HOTTER ON METALS: LME nickel trial suggests traditional model is intact

摘要

The London Metal Exchange has just finished its trial to calculatenickel prices using a volume weighted average price (VWAP)method on the exchange’s electronic trading platform.If early indications are anything to go by, metals marketparticipants did not embrace this method of price discovery in theway some had anticipated.For three months since Monday March 18, closing prices for nickelcarry trades continued to be based on ring trading, with afour-minute kerb session lasting from 16:55 to 16:59, allowing for aone-minute VWAP period.