Hong Kong eyes London Metal Exchange as final bids are made
HONG Kong Exchanges and Clearing yesterday said it was confident of winning an auction to take over the London Metal Exchange, the world’s largest metals trading market.
Speaking after the world’s second-biggest bourse operator by market value posted a seven per cent dip in quarterly profit, HKEx chief exec Charles Li declined to be drawn on a timetable for bids for the 135-year-old LME, which handles about 80 per cent of global metal futures trading and could cost up to £991m. Final bids were due yesterday.
The LME, which is owned by its members and has Europe’s last trading pit where orders are shouted out between traders, has invited binding bids from what is reported to be a shortlist including HKEx, the Chicago Mercantile Exchange, NYSE Euronext and InterContinental Exchange.
“We will continue to consider opportunities of this type. Of course we are confident,” said Li.