London Metal Exchange sends out its details to bidders The LME sent out non-disclosure agreements to interested parties before Christmas and, as they are signed and returned, has now begun with the financial data. "The memoranda have started to be sent out to the relevant parties," a spokesman said. Valuing the LME is tricky because its shares are highly illiquid and it is owned by its members, who have an interest in keeping subscriptions low. The exchange turned a profit of just £12.5m in 2010, but any new owner would be likely to significantly increase its fees. The 135-year-old exchange has also set up its own clearing service, a move traders said would make it more attractive to potential suitors as it could boost revenue. In addition, volatility in the commodities markets has pushed trading volumes on the LME to record levels. However, it was reported this week that major banks who are shareholders in the exchange could try to block a sale, in case it brought in stricter regulation which disrupted their warehousing businesses. The head of one LME member and shareholder told Reuters: "I've heard a number of people say, 'It doesn't matter what the price [of a bid] is, it's my business model that's the issue'."