Access the market
Whether you are an industrial hedger, physical market trader or proprietary trader there are two ways of accessing our markets:
- By trading as a client through an existing LME member
- By becoming an LME member
The decision as to which route to choose will be determined by a number of factors including what level of access you require, whether your firm is trading for its own book and / or executing on behalf of clients, what your regulatory permissions are and what your capital requirements might be.
A large number of participants access our markets as clients of LME members. Non-members wishing to trade Base Metals can do so through Category 1, 2 and 4 members with each category offering different levels of services in respect of trading and clearing.
Category 1, 2 and 4 members can offer clearing services to clients; Category 4 members are not members of the LME’s clearing house, LME Clear, and will use the services of a Category 1 or 2 member to clear their trades.
For LMEprecious, non-members can access the contracts as clients through a GCM or an NCM. An NCM will use the services of a GCM to clear their trades.
Registered Intermediating Brokers (RIBs) are brokers which can arrange LME and LMEprecious trades between market counterparties, who can be LME members or clients.
To become a member of the LME, candidates should contact Market Access team in the first instance to discuss their requirements. There are various on-boarding stages, which can run concurrently, and include application completion/due diligence, connectivity and operational readiness.
There are seven categories of membership each with different capabilities:
- Categories 1 and 2 – General clearing members who can trade for own account and on behalf of clients
- Category 3 – Individual clearing members who can trade for own account
- Category 4 – Non-clearing members who can trade for own account and on behalf of clients but who are not members of LME Clear and will therefore use the services of a Category 1 or 2 member to clear their trades
- Category 5 – Entities who are involved in the physical market and or clients of Category 1, 2 or 4 members, who wish to be associated with the LME brand
- Category 6 - Individual members
- Category 7 – Honorary members.
To become a member of LMEprecious, candidates should contact Market Access team.
There are three categories of membership for LMEprecious, each with different capabilities:
- LMEprecious GCM - General clearing member for the LMEprecious contracts
- LMEprecious ICM - Individual clearing member for the LMEprecious contracts
- LMEprecious NCM - Non-clearing member for the LMEprecious contracts
To become a Registered Intermediating Broker (RIB), candidates should contact the Market Access team.
There are two types of Registered Intermediating Broker (RIB) membership which offer different levels of access to our markets:
- Tier 1 RIB member
- Tier 2 RIB member
We are accepting applications for RIB membership from Monday 5 November 2018. There is more detail on these types of membership in our membership categories section.
Contact Us
For further information on becoming a member please email our Market Access team.
To find a member please email our Sales team.