Xchanging renews LME contract
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").
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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."