Traders wanting to connect to the London Metal Exchange can now do so through the Equinix International Business Exchange (IBX) data centre in Slough.
The new access node on offer will provide LME members located at the Equinix campus an opportunity to connect directly to LMEselect, the Exchange’s electronic trading platform, "dramatically reducing connectivity costs", said Equinix. The LMEselect platform is linked to the LME smart matching engine, which runs on the Novell SUSE Linux-based Millennium IT software now owned and used by the London Stock Exchange.
Established for more than 130 years and located in the City of London, the LME offers a range of futures and options contracts for non-ferrous, minor metals and steel billet. In 2010, 120.3 million lots were traded at the LME, while the total value of trading on the Exchange was $11.63 trillion.
The LME access node will "bring additional trading opportunities to Equinix’s financial ecosystem", complementing the existing trading venues already connected via the data centre, said Equinix.
Michael Warren, chief technology officer at the LME, said: “Equinix’s data centre campus will offer our members ultra-reliable colocation services. They have an established community of financial services firms worldwide and this provides the LME and its members with a ready-made market in which to operate.”
In other recent trading news, Xavier Rolet, chief executive at the London Stock Exchange, hailed the “successful” migration of its technology to the Millennium IT platform, following several weeks of severe problems including a major four hour outage and continued third party pricing errors.