https://www.scmp.com/rss/260905/feed Set up in 1877 to provide a venue for trade conducted among metal merchants in London, the LME was sold in 2012 to the operator of the Hong Kong stock exchange. In 2013, it was a defendant in lawsuits accusing Goldman Sachs, JP Morgan and Glencore-Xstrata of rigging the aluminium market. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu Just over a year after the London Metal Exchange (LME) approved its first batch of warehouses in Hong Kong, the city now hosts 15 facilities run by seven operators, with close to 25,000 tonnes of metals stored. It marks a triumph for both the LME and Hong Kong’s ambition to be a commodities trading hub. But the challenge is finding sufficient space to meet surging demand, said LME CEO Matthew Chamberlain in an interview on Thursday. Chamberlain described it as a “very positive problem” – though... https://www.scmp.com/business/commodities/article/3353057/how-hong-kong-could-ease-its-positive-problem-full-metals-warehouses?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3353057/how-hong-kong-could-ease-its-positive-problem-full-metals-warehouses?utm_source=rss_feed Mon, 11 May 2026 00:00:23 +0000 Enoch Yiu Enoch Yiu Hong Kong is exploring the creation of a specialised mediation panel to handle international commodities disputes, as the city steps up efforts to position itself as a regional hub for metals trading, yuan-denominated commodities products and physical gold storage, Financial Secretary Paul Chan Mo-po said on Thursday. The proposed panel would focus on resolving disputes across the commodities supply chain – from mining and production to trading, warehousing and delivery – and would be developed... https://www.scmp.com/business/article/3352703/hong-kong-sharpens-commodities-hub-ambitions-mediation-and-yuan-push?utm_source=rss_feed https://www.scmp.com/business/article/3352703/hong-kong-sharpens-commodities-hub-ambitions-mediation-and-yuan-push?utm_source=rss_feed Thu, 07 May 2026 04:54:45 +0000 Cheryl Arcibal Cheryl Arcibal The demand for storage of commodities and art is providing a much-needed boost for Hong Kong’s logistics properties, where recovery has lagged behind other commercial real estate segments. New demand from the London Metal Exchange’s (LME) inclusion of Hong Kong in the exchange’s global warehousing network is helping the segment, where 11 licences have been issued to warehouse operators in the city. “New space is being taken from that angle and that’s around 30,000 sq ft to 100,000 sq ft per... https://www.scmp.com/business/article/3327911/hong-kongs-warehouse-sector-gets-support-robust-demand-storage-metals-and-art?utm_source=rss_feed https://www.scmp.com/business/article/3327911/hong-kongs-warehouse-sector-gets-support-robust-demand-storage-metals-and-art?utm_source=rss_feed Mon, 06 Oct 2025 01:30:14 +0000 Cao Li Cao Li Hong Kong has taken a significant step in developing a commodities ecosystem by joining the London Metal Exchange’s (LME) global network of storage and delivery, according to Financial Secretary Paul Chan Mo-po. At Tuesday’s launch of two of the eight warehouse facilities in the city certified by LME, Chan said the development was “of great significance for supporting [China’s] development strategy” and “enhancing Hong Kong’s status as an international financial and shipping... https://www.scmp.com/business/commodities/article/3322342/hong-kong-benefit-joining-london-metal-exchanges-warehouse-network-paul-chan?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3322342/hong-kong-benefit-joining-london-metal-exchanges-warehouse-network-paul-chan?utm_source=rss_feed Tue, 19 Aug 2025 07:00:15 +0000 Peggy Sito Peggy Sito The approval of the first four official London Metal Exchange (LME) warehouses in Hong Kong gives a long-awaited boost to the city’s ambition of playing a more integral role in global metals trading. Many industry leaders, including Tiger Shi, CEO of Bands Financial, and Clara Chan, CEO of Hong Kong-listed Lee Kee Group, believe the development marks a pivotal step in strengthening the city’s position as a strategic commodities hub in Asia. The establishment of the LME warehouses in the city... https://www.scmp.com/business/banking-finance/article/3307956/why-london-metal-exchanges-hong-kong-warehouses-matter-citys-financial-status?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3307956/why-london-metal-exchanges-hong-kong-warehouses-matter-citys-financial-status?utm_source=rss_feed Mon, 28 Apr 2025 00:30:11 +0000 Cao Li Cao Li The London Metal Exchange (LME) has approved four warehouse facilities in Hong Kong, extending its global network to the doorstep of mainland China, the world’s largest consumer of metals. The new facilities would be able to begin storing seven of the 14 LME-approved metals within three months, the exchange said in a statement on Tuesday. “Hong Kong is now well-positioned to further develop as a key global metals hub servicing the region and as a gateway for access to the mainland China market,... https://www.scmp.com/business/commodities/article/3306643/hong-kong-warehouses-get-lme-approval-exchange-eyes-china-metal-trade?