If it’s been a tough time for commodity traders, it hasn’t been any easier for the exchanges on which they trade and hedge their exposures.
The London Metal Exchange was bought in 2012 by Hong Kong Exchanges and Clearing for what seemed to many like an eye-watering sum of ￡1.4bn. Most of that went to its members, in direct proportion to the number of shares they held; the amounts received varied from around ￡30m-odd to approximately ￡100m for those who had the foresight to mop up the available shares as members quit the LME in prior years.
These were big sums of money, particularly for the smaller brokers, but there was a price to pay.
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