London Metal Exchange (LME) has won the right to extend the
opening hours on its electronic trading platform Select from 1
June after Office of Fair Trading (OFT) dropped its ban
preventing the exchange from opening early enough to overlap
wihh Asian trading.
Select will now open at 1am (GMT) and close at 7pm, as
originally planned before OFT blocked the move at the start of
March, following a complaint by metals and energy broker
Spectron (see FO Week Vol 11 No 9). Spectron had
warned the extension would damage its business and the
broker's complaint had been in regulatory limbo subsequently,
with LME's trading extension blocked by an OFT injunction.
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