Exchange e-enables at speed

The London Metal Exchange (LME) has launched an electronic trading system after only five months of development.

The London Metal Exchange (LME) has launched an electronic trading system after only five months of development.

Nick Huber

The new trading system went live last week as part of a two-phase launch. LME Select - developed and installed by OM Group - will cost about £12m over the next three years. It will operate alongside open outcry and telephone trading.

The five-month installation time for LME Select is almost twice as fast as the quickest installation for any comparable electronic trading system.

Members of the government bond market are in discussions to agree a common trading platform but the new system is not expected to be ready for at least a year.

A new release of the trading system will be launched in the summer with enhanced functions.

The LME said OM's experience as a trading system supplier was the main reason for the speedy implementation. IT staff at the LME worked closely with a handful of outside IT consultants.

"We were the 21st exchange that OM had put the systems into," said Alan Whiting, executive director for regulation and compliance at LME. "We used four consultants and worked around the clock."

nick.huber@rbi.co.uk

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