According to Reuters, Hong Kong Exchanges and Clearing Ltd. plans to set a commodity trading platform in Qianhai and develop an industrial user base to back its metals trading hub slated for southern China.
Shenzhen's Qianhai area, a new free trade zone, is set to host the platform for trading metals before stretching into other commodities, pending regulatory approval, HKEx spokesman Scott Sapp said.
"Our goal is to leverage our experience in launching new initiatives with the mainland and the LME's (London Metal Exchange) successful model to 'physicalize' the mainland's commodities market," he said.
Li said most of the current 1021 mainland spot commodity trading platforms were established by local governments or industries and were small in scale.
HKEx bought the LME for US$2.2 billion at the peak of the commodities boom back in 2012, and a mainland presence would come after a years-long struggle by the London bourse to break into the Chinese mainland.
HKEx Chief Executive Charles Li has previously said plans by HKEx to create mainland, physically deliverable spot commodity markets are a way of getting the LME's warehousing expertise into China.
Sources said that the bourse's new electronic method of tracking metal in warehouses would help a push into the mainland.
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