Societe Generale exits LME trading floor in blow for exchange

Societe Generale SA is withdrawing from the London Metal Exchange’s open-outcry trading floor, in a move that will raise fresh questions about the viability of the iconic “Ring” as a key price-setting mechanism in global metal markets. The bank will continue to serve clients as a clearing member of the exchange, but will pull out of the trading floor from August 27, the LME said in a notice to members. That will leave just seven members left on the floor, following earlier resignations by other dealers including Triland and ED&F Man in recent years.