The London Metal Exchange is authorised and regulated by the Financial Conduct Authority in respect of its benchmark administration activities under the European Benchmarks Regulation (Regulation No (EU) 2016/1011) as “onshored” into UK law and amended by The Benchmarks (Amendment and Transitional Provision)(EU Exit) Regulations 2019 (UK BMR).

The London Metal Exchange is also a recognised investment exchange under Part XVIII of the Financial Services and Markets Act 2000 (FSMA) and a regulated market pursuant to the markets in Financial Instruments Directive. The LME is an exempt person for the purposes of FSMA in respect of its exchange activities.

LME’s UK BMR Statement of Compliance

The LME, in its capacity as a benchmark administrator and in accordance with Article 29 of the UK BMR is listed on the FCA Benchmark Register, permitting use of the LME's benchmarks in the United Kingdom.

As a third-country benchmark administrator, the LME is utilising the transitional arrangements under Article 51(2) of the European Benchmarks Regulation as amended and extended from time to time in order to continue providing its benchmarks for use by supervised entities in the European Union.

This BMR Statement of Compliance is published pursuant to Annex II (18) of the UK BMR in respect of the audit requirement for the LME's adherence to its stated methodology criteria and with the requirements of the BMR:

LME’s UK BMR Statement of Compliance

LME’s IOSCO Statement of Compliance

The IOSCO Principles for Oil Price Reporting Agencies (“IOSCO Principles”) is acknowledged in the BMR as a global standard for the provision of benchmarks. Whilst the LME is not an oil price reporting agency, nor are any of the benchmarks administered by the LME oil benchmarks, the IOSCO Principles are widely accepted and used by market participants for commodities other than just oil. As such, the LME is also making this voluntary statement of compliance with the IOSCO Principles:

LME’s IOSCO Statement of Compliance

LME benchmarks

A full list of the LME’s prices, including information on which of these prices are benchmarks under the UK BMR, is included in the LME List of Benchmarks (PDF). Links to the benchmark statement and benchmark methodology for each LME benchmark family can also be found in this document. Benchmark statements and methodologies should be read in conjunction with the Benchmark Administration - Definitions (PDF).

The LME’s benchmarks are categorised as non-critical commodity benchmarks that are subject to Annex II of the UK BMR.

The LME’s view is that market participants who trade on the LME’s execution venues are not “contributors” of input data within the meaning of the UK BMR and consequently, are not subject to a code of conduct. However, supervised entities are reminded that their usage of an LME benchmark may trigger other obligations under the UK BMR.

LME prices not identified as a benchmark under the UK BMR may not be used as benchmarks.

All use of LME prices is subject to applicable licensing requirements. Further information is available on the market data licensing page.

Benchmark categorisation

On 3 April 2023, the LME issued LME Notice 23/057 to inform members and other interested parties that the Notional Average Prices (“NAPs”) shall no longer be treated as benchmarks under the UK BMR effective from 2 May 2023 and are no longer permitted to be used by UK supervised entities as benchmarks.

Benchmark changes & cessation

The LME may, from time to time, seek to make changes to or consider cessation of a benchmark on either a temporary or a permanent basis. In these circumstances, the following procedures shall apply:

Benchmark consultations

The LME implemented its evolution of the LME Closing Price Methodology for aluminium and lead on 22 January 2024, and then rolled out the methodology for copper, zinc and nickel on 18 March 2024. This followed public consultation, with decisions and implementation schedule set out in Member Notice 23/168.

Historical consultations



We welcome engagement from all those with interest in our market. Please direct any enquiries via email or your usual LME contact.


All information provided on this page is for information only. Every effort has been made to ensure that all information on this page is accurate, but the LME accepts no responsibility or liability, and its affiliates, directors, officers, employees, partners or licensors also accept no responsibility or liability, for any errors or for any loss from use of this publication or any of the information or data set out on this page. Neither the LME, its affiliates, nor any of its affiliates, directors, officers, employees, partners or licensors, make any claim, prediction, warranty or representation whatsoever, expressly or implied, either as to the results to be obtained from the use of the LME’s benchmarks or the fitness or suitability of the LME benchmarks for any particular purpose. The LME, its affiliates, nor any of their directors, officers, employees, partners or licensors, accept any liability (to the extent permissible under law) for any person’s use of the LME’s prices as a benchmark contrary to article 29(1) of the BMR or under any applicable legislation enforceable in any jurisdiction which seeks to implement or otherwise enforce the prohibition set out in article 29(1) of the BMR.

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