The objective of the London Metal Exchange is to provide facilities, along with the management and regulatory structure, for trading in LME contracts. It is a Recognised Investment Exchange (RIE), regulated directly by the Financial Conduct Authority (FCA).
Although its activities are closely related to the physical markets, it operates within the regulatory framework of the Financial Services and Markets Act 2000.The Act closely defines the conditions under which the Exchange operates and requires that as an RIE it maintains orderly markets in all it's contracts.
When it carries out its activities in the United States (US), the Exchange is governed by the relevant US legislation and by the Commodities and Futures Trading Commission (CFTC). It is also subject to any relevant directives of the European Union.
The Articles of Association of the London Metal Exchange is available to download.
Gay is an Independent Non-Executive Director of Standard Chartered PLC, where she is Chair of the Board Committee on Financial Crime and serves as a member of the Risk Committee.
She is also a Non-Executive Director of ConocoPhillips where she serves on the Audit Committee; and also of Bank Itau BBA International Limited, where she is Chair of the Audit Committee. As of 1 January 2019 Gay joined the HM Treasury Board. She has also served on the Boards of the London Stock Exchange, Aviva plc and the Financial Reporting Council.
Gay has over 30 years’ experience working within the Financial Services industry, International Capital Markets and Financial Regulation. She began at Bankers Trust where she was Chair of ISDA.
Gay spent several years at the Financial Services Authority as Director of Markets Division, Capital Markets Sector Leader with responsibility for, among other things, establishing a market facing division for the supervision of market infrastructure, oversight of market conduct and developing markets policy. From 2005 to 2008 Gay held a number of roles at Citi, including Head of Governance, Citi Alternative Investments, EMEA between 2007 and 2008. Gay joined Barclays Capital in 2008 where she was Vice Chair of Investment Banking and Investment Management, responsible for Barclays’ relationships with sovereign funds globally. Gay was a Non-Executive Director of London Stock Exchange Group plc between 2010 and 2013.
Gay holds a BA in Economics from Bucknell University. She is Chair of the Beacon Awards, a Trustee of Wellbeing of Women, serves on Chatham House’s 20th Century Committee and is a member of the US Council on Foreign Relations.
Gay became Chairman of the London Metal Exchange on 6 December 2019.
Matthew Chamberlain is the CEO of the London Metal Exchange and a member of the Management Committee of HKEX Group. He was previously the COO and Head of Strategy of the LME and co-Head of Business Development across the LME and LME Clear.
During his time at the LME, Matthew has led the LME's warehousing reform process, the deployment of the new London platinum and palladium prices and the LMEprecious initiative.
Matthew joined the LME in November 2012 having advised HKEX on the acquisition of the LME while heading European financial technology coverage at UBS. Previously, he was a founding member of the financial institutions coverage team at Perella Weinberg. He started his career at Citibank. Matthew holds an MA from Cambridge University.
Mrs Laura Cha was appointed an independent non-executive director of The London Metal Exchange on 8 May 2018. She is currently the Chairman of Hong Kong Exchanges and Clearing Limited, independent non-executive director of HSBC Holdings plc and non-executive director of Unilever plc.
Mrs Cha was formerly an independent non-executive director of China Telecom Corporation Limited from 2008 – 2018, the vice chairman of China Securities Regulatory Commission from 2001 to 2004 and held various roles within Hong Kong Securities and Futures Commission, including deputy chairman, between 1991 to 2001.
Mrs Cha is a qualified lawyer. She holds a Juris Doctor degree from Santa Clara University and was admitted to the State Bar of California. Mrs Cha is also an Honorary Fellow of the Hong Kong Securities and Investment Institute.
Mr Stuart was appointed as an Independent director of The London Metal Exchange on 26 April 2016. Mr Stuart is a Chartered Accountant and Investment Banker. He was a Managing Director and Executive Committee member with N M Rothschild, where for thirty years he advised on strategy, financing and M&A for a wide variety of companies in the UK, Europe and Australia. He has held a number of non-executive directorships since his retirement in 2011 and currently is the Hon Treasurer and a Council member at the University of Surrey. He is also an Independent director of LME Clear Limited.
