LME to spend £1m on tech facelift for open-outcry trading floor
23 June 2014 | 5005 views | 0
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."