Britannia Global Markets to Quit as Clearing Member of LME (1)

Britannia Global Markets Ltd. will step down as a clearing member of the London Metal Exchange later this month, becoming the first dealer to withdraw from the bourse in the wake of an historic short squeeze in the nickel market.

London-based Britannia will resign its membership on June 20, and will focus on providing clients with over-the-counter exposure to metals markets, it said in an emailed statement. The company is also looking to form partnerships with other LME brokers to provide ongoing access to the exchange, it said.

The LME and its brokers were thrown into turmoil as nickel prices ...