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3306643/hong-kong-warehouses-get-lme-approval-exchange-eyes-china-metal-trade?utm_source=rss_feed Tue, 15 Apr 2025 11:32:38 +0000 Yuke Xie Yuke Xie The London Metal Exchange (LME) on Monday added Hong Kong as one of its global warehouse locations to meet growing demand for the physical exchange of metals between mainland China and the rest of the world, while enhancing Hong Kong’s role as a conduit. “The addition of Hong Kong to our global warehousing network is an exciting development, providing warehousing facilities closer to the metals hubs of mainland China than ever before,” said Matthew Chamberlain, CEO of LME. Hong Kong will store... https://www.scmp.com/business/banking-finance/article/3295520/hong-kong-join-lme-warehouse-network-serve-chinas-appetite-metals?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3295520/hong-kong-join-lme-warehouse-network-serve-chinas-appetite-metals?utm_source=rss_feed Mon, 20 Jan 2025 12:00:08 +0000 Aileen Chuang Aileen Chuang A Hong Kong commodities market focused on materials critical to clean energy and other emerging industries would elevate the city’s importance in global trade while providing a strategic alternative for economies and companies worldwide, according to a local private think tank. Such a market would help commodities buyers avoid having all their eggs in one basket in Western markets, the Better Hong Kong Foundation said in a report on Wednesday. “Developing the commodity market is an important... https://www.scmp.com/business/commodities/article/3294826/hong-kong-should-seize-role-clean-energy-commodities-think-tank-says?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3294826/hong-kong-should-seize-role-clean-energy-commodities-think-tank-says?utm_source=rss_feed Wed, 15 Jan 2025 07:30:09 +0000 Cao Li Cao Li Hong Kong is spearheading efforts to strengthen regional market collaboration, connecting global investors with opportunities in mainland China, Southeast Asia and the Middle East, according to the chief operating officer of the city’s bourse operator. “For the Hong Kong exchange and also importantly for Hong Kong, that regional collaboration needs to continue,” Vanessa Lau of Hong Kong Exchanges and Clearing (HKEX) said at the Asian Financial Forum in Hong Kong on Tuesday. “We need to be more... https://www.scmp.com/business/markets/article/3294693/hong-kong-bridges-china-asean-middle-east-market-ties-grow-hkex-official?utm_source=rss_feed https://www.scmp.com/business/markets/article/3294693/hong-kong-bridges-china-asean-middle-east-market-ties-grow-hkex-official?utm_source=rss_feed Tue, 14 Jan 2025 08:30:36 +0000 Enoch Yiu Enoch Yiu British financial firm Marex Group has big plans for expansion in Hong Kong in coming years, as it believes the city has the potential to be a commodity hub in Asia, according to a senior executive. The London-headquartered firm, which conducts trading and clearing for global clients to trade energy, commodities and financial products in 60 exchanges worldwide, has just moved to a bigger office in Hong Kong earlier this month, said Asia-Pacific CEO Arthur Fan. “Hong Kong has the conditions to be... https://www.scmp.com/business/commodities/article/3290712/hong-kongs-potential-commodities-hub-draws-expansion-uks-marex-group?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3290712/hong-kongs-potential-commodities-hub-draws-expansion-uks-marex-group?utm_source=rss_feed Sun, 15 Dec 2024 23:30:15 +0000 Stock exchanges traditionally derive much of their value from initial public offerings (IPOs) and market trading activities. Hong Kong’s, the third largest stock market in Asia and a superconnector between the East and the West, is no different. Under its operator, Hong Kong Exchanges and Clearing (HKEX), the stock market has a capitalisation of nearly US$4 trillion and last year, HKEX reported a revenue of over US$2 billion. By all standards, HKEX is a world-class exchange operator. Looking... https://www.scmp.com/opinion/hong-kong-opinion/article/3273731/hong-kong-looks-regain-financial-crown-hkex-can-win-big-data?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3273731/hong-kong-looks-regain-financial-crown-hkex-can-win-big-data?utm_source=rss_feed Mon, 12 Aug 2024 12:30:11 +0000 Enoch Yiu Enoch Yiu The London Metal Exchange (LME) is exploring the idea of adding a warehouse in Hong Kong to its global network to meet rising demand for the physical exchange of metals such as aluminium and zinc between mainland China and the rest of the world, according to its CEO Matthew Chamberlain. “The fantastic connectivity that we have here in Hong Kong to the mainland is really exciting, and that is why I am really enthusiastic about the concept of Hong Kong as a warehousing location,” Chamberlain said... https://www.scmp.com/business/china-business/article/3268236/lme-mulls-warehouse-hong-kong-tap-chinas-growing-metals-trade-global-investors?