On May 27, the London Metal Exchange (www.lme.com) plans to introduce futures trading for certain grades of high-volume plastic resins, and Neil Banks is overseeing the program's implementation. Investing in futures – initially for polypropylene and linear low density polyethylene – is proposed as one method for trying to offset buying risks.
Banks is a fellow of Great Britain's Association of Chartered Certified Accountants and a member of its Securities Institute. He joined the London Metal Exchange in 1989, initially as LME's director of finance and company secretary and later as director of compliance. He previously had worked for 14 years for a variety of LME member metals trading firms.
In 1999 he was appointed director of operations with responsibility for all aspects of managing LME's trading floor. This included price reporting and the establishment of official and closing prices as well as enforcement of trader discipline. Banks also had responsibility for LME's delivery mechanisms, including the physical operations relating to brand registrations, warehousing and location listings, and the management of the SWORD electronic warrant delivery system that he helped to design and implement.
In January 2004 Banks was named LME's first director of strategy. Banks is a member of LME's Executive Committee and has formerly chaired three of its other committees.