A statement recently released in the coal market press stated that legal proceedings had commenced in respect of the proposed launch by London Commodity Brokers Ltd of an electronic Whiteboard.
The proposed Whiteboard is an electronic means by which London Commodity Brokers identified physical coal prices, and was developed in consultation with our customers. The objectives were to add value to our customers' business, and assist in the development of the traded physical coal market by facilitating transparency and liquidity. The electronic Whiteboard is not intended as a trading platform. London Commodity Brokers had sought to resolve any potential legal issues; however a decision was taken to commence legal proceedings against London Commodity Brokers, which will delay the launch of a Whiteboard and our achieving those objectives.
London Commodity Brokers considers that an electronic Whiteboard will be a positive addition to the physical coal trading market and remains committed to that end.
In that the legal proceedings delay achieving our objectives, London Commodity Brokers apologises to our customers, but assures them of its commitment to those objectives.