London Metal Exchange electronic trading resumes after nearly 3-hour outage
The London Metal Exchange's LME Select platform experienced a nearly three-hour outage on Monday due to a technical issue with its primary electronic matching engine. This disruption halted price updates for key metal contracts, prompting the LME ...
By Reuters |
Agencies
London Metal Exchange's electronic trading platform, LME Select, faced a nearly three-hour outage on Monday due to a technical glitch.
Electronic trading on the London Metal Exchange's LME Select platform resumed at 1730 GMT on Monday after an outage of nearly three hours caused by a technical issue.
Prices for the LME's metal contracts, including copper, aluminium, lead, zinc, nickel and tin stopped updating on LSEG's Workspace platform shortly before 1500 GMT.
The LME, the world's oldest and largest market for industrial metals, said its primary electronic matching engine encountered an issue, causing electronic trading to enter a technical halt. The inter-office market remained open throughout, it said.
"Although all closing prices were produced per the LME's usual process, a Disruption Event was declared, because the system issue affected the ability of market participants to hedge at the relevant prices," the LME said in a statement.
The exchange had earlier said it expected to have to resort to a backup approach to produce closing prices.
On January 30, the LME delayed the start of electronic trading by one hour due to a technical issue.
The electronic market was restarted on the secondary matching engine at 1730 GMT on Monday and trading is scheduled to continue as normal until 1900 GMT, the LME said.
Prices for the LME's metal contracts, including copper, aluminium, lead, zinc, nickel and tin stopped updating on LSEG's Workspace platform shortly before 1500 GMT.
The LME, the world's oldest and largest market for industrial metals, said its primary electronic matching engine encountered an issue, causing electronic trading to enter a technical halt. The inter-office market remained open throughout, it said.
"Although all closing prices were produced per the LME's usual process, a Disruption Event was declared, because the system issue affected the ability of market participants to hedge at the relevant prices," the LME said in a statement.
The exchange had earlier said it expected to have to resort to a backup approach to produce closing prices.
On January 30, the LME delayed the start of electronic trading by one hour due to a technical issue.
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The electronic market was restarted on the secondary matching engine at 1730 GMT on Monday and trading is scheduled to continue as normal until 1900 GMT, the LME said.
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