The deal indicates the increased use of algorithmic and electronic trading by financial firms.

LME primarily offers futures contracts for aluminium, zinc, lead, nickel, tin and copper, which is one of its largest traded contracts and is often used as an indicator of economic performance.

Fixnetix's chief executive Hugh Hughes said that trading firms are using its infrastructure and platform to "bridge floor trading with the benefits of the worldwide electronic trading community".

This is the latest in a string of success stories for Fixnetix, which is just six years old. In February, New York Stock Exchange Euronext announced that it would acquire 25 percent of outstanding shares in Fixnetix, in a bid to increase its presence in global capital markets.

Furthermore, at the end of last year the Johannesburg Stock Exchange (JSE) announced that it had selected Fixnetix as its point of presence in the UK, which it said would give global investors easier access to JSE's markets.