London Metal Exchange is in a period of change, which new chief
executive officer Garry Jones said he is equipped to deal with
because of his credentials, his willingness to consult with the
entire supply chain and his crisis management skills.
The exchange, for
which he took over the helm Sept. 30, is in the process of a
transformation, he said Oct. 7 at the LME Metals Seminar in his
first public appearance as the LMEs chief.
to remember that we began as a mutual, which moved as an
intermediate step into a constrained profit model, and now
were a division of a commercial business with global
reach," he said.
The LME will be run
from two hubs in London and Hong Kong: the former will focus on
business in Europe, the Gulf, North America and South America,
while Hong Kong will focus on the development of business in
Asia and China.
The Hong Kong hub will
be run by Rebecca Brosnan, who worked for Hong Kong Exchanges
& Clearing Ltd. (HKEx) when it acquired the LME. The LME
will maintain its representative office in Singapore, Jones
"There is no hidden
agenda for HKEx in the development of this business, no 20-page
document with all the things were going to change. I will
come in, look and build," he said.
Building the business
will require the LME to extend the access from Asia and China
into the exchange, but also to open up new markets in China and
Asia through the hub in Hong Kong, Jones added.
The change from a
member-owned exchange will be reflected in wide consultation,
"Youll see much
more engagement from us across the whole value chain," which he
characterized as including "producers, smelters, merchants,
brokers, dealers, end-users, all the way to the famous drink
companies that produce the cans" in which the smelted aluminum
A version of this
article was first published in AMM sister publication Metal