• UK LME reported changes to accountability levels in relation to position management.
• Follows UK LME May 2022 proposed rules on OTC metals positions reporting.

Overview

• Notice informs market participants of changes to the single prompt accountability levels and the all prompt accountability levels for aluminium, copper, nickel and zinc pursuant to paragraph 58 of the policy relating to position management arrangements.
• Reflects amended nickel accountability levels of 3,000 lots, as per notice 22/064.

Effectiveness

• With exception of update to nickel accountability levels, which took effect on 16 March 2022 through notice 22/064, changes in appendices 1 and 2 take effect on 23 May 2022.
• Notice 22/145, 13 May 2022 consulted on extending accountability levels to OTC positions.
• If the proposals from that consultation are implemented, further changes to the accountability levels in the policy would be required, and published in due course.