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Rulebook

The LME Rulebook sets out the rules and regulations of the London Metal Exchange. It is separated into 11 parts and each part focuses on a specific area.

Updates to the LME Rulebook

Release No 80 (June 2014) of the LME Rulebook is now available.

Download the full LME rulebook

The full LME Rulebook is available as one PDF document. 

Rulebook by section

Sections of the rulebook are available below:

Part 1

Definitions and general rules
Defines terms used throughout the LME's rules and regulations.

Part 2

Membership, enforcement and discipline
Details of the membership requirements and ongoing obligations.

Part 3

Trading regulations
Details of the LME trading regulations including Lending Guidance, matching, settlement and prompt dates.

Part 4

Contract regulations
Deals with the status of parties, client contracts, settlement, delivery, warrants and disputes etc.

Part 5

5a - Metal options regulations
Deals with the permitted options, declaration, effect of declaration, premiums and price information.

5b - Traded Average Price Options regulations
Deals with permitted TAPOs, declaration, premiums and price information.

5c - Index Options regulations
Deals with the Index options.

Part 6

Special contract rules for metals 
Contains the special contract rules for all the metals traded on the Exchange.

6a - Special contract rules for the construction of the Index
Outlines the special contract rules for the construction of the Index.

6b - Special contract rules for LMEmini contracts
Contains the LMEmini futures contract specification.

Part 7

Requirements for the listing of brands
Outlines the brand listing requirements.

Part 8

LME arbitration regulations
Details of the arbitration service regulations.

Part 9

Default regulations
Details on events of default, proceedings, notification and procedures etc.

Part 10

LMEsword regulations
Details of the LMEsword operating procedures, LMEsword regulations and warrants.

Part 11

Average price swap regulations
Details of the relationship with trading regulations, permitted average price swaps, cash settlement fee and price information.

Related appendices

  1. LME-approved warehouses
  2. LME-approved samplers and assayers
  3. LME-approved brands

The LME Rulebook should be consulted in conjunction with LME Notices which form part of the regulations of the LME.