Search the LME Home Trading Contract types Trade at settlement Contract types Trade at settlement (TAS) QUICK ACCESS Futures Options TAPOS Monthly Average Futures HKEX London Minis LMEminis The London Metal Exchange (LME) introduced trade-at-settlement (TAS) functionality on LMEselect for 3-month LME Nickel Closing Prices on 18 February 2019. How does TAS work? Participants can use a TAS order book on LMEselect to enter an order to buy or sell a contract (during the course of the trading day) at a price that is equal to, or a number of ticks above or below, the yet to be established 3-month Closing Price. Once the Closing Price is discovered, the TAS order delivers the underlying 3-month contract at the Closing Price, plus or minus the traded TAS price. Why is TAS important? Participants wishing to “trade at the close” (i.e. buy or sell at the LME Closing Price), usually do so via the Ring or using price code trades in the inter office market. TAS enables participants to display interests and trade (at the closing price) on the central limit order book. Contract specifications LME Nickel A note on terminology “Trade at settlement” is so called because TAS functionality on other markets allows participants to trade the unknown “settlement price” - the price which determines daily margin. On the LME the price used to determine daily margin, discovered after 16.30, is known as the “Closing Price”, not the “settlement price” The “LME Official Settlement Price”, discovered between 12.30 and 13.15 on the Ring, on the other hand, is used as a reference price in physical deals. Contact us For further information please get in touch. Contact us Resources TAS factsheet The LME’s latest discussion paper, released on 19 January 2021, sets out a range of proposals designed to enable the LME to modernise and adapt to emerging trends. Read more STAY UP TO DATE Register with LME.com Receive full access to all our price data and gain access to our monthly LME newsletter, packed with market tips and insights from our on-staff specialists. Register now Metals Trading Clearing Market data Physical services About About the LME Committees Governance Corporate Business continuity FAQs Regulation LME Rulebook (Download) LME Clear Rulebook (Download) Guide to market structure (Download) Market regulation Benchmark regulation Pre-trade transparency Brexit Rules Arbitration Responsibility Responsible sourcing Sustainability Conduct Diversity and inclusion Charity Corporate disclosure CONTACT US London +44 (0)207113 8888 10 Finsbury Square London EC2A 1AJ Singapore +65 6535 5035 9 Battery Road #07-02 MYP Centre Raffles Place Singapore 049910 Register Log in Legal Privacy statement Cookie policy Modern slavery statement Website T&C's Email disclaimer Cyber security awareness © 2021 The London Metal Exchange - an HKEX Company. All rights reserved.