LONDON, Oct 17 (Reuters) - The London Metal Exchange (LME) has taken disciplinary action regarding the risk management systems of ABN AMRO Clearing Bank NV, which has agreed to pay a fine of 230,000 pounds ($299,200), the exchange said on Thursday.

The exchange, the world's oldest and largest market for industrial metals, said a settlement was reached without ABN AMRO admitting or denying any of the alleged breaches.

The bank failed an LME audit of its surveillance systems in 2020 and an investigation found that ABN AMRO did not have adequate processes to identify potential market abuse during January 2018 and November 2020, the LME said in a statement.

In the meantime, the bank has implemented a series of enhancements to its market abuse management systems and controls, it added.

The LME is owned by Hong Kong Exchanges and Clearing Ltd. (0388.HK) , opens new tab.

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https://www.reuters.com/business/lme-fines-abn-amro-300000-disciplinary-action-2024-10-17/