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3268236/lme-mulls-warehouse-hong-kong-tap-chinas-growing-metals-trade-global-investors?utm_source=rss_feed Thu, 27 Jun 2024 05:49:51 +0000 The London Metal Exchange (LME) is studying Hong Kong as a location to expand its global metal warehouse network, five sources with knowledge of the matter said, hopeful success there might open the door to mainland China, its ultimate target. Registering warehouses in China, the world’s largest consumer of industrial metals, to store metal traded on the LME has been a strategic aim since Hong Kong Exchanges and Clearing (HKEX) bought the LME in 2012 for US$2.2 billion. In a presentation made to... https://www.scmp.com/business/commodities/article/3250246/hkex-owned-london-metal-exchange-targets-hong-kong-option-warehouse-expansion-sources-say?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3250246/hkex-owned-london-metal-exchange-targets-hong-kong-option-warehouse-expansion-sources-say?utm_source=rss_feed Tue, 30 Jan 2024 04:17:22 +0000 The London Metal Exchange (LME) is planning to launch new metals contracts using prices from the Shanghai Futures Exchange (ShFE), three industry sources familiar with the matter said, further increasing China’s influence on global metals markets. Collaboration between the 146-year-old LME and ShFE was mentioned briefly by LME’s CEO Matthew Chamberlain in October at the annual LME Week dinner, without any detail. Two years ago the idea of China allowing an overseas exchange to use domestic... https://www.scmp.com/business/commodities/article/3245534/hkex-owned-lme-plans-new-metals-contracts-using-shanghai-futures-exchange-prices-sources?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3245534/hkex-owned-lme-plans-new-metals-contracts-using-shanghai-futures-exchange-prices-sources?utm_source=rss_feed Tue, 19 Dec 2023 02:02:53 +0000 The London Metal Exchange and its parent, Hong Kong Exchanges and Clearing (HKEX), are ready to move forward and reboot investor confidence after winning a legal battle against American financial firms over cancelled nickel trades last year. “It is now time to look forward to the incredible opportunities ahead and the key role that the LME will continue to play in the pricing of the metal that will shape the industries and technologies of tomorrow,” said Nicolas Aguzin, the chief executive... https://www.scmp.com/business/commodities/article/3243346/hkex-and-lme-look-tap-incredible-opportunities-restore-confidence-after-winning-legal-battle-over?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3243346/hkex-and-lme-look-tap-incredible-opportunities-restore-confidence-after-winning-legal-battle-over?utm_source=rss_feed Thu, 30 Nov 2023 07:35:28 +0000 When London Metal Exchange (LME) CEO Matthew Chamberlain went to bed on March 7 of last year, he believed the nickel market was still acting orderly despite a frenetic period of trading that had seen the price of the nickel rise as much as 65 per cent over the course of the day. But, by the time he arose at 5.30am London time the next morning and briefly scanned his mobile telephone, Chamberlain said in court documents that he was alarmed by “extreme price movements in nickel” at a level he had... https://www.scmp.com/business/banking-finance/article/3226885/lmes-nickel-crisis-decision-heart-dispute-uk-judicial-review-involving-us12-billion-cancelled-trades?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3226885/lmes-nickel-crisis-decision-heart-dispute-uk-judicial-review-involving-us12-billion-cancelled-trades?utm_source=rss_feed Fri, 07 Jul 2023 22:30:10 +0000 The London Metal Exchange (LME) faced a “death spiral” in nickel and its other metals markets with as many as a dozen of its members at risk of default if it failed to step in and stabilise the nickel market during a period of chaos last year, a lawyer for the bourse told a London court on Thursday. US hedge fund Elliott Associates and Jane Street Global Trading, which describes itself as a market maker, have sued the Hong Kong Exchanges and Clearing (HKEX)-owned bourse in London’s high court... https://www.scmp.com/business/banking-finance/article/3225057/lme-faced-death-spiral-many-dozen-firms-risk-default-amid-nickel-chaos-lawyer?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3225057/lme-faced-death-spiral-many-dozen-firms-risk-default-amid-nickel-chaos-lawyer?utm_source=rss_feed Thu, 22 Jun 2023 22:00:09 +0000 The London Metal Exchange (LME) had no senior staff on duty monitoring trading in the early morning hours as nickel prices spiked last year before it decided to cancel billions of dollars of trades, a lawyer for one of two firms suing the bourse has argued. US hedge fund Elliott Associates and Jane Street Global Trading, which describes itself as a market maker, have sued the Hong Kong Exchanges and Clearing (HKEX)-owned bourse in London’s high court, claiming the exchange made an “irrational”... https://www.scmp.com/business/banking-finance/article/3224932/lme-lacked-senior-staff-monitoring-trading-nickel-prices-spiked-jane-street?