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The '''London Metal Exchange''' ('''LME''') is a futures and forwards exchange with the world's largest market in standarised [[forward contract]]s, [[futures contract]]s and options on [[base metals]]. The exchange also offers contracts on [[ferrous metals]] and [[precious metals]]. As the LME offers contracts with daily expiry dates of up to three months from trade date, weekly contracts to six months, and monthly contracts up to 123 months,<ref>{{cite web |title=Forward & Futures Contract Specifications |url=https://www.lme.com/en-gb/metals/non-ferrous/aluminium/contract-specifications/futures/ |publisher = London Metal Exchange |access-date=7 August 2015}}</ref> it also allows for cash trading. It offers [[Hedge (finance)|hedging]], worldwide reference pricing, and the option of physical delivery to settle contracts.
The '''London Metal Exchange''' ('''LME''') is a futures and forwards exchange in [[London]], [[United Kingdom]] with the world's largest market<ref name=ReutersClear>{{cite web |url=https://www.reuters.com/markets/europe/clear-street-seeks-join-london-metal-exchanges-open-outcry-trading-floor-source-2024-09-25/|title=Clear Street seeks to join London Metal Exchange's open-outcry trading floor, source says|publisher=[[Reuters]] }}</ref> in standardised [[forward contract]]s, [[futures contract]]s and options on [[base metals]]. The exchange also offers contracts on [[ferrous metals]] and [[precious metals]].<ref>{{cite web |title=Forward & Futures Contract Specifications |url=https://www.lme.com/en-gb/metals/non-ferrous/aluminium/contract-specifications/futures/ |publisher=London Metal Exchange |access-date=7 August 2015 |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304040533/https://www.lme.com/en-gb/metals/non-ferrous/aluminium/contract-specifications/futures/ |url-status=dead }}</ref> The company also allows for cash trading. It offers [[Hedge (finance)|hedging]], worldwide reference pricing, and the option of physical delivery to settle contracts.


==History==
== Overview ==
⚫
===Ring trading===
The London Metal Market and Exchange Company was founded in 1877, but the market traces its origins back to 1571 and the opening of the [[Royal Exchange, London]]. Before the exchange was created, business was conducted by traders in London [[coffee house]]s using a makeshift ring drawn in chalk on the floor.<ref name=Today>BBC Radio 4 ''[[Today (BBC Radio 4)|Today]]'', broadcast 25 October 2011.</ref>
⚫
Trading times are 11:40 to 17:00 [[GMT]].


⚫
The LME is the last exchange in Europe where open-outcry trading takes place.<ref name=Today>BBC Radio 4 ''[[Today (BBC Radio 4)|Today]]'', broadcast 25 October 2011.</ref> The ring was temporarily closed in March 2020 due to the [[COVID-19 pandemic]].<ref>{{cite news |last1=Agini |first1=Samuel |title=LME to shut down Ring trading after member tests positive for Covid-19 |url=https://www.fnlondon.com/articles/lme-to-shut-down-ring-trading-after-member-tests-positive-for-covid-19-20200317 |access-date=5 March 2021 |work=[[Financial News]] |date=17 March 2020}}</ref> In January 2021, LME proposed closing the ring, Europe's last open-outcry trading floor, and moving permanently to an electronic system.<ref>{{cite news |last1=Burton |last2=Jack |first2=Farchy |first1=Mark |title=London's Raucous Trading Ring Calls Time on 144-Year History |url=https://www.bloomberg.com/news/articles/2021-01-19/london-metal-exchange-to-propose-closing-trading-ring-for-good |access-date=5 March 2021 |work=[[Bloomberg News]] |date=19 January 2021 |language=en}}</ref><ref>{{cite news |last1=Desai |first1=Pratima |title=End of an era? London Metal Exchange proposes closure of open-outcry trade |url=https://www.reuters.com/article/uk-lme-trading/end-of-an-era-london-metal-exchange-proposes-closure-of-open-outcry-trade-idUSKBN29O1MP |access-date=5 March 2021 |work=[[Reuters]] |date=19 January 2021 |language=en}}</ref> However, the ring reopened in September of the same year after resistance from members.<ref>{{Cite news |last=Partridge |first=Joanna |date=2021-06-08 |title=‘Open outcry’ trading to restart at London Metal Exchange |url=https://www.theguardian.com/business/2021/jun/08/open-outcry-trading-to-restart-at-london-metal-exchange |access-date=2024-06-05 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref>
At first only [[copper]] was traded. [[Lead]] and [[zinc]] were soon added but only gained official trading status in 1920. The exchange was closed upon the outbreak of [[World War II]] and did not re-open for copper trading until 1953. The range of metals traded was extended to include [[aluminium]] (1978), [[nickel]] (1979), [[tin]] (1989), aluminium alloy (1992), [[steel]] (2008), and minor metals [[cobalt]] and [[molybdenum]] (2010). The exchange ceased trading [[plastics]] in 2011. The total value of the trade is around $US 11.6 trillion annually.<ref>{{cite web |title=LME achieves another year of record volume |url=http://lme.com/6935.asp |date=5 January 2009 |publisher=London Metal Exchange |access-date=29 July 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090401031016/http://www.lme.com/6935.asp |archive-date=1 April 2009 }}</ref>


