Connectivity to LMEselect10 and LMEsource4 will change. The LME will be issuing a new Connectivity Guide in Q2 2022.
Can you connect via LMEnet lines?
Yes, access to the FIX and BINARY gateways will be available via LMEnet. The new Trading GUI, LMEtrader, is provided by Trading Technologies and will be available via the public internet and/or a direct connection to a Trading Technologies point of presence.
Is there a document available showing current LMEselect vs FIX 5.0 capabilities?
No, however a description of the functionality included in the new trading platform will be provided in the Functional Definition document, due to be published in Q2 2022.
Will the LME use its existing data centres?
Yes, the current plan is to use existing LME data centres.
Will level 3 data mean higher b/w connectivity requirements for members/ISVs using LMEnet lines?
The exact bandwidth requirements are still being determined and will be published in due course.
Will multiple languages be available?
No, currently English is the only language supported.
What will be the speed difference between binary and FIX?
The binary gateway has been designed to be faster than the FIX gateway. More detail will available in due course.
Will trading hours change on the new platform?
No, the are no plans to change trading hours.
User workspaces are not saved locally. Workspaces form part of the user profile and will be available wherever the user logs into LMEtrader from.
Will profiles have the functionality to be copied from one user to another?
Yes, workspaces can be exported from one user and imported by another.
Is LMEtrader a version of the full TT current ISV solution?
LMEtrader is bespoke to LME however is based on the TT ISV GUI solution.
Is this TT Client a Web based application or do you get a special installable version?
LMEtrader is web-based.
Are Business units still available in LMEtrader to facilitate segregation of internal order books?
An organisation will have an account hierarchy which reflect the different business entities within an organisation.
Will the LME provide a GUI for Risk Management?
Yes, LMEtrader has PTRM functionality
What is the minimum spec for the new Trading GUI to operate?
Hardware Requirements: The developer recommends a minimum of 4GB of RAM on any machine you use to access the TT platform.
Will the Trading GUI support Member's “self-service” for the creation of user accounts or will this be a service provided by the LME?
All LMEtrader user accounts will be provided directly by the LME on request from the Member's compliance team and are for use on the LME market only.
Will the new Trading GUI mean we are exposed to TT charges (screen fee, MAP fees, etc.)?
Commercial arrangements for accessing LMEtrader will follow in due course however will be managed directly with the LME, not TT.
Can Members' clients access the new GUI?
Yes, Member clients will be able to access LMEtrader where such member is located in a jurisdiction in which the LME is permitted to access.
If a user has to restart or re-log in to the platform due to a connection issue will the trading GUI re-connect automatically?
LMEtrader will automatically reconnect in the event of a connection failure, e.g. the PC system/Network loses connection, however if the PC system is restarted/rebooted, the user will likely be required to login in using their credentials.
Will the existing LMEselect GUI be available with new trading platform?
No, the existing LMEselect v9 GUI will not be available on the new trading platform. LMEtrader will be available for LMEselect v9 for a period of time before the migration to LMEselect v10. After the migration to LMEselect v10, LMEselect v9 will be decommissioned.
Will the new trading platform GUI be mobile compatible?
Yes, LMEtrader will be available for LMEselect v10 on iOS devices only.
Will suitable training materials be available for client users of the trading GUI?
The LME will adopt a 'train the trainer' approach, whereby LME Market Operations will contact members to provide training on trading and administrative functions of LMEtrader. There will also be user friendly online user guides.
Will LME valuation prices be available in the new trading platform GUI, and/or FIX?
LMEtrader will display all prices made available by the LME via LMEsource v4. Any prices not published will be calculated by LMEtrader as a guide.
Will updates be deployed automatically, with no need for each user to manually install?
Yes, LMEtrader will be a “thin” web client, so updates will all be delivered automatically.
Yes the new LMEselect v10 will have a new FIX Crop Copy. Please refer to the timeline page for useful information and documentation for the new trading platform.
Yes the Order ID/number from LMEselect v10 will be published on tag 5939, however there is change to the order id format in LMEselect v10 as compared on LMEselect v9 (existing electronic trading platform).
Will tag 5939 (SelectOrderNumber) contains Order IDs from both LMEselect v10 and LMEselect v9 during product migration phase?
Yes, once LMEselect v10 goes live and whilst LMEselect v9 coexists, this tag will either contain the new LMEselect v10 order number or the existing LMEselect v9 order number. Once the migration of all products to LMEselect v10 is completed only the LMEselect v10 order number will be sent.
Will Trade ID for executions done in LMEselect v10 be published on existing tag 5940 (SelectTradeNumber) on LMEsmart API?
Yes the Trade ID/number from LMEselect v10 will be published on tag 5940, however there is change to the trade id format in LMEselect v10 as compared on LMEselect v9.
