Principal Nature Sample Clauses

Principal Nature. There are two types of contracts traded on the LME - Exchange Contracts and Client Contracts. Exchange Contracts are contracts between clearing members of the LME. Client Contracts are contracts between clients and ring dealing members (“RDM”), or associate broker clearing members (“ABCM”), or associate broker members (“ABM”)1. Only RDMs, ABCMs and ABMs may issue Client Contracts. Statements that they issue to clients must state clearly ‘THIS IS AN LME REGISTERED CLIENT CONTRACT’. Contract criteria pertaining to LME contracts, including metal/plastics 1 For the purposes of this notice these categories of members will be referred to as LME members, members or by the appropriate abbreviation. specifications, acceptable currencies, prompt dates, option strike prices for metals etc are detailed in the LME rulebook and appropriate notices. Exchange Contracts are traded between members, matched in the LME matching and clearing system (“LMEMS”) and margined by LCH.Clearnet (“LCH”). Client Contracts are registered at the LCH but margining arrangements are left to members to agree with their customers (subject to LME rules). All LME contracts are between parties acting as principals. This prevents any party entering into an LME Contract as agent for someone else but does not prevent an agent effecting a contract between two parties if the resulting LME contract is between disclosed parties, each acting as a principal. It is an essential requirement of an LME Client Contract that one party must be an RDM, ABCM or ABM. MSI plc is an ABCM. A list of members is available from the LME and on the LME website: xxx.xxx.xxx. A principal relationship does not mean that members do not take on quasi-fiduciary responsibilities when they effect trades for customers. In particular, if a member undertakes to deliver a particular service, for example deal a specific number of lots ‘in the Ring’ (see below), then it should take care to ensure that it complies with all the terms of such a transaction. In respect of Exchange Contracts, an LME broker buying metal or plastic under an Exchange Contract from another LME broker cannot do so as agent for his client. Where an LME broker buys metal or plastic under an Exchange Contract with a view to selling that metal or plastic to his client, this is achieved by entering into a back-to-back Client Contract with the client. Brokers and customers can agree the conditions that apply to their Client Contracts. For example, a client may make it ...
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Principal Nature. (a) There are two types of contracts traded on the LME - Exchange Contracts and Client Contracts. Exchange Contracts are contracts between clearing members of the LME. Client Contracts are contracts between customers and ring dealing members (RDMs), or associate broker clearing members (ABCMs), or associate broker members (ABMs) 1 . Only RDMs, ABCMs and ABMs may issue Client Contracts. Open Position Statements issued to clients must state clearly ‘THIS IS AN LME REGISTERED CLIENT CONTRACT’. Contract criteria relating to LME contracts, including metal/plastic specifications, acceptable currencies, prompt dates, option strike prices for metals etc. are detailed in the LME rulebook and appropriate notices.
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