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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.
- A delivery warehouse on the mainland will add to the LME’s Asia network which comprises Taiwan, South Korea and Singapore
- The world’s largest metal exchange also wants to launch six US dollar-denominated metal contracts this year in Hong Kong, a second launch after the first yuan-denominated financial instruments flopped
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 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.
This is not a takeover; it is a marriage." That is how Charles Li Xiaojia, the chief executive of Hong Kong Exchanges and Clearing, described the £1.38 billion (HK$17.2 billion) purchase of the London Metal Exchange back in 2012.
This is not a takeover; it is a marriage." That is how Charles Li Xiaojia, the chief executive of Hong Kong Exchanges and Clearing, described the £1.38 billion (HK$17.2 billion) purchase of the London Metal Exchange back in 2012.
Fresh from a court victory in Britain, the London Metal Exchange now faces one of the biggest hurdles yet in its years-long crisis over its warehousing policy that consumers say has inflated prices: convincing US lawmakers its reforms are enough.
Fresh from a court victory in Britain, the London Metal Exchange now faces one of the biggest hurdles yet in its years-long crisis over its warehousing policy that consumers say has inflated prices: convincing US lawmakers its reforms are enough.
London Metal Exchange will increase its average transaction fees by 34 per cent in January as its first step to turn itself into a profit-making company.
London Metal Exchange will increase its average transaction fees by 34 per cent in January as its first step to turn itself into a profit-making company.
While the HKEx has been busy getting into bed with former rival Shanghai to develop cross-trading of stocks, some brokers wonder whether the local bourse was wise to cut a big cheque to buy the London Metal Exchange.
While the HKEx has been busy getting into bed with former rival Shanghai to develop cross-trading of stocks, some brokers wonder whether the local bourse was wise to cut a big cheque to buy the London Metal Exchange.
High-level talks are under way to deliver seamless access between mainland and international commodities markets, the chief executive of the London Metal Exchange told the South China Morning Post.
High-level talks are under way to deliver seamless access between mainland and international commodities markets, the chief executive of the London Metal Exchange told the South China Morning Post.
Hong Kong Exchanges and Clearing's plan to introduce the Hong Kong version of the London Metal Exchange platform this year is a baby step to kick off the local commodities market, but brokers and observers warned there will be challenges in developing the new market.
Hong Kong Exchanges and Clearing's plan to introduce the Hong Kong version of the London Metal Exchange platform this year is a baby step to kick off the local commodities market, but brokers and observers warned there will be challenges in developing the new market.
A series of public and private meetings between the London Metal Exchange and its staunchest critics in the United States has revealed a small but significant shift in a years-long crisis over the exchange's warehousing policy, sources said.
A series of public and private meetings between the London Metal Exchange and its staunchest critics in the United States has revealed a small but significant shift in a years-long crisis over the exchange's warehousing policy, sources said.
Hong Kong Exchanges & Clearing is selling US$1 billion in new shares to fund its purchase of the London Metal Exchange, approved on Thursday by the British regulator.
Hong Kong Exchanges & Clearing is selling US$1 billion in new shares to fund its purchase of the London Metal Exchange, approved on Thursday by the British regulator.
Commodities brokers and buyers say Hong Kong does not yet have the trading infrastructure to be a major commodities centre. That may change in the future as traders seek to take advantage of growing demand for commodities from the mainland.
Commodities brokers and buyers say Hong Kong does not yet have the trading infrastructure to be a major commodities centre. That may change in the future as traders seek to take advantage of growing demand for commodities from the mainland.
Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia tried to assure members of the London Metal Exchange and mainlanders yesterday that HKEx's plans to expand into commodities would not be a threat to them.
Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia tried to assure members of the London Metal Exchange and mainlanders yesterday that HKEx's plans to expand into commodities would not be a threat to them.
London Metal Exchange's newly appointed chief executive Garry Jones said he would focus on expansion in the mainland and would launch new products beyond metal futures trading.
London Metal Exchange's newly appointed chief executive Garry Jones said he would focus on expansion in the mainland and would launch new products beyond metal futures trading.
Mainland commodity exchanges are looking to co-operate with Hong Kong Exchanges and Clearing in developing the trading of new commodities and cross-listing their products.
Mainland commodity exchanges are looking to co-operate with Hong Kong Exchanges and Clearing in developing the trading of new commodities and cross-listing their products.
Hong Kong Exchanges and Clearing's board will meet in London today to map out future strategies for the London Metal Exchange after coming under intense criticism for failing to promote commodities trading in Hong Kong.
Hong Kong Exchanges and Clearing's board will meet in London today to map out future strategies for the London Metal Exchange after coming under intense criticism for failing to promote commodities trading in Hong Kong.
A judge has dismissed London Metal Exchange as a defendant from US antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminium prices by restricting supply, hurting manufacturers and purchasers.
A judge has dismissed London Metal Exchange as a defendant from US antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminium prices by restricting supply, hurting manufacturers and purchasers.
The world’s two biggest aluminium producers are calling on the London Metal Exchange (LME) to boost transparency by releasing more detailed data on long and short positions as well as about who are holding inventories.
The world’s two biggest aluminium producers are calling on the London Metal Exchange (LME) to boost transparency by releasing more detailed data on long and short positions as well as about who are holding inventories.