The world’s largest metals market, the London Metal Exchange, has banned traders from drinking during office hours, joining other City firms in cracking down on the financial sector’s boozing culture.
The LME announced on Friday that it would impose a ban on open outcry traders’ alcohol consumption during office hours, hoping to “ensure fit and proper behaviour on the ring and ring dealing”.
The ring is the last open outcry trading forum in Europe, where members shout and use arcane hand signals to transfer information about buy and sell orders.
“The LME has broad powers under its Rulebook to ensure fit and proper behaviour on the Ring and Ring Dealing, and Members have policies and procedures in place regarding the behaviour of their staff while conducting business on the Ring,” said a spokesperson.
“The LME appreciates the high standards upheld by its Members, and has formalised the general position that Ring-based personnel should not consume any alcohol prior to conducting business.”
It is not the first city venue to restrict alcohol consumption. In 2017, insurer Lloyd’s of London also banned staff from drinking during office hours.
In 2018, staff at global ad agency group WPP were sent a note reminding them of changes to the company’s code of practice on drinking, which said that “no drinks trolleys should be provided nor alcohol consumed at desks or in work areas.”