Pendulum swinging back in favour of Nymex contracts
London Metal Exchange (LME)'s plans to successfully launch
its suite of mini sized metals contracts on a new, more robust
trading system was severely dented last week after its updated
version of the Select platform collapsed for two consecutive
days, forcing the exchange to revert back to its older
Version five of Select debuted on 6 November but, to the
frustration of many LME members, was switched off at 10.00 GMT
and restored the following day. However, the following days
trading came to a stop at 08.00 GMT after the exchange took the
decision to "halt trading in a controlled manner". In a letter
to members from LME CEO Martin Abbott, obtained by FO
Week, he described how it would "roll back to version four
of Select overnight". He added that as the exchange was unable
to roll back to version four during trading hours it would
"restart version five with a limit of two users per member
firm". Version five only lasted a further 15 minutes of trading
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