Open outcry trading sessions to be extended by London Metal Exchange
The London Metal Exchange is set to extend its final open outcry trading sessions, backing its historic method of buying and selling on the floor over a potential shift towards electronic platforms.
Frenzied five-minute dealing windows are to be doubled to 10 minutes on the trading floor of the worlds oldest and largest market for industrial metals.
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The move came after volumes soared by more than 50 per cent in a three-month trial period for zinc.
The 142-year-old LMEs ring, known for its red-leather sofas, is the last open-outcry trading venue in Europe, with other exchanges shifting to electronic trading in recent years.
“The LME believes the longer PM kerb period for zinc has provided market participants who use the ring with more time to place orders and then to react to price moves,” the group said.