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Rules and regulations


The Rules have been developed by LME Clear and The London Metal Exchange ("LME") together with external legal counsel.

The Rules have been developed in accordance with the following principles:

  • To reflect the operational design of LME Clear
  • To reflect the legal framework which will apply to LME Clear at launch, including primarily the requirements of the new European Market Infrastructure Regulation ("EMIR") that apply to central counterparties
  • To be clear and user friendly.

The Rules are made up of (i) eleven "Rules", (ii) four "Procedures" and (iii) a number of "Annexes". The eleven Rules set out the main rights and obligations of LME Clear and the Members. The Procedures supplement, and form part of, the Rules by setting out the detailed operational processes.

The Rules (including the Procedures and Annexes) are legally binding on Members. Material amendments will be subject to a formal consultation process, unless certain exemptions apply. For example, LME Clear will not be required to consult on changes to the content of the annexes.

The Rules will also be supplemented by operational documents which will not be legally binding.

View Rule Book and Procedures 

Qualifying CCP Status

LME Clear is required to publish certain additional information to its member firms because of its Qualifying Central Counter Party (QCCP) status. This information is available to employees of member firms by requesting additional acesss to the LME website.

Settlement Finality Orders

In relation to the Financial Markets and Insolvency (Settlement Finality) Regulations 1999, Regulation 22 the court is considering revising its Insolvency Proceedings Practice Direction and has requested that system operators provide clear information on their websites setting out how contact with them can be made.

Orders issued by the court should be sent to

Rule Changes

LME Clear Proposed Rule Changes

Please see link below to the LME Clear Rulebook changes in respect of open offer, LME precious, flex and miscellaneous, which will take effect on 22 May 2017. Please see rule change notice 17-018 for more details.

 LME Clear Mark-Up Rule Changes - LMEprecious,Open Offer

 LME Clear Limited Rules and Procedures

Please see Consultation Response Table following notice 17-014 at the link below

Consultation Response Table