Secretary for Financial Services and the Treasury Christopher Hui on Thursday said the London Metal Exchange (LME) is looking into listing Hong Kong as a delivery point. Hui told reporters that the LME had earlier expressed a desire to set up a warehouse in the city, and it is exploring practical ways to do so. "Now the process is on their side, in terms of assessing the legal environment here, in terms of whether and how it can meet the criteria to be admitted as a delivery point by LME. I think that's the first step they need to take, before other warehouse companies can choose to locate their warehouses here," he said. "We have been in discussion with them, at the same time through our InvestHK, to facilitate any information and any assistance that they need from the government." Asked if a site has been chosen, Financial Secretary Paul Chan said existing warehouses could be used if suitable, and it is not essential to build new facilities. LME, owned by Hong Kong Exchanges and Clearing, is a centre for the trading of industrial metals, with the majority of non-ferrous metal futures business transacted on its platforms. In his Policy Address on Wednesday, Chief Executive John Lee said the government will capitalise on opportunities to establish supporting facilities for the storage and delivery of commodities.
