- Societe Generale’s exit on Tuesday will leave the LME Ring with seven members
The third-largest bank in France will stop dealing on the London Metal Exchange (LME) next week in a blow for the open-outcry trading floor.
Societe Generale’s exit on Tuesday will leave the LME Ring, which sets global prices for metals such as aluminium, copper and nickel, with just seven members.
Others who deal include Marex, Sigma Broking and GF Financial Markets (UK). The trading floor, renowned for its lively atmosphere, could shut permanently if it has fewer than six members.
Something to shout about: Societe Generale’s will leave the LME Ring with just seven members
Societe Generale will stay on as a clearing member.
Each metal is traded in five-minute sessions, which produce a daily cash-settlement price.
It is then embedded into physical supply contracts.
The LME, set up in 1877, is the world’s oldest metal exchange.
It was bought for £1.4billion by Hong Kong Exchanges & Clearing Limited in 2012.
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