LME: Futures für Metalle mit monatlicher Fälligkeit und Barausgleich
LME To Launch Cash Settled, Monthly And Electronically Traded Small-Size Contracts
(21/08/06) - The London Metal Exchange (LME) has today confirmed that it will launch small-size, cash settled, electronically traded monthly futures contracts initially for copper, aluminium and zinc before the end of November 2006.
Details of the contracts, called LMEminis, are as follows:
* Lot sizes of 5 metric tonnes, with the underlying specification the same as for the full-size parent contracts.
* Tradable on LME Select only.
* Tradable for one prompt date (Third Wednesday of the month) per month for 12 months forward.
* Cash settled (i.e. not deliverable) against the Official Settlement Price of the full-size, parent LME contract announced on the cash day for the Third Wednesday settlement.
* Margining will be on a daily settlement to market basis.
Commenting on the announcement, Simon Heale, LME Chief Executive said:
“LMEminis offer the market a new contract which is accessible, transparent and simple to trade. In addition, being cash-settled, the contracts are built on the reputation, credibility and liquidity of the existing LME contracts.
“This is an exciting development for the Exchange and, following plastics and steel, demonstrates our ongoing ability to explore and bring to market new products that enhance the current services that we offer.”
LMEminis - Further Details:
1. Initially the exchange will launch LMEmini trading in Copper Grade A, Primary Aluminium and Special High Grade Zinc, the contract size for each being 5 tonnes.
2. The first tradable month will be December 2006.
3. Trading currency will be US dollars only.
4. Trading will cease at 12.30 hours on the cash day for the Third Wednesday prompt.
5. The closing price for the relevant full-size metal contract, as at trading floor closing time, will be used for calculating margins.
Background:
1. The LME is the world’s premier non-ferrous metals market.
2. The LME turned over 78 million lots in 2005, which equates to around $4,500 billion.
3. Trading at the LME takes place through open outcry in ‘the ring’, through an inter-office telephone market and through LME Select.
4. The LME commenced trading in polypropylene and linear low density polyethylene futures contracts on 27 May 2005.
5. The LME announced its intention to develop risk management tools for the steel industry in October 2005 and in May 2006 confirmed that it will work with Platts to publish references prices for steel. If the references prices gain acceptance with industry the LME will consider launching futures contracts, settled against the reference prices.
LME führt LMEmini Contracts am 20. November ein
Dow Jones London (22.09.06) - Die Londoner Metallbörse will die von ihr im August angekündigten LMEmini Contracts für Kupfer, Aluminium und Zink am 20. November einführen. Das erklärte die Börse am Freitag.
Die LMEminis werden Lose von 5 t umfassen, während es bei den Kontrakten in Normalgröße 25 t je Los sind. Sie stellen monatliche Futures dar, die an der elektronischen Plattform LME Select gehandelt werden, und zwar für einen prompten Termin im Monat - dem jeweils dritten Mittwoch - und das auf zwölf Monate im voraus.
Die LMEminis werden gegen den offiziellen Settlementpreis des LME-Mutterkontrakts am dritten Mittwoch des Monats bar abgerechnet.
LMEminis To Launch 4 December 2006
(13.11.06) - The LME has today confirmed that LMEmini contracts will launch at 0830 hours on 4 December 2006.
Following the decision to withdraw LME Select Release 5 last week the Exchange, with its suppliers, has conducted an exhaustive evaluation of its Select systems in order to determine how best to proceed with the launch of LMEminis.
It has concluded, after discussion with the platform suppliers, that it should build on the stability of Select 4 and deliver the launch of the new contracts on this platform.
Commenting on the announcement, Martin Abbott, LME Chief Executive, said:
“We are confident that Select 4, with LMEmini contracts added (Select 4 Plus), can deliver all of the trading functionality of Select 5. I see this delay as disappointing and inconvenient but in the circumstances, the most prudent way forward.
“We are very committed to the successful launch of the LMEminis and are focused on ensuring that the launch of these new contracts meets the very real market demand that exists.”
LMEminis - Further Details:
1. The LME will launch LMEmini contracts at 0830 hours on 4 December 2006, initially for Copper Grade A, Primary Aluminium and Special High Grade Zinc
2. Lot sizes of 5 metric tonnes, with the underlying specification the same as for the full-size parent contracts
3. Tradable on LME Select and on the Telephone Market
4. Tradable for one prompt date (Third Wednesday of the month) per month for 12 months forward
5. Cash settled (i.e. not deliverable) against the Official Settlement Price of the full-size, parent LME contract announced on the cash day for the third Wednesday settlement.
6. Margining will be on a daily marked-to-market basis
7. The first tradable month will be December 2006
8. Trading currency will be US dollars only
9. Trading will cease at 12.30 hours on the cash day for the Third Wednesday prompt
10. The closing price for the relevant full-size metal contract, as at trading floor closing time, will be used for.
LMEminis nach anfänglicher Störung gestartet
Dow Jones, London (04.12.06) - Die Londoner Metallbörse hat ihre LMEmini-Kontrakte für Kupfer, Aluminium und Zink am Montag eingeführt. Wie ein Sprecher der Börse mitteilte, verlief der Handel trotz einer Störung im elektronischen System am Morgen reibungslos.
Ein Analyst sprach indessen von einem schleppenden Start, den er den Problemen mit Select zuschrieb. Die LMEminis gelten für Lose von 5 t, im Gegensatz zu den 25-t-Losen bei den Normalkontrakten. Außerdem handelt es sich um Monatskontrakte, die zu einem prompten Termin in einem Monat, zum dritten Mittwoch des Monats und für zwölf Monate im voraus gehandelt werden können. Die einfachere Terminstruktur sowie der kleinere Umfang sollen einen leichteren Zugang zum Markt verschaffen und womöglich auch kleinere Player anziehen.