Mr Charles Li was appointed a Board director of The London Metal Exchange Limited and LME Holdings Limited on 6 December 2012. Mr Li is currently the Chief Executive of Hong Kong Exchanges and Clearing Limited.
Before joining HKEx, Mr Li was the chairman of J.P. Morgan China from 2003 to 2009. Prior to that, Mr Li was the president of Merrill Lynch China from 1999 to 2003 and served Merrill Lynch from 1994 to 2003. He was an associate at Davis Polk & Wardwell, New York and Brown & Wood, New York from 1991 to 1993 and from 1993 to 1994, respectively.
He holds a Bachelor of Arts degree in English Literature from Xiamen University, a Master of Arts degree in Journalism from University of Alabama and a Juris Doctor degree from Columbia University.
Mr Stephen Yiu was appointed to the Board of The London Metal Exchange on 15 June 2017. Mr Yiu was the Chairman and CEO of KPMG China and Hong Kong from 2011 to 2015.
He joined KPMG Hong Kong in 1983 after graduating from Hong Kong Polytechnic and was seconded to KPMG in London from 1987 to 1989. He became a partner of the firm in 1994 and served as the Partner in Charge of Audit from 2007 to 2010. He became Chairman and CEO of KPMG China and Hong Kong on 1 April 2011. He was also a member of the Executive committee and board member of KPMG International as well as KPMG ASPAC from 2011 to 2015.
Mr Yiu was a member of Audit Profession Reform Advisory Committee and Mainland Affairs Committee of the Hong Kong Institute of Certified Public Accountants. He is currently a Council Member of Hong Kong University of Science and Technology and St Paul Co-educational College, an esteemed secondary and primary school in Hong Kong. Mr Yiu is a board member of the Independent Insurance Authority of Hong Kong; a newly established regulator for the insurance industry. He has recently been appointed an independent non-executive director of China Mobile Limited, the biggest mobile network operator in the People’s Republic of China.
Mr Romnesh Lamba is HKEX’s Co-head of Market Development and member of the HKEX Management Committee. Prior to join HKEX, Mr Lamba was a senior adviser of Asia ex-Japan corporate finance and capital markets business of JP Morgan (Hong Kong) from 2008 to 2010. From 2000 to 2008, he held various senior positions in Merrill Lynch (Asia Pacific), including Managing Director of investment banking, Chief Operating Officer of China origination business, and Head of Asia energy and power team. Prior to 2000, he worked in various investment banking positions for firms in Hong Kong and the United States of America.
Mr Lamba holds a Bachelor of Science degree in Economics and a Master of Business Administration degree from the Wharton School, University of Pennsylvania.
Dr Herta von Stiegel was appointed as an independent non-executive director of The London Metal Exchange on 18 January 2019. Herta is currently the Executive Chair of Ariya Capital Group Limited, a regulated financial services firm and project developer focusing on clean energy and enabling infrastructure investments in Africa, independent director of LeasePlan Corporation N.V., director of Britam Asset Managers (K) Limited and chair of Women Corporate Directors, Kenya. Until 10 November 2017, she served as the first independent chair of the CHAPS Clearing Company Ltd, the primary UK whole-sale clearer of sterling payments with volumes of GBP 76 trillion per annum. She has over 25 years’ experience in international finance with a consistent track record of building profitable highly regulated structured finance businesses. She was Managing Director at AIG Financial Products and has held senior positions at Citibank and JP Morgan in London and New York.
Herta has a Juris Doctor degree from Thomas M. Cooley Law School in Michigan, a Masters of Law degree in Taxation from New York University School of Law, a B.A. and Doctorate of Humane Letters (honoris causa) from Andrews University and completed the Executive Programme in Corporate Finance at the London Business School.