London's Iconic Red Trading Sofas Find a New Home in China
- ‘China is the big elephant on the other side,’ HKEx CEO says
- LME is moving closer to goal of overseeing Chinese stockpiles
The open-outcry pit at the London Metal Exchange. Photographer: Chris Ratcliffe/Bloomberg
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Few things are more iconic to global commodities trading than traders shouting at each other on red leather sofas at the London Metal Exchange.
So when Hong Kong Exchanges & Clearing Ltd. decided to launch a metals-trading platform in the southern Chinese city of Shenzhen, executives stuck with a tried and true formula. They built a replica of the London open-outcry ring, complete with red leather sofas and big digital pricing boards hanging overhead.