(Bloomberg) -- Societe Generale SA is withdrawing from the London Metal Exchange’s open-outcry trading floor, in a move that will raise fresh questions about the viability of the iconic “Ring” as a key price-setting mechanism in global metal markets.

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The bank will continue to serve clients as a clearing member of the exchange, but will pull out of the trading floor from August 27, the LME said in a notice to members. That will leave just seven members left on the floor, following earlier resignations by other dealers including Triland and ED&F Man in recent years.

The LME was forced to close the Ring during the Covid-19 pandemic, and moved to do so permanently after a successful migration to fully electronic pricing. It eventually reopened in a diminished capacity after an uproar from members, but trading volumes have fallen sharply since its reopening.

The LME has said that it will consider closing the trading floor permanently if there were fewer than six members, if remaining members account for less than 75% of historically traded volumes.

“The LME confirms that neither of these Ring price liquidity event criteria have been met as a result of this announcement,” it said in the notice.

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