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Before a transaction can be ‘cleared’, it must be ‘matched’. This is where details of a deal are checked to see if both parties agree on the terms of the trade. All matching takes place through the LME’s matching system, LMEsmart.

Steps for matching a trade

  1. Each member (the buyer and the seller) enters the details of each transaction into LMEsmart as soon as possible, after the deal is struck
  2. LMEsmart compares both inputs
  3. Any discrepancy will result in a 'mismatch'. The two dealing firms will need to clarify and correct the error as required.
  4. If all details are correct the deal is matched and passed through for clearing.