After more than a century of shouting the traders at the London Metal Exchange show no signs of losing their voices.
As the rest of the world’s traders favour computer screens and electronic dealing, the LME is not only sticking with the traditional open outcry system of buying and selling but is actually expanding it.
The Exchange, which was set up 130 year ago, carries out nearly a quarter of a million transactions every working day worth 5,700 billion euros each year.
Just this month a new brokerage – E D & F Man -was added to the open outcry trading floor. It is the first to join in more than ten years.
The company said this was not out of sentiment but a solid business decision as being part of the open outcry system gives them more information and a better feel for the market during the noisy five-minute buying and selling sessions.
Traders say even though the electronic system is very efficient, they prefer being on the floor to get the pulse, the electricity and the vibrancy of the market in this booming business.