London Metal Exchange Trading Resumes After Five-Hour Outage
- Traders were able to trade via phone during the interruption
- The bourse trades over $60 billion worth of base metals daily
This article is for subscribers only.
The London Metal Exchange said electronic trading was back to normal after the world’s biggest base-metals exchange suffered a more-than-five-hour interruption caused by a power failure at a third-party data center.
The market had been due to open at 1 a.m. London time and eventually resumed at 6:15 a.m., after the exchange migrated its systems to a backup data center. Traders were still able to trade via phone during the outage, according to a person familiar with the matter -- the LME has a large phone-based market that’s popular with banks, brokerages and institutional clients needing to place large and complex trades.