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LME fee increase had no impact on trading volumes: CEO
[HONG KONG] A fee increase on London Metal Exchange (LME) trades that was put in place in January had no impact on trading volumes, which slipped slightly in the first half of the year, chief executive Garry Jones said on Wednesday in Hong Kong.
The trading fee increase had "no impact on LME trading volumes whatsoever," he said at a briefing following results of parent company Hong Kong Exchanges and Clearing Ltd (HKEx) on Wednesday.
Average daily LME traded volumes slipped by 3 per cent in the first half of 2015 compared with the same period a year earlier, results showed.
The LME raised trading fees from Jan. 1, 2015, as part of efforts to commercialize the exchange and wring profits after it was taken over by HKEx in 2012.
Mr Jones also said there were no firm plans for launching any iron ore products on the LME as of now.