The London Metal Exchange said in a notice to members that ED&F Man Capital Markets will cease trading next week.
The sale of the floor-trading business to Marex had been planned by the broker.
The planned sale is one of the final steps in restructuring ED&F Man after the trader got the green light to ring-fence its commodities business and restructure about $1 billion in debt beyond 2025.
Marex has been buying other brokerages. Marex will become one of the largest brokers on the London Metal Exchange as a result of the deal. ED&F Man will be the last one on the floor.
A group of metals traders have resigned from ED&F Man Capital Markets and are moving to another dealer, according to a report. The floor-trading team was set up at the beginning of the year in a contrarian bet on the revival of the business.
Marex was close to buying ED&F Man Brokerage.
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