The London Metal Exchange (LME) has notified market participants that, with effect from 30 June 2021, PhillipCapital UK Limited (PCL), has changed its category of Membership from Category 4 Membership to Category 5 Membership.
The Exchange has approved PCL’s change in category of Membership from Category 4 Membership to Category 5 Membership. To the extent required, Members and other market participants may wish to update their records regarding PCL’s change to a Category 5 Membership.
Let’s note that CATEGORY 4 members are not clearing members and must appoint a designated clearing member to clear trades on their behalf. These members are permitted to trade client contracts in the telephone market and on LMEselect and are permitted to issue client contracts.
CATEGORY 5 members may be customers of Category 1, 2 or 4 members, in which case they receive client contracts but are not permitted to issue them, or they may be physical market participants who wish to be associated with the LME brand. Category 5 members are not required to be regulated.