On December 12 the "on button" was pushed for the new LME Select trading system, developed by Cinnober. The transition to the new system was seamless and already on December 30th the LME reached a new volume record. The system start-up has been very successful, with a 100% up time and more traders than ever before being logged on.
The new Select went live one year after the LME appointed Cinnober to replace their previous trading system. The biggest change for the traders is the trading client. It has been designed explicitly for metals trading; including tailor made functions for 3 months contracts, carries and metal options. The response from the market participants has been very positive.
Using the new Select it is possible to trade all of the current contracts for futures, options, TAPOs and LMEX. The new Select is also prepared to accommodate the trading of plastics and steel.
The Matching and Registration System (MRS) also developed by Cinnober is due to go live in the spring. Commenting on the launch date, the LME director for both the trading and matching projects Alan Whiting said:
"It has been a tremendous achievement by Cinnober, LME members and the LME project team to go live by the end of the year. The system has been designed to traderâs specifications and incorporates the very latest in functionality, usability, and security. I have no doubt that the new system will build on the impressive performance of LME Select to date."
Nils-Robert Persson, Chairman of the Board at Cinnober said:
"We are very proud to have been assigned by one of the world's best known exchanges to provide their new trading technology. It has once again been confirmed that our choice of technology is the choice of the future, helping us provide better, more cost efficient systems. We see all our clients as partners, working in close cooperation with them to develop what they expect, on time. We believe this is the only way to build long-lasting relationships."
London Metal Exchange
1. The LME is the worldâs largest non-ferrous metals futures and traded options exchange.
2. LME trades by open outcry, through an electronic platform called LME Select, and through a 24-hour inter-office telephone market.
3. The LME turns over contracts with a value of more than $2,000 billion each year and contributes some Â£250 million in invisible earnings each year.