Updated: 3 September 2021
- The LME has robust business continuity procedures in place designed to deal with a wide variety of potential developments to ensure service resiliency, availability and stability across our platforms, during and around unforeseen events, crisis, or out-of-the-ordinary operating environments.
- The LME’s framework has modelled and anticipated a broad range of scenarios, including pandemics.
- The LME places the utmost importance on managing the health and safety of its staff, its Ring dealing member teams and the wider community, as well as maintaining a stable and orderly market.
- The pandemic plan includes necessary protocols as part of a response to a number of contagion/infection related scenarios with preparations undertaken to ensure an efficient, effective and appropriate response should a suspected or confirmed case arise.
- The LME’s plans consider the end-to-end provision of business services including its vendors and business partners.
The LME continues to monitor the evolving situation, including UK Government guidance and measures initiated, and will also continue to liaise with industry bodies, regulators and experienced business continuity professionals.
The LME’s pandemic plan enables it to continue to serve the metals and financial community with all its business services available.
- The LME reopened its trading Ring on 6 September 2021, after temporarily moving to fully electronic pricing on Monday 23 March 2020
- The LME is taking extra measures to safeguard against COVID-19. Further information about such measures can be found here.
- The LME is conscious that the nature of COVID-19 means that it is foreseeable that a Delivery Point, or an individual Warehouse within a Delivery Point, is forced to shut for a period of time. If a Delivery Point as a whole is shut, then it follows that all the Warehouses operating within that Delivery Point would also be unable to operate. Given these risks, the LME has developed procedures to manage the temporary unavailability of a Warehouse or Delivery Point as a result of COVID-19, in line with the provisions of the Warehouse Agreement and addressing potential issues around delivery obligations, warranting, and rent payments. These procedures have been discussed with the LME Warehousing Committee and would only be invoked (via LME Notice) in the event of closures relating to COVID-19. .
- In addition, the LME has contingency plans in place to enable warehouse listings to take place remotely on a temporary basis. This is to ensure that listings for additional warehouse space can still be considered, as long as supporting evidence can be provided to show that the warehouse meets the LME’s listing criteria.
- Further, it is worth noting that the LME’s Special Committee has a broad range of powers to ensure an ongoing orderly market.