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Membership structure

The London Metal Exchange (LME) has 7 categories of membership each with its own entry criteria and capabilities.

Trading in LME contracts is available through clearing membership, categories 1 - 3, and non-clearing membership, Category 4. Category 5 members are generally clients of LME members or non-trading entities and categories 6 and 7 are reserved for individual and honorary members.

The LME's Client Advisory and Membership Services team (CAMS) are available to hold exploratory discussions on all aspects of LME membership with interested parties. Should those discussions lead to a membership application, the CAMS team will guide the applicant through the process of becoming an LME member from inception to go-live.

The CAMS team is also available to support new and existing members in their operational interaction with the LME.

Applicants for LME membership are required for required to meet the relevant entry criteria as set out in part 2 of the LME Rulebook.

LME Membership Structure – criteria and capabilities

Membership categoryCategory 1 Category 2 Category 3 Category 4 Category 5 (Client)
Trade in the Ring  Yes  No  No  No  No 
Trade in the telephone market  Yes  Yes  Yes  Yes  Yes 
Trade directly in LMEselect  Yes  Yes  Yes  Yes  No 
Issue LME Registered Client contracts  Yes  Yes  No  See Note 1 below  No 
Demonstrate applicable authorisations, exclusions or exemptions for proposed LME activities  Yes  Yes  Yes  Yes  No 
LME Clear Member  Yes  Yes  Yes  No  No 
Minimum net worth £5m £5m £5m £500,000 £50,000
Annual subscription fee (ex.VAT) $95,000 $90,000 $30,000 See Note 2 below $4,000
Minimum B shareholding 25,000 25,000 5,000 2,500 No B shares

Note 1* - Category 4 members (broker) wishing to issue LME Registered Client Contracts to customers will need to demonstrate applicable regulatory authorisations.
Note 2 – Category 4 members operating a proprietary trading model will incur annual subscription fees of $30,000 per annum; Category 4 members who execute / issue LME Registered Client Contracts for customers will incur annual subscription fees of $75,000 per annum.

*The LME recognises that Category 4 members may operate as proprietary traders or as brokers.

Category member directory

LMEprecious Service B shareholding requirement

The B shareholding requirement for the LMEprecious Service is noted on page 8 of the Decision Notice.