Hong Kong Exchanges and Clearing (HKEx), the London Metal Exchange (LME) and the China Beijing International Mining Exchange (CBMX) have signed a memorandum of understanding (MOU) on cooperation and the exchange of information.
The MOU was signed by HKEx's co-head of global markets Romnesh Lamba, HKEx's head of Asia commodities Liz Milan (pictured), who is also LME Asia managing director, and CBMX president Dong Chaobin.
The signing ceremony was held in Hong Kong and was witnessed by other senior representatives of the three organisations.
CBMX, approved by Beijing Municipal Government, serves as a platform for trading mining rights and also as an operating organisation of China Iron Ore Spot Trading Platform.
"The MOU we signed today marks the beginning of our collaboration in the exploration of new products and trade services suitable for the Mainland, Hong Kong and overseas markets," says Lamba. "This collaboration is another demonstration of our commitment to expanding the LME's business in Asia."
"The signing of the MOU is an important step forward for CBMX to promote its China Iron Ore Spot Trading Platform internationally, and to provide diversified service for the participants of global iron ore market," says Dong.