During the four years after its purchase by Hong Kong Exchanges and Clearing (HKEX), the LME has had a challenging time in moving forward in a much more commercial environment, and has often been at loggerheads with many members and users.
Now, however, with a new CEO – Matt Chamberlain – and a growth plan being enacted, the outlook is brighter.
During 135 years of independence, and since being taken private, the LME has been the premier exchange for the global metal industry; the vast majority of commercial transactions have a price reference discovered on Europe’s last open-outcry trading floor, which is still open for business, even though ring-dealer numbers have fallen to nine firms – there were in excess of 30 in the 1970s heyday.
The LME started life in the 19th century above a City of London hat shop. While the business hub remains in London, its direction...