On 29 March 2019, the LME released a discussion paper, outlining a number of proposals put forward by both the LME Warehousing Committee, and the LME itself, in respect of possible reforms to its global physical network.
These reforms were designed to ensure that the LME network represents best practice for physical market infrastructure storage and logistics. On the basis of the feedback received to the discussion paper, and the LME’s own analysis, the LME launched a market-wide consultation on those items in the discussion paper which it believed represented positive progress for the LME warehouse network. Further, the LME also consulted on a number of other proposals which were not included in the discussion paper, but on which the LME believed further action was appropriate.
Following careful consideration of the responses, the LME decided to implement all of the consultation proposals, as they were set out in the consultation. The consultation proposals took effect on 1 February 2020, with the exception of CP15 (in relation to the Complaints Procedure), which took effect on 15 November 2019.