LME committees, the LME said in a statement.
John Rothstein, Optiver's chief operating officer, recently joined the LME’s user committee while head of metals trading Ed Sternberg has joined the LME’s traded options committee.
The LME is owned by Hong Kong Exchanges and Clearing Ltd. 0388.HK
(Reporting by Eric OnstadEditing by Frances Kerry)
((eric.onstad@thomsonreuters.com; +44 20 7542 7093; Twitter https://twitter.com/reutersEricO; Reuters Messaging: eric.onstad.thomsonreuters.com@reuters.net))
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