Non-display licence

What is a non-display licence?

The non-display licence covers any use of LME Data other than where the use of the data is in support of its display or distribution.

Who is it for?

A non-display licence is required for those who consume LME Data other than in support of its display or distribution. The LME categorises non-display use into three categories:

  1. Trading Activities. Non-display use of the data where the Licensee conducts trading either on the LME or elsewhere and trades as a principal on its own account, or on behalf of clients.

    Examples include, but are not limited to use in algorithmic trading applications, use in dealer to client platforms where LME data is not displayed, and order book analytics within trading environments.

  2. Risk Management of LME Positions. Non-display use of the data for management of house and client positions either on exchange or conducted on an OTC basis.

  3. Other. Non-display use of the data which is not Trading Activities or Risk Management of LME Positions.

    Examples include, but are not limited to risk management of non-LME positions, trade surveillance software provision, order book analytics which is not within a trading environment, fund administration, portfolio management and research.

If you have any questions regarding your specific use case and how the above categories may apply, please contact market.data@lme.com.

The non-display licence does not grant the right to use the Data for any commercial purposes. As such, further licensing may be required alongside the non-display licence.

For more information on how the non-display licence complements the other LME licensing policies, please refer to the FAQs.

 

How to apply:

Applications can be submitted using the Online Licensing Portal from 1st January 2021.

Non-display licence Fees

Category of non-display use Monthly fee (USD) per entity
Trading Activities 1,000
Risk management of LME positions 300
Other 500

The fees are applicable per month per category of use, and are invoiced quarterly in arrears, based on the reporting submitted by the Licensee via the LME Reporting Portal. Applied per Group – ie Entity and unlimited Affiliates.

Fee waivers

Fee waiver Eligible users Eligible categories
 LME Member waiver LME Members of Categories 1, 2, 3 and 4 Risk management of LME positions
New LME Client waiver LME Clients for 12 calendar months from the date of receipt of the first LME Client Contract issued to any entity within the Licensee's group Trading Activities;
Risk Management of LME positions
Delayed data waiver Any Licensee solely using
data that is 30 minutes
delayed from time of
original publication by the
LME
Trading Activities;
Risk Management of LME positions

For the avoidance of doubt, the above fee waivers do not exempt Licensees from execution of the licence and submission of reports to the LME.

Licence exemptions

The following firms are exempt from the Non-display policy, subject to confirmation from the LME by contacting market.data@lme.com:

  • Firms with a limited use of the data ( <$10m annual notional) – eligible categories Trading Activities; Risk Management of LME Positions
  • Firms testing the data internally – eligible categories Trading Activities; Risk Management of LME Positions; Other

Exchange fees for the relevant service apply irrespective of the non-display policy and exemptions. For additional information on the fees, reporting, fee waivers and licence exemptions, please refer to the FAQs.