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The London Metal Exchange, the world’s biggest and oldest market for industrial metals, is applying to Ontario’s regulator to be recognized as an exchange.

In its application to the Ontario Securities Commission, the LME says it wishes to offer direct access to its trading facilities to participants in the province.

The LME says it expects those participants to include large financial institutions headquartered in Ontario, such as Schedule I banks.

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Reuters reported Thursday that several large Canadian banks are expected to join the exchange once it gets the nod from the OSC.

The securities watchdog has published the LME’s application online and is seeking comment by Dec. 7.

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