UNITED STATES OF AMERICA.
Before the

COMMODITY FUTURES TRADING COMMISSION

In the Matter of the Application of the London Metal Exchange
for Registration pursuant to Section 4(b)(1) of the Commodity
Exchange Act and Part 48 of the Regulations of the
Commodity Futures Trading Commission in order to permit
direct access to its order entry and trade matching system

ORDER OF REGISTRATION

Pursuant to Section 4(b)(1) of the Commodity Exchange Act (the Act), TUS.C.

§ 6(b)(1), and Part 48 of the Commission’s regulations, the London Metal Exchange (LME), a
derivatives exchange recognized by and subject to regulation by the Financial Conduct Authority
in the United Kingdom, submitted an application dated August 14, 2012 and including
supplemental submissions filed through September 21, 2016 (the Application), requesting
registration in order to permit identified members and other participants located in the United
States to enter trades directly into its order entry and trade matching system.

The Commission has reviewed the Application along with the exhibits, supplemental
documents, and other supporting information and representations, and finds that LME has
demonstrated its ability to comply with the requirements of the Act and applicable Commission
regulations thereunder, including the requirements for registration as set forth in Part 48 of the
Commission’s regulations.

In light of the foregoing, IT IS ORDERED, pursuant to Section 4(b)(1) of the Act,

7 U.S.C. § 6(b)(1), that LME is granted an Order of Registration to permit direct access, as that



term is defined in Section 4(b)(1)(A) of the Act, subject to the terms and conditions specified
herein:

(1) Compliance with the Act and Commission Regulations. LME shall comply, and

shall demonstrate compliance as requested by the Commission, with all sections of the Act and
the Commission’s regulations thereunder applicable to LME as a foreign board of trade
registered pursuant to Part 48 of the Commission’s regulations, as may be amended or adopted
from time to time. LME shall comply with the applicable conditions of registration specified in
Commission regulation 48.8 and any additional conditions that the Commission deems necessary
and may impose, in its discretion, after appropriate notice and opportunity to respond. LME
shall fulfill each of the representations it has made in support of the Application for registration.

(2) New Regulations, Should the Commission promulgate a regulation addressing or
otherwise affecting any aspect of this Order, then such regulation will apply and supersede the
applicable terms in this Order.

(3) Reservation of Rights. This Order is based upon the representations made and
supporting material provided to the Commission by LME as part of the Application. In the event
of any changes to or omissions in the material facts or circumstances pursuant to which this
Order is issued, or for any reason in its own discretion and after appropriate notice and
opportunity to respond, the Commission may condition, modify, suspend, terminate, or otherwise
restrict the terms of this Order, as appropriate and as permitted by law, on its own motion.

Issued in Washington, D.C. this 31st day of October, 2016.

By the Commission

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LAL LBL all.
Christopher WH Kirkpatrick
Secretary of the Commission