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The membership structure of the LME

The LME has evolved a multi-tiered membership structure. The LME is open to all companies that meet the relevant criteria, as established by the Exchange's Rules and Regulations.

The LME has 7 categories of membership. Access to the market is available through Ring Dealing, Associate Broker Clearing or Associate Broker members. Categories 6 and 7 are reserved for individual and honorary members.

Category 1 members

Category 1 members or Ring dealing members are entitled to trade in the Ring, LMEselect and the telephone market.

Ring dealing members can issue LME contracts – buying and selling material for their clients. They are also members of the clearing house.

Category 2 members

Category 2 members or associate broker clearing members have all the privileges of Ring dealing members except they may not trade in the Ring.

Category 2 members are entitled to issue LME contracts., and can trade on LMEselect and the telephone market.

They are also members of the clearing house.

Category 3 members

Can trade and clear their own business but can't issue client contracts or trade in the Ring.

Trade clearing members are often industrial or financial companies with a key interest in the metal industry.

Category 4 members

May issue LME contracts but are not members of the clearing house.

Category 5 members

Have no trading rights except as clients.