Advertisement
UK markets close in 7 hours 51 minutes
  • FTSE 100

    7,950.89
    +18.91 (+0.24%)
     
  • FTSE 250

    19,765.95
    -44.71 (-0.23%)
     
  • AIM

    741.40
    -0.71 (-0.10%)
     
  • GBP/EUR

    1.1680
    +0.0011 (+0.10%)
     
  • GBP/USD

    1.2608
    -0.0030 (-0.24%)
     
  • Bitcoin GBP

    56,034.91
    +638.79 (+1.15%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • DOW

    39,760.08
    +477.75 (+1.22%)
     
  • CRUDE OIL

    81.83
    +0.48 (+0.59%)
     
  • GOLD FUTURES

    2,214.70
    +2.00 (+0.09%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,481.54
    +4.45 (+0.02%)
     
  • CAC 40

    8,220.53
    +15.72 (+0.19%)
     

LME plans to replace LMEselect with HKEX Orion trading platform

FILE PHOTO: Traders work on the floor of the London Metal Exchange

By Tom Daly and Mai Nguyen

(Reuters) -London Metal Exchange plans to replace its LMEselect trading system with its owner Hong Kong Exchanges and Clearing's Orion platform, CEO Matt Chamberlain said on Tuesday.

LMEselect is an electronic member-to-member trading system.

"We have already deployed our new multi-cast market data system LME Source, which is based on HKEX's highly successful Orion market data platform," Chamberlain said at an online metals seminar.

This "has been very strongly welcomed by traders on our market who feel that it gives a lower latency and fairer approach to the distribution of market data," he said.

ADVERTISEMENT

Chamberlain added that the LME was now working on an "even more ambitious goal", the replacement of LMEselect with HKEX Orion trading platform, which has been successfully used in Hong Kong Exchange's cash equities market.

He did not give a timeline for the switch to Orion but said this was a "significant undertaking" and the bourse would "take the time to get it right".

Later this year the LME plans to launch its LMEpassport, a digital register that allows voluntary metal information to be recorded and shared.

(Reporting by Tom Daly, Mai Nguyen and Pratima Desai; writing by Shivani Singh; editing by Louise Heavens and Jason Neely)