LME rolls out electronic network to speed up trade with Asia
The London Metal Exchange has teamed up with technology firm Colt Technology Services to introduce an electronic platform called LMEnet to facilitate faster and easier trading of its products for brokers and investors in Hong Kong and the Asian region.
The London Metal Exchange has teamed up with technology firm Colt Technology Services to introduce an electronic platform called LMEnet to facilitate faster and easier trading of its products for brokers and investors in Hong Kong and the Asian region.
"We have invested a significant amount in technology over the past 12 months, with more than £30 million (HK$396 million) devoted to [information technology] projects and systems development, excluding LME Clear," said Robin Paine, the chief technology officer of LME, the world's largest base and industrial metals exchange.
"In partnership with Colt, we are delighted to be able to offer LME market participants enhanced performance and availability in their connectivity to the exchange."
China is the driving force for Hong Kong to develop its commodity market
The LME is the latest exchange to promote a cross-trading connection.
LMEnet will allow Hong Kong and Asia brokers and investors to connect directly to the LME network to trade its benchmark products such as copper, zinc, lead and aluminium contracts, among others.
Colt is a technology firm that specialises in establishing networks to link exchanges in Europe and Asia, such as the Chicago Mercantile Exchange, Eurex, and SGX in Singapore.
Jay Hibbin, the commercial director of MarketPrizm, a subsidiary of Colt, said LMEnet would facilitate faster and easier trading between Hong Kong and London.