Please see our list of presentations and documents relating to the LME risk management and default procedures.

Risk management overview

Margin Collateral Framework (PDF)


Default Management (PDF)

Operational Risk Management (PDF) 

Backtesting (PDF)

Credit Risk Assessment Framework (PDF)

Default Fund (PDF)

Liquidity and Investment Risk (PDF)

Margin Methodology (PDF)

Anti-Procyclicality Framework (PDF)

LME Clear FSB Continuity of Access to FMIs (PDF)

Default management

This document describes the processes LME Clear will follow during a default and contains key information for both clearing members and clients. 

Member and Client Default Management Framework (PDF)


LME Clear Disclosure under EMIR Art.39 (7) (PDF)

LME Clear CPMI IOSCO Disclosure Document 2020 (PDF)


Download a summary of our frequently asked questions:


Margin calculations

This document describes how SPAN is used to calculate portfolio risk for options and futures. It also provides the format of the SPAN* risk parameter file.

*"SPAN" is a registered trademark of Chicago Mercantile Exchange Inc., used here under licence. Chicago Mercantile Exchange Inc. assumes no liability in connection with the use of SPAN by any person or entity.

SPAN Initial Margin Calculation (PDF)

Example calculations on initial margin for LME base contracts

LME Base Metal Margin Calculation (PDF)

Client porting website

This document provides clearing members and clients information on the process for client porting in a default. 

Client Porting Website (PDF)

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