London Metal Exchange penalizes warehouse firm ISTIM for violating aluminium warrant rules
On 19th June’20, The London Metal Exchange (LME) stated that it had penalized warehouse operator ISTIM 30,000 pounds ($37,000) for violating aluminium warrant rules.
The LME stated in a notice to members: “Between 12th September’19 and 9th December’19, ISTIM erroneously instructed its London Agent to issue primary aluminium warrants containing incorrect brand names and/or shapes on five separate occasions.”
It has been declared that ISTIM had also stored metal for 1,107 warrants in a warehouse that was not the one listed on the LME’s system.
However, it has been brought to notice that both issues appeared to be the result of human error.
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