BaseMetals.com :: LME Group - LME to launch new version of LMEselect in early 2011

London, 26 May 2010 - The London Metal Exchange (LME) plans to launch a new improved version of its electronic platform LMEselect in early 2011, Chief technology officer Michael Warren said on Wednesday.

Testing of LMEselect7 - the upgraded version of the current LMEselect6 - could start in November this year and run into the first quarter of 2011, he told delegates at the Metals Trading Operations and Technology here.

The new system will offer a new version of FIX, new order types and improved functionality and resilience, he said.

LMEselect7 will be generally have better performance but in terms of accommodating growing on-exchange trading and transaction volumes, the current version could "cope", Warren said. LMEselect6 is said to have increased the electronic trading platform's capacity by 14 to 16 times.

Volumes on LMEselect hit a daily record turnover of 155,037 lots on May 5, a reflection of the surge in business caused by severe price falls, heightened volatility and increased credit risks. The number of daily transactions has also jumped in response to the growing footprint of black box or algorithmic traders in the market.

Business levels have been high this year on the LME, the world's premier non-ferrous metals market, with large turnovers seen in January and February. LME turnover last month was up 51.8 percent on April 2009, the exchange said.

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