The London Metal Exchange (LME) expects its LME-Select electronic trading platform to be offered to allof its member firms' several thousand customers.
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The LME, which is owned by its members, currently supports some 500 users on LME-Select.
Customers with access to the platform are able to trade directly, rather than relying on the LME’s member brokers.
At present, customers wishing to trade on the LME who lack access to the electronic platform must use the open outcry method of trading, or rely on an inter-office telephone market.
The LME is planning to widen the range of commodities traded on LME-Select to include minor metals, such as molybdenum and ferro chrome.
Two of the LME’s major competitors, the Chicago Mercantile Exchange (CME) and Nymex, reached a deal earlier this year to trade energy and metals futures contracts on the CME’s Globex platform.