10/31/2025
LME REBUILDING TRUST AND LIQUIDITY, CHAIRMAN WILLIAMSON INTERVIEW
Key takeaways:
1) The nickel crisis of 2022 had tested LME systems, its governance and its reputation. Three years later, Williamson says that the LME is “no longer the ugly duckling”, but is now an exchange regaining confidence, focus and trust.
In his view, the nickel crisis proved to be a turning point.
“Much has been learned from the nickel event, not least in terms of our surveillance of what’s happening in the broader market, and the need for us to have access to as much information as possible, on both the over-the-counter [OTC] and exchange business,” he said. “I think we’re in a better place there.”
2) Driving modernization and sustainability: Williamson’s tenure emphasizes electronic pricing, enhanced transparency, and sustainability initiatives like the Dubai-based CPAL for greener metals. The exchange introduced daily price limits, enhanced data collection on OTC positions, and other measures that helped to facilitate a more comprehensive and proactive approach to risk monitoring.
Williamson’s tenure has been defined by a push to modernize – from electronic pricing and enhanced liquidity programs to IT system upgrades and new product development. It is a strategy that he defines as “evolution, not revolution.”
The exchange has rolled out electronic closing prices and market structure reforms intended to increase transparency and attract a wider pool of participants.
Beyond technology, Williamson is also driving a longer-term strategy concerning sustainability and global reach. One of his key priorities is the creation of the Commodity Pricing and Analysis Ltd (CPAL) operation in Dubai, a major step in developing a premium market for greener metal.
Williamson sees the project as part of the LME’s role to help the industry to recognize and reward lower-carbon production.
3) Strengthened global partnerships: Closer ties with HKEX have fueled expansion, governance reforms, and strategic growth, positioning the LME for a dynamic future
According to Williamson, the LME’s relationship with parent company HKEX has become closer and, strategically, more aligned.
That partnership has already borne fruit, with rapid expansion of warehouses in Hong Kong (where 12 have opened this year) and the planned establishment of the Dubai office, among other initiatives.
Williamson also credits HKEX’s support with accelerating governance and cultural reform at the LME.