No More Day Drinking for Metals Traders as LME Bans Alcohol
- The exchange is seeking to clean up the industry’s image
- The LME has discussed the policy with ring-dealing members
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The London Metal Exchange is toughening its stance on alcohol consumption with new rules that will prohibit floor traders from drinking during the workday, according to people familiar with the matter.
In a meeting on Thursday, the LME told its open-outcry dealers that it expects them to apply a zero-tolerance alcohol policy for floor traders, who are responsible for setting global benchmark prices for industrial metals like copper and aluminum, the people said, asking not to be identified as the meeting was private. The exchange could impose fines and trading bans for breaches of the rules, they said.