Arab Today, arab today europes last oldschool trading floor moves home
Last Updated : GMT 07:42:23
Arab Today, arab today
Arab Today, arab today

Europe's last old-school trading floor moves home

Arab Today, arab today

Arab Today, arab today Europe's last old-school trading floor moves home

London's metal traders used to conduct their business
London - AFP

London's metal traders used to conduct their business in a rowdy coffee house. Two centuries later, they are still shouting across Europe's last open-outcry trading floor but in a plush new hi-tech office.

The heart of the operation is a circle of red-leather benches -- the "Ring", where stressed-out traders crowd round to buy and sell and in the process set daily global prices for copper, aluminium or zinc.

The "Ring" tradition dates back to the early 19th century when a trader would draw a circle in the sawdust on the floor of the Jerusalem Coffee House in the City and take bids from surrounding merchants.

The London Metal Exchange was formally established in 1877 and initially occupied offices above a hat shop, using a telegraph for its international contacts.

The world's top metals trading floor has moved four times since then, with its latest incarnation in a newly-opened three-floor office on Finsbury Square in central London.

"LME was growing from 82 people in 2011 to 350 today," said Garry Jones, the LME's chief executive.

Every day between the trading hours of 11:40am and 5:00pm dozens of traders -- most of them men in suits -- can be seen shouting out their buy and sell orders.

Access to the "Ring" is restricted to nine "Category 1" trading houses including Sucden Financial, Triland Metals and China's GF Financial Markets (UK).

Electronic trading, which is now standard practice on US commodity trading floor, is available here too but Jones said: "We will not close the 'Ring'".

"We are an industrial market and people trade in different ways," he said.

Hong Kong Exchanges Clearing bought the LME in December 2012 and promised to keep the tradition of open-outcry trading until at least 2015.

It has since said it will continue it indefinitely.

The new trading floor was thought of as an "integrated structure" allowing different markets -- physical, phone and electronic -- to connect.

"The markets are symbiotic and that needs to happen much more efficiently than it used to," said Stuart Sloan, the LME's chief operating officer.

Every base metal traded -- mainly copper, aluminium, nickel, tin, zinc and lead -- gets its price fixed daily within a few minutes in a flurry of activity.

When the shouting in the "Ring" gets too intense, traders outside it resort to elaborate hand gestures to make themselves understood.

"It allows the people in the Ring to hear each other," said Peter Childs, head of price discovery at the LME.

"It's a way of reducing the noise level behind the 'Ring' and getting orders back quickly."

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today europes last oldschool trading floor moves home Arab Today, arab today europes last oldschool trading floor moves home

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday