Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. Hong Kong Exchanges and Clearing Limited
  6. News
  7. Summary
    388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

(388)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

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

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)


ę Reuters 2020
All news about HONG KONG EXCHANGES AND CLEARING LIMITED
06/08FACTBOX : History of open outcry trade, LME halts plan to close floor
RE
06/08HSBC Names Co-CEOs of Asia Pacific Region, Appoints CEO of HSBC India
MT
06/07London Metal Exchange to decide fate of iconic open-outcry 'ring'
RE
06/07HSBC Appoints Two Executives To Succeed Retiring Asia Pacific CEO
MT
06/07HSBC Replaces Top Executive in Asia -- 3rd Update
DJ
06/07HSBC Replaces Top Executive in Asia -- 2nd Update
DJ
06/07HSBC says Asia Pacific CEO Peter Wong to retire
RE
06/07HSBC Replaces Top Executive in Asia -- Update
DJ
06/06HSBC Replaces Top Executive in Asia
DJ
06/03MARKET CHATTER : HKEX Offering Additional Leaves to Staff Under COVID-19 Vaccine..
MT
More news
Financials
Sales 2021 23 577 M 3 037 M 3 037 M
Net income 2021 14 965 M 1 928 M 1 928 M
Net cash 2021 17 312 M 2 230 M 2 230 M
P/E ratio 2021 39,1x
Yield 2021 2,22%
Capitalization 586 B 75 415 M 75 425 M
EV / Sales 2021 24,1x
EV / Sales 2022 19,2x
Nbr of Employees 2 204
Free-Float 94,0%
Chart HONG KONG EXCHANGES AND CLEARING LIMITED
Duration : Period :
Hong Kong Exchanges and Clearing Limited Technical Analysis Chart | 388 | HK0388045442 | MarketScreener
Technical analysis trends HONG KONG EXCHANGES AND CLEARING LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 531,34 HKD
Last Close Price 462,60 HKD
Spread / Highest target 32,1%
Spread / Average Target 14,9%
Spread / Lowest Target -26,5%
EPS Revisions
Managers and Directors
NameTitle
Alejandro Nicolas Aguzin Chief Executive Officer & Director
Romnesh Lamba Co-President
Chi Kin Tai Co-President & Executive Director
Bik Yun Lau Group Chief Financial Officer
May Lung Cha Non-Executive Chairman
Sector and Competitors
1st jan.Capitalization (M$)
HONG KONG EXCHANGES AND CLEARING LIMITED8.85%75 415
INTERCONTINENTAL EXCHANGE, INC.-1.10%64 065
LONDON STOCK EXCHANGE PLC-11.37%62 133
DEUTSCHE BÖRSE AG3.45%31 180
NASDAQ, INC.35.45%29 102
B3 S.A. - BRASIL, BOLSA, BALCÃO-16.89%20 611