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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 seven categories of membership. Access to the market is available through Category 1, Category 2 or Category 4 members. Categories 6 and 7 are reserved for individual and honorary members.

Category 1 members

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

Category 1 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 have all the privileges of Category 1 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.

Category 3 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.