25.06.2013 - Only nod by Beijing can make commodities dream come true
With the LME Week taking place this week, it is time to look at why Hong Kong has failed in its many attempts to introduce commodities trading. Without Hong Kong Exchanges and Clearing's 1.39 billion (HK$16.6 billion) purchase of the London Metal Exchange last year, it is hard to imagine 1,000 commodities traders, producers and end users flying to Hong Kong to attend a three-day seminar. The LME deal was yet another effort by Hong Kong to achieve the city's dream of turning itself into a commodities trading centre. Back in the 1980s, the former Hong Kong Futures Exchange, which later combined with the stock exchange to form the HKEx, introduced cotton, sugar, soyabean and gold trading. However, turnover was so thin that it was abolished in the 1990s...............................................Full Article: Source
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