April 23, 2018 / 3:02 PM / 7 months ago

LME to temporarily move nickel closing prices out of ring

LONDON, April 23 (Reuters) - The London Metal Exchange (LME) is planning to temporarily move end-of-day pricing of the benchmark three-month nickel contract from open outcry to its electronic trading platform, the exchange’s chief executive Matt Chamberlain said on Monday.

The move is likely to happen early next year and last for three months, after which pricing will return to the ring.

Chamberlain said the move was designed to test the practicality of electronic pricing after some LME members asked the exchange to consider closing the ring.

He also said the exchange, established in 1877, would remain in London after Britain leaves the European Union next year.

Trading of other nickel contracts and the official ring where settlement prices are set will remain unchanged. (Reporting by Peter Hobson; editing by David Evans)

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