Trading Operations Associate

Shift Pattern: Standard 40 Hour Week (United Kingdom)

Scheduled Weekly Hours: 40

Corporate Grade: E - Associate

Reporting Line: (UK Division) Trading & COO

Location: UK-London

Worker Type: Permanent

About the London Metal Exchange and LME Clear

The London Metal Exchange 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 $18 trillion, 178 million lots and 4 billion tonnes with a market open interest high of 1.8 million lots in 2024. All trades are cleared and settled by LME Clear. Participants can transfer or take on price risk against aluminium, copper, nickel, tin, zinc, lead, molybdenum, cobalt, lithium, steel scrap, rebar and hot-rolled coil as well as alumina, aluminium premiums and alloys. The LME and LME Clear are HKEX Group companies.

Overall Purpose

• To provide an effective first-line supervision for all trading activity on the Ring and LMEselect.
• To participate in the determination of the LME’s Futures reference prices, both on the Ring and on LMEselect.
• To participate on the Ring Disciplinary Committee responsible for ensuring conformity to the LME’s Ring Dealing Regulations and Code of Conduct.
• To ensure the Error Trade Policy and Dynamic Price Bands on LMEselect are managed effectively.
• To determine the Closing Prices for Traded Options.
• To learn all processes across LME venues and functions managed by Trading Operations.

Responsibilities

• 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.
• Participate on the Pricing Committee on the Ring for the determination of Official and Closing Prices.
• Enforce the LME’s Ring Dealing Regulations and Code of Conduct; as a participant on the Ring Disciplinary Committee this involves imposing disciplinary procedures for rule breaches.
• Establish Settlement Prices on LMEselect for Ferrous Prices and new product launches for cash-settled futures to be traded electronically.
• Ensure the procedures around the Error Trade Policy and Dynamic Price Bands on LMEselect are managed effectively and consistently, with all relevant information updated and documented.
• Carry out the procedure for the determination of the Closing Prices for Traded Options using LMEprism by making reference to all relevant trading activity and participant submissions.
• Ensure Benchmark Regulation Compliance as a Benchmark Administrator.
• 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.
• Provide tutorials and education to LME staff on issues relating to price discovery for Futures and Options.

PERSON SPECIFICATION

Qualifications Required

• 5 GCSE’s or more with C grades or above for mathematics and English language.
• Where appropriate, to have passed the LME probationary dealers exam.

Knowledge and Experience Required

• Each position within the department is dependent on knowledge, experience and performance.
• Four years experience either working for a Member/Client, other Exchange or the LME in the trading environment.
• A knowledge or experience in electronic trading.
• A good knowledge of Benchmark Administrator responsibilities.
• A thorough knowledge of market terminology and the LME Rules and Regulations.
• A thorough understanding of the forward price curve for each metal.
• A thorough understanding of the dealing regulations.
• Where appropriate, a knowledge of Traded Options.

Skills Required

• Data input skills.
• Interpersonal skills and the ability to communicate.
• Good business awareness.
• IT literacy.
• Quick and accurate numerical skills.
• Python (Intermediate Standard).
• SQL (Beginner/Intermediate Standard).
• Power Bi (Intermediate Standard).

Personal Qualities

• The ability to work under pressure.
• Dealing with confidential information.
• Self-motivation.
• Teamwork.
• Reliability.
• Willingness to learn.

About HKEX

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.