Hong Kong Exchanges and Clearing already owns one venerable City of London institution — the London Metal Exchange.
In its only overseas acquisition to date, HKEX bought the 142-year-old exchange in 2012 for £1.4bn, justifying the hefty price tag with the idea of the LME acting as a bridge between the west and China, the world’s largest consumer of industrial metals.
But seven years later the grand strategy pursued by HKEX chief executive Charles Li has yet to be realised. China’s domestic commodity exchanges have repeatedly blocked attempts by the LME to break into the mainland market.
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