The London Metal Exchange (LME), the world’s largest market for metals futures and options contracts, has expanded its newly upgraded trading platform LMEselect’s execution and connectivity services to Interxion’s London data center.
Interxion, based in the Netherlands, is a provider of cloud and carrier-neutral co-location data center services, with 34 data centers in 11 European countries.
Market Cap of Meme Cryptocurrency Dogecoin Spikes to Unprecedented LevelGo to article >>
By co-locating within the same data centre as the exchange, members of the LME will be able to take advantage of low-latency access to the LME as well as reduced complexity and connectivity costs of trading on the electronic trading platform. In addition, members can benefit from access to a range of other liquidity venues, real-time market data feeds, and a diverse ecosystem of leading financial service providers.
The LME is a highly liquid market and in 2016 achieved volumes of 157 million lots, equivalent to $10.3 trillion annually and $44 billion on an average business day. Based in the heart of London, the LME is a global market with an international membership, with more than 90% of its business coming from overseas.
Interxion’s financial hub facility has built up a critical mass of capital market participants because it provides the type of environment that enhances the benefits delivered to firms leveraging its services. In addition, the access to a large number of ecosystem partners lowers the user’s overall market access cost.
John Lee, the LME’s Chief Technology Officer commented: “Interxion provides the ideal environment for our new LMEselect platform, with best in class power and cooling and excellent cross connect access to the exchange. In addition to making Interxion London the primary production location of LMEselect for base metals, the exchange will also list its new LMEprecious products on this platform, when they launch on 10th July 2017 (subject to regulatory approval). LMEprecious responds to market demand by making available an innovative new suite of exchange-traded, loco London precious metals products.”
Strategy and Market Director for Financial Services at Interxion, Bill Fenick added: “We are pleased to see the expansion of the LME in our thriving Financial Services community here in London. They will be able to take advantage of our state-of-the-art facilities as well as interconnect to their customers and ensure the best possible performance from their infrastructure”.