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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Hong Kong Exchanges and Clearing Limited    388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

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Hong Kong Exchanges and Clearing : LME denies trying to close ring by stealth with new digital plan

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10/22/2020 | 11:53am EDT

* LME hopes to implement digital improvements by year-end

* Proposes to makes changes to final spread prices

* See FACTBOX on proposed changes

LONDON, Oct 22 (Reuters) - The London Metal Exchange is not trying to permanently close its open-outcry ring "by stealth" with its push to boost digital trading during the COVID-19 pandemic, its chief executive told Reuters on Thursday.

The ring, the last trading floor of its kind in Europe, closed in March for the first time since World War II due to the outbreak, ending its theatre of arcane hand signals and frenzied shouting by traders.

LME CEO Matt Chamberlain said in a speech on Monday the exchange intended to improve its electronic trading system because it expects the coronavirus crisis will keep the ring closed for many more months.

"There are theories circulating that we're using this whole thing to close the ring by stealth," Chamberlain said in an interview on Thursday.

"The position remains very much that we want to reopen it... we see business continuity during the coronavirus situation, and the future of the ring, as separate discussions."

The impetus for improving electronic trading during the ring closure at the world's oldest and largest market for industrial metals came from users, he added.

A working group is due to review the efficiency proposals in about two weeks, Chamberlain said. If they are approved, they could be implemented by year-end.

When the 143-year-old exchange temporarily closed the ring and shifted activity to its electronic system, it retained the ring system to calculate end-of-day prices on the curve, a myriad of complex forward calculations.

The LME is unique among exchanges in that it allows users to lock in prices for individual days for the first three months forward and weekly for up to six months, meaning there are hundreds of potential dates to trade and adjust.

"We deliberately maintained the ring approach to the curve (in the digital system) because that's the most unique thing about our ring," he said.

"We didn't want to change the curve methodology, but we've now heard (complaints) from enough traders."

(Reporting by Eric Onstad and Pratima Desai; Editing by Jan Harvey)


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Financials
Sales 2020 18 523 M 2 390 M 2 390 M
Net income 2020 11 004 M 1 420 M 1 420 M
Net cash 2020 74 112 M 9 563 M 9 563 M
P/E ratio 2020 42,1x
Yield 2020 2,13%
Capitalization 465 B 60 047 M 60 047 M
EV / Sales 2020 21,1x
EV / Sales 2021 16,8x
Nbr of Employees 2 182
Free-Float 94,1%
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Technical analysis trends HONG KONG EXCHANGES AND CLEARING LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 399,53 HKD
Last Close Price 368,00 HKD
Spread / Highest target 25,5%
Spread / Average Target 8,57%
Spread / Lowest Target -31,0%
EPS Revisions
Managers
NameTitle
Xiaojia Li CEO & Executive Director
Romnesh Lamba Co-President
Chi Kin Tai Co-President & Chief Operating Officer
May Lung Cha Non-Executive Chairman
Vanessa Lau Group Chief Financial Officer
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