LME公布期权市场发展路线图

Core Insights - The London Metal Exchange (LME) has released a roadmap for the development of its options market, aiming to modernize through a new trading platform and market feedback [1][2] - Key optimization measures include automated expiration processes, European-style options, electronic trading, and liquidity support mechanisms, with the first set of optimizations expected to launch in the second half of 2026 [1][2] Group 1: Optimization Measures - Automated expiration processes will reduce operational risks and improve efficiency, aligning with global best practices [1] - Transitioning from American-style to European-style options will simplify processes and lower operational complexity, making it easier for global participants to adopt [1][2] - The development of an electronic options market is strongly supported by market feedback, which will enhance transparency and attract institutional and algorithmic traders [2] Group 2: Liquidity Support and Platform Development - A liquidity support mechanism is essential for a successful electronic options market, including batch quoting, market maker protection, and liquidity incentive programs [2] - The new trading platform (LMEselect v10) is set to launch in Q1 2025, featuring low latency and scalability to support complex functions of the electronic options market [2] Group 3: Future Considerations - LME is evaluating potential structural reforms in other market areas, such as large trade thresholds, LIS (Large In Scale) delay logic, RFQ (Request for Quote) functionality, and short-term options contracts [3]