LME Lead Options Summary Contract Specification

• Monthly out to 15 months

Option type

• American style option

Last trading day

• Tuesday before the First Wednesday by 18:00 of the prompt month
  Please refer to the prompt calendar for details.

Last matching and registration

• Tuesday before the First Wednesday by 18:15 of the prompt month

Declaration date/time

For clearing members, any LME business day from 08:00 up to 11:15 UK time on the first Wednesday of the prompt month. For clients, any LME business day from 08:00 up to 11:10 on the first Wednesday of the prompt month

• 11:15 for Clearing members
• 11:10 for Customers

on the first Wednesday of the expiring option month

Premium tick size

• $0.01 USD (one cent)

Minimum strike price movement

• $25 for strikes from US$25 to US$9,975
• $50 for strikes from US$10,000 to US$19,950
• $100 for all strikes over $US20,000

Minimum strike price movement and tick size for premiums available in all clearable currencies

Exercise of option

LCH.Clearnet auto-exercise deep in the money options that are greater than two strikes above and two strikes below the at-the-money strikes. Options Exercise will result in a third Wednesday Futures contract.

Law / Regulation

This is a summary of the contract specifications. For full contract specification details, please refer to the LME Rulebook which details the complete rules and regulations of LME contracts.

LME contracts may only be offered or sold to United States foreign futures and options customers by firms registered with the Commodity Futures Trading Commission (CFTC), or firms who are permitted to solicit and accept money from foreign futures and options customers from trading on the LME pursuant to CFTC Rule 30.10.

Arbitration

In the case of unresolved disputes, arbitration is effected via the LME arbitration procedure, and/ or by other body agreed by the parties.