⚫
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.
Many deals are made for commodities to be delivered in three months' time. The custom stems from the time that copper cargoes originally took in 1877 on their voyage from the ports of [[Chile]].<ref name=Today/>


⚫
===Precious metals===
The LME was owned by its members until 2012, when it was sold to Hong Kong Exchanges and Clearing for £1.4 billion.<ref>{{cite web| first=Henry |last=Sanderson |title=London Metal Exchange debates its future |url=https://www.ft.com/video/157a944e-caaf-3f3d-90a8-e7487d1a8e7f |publisher=Financial Times| date=24 March 2017 |access-date=8 June 2017}}</ref>
⚫
The LME used,<ref>{{Cite web |url=https://www.lme.com/~/media/Files/Notices/2014/2014_09/14%20269%20A261%20Precious%20Metals%20Price%20Data%20and%20Matching%20and%20Clearing%20Services.pdf |title=Archived copy |access-date=2015-03-31 |archive-url=https://web.archive.org/web/20150326003035/http://www.lme.com/~/media/Files/Notices/2014/2014_09/14%20269%20A261%20Precious%20Metals%20Price%20Data%20and%20Matching%20and%20Clearing%20Services.pdf |archive-date=2015-03-26 |url-status=dead }}</ref> however, to provide trade matching and clearing services to the London bullion market and distributes gold, silver, and gold IRS ([[interest rate swap]]s) forward rates on behalf of the LBMA.


⚫
===Electronic trading===
During the [[2022 Russian invasion of Ukraine]], worries about sanctions on Russian nickel exports triggered a [[short squeeze]] on the LME, causing the price of nickel to quadruple in just two days, reaching US$100,000 per tonne.<ref>{{cite news |last1=Hume |first1=Neil |last2=Lockett |first2=Hudson |date=8 March 2022 |title=LME introduces emergency measures as nickel hits $100,000 a tonne |work=[[Financial Times]] |url=https://www.ft.com/content/0269cdda-ef67-43c8-b820-a919c919b5fa |access-date=8 March 2022}}</ref><ref>{{cite news |last1=Burton |first1=Mark |last2=Farchy |first2=Jack |last3=Cang |first3=Alfred |title=LME Halts Nickel Trading After Unprecedented 250% Spike |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2022-03-08/lme-suspends-nickel-trading-after-unprecedented-price-spike |access-date=8 March 2022}}</ref><ref>{{Cite journal |date=2018-08-10 |title=Russian worries suggest US sanctions are biting |url=http://dx.doi.org/10.1108/oxan-es236743 |journal=Emerald Expert Briefings |doi=10.1108/oxan-es236743 |issn=2633-304X}}</ref><ref>{{Cite news |last=Shabalala |first=Zandi |date=2022-03-08 |title=Nickel booms on short squeeze while other metals retreat |language=en |work=Reuters |url=https://www.reuters.com/markets/europe/lme-nickel-jumps-another-10-after-record-rally-supply-fears-2022-03-08/ |access-date=2022-03-10}}</ref> Controversially, the LME responded by canceling US$3.9 billion of trades, and suspended trading for multiple days.<ref>{{cite news |title=London Metal Exchange extends nickel freeze after scrapping $3.9bn worth of trades |url=https://www.cityam.com/london-metals-exchange-extends-nickel-freeze-after-scrapping-3-9bn-worth-of-trades%EF%BF%BC/ |access-date=15 March 2022 |work=CityAM |date=11 March 2022}}</ref><ref>{{cite news |last1=Wallace |first1=Joe |title=London Nickel Trading to Restart Wednesday, With Caps on Price Moves |url=https://www.wsj.com/articles/london-nickel-trading-to-restart-wednesday-with-caps-on-price-moves-11647319846 |access-date=15 March 2022 |work=Wall Street Journal |date=15 March 2022}}</ref>
⚫
The LME launched an electronic platform called LME Select launched in February 2001.<ref name="select">{{cite web |title=LME Select |url=https://www.lme.com/Trading/Systems/LMEselect |access-date= |publisher=London Metal Exchange}}</ref> This was developed by a [[Sweden|Swedish]] software house Cinnober. The platform is a FIX-based trading platform, and now handles a majority of the total LME business.


