The London Metal Exchange (“LME”), a subsidiary of Hong Kong Exchanges and Clearing Limited (“HKEx” or the “Company”), has been named as a defendant in a judicial review claim commenced by United Company RUSAL Plc (“Rusal”) and filed in the English High Court on 23 December 2013. The judicial review seeks to challenge the LME’s decision to introduce changes in its warehousing policy as announced in its notice dated 7 November 2013. The decision on changes in the warehousing policy was made following a three-month market consultation commenced by LME in July 2013 on changes to its policy regarding the delivery out rates of LME approved warehouses. LME management is of the view that the judicial review is without merit and LME will contest it vigorously. Implementation of the proposed changes to the warehousing policy will proceed as announced. The Company will update shareholders and investors on developments at the appropriate time.
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