The 142-year-old LME's ring is the last
open-outcry trading venue in Europe, with other exchanges shifting to electronic trading over recent years.
Three-month copper on the London Metal Exchange added 0.6 percent to $6,448 a tonne in closing
open-outcry activity, having shed 1.1 percent on Tuesday.
The Big Bang was the phrase coined to describe the deregulation of financial markets and change from
open-outcry trading to electronic trading.
The London Metal Exchange (LME) today finds itself operating in "business continuity" mode with
open-outcry ring trading migrating east of London to the disaster recovery site in Chelmsford.
The shift from the pit/floor trading or
open-outcry system -- where traders shout their bids aloud -- to the new e-TRADE platform will occur in phases, and it is expected to take approximately a year to fully transition.
This article explores the relationship between bodily rhythms and market rhythms in two distinctly different financial market configurations, namely the
open-outcry pit (prevalent especially in the early 20th century) and present-day high-frequency trading.
Open-outcry trading hours for CME Livestock futures and options products will not be impacted by this adjustment to CME Globex trading hours.
When the
open-outcry trading closed on Friday, three-month copper was up 1.1 per cent from the day's $7,094 per metric tonne.
Each model is used as a baseline for comparing volatility on WASDE-release days and includes month dummy variables, hour dummy variables, dummy variables for the first three minutes of
open-outcry trading and open interest (O.I.) where applicable.
Currently, the markets are open some 13 hours via the Globex/electronic trade and another four hours via
open-outcry trading.
It operates London's last
open-outcry transactions through a six-metre-wide (20-foot) ring in which traders shout out orders.
The contracts will be listed for electronic trading on CME Globex,
open-outcry and over-the-counter clearing on CME ClearPort.