==Commodities traded==
===LME Clear===
LME Clear is the clearing house for the London Metal Exchange. Launched in 2014 it was designed and built in consultation with the market to provide cost-efficient, EMIR compliant clearing and settlement services, using cutting-edge technology. LME Clear has announced the appointment of David Warren as Chairman effective July 20, 2023. David will succeed Marco Strimer, who will step down as chairman at the end of his term of office.<ref>{{cite web |title=Crisis-hit LME's clearing house names former LSE CFO as chair|url=https://www.reuters.com/world/uk/crisis-hit-lmes-clearing-house-names-former-lse-cfo-chair-2023-07-05/ |access-date= |publisher=Reuters}}</ref><ref>{{cite web |title=New chairman of LME Clear board|url=https://metals-news.com/breaking-news/new-chairman-of-lme-clear-board// |access-date= |publisher=metals-news.com}}</ref>
The LME offers futures and options contracts for aluminium, aluminium alloy, NASAAC (North American Special Aluminium Alloy), cobalt, copper, lead, lithium, molybdenum, nickel, steel HRC, steel rebar, steel scrap, tin and zinc.


==Facilities==
==History==
LME can trace its history to metals trading in [[Royal Exchange, London]].<ref name=investopedia>{{cite web |url=https://www.investopedia.com/terms/l/londonmetalexchange.asp|title=What Is the London Metal Exchange (LME)? Definition and History|publisher=[[Investopedia]] }}</ref>
[[File:LME Entrance.jpg|thumb|Main entrance to the former premises of the LME, at 56 [[Leadenhall Street]] in the [[City of London]]]]
To trade contracts in copper, tin, or any other metal listed on the LME, one has to trade through an LME member. Purchasers of contracts, which are then left to reach maturity, will receive a warrant for a specific LME approved warehouse to take delivery of the metal if required.


It was purchased by [[Hong Kong Exchanges and Clearing]] in 2012.<ref>{{cite news |author=<!--not stated--> |date=15 June 2012 |title=London Metal Exchange in £1.4bn sale to Hong Kong |url=https://www.bbc.com/news/business-18455901 |work=[[BBC]] |access-date=7 October 2024}}</ref>
The LME issues, each day, detailed figures on how many tonnes of each metal is in its warehouses, which helps producers and consumers make correct business decisions.


⚫
In March 2022, LME was sued by [[Elliott Management Corporation|Elliott 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.<ref>{{Cite web |date=2022-06-06 |title=London Metal Exchange sued for $456m over cancelled trades |url=https://www.theguardian.com/business/2022/jun/06/london-metal-exchange-sued-cancelled-trades-elliott-management |access-date=2022-06-21 |website=the Guardian |language=en}}</ref> Jane Street Global Trading also sued LME for $15.3 million over its cancelled nickel trades in March.<ref>{{Cite web |last=Smith |first=Elliot |date=2022-06-07 |title=London Metal Exchange hit with two U.S. lawsuits over nickel trading chaos |url=https://www.cnbc.com/2022/06/07/london-metal-exchange-hit-with-two-us-lawsuits-over-nickel-trading-chaos.html |access-date=2022-06-21 |website=CNBC |language=en}}</ref> Both lawsuits were filed in the [[High Court of Justice]].<ref>{{Cite news |date=2022-06-06 |title=London Metal Exchange sued for $456m over cancelled nickel trades |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-61701238 |access-date=2022-06-21}}</ref> In November 2023, the court ruled in LME's favor, with Elliott and Jane Street appealing the decision to the [[Court of Appeal (England and Wales)|Court of Appeals]].<ref>{{cite news |last1=Onstad |first1=Eric |title=Hedge fund Elliott challenges court verdict it lost against LME on nickel |url=https://www.reuters.com/markets/commodities/hedge-fund-elliott-challenges-court-verdict-it-lost-against-lme-nickel-2024-07-09/ |access-date=16 August 2024 |work=Reuters |date=10 July 2024}}</ref>
⚫
==Ring trading==
⚫
Trading Times are 11:40 to 17:00 [[GMT]].

