LME Contract definition

LME Contract means a contract as defined by the LME Rulebook.

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LME Contract means a Transaction that is made on the LME between two Members (and that is defined as a "Contract" under the LME Rules); "LME Exchange Traded Products" means LME Base Products and LMEprecious Products; "LME Index Settlement Price" (or "ISP") means the "Settlement Price for the Index," defined in the LME Rules; "LME Inter-Office Market" means the inter-office market for the agreement of Transactions between members of the LME and/or their clients via the telephone and other means of communication and/or through the services of a RIB; "LMEmercury GUI" means the real time clearing graphical use interface provided by LME Clear that shall enable each Member to access information relating to the Clearing System processes applied in respect of that Member and to input instructions (where relevant) to the Clearing System; "LMEmercury Materials" means the software known as "LMEmercury" or any future name for such software, and any documentation relating to this software, which is made available to the Member from time to time by LME Clear to enable the Member to use the Clearing System, and including the Operations GUI User Guide; "LME Monthly Average Settlement Price" (or "MASP") means the "Monthly Average Settlement Price" defined in the LME Rules; "LME Notional Average Price" (or "NAP") means the "Notional Average Price" defined in the LME Rules; "LMEprecious Clearing Member" means a Member that is permitted to clear Transactions in LMEprecious Products; "LMEprecious Commencement Date" has the meaning set out in Default Procedure B 1.3(d); "LMEprecious Future" means an LMEprecious Product that is a future, as specified in Annex 1 (Eligible Products); "LMEprecious Initial DF Floor" has the meaning set out in Default Procedure B 1.3; "LMEprecious Option" means an LMEprecious Product that is an option, as specified in Annex 1 (Eligible Products); "LMEprecious Products" means those Eligible Products specified as such in Annex 1 (Eligible Products);

LME Contract means any metal or index traded or previously traded on the LME.

Examples of LME Contract in a sentence

• 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.

• You acknowledge that we are not a member of the London Metal Exchange and therefore that the LME Contract concluded between us while related and corresponding to an LME Market Contract which we conclude on a back to back basis for our own account is not a contract which is registered with or concluded on the LME or by an LME broker/member.

• You further acknowledge and agree that holding of any commodity or documents of title to commodities which you have acquired from us pursuant to an LME Contract concluded with us or intend to effect delivery with respect to will be procured by us to be held by such LME member or its custodian and in accordance with their terms for such holding.

• In such circumstances we may be unable to close out the corresponding LME Market Contract and you acknowledge that in such event you shall correspondingly have no right to close out the LME Contract with us.

• Without prejudice to the above, whilst we may charge you a commission (as agreed between us from time to time) for entering into an LME Contract with you, you acknowledge that we do so only after going into the market to secure a corresponding LME registered contract for ourselves.

• We may, from time to time, at your request but in our discretion, agree to hold on your behalf either ourselves or through a sub-custodian of our choice any commodity or documents of title to commodities which you have acquired from us pursuant to an LME Contract concluded with us (each a "Transaction").

• Without prejudice to the fore-going, the terms as set out in the attached document entitled "Delivery/Custodianship – LME Contract" shall apply to our holding or procuring the holding of any commodity or documents of title to commodities which you have acquired from us pursuant to an LME Contract concluded with us or intend to effect delivery with respect to.

• The price we conclude the LME Contract will be the same as the price of the corresponding LME registered Contract (such corresponding LME registered contract to be hereafter referred to as the "LME Market Contract").

• You acknowledge that UOBBF is not a member of the London Metal Exchange and therefore that the LME Contract concluded between UOBBF and you while related and corresponding to an LME Market Contract which UOBBF concludes on a back to back basis for UOBBF’s own account is not a contract which is registered with or concluded on the LME or by an LME broker/member.

• Without prejudice to the foregoing, the terms as set out in the attached document entitled "Delivery/Custodianship – LME Contract" shall apply to UOBBF’s holding or procuring the holding of any commodity or documents of title to commodities which you have acquired from UOBBF pursuant to an LME Contract concluded with UOBBF or intend to effect delivery with respect to.

More Definitions of LME Contract

LME Contract means a transaction that is made on the LME between two Members (and that is defined as a "Contract" under the LME Rules)2;

LME Contract means a Financial Product which is a "Contract" as such term is defined pursuant to the LME Rules and Regulations.