London’s Trading Hall ‘The Ring’ Will Be Closed: Worldwide Price Fixing Institute Will Be Closed
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The open trading floor of the London Metal Exchange, which sets the benchmark price for metals worldwide, is going to close forever. In the hall, prices of metals like copper, zinc, and aluminum have been fixed for the last 144 years. It was the only trading floor of its kind left in the world, where deals were made face to face with noises and hand gestures.
The trading hall was closed at the time of the first lockdown in Corona. This bandh is now going to be made permanent by the London Metal Exchange (LME). Trading of metals here will now be done only through electronic means. The management of LME informed the members on Tuesday.
- This trading hall of LME was established in 1877, since then trading was continued here
- It was necessary to continuously sit on the red colored sofa kept in the hall during interesting trading
- You cannot work on LME without loving the ring. It has been a big part of our history and our culture. But now the industry has moved forward and we also have to move forward.
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