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London Metal Exchange bans booze in working hours

By Sean Farrell

Date: Friday 14 Jun 2019

London Metal Exchange bans booze in working hours

(Sharecast News) - The London Metal Exchange has banned traders from drinking during working hours as the exchange tries to shed its reputation for boozy, sexist behaviour.
The 142-year-old exchange said people working on its trading floor would be covered by the ban, the Financial Times reported. The rule is the LME's latest move to improve standards at what is seen as one of the last bastions of old-style City working practices.

"The LME appreciates the high standards upheld by its members and has formalised the general position that [trading] ring-based personnel should not consume any alcohol prior to conducting business," the exchange told the FT.

The exchange has not modernised at the same pace as other parts of financial services and is still associated with liquid lunches and business conducted at alcohol-fuelled events. Nigel Farage, the Brexit party leader, worked at the LME before going into politics and has recalled fondly the long lunches that were customary in the 1980s.

The exchange's annual gathering, LME week, has been notorious for events held at lapdancing clubs and other racy venues. LME issued a code of conduct for LME week in April outlawing venues that could make "some market participants uncomfortable in attending".

The alcohol ban follows the announcement in May that Gay Huey Evans would be the LME's first woman chair. Huey Evans, a City veteran, will replace Brian Bender in December.

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