LME CEO: China Links Gave Hong Kong Exchanges the Edge

Reuters/Carlos Barria

Andrea Hotter of the Wall Street Journal writes that price wasn’t the reason why the London Metal Exchange picked Hong Kong Exchanges and Clearing as its preferred buyer, the LME’s chief executive said on Tuesday.

Martin Abbott said the LME board instead identified the need to stay one step ahead of China by actively growing its business there as a key reason to pick Hong Kong Exchanges over IntercontinentalExchange.

Hong Kong Exchanges has offered to pay £1.338bn for the 135-year old exchange, which dominates the global trade of metals such as copper and aluminum.

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