MiFID II and MiFIR introduce new obligations for LME market data to be made available on a reasonable commercial basis from 3 January 2018.
Natural user reporting
Firms subscribing to fee liable LME market data, specifically pre-and-post-trade data as defined by MiFID II/MiFIR, may be eligible to sign a direct agreement with the LME under the "natural user licence". This licence is only available to firms who can identify end-users accessing the relevant LME data on display devices, provided by licensed LME data distributors.
Eligible firms/users are required to report directly to the Exchange to enable netting of fees across multiple data sources (on a per user basis). To apply, please visit the online licensing portal.
LME market data fees
The LME offers market data monthly subscriptions (for both real-time and 30 minutes delayed packages), and as of 3rd January 2018 the LME introduced new pre-trade information and post-trade information packages as distinct subscriptions so that licensed data vendors are able to offer these packages direct to customers. Until further notice, only real time pre-trade information is subject to monthly end user fees of $30 USD. Post-trade information accessed via the LME’s sFTP service is currently fee waived until further notice.
If you are interested in accessing real time pre-trade information as a standalone subscription, you should contact your licensed data provider to request this service. View list of all LME licensed data distributors.
All LME market data licence fees including distribution, usage, derived and historical can be found on the LME Group fees and charges page.
The LME’s online licensing portal contains current market data agreements for MiFID II Data Services and the natural user licence that can be accessed upon registration.