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HKEx/LME Publish 2013 Market Statistics

by Mary Swire, LawAndTax.News.com, Hong Kong
13 January, 2014

Hong Kong Exchanges and Clearing (HKEx) Group, which includes the London Metal Exchange (LME), has published a set of market statistics for 2013 that show, for example, that it finished in second place among global exchanges in terms of IPO funds raised during the year.

HKEx's securities market has, in fact, been placed in the top five in terms of IPO funds raised for 12 consecutive years since 2002. The total equity funds raised was HKD374.3bn (USD48.3bn) last year. Of this, HKD166.5bn was raised through IPOs, representing an increase of 85 percent when compared to 2012. The remaining USD207.8bn was raised through post-IPO fundraising.

The turnover of exchange traded funds and real estate investment trusts also reached record highs of HKD903.1bn and HKD82.4bn respectively in 2013. Furthermore, the total turnover of HKEx's securitized derivatives (derivative warrants and callable bull/bear contracts) ranked first in the world once again for the seventh consecutive year.

Furthermore, the trading volume of H-shares Index Futures and Options, Mini H-shares Index Futures, Flexible H-shares Index Options and Stock Futures reached new record highs in 2013, while the various futures and options contracts reached new record highs in terms of open interest.

As of December 31, 2013, there were 1,643 companies listed on HKEx with a total market capitalization of HKD24 trillion, while the average daily securities market turnover last year was HKD62.6bn, an increase of 16 percent when compared with a year earlier.

With regard to the commodities market, the LME registered another record trading year in 2013, with 171.1m lots transacted, up 7.1 percent over 2012. This is equivalent to USD14.6 trillion and 4.0bn tonnes of material.

New trading records were also registered in 2013 for copper, up 11.6 percent, and aluminium, which was up 8.1 percent compared to the previous year. However, the LME nickel contract saw the greatest surge in trading, with volumes up 23.1 percent year-on-year and record turnover of 14m lots. Zinc, cobalt and molybdenum also set new records, with volumes up 2.1 percent, 4.0 percent and 11.1 percent respectively.

By the end of 2013, LME market share reached 84.2 percent of global exchange-traded metals futures, up 1.3 percent from 2012. Zinc experienced the greatest increase, rising from 84 percent to 89.4 percent year-on-year.

A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

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