The LME Clear rules have been developed in accordance with the following principles:
- to reflect the operational design of LME Clear
- to reflect the legal framework which will apply to LME Clear, including primarily the requirements of UK "EMIR" that apply to central counterparties
- to be clear and user friendly
The rules are made up of (i) twelve rules, (ii) four procedures and (iii) a number of annexes. The twelve rules set out the main rights and obligations of LME Clear and the members. The procedures supplement, and form part of, the rules by setting out the detailed operational processes.
The LME Clear rules (including the procedures and annexes) are legally binding on members. Material amendments will be subject to a formal consultation process, unless certain exemptions apply. For example, LME Clear are not required to consult on changes to the content of the annexes. The rules are also supplemented by operational documents such as the detailed service specification. ("DSS") Which are not legally binding.
Rule changes
The LME Clear Rules Consultation on Minimum net capital; default fund mutualisation threshold and default fund anti-procyclicality measure (Notice 24/285 + 24-034) is now closed. LME Clear is considering the responses received and will issue a Rule Change Notice in due course.
Documents
Annex 7- Delivery Timetable (PDF)
Qualifying CCP status
LME Clear is required to publish certain additional information to its member firms because of its qualifying central counterparty (QCCP) status. This information is available to employees of member firms by logging in or registering below. We stopped publishing the C-factor under the Interim method in July 2022, as the SA-CCR approach has been mandatory since January 2022.
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