The London Metal Exchange (LME) has announced the upgrade of its electronic trading platform LMEselect, with effect as of November 3, at 01:00 London time.
Aimed at providing a more robust system that offers operational efficiencies, the upgrade follows a record trading month for the Exchange overall and also for LMEselect.
Meanwhile, the Exchange and LMEselect have also seen record October volumes. According to the LME, the Exchange volumes were up 44 percent in October compared to the corresponding period of 2007 with 11,218,308 lots traded. LMEselect also recorded an increase of 23 percent on its previous record month.
Commenting on this announcement, Martin Abbott, LME Chief Executive, said: "The introduction of the upgraded LMEselect has gone smoothly and will provide a more robust system that offers operational efficiencies going forward. This comes at a time in the current exceptional trading environment when the LME is experiencing record volumes that require efficient and robust systems."