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LMEshield to launch in China

Himake Admin by LME 2016-11-09 10:45:21

31 October 2016

  • One-year pilot programme for launch of LMEshield in PRC
  • Henry Bath sponsoring system roll-out in PRC
  • LME to work with other warehouse companies and regulators to facilitate expansion of the initiative

The London Metal Exchange (LME) and Henry Bath (whose shareholders include CMST Development Co Ltd and Mercuria Energy Group) today announce a pilot programme for the launch of the LMEshield commodities safeguarding system in the People's Republic of China (PRC).

During the pilot programme, which will run for a period of one year, Henry Bath will issue receipts on the LMEshield system. Receipts will initially be issued for bonded warehouses in Shanghai, with the intention of expanding to other Chinese locations. The LME has selected Henry Bath as its pilot partner because, together with its shareholders CMST and Mercuria, it is in a position to have undertaken the necessary work to ensure that LMEshield can be deployed effectively in the PRC. As the leading Chinese state-owned warehousing company, CMST, together with Mercuria, is ideally-positioned to help Henry Bath to sponsor the rollout of LMEshield into the PRC.

The deployment in the PRC is based on the existing LMEshield system, allowing commodities owners and lending banks to hold and finance Chinese commodity receipts as part of their global LMEshield portfolio. The LME is developing a specific set of terms and conditions to reflect the needs of the Chinese market, including provisions to ensure that LMEshield warehouses meet the highest possible standards in respect of security, insurance and inspection. As with all LMEshield jurisdictions, the LME has received a Chinese legal opinion confirming the efficacy of the LMEshield system for commodities in the PRC.

“This deal represents a key step in the development of the LMEshield platform,” says Garry Jones, CEO of the LME. “LMEshield was developed in partnership with global commodities players, who have indicated that the deployment of the system in the PRC will represent a game-changing step for the global commodities finance industry. This deal is sponsored by Henry Bath, with support from its shareholder CMST as a key state-owned warehousing operator, whose local knowledge and regulatory engagement can give confidence to the market as to the use of LMEshield in the PRC.”

Graham Hawkins, Group General Manager of Henry Bath, says: “This is a breakthrough moment. Markets have been calling for LMEshield facilities to open in mainland China. When a company like Henry Bath with its unique heritage joins forces with a company like CMST and its capabilities in China, you know that exciting things are going to happen. China is now established as the lead actor on the world commodities stage and the world wants to do business here. We now have Chinese DNA inside the Henry Bath business and we are proud to be using our unique position to unlock markets for the benefit of everyone.”

In parallel with the pilot programme, the LME will work with other warehouse companies – alongside relevant Chinese regulatory authorities – to ensure that, at the expiry of the pilot programme, they will also be in a position to issue LMEshield receipts in the PRC. The LME will initiate a project, with all interested warehouses signed up to the LMEshield system on 31 December 2016, to facilitate such approvals.


Notes from Editors:

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