The London Metal Exchange is to introduce a code of conduct for its members after one of the City’s oldest trading houses hosted a networking event at the Playboy Club during the LME’s annual gathering for commodities traders.

The move, spearheaded by Matthew Chamberlain, chief executive of the LME, is intended to stamp out inappropriate behaviour and prevent any further embarrassment for the exchange after Gerald Group, a commodities trading firm, hosted a cocktail party at the club in Mayfair using the LME Week brand.