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Version: 25 May 2022

THE LONDON METAL EXCHANGE

10 Finsbury Square, London EC2A 1AJ | Tel +44 (0)20 7113 8888

Registered in England no 2128666. Registered office as above.

LME.COM

A GUIDE TO THE STRUCTURE, MARKET TERMINOLOGY AND ORDER EXECUTION OF THE

LONDON METAL EXCHANGE

INTRODUCTION AND PURPOSE

1. This Guide is designed to provide market participants on the London Metal Exchange (the

“LME”), and particularly Clients of Members, with an overview of the structure of the LME, market

terminology, and order execution. It is also intended as guidance to help participants interpret

the Rules and Regulations of the LME (the “LME Rulebook”) and any Notice issued pursuant to

Regulation 2 of Part 1 of the LME Rulebook (together the “LME Rules”) (and also in certain

circumstances the Rules and Procedures of LME Clear Limited (the “LME Clear Rules”)) and to

outline certain behaviours the LME expects of its market participants. It is not a comprehensive

trading guide, nor a complete guide to market terminology. Market participants should always

ensure that their requirements are explained in detail to the Member responsible for order

execution.

2. This Guide is not a substitute for reading the LME Rules, the LME Clear Rules or the terms of

business agreed between Clients and Members. In the event of any conflict between this Guide

and either the LME Rules or the LME Clear Rules, the LME Rules and the LME Clear Rules

shall prevail.

3. Capitalised terms not otherwise defined herein shall have the meaning ascribed to them in the

LME Rulebook, as amended from time to time.

THE LME

Execution Venues

4. Trades on the LME may be agreed on any of the LME’s three trading venues (defined as

Execution Venues in the LME Rulebook): by open outcry in the Ring (during ring and kerb

sessions), between Members in the inter-office market, and over the LME’s electronic trading

system, LMEselect. LME trading times are available on the LME website at

https://www.lme.com/en-GB/Trading/Trading-venues/Trading-times#tabIndex=0.

5. Depending on the time of day, it is possible for Members to deal in the inter-office market, by

LMEselect, or in the Ring. Clients should specify which mechanism their broker should use to

effect an order, where they have a preference.

The Ring

6. Only Category 1 Members may trade in the Ring.

7. Clients can follow the Ring market activity by monitoring quoted and traded prices disseminated

via the LME market data dissemination system, or by listening to the simultaneous floor

commentary provided by Member(s). The LME market data dissemination system publishes

quotes and trades during Ring and kerb sessions to market data vendor information services,

and via its own market data platforms.

8. Members can continue to “make a market” when requested by a Client during the Ring and kerb

sessions, although this is entirely at the Member’s discretion. Alternatively, the Client can decide

whether to place an order.

9. Certain Contracts

are not available for trading in the Ring.

Inter-office

10. Inter-office trading is conducted between Members, or between Members and their Clients, by

telephone or by electronic means. On contacting a Member for a quote, Clients will usually be

provided with the Member’s current bid and offer. The Client may trade on this quote, call another

Member in an attempt to improve the quote, leave a resting order with a Member, or wait and

monitor prices on the LME market data dissemination system.

11. To ensure adequate transparency in this market (as required by MiFIR), the LME operates a

Systematic Fixed Price Auction (“SFPA”). For those in scope orders, the auction process will

start at the point the LMEsmart matches the PTT Orders and last for a period of 30 seconds.

During this period, any Member (other than a RIB) is able to enter their own bids/offers into that

auction in LMEsmart, at the same price as the originating orders. Upon the completion of the

SFPA, the bids and offers remaining in LMEsmart will be matched on a time priority basis.

LMEselect

12. Category 1, 2, 3 and 4 Members may be LMEselect Participants and enter into Contracts on

LMEselect. In addition, Category 1, 2 and 4 Members may make available to a Client the order-

routing facility of the LMEselect API.

13. LMEselect allows LMEselect Participants to trade Contracts, including (but not limited to)

Futures Contracts, Metal Options, Traded Average Price Options, Monthly Average Price

Futures, Ferrous Cash Settled Futures, Non-Ferrous Cash Settled Futures and LMEmini

Contracts. As explained above, some brokers offer their Clients an order-routing facility via an

API where they can place orders, and execute trades.

14. Subject to relevant licensing requirements, market data vendors may display, amongst other

things, bid and offer prices available on LMEselect, the total volumes available at these prices

(subject to iceberg orders – see paragraph 62 below), and the price and volume of each trade.

15. Where a Member permits a Client to use the order-routing facility of the LMEselect API, and, as

a result, (a) one or more Cleared Contracts comes into effect, and (b) one or more Client

Metal Options, Traded Average Price Options, Monthly Average Futures, LMEmini Contracts, Steel

Scrap, Steel Rebar, Steel HRC FOB China, Steel HRC N. America, Cash Settled Cobalt, Molybdenum

and Alumina.

Contracts come into effect, then the Client Contract must be on the same commercial terms as

the relevant Cleared Contract (save that it may be marked up or down to reflect a commission

payable by the Client). The Member must ensure that the Client Contract and the relevant

Cleared Contracts are inputted into the Matching System, and that Client orders are not offset

against each other (for further information, see the section entitled “Transacting on behalf of

Clients” below).

16. The LME understands that Members may offer over-the-counter (“OTC”) contracts to their

clients on the basis of electronic orders sent to the Member (for example through the Member’s

own dealing system). The Member may directly hedge such OTC contracts on LMEselect (by

entering into a Cleared Contract, but without giving rise to a back-to-back Client Contract),

provided that the OTC contracts will be considered Relevant OTC Contracts for the purpose of

the LME’s Financial OTC Booking Fee Policy (for further information on this Policy, see the

section entitled “OTC Contracts and Use of LME IP” below).

Contract Formation and Clearing

17. Trades agreed on the LME shall give rise either to (a) Cleared Contracts, or (b) Cleared

Contracts and back-to-back Client Contracts. Each Trading Member is responsible for the input

into the LME’s Matching System, LMEsmart, of all Agreed Trades by it in relation to Contracts.

18. Cleared Contracts are cleared by the LME’s appointed clearing house, LME Clear. LME Clear

clears Contracts on an open offer basis. LME Clear will make an offer to each party to the trade:

it will offer to act as the buyer to the party who wishes to be the seller, and it will offer to act as

the seller to the party who wishes to be the buyer. On acceptance of LME Clear’s offer by each

party, two Cleared Contracts will be formed: one between LME Clear and the seller; another

between LME Clear and the buyer. The time of execution will depend on the Execution Venue:

 transactions (i.e. Agreed Trades) agreed in the Ring – the Cleared Contracts will arise

at the time the trade is agreed in the Ring;

 Agreed Trades arising in LMEselect – the execution time of the Cleared Contracts will

be the point at which LMEselect confirms that the Agreed Trade has been matched and

that all pre-execution checks have been satisfied; and

 Agreed Trades in the inter-office telephone market – these will initially form a

Contingent Agreement to Trade, the particulars of which the parties must then submit to

the Matching System. The time of execution of the Cleared Contracts will be at the point

that the Matching System confirms that the trades have been matched and that all pre-

execution checks have been satisfied. This remains the case for trades that arise from a

SFPA (save in the case of trades between RIBs and their clients, which shall initially give

rise to an obligation on the RIB to submit the particulars of the initiating auction pair to the

Matching System, rather than giving rise to a Contingent Agreement to Trade – see further

Part 3 of the LME Rules.)

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