London Metal Exchange penalizes warehouse firm ISTIM for violating aluminium warrant rules

On 19^th June’20, The London Metal Exchange (LME) stated that it had penalized warehouse operator ISTIM 30,000 pounds ($37,000) for violating aluminium warrant rules.

The LME stated in a notice to members: “Between 12^th September’19 and 9^th December’19, ISTIM erroneously instructed its London Agent to issue primary aluminium warrants containing incorrect brand names and/or shapes on five separate occasions.”

It has been declared that ISTIM had also stored metal for 1,107 warrants in a warehouse that was not the one listed on the LME’s system.

However, it has been brought to notice that both issues appeared to be the result of human error.

source https://www.alcircle.com/news/london-metal-exchange-penalizes-warehouse-firm-istim-for-violating-aluminium-warrant-rules-57174