Electronic trading at the London Metal Exchange was shut down yesterday and again today due to problems with an upgrade of its LME-Select software platform.
The LME, which is owned by its member companies, currently supports some 500 users on LME-Select.
The problems emerged after an upgrade to Select release 5 carried out over the weekend. The new release was designed to offer a number of performance enhancements, and to support new “mini-contracts” that will allow thousands of its members’ clients to route orders for smaller amounts of metals into Select through front-end systems built by the member firms.
An LME spokesperson confirmed that trading had been halted “in a controlled manner” at 10.22am on Monday morning. He added, “We then re-opened Select at 1am this morning – the normal time. But we encountered some issues and again had to halt trading at 8.27am.”
The exchange is now working with the system’s supplier, Cinnober, to resolve the issue and is planning to reinstall release 4 of Select tonight, while glitches in the new version are ironed out. It was too early to say which element of the new release had caused problems, the spokesperson said.
The LME was confident that the new “mini-contracts” – a key part of the exchange’s challenge to its US rivals – would still be launched on 20 November as planned.
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