LME To Amend Ring And Kerb Trading Times

As of Monday 20 November 2006, Ring and Kerb times will be as follows:

• The Lunchtime Kerb will be reduced to 1.5 hours, starting at 13.15 hours and ending at 14.45 hours.
• Ring 3 will commence 15 minutes earlier at 14.55 hours.
• Ring 4 will commence 20 minutes earlier at 15.35 hours.
• The final Kerb trading session is to be extended from 25 minutes to 45 minutes commencing at 16.15 hours and ending, as before, at 17.00 hours with aluminium and copper contracts now being closed out separately.

The decision follows a proposal from the LME Trading Committee and the outcome of the Exchange consultation process with members, which was conducted from 13 June to 7 July 2006.

Commenting on the changes, Simon Heale, LME Chief Executive said:

“The changes to the Ring and Kerb times will make more efficient use of the time available in the afternoon open outcry trading session, and the extended final kerb session will better support the procedure for establishing closing prices.”

Background:

1. For full breakdown of new times see Appendix A.
2. The LME is the world’s premier non-ferrous metals market.
3. The LME turned over 78 million lots in 2005, which equates to around $4,500 billion.
4. Trading at the LME takes place through open outcry in ‘the ring’, through an inter-office telephone market and through LME Select.
5. The LME commenced trading in polypropylene and linear low density polyethylene futures contracts on 27 May 2005.
6. The LME announced its intention to develop risk management tools for the steel industry in October 2005 and in May 2006 confirmed that it will work with Platts to publish references prices for steel. If the references prices gain acceptance with industry the LME will consider launching futures contracts, settled against the reference prices.
   

Press enquiries should be made to Adam Robinson on 020 7264 5532


Appendix A – Revised Ring and Kerb Trading Times

Lunchtime Kerb

Ring 3

Ring 4

Afternoon Kerb Closing Times