In addition to the Standard Trader and Customer Versions of the Give-Up Agreement, the FIA Law & Compliance Division makes available more tailored versions of give-up agreements for transactions executed on the London Metal Exchange (LME), where either or both the direct Executing or Clearing Broker is not an LME member firm. The LME Give-Up Agreements come in trader and customer versions and are specifically designed to comply with the LME’s rules.
Please note that for give-up agreements executed on the LME when both the Executing Broker and Clearing Broker are clearing members of the LME and no non-member clearing or executing brokers are parties to the transaction, the Standard Customer or Trader Versions should be used.
There are eight versions of both the trader and customer LME Give-Up Agreements. Use of the various versions will depend on certain facts, as set forth below.
LME Version 1 is used when orders are transmitted to an LME member and the Customer’s account is carried by a non -member (Carrying Broker) which maintains an omnibus clearing account with an LME clearing member.
LME Version 2 is used when orders are transmitted first to a non-member (Executing Broker) who subsequently transmits them to a member (LME Executing Member) for execution on the LME and the Customer’s account is carried and cleared by an LME Clearing Member.
LME Version 3 is used when orders are transmitted first to a non-member (Executing Broker), who subsequently transmits them to a member (LME Executing Member) for execution on the LME and the Customer’s account is carried by a non -member (Carrying Broker) which maintains an omnibus account with the LME Clearing Member.
LME Version 4 is used when a Category 4 member is the Executing Broker and an Executing Administrative Clearer is added as a party to the standard Agreement.
LME Version 5 is used when a Category 4 member is the Clearing Broker and a Clearing Administrative Clearer is added as a party to the standard Agreement.
LME Version 6 is used when both the Executing Broker and the Clearing Broker are Category 4 members and an Executing Administrative Clearer and a Clearing Administrative Clearer are added as parties to the standard Agreement.
LME Version 7 is used when a Category 4 member is the Executing Broker and an Executing Administrative Clearer is added as a party to the versions that also include a Carrying Broker.
LME Version 8 is used when both the Executing Broker and the Clearing Broker are Category 4 members and both an Executing Administrative Clearer and a Clearing Administrative Clearer are added as parties to the versions that also include a Carrying Broker.
2008 Versions
Blacklines (2017 vs 2008)
For questions specifically relating to the LME give-up agreements, please contact Natalie Tynan.
Disclaimer: None of the information provided by FIA or its members, including, without limitation, any of the versions of the Standard Give-Up Agreements, or documents related thereto, are intended to provide investment, tax, business, legal or professional advice, including, but not limited to, advice regarding what specific limits may apply to any trading. Neither FIA or its members make any representations, warranties, or guarantees as to any information provided, including, without limitation, any of the versions of the Standard Give-Up Agreements, or documents related thereto, or any of such agreements’ or documents’ contents.
CAUTION: ALL VERSIONS OF THE STANDARD GIVE-UP AGREEMENTS, AND DOCUMENTS RELATED THERETO, ARE DESIGNED AS BASIC DOCUMENTS FOR MARKET PARTICIPANTS ENGAGING IN GIVE-UPS. NONE OF THE STANDARD GIVE-UP AGREEMENTS, OR DOCUMENTS RELATED THERETO, ARE INTENDED TO SERVE AS ALL ENCOMPASSING DOCUMENT(S) FOR USE BY ALL PARTIES UNDER ALL CIRCUMSTANCES. PARTIES SHOULD CAREFULLY CONSIDER THE FULL SCOPE OF REGULATORY (INCLUDING, WITHOUT LIMITATION, EXCHANGE) AND COMMERCIAL TERMS THAT MAY BE APPLICABLE TO THEIR PARTICULAR CIRCUMSTANCES AND MAY ELECT TO ENTER INTO MORE DETAILED AND/OR REVISED AGREEMENTS AT THE OUTSET OR DURING THE COURSE OF THEIR RELATIONSHIP(S).
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