Hong Kong Exchanges and Clearing (HKEx) and China Merchants Group (CMG) have signed a memorandum of understanding (MOU) for a strategic alliance in product development and related services.

The signing ceremony was held in London in the presence of HKEx co-head of global markets Romnesh Lamba; LME chairman Sir Brian Bender; Dr Yu Liming, executive vice president of CMG; Charles Feng, general manager of the business development department of CMG; CMS chairman Gong Shaolin; and CMS CEO Wang Yan. Other senior representatives from HKEx Group and CMG companies also participated in the ceremony.
 
“This MOU is an important step for HKEx Group and China Merchant Group companies as we look to develop new products and services to complement our existing businesses,” says Lamba. “The MOU also demonstrates our continued commitment to expanding the LME’s business and user base in Asia.”
 
“This agreement with CMG and CMS marks the beginning of our collaboration in exploring initiatives such as LME warehousing in Asia and the development of new RMB denominated products,” adds Matthew Chamberlain, the LME’s head of business development.