London Metal Exchange, City of London, England UK. 1985 The 'bear pit' of the London Metal Exchange in the City of London in 1985 where tader in metal prices used hand language and shouting called open-outcry, to make their price bids and offers. Open-outcry is the oldest way of trading on the exchange, though nowadays the majority of trades are placed electronically.[8] It is central to the process of price discovery, the way LME official prices are established. Prices are derived from the most liquid periods of trading; the short open-outcry ring trading sessions, and are most representativ
London Metal Exchange, City of London, England UK. 1985 The 'bear pit' of the London Metal Exchange in the City of London in 1985 where tader in metal prices used hand language and shouting called open-outcry, to make their price bids and offers. Open-outcry is the oldest way of trading on the exchange, though nowadays the majority of trades are placed electronically.[8] It is central to the process of price discovery, the way LME official prices are established. Prices are derived from the most liquid periods of trading; the short open-outcry ring trading sessions, and are most representative of industry supply and demand. The official settlement price, on which contracts are settled, is determined by the last offer price before the bell is sounded to mark the end of the official ring. There is constant inter-office trading, a relatively small yet important portion of trading is still done by open-outcry in the Ring. There are a morning and an afternoon trade, where each of the nine metal contracts are traded in two blocks with a five-minute session for each contract (the sessions last from until and from until , each session includes a 10-minute break). The second trading block in the morning is key to setting the Daily Official Exchange rates. After the official trades of sessions one and two, there are 85 and 45 minutes of "kerb" trading respectively. Trades are in futures, options and TAPOs (traded average-price options, a form of Asian options).
Size: 5621px × 3681px
Location: City of London, London, United Kingdom
Photo credit: © BRIAN HARRIS / Alamy / Afripics
License: Licensed
Model Released: No
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