Barclays' decision to quit floor trading at the London Metal Exchange (LME) only reflects the state of the bank and is unrelated to the bourse's acquisition by Hong Kong Exchanges and Clearing, according to HKEx chairman Chow Chung-kong.
Chow said the long-standing open outcry system of floor trading would continue because it had proved to be effective and authoritative.
The British bank decided on Thursday to downgrade its LME membership to Category 2 to cut costs.
Category 2 membership allows only electronic and telephone trading while Category 1 allows participation in open outcry trading on the floor, which grants greater visibility and status.
"The acquisition of the LME has entered the final stage and I hope it can be finished by the end of the year," Chow said yesterday.
HKEx chief executive Charles Li Xiaojia said on Thursday that regulatory approval for the LME acquisition was expected to be finalised by early next month.