LMEselect crash leaves brokers reliant on ring, Comex

Sep 24, 2013 | 12:52 PM | Mark Burton

Tags  London Metal Exchange, LME, Hong Kong Exchanges & Clearing, HKEx, LMEselect, electronic trading halt, system crash, Comex

LONDON — London Metal Exchange brokers were approximating three-month copper prices from live quotes posted on Comex during a three-hour outage on LMEselect Sept. 24.

The LME’s electronic trading system experienced a "controlled halt" as a result of technical issues Tuesday, a spokeswoman for Hong Kong Exchanges & Clearing Ltd. said in a statement.

While the spokeswoman said the exchange was communicating with market participants throughout the incident, brokers and traders criticized it for not keeping members more fully briefed on the situation.....

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