The London Metal Exchange has altered its fee-cap structure to accommodate position transfers related to the United Kingdom's impending exit from the European Union (Brexit), in line with the requirements of its membership base, according to a note released to members on Tuesday January 8.
Previously, the LME's position transfers, which are a common feature in exchange-traded derivatives markets and executed through the exchange's LMEmercury tool, were set at a flat fee of $10,000 per client and did not take the number of lots being transferred into consideration. Between the period of January 1, 2019 and April 30, 2019 however, the LME will cap position transfer fees at $20,000 per member, whereby transfers are...