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London Metal Exchange Gets New Member for Embattled Trading Pit

  • Sigma Broking approved as floor-dealing member, bourse says
  • The metal exchange’s Ring has seen trading volumes slump
Metal traders on the floor at the London Metal Exchange on Sept. 6.
Metal traders on the floor at the London Metal Exchange on Sept. 6.Source: Bloomberg
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Sigma Broking has been given the green light to trade on the London Metal Exchange’s floor, in a bold bet that the historic open-outcry pit will survive a recent slump in volumes.

The LME approved the company as a floor-dealing member, the bourse said in a notice. London-based Sigma is planning to start with a team of about 15 people, which will make it one of the largest dealers on the exchange’s famous trading floor known as the Ring, according to a person familiar with the matter.