https://sputnikglobe.com/20220111/power-outage-prompts-connectivity-setbacks-at-london-metal-exchange-1092168751.html
Power Outage Prompts Connectivity Setbacks at London Metal Exchange
Power Outage Prompts Connectivity Setbacks at London Metal Exchange
Sputnik International
A power outage at a third-party data center has led to connectivity issues and cut off some traders from the London Metal Exchange (LME). The exchange sets the... 11.01.2022, Sputnik International
2022-01-11T03:06+0000
2022-01-11T03:06+0000
2022-01-11T03:44+0000
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According to data from Bloomberg, the last trades conducted were before 2:00 a.m. Tuesday, Shanghai time, with the platform usually closing at 3 a.m. Trading, set to resume at 9:00 a.m., Shanghai time, remains unavailable.The location of the third-party data center is currently unknown and no timetable has been issued for its reopening. The London Metal Exchange is the world's largest metal exchange. The total value of trading at the LME is some $11.6 trillion annually.
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Power Outage Prompts Connectivity Setbacks at London Metal Exchange
03:06 GMT 11.01.2022 (Updated: 03:44 GMT 11.01.2022) A power outage at a third-party data center has led to connectivity issues and cut off some traders from the London Metal Exchange (LME). The exchange sets the global standard for commerce in metal commodities.
According to data from Bloomberg, the last trades conducted were before 2:00 a.m. Tuesday, Shanghai time, with the platform usually closing at 3 a.m. Trading, set to resume at 9:00 a.m., Shanghai time, remains unavailable.
A spokesperson for the LME said, “We are looking into this as a matter of urgency, and are keeping market participants updated on progress.”
According to Eric Liu, head of trading at ASK Resources Ltd., in Shanghai, "The LME couldn’t open for trading due to a connectivity issue at a third party data center.” He added, “this will affect arbitrage trades in particular as other exchanges are operating. But we have no options but to wait for that to be solved.”
The location of the third-party data center is currently unknown and no timetable has been issued for its reopening.
The London Metal Exchange is the world's largest metal exchange. The total value of trading at the LME is some $11.6 trillion annually.
