London Metal Exchange says to keep open outcry ring

LONDON, June 23 Mon Jun 23, 2014 4:17am EDT

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LONDON, June 23 (Reuters) - The London Metal Exchange (LME) said on Monday it will keep its open-outcry trading ring following a review of its future.

The 137-year-old LME, one of the few financial markets to still use open-outcry trading, also said in a statement it would invest 1 million pounds ($1.70 million)in technology for the ring.

"The LME will continue to host the Ring, with its robust and transparent price-discovery process, for as long as the market needs it," Chief Executive Garry Jones said. ($1 = 0.5876 British Pounds) (Reporting by Eric Onstad, editing by Louise Heavens)