LME WEEK 2017: The London Metal Exchange, then and now

The London Metal Exchange, now 140 years old and the world’s largest non-ferrous metals market, passed through a turbulent post-sale period this year, setting out a strategic pathway for the future, which has been broadly welcomed by the industry.

During the four years after its purchase by Hong Kong Exchanges and Clearing (HKEX), the LME has had a challenging time in moving forward in a much more commercial environment, and has often been at loggerheads with many members and users. Now, however, with a new CEO – Matt Chamberlain – and a growth plan being enacted, the outlook is brighter. During 135 years of independence, and since being taken private, the LME has been the premier exchange for the global metal industry; the vast majority of commercial transactions have a price reference discovered on Europe’s last open-outcry trading floor, which is still open for business, even though ring-dealer numbers have fallen to nine firms – there were in excess of 30 in the 1970s heyday. The LME started life in the 19th century above a City of London hat shop. While the business hub remains in London, its direction...

Published

Martin Hayes

October 23, 2017

09:30 GMT

London