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Pay based on use. Does my organisation subscribe? Group Subscription. You must contact LME to unlock it. This is assigned by the exchange. Users must enter this value as the SessionPassword parameter in the hostinfo. This field supplies the value of Tag 96 Raw Data in the Session Startup request message sent to the exchange.
Prices at LME are determined through the open-outcry trading. Following the end of each five-minute ring, official prices, which then become the settlement prices, are determined using the last bid and offer for cash, three months and fifteen months before the ring is ended. On October 30, the LME announced the delivery program for their "strategic pathway" including several new product launches and changes in memberships, including carry trade fee reductions, tick size review, implied pricing and trade-at-settlement functionality on LMEselect, and the addition to LMEprecious of gold and silver options, with platinum and palladium futures to follow.
In April the exchange introduced a code of conduct that set behavioral standards expected of LME Group staff members and member employees, as well as LME-branded events. In , several plaintiffs in the U. All three companies, as well as the LME, denied the claims and said they are without merit. The cases were brought after some users complained about the long waits to get metal, particularly aluminum, out of LME warehouses.
The biggest warehouses have been taking more than a year to release the aluminum. The LME has proposed forcing warehouses with long queues to load out more metal. At the beginning of July , the exchange announced a three-month consultation period on proposals to amend its warehouse regulations again to calibrate deliveries into the sheds with deliveries out. The initiative only applies to locations where the delivery-out queue already stretches to more than days.
On November 7, , the LME proposed a rule that would link the amount of LME-traded metal an exchange-approved warehouse could accept for storage to the amount of the same metal it released whenever the warehouse could not process requests to discharge the same metal from storage in less than 50 days. The judge ordered a review of the LME consultation.
In November the LME launched four regional aluminum premium contracts that allow consumers to hedge against the premiums paid to producers on top of the metal's price, as part of the exchange's attempt to reform its warehousing system.
Premiums had been rising because of the lengthy queues. The exchange also added three new delivery locations in , extending its global network of warehouses to Kaohsiung in Taiwan, Moerdijk in the Netherlands and, for copper only, Panama City in the United States.
The report is designed to be viewed in conjunction with the existing daily warrant banding reports published each day by the LME in accordance with its Lending Guidance. The COTR is published on a weekly basis and will consist of a report for each business day of the previous week.
According to the LME's head of business development, the publication of the reports was requested by the physical industry following the LME's warehousing consultation. Volumes in December of , the year in which the acquisition by HKEx was completed, were 10 percent higher year on year.
The exchange also won six industry awards in that year. By 6 December , the completion date for the acquisition, The LME on July 28, merged its Far East Asia and Mediterranean steel billets contracts into a single derivative, hoping to create a global benchmark. The exchange also added a delivery point in the United States, to complement current ones in Europe and Asia.
The LME has evolved from its roots as an exchange for non-ferrous metals contracts in the wake of a changing customer profile and intensifying competition, notably from the Shanghai Futures Exchange , which vies with its UK rival as the seat of the largest metals complex. The LME introduced futures on steel billets on its electronic and phone system on February 28, and on open outcry on April Steel is the most actively-traded commodity after oil. Past efforts to launch steel futures had faced resistance from the producer community.
Both contracts are physically deliverable ; the initial delivery points include Turkey, Dubai, Malaysia and South Korea. Plastics futures were introduced in May , with contracts for polypropylene and linear low density polyethylene.
However, in October the LME announced these contracts would be delisted, with a final prompt date of 29 April, Aluminum contracts remain the most heavily-traded on the exchange.
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