The London Metal Exchange plans to replace its LMEselect trading system with the Orion platform of its owner, Hong Kong Exchanges and Clearing, CEO Matt Chamberlain said on Tuesday.
LMEselect is an electronic member-to-member exchange system.
“We have already deployed our new LME Source multi-cast market data system, which is based on HKEX’s highly successful Orion market data platform,” Chamberlain said at a metals webinar. .
This “has been very well received by traders in our market who feel it gives lower latency and a fairer approach to the distribution of market data,” he said.
Chamberlain added that the LME is now working on an “even more ambitious goal,” replacing LMEselect with the HKEX Orion trading platform, which has been used successfully in the Hong Kong Stock Exchange’s spot stock market.
He didn’t give a timeline for the move to Orion but said it was a “big business” and the stock market “would take the time to get it right.”
Later this year, the LME plans to launch its LMEpassport, a digital ledger that enables the recording and sharing of voluntary information about metals. Read more
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