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LME Giving Members’ Clients Direct Access to Trading Data

The London Metal Exchange, the world’s largest metals bourse, will give members’ clients direct access to market data from its electronic trading system that may help spur activity.

Clients will be able to receive a direct data feed from LMEselect as of March 24, the exchange said today in an e-mailed statement. The change may be of particular interest to traders using so-called algorithmic strategies because it might reduce the amount of time needed to make trades, the LME said.

“The move is expected to encourage greater participation by such clients on LMEselect, which the LME believes could contribute further volume and liquidity to the platform,” the exchange said in the statement. No extra connection and distribution charges for LME member clients will apply, it said.

The LME was purchased for $2.2 billion by Hong Kong Exchanges & Clearing Ltd. in 2012. Garry Jones, who formerly ran NYSE Liffe, became chief executive officer in September. Last year, 171.1 million industrial metal contracts were traded on the LME with a value of $14.6 trillion. Prices used as a benchmark by producers, consumers and merchants are established by telephone, electronically and in the ring, London’s last open-outcry trading floor.

Until now, clients have been able to access data through members or independent software vendors. LME members’ clients won’t be able to place orders directly on the LMEselect.

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