London Metal Exchange Chooses OM Technology To Develop Screen Trading System

OM Technology has been appointed as IT partner and systems provider to the London Metal Exchange (LME), subject to contract, for its new screen based trading system.

OM Technology, in a competitive bid in August conducted a pre-study at LME regarding a Facility Management Service, containing the operation and support of a system based on OM Technology’s CLICK System. The order value is expected to exceed £10 million and the system is commissioned to be in use before the end of 2000. Magnus Karlsson Böcker, Executive Vice President of OM Gruppen said: “We are delighted that LME has chosen OM Technology, following a competitive bid, to develop its screen based trading system. This achievement further strengthens our position in London, Europe’s financial centre, as well as our position as a world leading systems provider.

“Our challenge is to provide a flexible and scalable electronic system that complements ring trading and the telephone market, and that also gives all the available benefits of efficiency and transparency. The LME has been meticulous in its search for a sophisticated technology provider and we are proud to have come out on top.”

LME is the world’s largest and dominant non-ferrous futures and traded options exchange, with a value of traded contracts of about 8 billion USD a day and a yearly value of 2 000 billion USD. For further information about LME, please visit www.lme.co.uk

OM Technology is a leading provider of application software to the financial services and energy industries with over 100 customers in 20 countries worldwide. OM Technology has operations in 12 countries. OM Technology’s parent company, OM Gruppen, is listed on the OM Stockholm Exchange. For further information about OM Technology, please visit www.omtechnology.com