The Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR) (together MiFID II) form the largest consolidated package of financial services legislation to govern the European financial markets. The undertaking to impose regulatory alignment on such a diverse, complex and highly sophisticated universe of interconnected systems, entities and interests is arguably one of the Union’s most ambitious projects; the practical realities of which have tested all sectors of the capital markets.

The guiding principles of MiFID II are to increase transparency, encourage competition and strengthen harmonisation throughout the European financial markets. It seeks to achieve these aims through an expanded focus on the commodity markets, pervasive enhanced transparency requirements and restrictions on the types of activities that remain outside of the regulatory scope.

The LME is cognisant of the many challenges that MiFID II currently presents and will continue to present - both to the LME as an exchange and to our market participants. Our refreshed MiFID II webpage offers insight into the key areas of impact and the relevant changes that the LME introduced as part of its MiFID II implementation project.

In order to assist firms with their implementation programmes the site also offers details of our testing environment, specifications and timelines of LME system changes.

If you have any queries in relation to the impact of MiFID II on your LME trading activities then please email our regulation team or your usual LME contact.

Metal specific reports
What the LME and LME Clear are doing to be compliant from day one

Members of the LME
What our members need to do and know to be compliant
Monthly oveview
Clients of members
What clients of members need to know and do to be compliant
Open interest
Non-EU firms
What companies outside of the EU need to do and know to be compliant
Metal specific reports Position Limits
FCA defined Position limits.
Metal specific reports
Quality of Execution reports
Futures banding
MiFID II - a detailed look
A detailed look at MiFID and MiFIR, the three levels of application, relevant RTSs and useful documents
Warrant banding
Key LME & LME Clear documents
A repository for all MiFID II LME documents, guides and specifications

Useful links

Contact us

For further information about MiFID II implementation, please email our MiFID II team.

For all other regulatory change related questions, please email the Head of Regulation, Risk and Compliance.