London Metal Exchange.
I found this post on the Telegraphs website and it will be linked back to their website.
Telegraph London Metal Exchange Web Post.
But I thought this was quite interesting, about when the London metal exchange started and whats happening with it today.
The London metal exchange dates back as far as Queen Elizabeth I.
1571: The origins of the London Metal Exchange (LME) can be traced to the opening of the Royal Exchange in London during the reign of Queen Elizabeth I, when traders in a range of commodities begin to meet on a regular basis.
1800s: By the early 19th century there are so many commodity traders using the Royal Exchange that it becomes impossible to do business. Individual groups of traders set up shop in the nearby city coffee houses.
The Jerusalem Coffee House, becomes a favourite of the metal trading community, where “the tradition of the Ring” is born. A merchant with metal to sell draws a circle in the sawdust on the floor and calls out “Change!” at which point those wishing to trade would assemble around the circle and make their bids.
1869: The opening of the Suez Canal reduces the delivery time of tin from Malaysia and Singapore to match the three months delivery time for copper from Chile. This gives rise to LME’s unique system of daily trading dates for up to three months forward which still exists today.
1877: Merchants form the London Metals and Mining Company move into their first premises over a hat shop in Lombard Court. The London Metal Exchange is born. Membership increases rapidly and they soon move to a purpose built Exchange in Whittington Avenue. The Exchange moves to its current home in Leadenhall Street in 1994.
2000: An index contract based on the six primary metals traded on the exchange is introduced. This is specifically designed to provide investors access to futures and traded options contracts based on non-ferrous metals without the extra costs entailed.
Today: LME trades the equivalent of $7.41 trillion annually and $29bn on an average business day. More than 95pc of its business comes from overseas.
