November 29, 2019 / 12:44 PM / 2 months ago

Nanhua Financial to debut on the London Metal Exchange on Dec. 2

LONDON, Nov 29 (Reuters) - Nanhua Futures will begin trading and clearing on the London Metal Exchange (LME) on Monday after the Chinese brokerage was approved in October, a notice from the exchange said on Friday.

Nanhua, which debuted on the Shanghai Futures Exchange in August, will join the LME as a Category 2 member. It has also been approved as a general clearing member from Monday, Dec. 2.

A Nanhua executive told Reuters in May that the broker expected regulatory approval to start trading on the LME by July after an initial timeline of the first half of this year.

Chinese groups were attracted to the LME after the $2.2 billion takeover of the 141-year-old exchange by Hong Kong Exchanges & Clearing Ltd in 2012.

There are currently three Chinese Category 2 members able to trade on the LME’s electronic platforms and the telephone market but not in the ring. Only Category 1 members can trade in open outcry in the ring.

Reporting by Zandi Shabalala

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