LME: Notice relating to position transfer in nickel market LME SMART and LME

14,Mar 2022

This notice details the LME and LME Clear position transfer process in relation to nickel contracts The London Metal Exchange (LME) and LME Clear have received a series of trade-related requests from market participants to transfer contracts and positions in nickel This notice clarifies the procedures for any such transfers and the circumstances under which transfers are permitted. 1 From the date of this notice, until the nickel market is reopened, transfers of the following nickel contracts or positions are permitted using LMEsmart and LMEMcury: (1) Intra-LMESMART transfers between members or within members’ own customer account structures, in each case for the benefit of the same base customer or indirect customer; (2) Transfer of positions within the same Member institution or between accounts of two Member institutions, in each case for the benefit of the same base client or indirect client 2 Any permitted transfer shall be exempt from transfer fee 3 For the avoidance of doubt, do not allow the contract with the nickel or positions related to other transfer (including other types of transactions in matching rules, such as OTC transactions, and may lead to potential customers or indirectly change the transfer) 4 any license transfer must be in original trading or determined to March 7, 2022, the closing price of 5 Any Member wishing to make a licensed transfer, and any member receiving a licensed transfer, must first provide the LME with evidence that: (1) the requested transfer is a licensed transfer; (2) The license transfer will be effective at the original trading price or the closing price on March 7; (3) The transferring Member or receiving Member acknowledges that it is responsible for securing the full consent of any and all customers or indirect customers for the licensed transfer; (4) The receiving Member institution has prepared with the Client the necessary client documentation to ensure the final execution of the Client contract. 6 Any transfer of permission must be agreed in advance by the LME and LME Clear, and any member making or receiving a transfer of permission must comply with the LME Group position transfer procedures and comply with the LME Manual and THE LME Clear Rule 7 Please note that trading data published by the London Metal Exchange may include any contracts arising from licensing transfers but this does not mean new trading or that the nickel market has reopened


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