The London Metal Exchange (LME) is leaving the Square Mile for a while – and moving its trading base to Essex.
The Exchange, which is usually based at 10 Finsbury Square, has been informed by its landlord that a structural issue within the building, which was discovered last weekend, would take longer than originally expected to resolve.
The LME and LME Clear upped sticks to their "recovery sites" at Wapping and in Chelmsford, where they expected to stay for a couple of days.
However, the LME said in a note to staff today that it has been informed by its landlord that the structural issue is yet to be resolved, and that the building is unlikely to reopen before early August.
The firm said its ring trading will be carried out at the Chelmsford site and all trading, clearing and other systems will continue to operate as normal.