The London Metal Exchange has adjusted its fee structure after feedback was received from a market-wide consultation begun in August, issuing amendments to existing product fees in addition to its new services, it said in a note to members on Monday November 5.
Following the decision indefinitely to maintain discounted short-dated and medium-dated carry fees, the LME has introduced new fees for existing services in compliance with MiFID II, which requires trades to be matched within a 10-minute time period.From May 1, 2019, the LME will introduce a fee for the use of unallocated (UNA) booking and trade cancelations, ending its mandatory application and instead allowing participants to choose between two models.At a cost of $0.06 per lot, the "book and cancel" model will require participants' give-up trades, upon execution, to be paid into a suspense account to comply with MiFID II - that is, if...