The LME will be launching a new trading platform and enhancing the existing LMEsource market data platform in the second half of 2021.
These changes will bring a number of functional enhancements, please see below for more details, and will require market participants to be prepared for the external impacts discussed below.
The new trading and enhanced market data platforms will deliver a number of changes and improvements including:
We've also put together some frequently asked questions for members and ISVs.
The changes will deliver the following enhancements to the participant model and pre-trade risk management (PTRM):
The existing FIX 4.4 order entry interface will be replaced with FIX 5.0 SP2 interface with the following benefits:
A binary order entry interface will be introduced with the following benefits:
We are pleased to be partnering Trading Technologies to build a GUI for the new trading platform. It will bring the following benefits:
As always, the LME will work closely with participants for their migration preparation including:
It is proposed that the migration will be phased, based on markets and segments.
The migration approach will not include any provision for backwards or forwards compatibility i.e. migrated markets are only available via the new interfaces. Conversely it will not be possible to use the new interfaces to access markets that have not migrated.
The migration will therefore require all parties to be ready on the agreed dates. These include;
The target go-live data is the second half of 2021 with the following key dates and milestones:
|1||31 Dec 19||FIX 5.0 specification issued
|2||31 Jan 20||Migrate from LMEselectMD to LMEsource (all participants except market data vendors)
|3||Q2 2020||Binary specification, new trading platform functional definition, LMEsource specification, and GUI details issued
|4||Q4 2020||Member and vendor test environments available for initial connectivity testing
|5||Q1 2021||Member and vendor testing service available
|6||Q4 2021||Go live of new trading platform and updated LMEsource
|7||Q4 2021||LMEselect de-commissioned. LMEselect MD de-commissioned