JP Morgan quits open outcry platform on LME

London

US bank JP Morgan is quitting open outcry trading on the London Metal Exchange after cutting back on its commodity business, a move that also shows the increasing importance of electronic dealing in metals.

The change, announced by the exchange on Monday, reduces the number of financial institutions trading in the LME "ring" to nine and raises questions about the future of open outcry after most other markets have shifted to all-electronic formats.