LONDON Hong Kong Exchanges & Clearing Ltd.s (HKExs) acquisition of the London Metal Exchange has been completed, HKEx and LME parent LME Holdings Ltd. announced Thursday.
The final hurdle was the delivery of the relevant court orders to the Registrar of Companies for England and Wales.
Directors Stephen Branton-Speak, Jim Coupland, Gabriela Grillo, Noel Harwerth, James Land, Nat le Roux, Michael Overlander, Gavin Prentice, David Rough and Fabian Somerville-Cotto have all resigned from the board of LME Holdings, according to a statement.
LME chief executive officer Martin Abbott and chairman Sir Brian Bender will remain as directors of LME Holdings. Chow Chung Kong, Romnesh Lamba and HKEx chief executive officer Charles Li will join the board.
The transaction joins the leading operator of exchanges and clearing houses in Asia with the worlds leading nonferrous base metals trading venue, the statement said.
"We are delighted that, as of today, the LME is formally part of the HKEx group. We are confident that this partnership will deliver enormous benefits over time as we leverage our relationships and knowledge to build on the LMEs strong global position," Li said.
"The LME will remain the worlds foremost base metals exchange thanks to HKExs position in Asia, its infrastructure and resources. We begin a new chapter today, but the LME is more secure than at any point in its 135-year history," Abbott said.
A version of this story was first published in AMM sister publication Metal Bulletin.