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The following fields are critical for modeling LME Futures:
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Field
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Tag
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Value
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Notes
Primary Exchange
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(17
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) =
LME(London Metal Exchange)Variation Margin
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(4533
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) =
NoVariation Margin Rule
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(2289
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) =
Standard Life-to-DatePrompt Date
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2302
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(2302): settlement date of net cash
This replaces a typical Future’s Expiration Date (38)
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Last Trade Date
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5076
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(5076): last date trades can be entered
Typically the trading day prior to Prompt Date
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Trade Processing
LME Futures cannot be closed through Book Trade. Instead, an offsetting open must be booked depending on whether the initial trade was long or short. These offsetting positions are netted to zero on Prompt Date.
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There may be an operational need to remove a position from the books prior to Prompt Date, such as when a fund is closed. This is supported trough the expiration process. An LME Future must have equal long and short positions to be closed early. Submitting the event generates CLOSEFUTURE transactions for the offsetting positions. Open Accounting Center > Processing and Exceptions > Expirations & Maturities > Run Expiration Process and note the fields below.
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Field
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Tag
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Value
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Notes
Select Query Option
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2283
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(2283): must be
One Entity/One SecurityorOne Entity/All SecuritiesExpiration Processing Date
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221
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(221): effective date of the early close
There must be an open accounting period for this date, otherwise the CLOSEFUTURE for the long side will fail
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Expire Override Flag
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(16814
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) =
YESReason
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56
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(56): optionally enter a user-defined value that will be stored on the resulting transactions
User Defined Float3
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1892
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(1892): optionally enter the group ID