London Metal Exchange’s (LME) project to upgrade its electronic trading system is facing further delays and increased costs, according to sources familiar with the matter. The project, originally scheduled to go live in June of this year, has now been postponed to the end of March 2024. Insiders report that the system has several flaws and costs have already doubled from the initial budget. The LME, owned by Hong Kong Exchanges and Clearing, has not provided a new timeline for the project. Trading Technologies, the developer of the front-end trading platform, has deferred to the LME for comment. The complexity of the LME’s contracts structure is said to be a key challenge for the platform’s functionality. The LME intends to align its system with other exchanges while maintaining support for its unique contract features.
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