Hong Kong Mercantile Exchange Forced to Close its Doors
With immediate effect, HKMEx has stopped providing automated trading services (ATS), and closed out all open positions. It will re-align its strategy with new regulations, so as to have enough cash to cover a further nine months of operations as per local authority guidelines.
HKMEx will continue to exist as an organization and will focus on developing new products before re-applying to the Hong Kong Securities and Futures Commission for a new ATS authorization at an appropriate time.
"The favourable conditions under which HKMEx was founded have not changed. Global commodity demand continues to shift towards Asia as the region undergoes sustained growth, presenting great opportunities that we will continue to exploit," says Barry Cheung, Chairman of HKMEx. "Our priorities now are to protect members' interests by ensuring effective closing of open positions while strengthening our shareholding base and developing new products that play to our distinctive strengths."
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