October 7, 2013 / 12:56 PM / 4 years ago

LMEWEEK-HKEx's Li listens on LME warehousing, pledges more transparency

LONDON, Oct 7 (Reuters) - The London Metal Exchange (LME) on Monday pledged to listen to stakeholders as it tackles problems surrounding its warehousing network, while also promising transparency with a commitments of traders-style report, in response to industry demands.

Hong Kong Exchanges and Clearing Chairman Charles Li said in a question-and-answer session with new LME CEO Garry Jones on consultations over proposed changes to warehousing: “We have listened and we wanted to listen,” adding that there had been up to 70 meetings with stakeholders on the issue.

On the move towards a commitment of traders-style report, he said more transparency had to be welcomed.

“We need to figure out how to do it and make sure that the information that people want to see is available,” said Li, whose HKEx owns the LME.

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