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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 to boost electronic trading efficiency because of ring closure

10/19/2020 | 05:56am EST
Traders work on the floor of the London Metal Exchange, in London

LONDON (Reuters) - The London Metal Exchange (LME) aims to improve its electronic trading system because it expects the COVID-19 pandemic will keep its open-outcry ring closed for many more months, its chief executive said on Monday.

CEO Matthew Chamberlain told a virtual seminar that he was aware the LME might be accused of trying to shut the ring permanently, but he emphasised the need to enhance its electronic trading capability in the face of the pandemic.

The 143-year-old exchange temporarily closed what is the last open-outcry trading floor in Europe in March because of coronavirus restrictions, shifting activity to its electronic system.

"Now I understand that by raising these questions the LME might be accused of trying to further electronify the market or perhaps even close the ring right down," he said.

The world's oldest and largest market for industrial metals has imposed three conditions for reopening the ring, including the end of social distancing in Britain and the broad rollout of a coronavirus vaccine.

"We must acknowledge that it seems unlikely that any of those criteria will be met any time soon," Chamberlain said.

"If we are going to be out of the ring for a long period and pricing our market electronically, there is perhaps more that we can do to make that process even more efficient."

The LME is setting up a working group to look at improving electronic trading and examine the broader balance of electronic, ring and telephone trading, he added.

The ring closure was the first since World War II and ended the theatre of arcane hand signals and frenzied shouting by traders.

Floor dealers on the exchange, which is owned by Hong Kong Exchanges and Clearing, have resisted the shift to full digital trading during the pandemic.

(Reporting by Eric Onstad; Editing by David Goodman)

By Eric Onstad


© Reuters 2020
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Financials
Sales 2020 18 702 M 2 413 M 2 413 M
Net income 2020 11 117 M 1 434 M 1 434 M
Net cash 2020 102 B 13 125 M 13 125 M
P/E ratio 2020 43,5x
Yield 2020 2,09%
Capitalization 484 B 62 487 M 62 491 M
EV / Sales 2020 20,5x
EV / Sales 2021 17,9x
Nbr of Employees 2 182
Free-Float 94,1%
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Technical analysis trends HONG KONG EXCHANGES AND CLEARING LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 404,19 HKD
Last Close Price 383,00 HKD
Spread / Highest target 21,7%
Spread / Average Target 5,53%
Spread / Lowest Target -33,7%
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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