Network issue resolved after four hours, LME resumes electronic trading

by Jonathan Adams

The London Metal Exchange, which has this week been forced to temporarily move its open-outcry ring to outside the city, suffered a near four-hour delay to electronic trading early this morning.

LMEselect trading, which normally opens at about 1 a.m. London time, was delayed until 4:55 a.m. because of a connectivity problem with an external network provider. The issue was unrelated to the structural fault at the bourse’s London building, which has led it to use its emergency trading ring in Chelmsford, Essex until at least today.

The LME, which trades industrial metals including copper and nickel, is owned by Hong Kong Exchanges & Clearing Ltd. The electronic platform accounts for about 45 per cent of all LME trading, with phone and ring trading making up the rest, Chief Executive Officer Garry Jones said earlier this year.

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