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3224932/lme-lacked-senior-staff-monitoring-trading-nickel-prices-spiked-jane-street?utm_source=rss_feed Wed, 21 Jun 2023 22:00:25 +0000 The London Metal Exchange (LME) made a “wholly unprecedented decision” to cancel nickel trades in March 2022 when it had other less extreme options at hand after a surge in nickel prices forced it to suspend trading last year, according to two funds suing the bourse in London. Among its options, the Hong Kong Exchanges and Clearing (HKEX)-owned bourse could have set the margin price at the closing nickel price on March 7, the day before it suspended trading, according to Elliott Associates and... https://www.scmp.com/business/banking-finance/article/3224793/lme-had-options-avoid-cancelling-trades-during-last-years-nickel-crisis-funds-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3224793/lme-had-options-avoid-cancelling-trades-during-last-years-nickel-crisis-funds-say?utm_source=rss_feed Tue, 20 Jun 2023 22:00:18 +0000 The London Metal Exchange (LME) is preparing to defend itself in court on Tuesday, more than a year after it was forced to suspend nickel trading following a short squeeze that threatened to destabilise the global market in March 2022. US hedge fund Elliott Associates and quantitative investing firm Jane Street Global Trading have sued the 146-year-old bourse in London, saying its actions to stem the chaos favoured some clients over others and violated their rights under the European Convention... https://www.scmp.com/business/banking-finance/article/3224512/lme-set-defend-itself-3-day-trial-london-over-nickel-chaos-last-years-trading-freeze?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3224512/lme-set-defend-itself-3-day-trial-london-over-nickel-chaos-last-years-trading-freeze?utm_source=rss_feed Sun, 18 Jun 2023 22:30:13 +0000 The CEO of London Metal Exchange (LME) said the 146-year-old metal trading bourse is making incremental progress in reviving investors’ confidence after last year’s chaos, hoping to gain a stronger presence in Asia. “I don’t think restoring confidence is something that just happens overnight,” Matthew Chamberlain told the Post on the sidelines of the LME Asia Metals Seminar in Hong Kong on Tuesday. “Every day you have to show you’re doing something to earn that trust, and people have to see the... https://www.scmp.com/business/china-business/article/3220769/lme-making-incremental-progress-reviving-investor-confidence-after-last-years-nickel-fiasco-ceo?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3220769/lme-making-incremental-progress-reviving-investor-confidence-after-last-years-nickel-fiasco-ceo?utm_source=rss_feed Tue, 16 May 2023 22:00:20 +0000 Qianhai Mercantile Exchange (QME), a Chinese commodities trading platform, is working with its sister company, the London Metal Exchange, to launch battery metal contracts. The bourse, owned by Hong Kong Exchanges and Clearing (HKEX), was studying the possibility of offering investors the chance to buy and sell spot contracts of lithium carbonate, nickel sulphate and cobalt, said Dong Feng, general manager of the QME. Cobalt, lithium and nickel are the three critical metals used to make... https://www.scmp.com/business/commodities/article/3220757/lme-works-chinese-commodities-exchange-launch-ev-battery-metal-contracts-demand-prices-surge?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3220757/lme-works-chinese-commodities-exchange-launch-ev-battery-metal-contracts-demand-prices-surge?utm_source=rss_feed Tue, 16 May 2023 10:29:45 +0000 The London Metal Exchange (LME) has unveiled its long-awaited “action plan” to improve its markets a year after a short squeeze threatened to destabilise the global nickel market, saying it would overhaul its margin requirements and introduce a new nickel contract focused on the Asian markets to improve liquidity. As part of a two-year overhaul, the Hong Kong Exchanges and Clearing (HKEX)-owned bourse also said it would seek to further enhance its monitoring of liquidity and over-the-counter... https://www.scmp.com/business/banking-finance/article/3215468/lme-overhaul-margins-introduce-new-nickel-contract-market-revamp?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3215468/lme-overhaul-margins-introduce-new-nickel-contract-market-revamp?utm_source=rss_feed Thu, 30 Mar 2023 15:52:52 +0000 This is the second part of a two-part series looking at upcoming changes at Hong Kong Exchanges and Clearing Limited, which operates the Hong Kong bourse and owns the London Metal Exchange. The fallout from the chaos in nickel trading last March has hurt volumes at the 146-year-old commodities bourse, spawned lawsuits and emboldened potential competitors. Part one is here. The London Metal Exchange (LME) is still struggling to regain its reputation and standing as the predominant market for... https://www.scmp.com/business/banking-finance/article/3213837/london-metal-exchange-owned-hkex-seeks-rebuild-reputation-dominance-year-after-nickel-chaos?