The London Metal Exchange (LME) has introduced an alcohol ban on its trading floor in the latest move to overhaul its workplace culture.
Staff working on the trading floor, or the “Ring”, will be banned from being under the influence of alcohol while at work. Traders set global prices for metals at the 142-year-old exchange.
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The move comes after the exchange introduced a code of conduct in April to crack down on harassment and “threatening, humiliating or disruptive behaviour”.
“The LME has broad powers under its Rulebook to ensure fit and proper behaviour on the Ring and Ring Dealing, and Members have policies and procedures in place regarding the behaviour of their staff while conducting business on the Ring,” a spokesperson for the exchange said.
“The LME appreciates the high standards upheld by its Members, and has formalised the general position that Ring-based personnel should not consume any alcohol prior to conducting business.”
LME’s decision follows similar steps taken at Lloyd’s of London.
Last month Lloyd’s of London announced that staff under the influence of alcohol at work could face disciplinary action.
The announcement followed reports of bullying and sexual harassment at the 330-year-old insurance market.