First, from Monday 16 July LME Select will be open continuously from 7.30am to 7.30pm, extending its opening time by 45 minutes.
Second, and from the same date, the Exchange has decided to improve further the flexibility of the system by moving to five lots as the minimum trade size across all contracts, with the exception of silver and LMEX which remain at one lot.
Simon Heale, LME Chief Executive, today said:"The board has been very keen to use Release 1 as the testing ground for the introduction of the very powerful and comprehensive Release 2 of LME Select. We have canvassed user opinion carefully and we always want to respond positively to user requests. These are important functions for the users of LME Select and we shall be working with them to refine the system even further.
"I am sure that these evolutionary changes will help LME Select to enhance its place in the market as the system for LME member firms.
"LME Select will undergo a dramatic step change when Release 2 becomes operational on 10 September. At that point users will be able to trade all contracts on the LME. All options will be available. A facility to introduce non-standard carries will be available in addition to the standard series. A specific quote request facility will allow users to seek quotes aside from the central order book. Automatic matching and clearing with the LCH will speed processing time.
"Our intention is to ensure that LME Select gives the members what they have a right to expect from their own system - the best. This is an important step towards it."
