Oleg Deripaska's En+ holding company has bought 10 per cent of the start-up Hong Kong Mercantile Exchange as the Russian tycoon seeks to strengthen business ties with China.
En+ said the acquisition was a strategic investment to help develop alternative trading systems in Asia that could eventually rival traditional exchanges, such as the London Metal Exchange, in the west.
The move comes a month after the LME, which dominates global trading in metals, opened an office in Singapore – its first such presence in Asia. Metals trading is growing rapidly in the region, especially in China at the Shanghai futures exchange.
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