London Metal Exchange (LME)'s plans to successfully launch its suite of mini sized metals contracts on a new, more robust trading system was severely dented last week after its updated version of the Select platform collapsed for two consecutive days, forcing the exchange to revert back to its older system.
Version five of Select debuted on 6 November but, to the frustration of many LME members, was switched off at 10.00 GMT and restored the following day. However, the following days trading came to a stop at 08.00 GMT after the exchange took the decision to "halt trading in a controlled manner". In a letter to members from LME CEO Martin Abbott, obtained by FO Week, he described how it would "roll back to version four of Select overnight". He added that as the exchange was unable to roll...