The London Metal Exchange will create LME Asia, opening its first overseas office in Singapore in April this year.
The LME has 26 category 1 and 2 members with offices in Singapore and is looking to more closely engage with these members and other market participants to support the use of the Exchange's existing contracts in a range of base metals, steel and plastics, and also to develop new futures contracts and partnerships.
LME Asia will be led by Liz Milan, the LME's current Commercial Director, who will take on the role of Managing Director Asia. Liz has been with the Exchange since January 2005 and was initially appointed as Head of Physical Operations before being installed as Steel Project Director in October 2006 and then becoming Commercial Director in February 2008. Prior to the LME, Liz worked in physical steel trading for a number of companies including Mitsubishi and Stemcor, she also worked in Industrial Markets for Enron Europe and LME client liaison at Sempra Metals Ltd.
Liz Milan, Managing Director LME Asia, comments: "A majority of our members have a presence in Singapore and other locations throughout the region, it's crucial we are there to support them. In my new role, I'm looking forward to being able to engage with members locally and offer support for their existing LME business as well as exploring new opportunities for the LME whether that is new partnerships in the region potential new contracts for the Exchange."
Martin Abbott, LME Chief Executive, adds: "Being the first overseas office for the LME, this is a major strategic initiative and we're putting our full weight behind it. We chose Singapore as it's an extremely attractive place to do business with a strong government support for commodities industries, good regulation, and a deep pool of talent. We already work with many brokerages and warehouse companies there so it really is a natural fit."
The LME Asia headquarters will open in April, 2010. Further details will be released in due course.