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Brokers slam LME for staying open during Queen's funeral

Open all day: The LME, owned by the Hong Kong Stock Exchange, said it would remain open due to the

Brokers criticize LME for staying open during queen’s funeral: fury as Chinese property market orders traders to work

The London Metal Exchange caused a stir yesterday for staying open during the Queen’s state funeral.

Other financial institutions, including the London Stock Exchange, closed.

The LME, owned by the Hong Kong Stock Exchange (HKEX), said it “joins those around the world” in mourning the loss of Her Majesty. But it said it would remain open due to the “international nature” of its market.

The move sparked fury among metals brokers and clients of the 145-year-old exchange, who ordered traders to work.

Apart from the London Stock Exchange, all major retailers, many theme parks and tourist attractions closed for the day.

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Malcolm Freeman, CEO of brokerage Kingdom Futures, wrote on LinkedIn that it was “appalling” and would not have happened before the exchange fell into the hands of HKEX.

Another market participant told the Financial Times: ‘You have an exchange in the West owned by the Chinese.

The way they have behaved shows that they have no interest in carrying out this exchange for the benefit of anyone here.

Another said: ‘Everyone is angry and disappointed.’

The LME will donate trading fees made yesterday to charities of which the late Queen was a patron.

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He said he had “carefully considered how best to balance the interests of the market, our operational stability, and our desire to pay our respects.”

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