LMEsmart

LMEsmart is the System for Matching And Registering of Trades. LMEsmart operates between 01:00 and 20:15 London time for trade entry and can be accessed via the browser based GUI or the FIX API for members own applications.

LMEsmart live system status

Status: Green

Last updated: 23rd October 2020 12:37

No Issues

 

 

 

Should you have any questions relating to the LME test environments, please contact membertest@lme.com

Useful testing information for pre-trade transparency (PTT) Member Testing – MTA

Please note: from Monday 19th October the auction duration has been reduced from 30 minutes to 5 minutes in MTA

Trades that fit the PTT criteria (liquid product, below the LIS threshold that does not qualify for any other approved waiver or exemption) will be held in the Auction state for 5mins in the member test environment as opposed to 30 seconds when the service goes live in November as a production offering. This will allow members adequate time to test the different scenarios for initiating trades as well as participating bids and offers.

To initiate an auction, trades must contain:

  • Venue – Inter-office
  •  Category – Normal or Giveup Executor/Clearer
  •  Price Type – Current
  •  Product listed on the LIS table
  •  Volume under the LIS threshold
  •  Both sides of the trade must have Commodity Derivatives Indicator set to “No

The Post Trade Operations team will be loading trade files between 12pm and 2pm on Tuesdays, Thursdays and Friday for the initial two weeks of Member Test from the 14th September.
These trade files will create auctions for members to participate in. Price, prompt, quantity and auction details will be published onto the LMEsmart Test page so members can enter participating bids and offers.

  • Auction period: 5 minutes
  • Participating bids and offers should contain the below:
    o Venue – Inter-office
    o Category – Normal
    o Price Type – Current
    o Relevant prompt/s for the auction
    o Relevant price/s for the auction
    o Auction ID (enter into the Public Reference field)
    o Relevant Trade time
    o Counterparty ‘AUC’
    o Active auction details will be published on the LMEsmart Member Test web page every half hour between 12pm and 2pm Tuesday, Thursday and Fridays.
  • If one side of the below trade types are cancelled, both sides will be cancelled to prevent matching with auction participants:
    o Client crosses
    o Give ups (member to member and client crosses)
  •  Members can also use their member test counterparties to test auction initiations and auction participation
  •  LIS levels: (TTM_0_1Y = TOM to 1 Year forward, TTM_1_2Y = 1 Year forward to 2 Years forward, etc

Product Contract Type Currency  Time to maturity  bucket PTT LIS Threshold 
 AA F  USD  TTM_0_1Y  17
 AH F  USD  TTM_0_1Y  13
 AH F  USD  TTM_1_2Y  89
 AH F  USD  TTM_2_3Y  64
 CA F  USD  TTM_0_1Y  5
 CA F  USD  TTM_1_2Y  47
 CA F  USD  TTM_2_3Y  47
 NA F  USD  TTM_0_1Y  16
 NI F  USD  TTM_0_1Y  9
 NI F  USD  TTM_1_2Y  51
 PB F  USD  TTM_0_1Y  11
 SN F  USD  TTM_0_1Y  6
 ZS F  USD  TTM_0_1Y  9
 ZS F  USD  TTM_1_2Y  54
 ZS F  USD  TTM_2_3Y  45
  • Carry trades that straddle multiple Time to maturity buckets will be categorised by the maturity bucket with the lowest LIS threshold.
  • Options and TAPOs are currently not considered for PTT
  • If members wish to test on LMEsmart but do not want to initiate an auction, trades entered with the below will not initiate an auction:
    o Trades with higher lots than the LIS levels detailed above
    o Trade with categories other than “Normal” or “Giveup Executor/Clearer”
    o Trades with Commodity Derivatives Indicator set to “Yes” (only one side of the trade needs to contain this for the whole trade to not be considered for PTT)

LMEsmart MT-A 

Status: Green

Last updated:   23rd October 2020 12:37

LMEsmart MT-B

Status: Green   23rd October 2020 12:37

 

Important: As per Notice 20/169

LMEselect, LMEselectMD and LMEsource applications in MTB environment will not be available for Members and other market participants to perform their own system/software testing from 03 August 2020 until further notice.

Members are advised to use above applications in LME Member Test A (MTA) environment for any testing.

For the avoidance of doubt LMEsmart, LMEmercury and all other applications in MTB will still be accessible.

Contact Us

For further information please get in touch.