The LME may decide to carry on alone if a potential bidder cannot reassure its membersover the changes they would introduce. But competition is hotting up. The Shanghai FuturesExchange, set up in 1999, traded around 300m contracts last year, twice as many as the LME,even if those in London are typically far bigger. The Hong Kong Mercantile Exchange is alsoset to launch a copper contract soon. Teaming up with a bigger exchange, which will bringmore liquidity and some fresh thinking, is an idea worth shouting about.
如果潜在买家带来的改变不能打消会员的疑虑的话,LME可能会决定继续独自运营下去。但是现在的金属交易市场竞争正日益加剧,1999年成立的上海期货交易所在去年有着3亿次的成交量,这是LME的两倍,并且香港商品交易所也开始准备试水铜期货。能够与更大的交易所联手会带来更多的流动资产和更加新颖的思路,而这些才真正值得他们争吵的。
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