London Metal Exchange (LME)

choi

(1) Agnieszka Troszkiewicz, Metal Traders Can Keep Screaming in London, for Now. Bloomberg, June 23, 2014
www.bloomberg.com/news/2014-06-2 ... y-get-reprieve.html
(“When Hong Kong Exchanges & Clearing Ltd. (388) bought the LME for $2.2 billion in 2012, it pledged to stick with open outcry trading until at least January 2015. For now and into the indefinite future, traders in suits, ties and dark shoes, seated on red leather sofas arranged in a six-meter (20-foot) diameter circle called the ring, will continue to determine prices on six main industrial metals that firms around the world use to settle their books every work day, according to today’s announcement” by LME, obviously in consultation with its owner)

My comment:
(a) The report carries a photo only, which Wall Street Journal today publishes in its report of the same topic, credited to Bloomberg. HOWEVER, there is no need to read the Bloomberg report.
(b)
(i) London Metal Exchange
en.wikipedia.org/wiki/London_Metal_Exchange
(world's largest market in options and futures contracts on base and other metals; founded in 1877; before that “business was conducted by traders in London coffee houses using a makeshift ring drawn in chalk on the floor”)
(ii) Royal Exchange, London
en.wikipedia.org/wiki/Royal_Exchange,_London
(opened in 1571; twice been destroyed by fire and rebuilt; The present building opened in 1844; now privately owned; Today the Royal Exchange contains offices, luxury shops and a restaurant; section 1 History)

choi

(2) Laura Clarke, London Exchange Hangs on to Ring. Wall STreet JOurnal, June 24, 2014.
online.wsj.com/articles/lme-to-retain-open-outcry-trading-1403513670

Excerpt in the window of print: ‘You get a good feel for how trading is taking place because your traders are facing each other on the floor.’

Quote:

The ring, or a circular pit, is “the last trading floor of its kind in Europe * * * Certainly, the importance of the ring * * * has diminished in recent years.

“The ring is renowned for its quirks as much as for its history: Traders use hand signals to buy and sell, and must have their top shirt button fastened and at least part of either leg in contact with the ring's red couch during trading. Traders who break the rules can face penalties for "conduct of an unprofessional nature" that can reach £500 for a first offence, and up to £4,000 for a fourth act of misconduct.

Note:
(a) open outcry
en.wikipedia.org/wiki/Open_outcry
(b) There is no need to read the report, except viewing the Bloomberg photo.