JP Morgan to cease open outcry trading on London Metal Exchange

September 7, 2015 6:16 PM

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LONDON, Sept 7 The London Metal Exchange said on Monday that JP Morgan Securities would stop open outcry trading, a move that will reduce the number of financial institutions trading in the LME "ring" to nine.

The LME, the only exchange in Europe with open outcry trading, said in a members' notice that JP Morgan would change as of Tuesday from Category 1 to Category 2 membership, which allows electronic and telephone trading, but not ring dealing.

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