May 7, 2019 / 10:41 AM / a month ago

Chinese broker Nanhua sees LME approval by July: executive

HONG KONG (Reuters) - Major Chinese broker Nanhua Futures is expecting to get regulatory approval to start trading on the London Metal Exchange by July, an executive told Reuters on Tuesday.

The broker had previously said it was aiming to start trading on the LME in the first half of this year, amid growing interest from China in the world’s oldest and biggest trading venue for industrial metals.

“We are in the last stages of FCA approvals,” Yan Nong, chief executive of Nanhua Financial (UK) Co Ltd, told Reuters on the sidelines of an industry event in Hong Kong.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom.

“We have finished testing line connectivity with LME and are just waiting for FCA approval,” Yan said.

Chinese banks and brokers have sought to capitalize on China’s growing role as a top metals producer and consumer, but they have yet to become major players on the LME, industry sources say.

There are currently five Chinese members of the LME.

Reporting by Shivani Singh; Editing by Tom Hogue

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