By Andrea Hotter

Of DOW JONES NEWSWIRES

Of DOW JONES NEWSWIRES

LONDON -(Dow Jones)- The London Metal Exchange hasn't served notice on London clearing house LCH.Clearnet, its current clearing provider, and won't do so until and unless the LME board gives final approval for the exchange to develop its own in-house clearing project, the LME chairman said in a document seen by Dow Jones Newswires Thursday.

In a statement to shareholders in the LME's 2011 accounts, Brian Bender said that the building of a clearing house is seen as approximately a two-year project from the beginning of phase one.

By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com

(END) Dow Jones Newswires

May 17, 2012 03:52 ET (07:52 GMT)