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The market for LME (London Metal Exchange) contracts was transformed by Spectron’s introduction of its online marketplace in 2000. This was the first electronic platform for trading metals in the UK and proved to be so successful it became the model that others attempted to emulate. Category I and Category II members of the LME are able to trade LME futures and options through the system, which is supported by an experienced voice brokering team.
Some of the advantages of the system are:
Lower costs: Registration, membership and software are free. The input of bids and offers is also free. If a price is traded on, a credit is issued to the price giver – only the aggressor pays commission.
Efficiency: It provides a single location at which to find firm, tradable bids and offers from participants.
Neutrality: Spectron is 100% neutral, never taking principal or market positions. It acts only as an intermediary - providing the electronic meeting place only.
Anonymity: The system gives members anonymity until the point of actual trade. This avoids personality issues, thus increasing probability of counterparty match.
Distribution: Prices reach the entire membership immediately.
Equality: There is no distinction between Category I and II members. Ring Dealers have access to liquidity previously unavailable to them.
Speed: The customised trading software provides a faster interface than web browser-based systems.
Continuity: The system does not replace existing practices or structures. Ring sessions and LCH (London Clearing House) functions remain untouched.
NB: Spectron is not a member of the LME and does not issue LME contracts.
Contact
Daniel.Gillespie@spectrongroup.com +44 20 7823 4488
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