The Financial Times is reporting that former LME CEO Martin Abbott is part of a five person founding board of NFEx Markets, which aims to compete with the London Metals Exchange (LME).
NFEx Markets will reportedly run on a system designed by London-based tech provider Autilla, with a target to launch in the first quarter of 2018.
The launch comes as trading volumes have recently fallen on the LME, the world’s oldest metals exchange.
Other members of the NFEx Markets team include:
- Mark Bradley, who previously worked for commodity trader Mercuria.
- Mike Greenacre, chief executive of Autilla
- Jim Coupland, former co-head of commodities at Standard Bank
- Nigel Owens, another ex LME executive.
Mark Bradley was quoted as saying:
We anticipate NFEx Markets will increase cost-efficiency in the global base metals markets. This new trading platform will not replace or disturb current trading models but will be complementary to them.