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3213837/london-metal-exchange-owned-hkex-seeks-rebuild-reputation-dominance-year-after-nickel-chaos?utm_source=rss_feed Sat, 18 Mar 2023 02:00:18 +0000 The London Metal Exchange (LME), a unit of Hong Kong Exchanges and Clearing Limited (HKEX), has been hit by another lawsuit by global hedge funds and commodity traders, a year after a nickel squeeze sparked wild prices and prompted the bourse to cancel trading contracts. AQR Capital Management, DRW Commodities, Flow Traders, Capstone Investment Advisors and Winton Capital Management are seeking about £80 million (US$96.2 million) in damages from LME and LME Clear, according to a stock exchange... https://www.scmp.com/business/banking-finance/article/3212606/hedge-funds-sue-hkexs-london-metal-exchange-us96-million-over-2022-nickel-trading-fiasco?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212606/hedge-funds-sue-hkexs-london-metal-exchange-us96-million-over-2022-nickel-trading-fiasco?utm_source=rss_feed Tue, 07 Mar 2023 03:14:11 +0000 Britain’s financial regulator has opened an enforcement investigation into the London Metal Exchange’s (LME) handling of a chaotic period in the nickel market last year that led to a temporary trading suspension and prompted a series of lawsuits from investors. The Financial Conduct Authority (FCA) said it had reviewed the events that forced the Hong Kong Exchanges and Clearing (HKEX)-owned bourse to halt trading in nickel and cancel thousands of trades in the early hours of March 8, 2022, and... https://www.scmp.com/business/banking-finance/article/3212297/hkex-owned-lmes-handling-2022-nickel-chaos-faces-scrutiny-british-financial-watchdog-opens?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212297/hkex-owned-lmes-handling-2022-nickel-chaos-faces-scrutiny-british-financial-watchdog-opens?utm_source=rss_feed Fri, 03 Mar 2023 13:00:17 +0000 An independent review has recommended the London Metal Exchange (LME) tighten its rules to improve its ability to identify and prevent future market distortions similar to those that triggered a chaotic period in the nickel market last year and prompted lawsuits from investors. The Hong Kong Exchanges and Clearing (HKEX)-owned bourse said it was “committed to taking all the necessary steps” to rebuild public confidence in its metals market, and would unveil an implementation plan in response to... https://www.scmp.com/business/banking-finance/article/3206324/hkex-owned-london-metal-exchange-should-tighten-rules-prevent-further-market-distortions-oliver?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3206324/hkex-owned-london-metal-exchange-should-tighten-rules-prevent-further-market-distortions-oliver?utm_source=rss_feed Tue, 10 Jan 2023 15:00:28 +0000 Copper, a darling of the global economic recovery from the pandemic, tumbled to its lowest level in 20 months as fears of a worldwide recession continued to mount, damping the outlook for demand of the metal used in everything from automobiles to homes to iPhones. The red metal dropped below US$7,000 a ton for the first time since November 2020, capping a 35 per cent decline from the all-time high it touched just four months ago when investors worried Russia’s invasion of Ukraine would further... https://www.scmp.com/business/commodities/article/3185407/copper-sell-deepens-amid-mounting-concerns-worldwide-recession?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3185407/copper-sell-deepens-amid-mounting-concerns-worldwide-recession?utm_source=rss_feed Fri, 15 Jul 2022 07:41:32 +0000 China’s 2060 carbon neutrality goal and urbanisation will be key drivers of demand for commodities globally in the post coronavirus pandemic era, creating huge opportunities for Hong Kong, according to Nicolas Aguzin. “As the world recovers from the pandemic, the London Metal Exchange [LME] has seen increasing participation by clients from China,” Aguzin, CEO of bourse operator Hong Kong Exchanges and Clearing (HKEX), which owns the UK exchange, told the LME Asia Metals Seminar 2022 on Tuesday.... https://www.scmp.com/business/article/3185036/hong-kong-benefit-chinas-carbon-neutral-goal-and-urbanisation-drive?utm_source=rss_feed https://www.scmp.com/business/article/3185036/hong-kong-benefit-chinas-carbon-neutral-goal-and-urbanisation-drive?utm_source=rss_feed Tue, 12 Jul 2022 13:30:24 +0000 The London Metal Exchange (LME) has appointed consultants Oliver Wyman to conduct an independent review into the issues that triggered a chaotic period in the nickel market earlier this year and prompted lawsuits from investors. The Hong Kong Exchanges and Clearing (HKEX)-owned bourse halted trading in nickel and cancelled thousands of trades in the early hours of March 8 as soaring prices threatened to destabilise the market. It was only the second time in the 145-year-old bourse’s history that... https://www.scmp.com/business/banking-finance/article/3182859/lme-names-consultants-oliver-wyman-conduct-independent?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3182859/lme-names-consultants-oliver-wyman-conduct-independent?utm_source=rss_feed Thu, 23 Jun 2022 22:00:33 +0000 The London Metal Exchange (LME) said it would require members to report off-exchange positions in some metals weekly as it seeks to address issues that helped fuel a chaotic period in the nickel market earlier this year. The Hong Kong Exchanges and Clearing (HKEX)-owned bourse halted trading in nickel and cancelled thousands of trades in the early hours of March as soaring prices threatened to destabilise the market amid a short squeeze that triggered billions of dollars in margin calls. Last... https://www.scmp.com/business/banking-finance/article/3182170/lme-require-weekly-otc-position-reporting-it-seeks-address?