A proposal for keeping the floor open for continuous kerb trading between 13.15 hours and 15.10 hours London time was discussed by and agreed to by the board at its meeting on 2 October 2000.
Extension to morning kerb trading hours
This extension to ring trading hours (currently the morning kerb finishes at 13.30 hours London time) will take effect from 16 October 2000 for a trial period until the end of February 2001.
It was also agreed that during the trial period of the extension from 13.30 hours to 15.10 hours London time, input into the LME Vendor Feed System by the approved associate broker clearing members will be permitted as is the input from the ring dealing members and the LME executive from the floor of the Exchange.
During this trial period all aspects of the effects on the whole market of the extended ring opening hours will be carefully monitored and assessed particularly as regards revenues and liquidity. It will be for the board of the newly constituted exchange to review the evidence and take a decision on whether to continue open outcry lunchtime trading beyond the end of February 2001.
The decision to extend the ring hours on a trial basis does not in any way pre-empt the decision on whether the automated trading system should be open between 13.30 hours and 15.10 hours. That decision has yet to be taken and will only be made following further consultation.
Amendments to LME Rules for both morning and afternoon kerbs. The increase in the length of the morning kerb from 15 minutes to 1 hour 55 minutes raises issues relating to audit trails on trades done in that period. In order that members may meet their regulatory requirements, the kerb will be divided into 15-minute periods. The LME has also taken the opportunity to reorganise the afternoon kerb at the same time.
