The chairman of the London Metal Exchange has hit out at the UK’s Office of Fair Trading over its decision to prevent the exchange from extending its electronic trading hours, saying the decision represented a failure for the British regulatory system and did not bode well for London’s reputation as an international finance centre.

Donald Brydon, LME chairman, said the OFT’s decision was at odds with the UK investment regulator, the Financial Services Authority, which has en-couraged the LME to de-velop its business to broaden the reach of its services.