Trading Technologies International, Inc. (TT) today announced it will connect its X_TRADER 7 order-entry platform to London Metal Exchange (LME), the world's oldest and largest market for futures and options on non-ferrous metals.
Connectivity to the exchange's electronic platform, LME Select, is expected to launch in late 2007.
TT's LME gateway will provide access to futures on non-ferrous metal products, including LMEminis for copper, aluminum and zinc as well as standard contracts for aluminum, copper, nickel, tin, zinc, lead and a six-metal index contract, plus the world's first futures contracts for plastics in polypropylene and linear low-density polyethylene. Customers will have the option to host their own trading gateways or connect to the exchange through gateways hosted by TTNET, TT's fully managed hosting solution. Access through TTNET provides optimal access, speed and reliability plus 24/7 end-to-end network monitoring and maintenance.
"Heavy commercial demand for base metals and corresponding record high prices have contributed to a surge in metals trading volume. Our customers are very interested in these commodities and we look forward to launching this link to London Metal Exchange," said Harris Brumfield, TT's CEO.
"The LME is delighted to be working with Trading Technologies to enhance the access to LME products via LME Select. Select plays an important and vital part in the services that LME provides to its members, giving them the full flexibility of three trading platforms," said Glen Chalkley, LME's Head of Electronic Operations.
In 2006, LME achieved volumes of 87 million lots, equivalent to $8,100 billion annually and between $35-45 billion on an average business day. Although LME is based in London, more than 95% of its business comes from overseas markets.
TT enables electronic trading of the world's major futures exchanges as well as OTC energy, foreign exchange, fixed income and other instruments. All TT gateways are accessible from TT's X_TRADER order-entry software. The gateways also will connect through TT's X_TRADER API and FIX Adapter to third-party, proprietary and black-box trading applications.