London Metal Exchange Taps Sinara Consultants to Upgrade LMEsmart Platform

UK-based software firm, Sinara Consultants, which specializes in IT systems for exchanges and their member firms, today announced that it was chosen by the London Metal Exchange (LME) to develop its new matching system, as per an official update.

The LME plans to upgrade its LMEsmart smart matching system, as part of its strategy to adapt its core systems in advance of meeting MiFID II obligations, and had retained Sinara to development the upgraded system.

We are pleased to be working with Sinara, a trusted long-term supplier, to enhance the efficiency and flexibility of the LME’s matching platform.

New Matching system ahead of MiFID II MiFID II MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina Read this Term

The LMEsmart platform will also include the trading and Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term systems at the LME by making them available in the upgraded matching system developed by Sinara. The firm had previously helped develop a number of IT systems for the LME, including the LMEbullion product for auctioning platinum and palladium.

“The LME continuously invests in infrastructure and technology to ensure we provide the optimum level of service for our markets. We are pleased to be working with Sinara, a trusted long-term supplier, to enhance the efficiency and flexibility of the LME’s matching platform,” added Stuart Sloan, Chief Operating Officer and Head of Strategy at the LME, commenting in an official statement regarding the deal.

Phil Bain, Project Director at Sinara, added in an official statement: “We are delighted to be developing this strategically important new system for the LME. The new Matching system will need to be flexible enough to support the LME’s development and growth, as well as the requirements of MiFID II.”

Mr. Bain concluded: “This project builds on Sinara’s long-standing relationship with the LME who benefit from our in-depth knowledge of their business and IT systems.”