Brokers slam LME for not operating during Queen’s funeral: Fury as China-owned market forces traders to work
The London Metal Exchange caused a storm yesterday after it was closed during the Queen’s state funeral.
Other financial institutions, including the London Stock Exchange, closed.
The LME, owned by the Hong Kong Stock Exchange (HKEX), said it “joins those around the world” in mourning the loss of Her Majesty. But he said he would remain open because of the “international nature” of his market.
Open all the time: The LME, owned by the Hong Kong Stock Exchange, said it would remain open because of the “international nature” of its market
The move sparked fury among metals brokers and customers of the 145-year-old exchange, which forced traders to work.
As well as the London Stock Exchange, all major retail chains, many theme parks and tourist attractions are closed for the day.
Malcolm Freeman, chief executive of brokerage Kingdom Futures, wrote on LinkedIn that this was “horrendous” and would not have happened until the exchange fell into the hands of HKEX.
Another market participant told the Financial Times: “You have an exchange in the West that is owned by the Chinese.
The way they behaved shows that they have no interest in managing this exchange for the benefit of anyone here.”
Another said: “Everyone is angry and frustrated.”
The LME is donating yesterday’s trading fees to charities patronized by the late Queen.
He said he had “carefully considered how best to balance the interests of the market, our operational stability and our desire to give credit”.