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London Metal Exchange to test alternate ring trading site on Friday

Reuters | March 11, 2020 | 9:07 am Markets News Europe 
LME says some members may have positions subject to sanctions
Image source: Wikimedia Commons

The London Metal Exchange (LME) will move its open-outcry trading to a disaster recovery site northeast of London on Friday to test the operations, it said on Tuesday.

The exchange, the world’s oldest and largest market for industrial metals, said in a statement it tests the site in Chelmsford twice a year and that Friday’s move was not part of its coronavirus contingency planning.

The 143-year-old LME, owned by Hong Kong Exchanges and Clearing Ltd., runs the last open-outcry trading venue in Europe.

The exchange has said it has contingency plans to relocate or ditch open-outcry trading if the coronavirus outbreak worsens in Britain.

(By Eric Onstad; Editing by Louise Heavens)

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