A person familiar with the deal says J.P. Morgan is buying a stake in the London Metal Exchange from MF Global Holdings.
J.P. Morgan Chase & Co. is paying 25 million pounds ($39.1 million) for a 4.7 percent slice of the London Metal Exchange. That's according to a source with knowledge of the deal who spoke only on condition of anonymity.
J.P. Morgan already has a 6.2 percent stake in the London Metal Exchange.
MF Global filed for bankruptcy protection on Oct. 31 after making a disastrous bet on European debt.