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Hong Kong Exchanges puts LME link plan on ice after Brexit vote

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Hong Kong Exchanges puts LME link plan on ice after Brexit vote

Hong KongExchanges & Clearing Ltd. CEO Charles Li said the stockexchange operator will freeze plans to establish a with unitLondon Metal Exchangeafter the U.K. voted to leave the EU.

Li said the Brexit vote has created "some uncertaintyabout the policy developments in the U.K.," and Hong Kong Exchanges willwait and monitor such developments before making further plans regardinglinking the Hong Kong and London commodities markets. Li said the company doesnot expect Brexit to have an impact on other initiatives, such as establishingLME-certified warehouses in mainland China and launching its trading platformin Qianhai, China.

Li noted that the planned link, which was designed to clearand settle LME trades in Hong Kong, was subject to regulatory approval byauthorities in Hong Kong, the U.K. and Europe.