November 28, 2013 / 4:51 AM / 4 years ago

CORRECTED-UPDATE 1-HKEx plans to launch new commodities futures in 2H 2014-company official

(Corrects Nov 27 story to show that new commodities products are planned by HKEx, not LME unit)

HONG KONG, Nov 27 (Reuters) - Hong Kong Exchanges and Clearing (HKEx) plans to launch new commodities futures contracts in the second half of next year, an official said on Wednesday.

The new contracts HKEx is targeting include iron ore and coking coal, and are designed to feed off the region’s strong physical trade flows as the exchange aims to boost volumes and attract new members, the company official said.

“We do plan to start listing futures products in Hong Kong, probably in the second half of next year,” Romnesh Lamba, co-head of the global markets division, said at a conference.

The exchange was considering dual listing benchmark contracts that are trading on mainland Chinese exchanges, he added.

The London Metal Exchange (LME), which HKEx bought for a record $2.2 billion last year, plans to introduce contracts denominated in China’s yuan currency, as well as accepting the yuan as collateral for dollar-denominated contracts, LME CEO Garry Jones said last week.

The new products are expected to be launched soon after the LME’s new in-house clearing arm goes live, which is planned for September 2014. (Reporting by Alice Woodhouse in Hong Kong; Editing by Clarence Fernandez)

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