March 11, 2020 / 12:00 PM / 18 days ago

London Metal Exchange to test alternate ring trading site on Friday

LONDON (Reuters) - The London Metal Exchange (LME) will move its open-outcry trading to a disaster recovery site northeast of London on Friday to test the operations, it said on Tuesday.

The exchange, the world’s oldest and largest market for industrial metals, said in a statement it tests the site in Chelmsford twice a year and that Friday’s move was not part of its coronavirus contingency planning.

The 143-year-old LME, owned by Hong Kong Exchanges and Clearing Ltd. (0388.HK), runs the last open-outcry trading venue in Europe.

The exchange has said it has contingency plans to relocate or ditch open-outcry trading if the coronavirus outbreak worsens in Britain.

Reporting by Eric Onstad, editing by Louise Heavens

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