Traders do not wear top hats and long coats any more and pipe smoking is no longer permitted.
But as the London Metal Exchange trading floor erupted with shouts and a blur of inscrutable hand signals yesterday, little else about the scene had changed since it was founded 135 years ago.
On the other side of the City of London, however, the LME’s shareholders – the banks, brokers and physical processors who use the exchange – had made a historic decision. With an overwhelming majority of 99.2 per cent, they voted to sell the LME to Hong Kong Exchanges & Clearing for ￡1.4bn.
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