LME
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LME

LME
LME
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.
last updated:
26 August, 2024
A drone view shows Riyadh, Saudi Arabia on November 15, 2024. Photo: Reuters
Hong Kong stock market

Hong Kong bridges China, Asean, Middle East as ties grow: HKEX official

Office in Riyadh and plans for metal warehouse underscore HKEX’s role, Vanessa Lau says at Asian Financial Forum.

Banking & finance

Exclusive | Hong Kong’s potential as commodities hub draws expansion by Marex Group

Hong Kong economy

Opinion | A HKEX shift into data and connectivity could put Hong Kong on top again

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London Metal Exchange

LME eyes Hong Kong for warehouse to tap China’s growing metals trade with world

The bourse owned by HKEX 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.

An employee checks aluminium for export at Qingdao Port, Shandong province. The LME is exploring the idea of setting up a warehouse in Hong Kong to meet rising demand for the physical exchange of metals such as aluminium and zinc between mainland China and the rest of the world. Photo: Reuters
Hong Kong

HKEX-owned LME targets Hong Kong as option for warehouse expansion: sources

The LME is studying Hong Kong as a location to expand its global metal warehouse network, five sources said, hopeful success in the city might open the door to mainland China, its ultimate target.

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HKEX

LME plans new metals contracts using Shanghai Futures Exchange prices: sources

The London Metal Exchange is planning to launch new metals contracts using prices from the Shanghai Futures Exchange, three sources said, further increasing China’s influence on global metals markets.

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HKEX

HKEX, LME relish ‘incredible opportunities’ after winning nickel lawsuit

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.

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Hong Kong-based brokers believe the ruling will allow HKEX to develop its commodities trading business. Photo: Jonathan Wong
Banking & finance

In nickel traders vs LME, lawyers spar over US$12 billion in cancelled trades

Judicial review of London Metal Exchange’s decision to cancel trades in March 2022 has potential to dramatically reshape how bourses respond to extraordinary market events in the future.

Banking & finance

LME faced ‘death spiral’ had it failed to act during nickel chaos: lawyer

The London Metal Exchange was forced to step in to stabilise the nickel market in March 2022 as chaos in the market put several members at risk of default and would have depleted the bourse’s fund to close out defaulted members’ positions, the bourse’s lawyer said.

Banking & finance

LME lacked senior staff monitoring trading as nickel prices spiked: Jane Street

HKEX-owned bourse made ‘irrational’ decision to cancel trades amid nickel market chaos on March 8, 2022, Jane Street lawyer said.

Traders, brokers and clerks on the trading floor of the open outcry pit at the London Metal Exchange in February 2022. Photo: Bloomberg
Banking & finance

LME had options to avoid cancelling trades during nickel crisis, funds say

A judicial review in London is considering claims by Elliott Associates and Jane Street Global Trading that they were disenfranchised by LME’s response to chaos in the nickel market.

Traders, brokers and clerks operate on the trading floor of the open outcry pit at the London Metal Exchange in February 2022. Photo: Bloomberg
Banking & finance

LME set to defend itself in 3-day trial in London over nickel chaos

The HKEX-owned bourse faces lawsuits from US hedge fund Elliott Associates and quantitative investing firm Jane Street Global Trading over its decision to suspend trading and cancel nickel trades in March 2022.

HKEX

LME makes progress in reviving investor confidence after nickel fiasco: CEO

The 146-year-old metal trading bourse is doing something every day to earn investors’ trust, CEO Matthew Chamberlain says. This includes a two-year action plan to revive its markets.

HKEX

LME works with Chinese counterpart to launch EV battery metal contracts

The bourses, both owned by Hong Kong Exchanges and Clearing, are together studying the possibility of offering investors the chance to buy and sell contracts of lithium carbonate, nickel sulphate and cobalt, said Dong Feng, general manager of the QME.

