Press release
Tailor-made LME Select celebrates its second anniversary at the London Metal Exchange (LME)
On December 11 LME Select – LME’s electronic trading platform – celebrated two years of operation. LME Select replaced an earlier system and was developed by Cinnober Financial Technology.
“Select has become an important part of the trading facilities at the LME and has developed significantly since its introduction. Our close relationship with software supplier, Cinnober, is a key success factor as they have taken the time to understand the detailed workings of our market” Simon Heale, CEO of the LME says.
LME Select was developed in a close cooperation between the LME and Cinnober. LME Select is built on the Cinnober TRADExpress transactions platform and by adding features specific for the needs of LME it was tailored to suit metals, and later also plastics, trading. The high level of customization has made the system and its trading application intuitive and easy to adopt for participants active in trading of metals and plastics contracts.
“The LME is one of world’s best known and regarded exchanges and we are honoured to provide them with their electronic trading system. The way we have worked with the development of Select is a procedure we strongly believe in – to use our proved TRADExpress platform as base and add customer specific functionality to tailor the system to suit the marketplace’s specific market model. The track record and history of Select is extraor-dinarily interesting and we are thrilled to be part of the further development.” Gunnar Lindell, CEO of Cinnober, says.
November 14 the LME Select was upgraded to the latest version adding the possibility to feed prices through the FIX API down to the member’s customers, more advanced func-tionality for trading of carries and enhancements to the London Clearing House Gateway, amongst other. The system has planned upgrades and development is a constant focus at the LME.
Notes to editors:
Cinnober Financial Technology
Cinnober Financial Technology (Cinnober) develops exchange and marketplace solutions for the financial, commodity and energy markets. Cinnober’s products are all based on the in-house developed platform TRADExpressä, and powers some of the largest exchanges in the world with high performance and reliability. The development is performed in 100% Java, which enables flexible, fast and platform independent solutions built for high capac-ity.
The London Metal Exchange
· The LME is the world’s premier non-ferrous metals market. It has highly liquid con-tracts and a turnover value of some US $3,500 billion per annum. It is a major con-tributor to the UK’s invisible earnings, responsible for more than £250 million in over-seas earnings each year.
· The LME turned over 72 million lots in 2004.
· Trading at the LME takes place through open outcry in ‘the ring’, through an inter-office telephone market and through LME Select.
· The LME commenced trading in polypropylene and linear low density polyethylene fu-tures contracts in May 2005.