HKEx to start Asian trading on LME
Source: Bloomberg News |
January 16, 2013, Wednesday
|
Print Edition
Print Edition
HONG Kong Exchanges & Clearing Ltd will start commodities trading and clearing of London Metal Exchange products during Asian hours over the next three years.
The Asian bourse will establish an LME clearinghouse in London, introduce clearing for over-the-counter commodity derivatives and expand the Chinese mainland's participation in the exchange, HKEx said in a statement on its website yesterday. It also wants to establish LME-licensed warehouses on the mainland and explore adding LME's products in Hong Kong.
HKEx bought the LME, the world's largest metals market, in December for US$2.2 billion. The LME started "mini" futures on copper, aluminum and zinc on the Singapore Exchange in 2011 to give retail investors a chance to participate in surging metals prices on demand for industrial metals in China, the world's largest buyer.
The Asian bourse will establish an LME clearinghouse in London, introduce clearing for over-the-counter commodity derivatives and expand the Chinese mainland's participation in the exchange, HKEx said in a statement on its website yesterday. It also wants to establish LME-licensed warehouses on the mainland and explore adding LME's products in Hong Kong.
HKEx bought the LME, the world's largest metals market, in December for US$2.2 billion. The LME started "mini" futures on copper, aluminum and zinc on the Singapore Exchange in 2011 to give retail investors a chance to participate in surging metals prices on demand for industrial metals in China, the world's largest buyer.
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