If any member was going to leave the London Metal Exchange ring trading floor, the exchange was probably hoping it wouldn't be Triland Metals Ltd.
The company, a wholly owned subsidiary of Japanese conglomerate Mitsubishi, is one of the exchange's longest serving Category 1 members, having joined in 1972 after being founded in the prior year.A letter sent by Triland to its customers explained very clearly why: the recent changes to the LME's market structure, in particular the move to a split pricing structure so that closing prices are determined electronically...