London Metal Exchange to Reopen Trading Floor After Uproar
- LME backtracks on an earlier plan to close ‘the Ring’
- Exchange will set end-of-day closing prices electronically
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The London Metal Exchange has canceled a plan to close its open-outcry trading floor after a backlash from major users, and will reopen “the Ring” in September.
The decision represents a lifeline for one of London’s oldest financial institutions, and one of the world’s last open-outcry markets. The Ring traces its origins back to the early 1800s, and still has staunch supporters in the metals industry who say that the daily shouting match between floor traders remains the best way to establish global benchmark prices.