The London Metals Exchange will abandon an upgrade to its LME Select electronic trading system, after a fault disrupted trading several times this week.All contracts currently traded on LME Select are also available via floor-based and telephone brokerage. The exchange is launching new mini-sized copper, aluminium and zinc monthly futures later this month, which will trade exclusively on the platform.
LME Select usually runs between 0100 and 1900 London time, overlapping the floor-based exchange’s hours of 1145 to 1700. A problem arose on Monday (November 6) following an upgrade of the platform, which then ceased trading at around 1030 that morning. Service was restored on Tuesday at 0100, but the LME was forced to switch it off again seven hours later, before another unsuccessful retry at 1200.
A spokesman for the LME said it would now attempt to roll back the platform to the earlier version, in time for the beginning of trading on Wednesday. He added that the system failures would not affect the launch date of the five-tonne miniature contracts, scheduled for November 20.
More on Technology
Markup language could reduce high levels of operational risk
Sponsored feature: Northern Trust
Off-the-shelf energy trading and risk management (ETRM) systems are more popular than ever before, according to Energy Risk’s annual software survey. However, companies say they still require sig...
Structured Products Technology Rankings 2014
Sign up for Risk.net email alerts
Sponsored webinar: IBM Risk Analytics
Nominated for two technology awards
Nominated for post trade technology award
Sponsored webinar: Collateral and counterparty tracking
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.