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3182170/lme-require-weekly-otc-position-reporting-it-seeks-address?utm_source=rss_feed Fri, 17 Jun 2022 23:00:13 +0000 When Hong Kong Exchanges and Clearing (HKEX) acquired the 145-year-old London Metal Exchange (LME) in 2012, it was hoped that the Hong Kong bourse operator would extend its role as a “super-connector” and link China’s commodity markets with the world through the UK-based exchange. Tens years later – as the London bourse embarks on a reputation rebuilding exercise after having to cancel trading for only the second time in its history in March – some are asking whether the £1.39 billion (US$1.7... https://www.scmp.com/business/banking-finance/article/3178979/hkex-hoped-alchemy-would-turn-acquisition-century-old?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3178979/hkex-hoped-alchemy-would-turn-acquisition-century-old?utm_source=rss_feed Tue, 14 Jun 2022 03:00:21 +0000 An influential trade body representing some of the world’s biggest hedge funds has filed a formal complaint with the London Metal Exchange (LME) over its handling of a chaotic period that saw trading in nickel suspended in early March. The Managed Funds Association (MFA), in a letter, claims the LME failed to properly carry out its regulatory obligations when it halted nickel trading and cancelled thousands of trades made during the early hours of March 8 as the metal price surged. It was only... https://www.scmp.com/business/banking-finance/article/3180931/hedge-fund-group-files-complaint-against-lme-over-march?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3180931/hedge-fund-group-files-complaint-against-lme-over-march?utm_source=rss_feed Wed, 08 Jun 2022 15:03:21 +0000 The London Metal Exchange (LME) is being sued for a second time in less than a week, as legal challenges mount over its decision to suspend and cancel nickel futures trades in March. Jane Street Global Trading, a quantitative trading firm, filed a judicial review against LME on Monday and is seeking US$15.3 million from the exchange. Both LME and its clearing house have been named as defendants. Jane Street Global’s suit follows a US$456 million lawsuit filed by affiliates of American hedge fund... https://www.scmp.com/business/banking-finance/article/3180685/lme-court-again-faces-us153-million-suit-trading-firm-jane?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3180685/lme-court-again-faces-us153-million-suit-trading-firm-jane?utm_source=rss_feed Tue, 07 Jun 2022 04:31:44 +0000 The London Metal Exchange (LME) has been sued in the British courts by affiliates of American hedge fund Elliott Management over its controversial decision in early March to suspend trading of nickel futures contracts and cancel trades in the metal amid a short squeeze on the century-old bourse. Elliott International and Elliott Associates have filed a judicial review claim in England’s High Court of Justice against LME for US$456 million, claiming that the trading suspension and trades... https://www.scmp.com/business/banking-finance/article/3180528/lme-faces-elliott-internationals-us456-million-law-suit?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3180528/lme-faces-elliott-internationals-us456-million-law-suit?utm_source=rss_feed Mon, 06 Jun 2022 01:58:53 +0000 The London Metal Exchange (LME) has proposed a new requirement that its members report their off-exchange positions in some metals, as it seeks to rebuild its reputation following a turbulent period in nickel trading earlier this year. The Hong Kong Exchanges and Clearing (HKEX)-owned bourse has asked for feedback on a plan to require its members to report their over-the-counter (OTC) positions on a weekly basis for metals contracts that require the metal to be physically delivered when a... https://www.scmp.com/business/banking-finance/article/3177710/lme-seeks-require-otc-position-reporting-it-rebuilds-its?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3177710/lme-seeks-require-otc-position-reporting-it-rebuilds-its?utm_source=rss_feed Fri, 13 May 2022 13:00:27 +0000 London Metal Exchange CEO Matthew Chamberlain will stay in his role, abandoning a plan to leave in May as the 145-year-old bourse tries to recover from a chaotic period in nickel trading that tarnished its reputation, the exchange said on Wednesday. Chamberlain announced in January that he was planning to step down next month for a top role at Komainu, a custody business for cryptocurrencies and other digital assets backed by digital asset firm CoinShares, crypto-wallet company Ledger and... https://www.scmp.com/business/banking-finance/article/3175713/lme-ceo-matthew-chamberlain-stay-bourse-recovers-nickel?