It’s back to business as usual for most financial market players in London today after Thursday’s bombings.
The London Metal Exchange returned to normal trading Friday morning. Yesterday, the LME was within a police exclusion zone and was not accessible. It maintained trading through its electronic platform, LME Select, and by phone. It said that it “continued to operate an orderly and transparent market in challenging circumstances, and has successfully established and communicated prices for all contracts traded on the LME.”
This morning, the exclusion zone was lifted for pedestrian access, and so the LME decided to open trading as usual.
The investment bank UBS closed one of its offices yesterday, as it is near to one of the blast sites. That office was scheduled to reopen today. However, the bank noted that because of service restrictions on London’s transport system non-essential staff was encouraged to stay at home today.
The London Clearing House moved operations to its backup site yesterday, and continues to operate from there. “All clearing activities continue to work smoothly and that all clearing events, including intra-day margin calls, were carried out successfully,” the LCH says. It intends to operate from the business recovery site until it is allowed to return to its main facilities.
London financial institutions back to work
Normal trading resumes on London Metal Exchange; UBS to reopen office near blast site
- By: James Langton
- July 8, 2005 July 8, 2005
- 09:37