On February 9, the London Metal Exchange (LME) announced that it will set up LME Asia in Singapore as its first overseas office in April this year.
A press release by the institution said that the LME has 26 member companies with offices in Singapore. The LME is looking to engage more closely with these members as well as with other market participants to support the use of LME's existing contracts in a range of base metals, steel and plastics, and also to develop new futures contracts and partnerships.
The new office will be led by Liz Milan, the LME's current commercial director, who will take on the role of managing director Asia. Milan, who has a profound background in the steel sector, has been with the exchange since January 2005 and was previously appointed to various other important positions within the LME.
Commenting on her new position, Liz Milan said, "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 or potential new contracts for the exchange."
LME chief executive Martin Abbott said, "Being the first overseas office for the LME, this is a major strategic initiative and we're putting our full weight behind it."