FFastFill announced today that it has successfully completed conformance processing and testing and will be offering full connectivity to the London Metal Exchange's new steel trading contract from its startup on February 25th.
On that date steel will be traded on the LME's telephone market and its electronic trading facility Select. LME Steel will be the exchange's first non ferrous contract launch and introduces steel trading to the largest metals trading exchange in the world. The formal start of official trading (i.e. ring dealing) is scheduled for April 28th.
FFastFill has for some time been the leading provider of exchange trading and risk management services to brokers trading on LME Select, the exchange's electronic dealing platform. It currently provides its advanced application services to nine LME Category 1 and 2 members.
For these members the ability to trade the steel contract via the FFastFill service on Select from day one is simply an add-on to the existing service.
FFastFill's Executive Chairman and CEO Keith Todd said: "We estimate that the FFastFill conduit to LME Select already commands the largest volume of trading. The great virtue of our Application Services model is that new contracts and trading facilities are easily delivered, enabling LME members with FFastFill to get involved in the new market instantly."