LME hit by second problem in a week

LME hit by second problem in a week

It has been a week to forget for the London Metal Exchange after it was forced to delay trading on Friday by four hours due to a connectivity issue with an external network provider, according to Bloomberg.

LMEselect, the exchange's electronic trading system, normally opens for trading at 1am but did not open until four hours later, effectively ruling out any Asia trading.
 
The postponement of trading follows an apparently unrelated issue suffered earlier this week when the LME was forced to abandon its London trading floor and relocate to its emergency site in nearby Essex due to a structural fault with the building.
 
According to Reuters, the exchange will continue trading at its back-up venue until early August.
 
The LME, the world's oldest metals exchange, is one of the last few exchanges in London to operate open outcry trading and opened a new London head office in Finsbury Square earlier this year.
 
The exchange was acquired by the Hong Kong Exchanges and Clearing in 2012 but has recently faced criticism from traders for its high fees. The LME has also seen its share of the global metals trading market fall from 90% to 78%.

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