LME Provides Further Details on Warranting, Trading Of Russian Metal

THE LONDON METAL EXCHANGE:

• PROVIDES FURTHER DETAILS ON WARRANTING AND TRADING OF RUSSIAN METAL ON THE LME

• SAYS THIS NOTICE PROVIDES ADDITIONAL DETAILS IN RESPECT OF THE LONDON METAL EXCHANGE’S RESPONSE TO THE RECENTLY INTRODUCED UK SANCTIONS ON RUSSIAN METALS

• SAYS IT CONSIDERS IT NECESSARY TO INTRODUCE A PROCEDURE TO TRACK THE STATUS OF RE-ISSUED RUSSIAN WARRANTS, OR RUSSIAN WARRANTS MOVED BETWEEN WAREHOUSES

• SAYS LME-LISTED WAREHOUSES WILL BE REQUIRED TO POPULATE “WARRANT REF 2” FIELD OF LMESWORD, IN RESPECT OF ANY RE-ISSUED RUSSIAN WARRANT, WITH THE APPROPRIATE REISSUANCE/MOVEMENT CODE (“RIMO CODE”)

• SAYS NON-RUSSIAN WARRANTS, AND RUSSIAN WARRANTS WHICH HAVE NOT BEEN RE-ISSUED OR MOVED AND RE-WARRANTED WILL NOT CARRY A RIMO CODE

Source: (https://www.lme.com/en/News)