THE LME SAYS THE PLANS ARE AT AN EARLY STAGE, WITH METAL ON WARRANT EXCLUDED AND AN INDUSTRY ROUNDTABLE PLANNED FOR EARLY NOVEMBER, WHILE HKEX IS ALSO TESTING TOKENISED CARBON CREDITS FOR SETTLEMENT IN SECONDS

The London Metal Exchange has said its plans for a digital or tokenised system are at an early stage, with metal on warrant excluded from the initiative and an industry roundtable scheduled for early November. Separately, Hong Kong Exchanges and Clearing is testing tokenised carbon credits with settlement in seconds, a move aimed at compressing the post-trade cycle that typically takes days for environmental instruments. The transmission channel here is market infrastructure and liquidity: faster settlement reduces counterparty and capital tie-up costs, which can improve the attractiveness of carbon markets relative to traditional, slower-clearing asset classes. Exposure is concentrated in carbon-linked instruments and in exchange-operator equities, where tokenisation could shift fee pools and competitive positioning, while physical metals traders face limited near-term impact since warrant metal is explicitly excluded from the LME scope. The next concrete checkpoint is the LME industry roundtable in early November, where scope, timelines, and participant commitments for the digital initiative are likely to be clarified.

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