Apurv Bagri, the head of a metals company set up by his father in 1970, cautioned the assembled owners of the 137-year-old bourse not to destroy the golden goose.
“If over time the LME is reshaped into a lookalike American style exchange then the very barriers that have prevented competition will dissipate, and lead to the erosion of our dominant position,” he said.
Bought by Hong Kong Exchanges and Clearing for $2.2bn in 2012, the exchange now wants to capitalise on its purchase, especially its ability to expand into mainland China, the biggest consumer and producer of most metals.
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