ICAP Said to Be in Talks With ADM to Transfer LME Trading

ICAP Plc is in talks to transfer its trading business on the London Metal Exchange to ADM Investor Services International Ltd., according to two people familiar with the matter.

The London-based brokerage will close its LME desk at the end of the year, said one of the people, who asked not to be identified because the information is confidential. Both companies are Category 2 members of the LME, which means they can trade electronically and by phone, and issue contracts. ICAP’s metals business is headed by Robert Rees.