europes last oldschool trading floor moves home
Last Updated : GMT 14:09:07
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."

 

arabstoday
arabstoday

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*

europes last oldschool trading floor moves home europes last oldschool trading floor moves home

 



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*

europes last oldschool trading floor moves home europes last oldschool trading floor moves home

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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