Rules and regulations

The Rules have been developed in accordance with the following principles:

  • To reflect the operational design of LME Clear
  • To reflect the legal framework which applies to LME Clear at launch, including primarily the requirements of UK EMIR that apply to central counterparties; and
  • To be clear and user friendly.

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.

 

Rule Changes

Rulebook 21 033 LMEC Rule Change Notice  Loss Allocation and Miscellaneous

The following below LME Clear Rule Changes will take effect on 24 May 2021 

2021 05 12 LMEC Q1 Rule Changes - COMPARE

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