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London Metal Exchange: Delivering market-wide transformation

PA Consulting Group (PA) helped the London Metal Exchange (LME) generate £5.6 million of annual benefits for itself and its members, through supporting the development and implementation of systems and processes to capitalise on new revenue opportunities quickly.

The LME is one of the world’s premier commodity markets. To secure trade volume growth, the LME needed to re-engineer its 20-year-old trade-matching system, replacing it and bringing it in-house. To support this, the LME’s 45 trading members needed to make extensive process and technology changes – changes the members were reluctant to make following an earlier failed attempt to re-engineer trade matching.

PA worked with the LME to deliver a programme of member-centric, market-wide change, coordinating the effort of 600 people across 58 organisations. To ensure successful transition, PA developed an innovative migration approach that enabled a phased cutover to the new system.

This migration approach reduced transition risk for the members and secured £0.4m in revenue that would otherwise have been lost. The LME can now launch new products quickly.

Annually, in-sourcing the trade matching system will generate £4.5m for the LME while saving its members £1.1m in fees. These savings will increase as the exchange launches new products and trade volumes grow.

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