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ED&F Man Capital Markets resigns from LME after Marex takeover

FILE PHOTO: Traders work on the floor of the London Metal Exchange, in London, Britain

LONDON (Reuters) - ED&F Man Capital Markets (MCM) has resigned its membership in the London Metal Exchange, the LME said on Wednesday, following MCM's takeover by commodity broker Marex.

The exchange, the world's oldest and largest market for industrial metals, said the resignation would take effect on Wednesday.

Privately-held Marex said in August it would buy MCM to boost its metals business and expand in fixed income and equities. A source said the deal was worth $220 million.

The LME is owned by Hong Kong Exchanges and Clearing Ltd.

(Reporting by Eric Onstad; Editing by Jan Harvey)