U.S. financial services firm JPMorgan Chase & Co. is looking to acquire MF Global’s stake in the London Metal Exchange (LME), Financial Times reports. J.P. Morgan will be buying MF Global’s 4.7 percent for some £25 million from the bankrupt derivatives broker’s U.K. administrator KPMG.

With the acquisition, J.P. Morgan will become the largest LME shareholder with a 10.9 percent stake. Other major LME shareholders include Goldman Sachs Group with 9.5 percent, metals trader Metdist with 9.4 percent and UBS with 4.3 percent. The deal puts LME’s valuation at £530 million.

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