FAQs

LMEsmart FAQs

FAQs

I have a trade that has been suspended. Who do I contact about getting it released? 

Please contact the LME Clear Operations team for more information.

How do I connect to the LMEsmart Member Test environments? 

Connectivity details can be found in the LME Systems Connectivity Guide (available from IT Service Desk). Credentials are supplied on request from the Post Trade Operations team.

 

What is the difference between the test environments? 

Please speak with your LME Relationship Manager for information.

Where can I find the Production LMEsmart FIX specification?

This document and more is available in the LMEsmart Downloads area of this site.

What time is LMEsmart available?

LMEsmart is available for trade entry from 01:00 to 20:00 for LMEbase and 20:15 for LMEprecious Monday to Friday.

What time are the EOD reports available to download from the FTP server?

The reports are available from 07:30 for download.

Is LMEsmart available on weekend or public holidays?

The system is not available for connectivity during the weekend or on British public holidays.



Pre-trade transparency FAQs

Find out more information about pre-trade transparency.

Do Give-Up trades booked to UNA create auctions?

Give up trades that are booked to UNA do not create auctions. Only registrations including the Clearing Broker could trigger an auction.

Why may an initiating trade half which is valid for an Auction be rejected with reason "Auction Closed" even after receiving an "Un-matched" status?

Both sides of a trade are required before the system can determine whether an auction is required or not. An example of the valid initiating trade receiving the reject reason “Auction Closed” could be that the second half of a TOM trade has been entered post TOM Trading deadline of 12:30 and the trade required an auction which cannot be started after this point.

Can trades entered by RIB (Registered Intermediary Broker) initiate an auction?

Yes, trades entered by RIBs could initiate an auction after trade halves are accepted by the relevant GCM.

How to test the scenario where one half of the initiating trade that has triggered the auction is cancelled, during an auction, and another Member has taken the other side?

Below are the steps for testing above scenario. Note: CAD3M has been used as sample contract for illustration purpose only.

  1. Member A enter Buy 4lots CAD3M against Member B
  2. Member B enter Sell 4lots CAD3M against Member A (auction starts)
  3. Member B enter auction participating Offer(sell) 2lots CAD3M with all relevant auction details
  4. Member B cancel Sell 4lots CAD3M against Member A
  5. Auction closes (cancel sent to Member A for 4lots Buy against Member B
  6. Auction Member B offer 2lot CAD3M matches against Member A (execution report to Member A for successful auction transaction)

Notes:

  • “Auction ID” detail required for entering participating bids and offers as per above step 3 can be obtained from ‘Auction ID’ column on LMEsmart Trade Management window on GUI.
  • ‘Member A’ can be participant original member mnemonic and ‘Member B’ can be participant dummy mnemonic that are setup in LMEsmart MTA environment.

Can my trade have a partial fill/match in the auction?

Yes, there can be partial fill in the auction in both of below scenarios

  1. One of original (initiating) trade halves is cancelled in an exchange trade during auction, remaining half can partially match (partial fill) with opposite directed bid/offer entered in the auction
  2. Directed bid/offers entered in an auction, matched with each other based on time priority, after auction is closed

In which scenario would the value in Post Auction Paired Flag be set to ‘N’?

If Original bid & offer (i.e. trade that had initiated the auction) matches with each other post auction, plus any participating bid/offers that do not match with other auction participants.

In which scenario would the value in Post Auction Paired Flag be set as ‘Y’ in the newly created trade half only?

Any trades resulting from auction participation will have this flag, whether they were initiating trades (and one side cancelled) and/or participating bids/offers.

Useful links 

Contact Us

For further information please get in touch.