Example of Trade Number on LMEselect v9: TAZS20100331X0000001 (Existing format)
Example of Trade Number on LMEselect v10: 21180010000000001 (A unique trade identifier assigned by the LMEselect v10 system)
Will tag 5940 (SelectTradeNumber) contains Trade IDs from both LMEselect v10 and LMEselect v9 during product migration phase?
Yes, once LMEselect v10 goes live and whilst LMEselect v9 coexists, this tag will either contain the new LMEselect v10 Match ID or the existing LMEselect v9 trade ID. Once the migration of all products to LMEselect v10 is completed only the LMEselect v10 Match ID will be sent.
Do I need to make changes in processing of LMEselect Trade Number/Order Number coming from LMEsmart or LMEmercury API?
If you have any internal logic built around the existing LMEselect v9 identifiers (order or trade ids) received via the LMEsmart or LMEmercury API, then you might need to update that logic as during the migration period / post it, both IDs will have a new format from LMEselect v10.
Will we have recovery retrans/refresh for the new Futures channels during the testing phase?
Yes, the retransmission and recovery services will be available during the customer testing phase.
Will there be convenience gateways in addition to partition gateways?
The proposed market design is based on “partitions.” Each partition is configured for a set of contracts and comprises a dedicated partition-specific gateway, PTRM and matching engine. The current design assumes two partitions. Access to individual partitions is provided via the partition specific gateways, whilst access to all partitions is provided via the convenience gateway.
Currently we connect to fsdc.select.prd.lmexgw.com using a single sender comp id. With the new partitions, will we be given two sender comp ids, one each for a partition, or would we need to only connect to the convenience gateway?
If accessing via the Convenience Gateway then a single CompID will provide access to all partitions. However if accessing via the Binary gateway then a separate CompID will be required for each partition.
- Gross Short / Long Qty
- Net Short / Long Qty
- Per Order Qty
- Per Order Notional Value
Members will be able to set limits at various levels of the product hierarchy and for different ""risk groups"" which will contain 1 or more end client references. A limit value for each configuration will be mandated.
Timestamps will be represented as UTC up to microsecond precision with the nanosecond element being represented by trailing zeros. Please refer to the timeline page and review the Data Types section in the Order Entry FIX and Binary specifications.
Will there be "Futures" custom-built strategies?
Yes, it will be possible to create "Futures" custom-built strategies within the same metal.
Will drop copy be available via FIX and binary?
Drop copy will only be available via FIX, however will contain execution report copies as a result of activity on both binary and FIX order interfaces.
How many additional implied routes will be available?
The exact details of available routes will be announced before go-live.
Yes, order entry will be available via a new FIX 5.0 sp2 interface. In addition the LME will be providing a proprietary binary interface.
Will orders be cancelled if a member loses connection and delayed longer than minute?
This is configurable, graceful vs ungraceful disconnect and resulting actions are described in section 3.11 in FIX Order Entry and Binary specification.
Will members be able to specify if they want their orders to be inactivated when they log out as opposed to disconnecting?
No, a warning highlighting the number of active orders is displayed at the point of logging off. The warning presents an option to continue / confirm the log off or cancel. The user is responsible for determining how best to manage any active orders prior to logging off.
Will discretionary order types be available?
No, discretionary order types will not be supported in the new trading platform.
Will you support the creation of inter-product strategies, e.g. PB 3M v ZS 3M?
No, inter-product strategies will not be supported in the new trading platform.
Will you support the creation of a Market or MarketToLimit style order types?
Please follow this link to the timeline page and refer to the FIX specification for a full list of order types included.
Members will have the ability to create logical groupings of “end clients ”, these logical groups will be called “risk groups”. These risk groups can be configured to contain one or many “end clients”. Each “end client” can only be within one risk group. PTRM limits are set per risk group.
Will PTRM allow start of day positions and/or equity to be uploaded by the member so that pre-trade risk can be controlled on a total position/margin basis, rather than intraday only?
PTRM limits will initially be set to zero by default, with Members being required to configure limit values to allow order entry. PTRM utilisation levels reset to zero at the start of every day and will update automatically to reflect electronic order and trade activity. Members will be able to manually adjust PTRM limit settings throughout the day if they wish to reflect total positions.
Will the PTRM limits apply across LME venues or only to electronic trading?
PTRM limits will apply to electronic trading only.
If cash/margin limits are available, will this be gross (based on outright positions per prompt) or will there be some concept of spread margin?
It will be possible to set separate PTRM limits for outright orders and carry orders. These limits will be a combination of both gross and net order volumes. Further details to follow in due course.
No, there be no new FIX tags introduced as part of the new trading platform in LMEsmart or LMEmercury however Order ID and Trade ID format will change. Please refer to LMEselect v10 FAQ section.
