Although the scope of projects is not yet certain, both exchanges said they recognise the potential of a tie-up.
Singapore Exchange (SGX) said it is talking with London Metal Exchange (LME) to explore opportunities in Asia. The scope of any project(s) resulting from talks has yet to be determined, however, both exchanges recognise the potential of cooperation.
The LME is the world’s leading market for non-ferrous metals. The demand for trading, hedging and investing in these contracts has increased greatly in Asia due to their relevance to industrializing and emerging markets.
Meanwhile, SGX is a leading venue for commodities, derivatives and securities trading, and brings valuable knowledge and insight of Asian markets to the discussion.
Mr. Magnus Bocker, CEO of SGX said, “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.”
Mr. Martin Abbott, Chief Executive of LME said, “We 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.”
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