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London Metal Exchange to build out electronic options

New York — The London Metal Exchange has issued a discussion paper proposing the development of its electronic options market in a bid to bring more transparency, and simplify processes.

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In a statement, the LME said July 1 that to broaden participation in its electronic options market, it was proposing to move from a "volatility quoted format" to a "premium quoted format" -- which would bring alignment with the industry standard and offer an increased level of transparency.

"This planned development ties into our overall trading infrastructure transformation project, which includes the launch of a brand new electronic trading platform with built-in functionalities designed specifically to support options trading," the LME's head of market development, Robin Martin, said.

Following extensive engagement with its Traded Options Committee and in response to demand from market participants, the LME plans to develop its electronic options market while maintaining the flexibility of its current inter-office options trading structure.

The LME has requested feedback on the following areas of development: the options expiry process; strike listing rules; tick sizes; and the closing price process.

The discussion paper process will close on July 29, and the next steps will be announced shortly thereafter.