Xchanging plc (“Xchanging”), the business process and technology services provider and integrator, is pleased to announce the renewal of its contract to provide technology services to the London Metal Exchange (“LME”).
The contract, which renews on 1 January 2012, is for a minimum of three years, with a two year notice period after the first year. The contract is expected to generate revenues of c. £75 million over its first three years.
The LME is the world's premier non-ferrous metals market. Xchanging has provided the LME with high-availability transaction processing systems since 2005. The partnership has enabled the LME to achieve a tenfold increase in electronic trading volumes and supported its expansion into new markets.
Ken Lever, Chief Executive of Xchanging, commented: “The renewal of this contract is testament to the robustness and quality of the service Xchanging has delivered to the LME over the last seven years. We look forward to continuing to develop our relationship and to supporting the continued growth of the Exchange.”
Martin Abbott, CEO of the LME, said: “We are very pleased to be renewing our contract with Xchanging. They continue to provide world class IT services that have enabled the LME to maintain its position as the world’s leading metal exchange.”
Tel: +44 (0) 207 780 6999
Ken Lever, Chief Executive
Alexandra Hockenhull, Head of Corporate Communications and Investor Relations
Tel: +44 (0) 207 379 5151
Xchanging is a business process and technology service provider and integrator specialising in Financial Services, Insurance Services, Technology and Procurement, with processing skills and capabilities applicable to other vertical industry and market sectors.
About the London Metal Exchange
Established for over 130 years and located in the heart of The City of London, the London Metal Exchange is the world’s premier non-ferrous metals market. It offers a range of futures and options contracts for non-ferrous, minor metals and steel.
The LME is a highly liquid market and in 2010 achieved volumes of 120.3 million lots, equivalent to $11.6 trillion annually and $46 billion on an average business day. Based in London the LME is a global market with an international membership and with more than 95% of its business coming from overseas.
Being a principal-to-principal market, the only organisations able to trade are its member firms, of which there are various categories. LME members provide the physical industry with access to the market, to the risk management tools and to the delivery mechanism. Trading takes place across three trading platforms: through open-outcry trading in the 'Ring', through an inter-office telephone market and through LMEselect, the Exchange's electronic trading platform
This announcement contains forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could, is confident, or other words of similar meaning. Undue reliance should not be placed on any such statements because they speak only as at the date of this document and, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Xchanging's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements.
There are a number of factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are; increased competition, the loss of or damage to one or more key customer relationships, changes to customer ordering patterns, delays in obtaining customer approval or price level changes, the failure of one or more key suppliers, the outcome of business or industry restructuring, the outcome of any litigation, changes in economic conditions, currency fluctuations, changes in interest and tax rates, changes in raw material or energy market prices, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments, the failure to retain key management, or the key timing and success of future acquisition opportunities or major investment projects.