The London Metal Exchange (LME) is a futures and forwards exchange with the world's largest market in standarised forward contracts, futures contracts and options on base metals. The exchange also offers contracts on ferrous metals and precious metals.[1] The company also allows for cash trading. It offers hedging, worldwide reference pricing, and the option of physical delivery to settle contracts.
The LME is the last exchange in Europe where open-outcry trading takes place.[2] The ring was temporarily closed in March 2020 due to the COVID-19 pandemic.[3] In January 2021, LME proposed closing the ring, Europe’s last open-outcry trading floor, and moving permanently to an electronic system.[4][5]
In addition to the 9 companies that have exclusive rights to trade in the Ring, around 100 companies are involved in the LME in total.
Precious metals
The LME used,[6] however, to provide trade matching and clearing services to the London bullion market and distributes gold, silver, and gold IRS (interest rate swaps) forward rates on behalf of the LBMA.
Electronic trading
The LME launched an electronic platform called LME Select launched in February 2001.[7] This was developed by a Swedish software house Cinnober. The platform is a FIX-based trading platform, and now handles a majority of the total LME business.
Lawsuits
In March of 2022, LME was sued by Elliot Management, an American hedge fund. The hedge fund sued for $456 million, claiming that LME acted "unreasonably and irrationally" when it canceled nickel trades made on March 8, 2022.[8] Jane Street Global Trading also sued LME for $15.3 million over its cancelled nickel trades in March.[9] Both lawsuits were filed in the English High Court.[10]
london, metal, exchange, futures, forwards, exchange, with, world, largest, market, standarised, forward, contracts, futures, contracts, options, base, metals, exchange, also, offers, contracts, ferrous, metals, precious, metals, company, also, allows, cash, t. The London Metal Exchange LME is a futures and forwards exchange with the world s largest market in standarised forward contracts futures contracts and options on base metals The exchange also offers contracts on ferrous metals and precious metals 1 The company also allows for cash trading It offers hedging worldwide reference pricing and the option of physical delivery to settle contracts London Metal ExchangeEntrance signFormation1877 146 years ago 1877 PurposeTrading in metals and metals related contractsOwnerHong Kong Exchanges and Clearing Contents 1 Overview 1 1 Ring trading 1 2 Precious metals 1 3 Electronic trading 2 Lawsuits 3 See also 4 References 5 External linksOverview EditRing trading Edit Trading Times are 11 40 to 17 00 GMT The LME is the last exchange in Europe where open outcry trading takes place 2 The ring was temporarily closed in March 2020 due to the COVID 19 pandemic 3 In January 2021 LME proposed closing the ring Europe s last open outcry trading floor and moving permanently to an electronic system 4 5 In addition to the 9 companies that have exclusive rights to trade in the Ring around 100 companies are involved in the LME in total Precious metals Edit The LME used 6 however to provide trade matching and clearing services to the London bullion market and distributes gold silver and gold IRS interest rate swaps forward rates on behalf of the LBMA Electronic trading Edit The LME launched an electronic platform called LME Select launched in February 2001 7 This was developed by a Swedish software house Cinnober The platform is a FIX based trading platform and now handles a majority of the total LME business Lawsuits EditIn March of 2022 LME was sued by Elliot Management an American hedge fund The hedge fund sued for 456 million claiming that LME acted unreasonably and irrationally when it canceled nickel trades made on March 8 2022 8 Jane Street Global Trading also sued LME for 15 3 million over its cancelled nickel trades in March 9 Both lawsuits were filed in the English High Court 10 See also EditList of futures exchanges London Platinum and Palladium MarketReferences Edit Forward amp Futures Contract Specifications London Metal Exchange Retrieved 7 August 2015 BBC Radio 4 Today broadcast 25 October 2011 Agini Samuel 17 March 2020 LME to shut down Ring trading after member tests positive for Covid 19 Financial News Retrieved 5 March 2021 Burton Mark Jack Farchy 19 January 2021 London s Raucous Trading Ring Calls Time on 144 Year History Bloomberg News Retrieved 5 March 2021 Desai Pratima 19 January 2021 End of an era London Metal Exchange proposes closure of open outcry trade Reuters Retrieved 5 March 2021 Archived copy PDF Archived from the original PDF on 26 March 2015 Retrieved 31 March 2015 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link LME Select London Metal Exchange a href Template Cite web html title Template Cite web cite web a CS1 maint url status link London Metal Exchange sued for 456m over cancelled trades the Guardian 6 June 2022 Retrieved 21 June 2022 Smith Elliot 7 June 2022 London Metal Exchange hit with two U S lawsuits over nickel trading chaos CNBC Retrieved 21 June 2022 London Metal Exchange sued for 456m over cancelled nickel trades BBC News 6 June 2022 Retrieved 21 June 2022 External links EditLondon Metal Exchange Coordinates 51 31 16 N 0 5 15 W 51 52111 N 0 08750 W 51 52111 0 08750 Retrieved from https en wikipedia org w index php title London Metal Exchange amp oldid 1146359478, wikipedia, wiki, book, books, library,
