Brokers slam LME for staying open during Queen: Fury funeral as Chinese market orders traders to work
The London Metal Exchange sparked an outcry yesterday for staying open during the Queen’s state funeral.
Other financial institutions, including the London Stock Exchange, have closed.
The LME, which is 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 stay open because of the “international nature” of his market.
Open around the clock: The LME, which is owned by the Hong Kong Stock Exchange, said it would remain open due to the ‘international nature’ of its market
The move sparked fury among metal brokers and customers of the 145-year-old exchange, who ordered traders to work.
As well as the London Stock Exchange, all major retailers, many theme parks and tourist attractions are closed for the day.
Malcolm Freeman, managing director of brokerage firm Kingdom Futures, wrote on LinkedIn that it was “appalling” and that it wouldn’t have happened until the exchange fell into the hands of HKEX.
Another market participant told the Financial Times: “You have a stock exchange in the West owned by the Chinese.
The way they behaved shows that they have no interest in running this exchange for the benefit of anyone here.
Another said: “Everyone is angry and disappointed.”
The LME will donate trading fees paid yesterday to charities of which the late Queen was a patron.
He said he had “carefully considered how best to balance market interests, our operational stability and our desire to pay tribute.”