The London Metal Exchange in February unveiled its newly built Ring, the exchange's open-outcry trading floor, after relocating to Finsbury Square in London. The Ring has moved four times since it was established above a hat shop in Lombard Court in 1877. The latest move is the next step in the modernization of the metals exchange, which was acquired by HKEX in 2012.
The LME's new trading facility is enhanced with electronic wall boards to help integrate electronic pricing.
“We’ve demonstrated our commitment to the Ring, a long-standing and trusted price-formation venue, by moving it with us to this exciting new location. Here, our investment in its technology and infrastructure will ensure its continued significance in today’s world,” said Garry Jones, LME's chief executive officer.
The red upholstered seats from its former home in Leadenhall Street have been sold to interested Ring-dealing members, and the proceeds will be donated to the LME’s chosen charity, Little Havens Hospice.
While the Ring’s traditional circle of red leather seats remains, £1 million has been invested in enhanced technology, including new wall boards to help integrate Ring and LME electronic pricing and to provide more real-time information to inform traders’ decision-making.
“Our recent office move gave us the opportunity to identify areas where we could enhance the Ring and increase its efficiency, and the design of the new trading floor is the result of extensive collaboration with our members,” said Stuart Sloan, LME's chief operating officer.
