LME to Move all Plastics Trading to Select and Phone Market
The London Metal Exchange (LME) has completed a consultation with members on proposals to change the trading platforms supporting LME plastics contracts. Under the proposals, the exchange’s plastics futures for linear low-density polyethylene and polypropylene would be traded solely on the exchange’s electronic platform, LME Select, and on the inter-broker telephone market. Trading in the open outcry ring would likely cease in February 2010.
Martin Abbott, chief executive of the London Metal Exchange, said: “Trading in the LME plastics contracts has been concentrated on LMESelect and the telephone markets. The decision to focus liquidity in these trading venues is a reflection of the way in which the industry trades.”