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]

智通财经APP获悉，伦敦金属交易所(LME)今天(10月9日)发布了期权市场发展路线图，概述了LME计划 通过新交易平台的推出和市场反馈推动期权市场现代化的方案。该路线图旨在提升LME期权的流动性 和透明度，降低参与门槛, 扩大市场参与度。目前，LME期权交易量占期货交易量的比例远低于同类市 场，这也意味着通过标准化和现代化改革来提升期权市场流动性存在巨大潜能。 开发期权权利金电子盘报价(PQO)功能，首阶段将于2026年底前上线，涵盖限量行权价、批量报价、做 市商保护机制及流动性提供者激励计划。 到期自动化流程：当前的手动到期流程存在操作风险及效率问题。自动化将减少错误、提升透明度，并 与全球最佳做法一致。 LME已于2025年第一季度成功上线新的交易平台 (LMEselect v10)，该平台低延时和可扩展的特性足以 支持期权电子盘的复杂功能。LME将开发批量报价和做市商保护等关键功能。 欧式期权：尽管美式期权提供更大灵活性，但由于LME的保证金计算方式，提前将实值期权行权将丧 失内涵价值。采用欧式期权将简化流程，降低操作复杂性，更易被全球参与者广泛采用。 优先进行优化的事项包括 推出自动到期流程，并计划 ...