The London Metal Exchange, the world’s largest metals marketplace, may form partnerships to expand operations in China as it seeks to establish its first warehouses in the country and add new contracts.
London Metal Exchange Chief Executive Officer Martin Abbott will depart at the end of the year after the sale of the world’s biggest industrial-metals bourse to Hong Kong Exchanges & Clearing Ltd. for $2.2 billion.
Martin Abbott has been a fashion journalist, advertising salesman, pub manager, security guard and coal miner. The chief executive officer of the London Metal Exchange, the biggest metals market, may soon be a dealmaker.
The London Metal Exchange, the 134 year-old bourse handling 80 percent of global trade in metals futures, said it got more than 10 “expressions of interest” and may recommend a bid to shareholders as early as March.
A proposed requirement for London Metal Exchange-monitored warehouses to deliver an additional 500 metric tons of metal a day is “reasonable” and will be under review, Chief Executive Officer Martin Abbott said.