London Metal Exchange reopens trading floor after 18 months
The UK’s only open trading floor heard the familiar shouts of brokers for the first time since March 2020.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Brokers returned to the UK’s only open trading pen today as the London Metal Exchange welcomed back floor trading for the first time in 18 months.
The exchange’s famous “ring” filled with traders and will be seen by many as a symbol of life returning to the Square Mile after trading on the site ceased during the pandemic.
The closure was the only time traders could no longer fill the floor since the Second World War.
But despite the return, the 144-year-old trading floor introduced a series of new rules that will remain in place indefinitely.
These include rules that traders will only be responsible for setting “official” prices of metals like aluminium and copper at around lunchtime.
It means the amount of trading time on the floor is reduced and closing prices will stay electronic.
The London Metal Exchange is the only exchange in the UK to have in-person trading, with the London Stock Exchange closing its trading floor in 1986 – although it still has ceremonial openings.
Bosses said ventilation has been improved and traders are encouraged to maintain social distancing and wear masks.