Steel

LME celebrates record year following acquisition by HKEx

The London Metal Exchange (LME) is celebrating another record year with volumes 10 per cent higher and a series of industry awards.

The Exchange won six awards in 2012, including Commodities Exchange of the Year (awarded by Commodities Now), Chief Executive of the Year for Martin Abbott (FOW), Chief Technology Officer of the Year for Michael Warren (Financial News), New Metals Product of the Year for LMEswaps (FOW), and Company Secretarial Team of the year (ICSA).

"This year has been an extraordinary year for the LME, not least because of the acquisition by HKEx," says Martin Abbott, chief executive of the LME. "The awards we've won reflect not only continued growth in volumes but the hard work we've all put in to making sure the LME maintains its position as the primary global market for base metals trading."

By 6 December 2012, the completion date for the acquisition by HKEx, 149.6 million lots had traded on the LME, the equivalent of 3.5 billion tonnes and USD13.6trn. The LME continues to dominate global metal futures transactions with more than 82 per cent of market share.

The LME's self-clearing programme remains on track to launch in 2014. LME Clear has hired Adrian Farnham as chief operating officer and Chris Jones as chief risk officer to join the team early in 2013. In July, LME Clear also selected Cinnober as its core technology provider.

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