The LME is one of the world’s premier commodity markets. To secure trade volume growth, the LME needed to re-engineer its 20-year-old, trade-matching system, replacing it and bringing it in-house. To support this, the LME’s 45 trading members needed to make extensive process and technology changes – changes the members were reluctant to make following an earlier failed attempt to re-engineer trade matching.
PA worked with the LME to deliver a programme of member-centric, market-wide change, coordinating the effort of 600 people across 58 organisations. To ensure successful transition, PA developed an innovative migration approach that enabled a phased cutover to the new system.
This migration approach reduced transition risk for the members and secured £0.4m in revenue that would otherwise have been lost. The LME can now launch new products quickly.
Annually, in-sourcing the trade matching system will generate £4.5m for the LME while saving its members £1.1m in fees. These savings will increase as the exchange launches new products and trade volumes grow.
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