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(MERAF) for the Base Metals Smelting Sector - CCME

(MERAF) for the Base Metals Smelting Sector - CCME

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The LME has a multi-tiered membership structure with a current membership of<br />

over 100 firms. These are divided into different categories depending on <strong>the</strong>ir<br />

interest in <strong>the</strong> Exchange. The main division is between broker members and<br />

trade members. The broker members are subdivided into three categories: ring<br />

dealing members, associated broker clearing members and associated broker<br />

members.<br />

The LME operates as a 24-hour market through inter-office trading between its<br />

members and customers with defined periods of open-outcry trading between<br />

ring dealing members, which takes place on <strong>the</strong> market floor.<br />

The LME also serves as a centre <strong>for</strong> physical trading and has an international<br />

network of approved warehouses.<br />

The LME is regulated by <strong>the</strong> British Treasury under <strong>the</strong> Financial Services Act of<br />

1985.<br />

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