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The London Metal Exchange (LME), the world’s premier non-ferrous metals market, today officially launches its flagship Asia office in Singapore. This is the Exchange’s first office outside of London and marks a significant milestone for the business.
The London Metal Exchange Holdings Limited Representative Office in Singapore has opened in response to the fast-growing demand in Asia for metals and commodities and will drive the LME’s growth strategy in the region. The office is headed by Ms Liz Milan, Managing Director for LME Asia and Executive Committee (EXCOM) member.
Commenting on the expansion in Asia, Ms Milan said, “With a growing proportion of trading originating in Asia, we are acutely aware of the importance of addressing the needs of this market, and of being closer to our Asian clients. Singapore’s strategic location within the region, its increasing significance as a major commodities trading hub and as a financial centre in the world has made opening the office here an obvious choice.”
As part of its greater focus on Asia, the LME is keen to identify new contracts and alliances in the region, and the Exchange today also announces that it is entering into discussions with Singapore Exchange (SGX) on the prospect of cooperating in Asia. The scope of any project(s) resulting from talks has yet to be determined; however both exchanges recognise the potential of cooperation.
Hedging and investing in LME contracts has increased greatly in Asia due to their relevance to industrializing and emerging markets. As the Asian Gateway, SGX is a leading venue for commodities, derivatives and securities trading, and brings valuable knowledge and insight of Asian markets to the discussion.
Mr. Magnus Bocker, CEO of SGX said, “We are pleased to work with LME. This relationship will allow both exchanges to maximise their potential in a number of mutually beneficial areas. Interest in commodities remains strong across Asia and we continue to respond to the needs of our customers in those areas of growth.”
Mr. Martin Abbott, Chief Executive of the LME said, “We are excited by the opening of our office in Singapore, which we believe to be the best place for the LME to be positioned in Asia. We believe it will open up many new opportunities for the LME as well as allowing us to maximise our existing significant trading footprint in Asian markets. We also welcome the opportunity to work with SGX, which we consider to be a first class partner, to allow us to achieve our objectives of bringing new opportunities for growth to the LME and to show our commitment to the Asian region.”
