Open-outcry trading returns: London Metal Exchange reopens trading floor after 18 months
Brokers returned to the UK’s only open trading pen today as the London Metal Exchange welcomed back floor trading for the first time in 18 months.
The exchange’s famous “ring” filled with traders and will be seen by many as a symbol of life returning to the Square Mile after trading on the site ceased during the pandemic.
The closure was the only time traders could no longer fill the floor since the Second World War.
But despite the return, the 144-year-old trading floor introduced a series of new rules that will remain in place indefinitely.
These include rules that traders will only be responsible for setting “official” prices of metals like aluminium and copper at around lunchtime.
It means the amount of trading time on the floor is reduced and closing prices will stay electronic.
The London Metal Exchange is the only exchange in the UK to have in-person trading, with the London Stock Exchange closing its trading floor in 1986 – although it still has ceremonial openings.
Bosses said ventilation has been improved and traders are encouraged to maintain social distancing and wear masks.