March 3 (Reuters) - The London Metal Exchange has announced updates to its electronic trading policies ahead of the rollout of "LMEselect v10," its new trading platform, scheduled to go live on March 24.
The LME, owned by Hong Kong Exchanges and Clearing Ltd. 0388.HK, said on its website the new platform is designed to enhance its electronic markets and better serve the evolving needs of both the physical metals and financial trading communities.
The updates, detailed in an LME notice on Monday, aim to reflect new functionalities in the trading platform and enhance clarity in existing documentation.
The exchange, the world's oldest and largest market for industrial metals, said algorithm certification is a requirement ahead of the transition and members using trading algorithms, whether for in-house or client-based strategies, must certify them for LMEselect v10.
For those offering Direct Electronic Access $(DEA)$, it is their responsibility to ensure that clients comply with the regulatory framework and complete the certification process, the LME added.
The updated policies take effect from "the Go-Live date", while DEA and algorithm certification requirements are effective immediately, LME said.
(Reporting by Sherin Elizabeth Varghese in Bengaluru; editing by Barbara Lewis)
((sherinelizabeth.varghese@thomsonreuters.com;))
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