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It says much about the London Metal Exchange that the focal point of its trading liquidity revolves around shipping times set in the late 19th century.
This complex ecosystem serves to disperse liquidity across both dates and trading venues, but many of the LME’s own members have played a part in fragmenting the marketplace. Around 75% of total open interest sits on the monthly third-Wednesday prompt dates even though only 2% of these trades are currently transacted through the central electronic system.
The European Market Infrastructure Regulation adopted in 2012 was intended to drive more OTC business onto exchanges. But it has backfired spectacularly when it comes to the LME. There are many components to the LME’s liquidity booster plan, but the core is a proposal to introduce block trade thresholds.
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