LME to Establish Asia Branch

The London Metal Exchange (LME) has announced that it will create LME Asia, opening its first overseas office in Singapore in April of 2010.

The LME says it has 26 active members with offices in Singapore and that it “is looking to more closely engage with these members and other market participants to support the use of the Exchange’s existing contracts in a range of base metals, steel and plastics, and also to develop new futures contracts and partnerships.”

Liz Milan, LME’s current commercial director, has been appointed to head the LME Asia office as its managing director – Asia. Milan has been with the LME since 2005, having served as head of physical operations, steel project director and then commercial director. Prior to working for the LME, Milan worked in physical steel trading for a number of companies including Mitsubishi and Stemcor and as LME client liaison at Sempra Metals Ltd.

“A majority of our members have a presence in Singapore and other locations throughout the region [and] it’s crucial we are there to support them,” says Milan. “In my new role, I’m looking forward to being able to engage with members locally and offer support for their existing LME business as well as exploring new opportunities for the LME, whether that is new partnerships in the region or potential new contracts for the exchange.”

Says Martin Abbott, LME chief executive, “Being the first overseas office for the LME, this is a major strategic initiative and we’re putting our full weight behind it. We chose Singapore as it’s an extremely attractive place to do business with a strong government support for commodities industries, good regulation and a deep pool of talent. We already work with many brokerages and warehouse companies there, so it really is a natural fit.” 

More information about the LME can be found at www.lme.com.