France’s third-largest bank will stop trading on the London Metal Exchange (LME) next week, in a setback for the general trading floor.
The departure of Societe Generale on Tuesday leaves the LME Ring, which sets global prices for metals such as aluminium, copper and nickel, with just seven members.
Others trading include Marex, Sigma Broking and GF Financial Markets (UK). The trading floor, known for its lively atmosphere, could close permanently if it has fewer than six members.
Something to write home about: Societe Generale leaves the LME Ring with just seven members
Societe Generale will remain as a clearing member.
Each metal is traded in five-minute sessions, which provide a daily spot settlement price.
It is then incorporated into physical delivery contracts.
Founded in 1877, the LME is the oldest metal exchange in the world.
In 2012, the company was acquired by Hong Kong Exchanges & Clearing Limited for £1.4 billion.
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