The London Metal Exchange (LME) has unveiled the newly built Ring (pictured), the Exchange’s open-outcry trading floor, followings its successful relocation to 10 Finsbury Square in London on 1 February 2016.
The Ring has provided a transparent and robust price-discovery process for the global metals industry for 139 years. Its move to a new building at Finsbury Square is the next step in the modernisation of the metals exchange, which was acquired by HKEX in 2012.
“We’ve demonstrated our commitment to the Ring, a long-standing and trusted price-formation venue, by moving it with us to this exciting new location. Here, our investment in its technology and infrastructure will ensure its continued significance in today’s world,” says Garry Jones, LME CEO.
While the Ring’s traditional circle of red leather seats remains, GBP1 million has been invested in enhanced technology, including new wall boards to help integrate Ring and LME electronic pricing and to provide more real-time information to inform traders’ decision-making.
“Our recent office move gave us the opportunity to identify areas where we could enhance the Ring and increase its efficiency, and the design of the new trading floor is the result of extensive collaboration with our members,” says Stuart Sloan, Chief Operating Officer at the LME.
The Ring has moved four times since it was established above a hat shop in Lombard Court in 1877. The iconic red upholstered seats from its former home in Leadenhall Street have been sold to interested Ring-dealing members, and the proceeds will be donated to the LME’s chosen charity, Little Havens Hospice.