Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


HKEX remains committed to LME – CEO

HKEX remains committed to LME – CEO

By Pratima Desai and Polina Devitt

LONDON (Reuters) -Hong Kong Exchanges and Clearing (HKEX) remains committed to the London Metal Exchange (LME), HKEX’s CEO said on Wednesday, dampening speculation it might sell the business following a nickel trading debacle last year.

The metal industry has speculated whether HKEX might sell either the LME or its clearing house, LME Clear, after a chaotic period last year that saw the LME suspend nickel trading for more than a week and cancel all nickel trades for March 8, 2022.

We are very committed to the LME, we think it’s a great institution and we look forward to make progress in all the initiatives that we have in making the market more resilient,” HKEX CEO Nicolas Aguzin told a media briefing after HKEX reported its financial results.

The LME is the world’s largest and oldest metals forum. It is grappling with a lawsuit and reduced nickel trading volumes after the events of March 8, 2022, when nickel prices doubled in a matter of hours.

“Clearly, last year was a difficult year,” Aguzin said.

Legal and professional fees related to the nickel market suspension and consultancy fees for the LME’s improvement programme drove operating expenses of HKEX’s commodities segment up 15% to $591 million in January-June, it said in its results.

The commodities segment includes the LME and China’s Qianhai Mercantile Exchange, a physical commodities trading platform.

Nickel trading volumes revived after the LME restarted trading during Asian hours in March 2023, but are still far from the levels seen in January and February last year, before the crisis.

Higher copper trading volume compensated for low nickel trade and kept total average daily volumes (ADV) for the LME flat in the first half of 2023, HKEX said.

Nickel ADV totalled 37,000 lots – or 222,000 metric tons – down from 60,000 lots a year ago.

“Volumes have been picking up”, especially in the last few days, signalling confidence in the LME service, Aguzin said.

(Reporting by Pratima Desai and Polina DevittEditing by Jason Neely and Mark Potter)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts