Trading Operations Analyst

Shift Pattern: Standard 40 Hour Week (United Kingdom)

Scheduled Weekly Hours: 40

Corporate Grade: F - Officer

Reporting Line: (UK Division) Trading & COO

Location: UK-London

Worker Type: Permanent

About the London Metal Exchange

The London Metal Exchange (LME) is the world centre for industrial metals trading. Most of the world’s global non-ferrous futures business is conducted on the LME’s three trading platforms totalling $21 trillion, 191 million lots and 4 billion tonnes notional with a market open interest high of 2.1 million lots in 2025. The metals community uses the LME, an HKEX Group company, as a venue to transfer or take on price risk, as a physical market of last resort and as the provider of transparent global reference prices.

Overall Purpose

• To provide support for first-line supervision for all trading activity on the Ring and electronically (LMEselect).
• To provide support for the determination of the LME’s Futures reference prices, both on the Ring and on LMEselect.
• To support the Ring Disciplinary Committee responsible for ensuring conformity to the LME’s Ring Dealing Regulations and Code of Conduct.
• To provide support to ensure the Error Trade Policy and Dynamic Price Bands on LMEselect are managed effectively.
• To support and learn the procedures for participating on the Benchmark Pricing Function in the determination of the Platinum and Palladium auction prices.
• To provide support for the determination of the Closing Prices for Traded Options.
• To learn and support all processes across LME venues and functions managed by Trading Operations.

Responsibilities

• Supporting role to ensure the LME’s reference prices are determined in a manner that promotes the LME and meets the commercial and regulatory requirements of the job in full.
• Supporting the Quotations Committee on the Ring for the determination of Official and Closing Prices.
• Supporting role for the enforcement of the LME’s Ring Dealing Regulations and Code of Conduct; this involves gaining a thorough understanding of the disciplinary procedures for rule breaches.
• Supporting role for the establishment of Settlement Prices on LMEselect for Ferrous Prices and other cash-settled futures traded electronically.
• Carry out the daily procedures around the Error Trade Policy and Dynamic Price Bands on LMEselect and to support the management to ensure they are policed effectively and consistently, with all relevant information updated and documented.
• Supporting the daily procedure for the determination of the Closing Prices for Traded Options using LMEprism by making reference to all relevant trading activity and participant submissions.
• Supporting role to ensure the Platinum and Palladium prices are determined effectively through daily auctions on LMEbullion.
• Provide regular updates to LMEC on all relevant pricing-related matters, and to ensure the reference price are transmitted accurately on a daily basis through LMEprice.
• Provide Market Surveillance with all relevant observations and referrals from trading activity across LME venues.
• Effectively deal with all stakeholder queries relating to LME’s pricing procedures and Trading Operations in general.
• Recommend and promote enhancements to the management on issues that will benefit the LME’s price discovery procedures, and to participate in all relevant projects and initiatives.
• Assist with tutorials and education to LME staff on issues relating to price discovery for Futures and Options.

Knowledge and Experience Desired

• A reasonable knowledge of market terminology.
• An understanding of the LME prompt date and contract structure.
• An understanding of the forward price curve for each metal.
• A basic understanding of electronic trading.
• A basic understanding of the LME Trading Regulations.
• A basic knowledge of Traded Options.
• A basic understanding of the relevant Benchmark Regulations.
• To be in the process of studying for the LME probationary dealers exam.

The LME is committed to creating a diverse environment and is proud to be an equal opportunity employer. In recruiting for our teams, we welcome the unique contributions that you can bring in terms of education, ethnicity, race, sex, gender identity, expression & reassignment, nation of origin, age, languages spoken, colour, religion, disability, sexual orientation and beliefs. In doing so, we want every LME employee to feel our commitment to showing respect for all and encouraging open collaboration and communication.

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metals Exchange. As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets. HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.