KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
Clear Street, a US-based financial services firm, is seeking to join the London Metal Exchange (LME)'s open-outcry trading floor, known as the "Ring." This move comes as the LME faces dwindling activity and a series of high-profile departures, most recently Societe Generale relinquishing its ring-dealing seat last month. The New York-based firm, which expanded into US futures clearing earlier this year, is pursuing regulatory approval ahead of a formal membership application, according to insiders.
Clear Street’s potential entry into the LME will be a major topic at LME Week in London, which begins on Sunday. The Ring has seen a reduction in volumes, with only seven members remaining after the pandemic-triggered closure and subsequent reopening in a limited capacity.
Founded in 2018 as a clearing broker, Clear Street is growing beyond the US, expanding its commodity markets presence in Europe and Asia. It has been actively recruiting top talent and making strategic acquisitions, including the purchase of Instinet’s algorithmic-trading business, Fox River, and naming Cboe’s former CEO Ed Tilly as its incoming leader. The firm is looking to bolster the LME’s Ring, which still plays a crucial role in setting benchmark prices for the metals industry, despite most trading now being conducted electronically or via phone.
While the LME continues to modernize its electronic market, the fate of the Ring remains uncertain, with the exchange considering its permanent closure if membership drops below six or fails to meet trading volume thresholds.
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