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The London Metal Exchange fined PAC Global Services Spain 250,000 pounds (USD 334,175) for breaching its warehouse rules, including storing copper in an open yard in Taiwan. The exchange listed eight violations in its members notice, with the improper storage considered the most serious. PGS runs 39 LME-registered warehouses across Europe and Asia. The disciplinary action emphasizes the LME's strict monitoring of warehouse operations and reinforces the importance of compliance with storage regulations. The move reflects the exchange's commitment to maintaining operational standards and safeguarding the integrity of industrial metal trading.
The London Metal Exchange (LME) has fined PAC Global Services Spain (PGS) 250,000 pounds (around USD 334,175) for violations of its warehouse regulations, following a disciplinary review. The exchange, recognized as the world's oldest and largest industrial metals market, highlighted eight specific breaches of its warehouse agreement by PGS in a members notice. Advertisement
The most significant violation was detected during an inspection of a PGS warehouse in Taiwan, where copper was found stored in an open yard outside the approved facility. The LME stated that storing metals on warrant outside an approved shed is a serious breach, which justified the financial penalty.
PGS operates 39 warehouses registered with the LME across Europe and Asia. The exchange, which manages global standards for industrial metal trading and warehousing, is owned by Hong Kong Exchanges and Clearing Ltd.
This action underlines the LME's strict oversight of its warehouse operators and its commitment to maintaining compliance and operational integrity across its global network. Past instances have shown the exchange actively enforcing rules to ensure metals are stored securely within approved facilities.
Source Reuters
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