The London Metal Exchange (LME) has agreed to pursue self-clearing of trades, the exchange said in a statement on Monday.

Trades at the LME are currently cleared through LCH.Clearnet, Europe's largest independent clearing house.

The decision to pursue self-clearing means it will have greater control over new product development and more leverage in any potential sale.

The exchange also said it will start charging a new exchange user fee of 50 pence per lot with effect from March 1 to increase revenue.

(Reporting by Harpreet Bhal)