18 February 2019

LME targets Shanghai FTZ for settlement base, paper says

The London Metal Exchange is expected to set up a settlement base in the newly established Shanghai free trade zone, starting with industrial metals, a move that will help the city become a distribution center of commodities, Economic Information Daily reported Monday, citing an unnamed source. The exchange has sought to establish a mainland base since 2002 but has failed to do so due to problems with tax, foreign exchange, warehouse management and market supervision, among other issues. It has nine settlement bases in Asia, including ones in South Korea, Japan, Malaysia, Singapore and Taiwan, and more than 700 worldwide, the report said.

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