LME Select Sample Clauses
The 'LME Select' clause defines the use of the London Metal Exchange's electronic trading platform, LME Select, as the designated venue for executing trades under the agreement. This clause specifies that all transactions related to the contract will be conducted through LME Select, ensuring that trades are subject to the platform's rules, procedures, and operational hours. By mandating the use of LME Select, the clause provides a standardized and transparent trading environment, reducing the risk of disputes and ensuring that both parties operate within a regulated and recognized marketplace.
LME Select. (i) LME Select allows members to trade LME futures contracts in metals and plastics, traded options and TAPOs2, and an Index future and option. Some brokers offer their customers an order-routing facility via an API3 where they can view Select prices, execute trades, and place resting orders. All trading on LME Select is in US dollars.
(ii) LME Select replaces neither inter-office trading nor trading in the ring. Depending on the time of day, it is possible for members to deal by telephone or electronically in the inter-office, by LME Select, or in the rings. Customers should specify which mechanism their broker should use to effect an order, where they have a preference.
(iii) Firm prices of the best bid and offer available on LME Select, the total volumes available at these prices, and the price and volume of each trade transacted are distributed to and displayed in real time by information vendors. Only LME Select prices are displayed, not those of other third party electronic trading systems providing LME prices. Only RDMs and ABCMs are eligible to become LME Select Participants and to have direct access to the system. Customers may effect back-to-back Client Contracts with RDMs and ABCMs based upon prices available on LME Select, whether on the telephone or via electronic order-routing systems.