LME Clear provides clearing and settlement services for users of the London Metal Exchange on all Ring, electronic and telephone trades.
Once LME trades are matched via LMEsmart, they are passed to LME Clear. LME Clear is open for the registration of trades between 07.30 hrs and 20.15 hrs London time.
LME Clear provides a flexible account structure for Clearing Members which conforms to regulatory requirements. Cash and collateral accounts are available for house business, for Omnibus Clients and for Individually Segregated Clients. A Clearing Member may have multiple client accounts of each type, allowing for accounts to manage client money (CASS) and title transfer (TTCA) structures.
Clearing Members are required under EMIR to offer their clients a choice of client accounts.
LME Clear trades are governed via the LME Clear Rule Book and Procedures. This version incorporates changes made by LME Clear following feedback from Members and from the Bank of England.