The London Metal Exchange will postpone the launch of LMEsword until April 12 to allow members and warehouse agents more time to familiarise themselves with the LMEsword system. The system was initially slated to go live on February 22. "Warehouse agents have also asked for more time to become comfortable with the new rent payment process, particularly as the rent payment date falls on March 31, 2010," LME said in a release.
LMEsword is a secure electronic transfer system for LME warrants, which can now be held in a central depository. The system eliminates the physical transfer of warrants and the manual operations that are involved. Material that completed the warranting process before April 12 may, if the owner wishes, have an interim LME warrant issued before the LMEsword warrant is issued after April 12, LME said. The LME said it will still launch the minor metals contracts for molybdenum and cobalt on February 22.
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