LMEprecious

• A highly-flexible date structure – Gold and silver can be traded on a daily basis, from T+1 (TOM), T+2 (SPOT), through to T+25. LMEprecious also offers standardised monthly futures contracts, out to five years.
• Tradeable carries between all futures dates - Including the crucial TOM/NEXT carry trade for inventory management, and monthly roll trades for funds and other investors.
• Displayed electronic liquidity from day one – The LME’s market-making partners deliver deep and tight executable prices across the gold and silver forward curves.
• Loco London delivery – Gold and silver bullion physically held in London allows for the efficient settlement between LMEprecious and OTC market deliveries.
• Optimised capital management – LMEprecious contracts are cleared by LME Clear, the LME’s custom-built metals CCP, with scope for material capital savings.
• Flexible booking model – LMEprecious contracts can be traded electronically via LMEselect, and through the 24-hour telephone market.

The LMEprecious NMP is a one year programme for trading participants who have not traded LMEprecious Contracts previously. It offers eligible participants a rebate of a set percentage of trading and clearing fees across all contracts.

Rebates offered:

• 75% for the initial six months of the programme
• 50% for the final six months of the programme

Application documentation

• 19 062 LMEprecious New Market Participant Programme
• NMP Application form

Following the successful launch of the LMEprecious gold and silver contracts in July 2017, the LME has introduced a liquidity provider (LP) programme for price provision from 1.00-8.00 London time to support Asian hours trading. 

The LP programme is designed to work in conjunction with the existing LMEprecious price streaming programmes, which enhance participation and liquidity in the LMEprecious contracts from 8.00-18.30 London time. The Asian hours LP programme began on 1 June 2018, and will terminate on 31 May 2019.

For full details of the LMEprecious liquidity provider programmes in Asian hours, please refer to LME Notice 18/093.

For more information about the original LMEprecious market making programme, please refer to LME Notice 17/229.

LMEprecious fee schedules

¹ Clearing fees are payable to LME Clear.

² House fees apply to the house business for all LMEprecious memberships which includes LMEprecious General Clearing Memberships (GCMs), LMEprecious Individual Clearing Membership (ICMs) and LMEprecious Non-Clearing Memberships (NCMs). House fees also apply to trading in LMEprecious Contracts undertaken by affiliates of LMEprecious clearing members (GCMs and ICMs). An “affiliate” shall mean, in relation to an entity, any subsidiary or ultimate holding company of that entity and any other subsidiary of that ultimate holding company. A company is a “subsidiary” of another company, its “holding company”, if that other company holds directly or indirectly 50% more of the voting rights in the company and / or exercises effective control over it. Affiliates of LMEprecious GCMs or ICMs wishing to benefit from House fees must contact Relationship Management at rm@lme.com to demonstrate the entity meets the definition of an affiliate as set out above.

³ Including give-up executor trades, reversal / corrections, OTC bring ons and position transfers.

⁴ LMEprecious subscription fees have been waived until end December 2018. 

 Resources:

• LMEprecious key presentation: monthly update (PDF)
• LMEprecious brochure (PDF)
• LMEprecious FAQs
• Resources
• LMEprecious news and events
• Precious metals overview

LMEprecious membership and trading the contracts:

• Accessing the LMEprecious contracts

Pricing information:

• LMEprecious reference prices
• LBMA Palladium
• LBMA Platinum
• LBMA pricing data distributors
• LBMA pricing governance