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The London Metal Exchange will retain an office in Singapore to focus on markets in South East Asia, Australia and India and build a commodities team in Hong Kong to focus on North Asia and Greater China, the new owner has said.
There had been market speculation that the LME might move its Asian office to Hong Kong.
“HKEx is building an Asian commodity team with a trading hub in Hong Kong,” the Hong Kong Exchange said in an email to Hotline.
The team in Hong Kong will primarily focus on North Asia and Greater China markets, HKEx said.
“The LME team in Singapore will focus on South East Asia, Australia and India as well as the needs of locally-based member firms,” HKEx said.
Lesley Campbell, LME’s vp asia marketing and education, is moving to Hong Kong from Singapore in July, a market source told Hotline.
Campbell, who has been with the LME’s Singapore office since January 2012, will continue to report to Liz Milan, md LME Asia and head of Asia commodities HKEx, the source familiar with the move said.
Milan will be responsible for building the commodities franchise of the HKEx Group in Asia and will remain managing director of LME Asia, the LME said in February. She reports to HKEx’s co-heads of global markets, Martin Abbott and Romnesh Lamba.
Hotline also understands that a LME representative will be based in the HKEx’s Shanghai office.
The HKEx said its policy is that it doesn’t comment on individuals.
“They are under huge pressure to move to Hong Kong but whether or not they will I don’t know but they are certainly under a lot of pressure to move,” a broker said recently.
“It would make sense to move to Hong Kong with HKEx there,” another market source said adding that the focus for the exchange is Mainland China.
The LME’s second Asia seminar, the first after the buyout by HKEx, will be held in Hong Kong on June 25 this year. Last year the first-ever Asia seminar was held in Singapore.
Shivani Singh shivani.singh@metalbulletinasia.com