Will there be a change to values in tag 581 (AccountType) on both LMEsmart and LMEmercury API to reflect what is in LMEselect (v9 or v10)?
Will tag 5941 (SelectImpliedTrade Number) going to be populated on LMEsmart API for Implied trades executed on LMEselect v10?
Will there be changes to current instrument definition (i.e. the instrument block) on both LMEsmart and LMEmercury interface to reflect new Tradable Instrument ID (Security ID) as per LMEselect v10 interface?
The instrument definition (i.e. the instrument block) will remain same (i.e. unchanged) on both LMEsmart and LMEmercury interface. This will be the case both during product migration phase and even after all products are migrated to LMEselect v10.
The SelectImpliedTrade Number (5941) will include similar kind of details as they are sent today for Implied trades executed in LMEselect v9.
Will LMEmercury reports be affected, e.g. COD, FSM, OPP, TRD as part of LMEselect v10 go-live?
Will Member Exchange Reports (e.g. EODM, etc.) be affected as part of LMEselect v10 go-live?
The Member Exchange Reports (e.g. EODM, etc.) generated on T+1 will have no new fields and no changes to existing formats, however will show values accordingly in fields resulting from executions done in either LMEselect v10 or LMEselect v9 systems during product migration phase and will show values of LMEselect v10 only post all products are migrated to LMEselect v10.
Will there be any change between Members and LME Clear with the introduction of the new trading platform?
While the new trading platform itself does not impact the LME Clear API directly, the LME is developing its IT architecture which means there might be some changes to the LME Clear API over the next few years. We will notify participants of any changes in due course.
If we are already connecting to the Hong Kong Futures Exchange can we expect for this to be largely the same?
HKEX currently have two platforms for multiple exchanges. SEHK (Stock Exchange of Hong Kong) currently runs on this technology therefore members that connect to this exchange will experience similarities between the SEHK and the new trading platform. HKFE (Hong Kong Futures Exchange) currently runs on NASDAQ’s Genium meaning there will be significant differences between their platform and the LME’s. The overarching plan is for the Hong Kong Group to be on one architecture.
The LME will provide further details on this subject in due course.
Does LMEsource v4 include information such as Settlement Price and Open Interest?
These message sets are part of non-electronic market data and will be available on LMEsource v4.
What is meant by non-electronic data?
Non-electronic data is all data except LMEselect v10 bid, offer and trades; it includes Ring (order and trades), Inter-office (order and trades) and Market Data reports.
There is no change to the technical behavior or the method of access to LMEsource with the v4 release. The use of dual multicast channels, retransmission and refresh services will remain as today. LMEsource v4 will however include data pertaining to the Electronic, Ring and Inter-Office markets. This will require changes to the specification of individual messages (i.e. to accommodate the new functionality offered by LMEselect v10) and the introduction of new messages (to accommodate Ring and Inter-Office markets). For the Electronic trades market LMEsource v4 will include;
All functionality offered by LMEselect v10
- Orders and trades available together in the same market data channel
- Reference data, providing a full list of securities/tradeable instruments
- Publication of ISINs in the reference data channel
- Level 3 product: new order-by-order events published from the electronic market
- LME reference prices (e.g. LME Official Prices, LME Closing Prices, LMEbullion prices)
- Inter-office and Ring orders and trades
- Inter-office and Ring reference data
- Trading volume data
- Warehouse stock data
- Risk data (e.g. Open Interest and Futures Banding)
Is Level 3 market data optional?
Yes, Level 3 market data is an optional subscription from LMEsource v4 available to market participants.
Will there be any netting of market data fees for a user if they use LMEtrader and TT ISV GUI?
They are two completely independent services and will be charged separately. Commercial arrangements for subscriptions will follow in due course.
Will FIX market data be available?
No, LME market data will only be available via LMEsource v4 (multicast market data feed).
With the decommission of LMEselectMD, will there be a period of time where it runs in parallel with LMEsource v4 with both in production?
For non-electronic market data there will be a short period of parallel running where data is available on both LMEselectMD and LMEsource v4. For electronic market data there will not be period of parallel running.
Yes, there will be separate channels for Futures and Options. Details of multicast groups/packages that will be available on LMEsource v4 will be published in due course.
Will SPAN parameters (or VaR when live) be available via LMEsource v4?
No, this is not part of LMEsource v4.
Will there be different fees associated with the Level 1, 2 & 3 subscriptions?
Will existing Vendor Of Record solutions by ISV need updating to reflect this? Commercial arrangements for subscriptions will follow in due course.
No, it is not the intention to provide a separate Reference Data product. Instead each market data product will include both reference data and prices.
Is reference data available on order entry or drop copy server?
No, reference data (e.g. security list message) will not be available on order entry or drop copy server in the new trading platform. There will be separate channels on LMEsource for reference data.