[[Open-outcry]] is the oldest way of trading on the exchange, though nowadays the majority of trades are placed electronically.<ref name="select">{{cite web|title=LME Select|url=https://www.lme.com/Trading/Systems/LMEselect|url-status=live|access-date=|publisher=London Metal Exchange}}</ref> It is central to the process of [[price discovery]], the way LME official prices are established. Prices are derived from the most liquid periods of trading; the short open-outcry ring trading sessions, and are most representative of industry [[supply and demand]]. The official settlement price, on which contracts are settled, is determined by the last offer price before the bell is sounded to mark the end of the official ring.

There is constant inter-office trading. A relatively small yet important portion of trading is still done by open-outcry in the Ring. There is a morning and an afternoon trade, where each of the nine metal contracts are traded in two blocks with a five-minute session for each contract (the sessions last from 11.40 until 13.10 and from 14.55 until 16.15, each session includes a 10-minute break). The second trading block in the morning is key to setting the Daily Official Exchange rates. After the official trades of sessions one and two, there are 85 and 45 minutes of "kerb" trading respectively. Trades are in futures, options and TAPOs (traded average-price options, a form of [[Asian options]]).

Whilst the price discovery mechanism used by the exchange is post-trade transparent it is not pre-trade transparent. Pre-trade transparency is required for many securities under the Market in Financial Instruments Directive (MiFiD) to achieve fair markets by reducing such illegal abuse as [[market manipulation]].

⚫
The LME is the last exchange in Europe where open-outcry trading takes place.<ref name=Today/> The ring was temporarily closed in March 2020 due to the [[COVID-19 pandemic]].<ref>{{cite news |last1=Agini |first1=Samuel |title=LME to shut down Ring trading after member tests positive for Covid-19 |url=https://www.fnlondon.com/articles/lme-to-shut-down-ring-trading-after-member-tests-positive-for-covid-19-20200317 |access-date=5 March 2021 |work=[[Financial News]] |date=17 March 2020}}</ref> In January 2021, LME proposed closing the ring, Europe’s last open-outcry trading floor, and moving permanently to an electronic system.<ref>{{cite news |last1=Burton |last2=Jack |first2=Farchy |first1=Mark |title=London’s Raucous Trading Ring Calls Time on 144-Year History |url=https://www.bloomberg.com/news/articles/2021-01-19/london-metal-exchange-to-propose-closing-trading-ring-for-good |access-date=5 March 2021 |work=[[Bloomberg News]] |date=19 January 2021 |language=en}}</ref><ref>{{cite news |last1=Desai |first1=Pratima |title=End of an era? London Metal Exchange proposes closure of open-outcry trade |url=https://www.reuters.com/article/uk-lme-trading/end-of-an-era-london-metal-exchange-proposes-closure-of-open-outcry-trade-idUSKBN29O1MP |access-date=5 March 2021 |work=[[Reuters]] |date=19 January 2021 |language=en}}</ref>

==Ring Dealing Members==
Ring Dealing Members are entitled to trade in the Ring during the ring-trading sessions.<ref>{{cite web |title=Category 1 – Ring Dealing |url=http://lme.com/membership_ringdealing.asp |publisher=London Metal Exchange |access-date=29 July 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090322061843/http://www.lme.com/membership_ringdealing.asp |archive-date=22 March 2009 }}</ref> They may also operate a 24-hour market by trading inter-office. All Ring Dealing Members, as members of the LME Clear, are authorised under the [[Financial Services and Markets Act 2000]], and are regulated by the [[Financial Conduct Authority]].

