Open-outcry ring trading on the London Metal Exchange will continue to be hosted at the LME's back-up site, some 50 km (30 miles) northeast of London, through the end of August after structural problems were discovered last month in the building that houses the exchange, the LME said in a notice to members.
"The LME has been informed by the building manager and relevant contractors that, following the structural issue identified on 16 July 2016, assessment and remedial works are ongoing and the steel beam above level 4 of 10 Finsbury Square has been successfully reinstated," the LME said in a notice August 5.
"While the independent consultants have established that no further structural elements of the building have failed, they have advised that an additional two connections and one beam will also need to be strengthened. Safety remains the top priority and the building is unlikely to reopen before the end of August while these essential works are undertaken," the exchange added.
Therefore, the LME and LME Clear will continue to work from their recovery sites in Chelmsford and Wapping until the end of August. Ring trading will take place from Chelmsford during this period, the LME said, adding that all trading, clearing and other systems will continue to operate as normal.
The exchange inititally announced on July 17 that the building had been closed temporarily, forcing the transfer of ring trading to the back-up site.
The LME moved to 10 Finsbury Square -- its fifth home since the exchange was established in 1877 -- at the beginning of February, having spent 21 years at its previous location on Leadenhall Street.
