I am delighted to be able to announce that from a very strong short list of information technology solutions providers, the LME has invited two companies - CSC (Computer Sciences Corporation) and OM Technology - each to carry out a detailed requirements/supply study over a four week period commencing next Monday 7 August 2000 in order for the board to be able to make its final decision as to its chosen IT solutions partner.
Both companies would bring many strengths and benefits to a working relationship with the LME and carrying out this process enables the Exchange and the candidates to drill down further into some considerable detail the many technological, structural, organisational, financial and contractual aspects of the project. The board believes that this is the most effective way of moving forward.
The LME executive will carry out this process under the board's guidance, with assistance from our professional advisers, PricewaterhouseCoopers and PA Consulting, along with some IT working group and trader representatives to ensure the project is fully and professionally resourced and in order to keep to our tight timetable.
No time will be lost as a result of this requirements/supply study process, which would in any event have been undertaken, and we remain on course to introduce the screen trading in the second half of 2000.
When the Consultation Document outlining LME's proposals for restructuring the Exchange was issued on 12 June 2000, reference was made in the text to a proposed revision in ring trading times and opinions were sought from LME's members and customers on the matter. Subsequent discussions have indicated that no decision should be made until closer to the launch of the screen trading system.
Accordingly, ring trading times will remain unchanged for the time being and further announcements will be made in due course.
The LME is determined to maintain is pre-eminent position in the global base metals trading field. Its IT strategy will give it the flexibility to deal with all eventualities effectively and with speed.