Ring Dealing Members are [[Clearing (finance)|Clearing]] Members, who hold the exclusive right to trade in the ring.<ref>{{cite web |title=Ring Dealing Members |url=https://www.lme.com/trading/membership/category-1-ring-dealing/ |publisher = London Metal Exchange |access-date=7 August 2015}}</ref>

⚫
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==
Contrary to popular belief, the precious metals, [[gold]] and [[silver]], are not traded on the London Metal Exchange, but on the [[over-the-counter (finance)|over-the-counter]] market usually referred to as the [[London bullion market|London Bullion Market]], by the members of the [[London Bullion Market Association]]. [[Platinum]] and [[palladium]] are traded on the [[London Platinum and Palladium Market]]. Both members of the LBMA and LPPM trade the precious metals spot market on [[Electronic Broking Services|EBS]] (Electronic Broking Systems)—acquired by [[ICAP (company)|ICAP]] in June 2006. Many companies involved in minor metals are members of the [[Minor Metal Trade Association]].

⚫
The LME used,<ref>{{Cite web |url=https://www.lme.com/~/media/Files/Notices/2014/2014_09/14%20269%20A261%20Precious%20Metals%20Price%20Data%20and%20Matching%20and%20Clearing%20Services.pdf |title=Archived copy |access-date=2015-03-31 |archive-url=https://web.archive.org/web/20150326003035/http://www.lme.com/~/media/Files/Notices/2014/2014_09/14%20269%20A261%20Precious%20Metals%20Price%20Data%20and%20Matching%20and%20Clearing%20Services.pdf |archive-date=2015-03-26 |url-status=dead }}</ref> however, to provide trade matching and clearing services to the London bullion market and distributes gold, silver, and gold IRS ([[interest rate swap]]s) forward rates on behalf of the LBMA.

⚫
==Electronic trading==
⚫
The LME launched an electronic platform called LME Select launched in February 2001.<ref name="select"/> This was developed by a [[Sweden|Swedish]] software house Cinnober. The platform is a FIX-based trading platform, and now handles a majority of the total LME business.

==Delivery points==
As a market of “last resort”, industry can use the LME’s delivery option to sell excess stock in times of oversupply and as a source of material in times of extreme shortage. In reality, physical delivery occurs in a very small percentage of cases on the LME as most organizations use the LME for hedging purposes. The small percentage which does result in delivery, however, plays a vital role in creating price convergence.

==Warehouses==
To support the physical delivery mechanism, the LME approves and licenses a network of warehouses and storage facilities around the world. Controversy arose in 2013 because the LME took action to limit the use of its warehouses for the hoarding of aluminium. In March 2014, England's [[High Court of Justice|High Court]] found for [[Rusal]], the Russian aluminium company, striking down these rules.

== Lawsuits ==
⚫
In March of 2022, LME was sued by [[Elliott Management Corporation|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 8th, 2022.<ref>{{Cite web |date=2022-06-06 |title=London Metal Exchange sued for $456m over cancelled trades |url=https://www.theguardian.com/business/2022/jun/06/london-metal-exchange-sued-cancelled-trades-elliott-management |access-date=2022-06-21 |website=the Guardian |language=en}}</ref> Jane Street Global Trading also sued LME for $15.3 million over its cancelled nickel trades in March.<ref>{{Cite web |last=Smith |first=Elliot |date=2022-06-07 |title=London Metal Exchange hit with two U.S. lawsuits over nickel trading chaos |url=https://www.cnbc.com/2022/06/07/london-metal-exchange-hit-with-two-us-lawsuits-over-nickel-trading-chaos.html |access-date=2022-06-21 |website=CNBC |language=en}}</ref> Both lawsuits were filed in the English High Court.<ref>{{Cite news |date=2022-06-06 |title=London Metal Exchange sued for $456m over cancelled nickel trades |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-61701238 |access-date=2022-06-21}}</ref>


==See also==
==See also==
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{{Economy of the United Kingdom}}
{{Economy of the United Kingdom}}
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[[Category:Metal industry]]
[[Category:Metal industry in the United Kingdom]]
[[Category:2012 mergers and acquisitions]]

Latest revision as of 14:42, 29 November 2024

London Metal Exchange
Formation1877; 147 years ago (1877)
PurposeTrading in metals and metals-related contracts
OwnerHong Kong Exchanges and Clearing

The London Metal Exchange (LME) is a futures and forwards exchange in London, United Kingdom with the world's largest market[1] in standardised forward contracts, futures contracts and options on base metals. The exchange also offers contracts on ferrous metals and precious metals.[2] The company also allows for cash trading. It offers hedging, worldwide reference pricing, and the option of physical delivery to settle contracts.

