LME to implement extra measures as Ring reopens for trading

The London Metal Exchange (LME) is set to reopen the Ring area for trading on September 6, 2021, with a raft of measures aiming to safeguard the public health to be implemented.

The LME notes that it is committed to safeguarding those that work in the Ring area (including LME staff) against the spread of COVID-19. Following engagement with its Category 1 Members, the LME has introduced a number of measures, to help minimise the spread of COVID-19 and will continue to monitor government guidance to ensure that it is implementing appropriate measures to mitigate against the risks associated with COVID-19.

Where there are (or is likely to be) five or fewer Category 1 Member firms represented on the Ring, the LME may in its absolute discretion temporarily move to electronic determination of the Official Prices as per the LME’s electronic business continuity methodology, until the LME can confirm that a minimum of five Category 1 Member firms have personnel available to trade on the Ring.

While temporarily moving Official Price discovery from the Ring to LMEselect would not necessitate the closure of the Ring, it is likely that trading in the Ring would also need to be temporarily suspended in order to further reduce the risks associated with the transmission of COVID-19 and to ease operational demands on Category 1 Members and LME staff.

For the avoidance of doubt, any suspension of trading on the Ring would be temporary and any temporary absences of Category 1 Member firm personnel due to Covid-19 would not constitute a lack of support for the determination of Official Prices in the Ring, particularly in respect of the Ring Liquidity Price Events.

The LME has monitored government guidance and consequently implemented a number of measures to minimise the risk of COVID-19 spreading in the Ring area. These measures include:

  1. temperature checking on entry to the Ring area;

  2. adjustment to the ventilation system to bring as much fresh air as possible into the Ring area;

  3. making available hand sanitiser around the Ring area;

  4. a one way system with associated signage to direct individuals to/around the Ring area;

  5. daily deep cleaning of the Ring area (to take place from 6 September 2021);

  6. protective visors to be worn by the LME’s market operations team;

  7. masks to be worn by other LME personnel that need access to the Ring area; and

  8. restricting access to the Ring area (both ground floor and mezzanine) to those that are required to be there for business purposes only.

The LME has considered other measures, such as perspex screens and face masks for all those trading in the Ring, but has determined that they cannot be used in the Ring area, without significantly hindering trading activity and market monitoring.

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