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3175713/lme-ceo-matthew-chamberlain-stay-bourse-recovers-nickel?utm_source=rss_feed Wed, 27 Apr 2022 11:42:54 +0000 Britain’s financial regulators plan to conduct a review of the London Metal Exchange’s handling of an unprecedented suspension of nickel trading amid a short squeeze last month and its chaotic resumption a week later. The metals bourse, which is owned by Hong Kong Exchanges & Clearing (HKEX), suspended nickel trading and cancelled all transactions on March 8 after prices surged 250 per cent in just over 24 hours, threatening dozens of short sellers, including the world’s largest stainless steel... https://www.scmp.com/business/banking-finance/article/3173019/uk-financial-regulators-review-lmes-handling-nickel?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3173019/uk-financial-regulators-review-lmes-handling-nickel?utm_source=rss_feed Mon, 04 Apr 2022 10:00:27 +0000 The London Metal Exchange (LME) is hobbling back to normalcy more than three weeks after an unprecedented suspension disrupted the trading of nickel contracts, rising questions about the viability of the century-old market place. Owned by Hong Kong’s stock exchange operator since 2012, the LME was raked over the coals for its March 8 decision to cancel transactions after it halted nickel trading. A 250-per cent price surge in just over 24 hours imperilled dozens of short sellers, the biggest... https://www.scmp.com/business/banking-finance/article/3172753/lmes-nickel-rout-worlds-metals-trading-hub-grapples-its?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3172753/lmes-nickel-rout-worlds-metals-trading-hub-grapples-its?utm_source=rss_feed Sat, 02 Apr 2022 03:30:16 +0000 The unprecedented surge in nickel prices this month was an extraordinary event that threatened market stability, forcing the London Metal Exchange to do “something we never wanted to have to do”, according to the bourse’s CEO, Matthew Chamberlain. The bourse, which is owned by Hong Kong Exchanges and Clearing (HKEX), suspended trading for more than a week and cancelled billions of dollars of trades on March 8 amid a run up in commodity prices that saw nickel top US$100,000 a tonne the same day... https://www.scmp.com/business/banking-finance/article/3172377/london-metal-exchange-ceo-nickel-surge-threatened-market?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3172377/london-metal-exchange-ceo-nickel-surge-threatened-market?utm_source=rss_feed Wed, 30 Mar 2022 09:30:21 +0000 Chinese smart electric vehicle start-up NIO said a shortage of chips could affect production in 2022, challenging its efforts to surpass last year’s more than doubling of sales. “Chip supply is a big challenge [for us],” William Li, co-founder and CEO, said on an earnings call on Friday. “The main challenge is in some common and cheap chips, which will affect our production this year.” Li said the carmaker uses some 1,000 different chips in each car, and that it faces a shortage of 100 such... https://www.scmp.com/business/china-business/article/3171831/teslas-chinese-rival-nio-warns-chip-shortage-challenge?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3171831/teslas-chinese-rival-nio-warns-chip-shortage-challenge?utm_source=rss_feed Fri, 25 Mar 2022 07:01:17 +0000 Shares of Hong Kong and Moscow-listed aluminium producer Rusal fell by as much as 9 per cent on Monday morning after Australia slapped an immediate ban on the export of key materials bauxite and alumina to Russia. The ban – part of sanctions against Moscow for its invasion of Ukraine – on shipments of bauxite ore and intermediate product alumina was imposed on Sunday. Given that Russia relies on Australia for about 20 per cent of its alumina needs, the ban will limit Russia’s capacity to produce... https://www.scmp.com/business/article/3171224/ukraine-conflict-hong-kong-listed-aluminium-giant-rusals-shares-plunge?utm_source=rss_feed https://www.scmp.com/business/article/3171224/ukraine-conflict-hong-kong-listed-aluminium-giant-rusals-shares-plunge?utm_source=rss_feed Mon, 21 Mar 2022 05:00:27 +0000 The embattled boss of the London Metal Exchange says the banking industry bears some responsibility for the conditions that led to a massive short squeeze that broke the nickel market. Banks last year lobbied against efforts to increase transparency in metals markets, LME chief executive officer Matthew Chamberlain said in an interview. The proposed changes would have allowed the LME to crack down on the large short position held by Tsingshan Holding Group Co before it caused an unprecedented... https://www.scmp.com/business/markets/article/3171094/lme-boss-says-banks-are-partly-blame-nickel-short-squeeze?utm_source=rss_feed https://www.scmp.com/business/markets/article/3171094/lme-boss-says-banks-are-partly-blame-nickel-short-squeeze?utm_source=rss_feed Sat, 19 Mar 2022 04:02:24 +0000 The London Metal Exchange (LME) faced another chaotic start to nickel trading on Thursday, as it tried to return to normal after suspending trading for the metal last week for only the second time in its 145-year history amid an unprecedented surge in prices. On Thursday, the bourse, which is owned by Hong Kong Exchanges and Clearing (HKEX), increased the circuit breaker for nickel prices from 5 per cent to 8 per cent above or below the prior day’s closing price in hopes of further opening up... https://www.scmp.com/business/banking-finance/article/3170852/lme-resumes-nickel-trading-after-delayed-opening-sets-new?