By Dan Ilett, 15 November 2006 12:15
NEWS
The London Metal Exchange (LME) has delayed the launch of new contracts following an outage of its electronic trading system earlier this month.
The exchange was planning to launch trading for small contracts of copper, aluminium and zinc on 20 November, through a new service called LMEmini contracts. The contracts, which are dependent on the LME's e-trading system, will now be launched two weeks late on 4 December.
LME CEO Martin Abbott said he saw the delay as disappointing and inconvenient but, in the circumstances, the most prudent way forward.
The delay follows the LME's withdrawal of its upgraded e-trading system, Select Release 5, after an outage which caused the exchange to close and revert to using a previous version of the system.
The exchange has not disclosed the source of the problem with Select Release 5.
A statement from the LME said that, after discussion with the platform suppliers, it would launch the new small contracts service on the Select 4 platform instead of 5.
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