REVIEW OF 2013: The LME – a year that went with a bang

Ever since Hong Kong Exchanges & Clearing (HKEx) ceo Charles Li signalled he intended to look more closely at warehousing, 2013 was always going to be remembered as the year that the London Metal Exchange took out its bazooka.

Not just took the weapon out, but, after careful consideration of the field of action, lined it up, took aim and then propelled a rocket firmly into the proverbial rear of the warehousing system.
The debate over warehousing has arguably overshadowed other developments at the LME for several years.
Consultation upon consultation had failed to properly tackle what industry participants increasingly viewed as a major problem; namely, long queues in accessing metal from warehouses along with high premiums for physical delivery.
That debate came to a head this summer.
In a surprise move in July, the LME announced proposals designed to address the issues, and launched a three-month long consultation led by the new head of business development, Matt Chamberlain.

That consultation culminated in a tweaking of the original proposal and...

Published

Andrea Hotter

December 30, 2013

09:30 GMT

New York