new trading and market data Platforms

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.

Changes for market participants

The new trading and enhanced market data platforms will deliver a number of changes and improvements including:

• Functional enhancements
• A new FIX interface
• A new trading GUI
• Replacement of the existing LMEselectMD market data feed with LMEsource

We've also put together some frequently asked questions for members and ISVs.

Functional Enhancements

Changes to the Fix interface

The existing FIX 4.4 order entry interface will be replaced with FIX 5.0 SP2 interface with the following benefits:

• Aligned with FIX principles
• Where possible the use of custom tags will be avoided
• The interface will provide easier setup and connection for all market participants
• Standard interface for all participants - no latency advantage

FIX specifications

• Order Entry Gateway FIX Specification
• Drop Copy Gateway FIX Specification 
• Risk Management Gateway FIX Specification

Binary interface

A binary order entry interface will be introduced with the following benefits:

• Based on HKEX Orion Central Gateway (OCG) binary trading interfaces
• Additional functionality, such as mass quotes
• Optionality in message construction will be reduced to ensure parity between participants
• Available to all participants

GUI Interface

We are pleased to be partnering Trading Technologies to build a GUI for the new trading platform. It will bring the following benefits:

• Browser based
• Available to both members and clients
• Increased global distribution
• Access to all LME products

Migration Approach

As always, the LME will work closely with participants for their migration preparation including:

• Regular communication updates
• Early visibility of technical specifications
• Six-month test window including dev/test, conformance and dress rehearsals

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;

• Upgrade all order entry interfaces from the current FIX 4.4 format to either the new FIX 5.0, and/or binary interfaces
• Becoming familiar with the new exchange provided Trading GUI
• Upgrade all Market Data interfaces from the current LMEselectMD to LMEsource

High Level Timeline

The target go-live data is the second half of 2021 with the following key dates and milestones: