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Governance

LME Clear is authorised and regulated in the UK by the Bank of England. LME Clear is fully compliant with regulatory standards for clearing houses; our risk management methodologies and practices comply with the Recommendations for Central Counterparties developed by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organisation of Securities Organisation (IOSCO).

The LME Clear Board has overall responsibility for the management of LME Clear and is governed by a Statement of Corporate Governance and five committees to which specific responsibilities are delegated:

Board committees

  1. Executive Committee (ExCom) - comprised of the Chief Executive Officer, Chief Compliance Officer, Chief Executive Officer - LME, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer, Chief Technology Officer, General Counsel, Chief Sustainability Officer and Chief of Staff, Head of Market Development and Head of Risk.
  2. Board Risk Committee - composed of nine individuals of whom three are Independent Directors, three are representatives of clients and four are representatives of members
  3. Audit Committee - composed of at least four individuals, of which at least three are appointed from the Independent Directors and at least one individual must have relevant and recent financial experience
  4. Nomination Committee - composed of a maximum of five individuals with a majority of Independent Directors
  5. Remuneration Committee - composed of four individuals appointed from the Non-Executive Directors.

 

LME Clear Limited Board Committee Composition 

Other committees

Background on the LME Clear Board

The Board of LME Clear (the Board) retains overall responsibility for the management of LME Clear. It delegates the day-to-day management to the Executive Committee (ExCom) which is supported by the LME Clear management team representing the key functional areas of the organisation (operations and technology, risk, business development, legal and compliance). The Board of LME Clear is solely responsible for setting the strategy of LME Clear. In setting the strategy, the Board will consider the views of all stakeholders including the HKEx Group, regulations and an appropriate balance between commercial and risk mandates in determining what is appropriate for LME Clear. LME Clear will remain responsible and accountable for the good management and performance of LME Clear and will ensure that it has a competent management team to which the Board has properly and effectively delegated the day-to-day management of LME Clear. 

The Board seeks to promote and maintain the highest standards in relation to the operations of LME Clear, and, in this, is fully supported by HKEx Investment (UK) Limited (HKEx UK) and, ultimately, HKEx, the Group parent company.

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