LME schedules withdrawal of LMEprecious Service for July 11, 2022
Following discussions with market participants and in light of the low levels of trading in the LMEprecious market, the LMEprecious Service is being withdrawn in its entirety for all LMEprecious Members, with mutual agreement from EOS Precious Metals Limited.
The service withdrawal date is 11 July 2022. There will be a period following the Service Withdrawal Date during which Members will be off-boarded from the LMEprecious Membership.
Following 11 July 2022, there will be a period during which LME Clear may take action to discharge any remaining open LMEprecious Contracts.
In the event that any Member fails to meet its obligations by the Voluntary Close Out Date, LME Clear may exercise its right to take action to discharge the remaining Contracts.
From the termination date and until the LME has assessed, and made, relevant changes to LME systems, it is also necessary for the LME to continue to publish placeholder “values” in and through its systems where LMEprecious prices are currently published. These values are expected to be a constant value (although they may, in limited circumstances, change). However, this data will not in any circumstances constitute LMEprecious prices and should be disregarded for all purposes.
The LME Group will assess systems requirements to suppress the publication of these values in due course. For those Members who are LME Base and LMEprecious Members, Members will be contacted directly by the LME in due course, regarding the variation to their Exchange Membership Agreement from the Termination Date, so that it applies to the LME Base Service only.
Members who are LMEprecious Members only, will be contacted directly by the LME in due course, to have their Exchange Membership Agreement terminated from the Termination Date.