It survived two world wars, the Spanish flu, and the numerous financial crises, but now the London Metal Exchange’s iconic open-outcry trading ring is set to close for good.
Sky News reported that the trading ring, with its distinctive red circular sofa, would be shut as part of a review into modernising the LME.
Since the 1800s, traders at the exchange have shouted buy and sell orders for metals while seated around the sofa.
But as a result of the pandemic, the ring has been shut on a temporary basis in recent months, and was not expected to reopen until the end of social distancing measures.
Insiders said that the permanent closure of the ring would be one of several measures proposed to bring trading on the LME in line with other exchanges.
One such proposal is whether the LME should bring in a similar regulatory information service to that used on the London Stock Exchange (LSE).
Around $50bn of metal trades are made on the LME every day.
City A.M. has contacted the LME for comment.