London Metal Exchange CEO Garry Jones resigns

Garry Jones resigned as chief executive of the London Metal Exchange on Monday, amid falling trading volumes and growing tension with brokers as he sought to modernise the world’s oldest and largest metals market.

Jones, who was appointed three years ago, will be replaced by the exchange’s chief operating officer, Matthew Chamberlain, until a permanent replacement is found.

The 139-year-old exchange, which was bought Hong Kong Exchanges & Clearing in 2012 for $2.2bn, is facing increasing competition from its peers in the US by CME Group, and in China with the Shanghai Futures Exchange.

Volumes fell 7.7% in 2016, after a sliding 4.3% in 2015, after it hiked fees by 34% in 2015, which created tension with traders.

A slowdown in China, a big consumer of metals, added to the market’s woes, resulting restrained activity and prices.