London Metal Exchange hires veteran Credit Suisse executive in modernisation push

The London Metal Exchange (LME) has added veteran banker Robert Arbuthnott to its executive team as the marketplace looks to modernise and rebuild its reputation after a high-profile legal battle.

The LME said Arbuthnott would become its group chief financial and administrative officer, effective on Monday.

With a more than three-decade career in financial services, Arbuthnott most recently served as head of group finance and chief accountant for Credit Suisse between 2016 and the end of 2023.

Before that, he served seven-year stints at Barclays and Bank of America respectively – working between Asia and London.

Arbuthnott is a chartered accountant and began his career at KPMG in 1990 after graduating from Cambridge University.

His appointment comes as the 147-year old industrial metals exchange looks to modernise its marketplace after its controversial cancellation of $12bn in trades after short squeeze dramatically drove up nickel prices in March 2022.

A court ruled in favour of the LME last November after Elliott Management and Jane Street sued it for $470m in damages. Elliott took its fight to the appeal court in July. The court has yet to publish its ruling.

On Monday, the LME touted Arbuthnott’s credentials as “an accomplished finance leader” and said he would be responsible for finance, HR, communications and facilities – “helping to bring the corporate functions closer to the business”.

“This appointment represents an important milestone for the LME,” said Matthew Chamberlain, the group’s chief executive.

“Robert brings with him significant expertise in finance and deep experience in change programmes, which will be invaluable as we continue to evolve our business to meet the market’s expectations of a modern commodities exchange – championing accessibility, efficiency and transparency.”

The LME said Arbuthnott would report to both Chamberlain and Michael Carty, the CEO of clearing house LME Clear. He is also due to report to Vanessa Lau, co-chief operating officer and group chief financial officer at Hong Kong Exchanges and Clearing.