Published On: Thu, Oct 23rd, 2014

HKEx Group And China Merchants Group Sign MOU

Charles Li CEO HKEx -

Charles Li CEO HKEx –

Hong Kong Exchanges and Clearing Limited (HKEx), HKEx Group companies the London Metal Exchange (LME) and LME Clear Limited, China Merchants Group Limited (CMG) and China Merchants Securities Co. Limited (CMS), signed a memorandum of understanding (MOU) on 22 October 2014 for a strategic alliance in product development and related services for market users.

The signing ceremony was held in London in the presence of HKEx Co-Head of Global Markets Romnesh Lamba; LME Chairman Sir Brian Bender; Dr Yu Liming, Executive Vice President of CMG; Charles Feng, General Manager of the Business Development Department of CMG, CMS Chairman Gong Shaolin; and CMS CEO Wang Yan. Other senior representatives from HKEx Group and CMG companies also participated in the ceremony.

“This MOU is an important step for HKEx Group and China Merchant Group companies as we look to develop new products and services to complement our existing businesses,” said Mr Lamba. “The MOU also demonstrates our continued commitment to expanding the LME’s business and user base in Asia.”

“This agreement with CMG and CMS marks the beginning of our collaboration in exploring initiatives such as LME warehousing in Asia and the development of new RMB denominated products,” added Matthew Chamberlain, the LME’s Head of Business Development.

“The MOU entered into today marks a critical new milestone for our overall cooperation in the future with particular focus on examining the feasibility of establishing LME listed warehouses, by leveraging the unique strength of China Merchants Group in the logistics and warehousing sector in China and the strategic role of LME as the world’s leading base metals trading marketplace,” said Dr Yu.

“The signing of this MOU marks the beginning of China Merchants Securities’s strategic collaboration with the LME to explore the provision of cross-border commodity derivatives products as well as other initiatives in order to support the globalisation of RMB and reinforce the strategic proposition of London as a key offshore RMB centre,” said Mr Gong.

“We see this strategic cooperation as an important step to implement China Merchants Group’s strategy of integrating its industrial and financial services capability,” added Mr Wang, CEO of CMS.

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