BaseMetals.com :: LME Group - LME launches Singapore office today, to explore cooperation opportunities with SGX

Singapore, 08 July 2010 - The London Metal Exchange (LME) today officially launched its Asian office in Singapore, also being the first office outside of London, and it is exploring cooperation opportunities with the Singapore Exchange (SGX).

The LME Singapore office, headed by Liz Milan, md for LME Asia, is to respond to the fast-growing demand in Asia for metals and commodities and will drive the LME’s growth strategy in the region.

"With a growing proportion of trading originating in Asia, we are acutely aware of the importance of addressing the needs of this market, and of being closer to our Asian clients. Singapore’s strategic location within the region, its increasing significance as a major commodities trading hub and as a financial centre in the world has made opening the office here an obvious choice," Milan commented.

"We are excited by the opening of our office in Singapore...We believe it will open up many new opportunities for the LME as well as allowing us to maximise our existing significant trading footprint in Asian markets," Martin Abbott, chief executive of the LME said.

As part of its greater focus on Asia, the LME is keen to identify new contracts and alliances in the region, and it is entering into discussions with Singapore Exchange (SGX) on the prospect of cooperating in Asia, according to the press release.

LME has yet determined on the scope of any projects resulting from talks with the SGX, though both parities recognised the potential of cooperation.

Hedging and investing in LME contracts has increased greatly in Asia due to their relevance to industrializing and emerging markets, and SGX is a leading venue for commodities, derivatives and securities trading, which brings valuable knowledge and insight of the Asian markets to the discussion, LME stated.

"We are pleased to work with LME. This relationship will allow both exchanges to maximise their potential in a number of mutually beneficial areas. Interest in commodities remains strong across Asia and we continue to respond to the needs of our customers in those areas of growth," Magnus Bocker, CEO of SGX commented.

"We also welcome the opportunity to work with SGX, which we consider to be a first class partner, to allow us to achieve our objectives of bringing new opportunities for growth to the LME and to show our commitment to the Asian region," Abbot commented.

SGX launched iron ore swaps on April 27 2009 and gold contracts on March 30 for trading.

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