30 July 2015

LME to spend £1m on tech facelift for open-outcry trading floor

23 June 2014  |  4093 views  |  0 LME Ring

The London Metal Exchange is to spend £1 million on new technology to reinvigorate trading on its 137-year old open-outcry dealing floor.

The decision to continue investment in the Ring - Europe's only remaining open-outcry trading floor - follows a six-month internal review and consultation with market participants.

Garry Jones, CEO of the LME and co-head of global markets at Hong Kong Exchanges and Clearing (HKEx), says: "Our review has highlighted areas where we can enhance the Ring and increase its efficiency alongside the LME's other trading venues. We will be particularly focused on further aligning it with our electronic trading venue, LMEselect, and on ensuring that it continues to meet global standards for transparency, integrity and governance."

In 2013, the LME doubled the seating capacity for Ring-dealing members to cater for floor teams, which have expanded to meet the needs of clients who wish to be serviced from the trading floor.

Over the coming year, the LME says it will invest a further £1 million on new electronic wall boards and other enhancements to help integrate pricing across the Ring and LMEselect.

"While we value the Ring's long and distinguished history, we are conscious that we need to continue to keep it relevant for the global market and able to serve its needs," says Jones. "We will work with users to further enhance Ring-based trading to keep pace with the rapidly changing marketplace and generate more volume."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

30 April, 2013
22 October, 2012
16 July, 2012
15 June, 2012
03 July, 2009
06 June, 2006

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Visa confirms Visa Europe acquisition talk...
9193 views comments | 16 tweets | 23 linkedin
Square reportedly files for IPO
6401 views comments | 16 tweets | 13 linkedin
Banks lag manufacturers and telcos in race...
6313 views comments | 28 tweets | 15 linkedin
Wells Fargo creates innovation group
5872 views comments | 15 tweets | 9 linkedin
BNP Paribas explores the blockchain; SocGe...
5739 views comments | 12 tweets | 15 linkedin

Featured job

to £65K base, double OTE
London, UK

Find your next job