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HKEx says LME suits ‘without merit' as its profits rise

Keywords: Tags  Hong Kong Exchanges & Clearing, HKEx, LME, volumes, copper, aluminum, nikel, cobalt zinc

Hong Kong Exchanges & Clearing Ltd. (HKEx) posted a 10-percent rise in second quarter profit mainly due to its London Metal Exchange business and increased trading fees due to higher trading volumes on the Stock Exchange and the Futures Exchange.

HKEx made only a brief reference to the antitrust lawsuits it faces in the United States (, Aug. 13).

“LME management’s initial assessment is that the lawsuits are without merit and LME will contest them vigorously,” HKEx said.
HKEx took over the LME to spearhead an expansion in its business with mainland China (, Dec. 6, 2012).

The LME’s clearinghouse, LME Clear, is on track to launch in the second half of 2014, HKEx said, and exit arrangements with the current clearinghouse provider, LCH.Clearnet Ltd., are in order.

Trading volumes on the LME in the second quarter rose 9 percent from a year earlier to 86.8 million lots, while average daily turnover on the main HKEx board rose 24 percent to $62.3 billion.

Nickel and cobalt trading volumes were up 23 percent and 21 percent, respectively, in the first half of 2013. Volumes for tin rose 19 percent, aluminum was up 14 percent, zinc rose 7 percent and copper was up 6 percent.

A version of this article was first published in AMM sister publication Metal Bulletin.

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