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3170852/lme-resumes-nickel-trading-after-delayed-opening-sets-new?utm_source=rss_feed Thu, 17 Mar 2022 11:35:43 +0000 The London Metal Exchange (LME) temporarily suspended electronic trading of nickel just minutes into its session early on Wednesday, a week after a surge in prices spurred billions of dollars in margin calls and forced the Hong Kong Exchanges & Clearing (HKEX)-owned bourse to suspend trading of the commodity for the second time in its history. The 145-year-old bourse reopened for electronic trading after 2pm GMT, but only saw limited trades in another chaotic day in the nickel market. The LME... https://www.scmp.com/business/banking-finance/article/3170707/lme-nickel-mayhem-londons-trading-stops-soon-it-begins-new?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3170707/lme-nickel-mayhem-londons-trading-stops-soon-it-begins-new?utm_source=rss_feed Wed, 16 Mar 2022 11:50:34 +0000 James Fok, a key Executive behind bourse operator Hong Kong Exchanges and Clearing’s surprise US$38.8 billion bid to buy the London Stock Exchange in September, has stepped down as head of group strategy and has been seconded to British unit London Metal Exchange. The transfer, confirmed by a spokesman on Friday, is being viewed as the first major staff movement following the failed bid, which would have led to the largest ever merger between two exchanges. He has been succeeded by Till Rosar, a... https://www.scmp.com/business/companies/article/3044559/key-hkex-executive-behind-failed-bid-buy-lse-steps-down-seconded?utm_source=rss_feed https://www.scmp.com/business/companies/article/3044559/key-hkex-executive-behind-failed-bid-buy-lse-steps-down-seconded?utm_source=rss_feed Fri, 03 Jan 2020 11:47:02 +0000 Hong Kong Exchanges and Clearing Limited (HKEX), the owner of the world’s largest market for base metals, is in talks with the Guangdong provincial government to open its first authorised warehouse in one of the nine cities in the Greater Bay Area. The proposed warehouse, to be authorised by the Hong Kong bourse’s wholly owned London Metal Exchange (LME) unit, will be a breakthrough as it adds a vital waypoint for the physical delivery of metal contracts traded on the marketplace. Currently,... https://www.scmp.com/business/companies/article/3009172/hong-kong-exchange-talks-open-first-foreign-operated-metals?utm_source=rss_feed https://www.scmp.com/business/companies/article/3009172/hong-kong-exchange-talks-open-first-foreign-operated-metals?utm_source=rss_feed Tue, 07 May 2019 07:15:14 +0000 The London Metal Exchange will begin offering contracts in metals used in batteries within 18 months to capture the huge opportunities created by the rise of the electric car, according to its chief. Demand for metals including lithium, cobalt, nickel, graphite and manganese has surged with the growth in electric vehicles, particularly in China, which has become the largest electric car market worldwide as the government aggressively pushed development to deal with serious pollution... https://www.scmp.com/business/money/markets-investing/article/2146540/lme-takes-aim-booming-electric-car-market-new?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/2146540/lme-takes-aim-booming-electric-car-market-new?utm_source=rss_feed Thu, 17 May 2018 06:25:04 +0000 US bank JP Morgan is quitting open outcry trading on the London Metal Exchange after cutting back on its commodity business, a move that also shows the increasing importance of electronic dealing in metals. The change reduces the number of financial institutions trading in the LME "ring" to nine and raises questions about the future of open outcry after most other markets have shifted to all-electronic formats. The LME is the only exchange in Europe continuing the open outcry practice. During... https://www.scmp.com/business/commodities/article/1856245/jp-morgan-stop-open-outcry-trading-london-metal-exchange?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1856245/jp-morgan-stop-open-outcry-trading-london-metal-exchange?utm_source=rss_feed Tue, 08 Sep 2015 05:33:05 +0000 The London Metal Exchange hopes its links to Asia and expertise in physical metals will help it win the right to manage the century-old London gold pricing benchmark, chief executive Garry Jones said. The 137-year-old exchange was also upbeat that mainland regulators would allow it to extend its global base metals warehouse network there, perhaps next year, Jones said, in what would be a key element in its strategy to capture more business from the world's biggest metals consumer. The LME, owned... https://www.scmp.com/business/commodities/article/1620912/lme-plays-asia-card-bid-gold-pricing-job?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1620912/lme-plays-asia-card-bid-gold-pricing-job?utm_source=rss_feed Mon, 20 Oct 2014 20:45:15 +0000