LME hits record volumes on last independent day
The London Metal Exchange boasted record volumes up to December 6 – the date its takeover by Hong Kong Exchanges and Clearing became official.
Volumes of 149.6 million lots were up 10% year-on-year and carried a notional value of $13.6 trillion, the 135-year old exchange announced on Monday.
The Hong Kong stock exchange operator in June beat out among others Chicago's CME Group and NYSE Euronext to take over the LME – which handles some 80% of global trade in metals futures – for $2.2 billion.
The LME is one of the last bastions of open outcry trading. The system may well turn out to be a victim of the takeover and some member have already withdrawn participation.
The LME last year cleared and matched its first gold trade and has also began providing silver market data.
Over the last 7 years electronic trading has grown from 2% to over 70% of the LME's market volume and trading volumes have surged.