LME enters market data partnership with Borsa Istanbul

The London Metal Exchange (LME) and Borsa Istanbul A.S. are entering into an agreement under which Borsa Istanbul, the LME and the LME’s parent company Hong Kong Exchanges and Clearing (HKEx) will partner on the dissemination of market data. In a separate but related agreement Borsa Istanbul will acquire the LME’s stake in clearing house LCH.Clearnet.

“As the world center for industrial metals trading, the LME is committed to identifying new ways to expand internationally and to working with strategic partners to better serve our markets,” says Garry Jones, CEO of the LME and HKEx’s co-head of global markets. “We are delighted to announce this partnership with Borsa Istanbul, and the HKEx Group looks forward to working with them on future initiatives, not only in data and base metals, but also across other asset classes.”

Under the terms of the agreements the LME will license LME steel billet settlement data to Borsa Istanbul, and will work with the Turkish exchange to develop future products and services for the steel market. Borsa Istanbul will also have the right to disseminate real-time pricing data from the LME and HKEx.

Borsa Istanbul acting CEO Hüseyin Zafer comments, “We are delighted to initiate the start of a very exciting partnership framework with HKEx Group and LME via the present accords. Over the last year, we have been working hard at both restructuring Borsa Istanbul’s operations as well as constructing our global linkages through agreements in America and Europe. We are now completing these linkages through the present agreement with the premier exchange of Asia, HKEx, and we aim to build a strong business together over the coming years to serve investors and issuers.”

Following the transaction the LME has disposed of its remaining stake in its former clearing provider, LCH.Clearnet.