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
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.