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JPMorgan Abandons Floor Trading at the London Metal Exchange

  • U.S. bank says clients are moving to electronic trading
  • The LME's ring is last open outcry trading system in Europe
A traders uses telephones as he works from the pit at the London Metal Exchange.

A traders uses telephones as he works from the pit at the London Metal Exchange.

Photographer: Matthew Lloyd/Bloomberg
Updated on

JPMorgan Chase & Co. will leave the floor of the London Metal Exchange, the last open outcry trading in Europe, as clients move to electronic trading.

That leaves nine firms, including Societe Generale SA, Sucden Financial Ltd. and INTL FCStone Inc., whose traders meet daily at a ring of red leather sofas at the exchange and shout buy and sell orders for metals, a tradition dating back to 1877. JPMorgan started LME floor trading after buying RBS Sempra Commodities LLP in 2010.