The 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 "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 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 will not be 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 which are not legally binding.
There are no LME Clear rule changes under consultation currently.
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. From July 2022, we will no longer publish the C-factor under the Interim method as the SA-CCR approach has been mandatory since January 2022.