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LMEWEEK-London Metal Exchange to keep UK home base, new CEO says
October 7, 2013 / 8:46 AM / 4 years ago

LMEWEEK-London Metal Exchange to keep UK home base, new CEO says

LONDON, Oct 7 (Reuters) - The London Metal Exchange will keep its London home base and not move to Asia, its new CEO said on Monday in his first public remarks since taking up the role officially last week.

“London is the centre of the business, we have no plans to move the exchange to Hong Kong or anywhere else,” Garry Jones said at a seminar marking the start of the annual LME week gathering in London.

Former CEO Martin Abbott had suggested this year that increased regulation could drive the exchange east.

Jones said the LME’s new owner, Hong Kong Exchanges and Clearing, would build two hubs: London to serve Europe and America, and Hong Kong for Asia.

He also said the LME was a transparent marketplace with no hidden agenda, adding it was not a player in the market.

The LME has been under a mountain of pressure concerning its global warehousing network. It has been named a co-defendant in several lawsuits in the United States.

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