2017 LME Give-Up Agreements


In addition to the Standard Trader and Customer Versions of the Give-Up Agreement, the FIA Law & Compliance Division makes available more tailored versions of give-up agreements for transactions executed on the London Metal Exchange (LME), where either or both the direct Executing or Clearing Broker is not an LME member firm.  The LME Give-Up Agreements come in trader and customer versions and are specifically designed to comply with the LME’s rules. 

***Please note that for give-up agreements executed on the LME when both the Executing Broker and Clearing Broker are clearing members of the LME and no non-member clearing or executing brokers are parties to the transaction, the Standard Customer or Trader Versions should be used.

There are eight versions of both the trader and customer LME Give-Up Agreements. Use of the various versions will depend on certain facts, as set forth below.

 

LME Version 1 is used when orders are transmitted to an LME member and the Customer’s account is carried by a non -member (Carrying Broker) which maintains an omnibus clearing account with an LME clearing member.

(LME Customer Agreement Word / PDF) (LME Trader Agreement Word / PDF)

 

LME Version 2 is used when orders are transmitted first to a non-member (Executing Broker) who subsequently transmits them to a member (LME Executing Member) for execution on the LME and the Customer’s account is carried and cleared by an LME Clearing Member.

(LME Customer Agreement Word / PDF) (LME Trader Agreement ​Word / PDF)

 

LME Version 3 is used when orders are transmitted first to a non-member (Executing Broker), who subsequently transmits them to a member (LME Executing Member) for execution on the LME and the Customer’s account is carried by a non -member (Carrying Broker) which maintains an omnibus account with the LME Clearing Member.

(LME Customer Agreement Word / PDF) (LME Trader Agreement Word / PDF)

 

LME Version 4 is used when a Category 4 member is the Executing Broker and an Executing Administrative Clearer is added as a party to the standard Agreement.

(LME Customer Agreement Word / PDF) (LME Trader Agreement Word / PDF)

 

LME Version 5 is used when a Category 4 member is the Clearing Broker and a Clearing Administrative Clearer is added as a party to the standard Agreement.

(LME Customer Agreement Word / PDF) (LME Trader Agreement Word / PDF)

 

LME Version 6 is used when both the Executing Broker and the Clearing Broker are Category 4 members and an Executing Administrative Clearer and a Clearing Administrative Clearer are added as parties to the standard Agreement.

(LME Customer Agreement Word / PDF) (LME Trader Agreement Word / PDF)

 

LME Version 7 is used when a Category 4 member is the Executing Broker and an Executing Administrative Clearer is added as a party to the versions that also include a Carrying Broker.

(LME Customer Agreement Word / PDF) (LME Trader Agreement Word / PDF)

 

LME Version 8 is used when both the Executing Broker and the Clearing Broker are Category 4 members and both an Executing Administrative Clearer and a Clearing Administrative Clearer are added as parties to the versions that also include a Carrying Broker.

(LME Customer Agreement Word / PDF) (LME Trader Agreement Word / PDF)

 

 

2008 Versions

Blacklines (2017 vs 2008)