Colt to launch network for London Metal Exchange

Colt is working with the London Metal Exchange (LME) to launch a dedicated high-speed network to provide market participants with a secure connection to the exchange’s electronic systems.

The move forms part of the exchange’s LMEnet project, which includes a new clearing system, LME Clear, due to launch in September.

Colt will provide its dedicated trading network service, PrizmNet, and will support three tiers of connectivity options for LME users. The carrier will also offer a service management tool, designed to monitor latency and bandwidth use.

“In partnership with Colt, we are delighted to be able to offer LME market participants enhanced performance and availability in their connectivity to the Exchange. By switching to LMEnet, the LME community will benefit from reduced latency, increased resilience and improved control over how they interact with our electronic systems,” said Robin Paine, CTO at LME.

“We have invested a significant amount in technology over the past 12 months, with more than £30 million devoted to IT projects and systems development, excluding LME Clear,” he added.

LME is said to have invested over £30 million in IT projects and systems over the last 12 months. It plans to move users to the new system within nine months of Colt’s technology being deployed and tested, which is due to begin around October.