Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

LME to publish new volume reports alongside give-up trade booking service

Energy | Electric Power | LNG | Natural Gas | Natural Gas (European)

The future of European gas after Groningen

LNG | Natural Gas | NGL

Platts LNG Alert

Commodities | Metals | Steel | Materials | Building & Construction | Financial Services | Macroeconomics

Steel Markets North America Conference, 16th Annual

Metals | Steel | Raw Materials

Japan's slowing economy worries steelmakers amid COVID-19 impact

LME to publish new volume reports alongside give-up trade booking service

London — The LME on Friday announced a new service for booking give-up trades and a corresponding change to volume reporting that it said would provide the market with greater clarity, transparency and comparability in line with Europe's new MiFID II regulations for financial markets.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

During a briefing on the changes, LME said the service allows members to book give-up trades in compliance with the regulations through a system called UNA (unallocated) trades.

It was introduced in January, and the LME said that members using it so far have found it useful and are using UNAs for a broad range of purposes. The service is free to members.

The LME said that in line with the change, alongside publishing its usual reports with average daily volumes, it would "now additionally publish a breakdown of ADV excluding UNA trades in its monthly reports."

Average daily volume was 712,722 in January, LME said, while ADV excluding UNA trades came in at 622,560.

It plans to use this format in the LME monthly volumes spreadsheets representing all metals traded daily. For the time being, there will not be metal-specific breakdowns.

The LME Chief Executive Matthew Chamberlain said that UNAs are "helpful for LME members for booking and workflow processing."

With a give-up trade, one broker trades on behalf of another such as if the latter is unable to handle a client's request at the time.

The trade shows details for the client's actual broker, rather than the one who executed the trade.

The new service instead creates three reportable trades instead of one, giving more details of the give-up trade and thus providing more transparency, in line with MiFID II, LME said.

LME said that while a normal give-up trade goes straight between the executor and the clearer, the UNA give-up trade would move from the executor to UNA, back to the executor and on to the clearer.

In addition to UNAs, the LME introduced fee discounts for short and medium-dated carries in October and November last year.

The LME starting from February 2018 will also begin to publish a breakdown of these carry volumes excluding UNA trades, "in order to show the impact of the fee changes on carry volumes."

--Sarah-Jane Flaws,
--Edited by Lisa Miller,