The Ring, where traders shout buy-and-sell instructions, may close for good after Covid forced LME to start electronic trading

They can be fined for leaving their seats during auctions, but the sharp suited traders at the London Metal Exchange may never return to their red leather benches, after the managers of Europe’s last in-person trading floor set out plans to move to electronic trading.

The proposals to close the Ring – known for its distinctive circle of red sofas – will be outlined in a discussion paper released by the LME on Tuesday afternoon.

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