HOTTER ON METALS: And then there were nine

JP Morgan has withdrawn from the London Metal Exchange trading floor and is now a category two member of the exchange.

The change didn’t surprise members of the LME community; most of the bank’s senior traders in the ring team had already made the move from the floor to the office, with a skeleton floor team left to hold the fort. Despite the bank being a ring dealing member, a small number of other brokers already handled a significant amount of JP Morgan’s floor business, people familiar with the matter told Metal Bulletin. In a world that has gone online, it should come as no surprise that JP Morgan was increasingly using electronic trading methods to meet its clients' needs. “The reality is that our client preferences have shifted and a very high percentage of our LME contract volumes are now traded electronically, much of...

Published

Andrea Hotter

September 08, 2015

17:08 GMT

New York