The reforms include extending its Queue-Based Rent Capping (QBRC) rule to 80 days and introducing off-warrant stock reporting.
“We are pleased to have received a largely supportive set of responses to our proposals and a general appreciation for the balanced approach we have taken, using a combination of both logistical and financial drivers to bring greater transparency to the LME market,” Matthew Chamberlain, chief executive office of the LME, said.
“That said there are areas where we received more significant and varied responses, and have therefore elaborated our reasoning and proposed follow-up monitoring in order to appropriately address concerns.”
The LME launched a warehousing consultation process
on the proposals in July this year which closed on September 12.
The reforms will come into effect on February 1, 2020, apart from the LME’s new complaints procedure, which will be in effect from November 15, 2019.
QBRC to 80 days