The former head of the London Metals Exchange has launched an electronic trading platform for non-ferrous, or largely industrial, metals to compete with the 140-year-old exchange. The platform, called NFEx Markets, will run on a system designed by London-based startup Autilla and will begin trading in the first quarter of 2018. News of the development group’s desire to create a competitor first hit in March. NFEx will be headed by a five-member team that includes Martin Abbott, who left the LME in 2013 after it was sold to Hong Kong Exchanges. “We anticipate NFEx Markets will increase cost-efficiency in the global base metals markets,” said Mark Bradley, who will run the new platform, in a release. “This new trading platform will not replace or disturb current trading models but will be complementary to them,” he said. The broad decline in LME trading volumes–it also includes electronic trading–have been widely reported. LME, the world’s oldest exchange, also competes in certain metals-trading markets with New York-based COMEX, owned by CME Group .
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