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Hong Kong Exchanges and Clearing (HKG:0388) has jumped over another hurdle as the High Court of Justice in England and Wales has approved the acquisition of the London Metal Exchange, the local bourse operator said today.

“It is expected that completion of the Acquisition will take place on 6 December 2012 after the delivery of the relevant Court orders to the Registrar of Companies for England and Wales,” HKEx said in a statement.

LME is the world’s premier metal exchange. Data shows that most of the time, particularly during the last few years, its market share of base metal traded products is around 80 to 90 percent.

For the first 10 months of this year, LME saw its daily turnover increased by 8 percent, from the same period a year ago, to above 600,000 lots, said Markey, adding that the metal exchange’s daily turnover increased by 22 percent in 2011.

She pointed out that the trading volumes at LME have been growing each year, even though there was a recession in 2009, and the volume stayed stable and then started to pick up again.

By the end of October, LME accounted for at least 93 percent of global exchange open interest, she added.

Meanwhile, LME’s electronic trading volume also has been increasing rapidly, especially since 2007, when the company extended its trading hours to the Asian time zone.

So far this year, the electronic trading volume at LME has increased by 17 percent from the same period a year ago to around 140,000 lots per day.

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Linda Johnson,
Business Development Director – Private Client Group,
Heffernan Capital Management
Sales@Heffcap.com

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