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JP Morgan quits 'open outcry' at London Metal Exchange

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By Euronews
JP Morgan quits 'open outcry' at London Metal Exchange

The London Metal Exchange, where traders still shout their orders as they buy and sell from a circle of red leather sofas, is set to get slightly quieter.

JP Morgan has become the latest bank to quit “the ring” as the top category membership is known, in favour of electronic trading.

The “open outcry” floor trading tradition dates back to 1877 but the bank says the reality is that its clients’ preferences have evolved.

The move leaves nine members still in the ring amid modernisation at the LME.

Commodity trading has been changing, with Western banks scaling down their involvement, and banks and brokers from Asia, especially China, joining the exchange as they seek to raise their profile.