LME明年7月起实施持仓限额新规 有何影响
Qi Huo Ri Bao·2025-12-18 00:21

Core Viewpoint - The London Metal Exchange (LME) plans to implement new position limit regulations starting July 2026 to enhance market risk management and comply with UK financial regulatory requirements [1][3]. Group 1: Regulatory Changes - The Financial Conduct Authority (FCA) will transfer the authority to set and manage position limits to the LME starting July 6, 2026, allowing for more direct and flexible risk management based on market dynamics [3]. - The new regulations will cover core futures contracts for six key non-ferrous metals: aluminum, copper, lead, nickel, tin, and zinc, as well as related options and trading settlement contracts (TAPO) [3]. Group 2: Risk Management Enhancements - The LME will calculate position limits on a net basis for individual entities and groups, introducing specific accountability thresholds to strengthen risk exposure management [3][4]. - The LME will adjust position limits based on the specific characteristics of each metal contract, allowing for stricter controls on more volatile contracts while applying more lenient limits on liquid contracts [4]. Group 3: Operational Flexibility - The LME will be able to respond quickly to market squeezes or extreme volatility by adjusting position limits or accountability thresholds without lengthy regulatory approval processes, which helps prevent market disorder [4]. - The COO of LME, Jamie Turner, stated that the integration of FCA's new requirements into the existing position management system will provide greater flexibility and ensure limits are tailored to market characteristics [5]. Group 4: Market Outlook - Industry experts view this regulatory change as a transfer of power and an upgrade of responsibility, emphasizing the importance of rebuilding market confidence after the 2022 nickel crisis [5]. - While there may be short-term challenges due to increased compliance costs and uncertainties, successful implementation of the new regulations could lead to a more transparent and robust market in the long term [5].