The application procedure for new clearing members may include a due diligence visit to the applicant`s offices. The objective of this meeting is to discuss the structure and strategy of the company. the extent of the activities of the new clearing member in general and the clearing activities in particular (planned and current); Finance, regulation, business processes, banking institutions, risk management (by customers) and all proprietary operations, margining, credit management policy, stress testing, etc. LME Clear offers clearing and settlement services to london metal exchange users on all ring, electronic and telephone trades. A large number of participants enter our markets as customers of LME members. Non-members who wish to negotiate LME contracts may do so through Category 1, 2 and 4 members (and related VSIs), with each category offering different levels of service in terms of trading and clearing. (b) any obligation on a Member to register with an ISA the respective rights and liabilities of LME Clear and the Member participating in contracts resulting from transactions or contracts entered into or cleared for a client or indirect client, in order to comply with the provisions of EMIR Level 1 and/or EMIR Level 2 applicable to the Member; or LME Clear Trades are regulated by the LME Clear Rule Book and Procedures. This version contains changes made by LME Clear as a result of feedback from members and the Bank of England. LME Clear offers members a selection of individual and omnibus Segregated accounts. Click here to learn more about choosing accounts offered by LME Clear members.
(a) an ISA, this process can be initiated by the individual client assigned to that account; or (b) an OSA must initiate this process by all customers associated with that account. (a) any obligation for a Member to register the corresponding authorisations of a Customer Account or to create separate ASAs or DESAs in order to meet the customer money requirements of the legislation applicable to the Member; Once the LME trades are cross-checked via LMEsmart, they are transmitted to LME Clear. LME Clear is open for trade registration between 7.30am and 8.15pm London time. With LME Clear, a member can manage one or more separate customer accounts (“ASAs”) as described here. Questions regarding clearing member status should be directed to LME Clear, which can confirm that the applicant meets the minimum criteria for clearing member status. Applicants are asked to indicate: THE MAFs include monthly average futures contracts on LME Aluminium, LME Copper, LME Zinc, LME Nickel, LME Lead, LME Tin, LME Aluminium Alloy and LME NASAAC. Electronic commerce (ET) indicates that a member has access to e-commerce services. After receiving this information, LME Clear will carry out an initial review taking into account factors such as external market data, the founding country, the financial situation and existing support agreements. It is recommended that Adobe Acrobat (version 9) or higher is required to view these documents.