LME warehouses in China ‘more than necessary,’ exec says

Nov 26, 2012 | 12:49 PM | Mark Burton

Tags  LME, HKEx, Hong Kong Exchanges & Clearing, JPMorgan Chase, Christian Schirmeister, Mark Burton

LONDON — It is "more than necessary" for the London Metal Exchange to establish warehouses in China, the world’s largest metals trading venue, JPMorgan Chase & Co. executive director of global commodities Christian Schirmeister told AMM sister publication Metal Bulletin.

JPMorgan, the largest shareholder in the LME, will collect £150.4 million ($240 million) from the sale of the exchange to Hong Kong Exchanges & Clearing Ltd. (HKEx). The deal is expected to close by year-end. Collectively, JPMorgan and the two next-largest shareholders—Goldman Sachs Group Inc. and Metdist Ltd.—would have been able to block the deal if they weren’t happy with the terms.....

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