Overview

[edit]

Ring 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.[3] The ring was temporarily closed in March 2020 due to the COVID-19 pandemic.[4] In January 2021, LME proposed closing the ring, Europe's last open-outcry trading floor, and moving permanently to an electronic system.[5][6] However, the ring reopened in September of the same year after resistance from members.[7]

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,[8] 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.[9] 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.

LME Clear

[edit]

LME Clear is the clearing house for the London Metal Exchange. Launched in 2014 it was designed and built in consultation with the market to provide cost-efficient, EMIR compliant clearing and settlement services, using cutting-edge technology. LME Clear has announced the appointment of David Warren as Chairman effective July 20, 2023. David will succeed Marco Strimer, who will step down as chairman at the end of his term of office.[10][11]

History

[edit]

LME can trace its history to metals trading in Royal Exchange, London.[12]

It was purchased by Hong Kong Exchanges and Clearing in 2012.[13]

In March 2022, LME was sued by Elliott 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.[14] Jane Street Global Trading also sued LME for $15.3 million over its cancelled nickel trades in March.[15] Both lawsuits were filed in the High Court of Justice.[16] In November 2023, the court ruled in LME's favor, with Elliott and Jane Street appealing the decision to the Court of Appeals.[17]

See also

[edit]

References

[edit]
  1. ^ "Clear Street seeks to join London Metal Exchange's open-outcry trading floor, source says". Reuters.
  2. ^ "Forward & Futures Contract Specifications". London Metal Exchange. Archived from the original on 4 March 2016. Retrieved 7 August 2015.
  3. ^ BBC Radio 4 Today, broadcast 25 October 2011.
  4. ^ Agini, Samuel (17 March 2020). "LME to shut down Ring trading after member tests positive for Covid-19". Financial News. Retrieved 5 March 2021.
  5. ^ Burton, Mark; Jack, Farchy (19 January 2021). "London's Raucous Trading Ring Calls Time on 144-Year History". Bloomberg News. Retrieved 5 March 2021.
  6. ^ Desai, Pratima (19 January 2021). "End of an era? London Metal Exchange proposes closure of open-outcry trade". Reuters. Retrieved 5 March 2021.
  7. ^ Partridge, Joanna (8 June 2021). "'Open outcry' trading to restart at London Metal Exchange". The Guardian. ISSN 0261-3077. Retrieved 5 June 2024.
  8. ^ "Archived copy" (PDF). Archived from the original (PDF) on 26 March 2015. Retrieved 31 March 2015.{{cite web}}: CS1 maint: archived copy as title (link)
  9. ^ "LME Select". London Metal Exchange.
  10. ^ "Crisis-hit LME's clearing house names former LSE CFO as chair". Reuters.
  11. ^ "New chairman of LME Clear board". metals-news.com.
  12. ^ "What Is the London Metal Exchange (LME)? Definition and History". Investopedia.
  13. ^ "London Metal Exchange in £1.4bn sale to Hong Kong". BBC. 15 June 2012. Retrieved 7 October 2024.
  14. ^ "London Metal Exchange sued for $456m over cancelled trades". the Guardian. 6 June 2022. Retrieved 21 June 2022.
  15. ^ Smith, Elliot (7 June 2022). "London Metal Exchange hit with two U.S. lawsuits over nickel trading chaos". CNBC. Retrieved 21 June 2022.
  16. ^ "London Metal Exchange sued for $456m over cancelled nickel trades". BBC News. 6 June 2022. Retrieved 21 June 2022.
  17. ^ Onstad, Eric (10 July 2024). "Hedge fund Elliott challenges court verdict it lost against LME on nickel". Reuters. Retrieved 16 August 2024.
[edit]

51°31′16″N 0°5′15″W / 51.52111°N 0.08750°W / 51.52111; -0.08750

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