The long liquid lunch will soon be a thing of the past at the London Metal Exchange, one of the last bastions of face-to-face trading.
The world’s biggest marketplace for industrial metals is introducing a policy that will ban floor traders and their support staff from consuming alcohol during working hours.
Members of the “Ring”, the circular trading floor where brokers sitting on red sofas help set global prices for copper, nickel and aluminium were informed of the decision on Thursday evening.
The rule change, which will apply to around 120 people who frequent the LME offices in Finsbury Square in the City of London, is the latest step to formalise standards of behaviour at the 142-year-old exchange, whose traders used to have a reputation for long boozy lunches.
The exchange came under fire last year after Gerald Group, a metals trader, hosted an event at the Playboy Club in London’s upmarket Mayfair district during LME Week, the industry’s biggest annual jamboree.
It responded in April by launching the first code of conduct in its long history, stating that LME-branded receptions or parties should not take place at venues that made some “market participants” feel uncomfortable.
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