The LME undertakes regular reviews of its physical market operations and warehousing network to ensure they continue to support fair, transparent and efficient market functioning. This page provides access to current consultations and previous reform programmes.
Physical Markets Reform 2026
On 9 March 2026, the LME issued a combined Consultation and Discussion Paper considering a range of potential enhancements to its physical market operations, particularly its warehousing network.
On 31 July 2026, the LME published both a Response Paper setting out its conclusions on the consultation and discussion paper and a Further Consultation on Physical Markets Enhancements, seeking additional feedback on two proposals that had previously been outlined in the discussion section of the original paper, as well as on additional proposed changes to brand listing requirements.
