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16 Jun, 2019 14:46

No hard stuff: London Metal Exchange bans traders from boozing during work hours

No hard stuff: London Metal Exchange bans traders from boozing during work hours

In an attempt to improve the image of its industry, the world’s largest metals bourse, the London Metal Exchange (LME), is planning to enforce an official ban on alcohol consumption for its floor traders during their working day.

The exchange expects its dealers to pursue a zero-tolerance policy towards alcohol, as they are in charge of global benchmark prices for industrial metals like copper and aluminum, according to sources familiar with the deal, as quoted by Bloomberg.

So far, the LME has banned trade experts from displaying drunken behavior on the floor. However, the exchange wants to completely break up with the tradition of heavy drinking, which traces its origin to Victorian times.

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Earlier this year, the marketplace, along with many of its member firms, introduced a new code of conduct, which bans dealers from holding dubious parties at such places as lap-dancing clubs and casinos.

“The LME has broad powers under its rulebook to ensure fit and proper behavior,” the exchange said in a statement.

“The LME appreciates the high standards upheld by its members, and has formalized the general position that ring-based personnel should not consume any alcohol prior to conducting business.”

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The measure followed a similar step taken by Lloyd’s of London. In April, the 330-year-old London insurance market barred the entire staff from drinking alcohol during the day, saying that the long-standing drinking tradition is creating an environment in which women cannot feel safe from sexual harassment.

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