London 22/08/2016 - The London Metal Exchange (LME) has halved fees for the month of August to $0.25 per lot per leg per side from $0.50 previously, it said on Monday.
The temporary measure follows an extended period of trading at the exchange's disaster recovery (DR) site after a structural fault was discovered at its new London premises.
"In light of these unexpected circumstances, and as a goodwill gesture to the members and traders most directly affected by this, the LME is reducing the transaction fee for all Ring and Kerb trades entered into during the month of August," it said.
The reduced fees will be reflected via a credit note and rebate following the sending of monthly invoices to members.
The open-outcry floor, the last of its kind in Europe, was initially only expected to be closed for around two days. But the extended period of trading at the DR site - the nine Category One ring dealer members (RDMs) are there - has seen the drawbacks of the technology there compared to London hit operations.
Others highlighted communications as a concern. Wifi connectivity is slower while the limited number of landline phones curtails the ability for many to do commentaries to customers, which restricts the number of people with whom companies can operate.
(Editing by Mark Shaw)