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LME Membership

Date 13/04/2000

As members will be aware, the LME is currently reviewing its financial structure, governance and membership structure, against the background of the rapidly changing technological environment in which the exchange operates. While this review is taking place and during the period when any proposed changes may be implemented, the board believes that the LME's membership lists should be stabilised. To this end, the board resolved at its meeting today that there should be no increase in the number of LME members with effect from today and until further notice.

As a consequence, new applications for membership will not be considered by the board until further notice. However, the board does not wish to prevent existing members from changing their membership category; nor does it wish to prevent company groups of existing members from reorganising themselves. Therefore, applications by existing members of the LME to change their membership category or status will continue to be considered by the board; as will applications from companies which are part of a group in which there is an existing LME member that wishes to transfer its LME membership to another member of the group. Name changes which do not involve a change in a member's group ownership and/or legal identity, will continue to be processed in the usual way.