The Rules have been developed in accordance with the following principles:
The Rules are made up of (i) twelve Rules, (ii) four Procedures and (iii) a number of Annexes. The Rules set out the main rights and obligations of LME Clear and its Members. The Procedures supplement, and form part of, the Rules by setting out the detailed operational processes.
The Rules (including the Procedures and Annexes) are legally binding on Members. Material Rule Changes will be subject to a formal consultation process, unless certain exemptions apply. For example, LME Clear is not required to consult on changes to the content of the Annexes.
The Rules are also supplemented by operational documents such as the Detailed Service Specification which is not legally binding.
LME Clear is required to publish certain additional information to its member firms because of its Qualifying Central Counter party (QCCP) status. This information is available to employees of member firms by logging in or registering below.
The following below LME Clear Rule Changes will take effect on 24 May 2021