Block trade thresholds
The LME has introduced Minimum Volume Thresholds (MVTs) also known as block trade thresholds, applicable to certain instruments.
Client guide to executing under the MVT Rule: Download our practical client guide. The guide explains how orders can be executed following the introduction of the Minimum Volume Threshold Rule (“MVT Rule”) on the LME market.
Download guide (PDF)
In September 2024 we issued a white paper which set out a package of measures designed to modernise the LME's market structure and boost transparency and price competition, at the same time as protecting the LME's unique features that serve the physical metal communities.
Having engaged widely with our stakeholders, in April 2025, we set out more detail on our next steps and longer-term roadmap, and consulted on some proposed measures. We published a decision notice with the outcomes of that consultation in August 2025.
Current initiatives
Crossing rule
The LME has introduced a Crossing Rule, which outlines a Member’s ability to “cross” orders through LMEselect under certain circumstances.
Short-dated carry
The LME has expanded the definition of a short-dated carry to support the continued provision of liquidity and trading in daily dates
Tick sizes
The LME has revised its tick sizes for certain spread instruments.
When exactly is Phase 1 and Phase 2?
Phase 1 is from 2025 to the first half of 2026, while for the second phase we will consider further changes in the second half of 2026. We have already introduced TAS contracts as part of Phase 1 and intend to introduce crossing and blocks in February 2026 and March 2026 respectively.
Are there any changes to implied pricing?
The LME will be considering the delivery of implied pricing changes in Phase 2.
Are we progressing with the market data transparency in the inter-office market?
The LME will be considering this in Phase 2.
Are we progressing with the OTC transparency?
The LME will be considering this in Phase 2.
Are we progressing with the market data fees for OTC platforms?
The LME will be considering this in Phase 2.
Are we progressing with the Large-in-Scale deferral?
The LME will be considering this in Phase 2.
Are we progressing with the UOTR enhancements?
The LME will be considering this in Phase 2.
Phase 1 is from 2025 to the first half of 2026, while for the second phase we will consider further changes in the second half of 2026. We have already introduced TAS contracts as part of Phase 1 and intend to introduce crossing and blocks in February 2026 and March 2026 respectively.
Are there any changes to implied pricing?
The LME will be considering the delivery of implied pricing changes in Phase 2.
Are we progressing with the market data transparency in the inter-office market?
The LME will be considering this in Phase 2.
Are we progressing with the OTC transparency?
The LME will be considering this in Phase 2.
Are we progressing with the market data fees for OTC platforms?
The LME will be considering this in Phase 2.
Are we progressing with the Large-in-Scale deferral?
The LME will be considering this in Phase 2.
Are we progressing with the UOTR enhancements?
The LME will be considering this in Phase 2.
26/204 Minimum Volume Thresholds Implementation (PDF)
Client Guide to Executing Under the MVT Rule (PDF)
26/109 Market Structure Modernisation Delivery Update (PDF)
25/149 Consultation Decision Notice on Enhancing Liquidity (PDF)
Press release: LME progresses plans for market structure modernisation
LME Liquid Instruments and Minimum Volume Thresholds (PDF)
Redline of amendments to the LME Rulebook (PDF)
Examples to Support the Blocks Guidance (PDF)
25/150 Financial OTC Booking Fee Changes (PDF)
Redline of amendments to the Financial OTC Booking Fee Policy (PDF)
Watch: David Mears, LME Head of Trading Business Development, hosted a panel at this year's LME Asia Metal Seminar which explores the LME’s plans to deliver block trade thresholds, encourage electronic liquidity and enhance its options market.
LME Update on Enhancing Liquidity (PDF)
Press release: LME moves ahead with plans to modernise market structure to enhance liquidity
25/083 Consultation on Enhancing Liquidity (PDF)
LME Liquid Instruments and Minimum Volume Thresholds (draft) (PDF)
Redline of proposed amendments to the LME Rulebook (PDF)
Examples to Support the Blocks Guidance (PDF)
Crossing Guidance (draft) (PDF)LME Update on Enhancing Liquidity Overview (PDF)
Enhancing liquidity on the LME: video
This animation provides an overview of the aims and desired outcomes of the LME’s market structure modernisation plans.
Webinar: Enhancing Liquidity White Paper
LME CEO Matthew Chamberlain, LME COO and Head of Trading Jamie Turner, and LME Board Director Nigel Dentoom provide more detail on the White Paper in our webinar.
Documents
LME White Paper on Enhancing Liquidity (PDF)
LME White Paper: Letter from the LME CEO
Press release: LME progresses market structure evolution to enhance liquidity
In 19 January 2021, we issued the LME Discussion Paper on Market Structure, which set out a range of proposals designed to enable the LME to modernise and adapt to emerging trends and evolving customer needs to create a metals market fit for the future.
Built on the groundwork of 2017’s Strategic Pathway this discussion paper considered several structural changes to the LME.
In June 2021 we published a summary of the broad market feedback we received, together with the outcomes of the discussion paper process.
Response and outcome documents
LME Notice: Outcomes of Discussion Paper on Market Structure (PDF)
Appendix 1: Response Paper (PDF)
Appendix 2: Closing Price Blueprint (PDF)
LME Market Structure Evolution: Summary (PDF)
LME Press Release – LME announces outcomes of Discussion Paper on Market Structure (PDF)
Overview presentation: LME Discussion Paper on Market Structure: Feedback and Outcomes (PDF)
Discussion paper documents: Issued January 2021
LME Press Release – LME issues discussion paper on future market structure
LME Discussion Paper on Market Structure 2021 (PDF)
LME Discussion Paper on Market Structure 2021 – Overview (PDF)
LME Discussion Paper on Market Structure 2021 – Additional data (issued March 2021) (PDF)
Member notices
21 153 Decision notice on proposals relating to the determination of Official Prices (PDF)
21 011 Discussion Paper on Market Structure (PDF)
Press releases
LME issues discussion paper on future market structure
LME announces introduction of financial OTC booking fee and enhanced trading regulations
Published in September 2017, the Strategic Pathway set out our vision to drive growth, following a comprehensive period of engagement with the market.
The Strategic Pathway is underpinned by four key principles:
- serving the physical market by providing pricing, risk management and terminal market services to the global physical metals industry
- ensuring fairness and non-discriminatory access to our market
- increasing user choice and meeting the varied needs of all the LME’s users
- maximising trading efficiency for customers
Following the 2017 discussion paper and taking into account market feedback, the LME implemented:
- 2017: carry-fee reductions; tick size review
- H1 2018: Financial OTC Booking Fee introduction; introducing broker membership; B share initiatives; optional T2 booking model
- H2 2018: new product launches; implied pricing; TAS functionality
- 2019: enhancements to clearing services and electronic trading platform
LME Strategic Pathway: Summary (PDF)
Discussion Paper on Market Structure 2017: Feedback Summary (PDF)
LME Strategic Pathway infographics
Financial OTC Booking Fee
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