The UK Competition Authority issues interim measures direction pending completion of investigation for alleged predatory pricing and exclusionary price discrimination of the London Metal Exchange (LME)

The Office of Fair Trading (OFT) has issued an interim measures direction to the London Metal Exchange (LME) under section 35 of the Competition Act 1998. This is the first time that the OFT has employed these powers. The interim measures direction prevents LME from extending the trading hours of its electronic trading platform, LME Select, pending the conclusion of the OFT's full investigation into LME's suspected infringements of Article 82 EC, or until the direction is withdrawn. Background The direction follows a request for interim measures from Spectron Group Plc (Spectron), the only operator currently competing with LME on the market for the exchange-based trading of non-ferrous base metals contracts. Spectron claimed that if LME were allowed to extend the operating hours of LME