Fintech Firm Clear Street Joins LME as Floor-Dealing Broker

(Bloomberg) -- Financial technology firm Clear Street has joined the London Metal Exchange as a dealer on its famous open-outcry trading floor.

The New York-based company has obtained regulatory approvals to set up a UK trading operation, and is joining the LME as part of a broader expansion drive across Europe, the Middle East and Asia, it said in a statement on Wednesday.

Bloomberg reported in September that the firm was seeking to join the LME, bolstering the prospects of the iconic “Ring” after a decline in volumes and a slew of departures in recent years.

Clear Street, founded as a clearing broker in 2018, expanded into US futures clearing in April, with Chris Smith — the founder of former Ring dealer ED&F Man Capital Markets — heading up the unit. It’s already active in commodities markets overseen by CME Group and ICE.

“This is a significant milestone in our global growth strategy which immediately adds to our client service capabilities, particularly for many clients in Asia and the Middle East,” Smith said in a statement on Wednesday. “With a dedicated London-based team in place, we are confident in our ability to deliver exceptional value to clients across EMEA, Asia and beyond.”