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A worker checking lithium car batteries at a factory for in Nanjing in China’s eastern Jiangsu province. Photo: AFP
Banking & finance

LME to overhaul margins, introduce new nickel contract in market revamp

With its new “action plan”, the Hong Kong Exchanges and Clearing-owned bourse is seeking to rebuild investor confidence a year after chaos in nickel market.

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Traders, brokers and clerks on the trading floor of the open outcry pit at the London Metal Exchange in February 2022. Photo: Bloomberg
Banking & finance

Can HKEX-owned LME rebuild its reputation a year after nickel chaos?

The fallout from chaos in the nickel market last March has hurt volumes at the Hong Kong Exchanges and Clearing-owned London Metal Exchange and emboldened potential competitors as the bourse prepares to relaunch trading during Asian business hours.

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Commodities

Hedge funds sue London Metal Exchange for US$96 million over nickel rout

A group of hedge funds and traders are seeking about £80 million (US$96.2 million) from the London Metal Exchange and LME Clear for alleged losses tied to cancelled nickel contracts in March 2022.

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Banking & finance

British financial watchdog opens enforcement inquiry into LME nickel chaos

The Financial Conduct Authority will investigate the London Metal Exchange’s conduct and controls after last year’s temporary suspension of nickel trading.

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Traders, brokers and clerks on the trading floor of the open outcry pit at the London Metal Exchange in London in February 2022. Photo: Bloomberg
Banking & finance

HKEX-owned LME should tighten rules to prevent further market distortions: review

The 146-year-old 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 recommendations by consultant Oliver Wyman by the end of the first quarter.

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Commodities

Copper sell-off deepens to 20-month low on global recession fears

The decline comes amid ongoing concerns that China won’t recover quickly from Covid-related shutdowns and cascading US inflation threatens a recession in the world’s largest economy.

HKEX

Hong Kong to benefit from China’s commodities demand in post-Covid era

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, CEO of bourse operator Hong Kong Exchanges and Clearing.

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Aguzin says the London Metal Exchange has seen increasing participation by clients from China, as the world recovers from the pandemic. Photo: Jelly Tse
Banking & finance

LME hires Oliver Wyman to review nickel trading chaos amid lawsuits

Oliver Wyamn’s review will run until December and examine issues that forced the London bourse to suspend nickel trading and cancel completed trades in March.

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Traders work on the floor of the London Metal Exchange, in London, Britain September 27, 2018. Photo: Reuters
Banking & finance

LME to require weekly OTC position reporting as it seeks to address nickel chaos

LME CEO Matthew Chamberlain has said the lack of transparency in OTC positions made it difficult to manage the chaotic situation in the nickel market.

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Hong Kong at 25

HKEX eyed ‘super-connector’ gold with LME deal. What went wrong?

Hong Kong Exchanges and Clearing acquired the 145-year old London Metal Exchange in 2012, extending its role as a ‘super-connector’ by linking China’s commodity markets with the world. It has not gone according to the script.

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Banking & finance

Hedge fund group files complaint against LME over nickel trading chaos

Managed Funds Association, a trade body representing some of the world’s biggest hedge funds, claims LME failed to properly carry out its regulatory obligations by cancelling nickel trades in early March.

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Traders work on the floor of the London Metal Exchange. Photo: Reuters
HKEX

LME in court again, faces US$15.3 million suit over nickel trades cancellation

LME faces second lawsuit in the UK court from trading firm Jane Street Global, over its controversial decision to cancel nickel trades in March.

A file photo of the trading floor of London Metal Exchange from September 2018. The exchange has faced criticism for its decision to cancel transactions after it halted nickel trading amid significant price volatility in March. Photo: Reuters
HKEX

LME faces US$456 million suit for halting nickel trading, cancelled trades

The London Metals Exchange has been sued by two affiliates of American hedge fund Elliott Management for its suspension of nickel futures trading.

Banking & finance

LME seeks to require OTC position reporting after March nickel chaos

New over-the-counter reporting requirement is part of LME’s expected reforms to address conditions that led to a weeklong suspension of nickel trading in March.

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