The London Metal Exchange is planning to extend its trading hours to serve the Asian time zones.

The LME reports that the UK Office of Fair Trading has decided to withdraw a ban on extended trading hours issued in February. The ban prohibited the LME from extending, into Asian trading hours, the operation of its electronic trading platform LME Select.

The LME is now free to extend the opening hours of LME Select. It had originally intended to do this on March 1 and it will now work with LME member firms to get the service up and running as soon as possible.

“We are delighted that the interim measures direction has been withdrawn. We can now get on with serving the interests of the international metals community and work to have LME Select available during Asian trading hours as soon as possible,” said Simon Heale, LME’s CEO.

The OFT had issued the ban as it investigated a complaint alleging that the operation of LME Select by the LME was anti-competitive. “Following the receipt of substantial and material new evidence, the OFT no longer considers it is necessary to act urgently to protect the public interest or to prevent serious and irreparable harm to Spectron Group plc. The OFT continues to investigate the suspected abuse of a dominant position by LME,” it says.